U.S. SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(MARK ONE)
            [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
                  FOR THE FISCAL YEAR ENDED DECEMBER 31, 2002.

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
          FOR THE TRANSITION PERIOD FROM ------------ TO -------------.


         COMMISSION FILE NUMBER:  000-29133


                            SUN ASSET HOLDINGS, INC.
                    ----------------------------------------
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)



               FLORIDA                              86-0970161
    (STATE OR OTHER JURISDICTION OF     (I.R.S. EMPLOYER IDENTIFICATION NO.)
     INCORPORATION OR ORGANIZATION)

             1966 NORTH JOHN YOUNG PARKWAY, KISSIMMEE, FLORIDA 34741
                   ------------------------------------------
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)

                                 (407) 847-2623
                             ----------------------
                           (ISSUER'S TELEPHONE NUMBER)


SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:   NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT: COMMON STOCK, $.0001
PAR VALUE.

INDICATE  BY CHECK  MARK  WHETHER  THE  REGISTRANT:  (1) HAS FILED  ALL  REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE  SECURITIES  EXCHANGE  ACT OF
1934  DURING  THE  PRECEDING  12 MONTHS  (OR FOR SUCH  SHORTER  PERIOD  THAT THE
REGISTRANT WAS REQUIRED TO FILE SUCH REPORT(S), AND (2) HAS BEEN SUBJECT TO SUCH
FILING REQUIREMENTS FOR THE PAST 90 DAYS. YES X NO ___.




<PAGE>



INDICATE BY CHECK MARK IF DISCLOSURE OF DELINQUENT  FILERS  PURSUANT TO ITEM 405
OF REGULATION  S-K IS NOT CONTAINED  HEREIN,  AND WILL NOT BE CONTAINED,  TO THE
BEST  OF  THE  REGISTRANT'S   KNOWLEDGE,  IN  DEFINITIVE  PROXY  OR  INFORMATION
STATEMENTS  INCORPORATED  BY  REFERENCE  IN PART III OF THIS FORM  10-KSB OR ANY
AMENDMENT TO THIS FORM 10-KSB. X .

AT DECEMBER 31, 2002,  THE AGGREGATE  MARKET VALUE OF ALL SHARES OF VOTING STOCK
HELD BY NON-  AFFILIATES WAS $0.00. IN DETERMINING  THIS FIGURE,  THE REGISTRANT
HAS ASSUMED THAT ALL  DIRECTORS  AND  EXECUTIVE  OFFICERS ARE  AFFILIATES.  SUCH
ASSUMPTION SHALL NOT BE DEEMED  CONCLUSIVE FOR ANY OTHER PURPOSE.  THE NUMBER OF
SHARES  OUTSTANDING  OF EACH  CLASS  OF THE  REGISTRANT'S  COMMON  STOCK,  AS OF
DECEMBER 31,  2002,  WAS AS FOLLOWS:  COMMON  STOCK $.0001 PAR VALUE,  1,000,000
SHARES.

TOTAL REVENUES FOR FISCAL YEAR ENDED DECEMBER 31, 2002: $0

AT DECEMBER  31,  2002,  THE NUMBER OF SHARES OF COMMON  STOCK  OUTSTANDING  WAS
1,000,000.

TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT (CHECK ONE): YES ; NO   X



<PAGE>


                                     PART I

ITEM 1.  DESCRIPTION OF BUSINESS

         We  have  not  engaged  in any  operations  other  than  organizational
matters.  Coyote Canyon  Corporation,  a Wyoming corporation (the "Company") was
incorporated  on May 7, 1996, and was formed  specifically to be a "clean public
shell" and for the purpose of either  merging  with or  acquiring  an  operating
company with operating  history and assets.  We ceased all operating  activities
during  the  period  from May 7, 1996 to October  20,  1999 and were  considered
dormant.  Since October 20, 1999, the Company is in the development  stage,  and
have not commenced planned principal operations. On January 21, 2003, we changed
our name to Sun Asset  Holdings,  Inc.  and  through  a series of  transactions,
reincorporated in Florida from Wyoming.

         Our primary  activity has involved and will involve  seeking  merger or
acquisition  candidates  with whom we can either  merge or acquire.  We have not
selected  any  company  for  acquisition  or merger  and do not  intend to limit
potential  acquisitions  candidates to any particular field or industry,  but do
retain the right to limit acquisition or merger candidates,  if we so choose, to
a particular field or industry. Our plans are in the conceptual stage only.

         The proposed business activities  described herein classify the us as a
"blank  check" or "shell  company"  whose sole purpose at this time is to locate
and consummate a merger or acquisition. Many states have enacted statutes, rules
and  regulations  limiting the sale of securities of "blank check"  companies in
their  respective  jurisdictions.  Management does not believe it will undertake
any  efforts to cause a trading  market to develop in the  Company's  securities
until such time as we have successfully  implemented our business plan described
herein.  However,  if we intend to facilitate the eventual  creation of a public
trading  market  in our  outstanding  securities,  we  must  consider  that  our
securities,  when  available  for trading,  will be subject to a Securities  and
Exchange  Commission rule that imposes special sales practice  requirements upon
broker-dealers  who sell such  securities  to  persons  other  than  established
customers  or  accredited  investors.  For  purposes  of the  rule,  the  phrase
"accredited  investors"  means,  in general terms,  institutions  with assets in
excess of $5,000,000,  or individuals having a net worth in excess of $1,000,000
or having an annual income that exceeds  $200,000 (or that, when combined with a
spouse's income,  exceeds $300,000).  For transactions  covered by the rule, the
broker-dealer  must make a special  suitability  determination for the purchaser
and receive the purchaser's  written  agreement to the transaction  prior to the
sale.  Consequently,  the rule may affect the ability of  broker-dealers to sell
the Company's  securities  and also may affect the ability of purchasers in this
offering to sell their securities in any market that might develop therefor.

