SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

FORM10-QSB

 

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THESECURITIES EXCHANGE ACT OF 1934

 

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

 

For thequarterly period ended: June 30, 2004

 

Commissionfile number 000-29451

 

INDEPENDENTASSET MANAGEMENT CORP.

(Exactname of small business issuer as specified in its charter)

 

| Nevada   
 88-0448320
(State      or other jurisdiction of   
 (I.R.S.      Employer
incorporation      or organization)   
Identification      No.)
 
770      East Warm Springs Rd., Suite 250
Las      Vegas, Nevada    
89119
(Address      of principal executive offices    
(zip      code)
 

(702)866-5839

(Issuer'stelephone number)

 

Checkwhether the issuer (1) filed all reports required to be filed by Section 13 or15(d) of the Securities Exchange Act of 1934 during the last 12 months (or forsuch shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days.

Yes X No

 

Indicatethe number of shares outstanding of each of the issuer's classes of commonequity, as of the latest practicable date.

 

         Class                                                      Outstanding at June 30, 2004

Common Stock, par value$0.001                                                 8,431,370

 

1

 

ITEM 1.FINANCIAL STATEMENTS

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

BALANCESHEETS

(Unaudited)

 

ASSETS

 

June      30, 2004
December      31, 2003
CURRENT ASSETS
$ 0
$ 0
TOTAL CURRENT      ASSETS
0
0
OTHER ASSETS
0
0
TOTAL OTHER      ASSETS
0
0
$ 0
$ 0
LIABILITIES      AND STOCKHOLDERS' EQUITY
CURRENT      LIABILITIES
Officer Advances      (Note #4)
$ 0
$ 0
TOTAL CURRENT      LIABILITIES
0
0
STOCKHOLDERS'      EQUITY
Preferred stock,      $0.001 par value
authorized      5,000,000 shares;
None issued and      Outstanding
0
0
Common stock,      $0.001 par value,
authorized      20,000,000 shares;
8,431,370 and      7,431,370 issued and
outstanding at      6/30/04 and 12/31/03
8,431
7,431
Additional      paid-in capital
5,000
5,000
(Deficit)      accumulated during
development stage
(13,431)
(12,431)
TOTAL      STOCKHOLDER'S EQUITY
0
0
$ 0
$ 0
 

 

Theaccompanying notes are an integral part of these financial statements.

 

2

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

STATEMENTSOF OPERATIONS

(Unaudited)

 
Three      Months Ended

June      30,
Six      Months Ended

June      30,
January 19, 1994      (Inception) to June 30,
2004
2003
2004
2003
2004
INCOME
Revenue
$ 0
$ 0
$ 0
$ 0
$ 0
EXPENSE
General and
Administrative
250
600
750
600
13,431
TOTAL EXPENSES
250
600
750
600
13,431
NET (LOSS)
$      (250)
$      (600)
$      (750)
$      (600)
$      (13,431)
Net Loss
Per Weighted      Share
$      (.00)
$      (.00)
$      (.00)
$      (.00)
Weighted average
number of common
shares      outstanding
8,431,370
7,231,370
7,431,370
7,231,370
 

 

Theaccompanying notes are an integral part of these financial statements.

 

3

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

STATEMENTSOF CASH FLOWS

(Unaudited)

Six      Months Ended

June      30,
January 19, 1994      (Inception) to June 30,
2004
2003
2004
Cash Flows from
Operating      Activities:
Net (loss)
$      (1,000)
$      (600)
$      (13,431)
Stock Issued for      services
0
0
10,000
Issuance of stock      to
Convert debt to      equity
1,000
600
3,431
Changes in assets      and
Liabilities:
Officers Advances
0
0
0
Net cash (used)      in
operating      activities
0
0
0
Cash Flows from
Investing      Activities:
Organization      Costs
0
0
0
Net Cash (used)      in
Investing      activities
0
0
0
Cash Flows from
Financing      Activities
0
0
0
Net increase in      cash
0
0
0
Cash beginning of      period
0
0
0
Cash end of      period
$ 0
$ 0
$ 0
Supplemental      Disclosure
Interest paid
$ 0
$ 0
$ 0
Taxes paid
$ 0
$ 0
$ 0
Non-cash      transactions:
Number of shares      issued
For services
0
0
5,000,000
Number of shares      issued
To convert debt      to equity
1,000,000
600,000
3,431,370
 

 

Theaccompanying notes are an integral part of these financial statements.

