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 June 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, 2001 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 StatementsSix Months ended June 30, 2002 Index to FinancialStatements**

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

 

**America First Associates Corp.  Statement of Financial Condition *For The SixMonths Ended June 30, 2002***

|  | June 30, 2002AssetsCash and cash equivalents $     887,960Securities owned344,928Office furniture and equipment, net of accumulated depreciation of $22,171;for six months ended 2002 5,402Other assets         31,175Total Assets$  1,269,465Liabilities and shareholder's equityLiabilities:                       -Total Liabilities $                     -Shareholders' equity:Common stock, $.001 par value 20,000,000 shares authorized 9,018,000 Issuedand outstanding as of June 30, 2002 9,018Additional paid-in capital 2,121,230Retained earnings (425,284) NetIncome          (435,499)Total shareholders' equity    1,269,465Total liabilities and shareholders' equity $  1,269,465
F-2

**America First Associates Corp.  Statement of Operations  For the Three MonthsEnded June 30, 2002 and 2001  And  For the Six Months Ended June 30, 2002 and 2001**
Three Months June 30 Six Months June 30 2002  20012002  2001  Revenues: Commissions $      92,056 119,592 $   174,414 283,123 Syndicate income- -60,000 - Principal transactions(211,392)  119,002(325,478)  104,634 Interest and other income              2,694     37,883        6,989 113,408Total Revenues$ (116,641)   276,477 $  (84,075)   501,164Expenses: Employee compensation and benefits102,803 118,075147,087 163,654 Clearing charges70,756 86,929119,558 167,719Communications and data processing3,837 6,2257,211 8,740 Business development200 -200 3,900 Occupancy costs12,900 12,20025,500 24,500 Regulatory and registration fees1,035 1,34518,386  17,900 Depreciation and amortization540 20001080  2000 Travel and entertainment7,812 5,8758,111 10,901 Other expenses      14,601     18,850     24,291    31,041 Total expenses    214,484   251,499   351,424  430,355Income (loss) before income taxes(331,125) 24,978(435,499)  70,809Provision for income taxes                    -                  -                   -                   9 Net income (loss)$ (331,125)   24,978 $ (435,499)    70,800 Earnings Per Share Basic and Dilutive(0.0367) 0.0027 (0.0483) 0.0078 Weighted Average Common Shares Outstanding  9,018,000 9,018,000   9,018,000 9,018,000
**F-3** 

**America First Associates Corp.**

**Statement of Changes in Shareholders' Equity**

**For Six Months Ended June 30, 2002**
CommonStockPaid-inCapitalRetainedEarningsShareholder'sEquityBalance, December 31, 2001 9,0182,121,230(425,284)1,704,964 Net income (loss)                                           (435,499)    (435,499) Balance, June 30, 2002 $       9,018$  2,121,230$  ( 860,783)$  1,269,465
**F-4 **

**America First Associates Corp. **

**Statement of Cash Flows **

**For the Six MonthsEnded June 30, 2002**

Jan - Jun '02OPERATING ACTIVITIESNet Income -435,499Adjustments to reconcile Net Incometo net cash provided by operations:Due from Clearing Broker 5,177Cash Equivalent:Error Acct 19,887Cash Equivalent:Fees Acct -26Cash Equivalent:Trading Acct 213,866Cash Equivalent:Worthless Securities Account -41Marketable Securities, at mkt:Deposit Acct -642Marketable Securities, at mkt:Error Acct-Long -19,962Marketable Securities, at mkt:Trading Acct-Long 227,087Prepaid Expense 15,429Accounts Payable     -21,440Net cash provided by Operating Activities 3,836INVESTING ACTIVITIESOffice Equipment:Depreciation        1,080Net cash provided by Investing Activities 1,080FINANCING ACTIVITIESRetained Earnings                -30Net cash provided by Financing Activities                -30Net cash increase for period  4,886Cash at beginning of period        2,903 Cash at end of period        7,789
**F-5**

**America First Associates Corp.**

**Notes to Financial Statements**

**Six Months Ended June 30, 2002**

**NOTE 1 - BASIS OF FINANCIAL STATEMENTS**

The accompanying unaudited financial statements have been prepared inaccordance with Item 310(b) of Regulation S-B, "Interim FinancialStatements" and, accordingly, do not include all information and footnotesrequired under accounting principles generally accepted in the United States forcomplete financial statements. For additional information, refer to thefinancial statements and footnotes for the year ended December 31, 2001 includedin the America First Associates Corp. (the "Company") Form 10K-SBReport. Financial information as of December 31, 2001 has been derived from theaudited financial statements of the Company for the year ended December 31,2001. In the opinion of management, all adjustments (consisting only of normalrecurring adjustments) necessary to present fairly the financial position as ofJune 30, 2002, the results of operations for the six months ended June 30, 2002and cash flows for the six months ended June 30, 2002 have been included in theaccompanying financial statements. The results of operations and cash flows forthe interim periods, is not necessarily indicative of the results of operationsor cash flows that may be expected for the remainder of the year. 

