UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-QSB

(Mark One)

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934 for the period ended February 28, 2003



[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE Act of 1934 for the transition period from ___ to ___.



Commission File Number 0-30368



American International Ventures, Inc.

--------------------------------------------

(Name of Small Business Issuer in its charter)



Delaware                                         22-3489463

-------------------------------            ---------------------------

(State or other jurisdiction of          (I.R.S. Employer Identification no.)

incorporation or organization)



260 Garibaldi Avenue, Lodi, New Jersey 07644

--------------------------------------------

(Address of principal executive offices)



(973) 335-4400

-------------------------------------------------

(Registrant's telephone number, including area code)



Securities registered under Section 12 (b) of the Act:



Title of each class              Name of exchange on which

to  be  registered              each  class is to be registered

None                              None



Securities registered under Section 12(g) of the Act:



Common Stock

--------------

(Title of Class)



Indicate  by check  mark  whether  the  registrant  (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities  Exchange Act of 1934 during the  proceeding  12 months and (2) has been  subject to such filing requirements for the past 90 days.



(1) Yes: [ ]    No: [X]

(2) Yes: [X]    No: [ ]



Indicate the number of shares  outstanding  of each of the issuer's  classes of common stock, as of February 28, 2003: 20,350,210 shares of Common Stock, $.00001 par value.



Transitional Small Business Issuer Format (Check One):

Yes:      No:  X















PART I -FINANCIAL INFORMATION



Page Number

Item 1.   Financial Statements (Unaudited):

-Consolidated Balance Sheet at February 28, 2003 (unaudited)

and May 31, 2002 (audited)                                    3

-Consolidated Statements of Operations

for the nine month periods ended February 28, 2003 and

November 30, 2001                                              4

-Consolidated Statements of Operations

for the nine month periods ended February 28, 2003 and

November 30, 2001                                              5

-Consolidated Statements of Cash Flows for the nine months

ended February 28, 2003 and the nine months

ended November 30, 2001                                        6

-Notes to Financial Statements                                  7

Item 2. Management's Discussion and Analysis.                         7

Item 3. Effectiveness of the registrants disclosure controls

and procedures.                                               10



PART II - OTHER INFORMATION

Item 1. Legal Proceedings.                                            11

Item 2. Changes in Securities.                                        11

Item 3. Defaults upon Senior Securities.                              11

Item 4. Submission of Matters to Vote of Securityholders.             11

Item 5. Other Information.                                            11

Item 6. Exhibits and Reports on Form 8-K.                             11

Signatures                                                            11











AMERICAN INTERNATIONAL VENTURES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS



ASSETS



February 28, 2003

May 31, 2002

(Unaudited)

(Audited)



Current Assets

Cash

$    91,731

$      7,370

Accounts receivable, less allowance for

doubtful accounts

3,192

15,263

Inventory

1,279

1,346

Marketable securities

53,095

53,320

Prepaid expense

150

150



Total current assets

149,447

77,449



Fixed Assets

Office furniture and equipment

15,682

15,682

Less, accumulated depreciation

10,712

8,438

Net fixed assets

4,970

7,244

Other Assets

Deferred financing cost

4,917

6,417

Security deposits

550

550

Mineral rights

3,273

-



Total other assets

8,740



6,967







TOTAL ASSETS

$  163,157

$  91,660



LIABILITIES AND STOCKHOLDERS DEFICIT



Current Liabilities

Accounts payable and accrued expenses

$   436,524

$    395,208

Payroll and sales taxes payable

104,918

93,428

Current portions of notes payable

91,750

97,949

Stockholder advances

64,693

21,594



Total current liabilities

697,885

608,179



Notes Payable

44,414

51,366







Total Liabilities

742,299

659,545



Stockholders Deficit

Common stock  authorized, 50,000,000

shares of $.00001par value; issued and

outstanding, 20,350,210 and 19,752,210

shares, respectively



203

197

Capital in excess of par value

890,984

741,490

Accumulated deficit

(1,523,424)

(1,362,892)

Accumulated other comprehensive income

53,095

53,320

Total stockholders deficit

(579,142)

(567,885)

TOTAL LIABILITIES AND







STOCKHOLDERS DEFICIT

$ 163,157



$ 91,660



The accompanying notes are an integral part of these financial statements.