THE MERGER

         In January  2003,  we entered into an Agreement and Plan of Merger with
Sun Asset Holdings,  Inc., a Florida corporation.  Under the terms of the merger
agreement,  Coyote Canyon  Corporation  merged with and into Sun Asset Holdings,
Inc.,  with the public Wyoming  Company  surviving the merger,  redomiciling  in
Florida and proceeding  under the name Sun Asset  Holdings,  Inc. The merger was
completed during February 2003.


<PAGE>

         Upon completion of the merger, all of the issued and outstanding shares
of common stock of Coyote Canyon  Corporation  were cancelled and converted into
and became a right to receive, in the aggregate,  1,000,000 shares (as described
below) of our common stock. The 800,000 shares of common stock issued to the Sun
Asset  Holdings,   Inc.  stockholders  in  the  merger  collectively   represent
approximately  80% of our voting stock. As a result,  if the Sun Asset Holdings,
Inc.  stockholders act in concert,  they will have significant  control over our
business and operations, including the right to elect our Board of Directors.

         In connection with the merger, our sole director appointed a nominee of
Sun Asset Holdings,  Inc. to fill the existing vacancy on our Board of Directors
and then resigned as a member of our board.  The new director is named,  and his
background is described, in the section entitled "Directors, Executive Officers,
Promoters  and Control  Person;  Compliance  with Section  16(a) of the Exchange
Act," below.

OUR NAME CHANGE

         On January 21, 2003, we amended our Articles of Incorporation to change
our name from "Coyote Canyon  Corporation."  to "Sun Asset  Holdings,  Inc." The
purpose  of this  amendment  was to reflect  the scope and type of our  business
activities following the completion of the merger. At the same time, we effected
a  reduction  in the par value of our  outstanding  common  stock  from $.001 to
$.0001.  The rights and  preferences  of our common  stock were not  modified or
amended in connection with the reverse split.

THE AMENDMENT AND THE RESTATEMENT OF OUR ARTICLES OF INCORPORATION AND BYLAWS

         In connection with the merger with Sun Asset Holdings, Inc., we adopted
new Article of  Incorporation  and Bylaws with the intent of  "modernizing"  our
Article of Incorporation and Bylaws, and providing provisions in those documents
which are normally found in charter documents for public corporations (including
such matters as the use of teleconferencing, facsimile and telephone devices and
public trading securities procedures).

OUR CHANGE OF DOMICILE

         On February 5, 2003, we changed our state of incorporation from Wyoming
to  Florida.  In  connection  with the  change  of  domicile,  we  adopted a new
certificate  of  incorporation  and bylaws  essentially  identical  (except  for
required state-law imposed changes) to the amended Articles of Incorporation and
Bylaws described above.

         The change in domicile effected a change only in our legal domicile. It
did not result in any change in our business,  our management,  our fiscal year,
or our assets or liabilities or, except to the extent of any difference  between
Wyoming  and  Florida  law,  the general  legal  principals  under which we will
operate.

COMPETITION

         We expect to encounter substantial competition in our efforts to locate
attractive opportunities, primarily from business development companies, venture
capital  partnerships  and  corporations,  venture  capital  affiliates of large
industrial and financial  companies,  small  investment  companies,  and wealthy
individuals. Many of these entities will have significantly greater



<PAGE>





experience,  resources  and  managerial  capabilities  than  we  have  and  will
therefore be in a better  position  than we are to obtain  access to  attractive
business opportunities.

EMPLOYEES

         Our only  employees at the present time is our officers and  directors,
who will devote as much time as they  determines  is  necessary to carry out the
affairs of the Company.

ITEM 2.  DESCRIPTION OF PROPERTY

         We have a working  agreement with one of our  shareholders to share use
of 1,300  square  feet of office  space,  telephones  and  secretarial  services
supplied on a gratis basis.

ITEM 3.  LEGAL PROCEEDINGS

         We are not subject to any material actual or pending legal proceedings.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.

                                     PART II

ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

         There has been no  public  trading  market  for the our  common  stock.
Holders  of common  stock are  entitled  to  receive  such  dividends  as may be
declared by the Company's  Board of Directors.  No dividends on the common stock
have been paid by us, nor do we anticipate  that  dividends  will be paid in the
foreseeable future.

ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS OR PLAN OF OPERATION

         The  following  discussion  should  be read  in  conjunction  with  the
Financial Statements and notes thereto.

OPERATIONS

         We intend to seek,  investigate  and, if such  investigation  warrants,
acquire an interest in one or more  business  opportunities  presented  to us by
persons or firms who or which desire to seek perceived  advantages of a publicly
held corporation.

         We will not restrict our search to any specific  business,  industry or
geographical location, and we may participate in a business venture of virtually
any kind or nature.  The discussion of the proposed  business under this caption
and throughout is purposefully general and is not meant to be



<PAGE>



restrictive of our virtually  unlimited  discretion to search for and enter into
potential business opportunities.

         We may obtain  funds in one or more private  placements  to finance the
operation of any acquired business, if necessary.  Persons purchasing securities
in these placements and other  shareholders will likely not have the opportunity
to  participate  in the  decision  relating  to any  acquisition.  Our  proposed
business is sometimes  referred to as a "blind pool" because any investors  will
entrust their investment  monies to our management  before they have a chance to
analyze any  ultimate  use to which their  money may be put.  Consequently,  our
potential  success  is  heavily  dependent  on our  management,  which will have
unlimited discretion in searching for and entering into a business  opportunity.
The officers and  directors of the Company  likely have had no experience in any
proposed business of the Company. There can be no assurance that we will be able
to raise any funds in private placement.

LIQUIDITY AND CAPITAL RESOURCES

         We  remain  in  the  development  stage  and,  since  inception,   have
experienced  no  significant   change  in  liquidity  or  capital  resources  or
stockholder's  equity.  Our balance  sheet as of December 31,  2002,  reflects a
current asset value of $0.00, and a total asset value of $0.00.

