| **  **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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| **UNITED STATES**SECURITIES AND EXCHANGE    COMMISSION**Washington, D.C. 20549      **FORM 10-QSB/A-2** **
              (Mark one)
[X] QUARTERLY REPORT UNDER    SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period    ended March 31, 2000    
[  ] TRANSITION REPORT    UNDER SECTION 13 OR 15(d) OF THE SECURITIES 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 [  ] No [X ]

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, 139,868,991 outstanding as of December 20, 2000.
Page    1 of 12
 

 

 

 

 

 

 

TABLE OF CONTENTS

**PART    I. CONSOLIDATED FINANCIAL INFORMATION**
Page
Item 1. Consolidated    Financial Statements (Unaudited)
2
Item 2. Management’s Discussion and Analysis of Financial Condition and    Results of Operations
10  
**PART    II. OTHER INFORMATION**
Item 1. Legal Proceedings
12
Item 2. Changes    in Securities
12
Item 3. Default Upon Senior    Securities
12
Item 4.    Submission of Matters to a Vote of Security Holders
12
Item 5. Other Information
12
Item 6. Exhibits and    Reports on Form 8-K
12
FORWARD LOOKING STATEMENTS:THIS FORM 10-QSB/A AND OTHER STATEMENTS ISSUED OR MADE FROM TIME TO TIME BY AMERICANINTERNATIONAL INDUSTRIES, INC. OR ITS REPRESENTATIVES CONTAIN STATEMENTS WHICH MAYCONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE SECURITIES ACTOF 1933, AS AMENDED (THE "ACT") AND THE SECURITIES EXCHANGE ACT OF 1934 (THE"EXCHANGE ACT") BY THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. 15U.S.C.A. SECTIONS 77Z-2 AND 78U-5 (SUPP. 1996). THOSE STATEMENTS INCLUDE STATEMENTSREGARDING THE INTENT, BELIEF OR CURRENT EXPECTATIONS OF THE COMPANY AS WELL AS THEASSUMPTIONS ON WHICH SUCH STATEMENTS ARE BASED. PROSPECTIVE INVESTORS ARE CAUTIONED THATANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND INVOLVERISKS AND UNCERTAINTIES, AND THAT ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSECONTEMPLATED BY SUCH FORWARD-LOOKING STATEMENTS. IMPORTANT FACTORS CURRENTLY KNOWN TOMANAGEMENT THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE INFORWARD-LOOKING STATEMENTS ARE SET FORTH IN THE SAFE HARBOR COMPLIANCE STATEMENT FORFORWARD-LOOKING STATEMENTS INCLUDED AS EXHIBIT 99.1 TO OUR FORM 10-QSB/A FOR THE PERIODENDED JUNE 30, 2000 FILED ON DECEMBER 18, 2000, AND ARE HEREBY INCORPORATED HEREIN BYREFERENCE. THE COMPANY UNDERTAKES NO OBLIGATION TO UPDATE OR REVISE FORWARD-LOOKINGSTATEMENTS TO REFLECT CHANGED ASSUMPTIONS, THE OCCURRENCE OF UNANTICIPATED EVENTS ORCHANGES TO FUTURE OPERATING RESULTS OVER TIME. 

**PART I.  FINANCIAL INFORMATION**

**Item1. Consolidated Financial Statements**
   Page
Independent Auditors' Letter3
Consolidated Financial    Statements (Quarter ended March 31, 2000 Reviewed)
    Balance Sheets –  March 31, 2000 and    December 31, 1990 (Audited)4
    Statements of Operations – Three months    ended March 31, 2000 and 19995
    Statements of Cash Flows – Three months    ended March 31, 2000 and 19996
    Notes to Consolidated Financial    Statements8
 

 

 
**R. E. Bassie & Co., P.C.*****Certified Public Accountants*****A    Professional Corporation**  
7171 Harwin Drive, Suite 306
Houston, Texas 77036-2197
Tel: (713) 266-0691 Fax: (713) 266-0692
E-Mail: Rebassie@aol.com**IndependentAuditors’ Letter

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 March 31,    2000, and the related condensed consolidated statements of operations and cash flows for    the three-month period ended March 31, 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 generally accepted accounting    principles.