-1-

AMERICAN INTERNATIONAL VENTURES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Nine Month Periods Ended February 28, 2003 and 2002

(Unaudited)





2003

2002



Net Sales

$     196,984

$ 261,749





Cost of Goods Sold

122,816

165,600



Gross Profit

74,168

96,149



Selling and Administrative Expenses

219,987

284,864







Operating loss

(145,819)

(188,715)



Other Income and Expense

Rental income

-

6,750

Interest expense

(28,868)

(34,907)

Gain on sale of securities

14,155

-

Loss on sale of furniture

-

(3,259)





Net Loss

(160,532)

(220,131)



Other Comprehensive Loss:

Unrealized gain on securities held for sale

12,950

-

Holding gain on securities sold during the period

980

-

Reclassification adjustment for gain

included in net loss

(14,155)

-





Total other comprehensive loss

(225)

-





Total Comprehensive Loss

$(160,757)

$(220,131)



Loss Per Share:

Basic and Diluted

$(.01)

$(.01)



Weighted Average Number of Shares Outstanding

20,052,010

14,445,544



















The accompanying notes are an integral part of these financial statements.



-2-

AMERICAN INTERNATIONAL VENTURES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Month Periods Ended February 28, 2003 and 2002

(Unaudited)





2003

2002



Net Sales

$   53,260

$ 75,872



Cost of Goods Sold

31,050

45,793

Gross Profit



22,210

30,079



Selling and Administrative Expenses

64,476

48,468







Operating loss

(42,266)

(18,389)



Other Income and Expense







Interest expense

(8,924)

(20,194)

Gain on sale of securities

12,116

-





Net Loss

(39,074)

(38,583)



Other Comprehensive Income:

Unrealized gain on securities held for sale

12,950

-

Holding gain on securities sold during the period

2,041

-

Reclassification adjustment for gain

included in net loss

(12,116)

-





Total other comprehensive income

2,875

-



Total Comprehensive Loss

$  (36,199)

$(38,583)



Loss Per Share:

Basic and Diluted

$-

$-





Weighted Average Number of Shares Outstanding

20,289,610

14,445,544

























The accompanying notes are an integral part of these financial statements.



-3-

AMERICAN INTERNATIONAL VENTURES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Month Periods Ended February 28, 2003 and 2002

(Unaudited)



2003

2002



Cash Flows From Operations:

Net loss

$(160,532)

$(220,131)

Adjustments to reconcile net loss to net cash

consumed by operating activities:

Depreciation and amortization

2,274

2,972

Decrease in deferred financing cost

1,500

1,500

Loss on sales of furniture

-

3,259

Changes in current assets and liabilities:

Increase in payroll and sales taxes payable

11,490

14,832

Decrease in accounts receivable

12,071

9,280



Decrease in security deposits

-

4,994



Increase in accounts payable and



accrued liabilities

41,316

171,930

Increase in liability for security deposit

-

(1,800)

Decrease in inventory

67

1,894

Net cash consumed by operating

activities

(91,814)

(11,270)



Cash Flows From Investing Activities:

Investment in gold deposit

( 3,273)

-

Proceeds of sales of furniture

-

1,200





Net cash provided (consumed) by

investing activities

(3,273)

1,200



Cash Flows From Financing Activities:

Proceeds of sales of capital stock

149,500

-

Increase in stockholder advances

43,099

11,100

Proceeds of borrowing

-

23,393

Repayments of debt

(13,151)

(24,856)



Net cash provided by financing activities

179,448

9,637







Net increase (decrease) in cash

84,361

(433)



Cash balance, beginning of period

7,370

3,811







Cash balance, end of period

$ 91,731

$  3,378



The accompanying notes are an integral part of these financial statements.

-4-

AMERICAN INTERNATIONAL VENTURES, INC. AND SUBSIDIARY

NOTES TO FINANCIAL STATEMENTS

February 28, 2003

(Unaudited)









1.

BASIS OF PRESENTATION



The unaudited interim consolidated financial statements of American International Ventures, Inc. and its subsidiary (the Company) as of February 28, 2003 and for the three and nine month periods ended February 28, 2003 and 2002, have been prepared in accordance with generally accepted accounting principles.  In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for such periods.  The results of operations for the nine months ended February 28, 2003 are not necessarily indicative of the results to be expected for the full fiscal year ending May 31, 2003.



Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading.  The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended May 31, 2002.



2.

SUPPLEMENTARY CASH FLOWS INFORMATION



There was no cash paid for income taxes during either of the periods presented.  Payments for interest were $20,207 in the 2003 period and $24,435 in the 2002 period.

























-5-



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Item 2. Management's Discussion and Analysis.



