American International Industries Inc (AMIN, Financial) filed Quarterly Report for the period ended 2011-06-30.
American International Industries Inc has a market cap of $4.8 million; its shares were traded at around $0 with and P/S ratio of 0.2.
Total other income/expenses. Other expenses were $172,451 for the three months ended June 30, 2011, compared to other income of $2,222,077 for the three months ended June 30, 2010, representing a decrease of $2,394,528 from the prior period. Other expenses were $527,472 for the six months ended June 30, 2011, compared to other income of $2,872,274 for the six months ended June 30, 2010, representing a decrease of $3,399,746 from the prior period. Other income for the three and six months ended June 30, 2010 includes non-cash compensation for consulting services of $1,370,000. The Company received 1,000,000 restricted shares of ADB International Group, Inc. common stock valued at $1.37 per share for these consulting services. Other income for the three and six months ended June 30, 2010 included gains on the sale of assets of $781,204. During the three months ended June 30, 2010, American sold an 8 acre tract of land with a book value of $175,480 for $340,445 and recognized a $164,965 gain for this transaction, see Note 4. During the three months ended June 30, 2010, American sold its 51% ownership in Delta's facilities with a book value of $422,737 and the purchaser assumed the $943,500 note payable on the property. American recognized a $520,763 gain for this transaction. On June 23, 2010, Joe Hoover, President of DCP, purchased 20% of the 1,000 shares of Common Stock of DCP held by American for $20,000 in cash and a $55,000 promissory note. American recorded a $74,814 gain on sale of assets for this transaction. Additionally, other income for the six months ended June 30, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit.
Net income/loss. We had a net loss from continuing operations of $573,481, or $0.04 per share, for the three months ended June 30, 2011, compared to net income of $1,805,642, or $0.19 per share, for the same period in 2010. We had a net loss from continuing operations of $1,892,992, or $0.16 per share, for the six months ended June 30, 2011, compared to net income of $723,049, or $0.12 per share, for the same period in 2010. We had net income from discontinued operations of $5,000 for the proceeds received for the sale of DCP, or $0.00 per share, for the three months ended June 30, 2011, compared to a net loss of $362,491 or $0.04 per share, for the three months ended June 30, 2010. Net loss from discontinued operations for the three months ended June, 2010 includes SET's net loss of $360,120 and DCP's net loss of $2,371. We had a net loss from discontinued operations of $54,410, or $0.00 per share, for the six months ended June 30, 2011, compared to a net loss of $727,641 or $0.08 per share, for the six months ended June 30, 2010. Net loss from discontinued operations for the six months ended June 30, 2011 includes DCP's net loss of $4,410 for the six months ended June 30, 2011, $55,000 for the promissory note owed by Joe Hoover which was forgiven as part of the sale of DCP, offset by the $5,000 received for the sale. Net loss from discontinued operations for the six months ended June, 2010 includes SET's net loss of $728,572 and DCP's net income of $931.
Total assets at June 30, 2011 were $24,403,987, compared to $25,890,861 at December 31, 2010, representing a decrease of $1,486,874. At June 30, 2011, consolidated working capital was $9,903,944, compared to working capital of $9,728,802 at December 31, 2010, representing an increase of $175,142. Total assets as of June 30, 2011, included real estate held for sale of $5,825,321 (see note 4), inventories of $5,874,551, accounts receivable of $3,333,320, cash and cash equivalents of $481,518, certificates of deposit of $781,736, $1,238,053 of trading securities, $1,390,650 in notes receivable, and $3,704,669 of property and equipment.
Cash flow from operations. Net cash used in operating activities from continuing operations was $2,325,176 for the six months ended June 30, 2011, compared to $472,016 for the six months ended June 30, 2010. Net cash used in operating activities for the six months ended June 30, 2011 includes a one-time lump sum payment of $1,250,000 for a lawsuit settlement. Our net loss from continuing operations of $1,892,992 for the six months ended June 30, 2011 included non-cash expenses of $1,007,978, including depreciation and amortization of $236,670 and share-based compensation of $771,308. Our net income from continuing operations of $723,049 for the six months ended June 30, 2010 included non-cash income of $2,151,204, including shares received for consulting services of $1,370,000 and gains on disposals of assets of $781,204. Non-cash expenses included in net income were $1,273,059, including depreciation and amortization of $235,449 and share-based compensation of $1,037,610. Accounts receivable decreased by $727,301 during the six months ended June 30, 2011, compared to an increase of $1,324,967 during the same period in 2010. NPI collected accounts receivable during the six months ended June 30, 2011, which resulted from significantly higher revenues during the six months ended December 31, 2010. Our inventories increased by $441,058 for the six months ended June 30, 2011, compared to a decrease of $977,382 during the six months ended June 30, 2010. Accounts payable decreased by $2,154,669 during the six months ended June 30, 2011, compared to an increase of $100,927 during the same period in 2010. The decrease in accounts payable during the six months ended June 30, 2011 included the a one-time lump sum payment of $1,250,000 for a lawsuit settlement. The remainder of the decrease in accounts payable was primarily due to payments made in the six months ended June 30, 2011 for expenses incurred during the six months ended December 31, 2010 in support of higher revenues at NPI.
