SECURITIES ANDEXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-KSB

 

[X] ANNUAL REPORTUNDER SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGEACT OF 1934

 

For the fiscal yearended: December 31, 2004

 

[ ] TRANSITION REPORTPURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGEACT OF 1934

 

Commission file number000-29451

 

INDEPENDENT ASSETMANAGEMENT CORP.

(Exact name ofregistrant as specified in its charter)

 

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

Issuer's TelephoneNumber: **(702) 866-5839**

 

Securities registeredunder Section 12(b) of the Exchange Act:

None

 

Securities registeredunder Section 12(g) of the Exchange Act:

Common Stock, $.001par value

(Title if Class)

 

Indicate by checkmark whether the registrant (a) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for the past90 days. Yes X No 

 

Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-Kis not contained herein, and will not be contained, to the best of registrant'sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB.[ ]

 

The number of sharesof Common Stock, $0.001 par value, outstanding on December 31, 2004, was8,681,370 shares, held by 1 stockholder.

 
** 

PART I

 ****ITEM 1. DESCRIPTIONOF BUSINESS

 **
Independent AssetManagement Corp. was incorporated in the State of Nevada on January 19, 1994, toengage in any lawful corporate undertaking, including, but not limited to,selected mergers and acquisitions. We have been in the development stage sinceinception. Independent Asset Management Corp. has not engaged in any commercialoperations. Independent Asset Management Corp. does not have active businessoperations, and at this time we are considered a "Blank Check" company.

 

We will attempt tolocate and negotiate with a business entity for the merger of a target businessinto the Company. In certain instances, a target business may wish to become asubsidiary of the Company or may wish to contribute assets to the Company ratherthan merge. No assurances can be given that we will be successful in locating ornegotiating with any target business.

 

Management believesthat there are perceived benefits to being a reporting company with a class ofpublicly-registered securities. These are commonly thought to include (1) theability to use registered securities to make acquisition of assets orbusinesses; (2) increased visibility in the financial community; (3) thefacilitation of borrowing from financial institutions; (4) improved tradingefficiency; (5) stockholder liquidity; (6) greater ease in subsequently raisingcapital; (7) compensation of key employees through stock options; (8) enhancedcorporate image; and (9) a presence in the United States capital market.

 

A business entity, ifany, which may be interested in a business combination with us may include (1) acompany for which a primary purpose of becoming public is the use of itssecurities for the acquisition of assets or businesses; (2) a company which isunable to find an underwriter of its securities or is unable to find anunderwriter of securities on terms acceptable to it; (3) a company which wishesto become public with less dilution of its common stock than would occurnormally upon an underwriting; (4) a company which believes that it will be ableto obtain investment capital on more favorable terms after it has become public;(5) a foreign company which may wish to gain an initial entry into the UnitedStates securities market; (6) a special situation company, such as a companyseeking a public market to satisfy redemption requirements under a qualifiedEmployee Stock Option Plan; or (7) a company seeking one or more of the otherperceived benefits of becoming a public company.

 

Management isactively engaged in seeking a qualified company as a candidate for a businesscombination. We are authorized to enter into a definitive agreement with a widevariety of businesses without limitation as to their industry or revenues. It isnot possible at this time to predict with which company, if any, we will enterinto a definitive agreement or what will be the industry, operating history,revenues, future prospects or other characteristics of that company.

 

1

 

We may seek abusiness opportunity with entities which have recently commenced operations, orwhich wish to utilize the public marketplace in order to raise additionalcapital in order to expand into new products or markets, to develop a newproduct or service, or for other corporate purposes. We may acquire assets andestablish wholly-owned subsidiaries in various businesses or acquire existingbusinesses as subsidiaries.

 

Our management, whichin all likelihood will not be experienced in matters relating to the business ofa target business, will rely upon its own efforts in accomplishing our businesspurposes. Outside consultants or advisors may be utilized by us to assist in thesearch for qualified target companies. If we do retain such an outsideconsultant or advisor, any cash fee earned by such person will need to beassumed by the target business, as we have no cash assets with which to pay suchobligation.

