SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

FORM10-KSB

 

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

SECURITIESEXCHANGE ACT OF 1934

 

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

SECURITIESEXCHANGE ACT OF 1934

 

Forthe fiscal year ended: December 31, 2003

 

Commissionfile number 000-29451

 

INDEPENDENTASSET MANAGEMENT CORP.

(Exactname of registrant 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., #250**
**Las      Vegas, NV   **
** 89119**
(Address      of principal executive offices)   
(zip      code)
 

Issuer'sTelephone Number: **(702) 866-5839**
 

Securitiesregistered under Section 12(b) of the Exchange Act:

None

 

Securitiesregistered under Section 12(g) of the Exchange Act:

CommonStock, $.001 par value

(Titleif Class)

 

Indicateby check mark whether the registrant (a) has filed all reports required to befiled by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements forthe past 90 days. Yes X No
 

Indicateby check mark if disclosure of delinquent filers pursuant to Item 405 ofRegulation S-K is not contained herein, and will not be contained, to the bestof registrant's knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-KSB or any amendment tothis Form 10-KSB. [ ]

 

Thenumber of shares of Common Stock, $0.001 par value, outstanding on December 31,2003, was 7,431,370 shares, held by 1 stockholder.

 

 

PARTI

 

ITEM1. DESCRIPTION OF BUSINESS

 

IndependentAsset Management Corp. was incorporated in the State of Nevada on January 19,1994, to engage in any lawful corporate undertaking, including, but not limitedto, selected mergers and acquisitions. We have been in the development stagesince inception. Independent Asset Management Corp. has not engaged in anycommercial operations. Independent Asset Management Corp. does not have activebusiness operations, and at this time we are considered a "BlankCheck" company.

 

Weregistered our common stock on a Form 10-SB registration statement filedpursuant to the Securities Exchange Act of 1934 (the "Exchange Act")and Rule 12(g) thereof. We file with the Securities and Exchange Commissionperiodic and episodic reports under Rule 13(a) of the Exchange Act, includingquarterly reports on Form 10-QSB and annual reports on Form 10-KSB.

 

Wewill attempt to locate and negotiate with a business entity for the merger of atarget business into the Company. In certain instances, a target business maywish to become a subsidiary of the Company or may wish to contribute assets tothe Company rather than merge. No assurances can be given that we will besuccessful in locating or negotiating with any target business.

 

Managementbelieves that there are perceived benefits to being a reporting company with aclass of publicly-traded securities. These are commonly thought to include (1)the ability 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.

 

Abusiness entity, if any, which may be interested in a business combination withus may include (1) a company for which a primary purpose of becoming public isthe use of its securities for the acquisition of assets or businesses; (2) acompany which is unable to find an underwriter of its securities or is unable tofind an underwriter of securities on terms acceptable to it; (3) a company whichwishes to 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.

 

Managementis actively 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.

 

 

Wemay seek a business opportunity with entities which have recently commencedoperations, or which wish to utilize the public marketplace in order to raiseadditional capital in order to expand into new products or markets, to develop anew product or service, or for other corporate purposes. We may acquire assetsand establish wholly-owned subsidiaries in various businesses or acquireexisting businesses as subsidiaries.

 

Ourmanagement, which in all likelihood will not be experienced in matters relatingto the business of a target business, will rely upon its own efforts inaccomplishing our business purposes. Outside consultants or advisors may beutilized by us to assist in the search for qualified target companies. If we doretain such an outside consultant or advisor, any cash fee earned by such personwill need to be assumed by the target business, as we have limited cash assetswith which to pay such obligation.

 

Theanalysis of new business opportunities will be undertaken by, or under thesupervision of our officer and director, who is not a professional businessanalyst. In analyzing prospective business opportunities, management mayconsider 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 and;other    relevant factors.
Managementdoes not have the capacity to conduct as extensive an investigation of a targetbusiness as might be undertaken by a venture capital fund or similarinstitution. As a result, management may elect to merge with a target businesswhich has one or more undiscovered shortcomings and may, if given the choice toselect among target businesses, fail to enter into an agreement with the mostinvestment-worthy target business.