Cash flow from investing activities. For the six months ended June 30, 2011, our investing activities provided cash of $4,191 primarily as a result of proceeds from the sale of trading securities of $1,161,260, offset by purchases of trading securities of $951,427 and the purchase of property and equipment of $220,041. Our investing activities provided cash of $876,772 during the six months ended June 30, 2010, primarily as a result of proceeds from the sale of trading securities of $1,134,221, proceeds from the sale of real estate held for sale of $943,500 and from the sale of property and equipment of $340,445, offset by purchases of trading securites of $1,191,610, loans to related parties of $98,136 and the purchase of property and equipment of $94,308.
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American International Industries Inc has a market cap of $4.8 million; its shares were traded at around $0 with and P/S ratio of 0.2.
Highlight of Business Operations:
Selling, general and administrative. Selling, general and administrative expense for the three months ended June 30, 2011 was $2,400,085, compared to $2,120,048 for the three months ended June 30, 2010, representing an increase of $280,037, or 13.2%. Non-cash stock-based compensation for the three months ended June 30, 2011 was $263,759, compared to $74,840 for the three months ended June 30, 2010, representing an increase of $188,919, of which $106,559 ($60,000 in restricted shares of common stock and $46,559 in stock warrants) was compensation to S. Scott Gaille, who was appointed President of American on June 24, 2011. Delta's selling, general and administrative expenses increased in support of higher rig revenues. Selling, general and administrative expense for the six months ended June 30, 2011 was $5,352,529, compared to $5,232,850 for the six months ended June 30, 2010, representing an increase of $119,679, or 2.3%. Non-cash stock-based compensation for the six months ended June 30, 2011 was $771,308, compared to $1,037,610 for the six months ended June 30, 2010, representing a decrease of $266,302. For the six months ended June 30, 2010, $847,750 in stock-based compensation was to the executive officers of Delta in consideration for extending their employment agreements (as described in Note 1 to the consolidated financial statements). This decrease in stock-based compensation was offset by increases in selling, general and administrative expenses incurred in support of higher rig revenues for Delta. Selling, general and administrative expenses for the six months ended June 30, 2011 included higher than normal legal costs related to the Botts lawsuit settlement. Selling, general and administrative expenses for Brenham for the six months ended June 30, 2011 were $61,616 and consisted of travel, consulting, and legal expenses associated with one-time costs incurred for Brenham to become a public company and consulting fees to locate oil and gas properties.Total other income/expenses. Other expenses were $172,451 for the three months ended June 30, 2011, compared to other income of $2,222,077 for the three months ended June 30, 2010, representing a decrease of $2,394,528 from the prior period. Other expenses were $527,472 for the six months ended June 30, 2011, compared to other income of $2,872,274 for the six months ended June 30, 2010, representing a decrease of $3,399,746 from the prior period. Other income for the three and six months ended June 30, 2010 includes non-cash compensation for consulting services of $1,370,000. The Company received 1,000,000 restricted shares of ADB International Group, Inc. common stock valued at $1.37 per share for these consulting services. Other income for the three and six months ended June 30, 2010 included gains on the sale of assets of $781,204. During the three months ended June 30, 2010, American sold an 8 acre tract of land with a book value of $175,480 for $340,445 and recognized a $164,965 gain for this transaction, see Note 4. During the three months ended June 30, 2010, American sold its 51% ownership in Delta's facilities with a book value of $422,737 and the purchaser assumed the $943,500 note payable on the property. American recognized a $520,763 gain for this transaction. On June 23, 2010, Joe Hoover, President of DCP, purchased 20% of the 1,000 shares of Common Stock of DCP held by American for $20,000 in cash and a $55,000 promissory note. American recorded a $74,814 gain on sale of assets for this transaction. Additionally, other income for the six months ended June 30, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit.