Overview

--------

In March 2001, the Company acquired all the issued and outstanding capital stock of TLM Industries, Inc. (TLM). TLM thereafter merged with its wholly owned subsidiary, GetToner.com, Inc. ("GetToner"), pursuant to which GetToner was the surviving entity. For the period represented by this filing, GetToner is a wholly owned subsidiary of the Company, and is engaged in the business of selling office supply products, principally disposable imaging products such as laser toner, inkjet, and fax ribbon cartridges for computer printers, fax machines and copiers.



Prior to the transaction with TLM and GetToner, the Companys operations consisted of providing limited consulting services to mining companies. These services included the review of existing, and introduction of new, assay processes, and the introduction of technical personnel and sources of investment capital. During 1999, the Company provided consulting services to Birch Mountain Resources Ltd., a company trading on the Canadian Venture Exchange (symbol: BMD.V) under an arms length agreement. The Company introduced technical consultants to Birch Mountain that advanced certain mining assay procedures employed by Birch Mountain. In exchange for providing services to Birch Mountain, the Company may be entitled to receive a total of 500,000 shares of common stock of Birch Mountain, of which 350,000 shares have been received to date by the Company. The remaining 150,000 shares will be issued to the Company contingent upon Birch Mountain developing a proprietary assay procedure that meets certain established standards. At this time, the Company is uncertain as to whether it will receive the remaining 150,000 shares of Birch Mountain common stock. The Company may explore the possibility of providing similar consulting services to other mining companies in the future, although it has no present arrangement with any other mining company.



Nine Month Period ended February 28, 2003 compared with Nine Month Period ended February 28, 2002.

-------------------------------------------------------------------

Revenues for nine month period ended February 28, 2003 were $196,984 which represents a decrease of $64,765 or 24.7% from revenues of $261,749 for the comparable period in 2002. The revenues for both periods reflect sales from the Companys subsidiary, GetToner.com. The revenue decrease was due to lower selling prices from increased competition and a reduction is sales to wholesalers of similar products.



Cost of goods sold for the 2003 period totaled $122,816 or 62.3% of total revenue contrasted with $165,600 or 63.3% of total revenue for the 2002 period. Gross profit for the 2003 period was $74,168 compared with $96,149 for the 2002 period. The decrease of $21,981 or 22.9% reflects the impact of lower sales in the 2003 period matched against relatively flat cost of goods sold for the comparable periods. The costs of goods sold for both periods relate to the operations of the Companys subsidiary, GetToner.com.



Selling and administrative expenses which consists of marketing expenses, salaries, rent, and other general and administrative expenses were $219,987 for the 2003 period contrasted with $284,864 for the 2002 period. The decrease of $64,877 or 22.8% from the prior period is due principally to lower salaries and related costs attributable to a reduction in salary paid to a Get Toner officer, and lower rent for GetToners new offices. The selling and administrative expenses for both periods relate to the operations of the Companys subsidiary, GetToner.com.



Operating loss for the 2003 period was $145,819 compared with an operating loss of $188,715 for the prior period. The decrease in operating loss of $42,896 or 22.7% from the prior period is due principally to the reduction in selling and administrative expenses offset partially by the reduction in total sales. No research and development costs were incurred during the 2003 or 2002 periods, and there is no seasonal impact on the Company's sales. The operating loss for both periods relate to the operations of the Companys subsidiary, GetToner.com.



During 2001 and continuing into 2002, the Company subleased to a third party part of GetToners office space that it previously occupied and received $6,750 in rental income during the 2001/2002 period. No sublease arrangement exists for GetToners current offices.  Interest expense on long and short term debt totaled $28,868 contrasted with $34,907 for the prior period. The decrease of $6,039 or 17.3% is due to a decrease in credit card and bank debt due to Shareholder advances which were used to pay down such debt. During the 2003 period, the Company realized a gain of $14,155 resulting from the Companys sale of Birch Mountain securities which it received in connection with consulting services performed in 1999. No such sales of securities occurred in the 2002 period. During 2002, GetToner incurred a loss on the sale of furniture in the amount of $3,259. No such loss occurred in the 2003 period. Net loss for the period ending 2003 decreased to $160,532 from $220,131 for the comparable period in 2002. The decrease of $59,599 or 27.1% is due to the reasons discussed above.