         We will carry out our plan of business as  discussed  above.  We cannot
predict to what extent our  liquidity and capital  resources  will be diminished
prior to the consummation of a business  combination or whether our capital will
be further  depleted by the  operating  losses (if any) of the  business  entity
which we may eventually acquire.

CRITICAL ACCOUNTING POLICIES

         Our critical  accounting  policies  are those which we believe  require
significant  judgements,  often as a result of the need to make estimates  about
the  effect of  matters  that are  inherently  uncertain.  A  discussion  of our
critical  accounting  policies  is set  forth  in  the  Notes  to our  Financial
Statements included as part of this Report.

RECENTLY ISSUED FINANCIAL ACCOUNTING STANDARDS

         From time to time, the Financial  Accounting  Standards  Board ("FASB")
issues  pronouncements  regarding  financial  accounting  standards,   including
standards regarding accounting and reporting standards for business combinations
and other matters.  For more  information  regarding the significant  accounting
policies  and  standards  applicable  to our  operations,  see the  Notes to the
Financial Statements.


RESULTS OF OPERATIONS

         During the period from October 20, 1999 through  December 31, 2002,  we
have engaged in no significant  operations other than organizational  activities
and preparation for registration of our securities under the Securities Exchange
Act of 1934. No revenues were received by us during this period.

         For the current fiscal year, we anticipate incurring a loss as a result
of organizational



<PAGE>





expenses,  expenses  associated with registration under the Securities  Exchange
Act of 1934, and expenses  associated  with locating and evaluating  acquisition
candidates. We anticipate that until a business combination is completed with an
acquisition candidate, we will not generate revenues other than interest income,
and may continue to operate at a loss after  completing a business  combination,
depending upon the performance of the acquired business.

NEED FOR ADDITIONAL FINANCING

         We believe that our existing  capital  will be  sufficient  to meet our
cash needs,  including the costs of  compliance  with the  continuing  reporting
requirements of the Securities Exchange Act of 1934, as amended, for a period of
approximately  two years.  Accordingly,  in the event we are able to  complete a
business  combination  during this  period,  we  anticipates  that our  existing
capital will be sufficient  to allow us to  accomplish  the goal of completing a
business combination.  There is no assurance,  however, that the available funds
will  ultimately  prove  to be  adequate  to  allow us to  complete  a  business
combination,  and once a  business  combination  is  completed,  our  needs  for
additional financing are likely to increase substantially.

FEDERAL INCOME TAX ASPECTS OF INVESTMENT IN THE COMPANY

         The discussion contained herein has been prepared by us and is based on
existing  law  as  contained  in  the  Code,   amended  United  States  Treasury
Regulations ("Treasury Regulations"), administrative rulings and court decisions
as of the date of this  Annual  Report.  No  assurance  can be given that future
legislative  enactments,  administrative  rulings  or court  decisions  will not
modify the legal basis for  statements  contained in this  discussion.  Any such
development may be applied retroactively to transactions  completed prior to the
date thereof,  and could contain  provisions  having an adverse  affect upon the
Company and the holders of the Common Stock. In addition,  several of the issues
dealt with in this summary are the subjects of proposed and  temporary  Treasury
Regulations.  No assurance can be given that these  regulations  will be finally
adopted in their present form.

FORWARD LOOKING STATEMENT

         This  Management's  Discussion and Analysis of Financial  Condition and
Results of  Operations  includes  a number of  forward-looking  statements  that
reflect  Management's  current views with respect to future events and financial
performance. Those statements include statements regarding the intent, belief or
current  expectations  of us and members of our  management  team as well as the
assumptions  on which such  statements  are  based.  Prospective  investors  are
cautioned that any such forward-looking  statements are not guarantees of future
performance  and involve  risk and  uncertainties,  and that actual  results may
differ materially from those  contemplated by such  forward-looking  statements.
Readers are urged to carefully review and consider the various  disclosures made
by us in this  report and in our other  reports  filed with the  Securities  and
Exchange Commission. Important factors currently known to Management could cause
actual results to differ materially from those in forward-looking statements. We
undertake  no  obligation  to  update or revise  forward-looking  statements  to
reflect changed  assumptions,  the occurrence of unanticipated events or changes
in the future  operating  results over time. We believe that our assumptions are
based  upon  reasonable  data  derived  from and known  about our  business  and
operations. No assurances are made



<PAGE>



that actual results of operations or the results of our future  activities  will
not differ materially from its assumptions.

ITEM 7.  FINANCIAL STATEMENTS

         The financial  statements  are included  beginning at F-1. See Index to
the Financial Statements.

ITEM 7A.          QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET
  RISK

         We are not generally  subject to any foreign currency risk, and we are,
in  management's  opinion,  subject to only  minimum  interest  rate  risk.  Our
interest rate risk generally  arises from our variable  interest rate loans,  as
described in our Financial  Statements  below and from  fluctuations in interest
earnings arising from our limited investment  portfolio.  With respect to market
risk arising from our  investment  portfolio,  we have taken  measures  which we
believe minimize  fluctuations in those interest rates. We do not use derivative
financial investments in our financial portfolio. Based on the recent actions of
the Federal Research Board, our management believes that both interest rates and
inflation will be stable for the remainder of 2003. As a result,  our management
believes that we will suffer minimal market risk form our operations.


ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
            ON ACCOUNTING AND FINANCIAL DISCLOSURE

         None.

                                    PART III

ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL
PERSONS

DIRECTORS AND EXECUTIVE OFFICERS.

         The members of the Board of  Directors  of the Company  serve until the
next  annual  meeting  of  stockholders,  or until  their  successors  have been
elected.  The  officers  serve  at the  pleasure  of  the  Board  of  Directors.
Information  as to the  director  and  executive  officer  of the  Company is as
follows.