 

4

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

NOTES TOFINANCIAL STATEMENTS

June 30,2004

Note 1- Basis of Presentation

 

Thecondensed interim financial statements included herein, presented in accordancewith United States generally accepted accounting principles and stated in USdollars, have been prepared by the Company, without audit, pursuant to the rulesand regulations of the Securities and Exchange Commission. Certain informationand footnote disclosures normally included in financial statements prepared inaccordance with generally accepted accounting principles have been condensed oromitted pursuant to such rules and regulations, although the Company believesthat the disclosures are adequate to make the information presented notmisleading.

 

Thesestatements reflect all adjustments, consisting of normal recurring adjustments,which in the opinion of management, are necessary for fair presentation of theinformation contained therein. It is suggested that these condensed interimfinancial statements be read in conjunction with the financial statements of theCompany for the year ended December 31, 2003 and notes thereto included in theCompany's 10-KSB annual report. The Company follows the same accountingpolicies in the preparation of interim reports.

 

Resultsof operation for the interim period are not indicative of annual results.

 

Note 2- Going concern

 

Theaccompanying financial statements have been prepared assuming that the Companywill continue as a going concern which contemplates the recoverability of assetsand the satisfaction of liabilities in the normal course of business. As aresult, the Company incurred accumulated net losses from January 19, 1994(inception) through the period ended June 30, 2004 of $(13,431). In addition,the Company's development activities since inception have been financiallysustained through equity financing.

 

Theability of the Company to continue as a going concern is dependent upon itsability to raise additional capital from the sale of common stock and,ultimately, the achievement of significant operating revenues. The accompanyingfinancial statements do not include any adjustments that might be requiredshould the Company be unable to recover the value of its assets or satisfy itsliabilities.

 

5

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

NOTES TOFINANCIAL STATEMENTS

June 30,2004

 

NOTE 3 - STOCKHOLDERSEQUITY

 

On June15, 2004, the Company issued an officer of the Company 1,000,000 shares of its$.001 par value common stock for conversion of debt to equity of $1,000. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

NOTE 4 - RELATED PARTYTRANSACTIONS

TheCompany neither owns or leases any real or personal property. Office servicesare provided without charge by the officer and director of the Company. Suchcosts are immaterial to the financial statements and accordingly, have not beenreflected therein. The officer and director of the Company is involved in otherbusiness activities and may, in the future, become involved in other businessopportunities. If a specific business opportunity becomes available, such personmay face a conflict in selecting between the Company and their other businessinterests. The Company has not formulated a policy for the resolution of suchconflicts.

 

NOTE 5 - OFFICERSADVANCES

 

Whilethe Company is seeking additional capital through a merger with an existingoperating company, the officer of the Company has advanced funds on behalf ofthe Company to pay for any costs incurred by it. These advances will beconverted to equity. The balance of advanced funds at June 30, 2004 is $0.

 

6

 

ITEM 2. PLAN OFOPERATION

 

TheCompany has registered its common stock on a Form 10-SB registration statementfiled pursuant to the Securities Exchange Act of 1934 (the "ExchangeAct") and Rule 12(g) thereof. The Company files with the Securities andExchange Commission periodic and episodic reports under Rule 13(a) of theExchange Act, including quarterly reports on Form 10-QSB and annual reports onForm 10-KSB.

 

We arecurrently seeking to engage in a merger with or acquisition of an unidentifiedforeign or domestic company which desires to become a reporting("public") company whose securities are qualified for trading in theUnited States secondary market. We meet the definition of a "blankcheck" company contained in Section (7)(b)(3) of the Securities Act of1933, as amended. We have been in the developmental stage since inception andhave no operations to date. Other than issuing shares to our sole stockholder,we have not commenced any operational activities.

 

We willnot acquire or merge with any entity which cannot provide audited financialstatements at or within a reasonable period of time after closing of theproposed transaction. We are subject to all the reporting requirements includedin the Exchange Act. Included in these requirements is our duty to file auditedfinancial statements as part of our Form 8-K to be filed with the Securities andExchange Commission upon consummation of a merger or acquisition, as well as ouraudited financial statements included in our annual report on Form 10-K (or10-KSB, as applicable). If such audited financial statements are not availableat closing, or within time parameters necessary to insure our compliance withthe requirements of the Exchange Act, or if the audited financial statementsprovided do not conform to the representations made by the target business, theclosing documents may provide that the proposed transaction will be voidable atthe discretion of our present management.

