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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                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| **UNITED STATES**SECURITIES AND EXCHANGE    COMMISSION**Washington, D.C. 20549      **FORM 10-QSB** **
              (Mark one)
[X] QUARTERLY    REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934
For the quarterly period    ended: September 30, 2001    
[  ] TRANSITION REPORT    UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1994
For the transition period    from _______ to _______  
COMMISSION FILE NUMBER:    0-25223    
**AMERICAN INTERNATIONAL    INDUSTRIES, INC.**
(Exact name of small    business issuer as specified in its charter)    
Nevada
88-0326480
(State or Other Jurisdiction    of Incorporation)
(IRS Employer Identification    No.)**  ****  **
601 Cien    Street, Suite 235, Kemah, TX
77565-3077
(Address of    Principal Executive Offices)
(Zip Code)    
(281)    334-9479
(Issuer's    telephone number)   
Check    whether the issuer: (i) filed all reports required to be filed by Section 13 or 15(d) of    the Exchange Act during the past 12 months (or for such shorter period that the registrant    was required to file such reports), and (ii) has been subject to the filing requirements    for the past 90 days. Yes [X] No [  ]
APPLICABLE    ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of issuer's    classes of common equity outstanding as of the latest practicable date:
Common Stock, $.001 par value, 149,632,398 outstanding as    of September  30, 2001.
 

 

 

 

 

 

 

 

 

 

**PART I. FINANCIAL    INFORMATION**
Page   
Item 1. Financial Statements (Unaudited)
2
Item 2. Management’s Discussion and Analysis of    Financial Condition and Results of Operations
7  
**PART II. OTHER    INFORMATION**  
Item 1. Legal Proceedings
9
Item 2. Changes in Securities
9
Item 3. Default Upon Senior Securities
9
Item 4. Submission of Matters to a Vote of Security    Holders
10
Item 5. Other Information
10
Item 6. Exhibits and Reports on Form 8-K
10
 

**PART I.  FINANCIAL INFORMATION**

**Item 1. Financial Statements**
   PageIndependent Accountants' Report3
Consolidated Financial    Statements
    Balance    Sheets – September 30, 2001and December 31, 2000 (Audited)3
    Statements    of Operations – Three and nine months ended September 30, 2001and 20004
    Statements    of Cash Flows – Nine months ended September 30, 2001 and 20005
    Notes to    Consolidated Financial Statements6
 
   **R. E. Bassie & Co., P.C.*****Certified Public Accountants*****A    Professional Corporation**  
6776 Southwest Freeway, Suite 580
Houston, Texas 77074-2115
Tel: (713) 266-0691 Fax: (713) 266-0692
E-Mail: Rebassie@aol.com**Independent    Auditors’ Report  
The Board of Directors and    Stockholders
American International    Industries, Inc.:  
We    have reviewed the accompanying condensed consolidated balance sheet of American    International Industries, Inc. and subsidiaries as of September 30, 2001, and the related    condensed consolidated statements of operations and cash flows for the three and nine    month periods ended September 30, 2001 and 2000. These financial statements are the    responsibility of the Corporation's management.

We conducted our review in accordance with standards    established by the American Institute of Certified Public Accountants. A review of interim    financial information consists principally of applying analytical procedures to financial    data and of making inquiries of persons responsible for financial and accounting matters.    It is substantially less in scope than an audit conducted in accordance with generally    accepted auditing standards, the objective of which is the expression of an opinion    regarding the financial statements taken as a whole. Accordingly, we do not express such    an opinion.

Based on our review, we are not aware of any material    modifications that should be made to such condensed consolidated financial statements for    them to be in conformity with accounting principles generally accepted in the United    States of America.

