U.S. SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549 

_____________________________________ 

FORM 10-QSB 

_____________________________________ 

(Mark One) [X] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

For the quarterly period ended September 30, 2002 OR [ ] Transition report pursuant to Section 13 or 15 (d) of the SecuritiesExchange Act of 1934 For the transition period from __________ to _________. 

| America First Associates Corp.                                            | Delaware                                                                     | 11-3246880                            |
|--------------------------------------------------------------------------------|-----------------------------------------------------------------------------------|--------------------------------------------|
| (Exact name of small business issuer as specified in        its charter)  | (State or other jurisdiction of  incorporation or        organization)  | (I.R.S. Employer Identification No.)  |

160 E 56th ST, 6th fl New York, NY 10022 (Address of principal executive offices) 

(212) 644-8520 (Registrant's telephone number, including area code) 

Indicate by check mark whether the registrant: (1) filed allreports required to be filed by Section 13 or 15 (d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. 

Yes    X     No ____ 

On September 30, 2002 the registrant had 9,018,000 outstandingshares of common stock, $0.001 par value. 

Transitional Small Business Disclosure Format (check one): Yes______ No        X      

**America First Associates Corp.**

***Financial Statements*Nine Months ended September 30, 2002 Index to Financial Statements**

 

| Statement of Financial Condition             | F-2  |
|----------------------------------------------|------|
| Statement of Operations                      | F-3  |
| Statement of Changes in Stockholders' Equity | F-4  |
| Statement of Cash Flow                       | F-5  |
| Notes to Financial Statements                | F-6  |
| Management Discussion and Analysis           | F-10 |

   America First Associates Corp. Statement of Financial Condition For The Nine Months Ended September 30, 2002

|  |  |  |  |  | Sep 30, '02 ASSETSCurrent AssetsTotal Cash834,668Marketable Securities, at mktTotal Marketable Securities,mkt    280,561Total Current Assets1,115,229Fixed AssetsOffice EquipmentDepreciation-22,711Original Cost              27,573Total Office Equipment                4,861Total Fixed Assets4,861Other AssetsNASD Stock26,000Security Deposit               5,175Total Other Assets      31,175 TOTAL ASSETS 1,151,265LIABILITIES & EQUITYEquityCapital Stock9,018Paid-in-Capital2,121,230Retained Earnings-425,284Net Income   -553,699Total Equity 1,151,265 TOTAL LIABILITIES & EQUITY 1,151,265
2

 

**America First Associates Corp.**

**Statement of Operations For the Three Months Ended September 30, 2002 and 2001AndFor the Nine Months Ended September 30, 2002 and 2001**
Jul - Sep '02Jul - Sep '01 Jan - Sep '02Jan - Sep '01IncomeCommission Revenues 75,762152,287250,176435,410Interest & Other Income4,6252,15211,614115,560Principal Transactions -56,581-117,682-382,059-13,048Syndicate Income               7,548                     0      67,548                    0Total Income 31,35436,757-52,721537,922ExpenseBusiness Development 9,4142509,6144,150Communication & Data Processing7,78510,25017,02622,990Consulting & Professional Fees5006005612,475Depreciation Expense5401,5251,6204,575Employee Compensation & Benefit 53,78666,112200,874225,149Occupancy Costs12,90012,60038,40037,100Other Expenses6,7339,38421,66026,549Regulatory & Registration Fees05018,38617,950Travel & Entertainment               5,952     10,419     21,337     29,320U.S.Clearing Expense      51,943     89,381   171,500   257,100Total Expense    149,553   200,571   500,979   627,358Net Income   -118,199  -163,864 -553,699   -89,446
 3

America First Associates Corp.