 

The analysis of newbusiness opportunities will be undertaken by, or under the supervision of ourofficer and director, who is not a professional business analyst. In analyzingprospective business opportunities, management may consider such matters as:
the available	technical, financial and managerial resources;working capital	and other financial requirements; history of operations, if any;prospects for the	future;nature of present	and expected competition;the quality and	experience of management services which may be available and the depth of	that management;the potential for	further research, development, or exploration;specific risk	factors not now foreseeable but which then may be anticipated to impact our	proposed activities;the potential for	growth or expansion;the potential for	profit;the perceived	public recognition or acceptance of products, services, or trades; name	identification; andother relevant	factors.
Management does nothave the capacity to conduct as extensive an investigation of a target businessas might be undertaken by a venture capital fund or similar institution. As aresult, management may elect to merge with a target business which has one ormore undiscovered shortcomings and may, if given the choice to select amongtarget businesses, fail to enter into an agreement with the mostinvestment-worthy target business.

 

Following a businesscombination we may benefit from the services of others in regard to accounting,legal services, underwritings and corporate public relations. If requested by atarget business, management may recommend one or more underwriters, financialadvisors, accountants, public relations firms or other consultants to providesuch services.

 

2

 

A potential targetbusiness may have an agreement with a consultant or advisor, providing thatservices of the consultant or advisor be continued after any businesscombination. Additionally, a target business may be presented to us only on thecondition that the services of a consultant or advisor be continued after amerger or acquisition. Such preexisting agreements of target businesses for thecontinuation of the services of attorneys, accountants, advisors or consultantscould be a factor in the selection of a target business.

 

In implementing astructure for a particular business acquisition, we may become a party to amerger, consolidation, reorganization, joint venture, or licensing agreementwith another corporation or entity. We may also acquire stock or assets of anexisting business. On the consummation of a transaction, it is likely that ourpresent management and stockholder will no longer be in our control. Inaddition, it is likely that our officer and director will, as part of the termsof the acquisition transaction, resign and be replaced by one or more newofficers and directors.

 

It is anticipatedthat any securities issued in any such reorganization would be issued inreliance upon exemption from registration under applicable federal and statesecurities laws. In some circumstances however, as a negotiated element of itstransaction, we may agree to register all or a part of such securitiesimmediately after the transaction is consummated or at specified timesthereafter. If such registration occurs, of which there can be no assurance, itwill be undertaken by the surviving entity after we have entered into anagreement for a business combination or have consummated a business combinationand we are no longer considered a blank check company. The issuance ofadditional securities and their potential sale into any trading market which maydevelop in our securities may depress the market value of our securities in thefuture if such a market develops, of which there is no assurance.

 

While the terms of abusiness transaction to which we may be a party cannot be predicted, it isexpected that the parties to the business transaction will desire to avoid thecreation of a taxable event and thereby structure the acquisition in a tax-freereorganization under Sections 351 or 368 of the Internal Revenue Code of 1986,as amended.

 

With respect to anymerger or acquisition negotiations with a target business, management expects tofocus on the percentage of the Company which target business stockholder wouldacquire in exchange for their shareholdings in the target business. Dependingupon, among other things, the target business's assets and liabilities, ourstockholder will in all likelihood hold a substantially lesser percentageownership interest in the Company following any merger or acquisition. Anymerger or acquisition effected by us can be expected to have a significantdilutive effect on the percentage of shares held by our stockholder at suchtime.

 

No assurances can begiven that we will be able to enter into a business combination, as to the termsof a business combination, or as to the nature of the target business.

 

As of the datehereof, management has not made any final decision concerning or entered intoany written agreements for a business combination. When any such agreement isreached or other material fact occurs, we will file notice of such agreement orfact with the Securities and Exchange Commission on Form 8-K. Persons readingthis Form 10-KSB are advised to determine if we have subsequently filed a Form8-K.

 

3

 

We anticipate thatthe selection of a business opportunity in which to participate will be complexand without certainty of success. Management believes (but has not conducted anyresearch to confirm) that there are numerous firms seeking the perceivedbenefits of a publicly registered corporation. Such perceived benefits mayinclude facilitating or improving the terms on which additional equity financingmay be sought, providing liquidity for incentive stock options or similarbenefits to key employees, increasing the opportunity to use securities foracquisitions, and providing liquidity for our stockholder and other factors.Business opportunities may be available in many different industries and atvarious stages of development, all of which will make the task of comparativeinvestigation and analysis of such business opportunities extremely difficultand complex.
** 

ITEM 2. DESCRIPTIONOF PROPERTY

 **
We have no propertiesand at this time have no agreements to acquire any properties. We currently usethe office of management at no cost to us. Management has agreed to continuethis arrangement until we complete an acquisition or merger.
** 