         Daniel Hodges, 36, has been sole Director,  President,  Chief Financial
Officer and Secretary of the Company since inception. Effective with the merger,
Mr. Hodges resigned.


NAME                         AGE      POSITION WITH           DATE POSITION
                                       THE COMPANY            FIRST HELD

Charles C. Frey              48       CEO and CFO             January 21, 2003
James R. Freed               49       Director                February 25, 2003





<PAGE>





BUSINESS EXPERIENCE

         The  following  is a  brief  account  of  the  education  and  business
experience  during  at least  the past five  years of each  director,  executive
officer and significant  employee,  indicating the principal  occupation  during
that period,  and the name and principal  business of the  organization in which
such occupation and employment were carried out.

JAMES R. FREED,  age 49 was the  president of Meridian  Mortgage  Marketing.  He
graduated  from the  University  of New  Haven in 1975 with a B.S.  in  Criminal
Justice, Forensic Science. After graduation,  Mr. Freed entered the Army and was
a military  policeman  from 1976 to 1982.  He has spent the past 21 years in the
forensic  unit of the  Chesapeake  Police  Department  and is currently a Master
police officer and the department's fingerprint  examiner/expert.  While working
for the  Chesapeake  Police  Department,  Mr. Freed was a military  police drill
sergeant in the Army  Reserves  from 1982 until  1998.  In addition to the above
commitments,  Mr. Freed was also a Boy Scout leader for over 10 years,  a member
of the department honor guard, the general  instructor and an instructor for the
state of Virginia in the  operation of their breath  testing  machines and he is
currently a member of the Fraternal Order of Police.

During the past six years,  Mr.  Freed has been  involved  during his spare time
with the  mortgage  business  culminating  in the  ownership of his own mortgage
broker business

CHARLES C. FREY,  age 48 is the Chief  Executive  Officer  and the acting  Chief
Financial  Officer.  Mr. Frey has broad  experience in the Real Estate  Industry
especially  in Florida and for the last 12 years in Orlando.  Mr. Frey gives the
company its operational stability and structure.  He is experienced with all the
financial aspects of running a business and adds the needed financial  direction
to operations.

Prior to Sun Asset Holdings,  Inc., Mr. Frey held executive and senior financial
operational  positions  with Sunterra  Resorts,  Inc. He served as the Executive
Vice  President  and President of the USA  Operations of this public  company as
well as Senior Vice President of Owner Services. Mr. Frey was with Sunterra from
its 1992  inception and was  instrumental  with building the company  before and
after the Initial Public  Offering in 1996.  Prior to joining  Sunterra Mr. Frey
was a Partner and Chief Financial Officer with Trammell Crow Residential in Boca
Raton,  and a commercial  division  controller  with Gerald  Hines  Interests in
Houston.

Mr. Frey is a graduate of Indiana  University of  Pennsylvania,  with a major in
Accounting  and  a  minor  in  Economics.  He  is a  licensed  Certified  Public
Accountant,  a Florida Real Estate Broker,  a Mortgage  Broker,  and a Community
Association Manager.

CONFLICTS OF INTEREST

         Certain  conflicts  of  interest  now exist and will  continue to exist
between  the us and our  officers  and  directors  due to the fact that each has
other business interests to which they devote their primary attention.




<PAGE>



         Certain conflicts of interest may exist between us and our director and
officer  and  conflicts  may  develop  in the  future.  We have not  established
policies or procedures for the  resolution of current or potential  conflicts of
interests.  There can be no  assurance  that our  officers  and  directors  will
resolve all conflicts of interest in our favor,  and failure by our officers and
directors  to  conduct  the our  business  in our best  interest  may  result in
liability  to our  officers  and  directors.  Our  officers  and  directors  are
accountable to us as a fiduciary, which means that they are required to exercise
good faith and integrity in handling our affairs.  Shareholders who believe that
we have been  harmed by failure of our officer  and  director  to  appropriately
resolve any  conflict  of  interest  may,  subject to  applicable  rule of civil
procedure,  be able to bring a class action or derivative  suit to enforce their
rights and our rights.

         We have no  arrangement,  understanding  or intention to enter into any
transaction  for  participating  in any business  opportunity  with any officer,
director,  or principal  shareholder  or with any firm or business  organization
with which such persons are  affiliated,  whether by reason of stock  ownership,
position as an officer or director, or otherwise.

COMPLIANCE WITH SECTION 16(A) OF THE SECURITIES EXCHANGE ACT OF 1934

         Section  16(a) of the Exchange Act,  requires the  Company's  officers,
directors and persons who  beneficially  own more than ten percent of the Common
Stock to file reports of securities ownership and changes in such ownership with
the Securities and Exchange Commission. Officers, directors and greater than ten
percent  beneficial  owners  also  are  required  by  rules  promulgated  by the
Securities  and  Exchange  Commission  to furnish the Company with copies of all
Section 16(a) forms they file.

ITEM 10.  EXECUTIVE COMPENSATION

         No compensation is paid or anticipated to be paid by the Company. It is
possible that upon an acquisition  some  compensation may be paid to management.
On acquisition of a business  opportunity,  current management may resign and be
replaced  by  persons  associated  with  the  business   opportunity   acquired,
particularly if the Company  participates in a business opportunity by effecting
a reorganization,  merger or consolidation.  If any member of current management
remains after effecting a business opportunity  acquisition,  that member's time
commitment  will  likely  be  adjusted  based on the  nature  and  method of the
acquisition and location of the business which cannot be predicted. Compensation
of management will be determined by the new board of directors, and shareholders
of the  Company  will  not  have  the  opportunity  to vote on or  approve  such
compensation.