We have previously audited, in    accordance with generally accepted auditing standards, the consolidated balance sheet of    American International Industries, Inc. and subsidiaries as of December 31, 1999, 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 July 7, 2000, 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, 1999 is fairly stated, in all material respects, in relation to    the consolidated balance sheet from which it has been derived.

As discussed in Note 4, the    Company's financial statements as of March 31, 2000 have been restated to reflect the    restatement of the 1999 financial statements.
/s/ R. B. Bassie    & Co., P.C.
Houston, Texas
August 4, 2000,    except with respect to Note 4 to which the date is December 12, 2000
 

 

 

 

**AMERICAN    INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES**
**Consolidated Balance Sheets**
March    31, 2000 and December 31, 1999
(Unaudited    - see accompanying accountants' review report)      
2000
1999
Assets
Restated
(Audited)    RestatedCurrent assets:   Cash
$                        791,042
$                   639,396   Restricted    certificate of deposit1,000,000   Trading securities1,155,282
1,150,000   Accounts receivable,    less allowance for doubtful accounts of     $138,066    at March 31, 2000 and $135,614 at December 31, 19991,628,589
1,609,561   Notes receivable190,458
181,691   Inventories1,163,307
1,199,947   Prepaid expenses and    other current assets33,858
45,510     Total    current assets5,962,536
5,832,884   Note receivable, net of allowance    for doubtful accounts of $1,200,000 at March 31, 2000 and December 31, 1999- 
-Real estate held for sale939,584
939,584Property and equipment, net of    accumulated   depreciation and    amortization1,596,257
1,588,222Excess of cost over net assets of    businesses   acquired, less    accumulated amortization of   $153,002 at March 3,    2000 and $132,729 at December 31, 19991,583,758
1,604,031Non-compete agreements, net of    accumulated amortization of   $350,000 at March 31,    2000 and $325,000 at December 31, 1999
150,000
175,000Other assets
21,113
18,793          Total assets
$               10,253,248
$               10,158,514  
Liabilities    and Stockholders' Equity  Current liabilities:   Accounts payable and    accrued expenses2,522,843
2,448,261   Margin loan from    financial institution549,494
523,863   Current installments    of notes payable to related parties471,000
471,000   Current installments    of notes payable355,239
487,444   Current installments    of capital lease obligations43,988
45,109   Net assets from    discontinued operations1,200,000
1,200,000     Total    current liabilities5,142,574
5,175,677Notes payable to related parties,    less current installments- 
-Notes payable, less current    installments703,596
703,596Capital lease obligations, less    current installments36,012
46,132     Total    liabilities5,882,182
5,925,405   Stockholders' equity:   Preferred stock,    $.001par value. Authorized        10,000,000 shares: none issued
-   Common stock, $.001    par value. Authorized 200,000,000 shares:        128,472,971shares issued and 128,220,971 shares outstanding at           March 31, 2000, 125,972,971shares issued and 125,720,971      shares    outstanding at December 31, 1999128,221
125,721   Additional paid-in    capital16,430,594
16,393,094   Accumulated deficit(12,153,721)
(12,251,678)     Total    stockholders 'equity4,405,094
4,267,137   Less treasury stock,    at cost (252,000 shares)(34,028)
(34,028)   Accumulated other    comprehensive loss- 
-     Total    stockholders' equity4,371,066
4,233,109Commitments and contingent    liabilities- 
-      Total    liabilities and stockholders' equity
$                10,253,248
$           10,158,514See accompanying notes    to consolidated financial statements
 
