AMERICAN INTERNATIONAL INDUSTRIES INC - 10-Q filing on 2016-01-21

22 acres- vacant mixed use land in Houston Texas - During the nine months ended September 30, 2015, the Company sold 22 acres of vacant mixed use land for gross proceeds of $1,750,000 to a third party and recorded a $971 gain. The sale of the real estate triggered a clause in a previously executed agreement pursuant to which $750,000 of the sale proceeds was placed into an escrow account to serve as collateral for an agreement between a previously owned subsidiary (NPI) and a third party. As a result, $750,000 of the sale proceeds were placed in an escrow account to serve as a guarantee under the agreement. During the nine months ended September 30, 2015, the escrow account paid $130,645 in expenses which reduced the escrow account balance to $619,355.