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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 June 30, 1999
Commission file Number 0-8730
AMERICAN INDUSTRIES, LTD.
(Registrant)
Nevada 88-119436
(State of Incorporation) (I.R.S. Employer
Identification No.)
Bank of America Center 89109
101 Convention Center Drive (Zip Code)
Suite 1212
Las Vegas Nevada
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 March 31, 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 ended June 30, 1999 the Company had no income. The
quarter ended June 30, 1998, showed no income also.
General administrative expenses remain on 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 beig paid by George
Balis and Mary Kinn, two shareholders and directors.
The investments listed on the balance sheet are not liquid and will
provide no immediate relief from the negative cash flow. Mr. Balis is
working on hiring new staff and revitalizing the revenue stream. His
efforts are being hampered by shortage of operating capital and,
therefore, there are no assurances that Mr. Balis' efforts will prove
successful.
The remainder of this page is intentionally blank.
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SIGNATURE
Pursuant to the requirements of the Securites 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: August 12, 1999
The remainder of this page is intentionally blank.
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AMERICAN INDUSTRIES, LTD.
CONSOLIDATED BALANCE SHEETS
(unaudited)
as of June 30, 1999 and March 31, 1999
<TABLE>
<CAPTION>
6/30/99 3/31/99
<S> <C> <C>
ASSETS
Cash 13,726 13,749
______ ______
Total Current Assets 13,726 13,749
Investments Assets 61,084,822 61,084,822
__________ __________
Total Assets 61,098,548 61,098,571
__________ __________
__________ __________
LIABILITIES
Accounts Payable 87,011 104,023
___________ __________
Total Liabilities 87,011 104,023
___________ __________
STOCKHOLDERS' EQUITY
Common Stock, authorized
50,000,000 shares,
20,006,150 shares outstanding
par value $.10 2,000,659 2,000,659
Paid in Capital 60,042,884 60,042,884
Retained Earnings (loss) (1,136,006) (1,048,995)
__________ __________
Total Stockholders' Equity 60,907,537 60,994,548
__________ __________
Total Liabilities and
Stockholders' Equity 60,994,548 61,098,571
__________ __________
__________ __________
</TABLE>
[FN]
The above statement is unaudited and is prepared by management
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<TABLE>
AMERICAN INDUSTRIES, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
for the three months ended June 30, 1999 and 1998
<CAPTION>
3 mth 3 mth
ended ended
6/30/99 6/30/98
<S> <C> <C>
Revenue - -
_________ _______
General and Administrative
Expenses 87,011 13,631
_________ _______
Net Income (Loss) before Taxes (87,011) (13,631)
Provision for Income Taxes - -
_________ _______
Net Income (Loss) (87,011) (13,631)
_________ _______
_________ _______
Earnings per Common Share 0 0
_________ _______
Weighted Average Number
of Shares Outstanding 20,006,586 20,006,146
__________ __________
</TABLE>
[FN]
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 three months ended June 30, 1999 and 1998
<S> <C> <C>
3 mths 3 mths
ended ended
6/30/99 6/30/98
Cash from Operations
Net Income (Loss) (87,011) (37,455)
Change in Receivables - -
Change in Payables - -
________ ______
Net Cash from Operations (23) (23)
________ ______
Cash used for Investments - -
________ _______
Cash from Investments - -
________ _______
Net Change in Cash (23) (23)
Beginning Cash Balance 13,749 13,826
_________ ________
Ending Cash Balance 13,726 13,803
__________ ________
</TABLE>
[FN]
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 wholly owned
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 GlobalTechnologies,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.
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