**AMERICAN    INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES
**Consolidated Statements of Operations**
Three months    ended March 31, 2000 and 1999
(Unaudited - see    accompanying accountants' review report)  
Three months    ended March 31,   
  2000
1999Revenues 
$
3,198,003
$
4,214,020    
  
  Costs and expenses: 
     Cost of sales 
2,645,790 
2,934,465    Selling, general and    administrative 
736,636 
  
1,191,505      Total    operating expenses 
3,382,426 
  
4,125,970    
    Operating income (loss) 
(184,423) 
88,050    
  Other income (expenses): 
     Interest income 
22,985 
16,785    Realized gains on    investments 
47,371 
48,905    Unrealized gain and    (losses) on investments 
258,374 
(91,398)    Gain on the sale of    assets
52,881    Other Income
2,915 
66,206    Interest expense 
(49,265) 
  -      Total    other income (expenses)
282,380 
(87,273)         Net    earnings before income tax 
97,957 
41,275 Provision for income tax     Net    earnings
$ 
97,957 
$ 
41,275    Net earnings per common share -    basic and diluted:    Net earnings    applicable to common shareholders 
$ 
0.00 
$ 
0.00    Weighted average common shares -    basic and diluted
128,140,221 
124,785,971   Consolidated statements of    comprehensive income:    Net earnings
$ 
97,957 
$ 
41,275    Unrealized gain on    shares available-for-sale:
- 
-    Unrealized holding    gain arising during the period
- 
987,792    Less:    reclassification adjustment for gain included in net income
- 
(1,032,756)         Comprehensive income (loss)
$ 
97,957 
$ 
1,029,067 
See accompanying    notes to consolidated financial statements
 
**AMERICAN INTERNATIONAL INDUSTRIES, INC.    AND SUBSIDIARIES****Consolidated Statements of Cash Flows**Three months ended March 31, 2000 and 1999(Unaudited - see accompanying accountants'    review report)      2000
1999Cash flows from operating    activities:    Net earnings 
$ 97,957 $ 
41,275    Adjustments to    reconcile net earnings (loss)      to net    cash used in operating activities:           Depreciation and amortization 92,398 
249,747           Realized gain on sale of securities (47,371) 
(48,905)           (Increase) decrease in market value of equity securities (258,374) 
91,398           (Increase) decrease in operating assets:              Accounts receivable (19,028) 
323,194              Inventories 36,640 
2,415              Prepaid expenses and other current assets 11,652 
(50,084)               (Purchase) sale of trading securities, net 182,873 
(482,953)              Other assets (2,320) 
48,768           (Increase) decrease in operating liabilities:              Accounts payable and accrued expenses 74,582 
(243,299)              Deferred revenues - 
122,766                          Net cash provided by operating activities 169,009 
54,322 Cash flows from investing    activities:    Purchase of    available-for-sale investment securities - 
(116,949)    Purchase of property    and equipment (55,160) 
(99,174)    Redemption of    restricted certificate of deposit 150,000 
-    Disposition of assets    - 130,155    Notes receivable (8,767) 
(5,500)                Net cash provided by (used in) investing activities 86,073 
(221,623)    Cash flows from financing    activities:    Proceeds from stock    subscriptions - 
420,000    Proceeds from    issuance of stock 40,000 6,000    Repayment of notes    receivable - 
31,000    Proceeds from note    payable - 
607,900    Repayment of notes    payable (123,205) (515,148)    Principal payments on    capital lease obligations (11,231) 
(143,263)                Net cash provided by (used in) financing activities (103,436) 
406,489                  Net increase in cash 151,646 
239,188   Cash at beginning of year 639,396 
999.916 Cash at end of period 
$ 791,043 $ 
1,239,104 Supplemental schedule of cash flow    information:    Interest paid 
$ 49,265 $ 
87,273    Non-cash    transactions:          Purchase of securities on margin 
$ 25,631 $ 
172,040          Purchase of subsidiary assets and liabilities through the issuance of          common stock and options:            Accounts receivable $- $87,215           Inventory - 36,496           Property and equipment - 43,000           Other assets - 18,853           Goodwill - 674,764           Accounts payable - 76,494           Notes payable - 30.500           Notes payable to related parties - 30,000          Other liabilities - 220  $- $997,546
See    accompanying notes to consolidated financial statements
 