 

We willnot restrict our search for any specific kind of businesses, but may acquire abusiness which is in its preliminary or development stage, which is already inoperation, or in essentially any stage of its business life. It is impossible topredict at this time the status of any business in which we may become engaged,in that such business may need to seek additional capital, may desire to haveits shares publicly traded, or may seek other perceived advantages which we mayoffer.

 

Abusiness combination with a target business will normally involve the transferto the target business of the majority of our common stock, and the substitutionby the target business of its own management and board of directors.

 

Wehave, and will continue to have, no capital with which to provide the owners ofbusiness opportunities with any cash or other assets. However, managementbelieves we will be able to offer owners of acquisition candidates theopportunity to acquire a controlling ownership interest in a company withsecurities registered pursuant to Rule 12(g) of the Exchange Act. Our officerand director has not conducted market research and is not aware of statisticaldata to support the perceived benefits of a merger or acquisition transactionfor the owners of a business opportunity.

 

7

 

Oursole officer and director has agreed that she will advance any additional fundswhich we need for operating capital and for costs in connection with searchingfor or completing an acquisition or merger. Such advances have historically beenconverted to equity. There is no minimum or maximum amount the Officer andDirector will advance to us. We will not borrow any funds for the purpose ofrepaying advances made by such Officer and Director, and we will not borrow anyfunds to make any payments to our promoters, management or their affiliates orassociates.

 

Item 3.Controls and Procedures
** **
(a)  Our sole officer evaluated the effectiveness of the design and operation of  our disclosure controls and procedures, as such term is defined under Rule  13a-14(c) promulgated under the Securities Exchange Act of 1934, as amended,  within 90 days prior to the filing date of this report. Based on his  evaluation, our sole officer concluded that our disclosure controls and  procedures are effective.

 

(b)  There have been no significant changes (including corrective actions with  regard to significant deficiencies or material weaknesses) in our internal  controls or in other factors that could significantly affect these controls  subsequent to the date of the evaluation referenced in paragraph (a) above.

 

PART II-- OTHER INFORMATION

 

ITEM 1. LEGALPROCEEDINGS

 

Thereare no legal proceedings against us and we are unaware of any such proceedingscontemplated against us.

 

ITEM 2. CHANGES INSECURITIES

 

Not applicable.

 

ITEM 3. DEFAULTS UPONSENIOR SECURITIES

 

Not applicable.

 

ITEM 4. SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS

 

OnApril 16, 2004, we held our annual stockholders meeting and the followingproposals were voted and approved by our sole stockholder;

 
-  The      election of Debra K. Amigone to serve on our Board of Directors until    the next annual stockholder's meeting; andThe reaffirmation of Beckstead and Watts, LLP as auditors for the next year.
 

8

 

OnApril 16, 2004 after our annual stockholders meeting, our sole Director, DebraK. Amigone, was appointed as President, Secretary, Treasurer and Chief FinancialOfficer.

 

ITEM 5. OTHERINFORMATION

 

Not applicable.

 

ITEM 6. EXHIBITS ANDREPORTS ON FORM 8-K

 

(a) Exhibits

    See Exhibit Table    on page E-1

(b) 8-K - None

 

9

 

SIGNATURES

 

Pursuantto the requirements of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned thereuntoduly authorized.

 

INDEPENDENT                ASSET MANAGEMENT CORP.

 

By:/s/                Debra K. Amigone       
                    Debra                  K. Amigone, President

 

Dated: July 26, 2004

 

10

 

EXHIBITTABLE

 
**Exhibit

Number**Description
(1)*N/A
(2)*N/A
(3)(i)**Articles      of Incorporation
(a)          Articles of Incorporation      
(b)          Amended and Restated Articles of Incorporation      
(3)(ii)**Bylaws        
(a)          Bylaws      
(4)**Instruments      defining the rights of security holders:
(4)(i)
(a)          Articles of Incorporation      
(b)          Amended and Restated Articles of Incorporation

(c)          Bylaws

(d)          Stock Certificate Specimen      
(31)
Certification      pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(32)
Certification      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
*Filed in Form 10SBfiled on February 11, 2000********* |
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