ITEM 11.  SECURITY OWNERSHIP OF BENEFICIAL OWNERS AND
MANAGEMENT

PRINCIPAL SHAREHOLDERS

         The table  below sets forth  information  as to each  person  owning of
record or who was known by the Company to own  beneficially  more than 5% of the
1,000,000 shares of issued and outstanding  Common Stock,  including  options to
acquire stock of the Company as of December 31, 2002 and  information  as to the
ownership of the Company's Stock by each of its directors and executive officers
and by the  directors  and  executive  officers as a group.  Except as otherwise
indicated,  all shares are owned  directly,  and the persons  named in the table
have sole voting and



<PAGE>





investment power with respect to shares shown as beneficially owned by them.
                                                          # OF
NAME AND ADDRESS                        NATURE OF        SHARES
OF BENEFICIAL OWNERS                    OWNERSHIP         OWNED          PERCENT
DIRECTORS

PRINCIPAL SHAREHOLDERS


Daniel L. Hodges                        Common          800,000           80.00

DIRECTORS AND EXECUTIVE OFFICERS


Daniel L. Hodges                        Common          800,000           80.00

ALL EXECUTIVE OFFICERS AND
DIRECTORS AS A GROUP (1
PERSON)                                 Direct          800,000           80.00%
                                        Options            None            None%
                                            Total       800,000           80.00%

ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         In connection with organizing the Company, on November 4, 1997, persons
consisting of its officers, directors, and other individuals were issued a total
of 1,000  shares of Common  Stock at a value of $.001 per share.  On October 20,
1999, the outstanding shares were forward split 1,000 to 1, resulting in a total
of 1,000,000 shares outstanding. Under Rule 405 promulgated under the Securities
Act of 1933, Mr. Hodges may be deemed to be a promoter of the Company.

                                     PART IV

ITEM 13.  EXHIBITS AND REPORTS ON FORM 8-K

         (a) The following documents are filed as part of this report.

1. FINANCIAL STATEMENTS PAGE

Independent Auditor's Report                                                 F-1
Balance Sheets, December 31, 2002 and 2001                                   F-2
Statements of Operations,
  For the Years Ended December 31, 2002 and 2001                             F-3
Statements of Changes in Stockholders' Equity,
  For the Years Ended December 31, 2002 and 2001                             F-4
Statements of Cash Flows,
  For the Years Ended December 31, 2002 and 2001                             F-5
Notes to Financial Statements                                                F-6


<PAGE>

2.  FINANCIAL STATEMENT SCHEDULES
         The following  financial statement schedules required by Regulation S-X
are included herein.

         All  Schedules  are  omitted  because  they are not  applicable  or the
required information is shown in the financial statements or notes thereto.

3.  EXHIBITS

         The exhibit  numbers in the  following  list  correspond to the numbers
assigned to such Exhibits in Item 601 of Regulation S-K.

Exhibit
Number            Exhibit

3        Articles of Incorporation

3.2      Bylaws

10.2     Agreement and Plan of Merger

99.1     Certification  Pursuant to 18 U.S.C.  ss 1350,  As Adopted  Pursuant to
         Section 906 of the Sarbanes-Oxley Act of 2002.

99.2     Certification  Pursuant to 18 U.S.C.  ss 1350,  As Adopted  Pursuant to
         Section 906 of the Sarbanes-Oxley Act of 2002.

         (b) Reports on Form 8-K

         No  reports on Form 8-K were  filed  during the fourth  quarter of 2002
covered by this Form 10-KSB.

ITEM 14.  CONTROLS AND PROCEDURES

         The Company's Chief Executive  Officer and Chief Financial Officer have
concluded,  based on an evaluation  conducted within 90 days prior to the filing
date of this  annual  report  on Form  10-KSB,  that  the  Company's  disclosure
controls and  procedures  have  functioned  effectively  so as to provide  those
officers the information necessary whether:

                  (i) this  annual  report on Form  10-KSB  contains  any untrue
                  statement of a material fact or omits to state a material fact
                  necessary  to  make  the  statements  made,  in  light  of the
                  circumstances  under  which such  statements  were  made,  not
                  misleading  with respect to the period  covered by this annual
                  report on Form 10- KSB, and

                  (ii) the financial statements, and other financial information
                  included in this



<PAGE>





                  annual report on Form 10-KSB,  fairly  present in all material
                  respects the financial  condition,  results of operations  and
                  cash  flows  of  the  Company  as of,  and  for,  the  periods
                  presented in this annual report on Form 10-KSB.

         There  have  been no  significant  changes  in the  Company's  internal
controls or in other factors since the date of the Chief Executive Officer's and
Chief  Financial  Officer's  evaluation  that could  significantly  affect these
internal controls,  including any corrective actions with regards to significant
deficiencies and material weaknesses.

(b)  Reports on Form 8-K.  No  reports on Form 8-K were filed  during the period
covered by this Form 10-KSB.


                                   SIGNATURES

         In accordance  with Section 13 or 15(d) of the Securities  Exchange Act
of 1934,  the  registrant  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

SUN ASSET HOLDINGS, INC.

By:   /s/ Charles C. Frey
      /s/ Charles C. Frey, President, Chief Finance Officer
Date: April 14, 2003

By:   /s/ James R. Freed
      James R. Freed, Director
Date: April 14, 2003






















<PAGE>


I, Charles C. Frey, certify that:

         1.       I have reviewed this annual report on form 10-KSB of Sun Asset
                  Holdings, Inc.

         2.       Based on my knowledge, this annual report does not contain any
                  untrue  statement  of a  material  fact  or  omit  to  state a
                  material fact necessary to make the statements  made, in light
                  of the  circumstances  under which such  statements were made,
                  not  misleading  with  respect to the  period  covered by this
                  annual report.

         3.       Based on my  knowledge,  the financial  statements,  and other
                  financial  information included in this annual report,  fairly
                  present in all  material  respects  the  financial  condition,
                  results of operations  and cash flows of the registrant as of,
                  and for, the periods presented in this annual report.