We have previously audited, in accordance with auditing standards    generally accepted in the United States of America, the consolidated balance sheet of    American International Industries, Inc. and subsidiaries as of December 31, 2000, and the    related consolidated statements of operations, stockholders' equity, and cash flows for    the year then ended (not presented herein); and in our report dated March 23, 2001, we    expressed an unqualified opinion on those consolidated financial statements. In our    opinion, the information set forth in the accompanying condensed consolidated balance    sheet as of December 31, 2000 is fairly stated, in all material respects, in relation to    the consolidated balance sheet from which it has been derived
/s/ R. E. Bassie & Co., P.C.
Houston, Texas
November 9, 2001   
 

**AMERICAN INTERNATIONAL INDUSTRIES, INC. AND    SUBSIDIARIES**
Consolidated Balance Sheets
September 30, 2001 and December 31, 2000
(Unaudited - see accompanying accountants' review report)      
2001
2000
Assets(Reviewed)
(Audited)Current    assets:      Cash
$
493,338
$
709,502      Trading securities
25,800
120,000      Available for sale securities750,000
-      Accounts receivable, less allowance for doubtful accounts of           $237,669 at September 30, 2001 and $229,668 at December 31, 2000
3,843,673
1,186,758      Notes receivable from related parties
399,819
65,676      Inventories
1,034,226
1,204,663      Prepaid expenses and other current assets
6,246
10,721        Total current assets
6,553,102
3,297,320      Note    receivable, net of allowance for doubtful accounts      of $1,200,000 at September 30, 2001 and December 31, 2000
2,050,260
60,000Real    estate held for sale
885,624
939,584Property    and equipment, net of accumulated      depreciation and amortization
217,096
1,380,536Excess    of cost over net assets of businesses acquired, less accumulated         amortization of $298,709 at September September 30, 2001and $254,664 in 2000
1,346,814
1,411,801Non-compete    agreements, net of accumulated amortization of      $500,000 at September 30, 2001 and $425,000 at December 31, 2000
-
75,000Other    assets
8,018
12,815          Total assets$
11,060,914$
7,177,056  
Liabilities and Stockholders' EquityCurrent    liabilities:      Accounts payable and accrued expenses$
3,079,524$
1,822,405      Short-term notes payable to bank
404,791
472,220      Short-term notes payable to related parties
-
471,000      Current installments of long-term debt
59,441
115,365      Current installments of capital lease obligations
-
9,003        Total current liabilities
3,543,756
2,889,993Long-term    notes payable to related parties629,338
-Long-term    debt, less current installments
388,596
514,549        Total liabilities
4,561,690
3,404,542      Stockholders'    equity:      Preferred stock, $.001par value. Authorized 10,000,000 shares: none issued
-
-      Common stock, $.001 par value. Authorized 200,000,000 shares:        149,449,334 shares issued and 149,197,334 shares outstanding        at September 30, 2001, 149,149,334 shares issued and 148,897,334        shares outstanding at December 31, 2000
149,897
148,897      Additional paid-in capital
17,722,918
17,462,918      Accumulated deficit
(11,439,563)
(13,805,273)        Total stockholders 'equity
6,433,252
3,806,542      Less treasury stock, at cost (252,000)
(34,028)
(34,028)      Accumulated other comprehensive gain100,000
-        Total stockholders' equity
6,499,224
3,772,514Commitments    and contingent liabilities
- 
-         Total liabilities and stockholders' equity
$
11,060,914$
7,177,056See accompanying notes to consolidated financial statements
 
**AMERICAN    INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES
Consolidated    Statements of Operations
Three and    Nine months ended September 30, 2001 and 2000
(Unaudited -    see accompanying accountants' review report)  
Three    months ended September 30,Nine    months ended September 30   
2001
2000
2001
2000Revenues 
$
5,370,678
$
5,170,647
$
8,905,901
$
12,233,762      Costs and    expenses:       Cost of sales 4,054,7894,585,4876,714,176
10,560,620      Selling, general and administrative 432,920470,7731,853,251
1,958,636        Total operating expenses 4,487,7095,056,2608,567,427
12,519,256      Operating    income (loss) 882,969114,387338,474
(285,494)      Other income    (expenses):       Interest income 47,46913,414118,047
46,658      Realized gains on investments -86,731
265,539      Unrealized gain and (losses) on investments (34,200)(180,313)(94,200)
(450,956)      Gain on sale of subsidiary--1,682,435      Gain on the sale of assets-52,88115,000
52,881      Interest expense(30,114)(59,047)(73,943)
(145,239)      Other income (expense)26036,420379,897
38,254        Total other income (expenses)(16,585)(49,914)2,027,236
(192,863)              Net earnings (loss) before income tax 866,38464,4732,365,710
(478,357)Provision    for income tax-- 
-         Net earnings (loss) 
$866,384$
64,473
$2,365,710
$
(478,357)      Net earnings    (loss) per common share - basicand diluted:      Net earnings (loss) 
$0.01$
0.00
$0.02
$
(0.00)      Weighted    average common shares - basic and    diluted
$149,197,334$140,803,774
$148,682,334
$
134,604,117  Consolidated    statements of    comprehensive income (loss):       Net earnings (loss) 866,384
64,4732,365,710
(478,357)      Unrealized gain on securities         available-for-sale:Unrealized    holding gain (loss) arising during        the period(100,000)- 100,000
-         Comprehensive income (loss)
$766,384$
64,473
$2,465,710
$
(478,357)See accompanying notes    to consolidated financial statements
 
