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 March 31, 2003OR [ ] 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 March 31, 2003 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 Three Months Ended March 31, 2003 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 |
| All other schedules are not required to be filed by        registrant. |      |

 

F-1

**America First Associates Corp.Statement of Financial ConditionFor The Three Months Ended March 31, 2003**

 

|  |  | March 31, 2003         Unaudited **Assets**Cash and cash equivalents$     633,646Securities owned377,029Office furniture and equipment, net of        accumulated depreciation of $23,791; for three months ended 20033,782 Prepaid expenses1443Other assets                26,000Total Assets$  1,041,900**Liabilities and shareholder's equity**Liabilities:Accounts payable and accrued expenses$       15,000Securities sold, not yet purchased                          - Total Liabilities$       15,000**Commitments**Shareholders' equity:Common stock, $.001 par value, 20,000,000        shares authorized, 9,018,000 shares issued and outstanding9,018Additional paid-in capital2,121,230Retained earnings (1,048,732)Net Income(54,616)Total shareholders' equity$   1,026,900Total liabilities and shareholders' equity$   1,041,900
*The notes are an integral part of the Financial Statements*

**F-2**

 

**America First Associates Corp. Statement of Operations For the Three Months Ended March 31, 2003 And For the Three Months Ended March 31, 2002**
Revenues:20032002Commissions$   110,141$             82,358Syndicate income-60,000Principal transactions--Interest and other income               5,574                4,295Total Revenues$   115,715$    146,653Expenses:Accrued Expense$     15,000$                       -Consulting and Professional Fees5,000-Loss on Investments26,114114,086Employee compensation and benefits43,11344,285Clearing charges35,03648,802Communications and data processing3,3423,374Business development2,808-Occupancy costs12,70012,600Regulatory and registration fees16,97517,351Depreciation and amortization540540Travel and entertainment2,6272,222Other expenses               5,314                7,767Total expenses    168,569            136,941Income (loss) before income taxes(52,854)(104, 374)Provision for income taxes               1,762                        -Net income (loss)$   (54,616)$  (104,374)Earnings Per Share Basic and Dilutive(0.006)(0.0115)Weighted Average Common Shares Outstanding 9,018,0009,018,000
*The notes are an integral part of the Financial Statements*

**F-3**

**America First Associates Corp.Statements of Changes in Shareholders' EquityFor Three Months Ended March 31, 2003**

 
CommonStockPaid-inCapitalRetainedEarningsShareholder'sEquityBalance, December 31, 2002 9,0182,121,230(1,048,732)1,081,516 Net income (loss) _________________               (54,616)                (54,616)Balance, March 31,2003 $ 9,018$ 2,121,230$ ( 1,103,348)$ 1,026,900
*The notes are an integral part of the Financial Statements*

**F-4**

**America First Associates Corp.**

**Statement of Cash Flows**

**For the Three Months Ended March 31, 2003**

2003        Unaudited Cash Flows from Operating ActivitiesNet income (loss) $    (54,616)Adjustments to reconcile net income (loss) to        net cash used in operating activities:Depreciation and amortization540 Changes in assets and liabilities:(Increase) Decrease in operating assets:Marketable Securities 34,537Prepaid expenses14,612Other assets5,175 Increase (decrease) in operating        liabilities:Accounts payable and accrued expenses                (34,941)Net cash provided by operating activities(34,693)Net increase in cash(34,693)Cash and cash equivalents Beginning    668,339Cash and cash equivalents Ending$  633,646
*The notes are an integral part of the Financial Statements*

**F-7**

**AMERICA FIRST ASSOCIATES CORP. NOTES TO FINANCIAL STATEMENTS March 31, 2003**

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 online 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. 
20032002Office Equipment$27,573$27,573Accumulated Depreciation($23,791)($21,632)
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.

**F-8**

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 and Securities Sold, Not Yet Purchased

Securities owned and sold not yet purchased consist of trading and investmentsecurities at market value, as follows:
Securities Owned20032002 U.S. Obligations: Deposit with Clearing Firm $  100,783$    99,971 Corporate stocks276,246455,948$  377,029$  555,919
 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.