Statement of Changes in Shareholders' Equity

*For Nine Months Ended September 30, 2002*
Common        StockPaid-in        CapitalRetained        EarningsShareholder's        EquityBalance, December 31, 2001 9,0182,121,230(425,284)1,704,964
Net income (loss)(553,699)(553,699)Balance, September 30, 2002$ 9,018$ 2,121,230$ ( 978,983)$ 1,151,265
4

**America First Associates Corp.**

**Statement of Cash Flows For the Nine Months Ended September 30, 2002**

Jan - Sep '02OPERATING ACTIVITIESNet Income-553,699Adjustments to reconcile Net Incometo net cash provided by operations:Due from Clearing Broker5,177Cash Equivalent:Error Acct19,890Cash Equivalent:Fees Acct -72Cash Equivalent:Trading Acct 355,869Cash Equivalent:Worthless Securities Account-29Marketable Securities, at mkt:Deposit Acct-963Marketable Securities, at mkt:Error Acct-Long-19,962Marketable Securities, at mkt:Trading        Acct-Long 291,454Prepaid Expense 15,429Accounts Payable -21,440Net cash provided by Operating Activities91,654INVESTING ACTIVITIESOffice Equipment:Depreciation    1,620Net cash provided by Investing Activities 1,620FINANCING ACTIVITIESRetained Earnings               -30Net cash provided by Financing Activities -30Net cash increase for period93,244Cash at beginning of period     2,903Cash at end of period   96,147
5  

AMERICA FIRST ASSOCIATES CORP. NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2002

Note 1 - Summary of Significant Accounting Policies

America First Associates Corp., (the "Company"), which became abroker-dealer in 1995, is a member of the National Association of SecuritiesDealers, Inc. and is subject to regulation by the United States Securities andExchange Commission and the National Association of Securities Dealers, Inc.

The Company principally engages in executing general securities transactionson behalf of its clients. The Company operates principally under a clearanceagreement with another broker, whereby such broker assumes and maintains theCompany's customer accounts. The Company is responsible for payment of certaincustomer accounts (unsecured debits) as defined in the agreement. The Companyalso provides on-line brokerage services for its customers.

The Company transacts its business with customers located throughout theUnited States.

Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated usingthe straight-line method over the estimated useful lives. 

For Nine Months Ended September 3020012002**Office Equipment****$27,573****$27,573**
Accumulated Depreciation($21,091) ($22,711)
Revenue Recognition

Securities transactions and the related revenue and expenses are recorded ona settlement date basis. The recording of securities transactions on a tradedate basis was considered, and the difference was deemed immaterial.

Securities Owned

Securities owned are carried at quoted market values, and the resultingdifference between cost and market is included in income.

Use of Estimates

The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect certain reported amounts and disclosures. Accordingly, actual resultscould differ from those estimates.

Income Taxes

The Company accounts for income taxes under SFAS No. 109, Accounting forIncome Taxes, which requires an asset and liability approach to financialaccounting and reporting for income taxes. Deferred income tax assets andliabilities are computed annually for differences between the financialstatement and tax bases of assets and liabilities that will result in taxable ordeductible amounts in the future based on enacted tax laws and rates applicableto the periods in which the differences are expected to affect taxable income.Valuation allowances are established when necessary to reduce deferred taxassets to the amount expected to be realized. Income tax expense in the taxpayable or refundable for the period plus or minus the change during he periodin deferred tax assets and liabilities.

Earnings Per Share

Basic net income/loss per share has been calculated based on the weightedaverage number of shares of common stock outstanding during the period. Dilutednet income/loss is computed by dividing the net income by the weighted averagenumber of common shares outstanding plus potential dilutive securities.

Cash Equivalents

For purposes of the statement of cash flows, cash equivalents include highlyliquid debt instruments with original maturities of three months or less. 

Note 2 - Securities Owned

Securities owned consist of trading and investment securities at marketvalue, as follows:
Securities Owned as of        September 30, 2002Corporate stocks $280,561 Total securities owned $280,561
Note 3 - Deposit with Clearing Broker

The Company operates principally under a clearance agreement with itsclearing broker, whereby such broker assumes and maintains the Company'scustomer accounts.

Note 4 - Due To/From Clearing Firm

Due To/From Clearing Firm arises as a result of the Company's normal securitytransactions.