ITEM 3. LEGALPROCEEDINGS

 **
There is nolitigation pending or threatened by or against us.
** 

ITEM 4. SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS

 **
No matter wassubmitted to a vote of security holders, through the solicitation of proxies orotherwise, during the fourth quarter of the fiscal year covered by this report.
** 

PART II

 

ITEM 5. MARKET FORCOMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 **
There is currently nopublic market for our securities. We do not intend to trade our securities inthe secondary market until completion of a business combination or acquisition.It is anticipated that following such occurrence we will request that our commonstock be quoted on the NASD OTC Bulletin Board or, if we then meet the financialand other requirements thereof, on the Nasdaq SmallCap Market, National MarketSystem or regional or national exchange.

 

The proposed businessactivities described herein classify us as a "blank check" company. TheSecurities and Exchange Commission and many states have enacted statutes, rulesand regulations limiting the sale of securities of blank check companies intheir respective jurisdictions. Management does not intend to undertake anyefforts to cause a market to develop in our securities until such time as wehave successfully implemented our business plan described herein. Accordingly,our stockholder has agreed that he will not sell or otherwise transfer hisshares of our common stock except in connection with or following completion ofa merger or acquisition and we are no longer classified as a blank checkcompany.

 

4

 

There is currentlyone stockholder of our outstanding common stock. 

 

During the past threeyears, we have issued securities which were not registered as follows:

 

DATE
NAME
NUMBER OF		SHARES
CONSIDERATION
April 1, 2002
Debra K.		Amigone
21,880
$22 (1)
September 30,		2002
Debra K.		Amigone
28,130
$28 (1)
December, 31,		2002
Debra K.		Amigone
100,000
$100 (1)
April 28,		2003
Debra K.		Amigone
500,000
$500 (1)
June 17, 2003
Debra K.		Amigone
100,000
$100 (1)
September 29,		2003
Debra K.		Amigone
100,000
$100 (1)
December 31,		2003
Debra K.		Amigone
100,000
$100 (1)
June 15, 2004
Debra K.		Amigone
1,000,000
$1,000 (1)
September 29,		2004
Debra K.		Amigone
250,000
$250 (1)
January 14,		2005
Debra K.		Amigone
250,000
$250 (2)
________

(1) Shares issued toMs. Amigone were conversions of debt to equity for monies advanced by Ms.Amigone.With respect to the stock issued to Ms. Amigone, we relied upon Section 4(2) ofthe Securities Act of 1933.

 

(2) Shares issued toMs. Amigone were conversions of debt to equity for monies advanced by Ms.Amigonesubsequent to year end. With respect to the stock issued to Ms. Amigone, werelied upon Section 4(2) of the Securities Act of 1933.
** 

ITEM 6. PLAN OFOPERATION

 **
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.

 

5

 

We will not acquireor merge with any entity which does not intend to 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 not restrictour search for any specific kind of businesses, but may acquire a business whichis in its preliminary or development stage, which is already in operation, or inessentially any stage of its business life. It is impossible to predict at thistime the status of any business in which we may become engaged, in that suchbusiness may need to seek additional capital, may desire to have its sharespublicly traded, or may seek other perceived advantages which we may offer.

 

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 audit reflectsthe fact that we have no current source of income. Further, that withoutrealization of additional capital, it would be unlikely for the Company tocontinue as a going concern.

 

Our sole officer anddirector has agreed that he will advance any additional funds which we need foroperating capital and for costs in connection with searching for or completingan acquisition or merger. Such advances have historically been converted toequity. There is no minimum or maximum amount the Officer and Director willadvance to us. We will not borrow any funds for the purpose of repaying advancesmade by such Officer and Director, and we will not borrow any funds to make anypayments to our promoters, management or their affiliates or associates.

 

The Board ofDirectors has passed a resolution which contains a policy that we will not seekan acquisition or merger with any entity in which our officer, director,stockholder or his affiliates or associates serve as officer or director or holdmore than a 10% ownership interest.

