UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2000
Commission File Number 0-8730
AMERICAN INDUSTRIES, LTD.
(Registrant)
Nevada 88-119436
(State of Incorporation) (IRS Employer Identification No.)
101 Convention Center Drive
Suite 1200
Las Vegas Nevada 89109
(Address of Principal Executive Office)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act 0f 1934 during the preceding 12 months, and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
As of September 30, 2000, there were 20,006,586 shares of common stock
outstanding.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Financial statements are attached at the end of the 10-Q.
Item 2. Management's Discussion and Analysis of Financial condition and
Operating Results
Results of Operations-Quarter ended.
During the quarter the Company had no income. The quarter ended
September 30, 2000, showed no income also.
General administrative expenses remain minimal.
Liquidity and Capital Resources
As mentioned above, the Company has no income. The Company's Chief
Executive Officer, George Balis is in constant search of income sources.
The lack of income production has put the Company into a negative cash
flow position. Currently, any shortfall in the company's administrative
and operating expenses are being paid by George Balis and Mary Kinn, two
shareholders. The investments listed on the balance sheet are not
liquid and will provide no immediate relief from the negative cash flow.
There are no assurances that Mr. Balis's efforts will prove successful.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunder duly authorized.
AMERICAN INDUSTRIES, LTD.
Registrant
/SS/ George Balis, President
(Chief Accounting Officer)
Date: October 30, 2000
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)
as of September 30, 2000 and March 31, 2000
9/30/00 3/31/00
ASSETS
Cash 13,590 13,652
Total Current Assets 13,590 13,652
Investments 61,084,822 61,084,822
Total Assets 61,098,412 61,098,474
LIABILITIES
Accounts Payable 55,631 264,142
Total Liabilities 55,631 264,142
STOCKHOLDERS' EQUITY
Common Stock authorized 2,000,659 2,000,659
50,000,000 shares,
20,006,586 shares
outstanding par value $.10
Paid in Capital 60,042,884 60,042,884
Retained Earnings (loss) (1,264,904) (1,209,211)
Total Stockholders' Equity 60,778,639 60,834,332
Total Liabilities and
Stockholders' Equity 61,098,412 60,098,474
The above statement is unaudited and is prepared by management.
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATION
for the three months ended September 30, 2000 and 1999
and the six months ended September 30, 2000 and 1999
3mth 3mth 6mth 6mth
ended ended ended ended
9/30/00 9/30/99 9/30/00 9/30/99
Revenue - - - -
General and
Administrative Expenses 25,680 33,080 55,631 120,091
Net Income (Loss)
before Taxes (25,680) (33,080) (55,631) (120,091)
Provision for income taxes - - - -
Net Income (Loss) (25,680) (33,080) (55,631) (120,091)
Earnings per Common Share 0 0 0 0
Weighted Average Number of
Shares Outstanding 20,006,586 20,006,586 20,006,586 20,006,586
(less than $.01)
The above statement is unaudited and is prepared by management.
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
for the six months ended September 30, 2000 and 1999
6 mths 6 mths
Ended Ended
9/30/00 9/30/99
Cash from Operations
Net Income (Loss) (55,631) (120,091)
Change in Receivables - -
Change in Payables - -
Net Cash from Operations (35) (36)
Cash used for Investments - -
Cash from Investments - -
Net Change in Cash (35) (36)
Beginning Cash Balance 13,625 13,749
Ending Cash Balance 13,590 13,713
The above statement is unaudited and is prepared by management.
AMERICAN INDUSTRIES, LTD.
NOTES TO FINANCIAL STATEMENTS
Note 1. General and Accounting Policies
American Industries, Ltd. (The Company) was originally organized
December 26, 1919 in Nevada. The company has one whollyowned subsidiary
Global Technologies S.A. Global Technologies was organized in Europe in
the country of Luxembourg. In 1993 the Company purchased Global
Technologies from its previous owner.The purchase was done using
purchase accounting. Notwithstanding the use of purchase accounting,
at the time of the merger in 1993, the book value of Global's assets
was equal to the fair market value of the assets. At the time of the
merger appraisals were obtained to verify value. Subsequently, these
appraisals have been updated.
Management feels that these statements correctly reflect the financial
condition and operations of the company for the period stated.
Principles of Consolidation
The consolidated financial statements include the companies of American
Industries, Ltd. And its wholly owned subsidiary Global Technologies,
S.A. All significant intercompany transactions have been eliminated.
Earnings per Share
Earnings per share is computed on the weighted average number of common
shares outstanding during the year.