<PAGE> 1
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, 1999
Commission File Number 0-8730
AMERICAN INDUSTRIES, LTD.
(Registrant)
Nevada 88-119436
(State of Incorporation) (IRS Employer Identification No.)
101 Convention Center Drive
Suite 1212
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
of 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, 1999, there were 20,006,586 shares of common stock
outstanding.
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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, 1998, showed no income also.
General administrative expenses decreased from the previous year's quarter.
These expenses represent bare bones administrative costs.
Liquidity and Capital Resources
As mentioned above, the Company hasno income.The Company's elected Chief
Executive Officer, George Balis, is in process of identifying the income
sources. 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.
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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: November 12, 1999
The remainder of this page is intentionally blank
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AMERICAN INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)
as of September 30, 1999 and March 31, 1999
<TABLE>
<CAPTION>
9/30/99 3/31/99
<S> <C> <C>
ASSETS
Cash 13,713 13,749
Total Current Assets 13,713 13,749
Investments 61,084,822 61,084,822
Total Assets 61,098,535 61,098.571
LIABILITIES
Accounts Payable 120,091 104,023
Total Liabilities 120,091 104,023
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) (1,169,086) (1,048,995)
Total Stockholders' Equity 60,874,457 60,994,548
Total Liabilities and
Stockholders' Equity 60,978,480 60,098,571
</TABLE>
The above statement is unaudited and is prepared by management.
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<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATION
for the three months ended September 30, 1999 and 1998
and the six months ended September 30, 1999 and 1998
<CAPTION> 3 mth 3 mth 6mth 6mth
ended ended ended ended
9/30/99 9/30/98 9/30/99 9/30/98
<S> <C> <C> <C> <C>
Revenue - - - -
General and
Administrative Expenses 33,080 13,631 120,091 13,631
Net Income (Loss)
before Taxes (33,080) (13,631) (120,091)(13,631)
Provision for income taxes - - - -
Net Income (Loss) (33,080) (13,631) (120,091)(13,631)
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
</TABLE>
(less than $.01)
The above statement is unaudited and is prepared by management.
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<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
for the six months ended September 30, 1999 and 1998
<S> <C> <C>
6 mths 6 mths
Ended ended
9/30/99 9/30/98
Cash from Operations
Net Income (Loss) (120,091) (13,631)
Change in Receivables - -
Change in Payables - -
Net Cash from Operations (36) (23)
Cash used for Investments - -
Cash from Investments - -
Net Change in Cash (36) (23)
Beginning Cash Balance 13,749 13,826
Ending Cash Balance 13,713 13,803
</TABLE>
The above statement is unaudited and is prepared by management.
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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.