 

6

 
**ITEM 7. FINANCIALSTATEMENTS**
 

See Index to Financial Statements andFinancial Statement Schedules appearing on page F-1 through F-11 of this Form10-KSB.
** 

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

There were no changesin or disagreements with accountants on accounting and financial disclosure forthe period covered by this report.
** 

ITEM 8A. CONTROLS ANDPROCEDURES**
 

The Company maintainsdisclosure controls and procedures designed to ensure that information requiredto be disclosed in reports filed under the Securities Exchange Act of 1934, asamended, is recorded, processed, summarized and reported within the specifiedtime periods. As of the end of the period covered by this report, the Company'ssole officer evaluated the effectiveness of the Company's disclosure controlsand 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.
** 

ITEM 8B. OTHERINFORMATION

 

NONE
** 

PART III

 

ITEM 9. DIRECTORS,EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A)OF THE EXCHANGE ACT**
 

Our Director andOfficer is as follows:

 

Name
Age
Positions and		Offices Held
Debra K.		Amigone
52
President,		Secretary, Treasurer, Director
 

There are noagreements or understandings for the officer or director to resign at therequest of another person and the above-named officer and director is not actingon behalf of nor will act at the direction of any other person.

 

Set forth below isthe name of our director and officer, all positions and offices held with us,the period during which he has served as such, and the business experienceduring at least the last five years:

 

7

 

Debra K. Amigone actsas President, Secretary, Treasurer and Director for the Company. Ms. Amigone hasserved as an officer and director of the company since inception. Since May,1997 to present she also serves as a Director and secretary of Securities LawInstitute, a securities consulting firm. From 1995 to 1997 Ms. Amigone acted aslegal assistant for Crowne Ventures, Inc., a public company. Ms. Amigone hasover 20 years experience in business management and as a legal assistant. Ms.Amigone is an affiliate of SY&S Consulting, formerly Sperry Young & Stoecklein,hereafter "SY&S"..

 

CURRENT BLANK CHECKCOMPANIES

 

The SEC reportingblank check companies that Debra Amigone serves or has served as President andDirector are listed in the following table:

 

Incorporation Name 
Form Type
File #
Date of Filing
Status (l)
VCM Technology Limited
10SB12G
000-29419
10 Feb 00
(2a)
 

(1)  Under Merger		Status "Merger" represents either a merger or an acquisition has		occurred or the company ceased to be a blank check company by operating		specific business a "No" represents that the company is currently		seeking merger or acquisition candidate. More detailed information for		each merger is disclosed in following paragraphs.

 

(2) (2a) In		August 2001 VCM Technology Limited merged with Vital Living, Inc.("Vital")		whereby Vital was the surviving corporation and VCM Technology Limited		ceased to exist. At the time of the merger Vital was currently marketing		a line of "impact" nutritional products. Additionally, the Company		intends to develop proprietary technology and product distribution		through the Allopathic Medicine, Complementary and Alternative Medicine		(CAM) and traditional Natural Products distribution channels. These		markets serve the core users of dietary supplements and address the		unique challenges of product substantiation and differentiation by		closely controlling marketing messages and effectively educating the		target consumers. Further, the company intends to introduce novel		compounds and clinically substantiated products and technologies into		this core distribution, while maximizing profitability with strategic		supply chain management.. Pursuant to the Plan of Merger, Vital issued		5,062 shares of restricted Common Stock to Debra K. Amigone in exchange		for the cancellation of Ms. Amigone's 6,481,060 shares of VCM Technology		Limited Common Stock. Vital paid $150,000 in cash to SY&S, of which		Debra K. Amigone is an affiliate, for consulting fees associated with		the merger. Ms. Amigone currently is a non-affiliated stockholder of		Vital. 
** 

CONFLICTS OF INTEREST

 **
Our officer anddirector expects to organize other companies of a similar nature and with asimilar purpose as us. Consequently, there are potential inherent conflicts ofinterest in acting as our officer and director. Insofar as the officer anddirector is engaged in other business activities, management anticipates thatshe will devote only a minor amount of time to our affairs. We do not have aright of first refusal pertaining to opportunities that come to management'sattention insofar as such opportunities may relate to our proposed businessoperations.

 

8

 

A conflict may arisein the event that another blank check company with which management isaffiliated is formed and actively seeks a target company. It is anticipated thattarget companies will be located for us and other blank check companies inchronological order of the date of formation of such blank check companies or,in the case of blank check companies formed on the same date, alphabetically.However, any blank check companies with which management is, or may be,affiliated may differ from us in certain items such as place of incorporation,number of shares and stockholder, working capital, types of authorizedsecurities, or other items. It may be that a target company may be more suitablefor or may prefer a certain blank check company formed after us. In such case, abusiness combination might be negotiated on behalf of the more suitable orpreferred blank check company regardless of date of formation.

