SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-QSB

 

[X] QUARTERLY REPORTUNDER SECTION 13 OR 15(d)

OF THE SECURITIESEXCHANGE ACT OF 1934

 

[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR

15(d) OF THESECURITIES EXCHANGE ACT OF 1934

 

For the quarterlyperiod ended: September 30, 2004

 

Commission file number000-29451

 

INDEPENDENT ASSETMANAGEMENT CORP.

(Exact name of smallbusiness 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's telephonenumber)

 

Check whether theissuer (1) filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the last 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.

 

Yes X     No 

 

Indicate the numberof shares outstanding of each of the issuer's classes of common equity, as ofthe latest practicable date.

 

Class
Shares		Outstanding at September 30, 2004
Common Stock,		par value $0.001
8,681,370
 

ITEM 1. FINANCIALSTATEMENTS

INDEPENDENT ASSETMANAGEMENT CORP.

(A Development StageCompany)

BALANCE SHEET

ASSETS

 
September 30,		2004(Unaudited)
CURRENT ASSETS
$ 0  
TOTAL CURRENT ASSETS
0  
OTHER ASSETS
0  
TOTAL OTHER ASSETS
0   
$ 0  
LIABILITIES AND STOCKHOLDERS'		EQUITY 
CURRENT LIABILITIES
$0  
TOTAL CURRENT LIABILITIES
0  
STOCKHOLDERS' EQUITY   
Preferred stock, $0.001 par		value 
authorized 5,000,000 shares; 
None issued and Outstanding
0  
Common stock, $0.001 par		value, 
authorized 20,000,000 shares; 
8,681,370 issued and 
outstanding at 9/30/04 
8,681  
Additional paid-in capital
5,000  
(Deficit) accumulated during 
development stage
(13,681)  
TOTAL STOCKHOLDERS' EQUITY
0   
$ 0
 

 

The accompanying notesare an integral part of these financial statements.

INDEPENDENT ASSETMANAGEMENT CORP.

(A Development StageCompany)

STATEMENTS OFOPERATIONS

(Unaudited)

 
Three Months		Ended September 30,
Nine Months		Ended September 30,
January 19, 1994 (Inception)		to September 30, 2004
 
2004
2003
2004
2003
INCOME     
Revenue
$ 0
$ 0
$ 0
$ 0
$ 0      
EXPENSE     
General and     
Administrative     
Organization Cost Expense
250
100
1,250
700
13,681      
TOTAL EXPENSES
250
100
1,250
700
13,681
 

NET (LOSS)
$ (250)
$ (100)
$ (1,250)
$ (700)
$ (13,681)      
Net Loss     
Per Weighted Share
$ (.00)
$ (.00)
$ (.00)
$ (.00)       
Weighted average     
number of common     
shares outstanding
8,681,370
7,331,370
8,681,370
7,331,370 
 

The accompanying notesare an integral part of these financial statements.

INDEPENDENT ASSETMANAGEMENT CORP.

(A Development StageCompany)

STATEMENTS OF CASHFLOWS

(Unaudited)

 
Nine Months Ended September		30,
January 19, 1994 (Inception)		to September 30, 2004
 
2004
2003
Cash Flows from   
Operating Activities:   
Net (loss)
$ (1,250)
$ (700)
$ (13,681)
Stock Issued for services
0
0
10,000
Issuance of stock to

Convert debt to equity
1,250
700
3,681    
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
1,250,000
700,000
3,681,370
The accompanying notesare an integral part of these financial statements.

INDEPENDENT ASSETMANAGEMENT CORP.

(A Development StageCompany)

NOTES TO FINANCIALSTATEMENTS

September 30, 2004

Note 1 - Basis ofPresentation

The condensedinterim financial statements included herein, presented in accordance withUnited States generally accepted accounting principles and stated in US dollars,have been prepared by the Company, without audit, pursuant to the rules andregulations of the Securities and Exchange Commission. Certain information andfootnote 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.

These statementsreflect all adjustments, consisting of normal recurring adjustments, which inthe 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 accounting policiesin the preparation of interim reports.

Results ofoperation for the interim period are not indicative of annual results.

Note 2 - Goingconcern

The accompanyingfinancial statements have been prepared assuming that the Company will continueas a going concern which contemplates the recoverability of assets and thesatisfaction of liabilities in the normal course of business. As a result, theCompany incurred accumulated net losses from January 19, 1994 (inception)through the period ended September 30, 2004 of $(13,431). In addition, theCompany's development activities since inception have been financially sustainedthrough equity financing.