**AMERICAN    INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES**Consolidated    Statements of Cash FlowsNine    months ended September 30, 2001 and 2000(Unaudited    - see accompanying accountants' review report)        2001
2000Cash flows from operating    activities:    Net earnings    (loss)
$ 2,365,710
$
(478,357)   Adjustments to    reconcile net earnings (loss)      to net    cash used in operating activities:           Depreciation and amortization 203,716304,024          Common stock issued for services18,000-           Realized gain on sale of securities - 
(265,539)          (Increase) decrease in market value of equity securities 94,200
405,956          Gain on sale of subsidiary(1,682,435)-           Gain on sale of equipment(15,000)-           Gain on write-off of note payable to related party(250,000)-           (Increase) decrease in operating assets:              Accounts receivable (2,544,612)
(1,996,650)             Inventories (30,043)
53,972             Prepaid expenses and other current assets (1,995)
47,868             Other assets (42,565)
12,879              (Purchase) sale of trading securities, net (150,000)
160,590          (Increase) decrease in operating liabilities:              Accounts payable and accrued expenses 1,486,163
1,278,523             Net liabilities from discontinued operations-(1,200,000)                         Net cash used in operating activities (548,861)
(1,676,734)Cash flows from investing    activities:    Purchase of    property and equipment (13,162)
(58,214)   Proceeds from the    sale of equipment15,000-    Payments received    on notes for sale of subsidiary9,740-    Redemption of    certificate of deposit -
1,150,000   Cash sold in sale    of subsidiary(29,666)(8,428)   Notes receivable    from related party(334,143)
(54,010)               Net cash provided by (used in) investing activities (352,231)
1,029,348   Cash flows from financing    activities:    Proceeds from sale    of common stock 40,000490,000   Proceeds from    borrowings from related party408,33829,800   Proceeds from    short-term borrowings280,071500,000   Principal payments    on long-term debt(34,478)
(13,588)   Principal payments    on capital lease obligations (9,003)
(28,356)               Net cash provided by financing activities 684,928
977,856                 Net decrease in cash (216,164)
330,470  Cash at beginning of year 709,502
639,396Cash at end of period 
$493,338
$
969,866Supplemental schedule of cash    flow information:    Interest paid 
$73,943
$
86,192
See accompanying notes to consolidated financial    statements
 

**AMERICAN INTERNATIONALINDUSTRIES, INC. AND SUBSIDIARIES**Notes to the Consolidated Financial Statements

**(1) General**

American InternationalIndustries, Inc. (the "Company" or "AIII"), formerly Black Tie Affair,Incorporated, operates as a diversified holding company with a number of wholly-ownedsubsidiaries and one majority-owned subsidiary.

The accompanying unauditedfinancial statements have been prepared in accordance with accounting principles generallyaccepted in the United States of America for interim financial information and with theinstructions to Form 10-QSB. Accordingly, they do not include all of the information andfootnotes required by generally accepted accounting principles for complete financialstatements. In the opinion of management, all adjustments (consisting of normal recurringadjustments) considered necessary for a fair presentation have been included. Operatingresults for the three and nine month periods ended September 30, 2001 are not indicativeof the results that may be expected for the year ending December 31, 2001.