 

The terms of businesscombination may include such terms as Ms. Amigone remaining a director orofficer of the Company and/or the continuing securities work of the Companybeing handled by the consulting firm of which Ms. Amigone is a director. Theterms of a business combination may provide for a payment by cash or otherwiseto Ms. Amigone for the purchase or retirement of all or part of his common stockof the Company by a target company or for services rendered incident to orfollowing a business combination. Ms. Amigone would directly benefit from suchemployment or payment. Such benefits may influence Ms. Amigone's choice of atarget company.

 

We may agree to payfinder's fees, as appropriate and allowed, to unaffiliated persons who may bringa target company to us where that reference results in a business combination.No finder's fee of any kind will be paid by us to management or our promoters orto their associates or affiliates. No loans of any type have, or will be, madeby us to management or our promoters of or to any of their associates oraffiliates.

 

There are no bindingguidelines or procedures for resolving potential conflicts of interest. Failureby management to resolve conflicts of interest in favor of us could result inliability of management to us. However, any attempt by stockholders or ourstockholder to enforce a liability of management to us would most likely beprohibitively expensive and time consuming.
** 

Section 16(a)Beneficial Ownership Reporting Compliance

 **
Section 16(a) of theSecurities Exchange Act of 1934, as amended (the "Exchange Act"), requiresIndependent Asset Management Corp. officers and directors, and persons whobeneficially own more than ten percent of Independent Asset Management's commonstock, to file initial reports of ownership and reports of changes in ownershipwith the SEC. Executive officers, directors and greater than ten percentbeneficial owners are required by SEC regulations to furnish Independent AssetManagement with copies of all Section 16(a) forms they file. Based upon a reviewof the copies of such forms furnished to Independent Asset Management andwritten representations from Independent Asset Management executive officer anddirector, Independent Asset Management believes that during the year ended 2004all forms 3 and 4 were filed on a timely basis.

 

9

 
**Audit Committee andFinancial Expert

 **
We do not have anAudit Committee, Debra K. Amigone, our sole director, performs some of the samefunctions of an Audit Committee, such as: recommending a firm of independentcertified public accountants to audit the annual financial statements; reviewingthe independent auditors independence, the financial statements and their auditreport; and reviewing management's administration of the system of internalaccounting controls. We do not currently have a written audit committee charteror similar document.

 

We have no financialexpert. We believe the cost related to retaining a financial expert at this timeis prohibitive. Further, because of our start-up operations, we believe theservices of a financial expert are not warranted.
** 

Code of Ethics 

 **
A code of ethicsrelates to written standards that are reasonably designed to deter wrongdoingand to promote:
-  Honest and	ethical conduct, including the ethical handling of actual or apparent	conflicts of interest between personal and professional relationships; 
-  Full, fair,	accurate, timely and understandable disclosure in reports and documents that	are filed with, or submitted to, the Commission and in other public	communications made by an issuer;
-  Compliance with	applicable governmental laws, rules and regulations;
-  The prompt	internal reporting of violations of the code to an appropriate person or	persons identified in the code; and
-  Accountability	for adherence to the code.

We have not adopted acorporate code of ethics that applies to our principal executive officer,principal financial officer, principal accounting officer or controller, orpersons performing similar functions in that our sole officer and directorserves in all the above capacities. 

 

Our decision to notadopt such a code of ethics results from our having only one officer anddirector operating as the sole management for the Company. We believe that as aresult of the limited interaction which occurs having a sole officer/directorfor the Company eliminates the current need for such a code, in that violationsof such a code would be reported to the party generating the violation. 
** 

Nominating Committee

 **
We do not have aNominating Committee or Nominating Committee Charter. Debra K. Amigone, our soledirector, performs some of the functions associated with a Nominating Committee.We have elected not to have a Nominating Committee in that we are a developmentstage company with limited operations and resources.

 

10

 
**ITEM 10. EXECUTIVECOMPENSATION

 **
Our officer anddirector does not receive any compensation for her services rendered, has notreceived such compensation in the past, and is not accruing any compensationpursuant to any agreement with us. However, our officer and director anticipatesreceiving benefits as a beneficial stockholder and, possibly, in other ways uponconsummation of a merger/acquisition transaction.