During the period ended in 2003, the Company experienced an unrealized gain in the amount of $12,950 on securities held for sale. The gain relates to the securities of Birch Mountain discussed above and is due to an increase in the market value of the securities. No such gain was recorded in 2002. Total comprehensive loss for the nine month period ending February 28, 2003 decreased $59,374 or 27.0% to $160,757 from $220,131 for the comparable period in 2002 for the reasons discussed above.



Liquidity And Capital Resources.



As of February 28, 2003, the Company's working capital deficit was $548,438 (unaudited) compared with a working capital deficit of $530,730 (audited) for the May 31, 2002 year end. The increase in deficit for the current period reflects the operational losses sustained by GetToner during this period, partially offset by the private placement of the Companys securities which occurred during the current period.



During fiscal year 1999 and continuing through February 2001, prior to the acquisition of  TLM and GetToner, the Company's capital requirements have been insignificant due to its relatively limited operations. During this period its capital requirements have been funded principally through the private placement of its common stock and from loans from the Company's President and Chairman. During fiscal 2001 and in connection with the acquisition of TLM, the Company raised $153,500 from the private placement of 1,800,000 shares of common stock at prices ranging from $0.06 to $0.10 per unit. Of the shares sold, 650,000 were sold as units, each of which included a warrant entitling the holder to purchase an additional share at anytime during the ensuing year at a price of $1 per share. The proceeds were used to fund the operation of GetToner. In February 2001, the Company and its Chairman and President each agreed to certain compensation arrangements for the one-year period ending May 31, 2001. In consideration for acting as chairman and president of the Company for such period, the Company issued 300,000 shares of common stock of each such officer. In addition, during February 2001, the Company issued 191,000 shares of common stock in exchange for cancellation of a loan in the amount of $19,035 in favor of the Companys Chairman and issued 181,000 shares of common stock in exchange for cancellation of a loan in the amount of $18,129 in favor of the Company's President. During fiscal 2002, the Company raised $35,000 in gross proceeds in connection with the private placement of 140,000 units. Each consists of one share of common stock and one half of a stock purchase warrant exercisable one year from the issue date at a price of $0.50. The warrants have expired unexercised. During the nine month period ended February 28, 2003, the Company raised $149,500 in connection with the sale of 598,000 units of the Company. Each unit consists of one share of common stock and one half of common stock warrant which expires one year from issue date. Each full warrant enables the holder to acquire one share of common stock at an exercise price of $1.00 per share.



The Company has experienced significant losses in connection with the operations of GetToner. The Company is uncertain as to when it will achieve profitable operations. Until it achieves profitable operations, the Company intends to finance its ongoing operations through the private placement of its capital stock, through debt financing, or though the sale of its assets in the form of common stock of Birch Mountain Resources Ltd. As of May 31, 2002, the value of the Birch Mountain common stock (based upon the closing price of May 31, 2002) was $53,320 USD. At this time, the Company has no commitments for any such financing. No assurances can be given that the Company will be successful in these endeavors. If the Company is unsuccessful in these endeavors, it will have a material adverse impact on the Company and its ability to conduct its business in the future. Accordingly, the Companys financial statements contain note disclosures describing the circumstances that lead to doubt over the ability of the Company to continue as a going concern. In his report on the consolidated financial statements for the year ended May 31, 2002, the Companys independent auditor included an explanatory paragraph regarding its ability to continue as a going concern.



On April 29, 2003, the Company entered into an agreement with the former principals of GetToner which effectively rescinded the GetToner transaction. Under the agreement, the Company returned the capital stock of GetToner to its former principals in exchange for receiving 1,751,666 shares of the Companys common stock from the GetToner principals which was previously issued to such principals in connection with GetToner acquisition. As a result of this transaction, the Company believes that it significantly reduced its operating cash requirements and improved its balance sheet by eliminating the GetToner liabilities.