 

**AMERICAN INTERNATIONAL INDUSTRIES, INC. ANDSUBSIDIARIES**

**Notesto the Consolidated Financial Statements**
**(1) General 

American International Industries, Inc. (the"Company" or "AIII"), formerly Black Tie Affair, Incorporated,operates as a diversified holding company with a number of wholly-owned subsidiaries andone majority-owned subsidiary. 

The unaudited consolidated financial statements havebeen prepared on the same basis as the audited consolidated financial statements and, inthe opinion of management, reflect all adjustments (consisting of normal recurringadjustments) necessary for a fair presentation for each of the periods presented. Theresults of operations for interim periods are not necessarily indicative of results to beachieved for full fiscal years. 

As contemplated by the Securities and ExchangeCommission (SEC) under Rules of Regulation S-B, the accompanying consolidated financialstatements and related footnotes have been condensed and do not contain certaininformation that will be included in the Company's annual consolidated financialstatements and footnotes thereto. For further information, refer to the Company's 1999audited consolidated financial statements and related footnotes. 

**(2) Industry Segments**

The Company has three reportable segments and corporateoverhead: industrial/commercial, oil and gas, and real estate. The industrial/commercialsegment includes (1) a supplier of automotive after-market products; (2) a manufacturerand distributor of barbecue pits and custom sheet metal products for customerspredominately in the energy industry; (3) distributors of specialty chemicals for theautomotive after-market, including specializing in the application of spray-on bed linersfor truck beds; and (4) a holding company for future commercial ventures. The oil and gassegment owns an oil, gas and mineral royalty interest in Washington County, Texas. Priorto 1999, the Company had a media/entertainment segment which they sold in 1999. Thecomparative segment information reflects media entertainment data prior to restatement.The corporate overhead includes the Company's investment holdings including financingcurrent operations and expansion of its current holdings as well as evaluating thefeasibility of entering into additional businesses. 

The accounting policies of the segments are the same asthose described in the summary of significant accounting policies. The Company evaluatesperformances based on profit or loss from operations before income taxes, not includingnonrecurring gains and losses and foreign exchange gains and losses. 

The Company's reportable segments are strategic businessunits that offer different technology and marketing strategies. Most of the businesseswere acquired as subsidiaries and the management at the time of the acquisition wasretained. 

Consolidated net revenues, net operating losses, andidentifiable assets were as follows: 
20001999Revenues:         Industrial/Commercial$
3,189,096$
2,456,703   Media/Entertainment- 1,157,317   Real estate6,354600,000   Oil and gas2,553-    $3,198,003$4,214,020Operating income (loss):   Industrial/Commercial$16,790$72,407   Media/Entertainment- (218,415)   Real estate(6,945)485,101   Oil and gas2,517(5,014)   Corporate expenses(196,785)(246,029)$(184,423)$88,050Identifiable assets:   Industrial/Commercial $8,549,086$7,609,017   Media/Entertainment-4,483,456   Real estate947,756996,631   Oil and gas72,52763,610   Corporate683,8792,304,082$10,253,248$15,526,605
The Company's areas of operations are principally in the United States.No single foreign country or geographic area is significant to the consolidated financialstatements. 
**(3) Subsequent Events 

In May 2000, the Company sold 12,500,000 shares of theCompany's restricted common stock to a company controlled by the brother of the CEO ofAIII for total consideration of $500,000. Of this amount, $250,000 was paid by conversionof an existing debt. The Company received cash for the remaining $250,000. The companythat purchased the restricted common stock agreed to a two-year lock-up agreement wherebythe stock is restricted for a two-year period, without registration rights. In addition,the Company received a 12-month commitment to borrow up to $500,000 for working capitalrequirements. 