 

No retirement,pension, profit sharing, stock option or insurance programs or other similarprograms have been adopted by us for the benefit of our employees.
** 

CompensationCommittee* *
We do not have aformal Compensation Committee. Debra K. Amigone, our sole director, performssome of the functions of a Compensation Committee. Due to the lack of revenues,our lack of payment of any executive compensation and our development stagestatus, we deemed a Compensation Committee to not be necessary at this time. 

 
**ITEM				11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND				MANAGEMENT**
 

The following tablesets forth, as of December 31, 2004, each person known by us to be thebeneficial owner of five percent or more of our Common Stock and our directorand officer. Except as noted, the holder thereof has sole voting and investmentpower with respect to the shares shown.

 

Name and		Address

Of Beneficial		Owner
Amount of		Beneficial Ownership
Percent of

Outstanding		Stock
Debra K.		Amigone
8,681,370
100%
770 E. Warm		Springs Rd., #250  
Las Vegas, NV		89119     
All Executive		Officers and  
Directors as		a Group  
(1 Person)
8,681,370
100%** 

ITEM 12. CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS

 **
On April 28, 2003,the Company issued Ms. Amigone 500,000 shares of its $.001 par value commonstock for conversion of debt to equity of $500. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On June 17, 2003, theCompany issued Ms. Amigone 100,000 shares of its $.001 par value common stockfor conversion of debt to equity of $100. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

11

 

On September 29,2003, the Company issued Ms. Amigone 100,000 shares of its $.001 par valuecommon stock for conversion of debt to equity of $100. The shares were deemed tohave been issued pursuant to an exemption provided by Section 4(2) of the Act,which exempts from registration "transactions by an issuer not involving anypublic offering."

 

On December 31, 2003,the Company issued Ms. Amigone 100,000 shares of its $.001 par value commonstock for conversion of debt to equity of $100. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On June 15, 2004, theCompany issued Ms. Amigone 1,000,000 shares of its $.001 par value common stockfor conversion of debt to equity of $1,000. The shares were deemed to have beenissued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving any publicoffering."

 

On September 29,2004, the Company issued Ms. Amigone 250,000 shares of its $.001 par valuecommon stock for conversion of debt to equity of $250. The shares were deemed tohave been issued pursuant to an exemption provided by Section 4(2) of the Act,which exempts from registration "transactions by an issuer not involving apublic offering."
** 

Subsequent events toyear end

 **
On January 14, 2005,the Company issued Ms. Amigone 250,000 shares of its $.001 par value commonstock for conversion of debt to equity of $250. The shares were deemed to havebeen issued pursuant to an exemption provided by Section 4(2) of the Act, whichexempts from registration "transactions by an issuer not involving a publicoffering."
** 

Attestation ofPresident and Chief Financial Officer as to our internal controls

 **
Our President/ChiefFinancial Officer, Debra K. Amigone, has evaluated the effectiveness of ourinternal controls and have found that based on these evaluations and the currentstatus of the Company's operations that our internal controls are adequate atthis time. Further, there have been no significant changes in our internalcontrols or in other factors that could significantly affect internal controlssubsequent to the date of his evaluations.

 

12

 
**ITEM 13. EXHIBITS

 **
3(i)*
Certificate		of Incorporation filed as an exhibit to the Company's registration		statement on Form 10-SB filed on February 12, 2000, and incorporated		herein by reference.
3(ii)*
By-Laws filed		as an exhibit to the Company's registration statement on Form 10-SB		filed on February 12, 2000, and incorporated herein by reference.
4.1*
Article VI of		Articles of Incorporation filed as an exhibit to the Company's		registration statement on Form 10-SB filed on February 12, 2000, and		incorporated herein by reference.
4.2*
Article II		and Article VIII, Sections 3 and 6 of By-Laws filed as an exhibit to the		Company's registration statement on Form 10-SB filed on February 12,		2000, and incorporated herein by reference.
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.
_____

* Previously filed

** Filed herewith
** 

ITEM 14. PRINCIPALACCOUNTANT FEES AND SERVICES

 ***AUDIT FEES*
The aggregate feesbilled for professional services rendered by Beckstead and Watts, LLP, for theaudit of the registrant's annual financial statements and review of thefinancial statements included in the registrant's Form 10-QSB's or services thatare normally provided by the accountant in connection with statutory andregulatory filings or engagements for fiscal years 2004 and 2003 were $1,500 and$1,050, respectively.
* 

(2) AUDIT-RELATEDFEES*
None
* 

(3) TAX FEES*
None
* 

(4) ALL OTHER FEES*
None
* 

(5) AUDIT COMMITTEEPOLICIES AND PROCEDURES*
The Company does nothave an audit committee.
* 

(6) If greaterthan 50 percent, disclose the percentage of hours expended on the principalaccountant's engagement to audit the registrant's financial statements for themost recent fiscal year that were attributed to work performed by persons otherthan the principal accountant's full-time, permanent employees.