**F-9**

Note 5 - Income Taxes

At December 31, 2002, the Company has net operating loss carryforwards ofapproximately $1,094,000 which expire in 2022. These net operating losscarryforwards may be used to offset future taxable income.

At December 31, 2002, the Company has recorded a deferred tax asset of$433,000 resulting primarily from net operating loss carryforwards. Thevaluation allowance of $433,000 has been recorded against the deferred tax assetsince it is more likely than not that it will not be realized.

A reconciliation of income tax at the federal statutory income tax rate tototal income taxes is as follows: 
20022001Computed at the federal statutory rate of 34%$(211,000)$ (10,000) State and local tax (benefit) (62,000)(3,000)  Benefit of Carryover-Valuation allowance adjustment273,00013,000Other adjustments                     -               2,376 $                   0$      2,376
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 amountedto $51,300 and $50,100 respectively.

The future minimum rental commitment through termination is as follows:
For the year ending December 31,Amount2002$51,300 2003 (3 months)*12,700
 * Month to month tenancy thereafter at a monthly charge of $ 4,300

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.

**F-10**

Note 7 - 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 
For the Three Months Ended20032002Net Earnings available to common shareholders$ (54,616) $ (104,374)Weighted Ave. shares outstanding9,018,000 9,018,000Basic Earnings Per Share$ (0.006)$ (0.0115)
**F-11**

AMERICA FIRST ASSOCIATES CORP.SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 2002

 
Year Ended        December 31,        AccountBalance,        January 31,         Additions        ReductionsBalance,         December 31,2002Allowance for deferred taxes                $160,000       $        273,000                              $ -                    $ 433,0002001Allowance for deferred taxes$147,000$ 13,000 $ - $ 160,000
**F-12**

**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") was established inFebruary 1995 and has conducted its operations as a fully disclosed brokeragefirm registered with the Securities and Exchange Commission, the NationalAssociation of Securities Dealers and 50 State Securities divisions includingthe District of Columbia. The Company is a provider of cost-effective,full-service online financial service targeting the rapid growth momentum ofindividual investors who utilize the Internet for their personal investmentobjectives. The Company provides customers the ability to buy and sellsecurities, security options, mutual funds, bonds and other investment financialinstruments as well as providing clients 24 hour account access and real-timeelectronic information on stocks, market indices, analysts' research and news.The Company plans to continue to provide quality service to our currentcustomers while increasing brand awareness and customer loyalty. Management'sstrategy is to expand the Company's business and operations by strategicallyusing the Internet and other advertising outlets to efficiently market anddistribute our services to potential customers and build brand awareness on anational level to increase our customer base.

Results of Operations

*Three Months Ended March 31, 2003 compared to Three Months Ended March 31,2002*

     Total revenue for the three months ended March 31,2003 were $115,715 compared to revenues of $146,653 for the three months endedMarch 31, 2002. The decrease in total revenue is attributed to the significantdecrease in syndicate income. Revenues from syndicate income (i.e. privateplacements, pipes, syndicate participation of IPO's, investment bankingactivity) decreased from $60,000 for the three months ended March 31, 2002 tonon existent for the three months ended March 31, 2003. Revenues fromcommissions increased to $110,141 for the three months ended March 31, 2003 from$82,358 for the three months ended March 31, 2002 due primarily to an increasein overall trading activity by online traders. Interest and other incomeincreased to $5,574 for the three months ended March 31, 2003 from $4,295 forthe three months ended March 31, 2002. Going forward as the stock marketperforms positively we anticipate an increase in revenues due to additionalproducts being offered (check writing, debit card) adding to our customer baseand investment banking activity with demand for syndicate.