Note 5 - Income Taxes

At December 31, 2001, the Company has net operating loss carryforwards ofapproximately $471,000 which expire in 2021. These net operating losscarryforwards may be used to offset future taxable income.

At December 31, 2001, the Company has recorded a deferred tax asset of$160,000 resulting primarily from net operating loss carryforwards. Thevaluation allowance of $160,000 has been recorded against the deferred tax assetsince it is more likely than not it will not be realized.

A reconciliation of income tax at the federal statutory income tax rate tototal income taxes is as follows:
20012002Computed at the federal  statutory rate of 34%$(10,000)$  18,100State and local tax (benefit)(3,000)10,300Benefit of Carryover-  (35,200) Valuation allowance adjustment13,000- Other adjustments      2,376     6,800$    2,376 $                 0
Note 6 - Commitments and Contingencies

Leases

The Company leases office space pursuant to an operating lease expiring March31, 2003. For the years ended December 31, 2002 and 2001, rent expense amountsto $51,600 and $50,400 respectively.

The future minimum rental commitment through termination is as follows:
For the year ending December 31, Amount2002 $51,6002003 (3 months) 12,900
Pension Plan

The Company has a defined contribution plan under section 401(K) of theInternal Revenue Code. The plan covers substantially all its employees, andprovides for participants to defer salary, up to statutory limitations. TheCompany is not required to make a matching contribution.

Concentration of Credit Risk

The Company maintains cash balances at a financial institution. Accounts atthe institution are insured by the Federal Deposit Insurance Corporation up to$100,000.

Note 7 - Common Stock

In June 2001, The Company's officer/stockholder has contributed 3,000,000shares of the Company's common stock to the Company without compensation uponthe filed registration statement becoming effective which has been reflected inthe financial statements.

Note 8 - Warrants

In April 1999, as part of the sale of the Company common stock, suchshareholders received 2,700,000 warrants to purchase the Company's stock atprices from $1-$5 per share. The warrants expire on September 10, 2003.

Note 9 - Off-Balance-Sheet Risk and Concentration of Credit Risk

The Company, as an introducing broker, clears all transactions with and forcustomers on a fully disclosed basis with a clearing broker and promptlytransmits all customer funds and securities to the clearing broker who carriesall of the accounts of such customers. These activities may expose the Companyto off-balance-sheet risk in the event that the customer and/or clearing brokeris unable to fulfill its obligations.

The Company does not maintain margin accounts for its customers; and,therefore there were no excess margin securities.

The Company seeks to control off-balance-sheet risk by monitoring the marketvalue of securities held in compliance with regulatory and internal guidelines.

The Company, as a part of its trading activities, assumes short positions inits inventory. The establishment of short positions exposes the Company tooff-balance-sheet risk in the event prices increase, as the Company may beobligated to acquire the securities at prevailing market prices.

Note 10 - Earning Per Share
20022001 Net Earnings available to        common shareholders($ 553,699)($91,490)Weighted Ave. shares outstanding 9,018,0009,018,000*Basic Earnings Per Share($0.0614) ($0.010)
*Gives retroactive effect to January 1, 2001 the Company'sofficer/shareholder contributing 3,000,000 shares to the Company.

Note 11- Staff Accounting Bulletin 74

Registrant has determined that the impact of recently issued accountingstandards on the financial statements will not be material.

**MANAGEMENT DISCUSSION AND ANALYSIS**

     The following discussion of the financial conditionand results of financial condition and the results of operation of the Companyshould be read in conjunction with the Consolidated Financial Statements and therelated Notes and other financial information included elsewhere in thisQuarterly report. This discussion contains forward-looking statements thatinvolve risks and uncertainties. The Company's actual results may differmaterially from those anticipated in these forward-looking statements as aresult of certain factors, including but not limited to, those set forth underRisk Factors and elsewhere in this report. 