 

Not applicable.

 

13

 

SIGNATURES

 

Pursuant to therequirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized.

 

 

INDEPENDENT ASSET MANAGEMENT												CORP.

By:/s/ Debra K. Amigone_________

    												Debra K. Amigone, President

 

Dated: February 7,2005

 

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has been signedbelow by the following persons on behalf of the registrant and in the capacitiesand on the dates indicated.

 

NAME
OFFICE
DATE   
/s/ Debra K.		Amigone   
Debra K.		Amigone
President,		Secretary,
February 7,		2005 
Treasurer,		Chief  
Accounting		Officer,  
And Director 
 

14

 

TABLE OF CONTENTS

PAGE

INDEPENDENT AUDITORS' REPORT
F-1  
BALANCE SHEET
F-2  
STATEMENT OF OPERATIONS
F-3  
STATEMENT OF STOCKHOLDERS'		EQUITY
F-4  
STATEMENT OF CASH FLOWS
F-5  
NOTES TO FINANCIAL STATEMENTS
F-6 - F-11** **
15

 
**Beckstead and Watts, LLP
*Certified Public Accountants***
3340 Wynn Road, Ste. B

Las Vegas, NV 89102

702.257.1984

702.362.0540 (fax)

 

REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM

 

We have audited theaccompanying balance sheet of Independent Asset Management Corp. (the "Company")(A Development Stage Company), as of December 31, 2004, and the relatedstatement of operations, stockholders' equity, and cash flows for the periodended December 31, 2004 and 2003 and from January 19, 21994 (Date of Inception)to December 31, 2004. These financial statements are the responsibility of theCompany's management. Our responsibility is to express an opinion on thesefinancial statements based on our audit.

 

We conducted ouraudit in accordance with the standards of Public Company Accounting OversightBoard (United States). Those standards require that we plan and perform theaudit to obtain reasonable assurance about whether the financial statements arefree of material misstatement. An audit includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements. Anaudit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basisfor our opinion.

 

In our opinion, thefinancial statements referred to above present fairly, in all material respects,the financial position of Independent Asset Management Corp. (A DevelopmentStage Company) as of December 31, 2004, and the results of its operations andcash flows for the period ended December 31, 2004 and 2003 and for the periodJanuary 19, 1994 (Date of Inception) to December 31, 2004, in conformity withU.S. generally accepted accounting principles.

 

The accompanyingfinancial statements have been prepared assuming the Company will continue as agoing concern. As discussed in Note 2 to the financial statements, the Companyhas had limited operations and have not commenced planned principal operations.This raises substantial doubt about its ability to continue as a going concern.Management's plan in regard to these matters are also described in Note 2. Thefinancial statements do not include any adjustments that might result from theoutcome of this uncertainty.

 

Beckstead and Watts, LLP

Las Vegas, NV

January 28, 2005

 

F-1

 
**Independent AssetManagement Corp.

(a development stagecompany)

Balance Sheet**
 
December 31,
 
2004**Assets 
Current assets: 
     Cash
$ -
         		Total current assets
-
  
 
$ -
 
**Liabilities and Stockholders'		Equity 
Current liabilities - related		party
$ 250
  
Stockholders' Equity 
    		Preferred stock, $.001 par value 5,000,000 shares authorized zero issued		and Outstanding
-
  
    		Common stock, $.001 par value, 20,000,000 shares authorized; 8,681,370		issued and outstanding
8,681		 
 		     Additional paid-in-capital
5,000
  
    		(Deficit) accumulated during development stage
(13,931)
 
(250)
  
 
$ -
 

The accompanying notesare an integral part of these financial statements

 

F-2

 
**Independent AssetManagement Corp.

(a development stagecompany)

