March 31, 2004
 
        000-27621
 
  UNITED AMERICAN CORPORATION
    FLORIDA 95-4720231
  
 220 De La Coulee, Mount Saint Hilaire, Quebec, Canada J3H 5Z6
  
 514-788-4890
  
   
 
   
  40,658,242 shares of common stock as of March 31, 2004






1






PART I - FINANCIAL INFORMATION
 
 Item 1. Financial Statements.








2










UNITED AMERICAN CORPORATION















ASSETSCURRENT ASSETSCash

54,560Telecom equipment

225,279Total Current Assets
$
279,839LIABILITES AND STOCKHOLDERSEQUITYCURRENT LIABILITIESAccounts payable
$
61,712Total Current Liabilites

61,712STOCKHOLDERS DEFICIENCYCommon stock 50,000,000 shares authorized at $0.001 par value;40,658,242 shares issued and outstanding

40,658Capital in excess of par value

662,353Deficit accumulated during the Development stage

(484,884)Total Stockholders Deficiency

218,127$
-





3
  ****
 **UNITED AMERICAN CORPORATION**
 (Development Stage Company)
 STATEMENT OF OPERATIONS
 For the Three Months Ended March 31, 2004 and 2003 and the Period July17, 1992
 (date of inception) to March 31, 2004
 
   March 31,
2004


March 31,
2003


Jul 17, 1992
to March 31,
2004REVENUES
$
535,861

$
-

$
535,861EXPENSESAdministrative

140,808


1,509


475,158Operation

115,214





115,214Depreciation & amortization

-


-


14,738Consultants & salaries







1,010,477256,022


1,509


1,615,587OTHER EXPENSESExtinguishment of Debt







625,964Loss of assets

-


-


(31,122)NET PROFT (LOSS)
$
279,839

$
(1,509
)
$
(484,884)NET LOSS PER COMMON SHAREBasic
$
-

$
-AVERAGE OUTSTANDING SHARESBasic (stated in 1,000s)

14,318


13,703
 
 
 The accompanying notes are an integral part of these financial statements.
 
 
 
 4
 **UNITED AMERICAN CORPORATION**
(Development Stage Company)
STATEMENT OF CASH FLOWS
For the Three Months Ended March 31, 2004 and 2003 and the Period July17, 1992
(date of inception) to March 31, 2004
**** March 31,
2004


March 31,
2003


July17, 1992
to 2004March 31, 2004CASH FLOWS FROM OPERATING ACTIVITIESNet Profit (Loss)
$
279,839

$
(1,509
)
$
(484,884)Adjustments to reconcile net loss toNet cash provided by operatingActivitesChanges in accounts payables

-


1,509


687,676Contributions to capital-expenses

-


-


92,500Capital stock issued as payment for expenses

-


-


467,519Extinguishment of debt

-


-


(625,964)Net increase (Decrease) in Cash Flows from operations

279,839


-


136,847CASH FLOWS FROM INVESTING ACTIVITIES

-


-


-Telecommunication Equipment

225,279CASH FLOWS FROM FINANCING ACTIVITIESProceeds from loans

-


-


-Proceeds from common stock subscriptions

-


-


142,992Net change in Cash

-


-


-Cash at Beginning of Period

-


-


-Cash at end of Period
$
54,560

$
-

$
279,839SCHEDULE OF NON CASH OPERATION ACTIVITIESContributions to capital-expenses 2000-2004






$
92,500Stock issued as payment for expenses 1992-2004







467,519 
 
 The accompanying notes are an integral part of these financial statements.
 
 
 5
 UNITED AMERICAN CORPORATION
 ( Development Stage Company )
 NOTESTO FINANCIAL STATEMENTS
 
 March 31, 2004
 
   1. ORGANIZATION
    
     
  
 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
 Accounting Methods
 
    Dividend Policy
 
  
 Income Taxes
 
  
   6
  
 UNITED AMERICAN CORPORATION
 ( Development Stage Company )
 
 NOTES TO FINANCIAL STATEMENTS (Continued)
 
 March 31, 2004
 
 
 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
 
 Basic and Diluted Net Income (Loss) Per Share
 
  
 Financial and Concentrations Risk
 
  
 Revenue Recognition
 
  
 Advertising and Market Development
 
  
 Estimates and Assumptions
 
  
 Financial Instruments
 
  
 Recent Accounting Pronouncements
     7
    UNITED AMERICAN CORPORATION
 ( Development Stage Company )
 NOTES TO FINANCIAL STATEMENTS (Continued)
 
 March 31, 2004
 
 
 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - continued
 
 Telecommunication Equipment
 
 3. CAPITAL STOCK
 
   4. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
 
  
  
 5. CONTINGENT LIABILITIES - EXTINGUISHMENT OF DEBT
 
  
 6. GOING CONCERN
 
  
 8
  
 
 UNITED AMERICAN CORPORATION
 (Development Stage Company )
 NOTES TO FINANCIAL STATEMENTS (Continued)
 March 31, 2004
 
 
 7. ACQUISITION OF ALL OUTSTANDING STOCK OF UNITED AMERICAN CORP.
 
  
  
 9
  Item 2. Managements Discussion and Analysis or Plan of Operation.
 
  
 Overview
 
  
  
  
  
  
 10
 Description of Business
 
  
  
  
  
  
  
 Subsidiaries
 
 Vectoria Telecom, Inc.
   11
   
 Prolan Communications, Inc.
      United American Telecom, Inc.
 
    
 American Financial Services, Inc.
 
       12
 Products
 
 Cisco IP Phone 7902G
 
   Cisco IP Phone 7905G
 
       Cisco IP Phone 7940G
 
   Cisco IP Phone 7960G
 
   13
  Cisco IP Phone 7920
 
   e-Connect Units
 
     Services
 
  
 Call Forward Busy
   
 Call Forward Don't Answer
 
 
 
 Call Hold
  
 Call Park
   
 14
 Call Pick-up
 
 
  Call Transfer/Three-way Conferencing
   
 Call Waiting
   
 Caller ID Blocking
   
 Calling Number Delivery
   
 Distinctive Ringing
   
 Group Intercom
   
 Hunting
   
 Last Number Redial
   
 Music on Hold
   
 Voice Menuing (future)
   
 15
 
 Voice Messaging
   
 Plan of Operation
 
  Focus corporate attention toward customer service and satisfactionIncrease our market shareExpand our geographic coverage    
 Assets
 
  
  
 Liabilities and Stockholders Equity
 
  
  
 16
 
 Results of Operations
 
  
  
  
 Liquidity and Capital Resources
 
  
  
 Going Concern
 
  
 Revenue Recognition
 
  
 
 Item 3. Controls and Procedures.
 
  
 17
   
 Limitations on the Effectiveness of Internal Controls
 
  
 
 PART II  OTHER INFORMATION
  Item 1. Legal Proceedings
    Item 2. Changes in Securities
 
  
 Item 3. Defaults upon Senior Securities
 
   Item 4. Submission of Matters to a Vote of Security Holders
    18
   Item 5. Other Information
    Item 6. Exhibits and Reports on Form 8-K.
 
   
 Exhibit Number
Description31.1
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 200231.2
Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to
Section 302 of the Sarbanes-Oxley Act of 200232.
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 
  
  
  19
    SIGNATURES
 
    
 
 /s/ Benoit Laliberte
   20