         4.       The  registrant's   other   certifying   officers  and  I  are
                  responsible  for  establishing   and  maintaining   disclosure
                  controls  and  procedures  (as defined in  exchange  act rules
                  13a-14 and 15d-14) for the registrant and have:

         A)       designed  such  disclosure  controls and  procedures to ensure
                  that  material   information   relating  to  the   registrant,
                  including its consolidated  subsidiaries,  is made known to us
                  by others  within  those  entities,  particularly  during  the
                  period in which this annual report is being prepared;

         B)       evaluated the  effectiveness  of the  registrant's  disclosure
                  controls and  procedures  as of a date within 90 days prior to
                  the filing date of this annual report (the "evaluation date");
                  and

         C)       presented  in this  annual  report our  conclusions  about the
                  effectiveness of the disclosure  controls and procedures based
                  on our evaluation as of the evaluation date;

         5.       The  registrant's   other  certifying   officers  and  I  have
                  disclosed,  based  on  our  most  recent  evaluation,  to  the
                  registrant's  auditors and the audit committee of registrant's
                  board of  directors  (or  persons  performing  the  equivalent
                  functions):

         A)       all  significant  deficiencies  in the design or  operation of
                  internal   controls   which   could   adversely   affect   the
                  registrant's ability to record, process,  summarize and report
                  financial  data  and  have  identified  for  the  registrant's
                  auditors any material weaknesses in internal controls; and

         B)       any fraud,  whether or not material,  that involves management
                  or  other  employees  who  have  a  significant  role  in  the
                  registrant's internal controls.

         6.       The  registrant's   other  certifying   officers  and  I  have
                  indicated  in this  annual  report  whether  or not there were
                  significant  changes in internal  controls or in other factors
                  that could  significantly  affect internal controls subsequent
                  to the  date of our  most  recent  evaluation,  including  any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

Date: April 10, 2003

/s/ Charles C. Frey
Charles C. Frey
CEO (Principal Executive Officer)
(Principal Financial and Accounting Officer)



<PAGE>


                            SUN ASSET HOLDINGS, INC.
                      (FORMERLY COYOTE CANYON CORPORATION)
                          (A DEVELOPMENT STAGE COMPANY)

                                       -:-

                          INDEPENDENT AUDITOR'S REPORT

                           DECEMBER 31, 2002 AND 2001






<PAGE>






                                                     CONTENTS
<TABLE>
<CAPTION>
                                                                                                          Page

<S>                                                                                                        <C>
Independent Auditor's Report...............................................................................F - 1

Balance Sheets
  December 31, 2002 and 2001...............................................................................F - 2

Statements of Operations
  For the Years Ended December 31, 2002 and 2001...........................................................F - 3

Statement of Stockholders' Equity
 Since May 7, 1996 (inception) to December 31, 2002........................................................F - 4

Statements of Cash Flows
  For the Years Ended December 31, 2002 and 2001...........................................................F - 5

Notes to Financial Statements..............................................................................F - 6
</TABLE>


<PAGE>




                          INDEPENDENT AUDITOR'S REPORT


Sun Asset Holdings, Inc.
(formerly Coyote Canyon Corporation)
(A Development Stage Company)


         We have audited the accompanying  balance sheets of Sun Asset Holdings,
Inc.  (formerly Coyote Canyon  Corporation)(a  development  stage company) as of
December 31, 2002 and 2001,  and the related  statements of operations  and cash
flows  for  the  two  years  ended  December  31,  2002  and  the  statement  of
stockholder's  equity from May 7, 1996  (inception) to December 31, 2002.  These
financial  statements are the  responsibility of the Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards  require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material respects,  the financial position of Sun Asset Holdings,
Inc.(formerly  Coyote Canyon  Corporation)(a  development  stage  company) as of
December 31, 2002 and 2001, and the results of its operations and its cash flows
for the  two  years  ended  December  31,  2002 in  conformity  with  accounting
principles generally accepted in the United States of America.

         The accompanying  financial statements have been prepared assuming that
the Company  will  continue as a going  concern.  As  discussed in Note 1 to the
financial statements,  the Company has suffered recurring losses from operations
and has a net capital  deficiency that raise substantial doubt about its ability
to continue as a going  concern.  Management's  plans in regard to these matters
are also  described  in Note 1. The  financial  statements  do not  include  any
adjustments that might result from the outcome of this uncertainty.

                                                    Respectfully submitted


                                                    /S/ ROBISON, HILL & CO.
                                                    Certified Public Accountants
Salt Lake City, Utah
March 9, 2003

                                      F - 1

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                                 BALANCE SHEETS
<TABLE>
<CAPTION>


                                                                                          December 31,
                                                                                    2002                2001
                                                                             ------------------  ------------------
<S>                                                                          <C>                 <C>
ASSETS                                                                       $                -  $                -
                                                                             ==================  ==================


LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
  Accounts Payable                                                           $            5,263  $            1,641
                                                                             ------------------  ------------------

          Total Liabilities                                                               5,263               1,641
                                                                             ------------------  ------------------

Stockholders' Equity
Preferred Stock, par value $.0001 per share
  Authorized 100,000 shares, issued and outstanding at
  December 31, 2002 and 2001 - None                                                           -                   -
Common stock, par value $.0001, 100,000,000 shares                                          100                 100
  authorized, issued 1,000,000 shares at December 31,
  2002 and 2001
Paid-In Capital                                                                           8,239               6,598
Retained deficit                                                                         (1,075)             (1,075)
Deficit accumulated during development stage                                            (12,527)             (7,264)
                                                                             ------------------  ------------------

          Total Stockholders' Equity                                                     (5,263)             (1,641)
                                                                             ------------------  ------------------

          Total Liabilities and Stockholders' Equity                         $                -  $                -
                                                                             ==================  ==================
</TABLE>











   The accompanying notes are an integral part of these financial statements.

