Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 |
Notes | ' |
Note 1 - Summary of Significant Accounting Policies | ' |
Note 1 – Summary of Significant Accounting Policies |
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The accompanying unaudited interim consolidated 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 consolidated 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, 2013. 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. |
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Organization, Ownership and Business |
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American International Holdings Corp. (“AMIH”) is a 93.2% owned subsidiary of American International Industries, Inc. ("American") (OTCQB: AMIN). |
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Management's Estimates and Assumptions |
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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. |
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Cash and Cash Equivalents |
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Highly liquid investments with original maturities of three months or less are considered cash equivalents. |
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Fair Value of Financial Instrument |
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The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties other than in a forced sale or liquidation. |
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Net Loss Per Common Share |
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The basic net loss per common share is computed by dividing the net loss by the weighted average number of shares outstanding during a period. Diluted net loss per common share is computed by dividing the net loss, adjusted on an as if converted basis, by the weighted average number of common shares outstanding plus potential dilutive securities. |
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Subsequent Events |
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AMIH has evaluated all subsequent events from September 30, 2014 through the issuance date of the consolidated financial statements for subsequent event disclosure consideration. |
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New Accounting Pronouncements |
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We do not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |