Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Nov. 30, 2016 | Jan. 17, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | AMERICAN INTERNATIONAL VENTURES INC /DE/ | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2016 | |
Trading Symbol | aivn | |
Amendment Flag | false | |
Entity Central Index Key | 5,656 | |
Current Fiscal Year End Date | --05-31 | |
Entity Common Stock, Shares Outstanding | 264,399,945 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 |
AMERICAN INTERNATIONAL VENTURES
AMERICAN INTERNATIONAL VENTURES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2016 | May 31, 2016 |
Current Assets | ||
Cash | $ 52,636 | $ 146,296 |
Miscellaneous receivables | 60,559 | 8,373 |
Total current assets | 113,195 | 154,669 |
Fixed Assets | ||
Vehicles | 150,039 | 150,039 |
Mining equipment | 502,400 | 502,400 |
Office furniture and equipment | 32,444 | 32,444 |
Total assets | 684,883 | 684,883 |
Less accumulated depreciation | 413,792 | 363,027 |
Net fixed assets | 271,091 | 321,856 |
Other Assets | ||
Investment in securities | 6,380 | 6,380 |
Mining claims | 1,181,707 | 911,707 |
Deferred interest | 16,891 | |
Total other assets | 1,204,978 | 918,087 |
TOTAL ASSETS | 1,589,264 | 1,394,612 |
Current Liabilities | ||
Current portions of notes payable | 209,173 | 13,465 |
Accounts payable and accrued expenses | 150,764 | 98,578 |
Taxes payable | 54,464 | 60,777 |
Advances from officers and directors | 75,994 | 75,994 |
Total current liabilities | 490,395 | 248,814 |
Long Term Liabilities | ||
Long term portions of notes payable | 2,331 | |
Warrant liability | 27,150 | 27,150 |
Total long term liabilities | 27,150 | 29,481 |
Total Liabilities | 517,545 | 278,295 |
Stockholders' Equity | ||
Common stock - authorized, 400,000,000 shares of $.00001 par value; issued and outstanding, 266,649,945 and 211,649,945 shares, respectively | 2,664 | 2,116 |
Additional paid in capital | 7,665,657 | 7,345,580 |
Accumulated deficit | (6,535,529) | (6,197,643) |
Total American International Ventures, Inc. stockholders' equity | 1,132,792 | 1,150,053 |
Non controlling interest | (61,073) | (33,736) |
Total stockholders' equity | 1,071,719 | 1,116,317 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,589,264 | $ 1,394,612 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Nov. 30, 2016 | May 31, 2016 |
Statement of financial position | ||
Common Stock, Par Value | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares Issued | 266,649,945 | 211,649,945 |
Common Stock, Shares Outstanding | 266,649,945 | 211,649,945 |
AMERICAN INTERNATIONAL VENTURE4
AMERICAN INTERNATIONAL VENTURES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Income statement | ||||
Sales | $ 21,165 | $ 48,076 | ||
Cost of goods sold | 24,263 | 46,627 | ||
Gross profit (loss) | (3,098) | 1,449 | ||
Administrative expenses | 234,183 | $ 55,537 | 365,999 | $ 114,749 |
Operating income (loss) | (237,281) | (55,537) | (364,550) | (114,749) |
Other Income and Expense: | ||||
Gain (Loss) on sale of mining rights | 719,398 | 719,398 | ||
Other income | 858 | 862 | ||
Interest expense | (1,296) | 17,201 | (1,536) | 7,937 |
Total other income (expense) | (438) | 736,599 | (674) | 727,335 |
Net Profit (loss) before taxes | (237,719) | 681,062 | (365,224) | 612,586 |
Net Profit (Loss) | (237,719) | 681,062 | (365,224) | 612,586 |
Net (Profit) loss attributable to noncontrolling interests | 20,313 | (299) | 27,337 | 1,025 |
Net (profit) loss attributable to American International Ventures, Inc. | $ (217,406) | $ 681,361 | $ (337,887) | $ 611,561 |
Net Profit (Loss) per share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding | 229,034,560 | 214,999,945 | 220,906,776 | 214,943,934 |
AMERICAN INTERNATIONAL VENTURE5
AMERICAN INTERNATIONAL VENTURES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net Profit (Loss) | $ (365,224) | $ 612,586 |
Charges and credits not requiring cash: | ||
Depreciation | 50,765 | 50,963 |
Equity items issued for services | 32,625 | 31,775 |
Amortization of deferred interest | 1,109 | |
Changes in assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued expenses | 52,186 | (45,915) |
Decrease (increase) in miscellaneous receivables | (52,186) | 741 |
Increase (decrease) in taxes payable | (6,313) | (5,384) |
Net cash provided (consumed) by operating activities | (287,038) | 644,766 |
Cash Flows From Investing Activities: | ||
Purchases of fixed assets | (2,421) | |
Net cash consumed by investing activities | (2,421) | |
Cash Flows From Financing Activities: | ||
Payments on notes payable | (6,622) | (181,331) |
Short term loan proceeds | 200,000 | |
Net Cash provided (consumed) by financing activities | 193,378 | (181,331) |
Net change in cash | (93,660) | 461,014 |
Cash balance, beginning of period | 146,296 | 22,121 |
Cash balance, end of period | $ 52,636 | $ 483,135 |
1. Basis of Presentation
1. Basis of Presentation | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
1. Basis of Presentation | 1. BASIS OF PRESENTATION The unaudited interim consolidated financial statements of American International Ventures, Inc. ("the Company") as of November 30, 2016 and for the six month periods ended November 30, 2016 and 2015 have been prepared in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of such periods. The results of operations for the six month period ended November 30, 2016 are not necessarily indicative of the results to be expected for the full fiscal year ending May 31, 2017. Certain information and disclosures normally included in the notes to financial statements have been condensed or omitted as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information presented not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended May 31, 2016. |
2. Background
2. Background | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
2. Background | 2. BACKGROUND On March 23, 2012, the Company entered into a share exchange agreement with Placer Gold Prospecting, Inc. (PGPI), a Company that was formed on January 25, 2012. This share exchange agreement was treated as a reverse recapitalization, under which the legal acquiree (Placer) was treated as the accounting acquirer and the equity accounts of the Company were adjusted to reflect a reorganization. Inasmuch as Placer was treated as the accounting acquireor, whenever historical financial information is presented, it is Placer information. On May 3, 2013, the Company formed a subsidiary in Baja, California. It remained inactive until June 1, 2013 at which time it became operational, on a limited basis. A problem with the mining permit caused suspension of mining activities in May 2014. The Company is working to resolve that problem. |
3. Going Concern and Liquidity
3. Going Concern and Liquidity | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
3. Going Concern and Liquidity | 3. GOING CONCERN AND LIQUIDITY As shown in the accompanying financial statements, the Company has experienced losses since its inception. It also had a working capital deficiency at November 30, 2016 and presently does not have sufficient resources to meet its outstanding liabilities or accomplish its objectives during the next twelve months. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation. |
4. Debt Obligations
4. Debt Obligations | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
4. Debt Obligations | 4. DEBT OBLIGATIONS On August 31, 2014, the Company defaulted on its obligation for $60,000 of convertible notes. |
5. Warrant Liability
5. Warrant Liability | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
5. Warrant Liability | 5. WARRANT LIABILITY During the year ended May 31, 2013, the Company issued 2,715,000 warrants to an investment banker, which had "full-ratchet anti-dilution protection". In accordance with pronouncements of the Financial Accounting Standards Board, these warrants have been classified as liabilities. They will be periodically revalued by use of a Black Sholes valuation model. Changes in the value will be recorded on the statement of operations. During the six month periods ended November 30, 2016 and 2015, the value was not reduced. |
6. Capital Stock
6. Capital Stock | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
6. Capital Stock | 6. CAPITAL STOCK The following is a summary of stock activity during the quarter: Shares Amount Balance May 31, 2016 211,649,945 $7,347,696 Shares issued for services 1,750,000 32,628 Shares issued for mining claims 50,250,000 270,000 Shares issued for loan inducement 3,000,000 18,000 Balance November 30, 2016 266,649,945 $7,668,324 |
7. Supplementary Cash Flow Info
7. Supplementary Cash Flow Information | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