The ability of theCompany to continue as a going concern is dependent upon its ability to find asuitable acquisition/merger candidate, raise additional capital from the sale ofcommon stock and, ultimately, the achievement of significant operating revenues.The accompanying financial statements do not include any adjustments that mightbe required should the Company be unable to recover the value of its assets orsatisfy its liabilities.

NOTE 3 - STOCKHOLDERS EQUITY

On September 29,2004, the Company issued the sole officer of the Company 250,000 shares of its$.001 par value common stock for conversion of debt to equity of $250. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions by anissuer not involving a public offering."

INDEPENDENT ASSETMANAGEMENT CORP.

(A Development StageCompany)

NOTES TO FINANCIALSTATEMENTS

September 30, 2004

NOTE 4 - RELATED PARTYTRANSACTIONS

The Companyneither owns or leases any real or personal property. Office services areprovided without charge by the officer and director of the Company. Such costsare 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.

ITEM 2. PLAN OF OPERATION

The Company hasregistered its common stock on a Form 10-SB registration statement filedpursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act")and Rule 12(g) thereof. The Company files with the Securities and ExchangeCommission periodic and episodic reports under Rule 13(a) of the Exchange Act,including quarterly reports on Form 10-QSB and annual reports on Form 10-KSB.

We are currentlyseeking to engage in a merger with or acquisition of an unidentified foreign ordomestic company which desires to become a reporting ("public") company whosesecurities are qualified for trading in the United States secondary market. Wemeet the definition of a "blank check" company contained in Section (7)(b)(3) ofthe Securities Act of 1933, as amended. We have been in the developmental stagesince inception and have no operations to date. Other than issuing shares to oursole stockholder, we have not commenced any operational activities.

We will notacquire 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 10-KSB. If suchaudited financial statements are not available at closing, or within timeparameters necessary to insure our compliance with the requirements of theExchange Act, or if the audited financial statements provided do not conform tothe representations made by the target business, the closing documents mayprovide that the proposed transaction will be voidable at the discretion of ourpresent management.

We will notrestrict 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.

A businesscombination with a target business will normally involve the transfer to thetarget business of the majority of our common stock, and the substitution by thetarget business of its own management and board of directors.

We have, and willcontinue to have, no capital with which to provide the owners of businessopportunities with any cash or other assets. However, management believes wewill be able to offer owners of acquisition candidates the opportunity toacquire a controlling ownership interest in a company with securities registeredpursuant to Rule 12(g) of the Exchange Act. Our officer and director has notconducted market research and is not aware of statistical data to support theperceived benefits of a merger or acquisition transaction for the owners of abusiness opportunity.

Our sole officerand director has agreed that she will advance any additional funds which we needfor operating capital and for costs in connection with searching for orcompleting 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. Controlsand Procedures
****
The Companymaintains disclosure controls and procedures designed to ensure that informationrequired to be disclosed in reports filed under the Securities Exchange Act of1934, as amended, is recorded, processed, summarized and reported within thespecified time periods. As of the end of the period covered by this report, theCompany's sole officer evaluated the effectiveness of the Company's disclosurecontrols and procedures. Based on the evaluation, which disclosed no significantdeficiencies or material weaknesses, the Company's sole officer concluded thatthe Company's disclosure controls and procedures are effective. There were nochanges in the Company's internal control over financial reporting that occurredduring the Company's most recent fiscal quarter that have materially affected,or are reasonably likely to materially affect, the Company's internal controlover financial reporting.

PART II -- OTHERINFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no legalproceedings against us and we are unaware of any such proceedings contemplatedagainst us.

ITEM 2. UNREGISTERED SALES OFEQUITY SECURITIES AND USE OF PROCEEDS

On September 29,2004, the Company issued the sole officer of the Company 250,000 shares of its$.001 par value common stock for conversion of debt to equity of $250. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions by anissuer not involving a public offering."

ITEM 3. DEFAULTS UPON SENIORSECURITIES

Not applicable.

ITEM 4. SUBMISSION OF MATTERS TO AVOTE OF SECURITY HOLDERS

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS AND REPORTS ONFORM 8-K

(a)    Exhibits SeeExhibit Table on page E-1

(b)    8-K - None

SIGNATURES

 

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned thereunto dulyauthorized.

 

INDEPENDENT ASSET MANAGEMENT CORP.

 

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

 

Dated: November 10, 2004

EXHIBIT TABLE
**Exhibit

Number**Description
(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 10SB filed on February11, 2000

**Filed Herewith******* |
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