 

Followinga business combination we may benefit from the services of others in regard toaccounting, legal services, underwritings and corporate public relations. Ifrequested by a target business, management may recommend one or moreunderwriters, financial advisors, accountants, public relations firms or otherconsultants to provide such services.

 

 

Apotential target business may have an agreement with a consultant or advisor,providing that services of the consultant or advisor be continued after anybusiness combination. Additionally, a target business may be presented to usonly on the condition that the services of a consultant or advisor be continuedafter a merger or acquisition. Such preexisting agreements of target businessesfor the continuation of the services of attorneys, accountants, advisors orconsultants could be a factor in the selection of a target business.

 

Inimplementing a structure for a particular business acquisition, we may become aparty to a merger, consolidation, reorganization, joint venture, or licensingagreement with another corporation or entity. We may also acquire stock orassets of an existing business. On the consummation of a transaction, it islikely that our present management and stockholder will no longer be in ourcontrol. In addition, it is likely that our officer and director will, as partof the terms of the acquisition transaction, resign and be replaced by one ormore new officers and directors.

 

Itis anticipated that any securities issued in any such reorganization would beissued in reliance upon exemption from registration under applicable federal andstate securities laws. In some circumstances however, as a negotiated element ofits transaction, 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.

 

Whilethe terms of a business transaction to which we may be a party cannot bepredicted, it is expected that the parties to the business transaction willdesire to avoid the creation of a taxable event and thereby structure theacquisition in a tax-free reorganization under Sections 351 or 368 of theInternal Revenue Code of 1986, as amended.

 

Withrespect to any merger or acquisition negotiations with a target business,management expects to focus on the percentage of the Company which targetbusiness stockholder would acquire in exchange for their shareholdings in thetarget business. Depending upon, among other things, the target business'sassets and liabilities, our stockholder will in all likelihood hold asubstantially lesser percentage ownership interest in the Company following anymerger or acquisition. Any merger or acquisition effected by us can be expectedto have a significant dilutive effect on the percentage of shares held by ourstockholder at such time.

 

Noassurances can be given that we will be able to enter into a businesscombination, as to the terms of a business combination, or as to the nature ofthe target business.

 

Asof the date hereof, management has not made any final decision concerning orentered into any written agreements for a business combination. When any suchagreement is reached or other material fact occurs, we will file notice of suchagreement or fact with the Securities and Exchange Commission on Form 8-K.Persons reading this Form 10-KSB are advised to determine if we havesubsequently filed a Form 8-K.

 

 

Weanticipate that the selection of a business opportunity in which to participatewill be complex and without certainty of success. Management believes (but hasnot conducted any research to confirm) that there are numerous firms seeking theperceived benefits of a publicly registered corporation. Such perceived benefitsmay include facilitating or improving the terms on which additional equityfinancing may be sought, providing liquidity for incentive stock options orsimilar benefits to key employees, increasing the opportunity to use securitiesfor acquisitions, 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.

 

ITEM2. DESCRIPTION OF PROPERTY

 

Wehave no properties and at this time have no agreements to acquire anyproperties. We currently use the office of management at no cost to us.Management has agreed to continue this arrangement until we complete anacquisition or merger.

 

ITEM3. LEGAL PROCEEDINGS

 

Thereis no litigation pending or threatened by or against us.

 

ITEM4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

Nomatter was submitted to a vote of security holders, through the solicitation ofproxies or otherwise, during the fourth quarter of the fiscal year covered bythis report.

 

PARTII

 

ITEM5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 

Thereis currently no public market for our securities. We do not intend to trade oursecurities in the secondary market until completion of a business combination oracquisition. It is anticipated that following such occurrence we will requestthat our common stock to be quoted on the NASD OTC Bulletin Board or, if we thenmeet the financial and other requirements thereof, on the Nasdaq SmallCapMarket, National Market System or regional or national exchange.