*Overview*

     America First Associates (The "Company")has conducted its operations as a fully disclosed brokerage firm registered withthe Securities and Exchange Commission, the National Association of SecuritiesDealers, the Municipal Securities Rulemaking Board and 50 state securitiesdivisions including the District of Columbia and Puerto Rico. The Company is aprovider of cost-effective, full-service online financial service targeting therapid growth momentum of individual investors who utilize the Internet for theirpersonal investment objectives. The Company provides customers the ability tobuy and sell securities, security options, mutual funds, bonds and otherinvestment financial instruments as well as providing clients with 24 houraccount access and real-time electronic information on stocks, market indices,analysts' research and news. The Company plans to continue to provide qualityservice to our current customers while increasing brand awareness and customerloyalty. Management's strategy is to expand the Company's business andoperations by strategically using the Internet and other advertising outlets toefficiently market and distribute our services to potential customers and buildbrand awareness on a national level to increase our customer base.

*Results of Operations*

**Three Months Ended September 30, 2002 compared to Three months EndedSeptember 30, 2001**

Total revenues the three months ended September 30, 2002 were $31,354,compared to $36,757 in the three months ended September 30, 2001. The decreasein revenue was the result of a loss in principle transactions and a decrease inoverall business activity caused by a significant down turn in the overallmarket

     Commissions were $75,762 for the three months endedSeptember 30, 2002 a decrease of 50% compared to $152,287 for the three monthsended September 30, 2001. The decrease in commission revenues was primarilyattributable to a decline in the stock market, which reduced the number ofonline transactions processed. Our focus will be to cost effectively increaseour client base through internet marketing, which could increase our transactionvolume.

     Syndicate income was non-existent for the threemonths ended September 30, 2001 and was $7548 for the three months endedSeptember 30, 2002. Principal transactions, which include securities brokeragetransactions, were ($117,682) for the three months ended September 30, 2001, anddecreased to ($56,581) for the three months ended September 30, 2002. The lossis due to a decrease in securities owned at market value. Interest and otherincome revenue increased to $4,625 for the three months ended September 30, 2002from $2,152 for the three months ended September 30, 2001. This increase wasprimarily due to the company investing excess funds in U.S. Obligatons.

     The Company's total expenses decreased from $200,571for the three months ended September 30, 2001 to $149,553 for the three monthsended September 30, 2002. This 26% decrease is attributed to lower clearingcharges, which is a result of lower trading volume in the overall market.Employee compensation and benefits expense decreased from $66,112 for the threemonths ended September 30, 2001 to $53,786 for the three months ended September30, 2002. The Company anticipates that employee compensation will increase asthe need to hire addition employees. Employee compensation will also increase ifinvestment banking activities generate revenue. Clearing charges decreased to$51,943 for the three months ended September 30, 2002 from $89,381 for the threemonths ended September 30, 2001. It is expected that clearing charges willincrease if online trading activity increases.

     Communication and data processing expense was $7,785for the three months ended September 30, 2002 compared to $10,250 for the threemonths ended September 30, 2001. The decrease between 2002 and 2001 incommunication and data processing is primarily a result of less usage.

     Business development, which includes printing andadvertising increased from $250 for the three months ended September 30, 2001 to$9,414 for the three months ended September 30, 2002. Due to the fluctuating andunpredictable market, the Company increased its advertising budget, however,limiting it until the stock market performs more favorable for investors. Inorder to remain competitive and to increase the number of customer accounts, weneed to actively promote our service in order to build brand awareness.Therefore, for future growth and expansion, The Company expects an increase inadvertising expense. Our business development costs for the remaining of 2002and for 2003 will be associated with promoting our website and financialservices and to continue to expand our customer base through advertising media.

     Occupancy costs relate to our leasing of officespace in New York City. Occupancy expense for the three months ended September30, 2002 was $12,900 and $12,600 for the three months ended September 30, 2001.This increase is the result of a $100 increase in our annual rent. The Companycurrently leases 2,000 square feet at $4,300 per month under a three-year leaseexpiring March 31, 2003. Management believes the office will provide ampleamount of space for our current needs.