 The"Company" operates under the provisions of Paragraph (k) (2) (ii) ofRule 15c3-3 of the Securities Exchange Commission, and accordingly is exemptfrom the remaining provisions of that rule. Essentially, the requirements ofParagraph (k) (2) (ii) provide that the Company clears all transactions onbehalf of customers on a fully disclosed basis with a clearing broker/dealer,and promptly transmits all customer funds and securities to the clearingbroker/dealer. The clearing broker/dealer carries all of the accounts of thecustomers and maintains and preserves all related books and records as arecustomarily kept by a clearing broker/dealer.

**F-6**

**Note 2. Securities Owned**

Securities owned consist of marketable trading and investment securities atquoted market values. These securities consist of the following as of June 30,2002.
As of June 30, 2002Common stock $ 344,928$344,928
**Note 3. Property and Equipment:**

Office furniture and equipment are carried at cost and is depreciated over auseful life of five years using the straight-line method. Leasehold improvementsare amortized over the lesser of the economic useful life of the improvement orthe terms of the lease.

For Three Months Ended March 31,2002  Office Equipment $    27,573AccumulatedDepreciation $ (22,171)
 

*Use of Estimates:*

The process of preparing financial statements in conformity with generallyaccepted accounting principles requires the use of estimates and assumptionsregarding certain types of assets, liabilities, revenues and expenses. Suchestimates primarily relate to unsettled transactions and events as of the dateof the financial statements. Accordingly, upon settlement, actual results maydiffer from estimated amounts.

**Note 4. Income Taxes:**

The Company accounts for income taxes under SFAS No. 109, "Accountingfor Income Taxes," which requires an asset and liability to financialaccounting and reporting for income 

**F-7 **

 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 is the taxpayable or refundable for the period plus or minus the change during the periodin deferred tax assets and liabilities.

Income taxes for the interim periods were computed using the effective taxrate estimated to be applicable for the full fiscal year, which is subject to anongoing quarterly review by management.

**Note 5. Net Capital Requirement**

The Company is subject to the Securities and Exchange Commission Uniform NetCapital rule (SEC rule 15c3-1) which requires the maintenance of minimum netcapital and requires that the ratio of aggregate indebtedness to net capital,both as defined, shall not exceed 15 to 1. At June 30, 2002 the Company had netcapital of $1,150,294 which was $1,050,294 in excess of its required net capitalof $100,000. The Company's net capital ratio was 7.88% at June 30, 2002.

**Note 6. Description of Securities**

Mr. Ricupero has agreed to deliver 3,000,000 shares of his common stock tothe Company in 2001. This reduces the amount of shares outstanding to 9,018,000.

Our authorized capital stock consists of 20,000,000 shares of common stock,par value $0.001 per share, 9,018,000 of which are outstanding and 3,000,000held in treasury stock, as adjusted.

**F-8 **

**7. Earning Per Share**
**For Six Months Ended June 30****2002 ****2001 ** Net Earningsavailable to common shareholders $ (435,499) $ 70,800Weighted Ave. shares outstanding 9,018,000 9,018,000Basic Earnings Per Share $ (0.0483)  $ 0.0078
 **EARNINGS PER SHARE:**

The company sold warrants in April 1999, which enabled the holders of thewarrants to purchase 2,700,000 shares of stock at prices from $1 to $5 pershare. Currently, there is no market price for the shares of stock on hand,therefore, the calculation for diluted earnings per share did not include theconversion of the warrants into stock as it would be antidilutive. In addition,the Chief Executive Officer contributed 3,000,000 shares into treasury stock in2001.

**MANAGEMENT DISCUSSION AND ANALYSIS**

The following discussion of the financial condition and results of financialcondition and the results of operation of the Company should be read inconjunction with the Consolidated Financial Statements and the related Notes andother financial information included elsewhere in this Prospectus. Thisdiscussion contains forward-looking statements that involve risks anduncertainties. The Company's actual results may differ materially from thoseanticipated in these forward-looking statements as a result of certain factors,including but not limited to, those set forth under Risk Factors and elsewherein this Prospectus.