 

Theproposed business activities described herein classify us as a "blankcheck" company. The Securities and Exchange Commission and many states haveenacted statutes, rules and regulations limiting the sale of securities of blankcheck companies in their respective jurisdictions. Management does not intend toundertake any efforts to cause a market to develop in our securities until suchtime as we have successfully implemented our business plan described herein.Accordingly, our stockholder has agreed that she will not sell or otherwisetransfer his shares of our common stock except in connection with or followingcompletion of a merger or acquisition and we have no longer classified as ablank check company.

 

 

Thereis currently one stockholder of our outstanding common stock.

 

Duringthe past three years, we have issued securities which were not registered asfollows:

 

 

DATE
 

NAME
NUMBER      OF SHARES
 

CONSIDERATION
January      19, 1994
Debra      K. Amigone
10,000
$10,000(1)
January      18,2000
Debra      K. Amigone
4,990,000
500:1      Forward Split(1)
January      1, 2001
Debra      K. Amigone
1,432,000
$1,432(2)
April      1, 2001
Debra      K. Amigone
22,060
$22      (2)
July      1, 2001
Debra      K. Amigone
13,240
$13      (2)
October      1, 2001
Debra      K. Amigone
14,060
$14      (2)
April      1, 2002
Debra      K. Amigone
21,880
$22      (2)
September      30, 2002
Debra      K. Amigone
28,130
$28      (2)
December,      31, 2002
Debra      K. Amigone
100,000
$100      (2)
April      28, 2003
Debra      K. Amigone
500,000
$500      (2)
June      17, 2003
Debra      K. Amigone
100,000
$100      (2)
September      29, 2003
Debra      K. Amigone
100,000
$100      (2)
December,      31, 2003
Debra      K. Amigone
100,000
$100      (2)
________

 

(1)Ms. Amigone is our sole director, controlling stockholder and president. Sharesissued to Ms. Amigone were in return for services provided to us by Ms. Amigone,in lieu of cash. With respect to the stock issued to Ms. Amigone, we relied uponSection 4(2) of the Securities Act of 1933, as amended and Rule 506 promulgatedthereunder.

 

(2)Shares issued to Ms. Amigone were conversions of debt to equity for moniesadvanced by Ms. Amigone. With respect to the stock issued to Ms. Amigone, werelied upon Section 4(2) of the Securities Act of 1933.

 

ITEM6. PLAN OF OPERATION

 

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

 

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

 

 

Wewill not restrict our search for any specific kind of businesses, but mayacquire a business which is in its preliminary or development stage, which isalready in operation, or in essentially any stage of its business life. It isimpossible to predict at this time the status of any business in which we maybecome engaged, in that such business may need to seek additional capital, maydesire to have its shares publicly traded, or may seek other perceivedadvantages which we may offer.

 

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

 

Wehave, and will continue to have, no capital with which to provide the owners ofbusiness opportunities with any cash or other assets. However, managementbelieves we will be able to offer owners of acquisition candidates theopportunity to acquire a controlling ownership interest in a publicly registeredcompany without incurring the cost and time required to conduct an initialpublic offering. Our officer and director has not conducted market research andis not aware of statistical data to support the perceived benefits of a mergeror acquisition transaction for the owners of a business opportunity.

 

Ouraudit reflects the fact that we have no current source of income. Further, thatwithout realization of additional capital, it would be unlikely for the Companyto continue as a going concern.

 

OurOfficer and Director has agreed that she will advance any additional funds whichwe need for operating capital and for costs in connection with searching for orcompleting an acquisition or merger. Such advances will be made withoutexpectation of repayment unless the owners of the business which we acquire ormerge with agree to repay all or a portion of such advances. There is no minimumor maximum amount such stockholder will advance to us. We will not borrow anyfunds for the purpose of repaying advances made by such stockholder, and we willnot borrow any funds to make any payments to our promoters, management or theiraffiliates or associates.