As contemplated by the Securitiesand Exchange Commission (SEC) under Rules of Regulation S-B, the accompanying financialstatements and related footnotes have been condensed and do not contain certaininformation that will be included in the Company's annual financial statements andfootnotes thereto. For further information, refer to the Company's audited consolidatedfinancial statements and related footnotes thereto included in the Company's annual reporton Form 10-KSB for the year ended December 31, 2000.
**(2) Sale of Subsidiary

Effective March 30, 2001, theCompany sold its 100% interest in Har-Whit's/Pitt's & Spitt's, Inc. (Har-Whit), amanufacturer and distributor of barbeque pits and custom sheet metal fabricator, to OxfordKnight International, Inc. (OKI) in exchange for two long-term notes receivable (fiveyears at 8 1/2% interest) in the amount of $1,000,000 each and 10,000,000 shares ofrestricted common stock of OKI, representing $2,500,000 in total consideration. Inaddition, OKI assumed $495,000 in long-term debt. The Company recorded a gain on the salein the amount of $1,682,435 or $.01 per share, based on the Company's investment inHar-Whit in the amount of $817,565 at March 30, 2001. Har-Whit had annual sales ofapproximately $1,900,000 and operating loss of approximately $182,000 in 2000.

**(3) Income Taxes**

Income taxes for the interimperiods were computed using the effective tax rate estimated to be applicable for the fullfiscal year, which is subject to ongoing review and evaluation by management. Theestimated federal income tax expense for the nine-month periods ended September 30, 2001and 2000 is eliminated by net operating loss carry forwards.

**(4) Industry Segments**

The Company has three reportable segments and corporate overhead:industrial/commercial, oil and gas, and real estate. The industrial/commercial segmentincludes (1) a supplier of automotive after-market products; (2) a manufacturer anddistributor of barbecue pits and custom sheet metal products for customers predominatelyin the energy industry; (3) distributors of specialty chemicals for the automotiveafter-market, including specializing in the application of spray-on bed liners for truckbeds; and (4) a holding company for future commercial ventures. The oil and gas segmentowns an oil, gas and mineral royalty interest in Washington County, Texas. The corporateoverhead includes the Company's investment holdings including financing current operationsand expansion of its current holdings as well as evaluating the feasibility of enteringinto additional businesses.

The Company's reportable segments are strategic business units thatoffer different technology and marketing strategies. Most of the businesses were acquiredas subsidiaries and the management at the time of the acquisition was retained.

Consolidated revenues, net operating losses for the months endedSeptember 30, 2001 and 2000, and identifiable assets as of September 30, 2001 and 2000,were as follows:
   2001   2000Revenues:              Industrial/Commercial
$
8,449,993
     $
12,202,321   Real estate455,90822,854   Oil and gas-      8,587
$8,905,901
$12,233,762Operating income (loss):        Industrial/Commercial
$334,202
$249,430   Real estate360,932(48,233)   Oil and gas(4,630)8,276   Corporate expenses(352,030)(494,967)
$338,474
$(285,494)Identifiable assets:      Industrial/Commercial 
$7,837,725
$9,510,975   Real estate1,101,201949,380   Oil and gas77,69478,298   Corporate2,044,29480,105
$11,060,914
$10,618,758
The Company's areas of operations are principallyin the United States. No single foreign country or geographic area is significant to theconsolidated financial statements. 

**Item 2. Management's Discussion and Analysisof Financial Condition and Results of Operations**

Forward-Looking Statements;Market DataAs used in this Quarterly Report, the terms "we", "us","our" "AIII" and the "Company" means American InternationalIndustries, Inc., a Nevada corporation, and its subsidiaries. To the extent that we makeany forward-looking statements in the "Management's Discussion and Analysis ofFinancial Condition and Results of Operations" in this Quarterly Report, we emphasizethat forward-looking statements involve risks and uncertainties and our actual results maydiffer materially from those expressed or implied by our forward-looking statements. Ourforward-looking statements in this Quarterly Report reflect our current views about futureevents and are based on assumptions and are subject to risks and uncertainties. Generally,forward-looking statements include phrases with words such as "expect","anticipate", "intend", "plan", "believe","seek", "estimate" and similar expressions to identify forward-lookingstatements.