Net income/loss. We had a net loss from continuing operations of $573,481, or $0.04 per share, for the three months ended June 30, 2011, compared to net income of $1,805,642, or $0.19 per share, for the same period in 2010. We had a net loss from continuing operations of $1,892,992, or $0.16 per share, for the six months ended June 30, 2011, compared to net income of $723,049, or $0.12 per share, for the same period in 2010. We had net income from discontinued operations of $5,000 for the proceeds received for the sale of DCP, or $0.00 per share, for the three months ended June 30, 2011, compared to a net loss of $362,491 or $0.04 per share, for the three months ended June 30, 2010. Net loss from discontinued operations for the three months ended June, 2010 includes SET's net loss of $360,120 and DCP's net loss of $2,371. We had a net loss from discontinued operations of $54,410, or $0.00 per share, for the six months ended June 30, 2011, compared to a net loss of $727,641 or $0.08 per share, for the six months ended June 30, 2010. Net loss from discontinued operations for the six months ended June 30, 2011 includes DCP's net loss of $4,410 for the six months ended June 30, 2011, $55,000 for the promissory note owed by Joe Hoover which was forgiven as part of the sale of DCP, offset by the $5,000 received for the sale. Net loss from discontinued operations for the six months ended June, 2010 includes SET's net loss of $728,572 and DCP's net income of $931.
Total assets at June 30, 2011 were $24,403,987, compared to $25,890,861 at December 31, 2010, representing a decrease of $1,486,874. At June 30, 2011, consolidated working capital was $9,903,944, compared to working capital of $9,728,802 at December 31, 2010, representing an increase of $175,142. Total assets as of June 30, 2011, included real estate held for sale of $5,825,321 (see note 4), inventories of $5,874,551, accounts receivable of $3,333,320, cash and cash equivalents of $481,518, certificates of deposit of $781,736, $1,238,053 of trading securities, $1,390,650 in notes receivable, and $3,704,669 of property and equipment.
Cash flow from operations. Net cash used in operating activities from continuing operations was $2,325,176 for the six months ended June 30, 2011, compared to $472,016 for the six months ended June 30, 2010. Net cash used in operating activities for the six months ended June 30, 2011 includes a one-time lump sum payment of $1,250,000 for a lawsuit settlement. Our net loss from continuing operations of $1,892,992 for the six months ended June 30, 2011 included non-cash expenses of $1,007,978, including depreciation and amortization of $236,670 and share-based compensation of $771,308. Our net income from continuing operations of $723,049 for the six months ended June 30, 2010 included non-cash income of $2,151,204, including shares received for consulting services of $1,370,000 and gains on disposals of assets of $781,204. Non-cash expenses included in net income were $1,273,059, including depreciation and amortization of $235,449 and share-based compensation of $1,037,610. Accounts receivable decreased by $727,301 during the six months ended June 30, 2011, compared to an increase of $1,324,967 during the same period in 2010. NPI collected accounts receivable during the six months ended June 30, 2011, which resulted from significantly higher revenues during the six months ended December 31, 2010. Our inventories increased by $441,058 for the six months ended June 30, 2011, compared to a decrease of $977,382 during the six months ended June 30, 2010. Accounts payable decreased by $2,154,669 during the six months ended June 30, 2011, compared to an increase of $100,927 during the same period in 2010. The decrease in accounts payable during the six months ended June 30, 2011 included the a one-time lump sum payment of $1,250,000 for a lawsuit settlement. The remainder of the decrease in accounts payable was primarily due to payments made in the six months ended June 30, 2011 for expenses incurred during the six months ended December 31, 2010 in support of higher revenues at NPI.
Cash flow from investing activities. For the six months ended June 30, 2011, our investing activities provided cash of $4,191 primarily as a result of proceeds from the sale of trading securities of $1,161,260, offset by purchases of trading securities of $951,427 and the purchase of property and equipment of $220,041. Our investing activities provided cash of $876,772 during the six months ended June 30, 2010, primarily as a result of proceeds from the sale of trading securities of $1,134,221, proceeds from the sale of real estate held for sale of $943,500 and from the sale of property and equipment of $340,445, offset by purchases of trading securites of $1,191,610, loans to related parties of $98,136 and the purchase of property and equipment of $94,308.
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