In June 2000, the Company sold 3,636,363 shares of theCompany's restricted common stock to a trust established for the benefit of the son of theCompany's CEO for a total purchase price of $200,000. 
**(4) Restatement 

The Company's financial statements for three months ended March 31, 2000have been restated to reflect the restatement of the 1999 financial statements. As notedin Note 3 to the 1999 restated financial statements, certain transactions, which occurredsubsequent to December 31, 1999, caused management to reevaluate the collectibility of theconsideration received (note receivable in the amount of $250,000) for the sale of CRC andthe assumption of liabilities related to CRC. 

The effects of the restatement as of March 31, 2000 is a follows: 
As previouslyAsreportedChangesrestatedConsolidated Balance Sheet:   Notes receivable, current$440,458$(250,000)$190,458   Note receivable, long-term- 1,200,0001,200,000   Allowance for long-term note receivable- (1,200,000)(1,200,000)   Net liabilities from discontinued operations- 1,200,0001,200,000   Minority interest70,298(70,298)-    Accumulated deficit (10,703,721)(1,450,000)(12,153,721)
**Item2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

Forward-Looking Statements; Market Data

As used in this Quarterly Report,  the terms "we", "us", "our" "AIII" and the"Company" means American International Industries, Inc., a Nevada corporation.To the extent that we make any forward-looking statements in the "Management’sDiscussion and Analysis of Financial Condition and Results of Operations" in thisQuarterly Report, we emphasize that forward-looking statements involve risks anduncertainties and our actual results may differ materially from those expressed or impliedby our forward-looking statements. All forward-looking statements in this Quarterly Reportreflect our current views about future events and are based on assumptions and are subjectto risks and uncertainties. Except as required by applicable law, including the securitieslaws of the United States, we do not intend to update or revise any forward-lookingstatements, which forward-looking statements may include, but not  be limited to,statements about our plans, objectives, expectations, intentions and assumptions and otherstatements that are not historical facts. Generally, forward-looking statements includephrases with words such as  "expect", "anticipate","intend", "plan", "believe", "seek","estimate" and similar expressions to identify forward-looking statements.

**Overview**

We are a holding company and currently havesix wholly owned operating subsidiaries and one majority-owned (consolidating) subsidiary.    The historical financial statements of AIII include the acquisitions ofacquired companies as of the effective dates of the purchases 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 ourForm 10-KSB/A for our year ended December 31, 1999 filed with the Securities and ExchangeCommission ("SEC") on December 15, 2000 for a full discussion of our businessand subsidiaries under "Description of Business" and Note 2 of the Notes toConsolidated Financial Statements which were filed as part of the Form 10-KSB/A for theyear ended December 31, 1999. 

We have three reportable segments andcorporate overhead: industrial/commercial, oil and gas, and real estate. Theindustrial/commercial segment includes (1) a supplier of automotive after-market products;(2) a manufacturer and distributor of barbecue pits and custom sheet metal products forcustomers predominately in the energy industry; (3) distributors of specialty chemicalsfor the automotive after-market, including specializing in the application of spray-on bedliners for truck beds; and (4) a holding company for future commercial ventures. The oiland gas segment owns an oil, gas and mineral royalty interest in Washington County, Texas.Prior to 1999,we had a media/entertainment segment, which we sold in 1999. The comparativesegment information for 1999 had been restated to delete the media entertainment data,which had been treated as a loss from discontinued operations in 1999. The corporateoverhead includes our investment holdings including financing current operations andexpansion of its current holdings as well as evaluating the feasibility of entering intoadditional businesses. The accounting policies of the segments are the same as thosedescribed in the summary of significant accounting policies. We evaluate performancesbased on profit or loss from operations before income taxes, not including nonrecurringgains and losses and foreign exchange gains and losses. Our discussion under "Resultsof Operations" and "Liquidity and Capital Resources" below is on aconsolidated basis. For reference to "Industry Segments" see Note 2 to theConsolidated Notes to Financial Statements  in Item 1, Consolidated FinancialStatements above. 