                                      F - 2

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>

                                                                                   Cumulative
                                                                                      since
                                                                                   October 20,
                                                                                      1999
                                                                                    inception
                                                 For the year ended                    of
                                                    December 31,                   development
                                        -------------------------------------
                                               2002               2001                stage
                                        ------------------  -----------------   -----------------
<S>                                     <C>                 <C>                 <C>
Revenues:                               $                -  $               -   $               -

Expenses:                                            5,263              3,676              12,527
                                        ------------------  -----------------   -----------------

     Net Loss                           $           (5,263) $          (3,676)  $         (12,527)
                                        ------------------  -----------------   -----------------

Basic & Diluted loss per share          $                -  $               -
                                        ==================  =================
</TABLE>




















   The accompanying notes are an integral part of these financial statements.

                                      F - 3

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                        STATEMENT OF STOCKHOLDERS' EQUITY
               SINCE MAY 7, 1996 (INCEPTION) TO DECEMBER 31, 2002
<TABLE>
<CAPTION>
                                                                                                              Deficit
                                                                                                            Accumulated
                                                                                                               During
                                                     Common Stock             Paid-In        Retained       Development
                                                 Shares        Par Value      Capital         Deficit          Stage
                                             --------------- -------------  ------------   -------------  ----------------
<S>                                          <C>             <C>            <C>            <C>            <C>
Balance at May 7, 1996 (inception)                         - $           -  $          -   $           -  $              -

Net Loss                                                   -             -             -          (1,025)                -
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 1996                               -             -             -          (1,025)                -

November 4, 1997 Issuance of Stock
for Services and payment
 of Accounts Payable                               1,000,000           100           900

Net Loss                                                   -             -             -             (25)                -
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 1997                       1,000,000           100           900          (1,050)                -

Net Loss                                                   -             -             -             (25)                -
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 1998                       1,000,000           100           900          (1,075)                -

Capital contributed by Shareholder                         -             -           100               -                 -
Net Loss                                                   -             -             -               -               (25)
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 1999                       1,000,000           100         1,000          (1,075)              (25)

Capital contributed by Shareholder                         -             -         3,563               -                 -
Net Loss                                                   -             -             -               -            (3,563)
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 2000                       1,000,000           100         4,563          (1,075)           (3,588)

Capital Contributed by Shareholder                         -             -         2,035               -                 -
Net Loss                                                   -             -             -               -            (3,676)
                                             --------------- -------------  ------------   -------------  ----------------
Balance at December 31, 2001                       1,000,000           100         6,598          (1,075)           (7,264)

Capital Contributed by Shareholder                         -             -         1,641               -                 -
Net Loss                                                   -             -             -               -            (5,263)
                                             --------------- -------------  ------------   -------------  ----------------

Balance at December 31, 2001                       1,000,000 $         100  $      8,239   $      (1,075) $        (12,527)
                                             =============== =============  ============   =============  ================
</TABLE>
   The accompanying notes are an integral part of these financial statements.

                                      F - 4

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
                                                                                    Cumulative
                                                                                      Since
                                                                                    October 20,
                                                                                       1999
                                                                                    Inception
                                                       For the years ended              of
                                                           December 31,            Development
                                                     ------------------------
                                                         2002        2001             Stage
                                                     ------------ -----------    ----------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
<S>                                                  <C>          <C>            <C>
Net Loss                                             $     (5,263)$    (3,676)   $        (12,527)
Increase (Decrease) in Accounts Payable                     3,622       1,641               5,188
                                                     ------------ -----------    ----------------
  Net Cash Used in operating activities                    (1,641)     (2,035)             (7,339)
                                                     ------------ -----------    ----------------

CASH FLOWS FROM INVESTING
ACTIVITIES:
Net cash provided by
  investing activities                                          -           -                   -
                                                     ------------ -----------    ----------------

CASH FLOWS FROM FINANCING
ACTIVITIES:
Capital contributed by shareholder                          1,641       2,035               7,339
                                                     ------------ -----------    ----------------
Net Cash Provided by
  Financing Activities                                      1,641       2,035               7,339
                                                     ------------ -----------    ----------------

Net (Decrease) Increase in
  Cash and Cash Equivalents                                     -           -                   -
Cash and Cash Equivalents
  at Beginning of Period                                        -           -                   -
                                                     ------------ -----------    ----------------
Cash and Cash Equivalents
  at End of Period                                   $          - $         -    $              -
                                                     ============ ===========    ================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the year for:
  Interest                                           $          - $         -    $              -
  Franchise and income taxes                         $          - $       115    $            240
</TABLE>

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
FINANCING ACTIVITIES: None

   The accompanying notes are an integral part of these financial statements.

                                      F - 5

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001

NOTE 1 - NATURE OF OPERATIONS AND GOING CONCERN

         The accompanying  financial  statements have been prepared on the basis
of accounting principles applicable to a "going concern",  which assume that the
Company  will  continue in  operation  for at least one year and will be able to
realize  its assets  and  discharge  its  liabilities  in the  normal  course of
operations. Several conditions and events cast doubt about the Company's ability
to  continue  as a "going  concern".  The  Company  has  incurred  net losses of
approximately  $5,300  for the  year  ended  December  31,  2002 and  losses  of
approximately  $13,600 since inception of the company,  has a liquidity problem,
and requires additional financing in order to finance its business activities on
an ongoing basis. The Company is actively pursuing alternative financing and has
had discussions  with various third parties,  although no firm  commitments have
been obtained.

         The  Company's  future  capital  requirements  will  depend on numerous
factors  including,  but not limited to,  continued  progress in  acquiring  and
developing various business opportunities.

         These  financial  statements do not reflect  adjustments  that would be
necessary  if the Company  were unable to continue as a "going  concern".  While
management believes that the actions already taken or planned, will mitigate the
adverse conditions and events which raise doubt about the validity of the "going
concern" assumption used in preparing these financial  statements,  there can be
no assurance that these actions will be successful.

