American International (AMIH) 10-Q 3 Jul 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Jul. 03, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	American International Holdings Corp.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,847,355
Amendment Flag	false
Entity Central Index Key	1,300,524
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 391	$ 221
Total Assets	391	221
Current liabilities:
Accounts payable and accrued liabilities	100	0
Accrued compensation – related party	30,000	30,000
Accounts payable – related party	31,996	31,496
Total Liabilities	62,096	61,496
Stockholders’ equity:
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 0 shares issued and outstanding	0	0
Common stock, $0.0001 par value, 195,000,000 shares authorized; 747,355 shares issued and outstanding as of March 31, 2018 and December 31, 2017	75	75
Less treasury stock, at cost; 410 shares	(3,894)	(3,894)
Additional paid-in capital	2,168,275	2,167,654
Accumulated deficit	(2,226,161)	(2,225,110)
Total Stockholders’ equity (deficit)	(61,705)	(61,275)
Total liabilities and stockholders’ equity (deficit)	$ 391	$ 221

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	195,000,000	195,000,000
Common stock, shares issued	747,355	747,355
Common stock, shares outstanding	747,355	747,355
Treasury stock, shares	410	410

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 0	$ 0
Costs and expenses:
General and administrative	430	1,630
Interest expense	621	0
Total expenses	1,051	1,630
Operating loss	(1,051)	(1,630)
Net loss from operations	$ (1,051)	$ (1,630)
Net loss per common share — basic and diluted (in Dollars per share)	$ 0	$ 0
Weighted average number of common shares outstanding — basic and diluted (in Shares)	747,355	747,355

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (1,051)	$ (1,630)
Adjustments to reconcile net loss to cash used in operating activities:
Imputed interest expense	621	0
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	100	(100)
Net cash used in operating activities	(330)	(1,730)
Cash flows from financing activities
Borrowing from related party	500	1,500
Net cash provided by financing activities	500	1,500
Net increase (decrease) in cash and cash equivalents	170	(230)
Cash and cash equivalents at beginning of period	221	540
Cash and cash equivalents at end of period	$ 391	$ 310

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 1 - Summary of Significant Accounting Policies The accompanying unaudited interim financial statements of American International Holdings Corp. (“AMIH”), have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in AMIH’s latest Annual Report filed with the SEC on Form 10-K for the year ended December 31, 2017. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted. Organization, Ownership and Business American International Holdings Corp. (“AMIH”) is a 93.2% owned subsidiary of American International Industries, Inc. (“American”, “AMIN”) (OTCBB: AMIN). Cash Equivalents Highly liquid investments with original maturities of three months or less are considered cash equivalents. There are no cash equivalents at March 31, 2018 and December 31, 2017. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At March 31, 2018 and December 31, 2017, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Net Loss Per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Management’s Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from these estimates. New Accounting Pronouncements There are no recently issued, but not yet effective accounting pronouncements, that, if adopted, would have a material effect on the accompanying financial statements.

Note 2 - Related Party Transact

Note 2 - Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 2 — Related Party Transactions As of March 31, 2018 and December 31, 2017, AMIH had a payable to AMIN of $31,996 and $31,496, respectively. The loan is from the parent company. There is no loan agreement, and interest is not being charged. At March 31, 2018 and December 31, 2017, the Company had an accrued liability in the amount $30,000 for compensation to the Company’s CEO. The Company incurred an imputed interest expense in the amount of $621 for the quarter ended March 31, 2018.

Note 3 - Capital Stock

Note 3 - Capital Stock	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 3 – Capital Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock, $ 0.0001 par value, of which 0 shares are issued and outstanding at March 31, 2018 and December 31, 2017. The Company is authorized to issue up to 195,000,000 shares of common stock, $0.0001 par value, of which 747,355 shares are issued and outstanding (outstanding shares includes 410 treasury shares) at March 31, 2018 and December 31, 2017.

Note 4 - Going concern

Note 4 - Going concern	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	Note 4 — Going concern As reflected in the accompanying financial statements, the Company has no operations, a net loss of $1,051 for the three months ended March 31, 2018, an accumulated deficit of $2,226,161, and has no sources of revenue and expects to incur further losses in the future, thus raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management plans to obtain the necessary financing to meet its obligations during 2018. As a shell corporation, the Company pursued potential business combination transactions with existing private business enterprises that might have a desire to take advantage of the Company’s status as a public corporation. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

Note 5 - Subsequent Events

Note 5 - Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 5 – Subsequent Events Effective May 31, 2018, the Company issued 10,100,000 shares of restricted common stock. As a result of the issuance of the common shares, a change in control has incurred. American International Industries, Inc. ownership decreased from 93.2% to 6.4%. Management has evaluated all subsequent events through July 3, 2018, the date the financial statements were available to be issued. No change to the financial statements for the quarter ended March 31, 2018 is deemed necessary as a result of this evaluation.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Organization, Ownership and Business American International Holdings Corp. (“AMIH”) is a 93.2% owned subsidiary of American International Industries, Inc. (“American”, “AMIN”) (OTCBB: AMIN).
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents Highly liquid investments with original maturities of three months or less are considered cash equivalents. There are no cash equivalents at March 31, 2018 and December 31, 2017
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At March 31, 2018 and December 31, 2017, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive
Use of Estimates, Policy [Policy Text Block]	Management’s Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses. Actual results could differ from these estimates.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements There are no recently issued, but not yet effective accounting pronouncements, that, if adopted, would have a material effect on the accompanying financial statements.

Note 1 - Summary of Significa12

Note 1 - Summary of Significant Accounting Policies (Details)	Mar. 31, 2018
American International Industries, Inc. [Member]
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items]
Ownership Percentage by Parent	93.20%

Note 2 - Related Party Transa13

Note 2 - Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transactions [Abstract]
Accounts Payable, Related Parties, Current	$ 31,996		$ 31,496
Accrued Salaries, Current	30,000
Imputed Interest Expense	$ 621	$ 0

Note 3 - Capital Stock (Details

Note 3 - Capital Stock (Details) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	195,000,000	195,000,000
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares, Outstanding	747,355	747,355
Common Stock, Shares, Issued	747,355	747,355
Treasury Stock, Common, Shares	410

Note 4 - Going concern (Details

Note 4 - Going concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Income (Loss) Attributable to Parent	$ (1,051)	$ (1,630)
Retained Earnings (Accumulated Deficit)	$ (2,226,161)		$ (2,225,110)

Note 5 - Subsequent Events (Det

Note 5 - Subsequent Events (Details) - Subsequent Event [Member]	May 31, 2018shares
Note 5 - Subsequent Events (Details) [Line Items]
Stock Issued During Period, Shares, Restricted Stock Award, Gross	10,100,000
Equity Method Investment, Ownership Percentage	6.40%