American International Industries (AMIN) Inactive
Filed: 26 Jan 06, 12:00am
| AMERICAN INTERNATIONAL INDUSTRIES, INC. AND SUBSIDIARIES | ||||
| Consolidated Statements of Cash Flows | ||||
| Years ended December 31, 2004 and 2003 | ||||
2004 | 2003 | |||
(Restated) | (Restated) | |||
| Cash flows from operating activities: | ||||
| Net income (loss) | $ | 1,029,414 | $ | (943,036) |
| Adjustments to reconcile net income (loss) | ||||
| to net cash used in operating activities: | ||||
| Depreciation and amortization | 141,163 | 131,847 | ||
| Common stock issued for services | 1,083,717 | 340,049 | ||
| Realized losses on marketable trading securities | 8,400 | 251,566 | ||
| Unrealized losses on trading securities | 679,710 | - | ||
| (Gain) loss on sale of real estate acquired for resale | (1,815,870) | 14,000 | ||
| Discount on notes receivable | (1,597,084) | - | ||
| (Gain) on sale of drilling rigs | (1,495,812) | - | ||
| (Gain) on sale of assets | - | (499,600) | ||
| (Increase) decrease of operating assets, net of acquisitions and dispositions: | ||||
| Accounts receivable | 400,116 | (781,960) | ||
| Inventories | (54,658) | (379,144) | ||
| Drilling rigs held for sale | 583,121 | 1,000,000 | ||
| Prepaid expenses | 218,396 | (238,565) | ||
| Increase (decrease) in operating liabilities, net of acquisitions and dispositions: | ||||
| Accounts payable and accrued expenses | (1,486,955) | 376,925 | ||
| Minority interest | 867,498 | 4,618 | ||
| Net cash used in operating activities | (1,438,744) | (723,300) | ||
| Cash flows from investing activities: | ||||
| Capital expenditures for property and equipment | (421,884) | (278,545) | ||
| Proceeds from sale of real estate acquired for resale | 1,350,000 | 86,000 | ||
| Proceeds from sale of drilling rigs | 5,000,000 | - | ||
| Net change in investments | (54,210) | 1,255,634 | ||
| Receipts of principal payments on long-term notes receivable | 53,373 | 24,177 | ||
| (Increase) decrease in accounts receivable from related parties | 282,639 | (109,781) | ||
| Cash paid for acquisition of subsidiary | - | (1,000,000) | ||
| Net cash provided by (used in) investing activities | 6,209,918 | (22,515) | ||
| Cash flows from financing activities: | ||||
| Proceeds from long-term debt | - | 1,190,000 | ||
| Proceeds from long-term borrowings from related parties | 1,481,081 | 413,418 | ||
| Repayment of borrowings from related parties | (254,557) | - | ||
| Net borrowings (repayments) under lines of credit agreements | 297,300 | 35,227 | ||
| Principal payments on short-term debt | (1,350,000) | - | ||
| Principal payments on long-term debt | (609,358) | (858,245) | ||
| Dividends paid | (200,000) | - | ||
| Net cash provided by (used in) financing activities | (635,534) | 780,400 | ||
| Net increase in cash | 4,135,640 | 34,585 | ||
| Cash and cash equivalents at beginning of year | 944,233 | 909,648 | ||
| Cash and cash equivalents at end of year | $ | 5,079,873 | $ | 944,233 |
| Supplemental schedule of cash flow information: | ||||
| Interest paid | $ | 277,898 | $ | 235,295 |
| Taxes paid | $ | - | $ | 30,384 |
| Non-cash transactions: | ||||
| Issuance of preferred shares for payment of debt | $ | - | $ | 4,000,000 |
| Issuance of common shares for payment of debt to related parties | 541,870 | 1,865,556 | ||
| Receipt of note receivable for sale of real estate acquired for resale | 3,401,916 | |||
| See accompanying notes to consolidated financial statements | ||||