         If the  Company  were unable to  continue  as a "going  concern",  then
substantial adjustments would be necessary to the carrying values of assets, the
reported amounts of its liabilities, the reported revenues and expenses, and the
balance sheet classifications used.

Organization and Basis of Presentation

         The Company was incorporated  under the laws of the State of Wyoming on
May 7, 1996. The Company ceased all operating  activities during the period from
May 7, 1996 to October 20, 1999 and was  considered  dormant.  Since October 20,
1999, the Company is in the  development  stage,  and has not commenced  planned
principal  operations.  On January 21, 2003, the Company changed its name to Sun
Asset Holdings,  Inc. and through a series of  transactions,  reincorporated  in
Florida from Wyoming.

Nature of Business

         The Company has no products or services as of December  31,  2002.  The
Company was organized as a vehicle to seek merger or acquisition candidates. The
Company intends to acquire interests in various business opportunities, which in
the opinion of management will provide a profit to the Company.

                                      F - 6

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001
                                   (Continued)

NOTE 2 - SUMMARY OF ACCOUNTING POLICIES

         This  summary  of  accounting  policies  for Sun Asset  Holdings,  Inc.
(formerly Coyote Canyon Corporation) is presented to assist in understanding the
Company's  financial  statements.  The accounting  policies conform to generally
accepted  accounting  principles  and  have  been  consistently  applied  in the
preparation of the financial statements.

Cash and Cash Equivalents

         For purposes of the statement of cash flows, the Company  considers all
highly liquid debt instruments purchased with a maturity of three months or less
to be cash equivalents to the extent the funds are not being held for investment
purposes.

Loss per Share

         The  reconciliations  of the numerators and  denominators  of the basic
loss per share computations are as follows:
<TABLE>
<CAPTION>
                                                                                                     Per-Share
                                                              Income              Shares               Amount
                                                           (Numerator)         (Denominator)

                                                                   For the year ended December 31, 2002
BASIC LOSS PER SHARE
<S>                                                     <C>                           <C>        <C>
Loss to common shareholders                             $           (5,263)           1,000,000  $                -
                                                        ==================  ===================  ==================


                                                                   For the year ended December 31, 2001
BASIC LOSS PER SHARE
Loss to common shareholders                             $           (3,676)           1,000,000  $                -
                                                        ==================  ===================  ==================
</TABLE>

         The  effect  of   outstanding   common  stock   equivalents   would  be
anti-dilutive for December 31, 2001 and 2000 and are thus not considered.

Concentration of Credit Risk

         The  Company has no  significant  off-balance-sheet  concentrations  of
credit  risk such as foreign  exchange  contracts,  options  contracts  or other
foreign  hedging  arrangements.  The Company  maintains the majority of its cash
balances with one financial institution, in the form of demand deposits

                                      F - 7

<PAGE>



                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001
                                   (Continued)

NOTE 2 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Reclassifications

         Certain   reclassifications  have  been  made  in  the  2001  financial
statements to conform with the 2002 presentation.

NOTE 3 - INCOME TAXES

         As  of  December  31,  2002,  the  Company  had a  net  operating  loss
carryforward for income tax reporting purposes of approximately $13,600 that may
be offset against future taxable income through 2022. Current tax laws limit the
amount of loss  available  to be offset  against  future  taxable  income when a
substantial  change in  ownership  occurs.  Therefore,  the amount  available to
offset future taxable income may be limited. No tax benefit has been reported in
the financial statements, because the Company believes there is a 50% or greater
chance the  carryforwards  will expire  unused.  Accordingly,  the potential tax
benefits of the loss  carryforwards  are offset by a valuation  allowance of the
same amount.

NOTE 4 - DEVELOPMENT STAGE COMPANY

         The Company has not begun principal  operations and as is common with a
development  stage  company,  the Company has had  recurring  losses  during its
development  stage.  The  Company's  financial  statements  are  prepared  using
generally  accepted  accounting  principles  applicable to a going concern which
contemplates  the  realization  of assets and  liquidation of liabilities in the
normal course of business.  However,  the Company does not have significant cash
or other material  assets,  nor does it have an  established  source of revenues
sufficient to cover its  operating  costs and to allow it to continue as a going
concern.  In the interim,  shareholders of the Company have committed to meeting
its minimal operating expenses.

NOTE 5 - COMMITMENTS

         As of  December  31,  2002 all  activities  of the  Company  have  been
conducted by  corporate  officers  from either their homes or business  offices.
Currently,  there are no  outstanding  debts owed by the  company for the use of
these facilities and there are no commitments for future use of the facilities.





                                      F - 8

<PAGE>


                            SUN ASSET HOLDINGS, INC.
                      (formerly Coyote Canyon Corporation)
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2002 and 2001
                                   (Continued)

NOTE 6 - REVERSE MERGER

         In January 2003,  the Company  entered into an agreement with Sun Asset
Holdings,  Inc.  (a Florida  Corporation).  Pursuant  to which the newly  formed
Company merged with and into Coyote Canyon  Corporation (a Wyoming  Corporation)
(the "Merger").

         As contemplated by the Merger,  the stockholders of the Company amended
and  restated  the  Company's  articles  and  bylaws  and  moved  the  state  of
incorporation from Wyoming to Florida.  The Company also changed its name to Sun
Asset  Holdings,  Inc.,  authorized the issuance of 100,000 shares of $.0001 par
value  preferred  stock and changed the par value of the common stock to $.0001.
The  change in par  value has been  retroactively  applied  in the  accompanying
financial statements.

         In  the  Merger,  all  of  Coyote  Canyon   Corporation's   issued  and
outstanding  shares of common stock were cancelled and converted into a right to
receive 1,000,000 common shares of the Company.


                                      F - 9