**Results of Operations - American InternationalIndustries, Inc. Consolidated**

The following defined terms are used in this QuarterlyReport: Northeastern Plastics, Inc. (NPI), Marald, Inc. (Marald), Tough Truck andAccessories, Inc., d/b/a Armor Linings (Armor Linings), Har-Whit/Pitt's & Spitt's Inc.(Har-Whit), Texas Real Estate Enterprises, Inc. (TREE), Brenham Oil & Gas, Inc.(Brenham), Acqueren, Inc. (Acqueren) and Modern Film Effects, Inc. d/b/a Cinema ResearchCorporation (CRC). 

**Three Months Ended March 31, 2000 Compared to ThreeMonths Ended March 3, 1999**

Consolidated net earnings for the three-month periodended March 31, 2000 was $97,957 as compared to $41,275 for the three months ended March31, 1999. The factors contributing to the consolidated net earning are discussed below. 

Net revenues for the three months ended March 31, 2000was $3,198,003 as compared to $4,214,020 for March 31, 1999. Such 24.3% decrease isprimarily due to discontinued operations of CRC at October 31, 1999. CRC had sales of$1,157,317 during the period ended March 31, 1999. TREE had no revenue for the three-monthperiod ended March 31, 2000, compared to revenue of $600,000 for the same period in theprior year. NPI had sales of $1,887,967 during the period ended March 31, 2000 as comparedto $1,545,390 for the same period ended March 31, 1999. Marald had sales of $561,432during the period ended March 31, 2000 compared to $472,866 during the same period in theprior year. Armor Linings, acquired in April 1999, had sales of $188,907 during the threemonth-month period ended March 31, 2000. Har-Whit sales for the three months ended March31, 2000 were $550,790 as compared to $438,447 for the three months ended March 31, 1999.Brenham reported royalty income of $2,553 in the current quarter. The activity of Acquerenduring the three months ended March 31, 2000 consisted of investments and trading invarious securities; such activities resulted in unrealized gains of $258,374 and a loss$91,398 during the period ended March 31, 2000 and 1999, respectively. Cost of sales as apercentage of net sales for the three months ended March 31, 2000 was approximately 83%with gross margin of 17%, as compared to approximately 69.6% cost of sales and 30.4% grossmargin during the three-month period ended March 31, 1999. The change is primarily due toNPI's gross margin of 7.9% during this quarter as compared to 16.9% during the threemonths ended March 31, 1999. Har-Whit sustained a 31.4% margin in 2000 as compared to30.4% in 1999. Marald posted margins averaging 32.5% during the quarter and Armor Liningssustained margins averaging 18% at March 31, 2000. 

Selling, general and administrative expenses during theperiod ended March 31, 2000 were $736,636 which compares to $1,191,505 for the threemonths ended March 31, 1999. This decrease is primarily the result of discontinuedoperations of CRC, which had operating expenses during the three month period ended March31, 1999 of $453,377. Armor Linings incurred $57,704 in operating expenses during thethree months ended March 31, 2000. AIII incurred corporate expenses of $196,785, including$69,704 of legal and accounting fees and $25,000 of goodwill compared to total corporateexpenses of $246,029 during the same quarter in the prior year. This represents a decreaseof 20%. 