During the quarter ended May 31, 2002, the Companys board of directors determined to re-direct its efforts towards the mining industry. The decision to re-direct its efforts towards the mining industry was based in part upon the belief by management that precious metal prices would rise in the future. To that end, the Company effected management changes in April and May 2002. The management change was intended to strengthen the Companys management experience in the mining industry. Although the Company appointed Robert G. Carrington and Samuel G. Nunnemaker, as the Companys new directors and new Chairman and President in April 2002, it removed both parties as officers of the Company on May 6, 2003 and as directors of the Company on December 15, 2003. It appointed Myron Goldstein, an experienced mining executive, as a director on March 25, 2003 and as Chairman on May 6, 2003. The Companys plan of operations for the foreseeable future is to continue to seek, identify and, if successful, acquire a portfolio of mineral, principally gold properties, in the United States, which based upon existing data, is undervalued or sub-economic but prospective. These properties likely have had prior mineral exploration work or actual mining activities conducted on site, but these operations were abandoned due to gold prices prevailing at the time.  Once a sub-economic property is identified and /or acquired, the Company intends to re-evaluate the property based on the experience of its Chairman and consultants, and will seek to enhance its value by performing a limited amount of exploratory work. The exploratory work may consist of on site geological mapping, field testing and drilling additional exploratory holes in order to improve the economic viability of the property. At this time, the Company does not intend to engage in actual mineral extraction operations. However, if the Company is successful in enhancing the property value through its additional exploratory work, it may consider a number of options, including selling the property to interested mining company.



In this regard, on July 16, 2002, the Company acquired certain patented and unpatented mining claims known as the Bruner property located in Nye County, Nevada from Orcana Resources, Inc. and Miramar Gold Corporation (collectively Orcana). Under the terms of acquisition, the Company is required to maintain the property in good standing under state mining regulations for at least one full assessment year and pay Orcana a two percent net smelter royalty on all metals and materials mined or produced from the property. The Company maintains the right to purchase the net smelter royalty from Orcana for the sum of $250,000 payable in cash and/or marketable securities of the Company. In addition, upon achieving commercial production on the Bruner property, the Company is obligated to pay Orcana $250,000 within 120 day of achieving such commercial production. The payment may be in the form of cash and/or marketable securities of the Company. Since its acquisition, the Company has reviewed existing geological data, staked additional claims in the area, and conducted limited geochemical studies on the property. The Company intends to conduct additional exploratory work on the property consisting mainly of drilling a series of shallow and deeper drill holes in an attempt to establish a commercially viable mineral property. The Company will be required to raise additional funds in order to complete the additional exploration work, the amount of which has not been determined by the Company.



Risk Factors.



See the Company's Annual Report on Form 10-KSB for the period ending May 31, 2002 (Form 10-KSB) for additional statements concerning operations and future capital requirements. Certain risks exist with respect to the Company and its business, which risks include: its limited assets, absence of significant operating revenue, and the need for additional capital; lack of established marketing strategy; sale of compatible and remanufactured products; and competition; among other factors. Readers are urged to refer to the section entitled Cautionary Statements in the Companys Form 10-KSB for a broader discussion of such risks and uncertainties.



Item 3. Effectiveness of the registrants disclosure controls and procedures



At February 28, 2003, the Company carried out an evaluation of the effectiveness of the Companys disclosure controls and procedures (as defined by Rule 13a-14(c) under the Securities Exchange Act of 1934) under the supervision and with the participation of the Companys chief executive officer and chief financial officer. Based on and as of the date of such evaluation, the aforementioned officers have concluded that the Companys disclosure controls and procedures have functioned effectively so as to provide those officers the information necessary whether:

(i) this quarterly report on Form 10 QSB contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report on Form 10-QSB, and (ii) the financial statements, and other financial information included in this quarterly report on Form 10-QSB, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report on Form 10-QSB.

There have been no significant changes in the Company's internal controls or in other factors since the date of the Presidents and Principal Financial Officer's evaluation that could significantly affect these internal controls, including any corrective actions with regards to significant deficiencies and material weaknesses.



PART II



Item 1.   Legal Proceedings.

None



Item 2.   Changes in Securities.

During the nine month period ended February 28, 2003, the Company raised $149,500 in connection with the sale of its securities in the form of units. Each unit consists of one share of common stock and one half of common stock warrant which expires one year from issue date. Each full warrant enables the holder to acquire one share of common stock at an exercise price of $1.00 per share.



Item 3.   Defaults 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). Furnish the Exhibits required by Item 601 of Regulation S-B.

Exhibit 31  Certification Pursuant To Section 302 Of The Sarbanes-Oxley Act Of 2002.

Exhibit 32  Certification Pursuant To Section 906 Of The Sarbanes-Oxley Act Of 2002.



(b) Reports on Form 8-K.

None







#









SIGNATURES



In accordance with the requirements of the Securities Exchange Act of 1934, the registrant  has duly  caused  this report to be signed on its behalf by the undersigned thereunto duly authorized.



Dated: February 18, 2004



AMERICAN INTERNATIONAL VENTURES, INC.





/s/ Jack Wagenti

Jack Wagenti

Principal Accounting Officer and

Principal Executive Officer

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