     Total expenses increased to 168,569 for the threemonths ended March 31, 2003 from $136,941 for the three months ended March 31,2002. As a result of the decrease in syndicate income (directly related tocommissions paid on private placements, IPO's as well as other investmentbanking activity), employee compensation and benefits decreased to $43,113 forthe three months ended March 31, 2003 from $44,285 for the three months endedMarch 31, 2002. However, as we continue to grow we will need additionalemployees to service our growing customer base; therefore we anticipate aproportionate increase in employee compensation and benefit expenses. Clearingcharges represent payments to our clearing firm who facilitate our clients'transactions. As a result of the decrease in the volume of business conducted byour online clients, such expenses decreased to $35,036 for the three monthsended March 31, 2003 from $48,802 for the three months ended March 31, 2002.Loss on investments amounted to $26,114 for the three months ended March 31,2003 compared a $114,086 loss for the three months ended March 31, 2002 whichwas attributed to a decline in the overall stock market

Consulting and Professional expenses amounted to $5,000 for the three monthsended March 31, 2003 and non-existent for the three months ended March 31, 2002.Accrued Expense was $15,000 for the three months ended March 31, 2003 andnon-existent for the three months ended March 31, 2002.

Communications and data processing expense remained constant at $3,342 forthe three months ended March 31, 2003 and $3,374 for the three months endedMarch 31, 2002.

Business development costs consist of advertising costs which have mostlybeen for online and print advertising to obtain new clients. These expensesincreased to $2,808 for the three months ended March 31, 2003 from non-existentfor the three months ended March 31, 2002. As the Company increases its plannedadvertising and promotional efforts to promote its products and services andincrease customer base we anticipate an increase in business development.

Occupancy costs increased by $100 to $12,700 for the three months ended March31, 2003 from $12,600 for the three months ended March 31, 2002. Due to ourthree year lease terminating March 31, 2003 the Company negotiated a month tomonth lease at $4,300 per month until it signs a new lease at new office space.

Regulatory and Registration fees have remained consistent at $16,975 for thethree months ended March 31, 2003 from $17,351 for the three months ended March31, 2002. We anticipate a slight increase in regulatory and registration fees ifwe need to hire additional series 7 registered representatives to service ourincreased customer base.

Depreciation and Amortization costs for the three months ended March 31, 2003and 2002 were $540. The need for additional computers is dependent on the firm'sgrowth. Therefore, if we decide to expand and purchase additional hardware TheCompany anticipates that these costs will increase.

Travel and Entertainment increased to $2,627 for the three months ended March31, 2003 from $2,222 for the three months ended March 31, 2002. Other expenseswhich include office supplies and expenses decreased to $5,314 for the threemonths ended March 31, 2003 from $7,767 for the three months ended March 31,2002.

As a result of the foregoing, our net loss decreased to $(54,616) for thethree months ended March 31, 2003 from $(104,374) for the three months endedMarch 31, 2002. Earning per share for the three months ended March 31, 2003 were$(0.006) compared to $(0.0115) for the three months ended March 31, 2002 and theweighted average number of common shares outstanding are 9,018,000.

**Liquidity and Capital Resources**

Since inception, the Company has financed its operation primarily through thesole shareholder of the firm. In April 1999, the Company sold 1,899,600 sharesof common stock in a private placement offering. The common stock was issued at$1 per share. The private placement offering generated total proceeds of$1,900,000. Management believes that the cash proceeds from this offering,together with the existing cash balances will be sufficient to meet itsanticipated working capital and capital expenditure requirements for the nexteighteen months. However, the Company may need to raise additional funds inorder to continue operations, support expansion, develop new or enhancedservices, respond to competitive pressures or respond to unanticipatedrequirements. There can be no assurance, however, that additional capital willbe available to us on reasonable terms, if at all.

Cash provided by operating activities for the three months ended March 31,2003 were $243,075. The Company had a net loss of $54,616, a decrease in cashand cash equivalent of $258,412 a decrease in securities owned of $33,279 adecrease in prepaid expense of $14,612 and an increase in accounts payable of$34,941.

The Company is subject to the net capital rules of the SEC. At March 31,2003, the Company had regulatory net capital of $951,701, which exceeded theminimum requirements by $851,701.

Management anticipates that the Company's total expenditures will beapproximately $600,000 during the next twelve months. Based upon our currentplans and assumptions relating to our business plan, we anticipate 15% of thisexpense to go toward marketing our financial services, which will increase thenumber of users capable of accessing our system. Other expenditures will includebut will not be limited to, employee compensation, including benefits andinsurance; occupancy and equipment rental; communications and data processing;and expansion of our network and infrastructure.