 

TheBoard of Directors has passed a resolution which contains a policy that we willnot seek an acquisition or merger with any entity in which our officer,director, stockholder or his affiliates or associates serve as officer ordirector or hold more than a 10% ownership interest.

 

 

ITEM7. FINANCIAL STATEMENTS

 

SeeIndex to Financial Statements and Financial Statement Schedules appearing onpage F-1 through F-8 of this Form 10-KSB.

 

ITEM8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE

 

Therewere no changes in or disagreements with accountants on accounting and financialdisclosure for the period covered by this report.

 

ITEM8A CONTROLS AND PROCEDURES

 

Weare a development stage company with no revenues and our sole officer anddirector has responsibility for our internal controls and procedures over ourfinancial reporting.

 

Wehave implemented and maintain disclosure controls and procedures which consistof: the control environment, risk assessment, control activities, informationand communication and monitoring. Our scope of internal control thereforeextends to policies, plans procedures, processes, systems, activities,initiatives, and endeavors required of a company with our limited transactions,revenues, expenses, and operations. These controls and procedures are designedto ensure that the information required to be disclosed in our Exchange Actreports is recorded, processed, summarized and reported within the time periodsspecified in the SEC's rules.

 

Therehave been no significant changes (including corrective actions with regard tosignificant deficiencies or material weaknesses) in our internal controls or inother factors that could significantly affect the controls subsequent to thedate of the evaluation referenced below.

 

Within90 days prior to the date of this report, we carried out an evaluation, underthe supervision of our sole officer and director, of the effectiveness of thedesign and operation of the Company's disclosure controls and procedures. Basedon the foregoing, our sole officer and director concluded that, given theCompany's limited operations, our disclosure controls and procedures wereeffective.

 

PARTIII

 

ITEM9 DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITHSECTION 16(A) OF THE EXCHANGE ACT

 

OurDirector and Officer is as follows:

Name
Age
Positions      and Offices Held
Debra      K. Amigone
51
President,      Secretary, Director
 

Thereare no agreements 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.

 

 

Setforth below is the name of our director and officer, all positions and officesheld with us, the period during which she has served as such, and the businessexperience during at least the last five years:

 

DebraK. Amigone acts as President, Secretary, Treasurer and Director for the Company.Ms. Amigone has served as an officer and director of the company sinceinception. Since May, 1997 to present she also serves as a Director andsecretary of Securities Law Institute, a securities consulting firm. From 1995to 1997 Ms. Amigone acted as legal assistant for Crowne Ventures, Inc., a publiccompany. Ms. Amigone has over 20 years experience in business management and asa legal assistant. Ms. Amigone is an affiliate of SY&S Consulting, formerlySperry Young & Stoecklein, hereafter "SY&S"..

 

CURRENTBLANK CHECK COMPANIES

 

TheSEC reporting blank check companies that Debra Amigone serves or has served asPresident and Director are listed in the following table:

 

Date

IncorporationName Form Type File # of Filing Status (l)

 

VCMTechnology Limited 10SB12G 000-29419 10 Feb 00 (2a)

 

(1)Under Merger Status "Merger" represents either a merger or anacquisition has occurred or the company ceased to be a blank check company byoperating specific business a "No" represents that the company iscurrently seeking merger or acquisition candidate. More detailed information foreach merger is disclosed in following paragraphs.