*Overview*

America First Associates (The "Company") has conducted itsoperations as a fully disclosed brokerage firm registered with the Securitiesand Exchange Commission, the National Association of Securities Dealers, theMunicipal Securities Rulemaking Board and 50 state securities divisionsincluding the District of Columbia and Puerto Rico. The Company is a 

**F-9 **

provider 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 June 30, 2002 compared to Three months Ended June 30, 2001*

Total revenues the three months ended June 30, 2002 were ($116,641), comparedto $276,477 in the three months ended June 30, 2001. The decrease in revenue wasthe result of a loss in principle transactions and a decrease in overallbusiness activity caused by a significant down turn in the overall market

Commissions were $92,056 for the three months ended June 30, 2002 a decreaseof 30% compared to $119,592 for the three months ended June 30, 2001. Thedecrease in commission revenues was primarily attributable to a decline in thestock market, which reduced the number of online transactions processed. Ourfocus will be to cost effectively increase our client base through internetmarketing, which will increase our transaction volume. The Company expects newaccount applications, transaction volume and commission revenues to increaseover the next twelve months.

Syndicate income was non-existent for the three months ended June 30, 2001and for the three months ended June 30, 2002. For the remainder of 2002, it isexpected that the Company will participate in and generate more syndicate deals,which will increase future syndicate revenue. Principal transactions, whichinclude securities brokerage transactions, were $119,002 for the three monthsended June 30, 2001, and decreased to ($211,392) for the three months ended June30, 2002. The loss is due to a decrease in securities owned at market value.Interest and other income revenue decreased to $2,694 for the three months endedJune 30, 2002 from 

**F-10 **

 $37,883 for the three months ended June 30, 2001. Thisdecrease was primarily due to the company investing excess funds inU.S.Obligatons at lowered interest rates.

The Company's total expenses decreased from $251,499 for the three monthsended June 30, 2001 to $214,484 for the three months ended June 30, 2002. This17% decrease is attributed to lower clearing charges, which is a result of lowertrading volume in the overall market. Employee compensation and benefits expensedecreased from $118,075 for the three months ended June 30, 2001 to $102,803 forthe three months ended June 30, 2002. The Company expects that employeecompensation will increase as the need to hire addition employees becomesnecessary to accommodate the growth in online trading volume and commissionspaid to investment banking activities. Clearing charges decreased to $70,756 forthe three months ended June 30, 2002 from $86,929 for the three months endedJune 30, 2001. It is expected that clearing charges will increase as onlinetrading activity increases.

Communication and data processing expense was $3,837 for the three monthsended June 30, 2002 compared to $6,225 for the three months ended June 30, 2001.The decrease between 2002 and 2001 in communication and data processing isprimarily a result of less usage.

Business development, which includes printing and advertising decreased tonon- existent for the three months ended June 30, 2001, and $200 for the threemonths ended June 30, 2002. Due to the fluctuating and unpredictable market, theCompany decreased its advertising budget, limiting it until the stock marketperforms more favorable for investors. In order to remain competitive and toincrease the number of customer accounts, we need to actively promote ourservice in order to build brand awareness. Therefore, for future growth andexpansion, The Company expects an increase in advertising expense. Our businessdevelopment costs for the remaining of 2002 and for 2003 will be associated withpromoting our website and financial services and to continue to expand ourcustomer base through advertising media.

Occupancy costs relate to our leasing of office space in New York City.Occupancy expense for the three months ended June 30, 2002 was $12,900 and$12,200 for the three months ended June 30, 2001. This increase is the result ofa $100 increase in our annual rent. The Company currently leases 2,000 squarefeet at $4,300 per month under a three-year lease expiring March 31, 2003.Management believes the office will provide ample amount of space for ourcurrent needs. 

**F-11** 

 Regulatory and registration fees are costs associated with aBroker/Dealer to be registered with the NASD and in all appropriate states. Inthe three months ended June 30, 2002 regulatory and registration fees amountedto $1,035, compared to $1,345 for the three months ended June 30, 2001. NASDfees are usually applied in the first quarter for the entire year.

Depreciation and amortization primarily consists of depreciation of propertyand equipment. Depreciation and amortization costs were $540 for the threemonths ended June 30, 2002 and $2000 for the three months ended June 30,2001. Ifand when we expand we anticipate the purchase of additional property andequipment, which will result in an increase in depreciation and amortizationexpense.

Travel and entertainment expenses increased to $7,812 for the three monthsended June 30, 2002 from $5,875 for the three months ended June 30, 2001. Otherexpenses, which includes office supplies and expenses decreased to $14,601 forthe three months ended June 30, 2002 from $18,850 for the three months endedJune 30, 2001.

***Results of Operations***

*Six Months Ended June 30, 2002 compared to Six months Ended June 30, 2001*

Total revenues for the six months ended June 30, 2001 were $501,164, comparedto ($84,075) in the six months ended June 30, 2002. The decrease in revenue wasthe result of a loss in principle transactions and a decrease in overallbusiness activity including lower interest rates caused by a significant downturn in the overall market.