     Regulatory and registration fees are costsassociated with a Broker/Dealer to be registered with the NASD and in allappropriate states. In the three months ended September 30, 2002 regulatory andregistration fees were non existent compared to $50 for the three months endedSeptember 30, 2001. NASD fees are usually applied in the first quarter for theentire year.

     Depreciation and amortization primarily consists ofdepreciation of property and equipment. Depreciation and amortization costs were$540 for the three months ended September 30, 2002 and $1,525 for the threemonths ended September 30,2001. If and when we expand we anticipate the purchaseof additional property and equipment, which will result in an increase indepreciation and amortization expense.

     Travel and entertainment expenses decreased to$5,952 for the three months ended September30, 2002 from $10,419 for the threemonths ended September 30, 2001. Other expenses, which includes office suppliesand expense, automobile expense and bank service fees decreased to $6,733 forthe three months ended September30, 2002 from $9,384 for the three months endedSeptember 30, 2001. 

*Results of Operations*

**Nine Months Ended September 30, 2002 compared to Nine months EndedSeptember 30, 2001**

     Total revenues for the nine months ended September30, 2001 were $537,922, compared to ($52,721) in the nine months ended September30, 2002. The decrease in revenue was the result of a loss in principletransactions coupled with a decrease in overall business activity includinglower interest rates caused by a significant down turn in the overall market.

     Commissions were $250,176 for the nine months endedSeptember 30, 2002 a decrease from $435,410 for the nine months ended September30, 2001. The decrease in commission revenues was primarily attributable to thedecline in the stock market, which reduced the number of online transactionsprocessed. Our focus will be to cost effectively increase our client basethrough internet marketing, which should increase our transaction volume.

     Syndicate income was non-existent for the ninemonths ended June 30, 2001 and $67,548 for the nine months ended September 30,2002. This increase is due to an investment banking deal the company closed inFebruary. It is also anticipated The Company should generate more investmentbanking deals in 2003, which will increase future syndicate revenue. Principaltransactions, which include securities brokerage transactions, were ($13,048)for the nine months ended September 30, 2001, and decreased to ($382,059) forthe nine months ended September 30, 2002. The loss is due to a difference in thecost of securities versus securities owned at market value. Interest and otherincome revenue decreased to $11,614 for the nine months ended September 30, 2002from $115,560 for the nine months ended September 30, 2001. This decrease wasprimarily due to the company investing excess funds in U.S. Obligatons atlowered interest rates and other income resulting in a gain of $51,173 in 2001.

     The Company's total expenses decreased from $627,358for the nine months ended September 30, 2001 to $500,979 for the nine monthsended September 30, 2002. This decrease is attributed to lower clearing charges,which is a result of lower trading volume in the overall market. Employeecompensation and benefits expense decreased from $225,149 for the nine monthsended September 30, 2001 to $200,874 for the nine months ended September 30,2002. The Company anticipates employee compensation will increase as the need tohire addition employees. Commissions paid to employees will also increase ifinvestment banking activities generate revenue. Clearing charges decreased to$171,500 for the nine months ended September 30, 2002 from $257,100 for the ninemonths ended September 30, 2001. It is expected that clearing charges willincrease if online trading activity increases.

     Communication and data processing expense was$17,026 for the nine months ended September 30, 2002 compared to $22,990 for thenine months ended September 30, 2001. The decrease between 2002 and 2001 incommunication and data processing is primarily a result of lower usage.

     Business development, which includes printing andadvertising increased to $9,614 for the nine months ended September 30, 2002,from $4,150 for the nine months ended September 30, 2001. Due to the fluctuatingand unpredictable market, the Company slightly increased its advertising budgetfor now, until the stock market performs more favorable for investors. In orderto remain competitive and to increase the number of customer accounts, we needto actively promote our service in order to build brand awareness. Therefore,for future growth and expansion, The Company anticipates an increase inadvertising expense. Our business development costs for the remainder of 2002and for 2003 will be associated with promoting our website and financialservices and to continue to expand our customer base through advertising media.

