American International Industries Inc (AMIN, Financial) filed Quarterly Report for the period ended 2010-03-31.
American International Industries Inc has a market cap of $10.06 million; its shares were traded at around $1.1399 with and P/S ratio of 0.39.
Total other income/expenses. Other income was $556,506 for the three months ended March 31, 2010, compared to $121,850 for the three months ended March 31, 2009, representing an improvement of $434,656. Other income for the three months ended March 31, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit. For the three months ended March 31, 2009, American recognized other income in the amount of $195,146, of which $175,000 was for providing right-of-way access on the 287 acres in Galveston County. Interest expense was $220,516 for the three months ended March 31, 2010, compared to $218,608 for the three months ended March 31, 2009.
Total assets/working capital. Total assets at March 31, 2010 were $29,731,468, compared to $31,012,169 at December 31, 2009, representing a decrease of $1,280,701. At March 31, 2010, consolidated working capital was $11,849,111, compared to working capital of $13,141,451 at December 31, 2009, representing a decrease of $1,292,340. The primary reason for the decrease in total assets resulted from the conversion of short-term debt and accrued interest of $872,352 to common stock of Delta as a result of the reverse merger transaction.
Cash flow from operations. For the three months ended March 31, 2010, we had cash flow provided by operations of $992,227, compared to negative cash flow from operations of $370,015 during the same period in 2009. Our net loss of $1,447,743 for the three months ended March 31, 2010 included non-cash expenses of $1,250,096, including depreciation and amortization of $287,326 and share-based compensation of $962,770. Our net loss of $342,908 for the three months ended March 31, 2009 included non-cash expenses of $334,807, including depreciation and amortization of $293,557 and share-based compensation of $41,250. Our inventories and deposits for pipe inventory purchases decreased by $692,869 for the three months ended March 31, 2010, compared to an increase of $268,216 during the three months ended March 31, 2009. We decreased our investments in trading securities by $543,012 during the three months ended March 31, 2010, compared to a decrease of $95,443 during the same period in 2009. Accounts receivable decreased by $107,445 during the three months ended March 31, 2010, compared to a decrease of $353,624 during the same period in 2009. Accounts payable decreased by $114,322 during the three months ended March 31, 2010, compared to an increase of $144,109 during the same period in 2009.
Cash flow from investing activities. For the three months ended March 31, 2010, our investing activities used cash of $486,053 primarily as a result of loans to related parties of $427,402 and the purchase of property and equipment of $61,241. Our investing activities used cash of $233,440 during the three months ended March 31, 2009, primarily as a result of a the issuance of a note receivable of $300,000 and loans to related parties of $241,200, offset by a net decrease in investments in certificates of deposit of $300,000.
Cash flow from financing activities. Our financing activities provided cash of $343,246 during the three months ended March 31, 2010, primarily as a result of the issuance of common stock of $746,810, offset by payments on debt and repayments under lines of credit of $380,848. During the three months ended March 31, 2009, our financing activities used cash of $1,338,232, primarily as a result of payments of $1,283,122 on debt and the purchase of 33,032 shares of treasury stock at a cost of $41,237.
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American International Industries Inc has a market cap of $10.06 million; its shares were traded at around $1.1399 with and P/S ratio of 0.39.
Highlight of Business Operations:
Selling, general and administrative. Selling, general and administrative expense for the three months ended March 31, 2010 was $3,424,379, compared to $2,653,086 for the three months ended March 31, 2009, representing an increase of $771,293, or 29%. The increase in general and administrative expenses is due primarily to non-cash stock-based compensation of $847,750 to the executive officers of Delta in consideration for extending their employment agreements. Stock-based compensation for the three months ended March 31, 2010 was $962,770, compared to $41,250 for the three months ended March 31, 2009, representing an increase of $921,520.Total other income/expenses. Other income was $556,506 for the three months ended March 31, 2010, compared to $121,850 for the three months ended March 31, 2009, representing an improvement of $434,656. Other income for the three months ended March 31, 2010 included the receipt of $700,000 by Delta as a cash settlement for its claims in an insurance lawsuit. For the three months ended March 31, 2009, American recognized other income in the amount of $195,146, of which $175,000 was for providing right-of-way access on the 287 acres in Galveston County. Interest expense was $220,516 for the three months ended March 31, 2010, compared to $218,608 for the three months ended March 31, 2009.
Total assets/working capital. Total assets at March 31, 2010 were $29,731,468, compared to $31,012,169 at December 31, 2009, representing a decrease of $1,280,701. At March 31, 2010, consolidated working capital was $11,849,111, compared to working capital of $13,141,451 at December 31, 2009, representing a decrease of $1,292,340. The primary reason for the decrease in total assets resulted from the conversion of short-term debt and accrued interest of $872,352 to common stock of Delta as a result of the reverse merger transaction.
Cash flow from operations. For the three months ended March 31, 2010, we had cash flow provided by operations of $992,227, compared to negative cash flow from operations of $370,015 during the same period in 2009. Our net loss of $1,447,743 for the three months ended March 31, 2010 included non-cash expenses of $1,250,096, including depreciation and amortization of $287,326 and share-based compensation of $962,770. Our net loss of $342,908 for the three months ended March 31, 2009 included non-cash expenses of $334,807, including depreciation and amortization of $293,557 and share-based compensation of $41,250. Our inventories and deposits for pipe inventory purchases decreased by $692,869 for the three months ended March 31, 2010, compared to an increase of $268,216 during the three months ended March 31, 2009. We decreased our investments in trading securities by $543,012 during the three months ended March 31, 2010, compared to a decrease of $95,443 during the same period in 2009. Accounts receivable decreased by $107,445 during the three months ended March 31, 2010, compared to a decrease of $353,624 during the same period in 2009. Accounts payable decreased by $114,322 during the three months ended March 31, 2010, compared to an increase of $144,109 during the same period in 2009.
Cash flow from investing activities. For the three months ended March 31, 2010, our investing activities used cash of $486,053 primarily as a result of loans to related parties of $427,402 and the purchase of property and equipment of $61,241. Our investing activities used cash of $233,440 during the three months ended March 31, 2009, primarily as a result of a the issuance of a note receivable of $300,000 and loans to related parties of $241,200, offset by a net decrease in investments in certificates of deposit of $300,000.
Cash flow from financing activities. Our financing activities provided cash of $343,246 during the three months ended March 31, 2010, primarily as a result of the issuance of common stock of $746,810, offset by payments on debt and repayments under lines of credit of $380,848. During the three months ended March 31, 2009, our financing activities used cash of $1,338,232, primarily as a result of payments of $1,283,122 on debt and the purchase of 33,032 shares of treasury stock at a cost of $41,237.
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