 

(2)(2a) In August 2001 VCM Technology Limited merged with Vitial Living,Inc.("Vital") whereby Vital was the surviving corporation and VCMTechnology Limited ceased to exist. Vital currently markets a line of"impact" nutritional products. Additionally, the Company intends todevelop proprietary technology and product distribution through the AllopathicMedicine, Complementary and Alternative Medicine (CAM) and traditional NaturalProducts distribution channels. These markets serve the core users of dietarysupplements and address the unique challenges of product substantiation anddifferentiation by closely controlling marketing messages and effectivelyeducating the target consumers. Further, the company intends to introduce novelcompounds and clinically substantiated products and technologies into this coredistribution, while maximizing profitability with strategic supply chainmanagement.. Pursuant to the Plan of Merger, Vital issued 5,062 shares ofrestricted Common Stock to Debra K. Amigone in exchange for the cancellation ofMs. Amigone's 6,481,060 shares of VCM Technology Limited Common Stock. Vitalpaid $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 anon-affiliated stockholder of Vital.

 

 

CONFLICTSOF INTEREST

 

Ourofficer and director expects to organize other companies of a similar nature andwith a similar purpose as us. Consequently, there are potential inherentconflicts of interest in acting as our officer and director. Insofar as theofficer and director is engaged in other business activities, managementanticipates that she will devote only a minor amount of time to our affairs. Wedo not have a right of first refusal pertaining to opportunities that come tomanagement's attention insofar as such opportunities may relate to our proposedbusiness operations.

 

Aconflict may arise in the event that another blank check company with whichmanagement is affiliated is formed and actively seeks a target company. It isanticipated that target companies will be located for us and other blank checkcompanies in chronological order of the date of formation of such blank checkcompanies or, in the case of blank check companies formed on the same date,alphabetically. However, any blank check companies with which management is, ormay be, affiliated may differ from us in certain items such as place ofincorporation, number of shares and stockholder, working capital, types ofauthorized securities, or other items. It may be that a target company may bemore suitable for or may prefer a certain blank check company formed after us.In such case, a business combination might be negotiated on behalf of the moresuitable or preferred blank check company regardless of date of formation.

 

Theterms of business combination may include such terms as Ms. Amigone remaining adirector or officer of the Company and/or the continuing securities work of theCompany being handled by the consulting firm of which Ms. Amigone is a director.The terms of a business combination may provide for a payment by cash orotherwise to Ms. Amigone for the purchase or retirement of all or part of hiscommon stock of the Company by a target company or for services renderedincident to or following a business combination. Ms. Amigone would directlybenefit from such employment or payment. Such benefits may influence Ms. Amigone'schoice of a target company.

 

Wemay agree to pay finder's fees, as appropriate and allowed, to unaffiliatedpersons who may bring a target company to us where that reference results in abusiness combination. No finder's fee of any kind will be paid by us tomanagement or our promoters or to their associates or affiliates. No loans ofany type have, or will be, made by us to management or our promoters of or toany of their associates or affiliates.

 

Wewill not enter into a business combination, or acquire any assets of any kindfor our securities, in which our management or any affiliates or associates havea greater than 10% interest, direct or indirect.

 

Thereare no binding guidelines or procedures for resolving potential conflicts ofinterest. Failure by management to resolve conflicts of interest in favor of uscould result in liability of management to us. However, any attempt bystockholder to enforce a liability of management to us would most likely beprohibitively expensive and time consuming.

 

 

Section16(a) Beneficial Ownership Reporting Compliance
** **
Section16(a) of the Securities Exchange Act of 1934, as amended (the "ExchangeAct"), requires Independent Asset Management Corp. officers and directors,and persons who beneficially own more than ten percent of Independent AssetManagement Corp. common stock, to file initial reports of ownership and reportsof changes in ownership with the SEC. Executive officers, directors and greaterthan ten percent beneficial owners are required by SEC regulations to furnishIndependent Asset Management Corp. with copies of all Section 16(a) forms theyfile. Based upon a review of the copies of such forms furnished to IndependentAsset Management Corp. and written representations from Independent AssetManagement Corp. executive officer and director, believes that during the yearended 2003 all forms 3 and 4 were filed on a timely basis.

 

AuditCommittee and Financial Expert

 

Wedo not have an Audit Committee, Debra K. Amigone, our sole director, performssome of the same functions of an Audit Committee, such as: recommending a firmof independent certified public accountants to audit the annual financialstatements; reviewing the independent auditors independence, the financialstatements and their audit report; and reviewing management's administration ofthe system of internal accounting controls. The Company does not currently havea written audit committee charter or similar document.