OverviewWe are a holding company and during the three-month period ended September 30, 2001,we have five operating subsidiaries including one majority-owned (consolidating)subsidiary. The historical financial statements of AIII include the acquisitions ofacquired companies as of the effective dates of the purchase and the results of thesecompanies subsequent to closing, as these transactions were accounted for under thepurchase method of accounting. The acquisitions of certain subsidiaries were accounted forusing the purchase method of accounting, whereby the purchase price of the acquisition wasallocated based on the fair market value of the assets acquired and liabilities assumed.If the purchase price exceeded the net fair market value of the assets acquired, anyremaining purchase price was allocated to goodwill. In addition, certain subsidiaries wereaccounted for using the historical cost basis of the predecessor. Reference is made to ourAnnual Reports on Form 10-KSB for our year ended December 31, 2000, filed with the SEC onApril 2, 2001, and our Form 10-KSB/A for our year ended December 31, 1999, filed with theSEC on December 15, 2000, for a full discussion of our business and subsidiaries under"Description of Business" and Note 2, "Acquisitions and Divestiture"of the Notes to Consolidated Financial Statements.

We have three reportable segments and corporate overhead:industrial/commercial, oil and gas and real estate. The industrial/commercial segmentincludes: (1) a supplier of automotive after-market products; (2) a manufacturer anddistributor of barbecue pits and custom sheet metal products for customers predominatelyin the energy industry. Effective at March 31, 2001, we sold this subsidiary,Har-Whit/Pitt's and Spitt's Inc., to Oxford Knight International Inc., an unaffiliatedthird-party. We recognized a gain on the sale of this subsidiary of $1,682,435 for theperiod ended March 31, 2001; (3) distributors of specialty chemicals for the automotiveafter-market, including specializing in the application of spray-on bed liners for truckbeds; and (4) a holding company for future commercial ventures. The oil and gas segmentowns an oil, gas and mineral royalty interest in Washington County, Texas. We also have areal estate segment. See Note 2 to the Notes to Consolidated Financial Statements. Thecorporate overhead includes our investment holdings including financing current operationsand expansion of our current holdings, as well as evaluating the feasibility of enteringinto additional businesses. We evaluate performance based on profit or loss fromoperations before income taxes, not including nonrecurring gains and losses. Ourdiscussion under "Results of Operations" and "Liquidity and CapitalResources" below is on a consolidated basis. For reference to "IndustrySegments". See Note 4 to the Notes to Consolidated Financial Statements under Item 1,Financial Statements above. Results of Operations - American International Industries,Inc. – Consolidated. The following defined terms are used in this Quarterly Report:Northeastern Plastics, Inc. (NPI), Marald, Inc., which changed its name to UnlimitedCoatings Corporation (UCCC), Har-Whit/Pitt's & Spitt's Inc. (Har-Whit), which was soldat the end of the quarter ended March 31, 2001, Texas Real Estate Enterprises, Inc.(TREE), Brenham Oil & Gas, Inc. (Brenham) and Acqueren, Inc. (Acqueren). As notedabove, at the end of the first quarter, we sold Har-Whit, which was a subsidiary in ourindustrial/commercial segment, to a third party.
**Three Months Ended September 30, 2001 Compared to Three Months EndedSeptember 30, 2000**
Consolidated net earnings for the three-month period ended September30, 2001 were $866,384 compared to a consolidated net income of $ $64,473 for thecomparable period of the prior year. The significant improvement in consolidated netearnings for the three-month period ended September 30, 2001 is primarily attributable to:the sale by our real estate subsidiary of a parcel of real property at the intersection ofMain & Ruth Streets in Houston, for gross proceeds of $427,500, which had a cost basisof $54,000; operating profits of Northeastern Plastics for the current quarter of$376,445; the cancellation of 5,000,000 restricted shares issued in conjunction with aconsulting agreement, which had been recognized as a $150,000 expense during the firstcalendar quarter of this year; a reduction of approximately $140,000 of accrued propertytaxes as the result of the Company’s analysis and efforts to adjust assessments withthe various taxing jurisdictions; and a significant decrease in unrealized losses on ourinvestment portfolio, with an unrealized loss of $34,200 being recorded in the currentquarter as opposed to an unrealized loss of $180,313 recorded in the comparable quarter ofthe prior year. 