Statements ofOperations

For the Twelve MonthsEnding December 31, 2004 and 2003

And For the PeriodJanuary 19, 1994 (Inception) to December 31, 2004

 **
** **
**For the		Years Ended December 31,**
**January 19,		1994 (Inception) to December 31, 2004**
** ****2004**2003
Revenue
$ -
$ -
$ -
    
Expenses:   
General and Administrative
1,500
800
13,931
Total Expenses
1,500
800
13,931
 

Net (loss)
$ (1,500)
$ (800)
$ (13,931)
    
Weighted average number of		common shares outstanding - basic and fully diluted
8,039,293
7,049,827 
    
Net (loss) per share - basic		and fully diluted
$ (0.00)
$ (0.00) 
 

The accompanying notesare an integral part of these financial statements

 

F-3

 
**Independent AssetManagement Corp.

(a development stagecompany)

Statements of Changesin Stockholders' Equity

 **
 
Common Stock

Shares                   		Amount
Additional		paid-in Capital
(Deficit)		accumulated during development stage
Total		Stockholders' Equity
 
 
 
 
 
 
December 31, 1999
 
 
 
 
 
  Founders shares issued
10,000
$10,000
$-
$-
10,000
 
 
 
 
 
 
Net (loss), December 31, 1999
 
 
 
(10,000)
(10,000)
Balance December 31, 1999
10,000
10,000
-
(10,000)
-
 
 
 
 
 
 
January 19, 2000
 
 
 
 
 
Recapitalization - Par value		decrease from $1.00 per share to $0.001 per share
 

 
 

(9,990)
 

9,990
 

-
 

-		 		 		 		 		 		 		January 31, 2000		 		 		 		 		 		  Forward stock split 500:1		4,990,000		4,990		(4,990)		-		-
 
 
 
 
 
 
Net (loss), December 31, 2000
 
 
 
(1,132)
(1,132)
Balance December 31, 2000
5,000,000
5,000
5,000
(11,132)
(1,132)
      
January 1, 2001 Shares Issued		for Debt
1,432,000
1,432
--
1,432
      
April 1, 2001 Shares Issued		for Debt
22,060
22
--
22
      
July 1, 2001 Shares Issued		for Debt
13,240
13
--
13
      
October 1, 2001 Shares Issued		for Debt
14,060
14
--
14
      
Net (loss) December 31, 2001
 
 
 
(349)
(349)
Balance December 31, 2001
6,481,360
6,481
5,000
(11,481)
-
      
April 1, 2002 Shares Issued		for Debt
21,880
22
--
22
      
September 30, 2002 Shares		Issued for Debt
28,130
28
--
28
      
December 31, 2002 Shares		Issued for Debt
100,000
100
--
100
      
Net (loss) December 31, 2002
 
 
 
(150)
(150)
Balance December 31, 2002
6,631,370
6,631
5,000
(11,631)
-
      
April 28, 2003 Shares Issued		for Debt
500,000
500
-
-
500
      
June 17, 2003 Shares Issued		for Debt
100,000
100
-
-
100
      
September 29, 2003 Share		Issued for Debt
100,000
100
-
-
100
      
December 31, 2003 Shares		Issued for Debt
100,000
100
- 
100
      
Net (loss) December 31, 2003
 
 
 
(800)
(800)
Balance December 31, 2003
7,431,370
7,431
5,000
(12,431)
-

June 15, 2004 Shares Issued		for Debt
1,000,000
1,000
-
-
1,000
      
September 29, 2004 Share		Issued for Debt
250,000
250
-
-
250

Net (loss) December 31, 2004
 
 
 
(1,500)
(1,500)
Balance December 31, 2004
8,681,370
$ 8,681
$ 5,000
$ (13,931)
$ (250)
 

The accompanying notesare an integral part of these financial statements

 

F-4

 
**Independent AssetManagement Corp.

(a development stagecompany)

Statements of CashFlows

For the Twelve MonthsEnding December 31, 2004 and 2003

And For the PeriodJanuary 19, 1994 (Inception) to December 31, 2004

 **
** **
**For the		Years Ended December 31,**
**January 19,		1994 (Inception) to December 31, 2004**
** ****2004**2003 **Cash flows from operating		activities:

     Net		(loss)
$ (1,500)
$ (800)
$ (13,931)
Amortization
-
-
-
    		Stock issued for services***************************** |
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