7. Supplementary Cash Flow Information | 7. SUPPLEMENTARY CASH FLOW INFORMATION There was $ 426 cash paid for interest during the six month period ended November 30, 2016 and there was no cash paid for interest during the six month period ended November 30, 2015. There was no cash paid for income taxes during either of the six month periods. There were shares of common stock issued in non-cash transactions during the 2016 and 2015 periods, as follows: 2016 2015 Shares Amount Shares Amount Shares issued for service 1,750,000 $ 32,628 - - Shares issued for mining claims 50,250,000 270,000 2,050,000 $30,750 Shares issued for loan inducement 3,000,000 18,000 - - |
8. Warrants
8. Warrants | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
8. Warrants | 8. WARRANTS There were 2,715,000 warrants outstanding at November 30, 2016, as presented below: Number of Warrants Exercise Price Weighted Life (in Years) 2,715,000 $ .125 1.63 These warrants were principally issued for services. They were valued using a Black Scholes valuation model. |
9. Related Party Transactions
9. Related Party Transactions | 6 Months Ended |
Nov. 30, 2016 | |
Notes | |
9. Related Party Transactions | 9. RELATED PARTY TRANSACTIONS During the six month period ended November 30, 2016, the Company issued 1,750,000 shares (valued at $32,628) to its directors and officers. |
6. Capital Stock_ Schedule of S
6. Capital Stock: Schedule of Stockholders Equity (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Stockholders Equity | Shares Amount Balance May 31, 2016 211,649,945 $7,347,696 Shares issued for services 1,750,000 32,628 Shares issued for mining claims 50,250,000 270,000 Shares issued for loan inducement 3,000,000 18,000 Balance November 30, 2016 266,649,945 $7,668,324 |
7. Supplementary Cash Flow In16
7. Supplementary Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Cash Flow, Supplemental Disclosures | 2016 2015 Shares Amount Shares Amount Shares issued for service 1,750,000 $ 32,628 - - Shares issued for mining claims 50,250,000 270,000 2,050,000 $30,750 Shares issued for loan inducement 3,000,000 18,000 - - |
8. Warrants_ Schedule of Stockh
8. Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Tables) | 6 Months Ended |
Nov. 30, 2016 | |
Tables/Schedules | |
Schedule of Stockholders' Equity Note, Warrants or Rights | Number of Warrants Exercise Price Weighted Life (in Years) 2,715,000 $ .125 1.63 |
4. Debt Obligations (Details)
4. Debt Obligations (Details) | Aug. 31, 2016USD ($) |
Details | |
Debt Instrument, Debt Default, Amount | $ 60,000 |
5. Warrant Liability (Details)
5. Warrant Liability (Details) | 12 Months Ended |
May 31, 2013USD ($) | |
Details | |
Issuance of Stock and Warrants for Services or Claims | $ 2,715,000 |
6. Capital Stock_ Schedule of20
6. Capital Stock: Schedule of Stockholders Equity (Details) - USD ($) | 6 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | May 31, 2016 | |
Details | |||
Balance, stock | 266,649,945 | 211,649,945 | |
Balance, value | $ 7,668,324 | $ 7,347,696 | |
Shares issued for service, stock | 1,750,000 | ||
Shares issued for service, value | $ 32,628 | ||
Stock Issued During Period, Shares, Purchase of Assets | 50,250,000 | 2,050,000 | |
Stock Issued During Period, Value, Purchase of Assets | $ 270,000 | $ 30,750 | |
Stock Issued During Period, Shares, Other | 3,000,000 | ||
Shares issued for convertible debt, value | $ 18,000 |
7. Supplementary Cash Flow In21
7. Supplementary Cash Flow Information: Schedule of Cash Flow, Supplemental Disclosures (Details) - USD ($) | 6 Months Ended | |
Nov. 30, 2016 | Nov. 30, 2015 | |
Details | ||
Shares issued for service, stock | 1,750,000 | |
Shares issued for service, value | $ 32,628 | |
Stock Issued During Period, Shares, Purchase of Assets | 50,250,000 | 2,050,000 |
Stock Issued During Period, Value, Purchase of Assets | $ 270,000 | $ 30,750 |
Stock Issued During Period, Value, Purchase of Assets | $ 270,000 | $ 30,750 |
Stock Issued During Period, Shares, Other | 3,000,000 | |
Shares issued for convertible debt, value | $ 18,000 |
8. Warrants (Details)
8. Warrants (Details) | Nov. 30, 2016shares |
Details | |
Class of Warrant or Right, Outstanding | 2,715,000 |
8. Warrants_ Schedule of Stoc23
8. Warrants: Schedule of Stockholders' Equity Note, Warrants or Rights (Details) | Nov. 30, 2016$ / sharesshares |
Details | |
Class of Warrant or Right, Outstanding | shares | 2,715,000 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.125 |
9. Related Party Transactions (
9. Related Party Transactions (Details) | 6 Months Ended |
Nov. 30, 2016USD ($)shares | |
Details | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | shares | 1,750,000 |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ | $ 32,628 |