Other income (expense) totaled $282,380 for the threemonths ended March 31, 2000 including interest income of $22,985, Acqueren's realized andunrealized gains on investments of $47,371 and $258,374, other income of $2,915 and$49,265 of interest expense. This compares to total other income (expense) for thethree-month period ended March 31, 1999 of $(46,775). The primary reason for thedifference is Acqueren's unrealized gain for the quarter as compared to an unrealized lossof $91,398 for the three-month period ended March 31, 1999. 
**Net Earnings and Comprehensive Income 

Consolidated net earnings for the three-month periodended March 31, 2000 was $97,957 as compared to $41,275 during the period ended March 31,1999. During the three months ended March 31, 2000, TREE had a net loss of $6,945, Brenhamhad net earnings of $2,517, Har-Whit had a net loss of $11,763, Armor Linings had a netloss of $24,094, and Marald had net earnings of $16,151. Acqueren (including NPI) had netearnings of $309,675. There was no adjustment from net earnings to comprehensive income,since there were no unrealized gain on securities available-for-sale in this quarter, .During the three month period ended March 31, 1999, comprehensive income includedAcqueren's unrealized gains of $968,828 on available-for-sale equity securities, whichwere included as a component of stockholders' equity. 
**Liquidity and Capital Resources - AIII 

Total assets at March 31, 2000 and December 31, 1999were $10,253,248 and $10,158,514, respectively, an insignificant increase. Totalliabilities at March 31, 2000 were $5,882,182 as compared to $5,925,405 at December 31,1999. The decrease is primarily the result of the required reductions of long-term debt. 

At March 31, 2000, AIII's current working capital was$819,962 as compared to $657,207 at December 31, 1999. The increase in working capital isattributable to an insignificant increase in current assets. AIII's consolidated cashposition at March 31, 2000 was $791,042 as compared to $639,396 at December 31, 1999.Accounts receivable at March 31, 2000 were $1,628,589 compared to $1,609,561 at December31, 1999. Inventories decreased to $1,163,307 at March 31, 2000 as compared to $1,199,947at December 31, 1999. Investments in trading securities increased to $1,155,282 at March31, 2000 from $1,006,779 at December 31, 1999. 

For the three months ended March 31, 2000, AIII had$169,009 of net cash provided by operations, $86,073 of net cash provided by investingactivities, and $103,436 of net cash used in financing activities. For the three-monthperiod ended March 31, 1999, AIII had $54,322 of net cash provided by operation, $221,623of net cash used in investing activities, and $406,444 of net cash provided from financingactivities. 

**Part II**
**Item 1. LegalProceedings**
None, reference is made to Item 3. in Part I of theamended Form 10-KSB filed on December 15, 2000. 
**Item 2. Changes in Securities andUse of Proceeds

The following information sets forth certain informationas of August 4, 2000, for all restricted securities the Company sold since December 31,1999, without registration under the Act, excluding any information "previouslyreported as defined in Rule 12b-2 of the Securities Exchange Act of 1934. There were nounderwriters in any of these transactions, nor were any sales commissions paid thereon. 

In January 2000, the Company sold to Mr. Erick Friedman,a director, 2,500,000 shares of Common Stock for an aggregate of $40,000. The proceedswere used for corporate operating expenses and to increase our working capital. 

**Item3. Default Upon Senior Securities**

None

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

None

**Item 5.Other Information**

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

The following exhibits are to be filed or incorporated by reference aspart of the Quarterly Report:
Exhibit No.Description13The Registrant's amended Form    10-KSB/A for the year ended 1999 is incorporated herein by reference.27Financial Data Schedule99.1Safe Harbor Compliance Statement for Forward-Looking    Statements filed previously on Form 10-QSB/A for the period ended June 30, 2000. File No.    0-25223
(b) The Company did not file aForm 8-k during the period ended March 31, 1999.
**SIGNATURES**
In accordance with the Section 13 or 15(d) of the Exchange Act, theregistrant caused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

American International Industries, Inc.
By /s/ Daniel DrorDaniel DrorPresident, Chief Executive Officer and Director   By /s/ John W. Stump, IIIJohn W. Stump, IIIChief Financial Officer
In accordance with the Exchange Act, this report has been signed belowby the following persons on behalf of the registrant and in the capacities and on thedates indicated.
SignatureTitleDate/s/ Daniel Dror Chairman of the Board and Chief Executive Officer January 9, 2001Daniel Dror      /s/ Erick Friedman DirectorJanuary 9, 2001Erick Friedman************************ |