Commissions were $174,414 for the six months ended June 30, 2002 decreased to$283,123 for the six months ended June 30, 2001. The decrease in commissionrevenues was primarily attributable to the decline in the stock market, whichreduced the number of online transactions processed. Our focus will be to costeffectively increase our client base through internet marketing, which willincrease our transaction volume. The Company expects transaction volume andcommission revenues to increase once the stock market turns around.

Syndicate income was non-existent for the six months ended June 30, 2001 and$60,000 for the six months ended June 30, 2002. For the remainder of 2002, thecompany expects additional private placements which will increase syndicateincome. It is expected that The 

**F-12 **

 Company will participate in and generatemore syndicate deals, which will further increase future syndicate revenue.Principal transactions, which include securities brokerage transactions, were$104,634 for the six months ended June 30, 2001, and decreased to ($325,478) forthe six months ended June 30, 2002. The loss is due to a decrease in securitiesowned at market value. Interest and other income revenue decreased to $6,989 forthe six months ended June 30, 2002 from $113,408 for the six months ended June30, 2001. This decrease was primarily due to the company investing excess fundsin U.S. Obligatons at lowered interest rates and other income resulting in again of $51,173 in 2001.

The Company's total expenses decreased from $430,355 for the six months endedJune 30, 2001 to $351,424 for the six months ended June 30, 2002. This decreaseis attributed to lower clearing charges, which is a result of lower tradingvolume in the overall market. Employee compensation and benefits expensedecreased from $163,654 for the six months ended June 30, 2001 to $147,087 forthe six months ended June 30, 2002. The Company expects that employeecompensation will increase as the need to hire addition employees becomesnecessary to accommodate the growth in online trading volume and commissionspaid to investment banking activities. Clearing charges decreased to $119,558for the six months ended June 30, 2002 from $167,719 for the six months endedJune 30, 2001. It is expected that clearing charges will increase as onlinetrading activity increases.

Communication and data processing expense was $7,211 for the six months endedJune 30, 2002 compared to $8,740 for the six months ended June 30, 2001. Thedecrease between 2002 and 2001 in communication and data processing is primarilya result of lower usage.

Business development, which includes printing and advertising decreased to$200 for the six months ended June 30, 2002, from $3,900 for the six monthsended June 30, 2001. Due to the fluctuating and unpredictable market, theCompany decreased its advertising budget for now, until the stock marketperforms more favorable for investors. In order to remain competitive and toincrease the number of customer accounts, we need to actively promote ourservice in order to build brand awareness. Therefore, for future growth andexpansion, The Company expects an increase in advertising expense. Our businessdevelopment costs for the remainder of 2002 and for 2003 will be associated withpromoting our website and financial services and to continue to expand ourcustomer base through advertising media.

** F-13**

Occupancy costs relate to our leasing of office space in New York City.Occupancy expense for the six months ended June 30, 2002 was $25,500 and $24,500for the six months ended June 30, 2001. This increase is the result of a $100increase in our annual rent. The Company currently leases 2,000 square feet at$4,300 per month under a three-year lease expiring March 31, 2003. Managementbelieves the office will provide ample amount of space for our current needs.

Regulatory and registration fees are costs associated with a Broker/Dealer tobe registered with the NASD and in all appropriate states. In the six monthsended June 30, 2002 regulatory and registration fees amounted to $18,386,compared to $17,900 for the six months ended June 30, 2001. NASD fees areusually applied in the first quarter for the entire year.

Depreciation and amortization primarily consists of depreciation of propertyand equipment. Depreciation and amortization costs were $1080 for the six monthsended June 30, 2002 and $2000 for the six months ended June 30, 2001. If andwhen we expand we anticipate the purchase of additional property and equipment,which will result in an increase in depreciation and amortization expense.

Travel and entertainment expenses decreased to $8,111 for the six monthsended June 30, 2002 from $10,901 for the six months ended June 30, 2001. Otherexpenses, which includes office supplies and expenses decreased to $24,291 forthe six months ended June 30, 2002 from $31,041 for the six months ended June30, 2001. Liquidity and Capital Resources

Net Cash provided by operating activities during the six months ended June30, 2002 were $3,836. The Company had a net loss of $435,499, an increase indeposits from clearing organization of $5,177, an increase in securities ownedof $206,483, an increase in prepaid expense of $15,429 and a decrease inaccounts payable of $21,440.

Cash at beginning of period were $2,903 and cash at end of period were$7,789. The net cash increase for the six months ended June 30, 2002 were$4,886. 

**F-15 **

 The Company is subject to the net capital rules of the SEC. At June30, 2002, the Company had regulatory net capital of $1,150,294 which exceededthe minimum requirements by $1,050,294. 

 

**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:       August 15,      2002          By:      /s/ Joseph Ricupero          Joseph Ricupero, Chief Executive Officer,Financial Operations Officer
**F-16** |
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