Net revenues for the three months ended September 30, 2001 were$5,370,678 compared to $5,170,647 for the three-months period ended September 30, 2000.This increase is mainly attributable to the sale by our real estate subsidiary of propertyfor proceeds of $427,500. Our consolidated gross profit margin for the three months endedSeptember 30, 2001, was 24.5% compared to 11.3% gross profit margin during the three-monthperiod ended September 30, 2000. Selling, general and administrative expenses during theperiod ended September 30, 2001, were $432,920, which compares to $470,773 for the threemonths ended September 30, 2000. This decrease is primarily due to the cancellation duringthe current quarter of the consulting agreement which had been recorded in the firstcalendar quarter of this year as a $150,000 expense, related to the issuance of 5,000,000shares of Company stock. The Company agreed to pay in cash for services as rendered. Inaddition, during the quarter ended September 30, 2001, an analysis of accrued propertytaxes revealed that as the result of the Company’s efforts to reduce assessments, thepreviously recorded accruals were significantly in excess of reserves needed to satisfythese liabilities. This resulted in a reduction of expense of approximately $140,000. Alsocontributing to the reduced selling, general and administrative costs during the thirdquarter is the exclusion of the selling, general and administrative costs of Har-Whit.Other expense was $16,585 for the three months ended September 30, 2001, compared to otherexpenses of $49,914 during the same period in the prior year. Acqueren recorded unrealizedlosses on investments of $34,200 during the period ended September 30, 2001, compared tolosses of $180,313 during the three months ended September 30, 2000. These gains andlosses were attributable to our trading securities. Interest income of $47,469 andinterest expense of $30,114 were recorded during the quarter ended September 30, 2001,compared to interest income of $13,414 and interest expense of $59,047 during thecomparable period of 2000. 
**Nine Months Ended September 30, 2001 Compared to Nine Months EndedSeptember 30, 2000**
The consolidated net earnings for the nine-month period ended September30, 2001, were $2,365,710 compared to a consolidated net loss of $478,357 for thecomparable nine-month period of 2000. We recognized a gain of $1,682,435 in connectionwith the sale on March 31, 2001 of Har-Whit. See "Liquidity and CapitalResources" below. Also contributing to the improved earnings during the nine-monthperiod ended September 30, 2001, was the sale by our real estate subsidiary of a parcel ofreal property at the intersection of Main & Ruth Streets in Houston, for grossproceeds of $427,500, which had a cost basis of $54,000, and the reduction in unrealizedlosses on investment securities of $94,200 compared to unrealized losses of $450,956during the comparable period of 2000. 

Net revenues for the nine-month period ended September 30, 2001, were$8,905,903 compared to $12,233,762 for the nine-month period ended September 30, 2000.This decrease in revenues is mainly attributable to the sale on March 31, 2001 of ourformer subsidiary, Har-Whit, whose operations were included in our consolidated statementof operations for the nine-month period of 2000. Our consolidated gross profit margin forthe nine-month period ended September 30, 2001 was 24.6% compared to 13.7% gross profitmargin during the nine-month period ended September 30, 2000. Selling, general andadministrative expenses during the nine-month period ended September 30, 2001 were$1,853,251, compared to $1,958,636 for the nine month period ended September 30, 2000.This insignificant decrease is primarily the result of the exclusion of the selling,general and administrative costs of Har-Whit. Other income was $2,027,236 for thenine-month period ended September 30, 2001, compared to other expenses of $192,863 duringthe same period in the prior year. The significant increase in total other income ismainly due to the gain on the sale of our former subsidiary, Har-Whit. Acqueren recordedunrealized losses on investments of $94,200 during the nine-month period ended September30, 2001, compared to losses of $450,956 during the same period in the prior year.Interest income was $118,047 during the nine-month period ended September 30, 2001,compared to interest income of $46,658. Interest expense was $73,943 for the nine-monthperiod ended September 30, 2001, compared to $145,239 for the same period of the prioryear. 
**Liquidity and Capital Resources - AIII**
Total assets at September 30, 2001 and December 31, 2000 were$11,060,914 and $7,177,056, respectively. Total liabilities at September 30, 2001 were$4,561,690 compared to $3,404,542 at December 31, 2000. The increase in total liabilitiesis primarily the result of seasonal swings in volume of activity of Northeastern Plasticsaccompanied by corresponding increases in Accounts Receivable. At September 30, 2001,AIII's current working capital was $3,009,346 as compared to working capital of $407,327at December 31, 2000. The increase in working capital is attributable to improved currentposition through application of net proceeds from the sale of real estate to the reductionof our liabilities.