     Occupancy costs relate to our leasing of officespace in New York City. Occupancy expense for the nine months ended September30, 2002 was $38,400 and $37,100 for the nine months ended September 30, 2001.This increase is the result of a $100 increase in our annual rent. The Companycurrently leases 2,000 square feet at $4,300 per month under a three-year leaseexpiring March 31, 2003. Management believes the office will provide ampleamount of space for our current needs.

     Regulatory and registration fees are costsassociated with a Broker/Dealer to be registered with the NASD and in allappropriate states. In the nine months ended September 30, 2002 regulatory andregistration fees amounted to $18,386, compared to $17,950 for the nine monthsended September 30, 2001. NASD fees are usually applied in the first quarter forthe entire year.

     Depreciation and amortization primarily consists ofdepreciation of property and equipment. Depreciation and amortization costs were$1640 for the nine months ended September 30, 2002 and $2000 for the nine monthsended September, 2001. If and when we expand we anticipate the purchase ofadditional property and equipment, which will result in an increase indepreciation and amortization expense.

     Travel and entertainment expenses decreased to$21,337 for the nine months ended September 30, 2002 from $29,320 for the ninemonths ended September 30, 2001. Other expense, which includes office suppliesand expense (45%), automobile expense (45%) and bank service fees (10%)decreased to $21,660 for the nine months ended September 30, 2002 from $26,549for the nine months ended September 30, 2001.  

Liquidity and Capital Resources

     Net Cash provided by operating activities during thenine months ended September 30, 2002 were $91,654. The Company had a net loss of$553,699, an increase in deposits from clearing organization of $5,177, anincrease in securities owned of $291,454, an increase in prepaid expense of$15,429 and a decrease in accounts payable of $21,440.

     Cash at beginning of period were $2,903 and cash atend of period were $96,147. The net cash increase for the nine months endedSeptember 30, 2002 were $93,244.

     The Company is subject to the net capital rules ofthe SEC. At September 30, 2002, the Company had regulatory net capital of$1,115,227 which exceeded the minimum requirements by $1,015,227.

     We currently anticipate that our available cashresources and credit will be sufficient to meet our presently anticipatedworking capital and capital expenditure requirements for at least the next 18months. Our liquidity needs during the first nine months of fiscal 2002 werefinanced primarily from our operating cash flows. We plan to finance our capitaland liquidity needs for the remainder of fiscal 2002 primarily from ouroperating cash flows. We may need to raise additional funds in order to supportmore rapid expansion, develop new or enhanced services and products, respond tocompetitive pressures, acquire complementary businesses or technologies and/ortake advantage of unanticipated opportunities. Our future liquidity and capitalrequirements will depend upon numerous factors, including costs and timing ofexpansion of technology development efforts and the success of such efforts, thesuccess of our existing and new service offerings and competing technologicaland market developments. Our forecast of the period of time through which ourfinancial resources will be adequate to support our operations is aforward-looking statement that involves risks and uncertainties, and actualresults could vary. If additional funds are raised through the issuance ofequity securities, the percentage ownership of the shareowners in our companywill be reduced, shareowners may experience additional dilution in net bookvalue per share or such equity securities may have rights, preferences orprivileges senior to those of the holders of our common stock. There can be noassurance that additional financing will be available when needed on termsfavorable to our Company, if at all. We may need additional funds in the futurewhich may not be available and which may result in dilution of the value of ourcommon stock."

**SIGNATURES**

In accordance with Section 12 of the Securities Exchange Act of 1934, theRegistrant caused this Registration Statement to be signed by the undersigned,thereunto duly authorized.
**AMERICA FIRST ASSOCIATES CORP.**Date:     October 23,        2002     By:     /s/ Joseph Ricupero                     Joseph Ricupero, Chief        Executive Officer, Financial Operations Officer |
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