FORWARD-LOOKING INFORMATION

Statements contained in this report regarding the Company's futureoperations, growth strategy, future performance and results and anticipatedliquidity are forward looking and therefore are subject to certain risks anduncertainties that could cause actual results to differ materially from thoseprojected or suggested in the forward looking statements, including thosediscussed in this report and in the Company's other filings with the SEC.

**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:                May 15,      2003                             By:    /s/ Joseph Ricupero                                Joseph Ricupero, Chief Executive Officer,            Financial Operations Officer
  

**JOSEPH TROCHE**********Certified Public Accountant 32 Main Street, Hastings on Hudson NY 10706, Tel. 914-478-1432; fax 914-478-1315

Board of Directors America First Associates Corp.

RE:         AMERICA FIRST ASSOCIATESCORP.

             REVIEW REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

I have reviewed the accompanying balance sheet of America First AssociatesCorp., as of March 31, 2003, the statement of changes in stockholders' equityfor the three months ended March 31, 2003 and March 31, 2002, and the relatedstatements of income for the three months ended March 31, 2003 and March 31,2002, in accordance with Statements on Standards for Accounting and ReviewServices issued by the American Institute of Certified Public Accountants. Allinformation included in these financial statements is the representation of themanagement of America First Associates Corp.

A review consists principally of inquiries of Company personnel andanalytical procedures applied to financial data. It is substantially less inscope than an audit in accordance with generally accepted auditing standards,the objective of which is the expression of an opinion regarding the financialstatements taken as a whole. Accordingly, I do not express such an opinion.

Based on my review, I am not aware of any material modifications that shouldbe made to the accompanying financial statements in order for them to be inconformity with accounting principles generally accepted in the United States ofAmerica.

/s/JosephTroche                   Joseph Troche, CPA

May 15, 2003 Joseph Troche, CPA 32 Main Street Hastings on Hudson NY 10706

 
[LOGO HERE]**AMERICA FIRST ASSOCIATES       INVESTMENT BANKING FIRM      MEMBER: NASD * SIPC * MSRB      160 East 56th St.      6th FLOOR      NEW YORK, NY 10022      TELEPHONE: (212) 644-8520                                   (888) OTC-NYSE      FAX:                     (212) 644-3515**
 

CERTIFICATION

I, Joseph Ricupero, certify that:

1. I have reviewed this quarterly report on Form 10-Q of America FirstAssociates Corp; 2. Based on my knowledge, this quarterly report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this quarterlyreport; 3. Based on my knowledge, the financial statements, and other financialinformation included in this quarterly report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this quarterly report; 4. The registrant's certifying officer is responsible for establishing andmaintaining disclosure controls and procedures (as defined in Exchange Act Rules13a-14 and 15d-14) for the registrant and we have: a) designed such disclosurecontrols and procedures to ensure that material information relating to theregistrant is made known to us by others within those entities, particularlyduring the period in which this quarterly report is being prepared; b) evaluatedthe effectiveness of the registrant's disclosure controls and procedures as of adate within 90 days prior to the filing date of this quarterly report (the"Evaluation Date"); and c) presented in this quarterly report ourconclusions about the effectiveness of the disclosure controls and proceduresbased on our evaluation as of the Evaluation Date; 5. The registrant's certifying officer disclosed, based on our most recentevaluation, to the registrant's auditor: a) all significant deficiencies in thedesign or operation of internal controls which could adversely affect theregistrant's ability to record, process, summarize and report financial data andhave identified for the registrant's auditors any material weaknesses ininternal controls; and b) any fraud, whether or not material, that involvesmanagement or other employees who have a significant role in the registrant'sinternal controls; and 6. The registrant's certifying officer has indicated in this quarterly reportwhether or not there were significant changes in internal controls or in otherfactors that could significantly affect internal controls subsequent to the dateof our most recent evaluation, including any corrective actions with regard tosignificant deficiencies and material weaknesses.

Dated: May 15, 2003

  Joseph Ricupero                                    By: /s/ Joseph Ricupero Chief Executive Officer and Chief Financial Officer |
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