AIII's consolidated cash position at September 30, 2001 was $493,338compared to $709,502 at December 31, 2000. Accounts receivable at September 30, 2001 were$3,843,673 compared to $1,186,758 at December 31, 2000. Inventories decreased to$1,034,226 at September 30, 2001, compared to $1,204,663 at December 31, 2000. The valueof our trading securities decreased to $25,800 at September 30, 2001 from $120,000 atDecember 31, 2000. Our non-current assets increased from $3,879,736 at December 31, 2000,to $4,507,812 at September 30, 2001, mainly due to two $1,000,000 long-term notes fromOKTI related to the Har-Whit sale and a reduction in property and equipment from theHar-Whit sale. The available-for-sale securities of $750,000 at September 30, 2001includes shares of OKTI received as consideration from the sale of Har-Whit, which shareshave been valued at market. See Note 2 to the Notes to Consolidated Financial Statements.

For the nine months ended September 30, 2001, AIII used $548,861 in itsoperations compared to net cash used in operating activities of $1,676,734 during the sameperiod of the prior year. We had net cash used in investing activities of $352,231 duringthe nine-month period ended September 30, 2001, compared to net cash provided by investingactivities of $1,029,348 during the same period of the prior year. We had $684,928provided by financing activities through the issuance of stock and proceeds from debtinstruments offset by principal payments on capital leases and long-term debts during thenine-month period ended September 30, 2001 compared to $977,856 during the same period inthe prior year.

**PART II OTHER INFORMATION**

**Item 1. Legal Proceedings**

None, reference is made to Item3. in Part I of the amended Form 10-KSB filed on April 2, 2001. 
**Item 2. Changes in Securities

The following information setsforth certain information as of September 30, 2001, for all restricted securities of AIIIduring the three-month period ended September 30, 2001, without registration under theAct. Reference is also made to Part II, Item 2. Changes in Securities for the periodsended March 31, 2001 and June 30, 2001, and to our Form 10-KSB for our year ended December31, 2000 and specifically to the disclosure in Part II, Item 5 under "Recent Sales ofUnregistered Securities" for information regarding all unregistered shares sold byAIII during the prior three-year period.During the three-month period ended September 30, 2001, AIII cancelled 5,000,000restricted shares that had been issued to Jacobs International, a consultant, in January2001. The shares had been issued for services and AIII expensed $150,000 in connectionwith the issuance during the first quarter of 2001. AIII and the consultant have agreedthat the consultant shall be paid cash for services as rendered. AIII also cancelled1,000,000 shares that had been held in reserve in connection with the acquisition ofAcqueren.

**Item 3. Default UponSenior Securities**

None

**Item 4. Submission ofMatters to a Vote of Security Holders**

None

**Item 5. Other Information**

None
**Item 6. Exhibits and Reports onForm 8-K**
(a) Exhibits

The following exhibits are to be filed orincorporated by reference as part of the Quarterly Report:
Exhibit No.Description13Registrant's Annual Report on Form    10-KSB for the year ended December 31, 2000 is incorporated herein by reference.
(b) We did not file a Form 8-Kduring the three-month period ended September 30, 2001.
**SIGNATURES**
In accordance with the Exchange Act, this reporthas been signed below by the following persons in the capacities and on the dateindicated.
SignatureTitleDate/s/ Daniel Dror Chairman of the Board and Chief    Executive Officer November 13, 2001Daniel Dror/s/ John W. Stump, IIIChief Financial OfficerNovember 13, 2001John W. Stump, III**************** |