 

Wehave no financial expert. We believe the cost related to retaining a financialexpert at this time is prohibitive. Further, because of our start-up operations,we believe the services of a financial expert are not warranted.

 

Codeof Ethics

 

Acode of ethics relates to written standards that are reasonably designed todeter wrongdoing and 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; andAccountability    for adherence to the code.
Wehave not adopted a corporate code of ethics that applies to our principalexecutive officer, principal financial officer, principal accounting officer orcontroller, or persons performing similar functions in that our sole officer anddirector serves in all the above capacities.

 

 

Ourdecision to not adopt such a code of ethics results from our having only oneofficer and director operating as the sole management for the Company. Webelieve that as a result of the limited interaction which occurs having a soleofficer/director for the Company eliminates the current need for such a code, inthat violations of such a code would be reported to the party generating theviolation.

 

NominatingCommittee

 

Wedo not have a Nominating Committee or Nominating Committee Charter. Debra K.Amigone, our sole director, performs some of the functions associated with aNominating Committee. We have elected not to have a Nominating Committee in thatwe are a development stage company with limited operations and resources.

 

ITEM10. EXECUTIVE COMPENSATION

 

Ourofficer and director does not receive any compensation for his servicesrendered, has not received such compensation in the past, and is not accruingany compensation pursuant to any agreement with us. However, our officer anddirector anticipates receiving benefits as a beneficial stockholder and,possibly, in other ways.

 

Noretirement, pension, profit sharing, stock option or insurance programs or othersimilar programs have been adopted by us for the benefit of our employees.

 

CompensationCommittee* *
Wedo not have a formal Compensation Committee. Debra K. Amigone, our soledirector, performs some of the functions of a Compensation Committee. Due to thelack of revenues, our lack of payment of any executive compensation and ourdevelopment stage status, we deemed a Compensation Committee to not be necessaryat this time.

 

ITEM11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

Thefollowing table sets forth, as of December 31, 2003, each person known by us tobe the beneficial owner of five percent or more of our Common Stock and ourdirector and officer. Except as noted, the holder thereof has sole voting andinvestment power with respect to the shares shown.

 

Name      and Address

Of      Beneficial Owner
Amount      of Beneficial Ownership
Percent      of

Outstanding      Stock
Debra      K. Amigone
7,431,370
100%
770      E. Warm Springs Rd., #250
Las      Vegas, NV 89119
All      Executive Officers and
Directors      as a Group
(1      Person)
7,431,370
100%
 

 

ITEM12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

OnJanuary 19, 1994, the company issued 10,000 shares of its no par value commonstock for services of $ 10,000. The shares were deemed to have been issuedpursuant to an exemption provided by Section 4(2) of the Act, which exempts fromregistration "transactions by an issuer not involving any publicoffering."

 

OnJanuary 18, 2000, the State of Nevada approved the Company's restated Articlesof Incorporation, which increased its capitalization from 50,000 common sharesto 20,00,000 common shares. The par value was changed from $1.00 par value to$.001. The Company also added 5,000,000 shares of preferred stock with a parvalue of $.001.

 

OnJanuary 31, 2000, the Company forward split its common stock 500:1, thusincreasing the number of outstanding common stock shares from 10,000 shares to5,000,000 shares. The shares were deemed to have been issued pursuant to anexemption provided by Section 4(2) of the Act, which exempts from registration"transactions by an issuer not involving any public offering."

 

OnJanuary 1, 2001, the Company issued an officer of the Company 1,432,000 sharesof its $.001 par value common stock for conversion of debt to equity of $1,432.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnApril 1, 2001, the Company issued an officer of the Company 22,060 shares of its$.001 par value common stock for conversion of debt to equity of $22.06. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnJuly 1, 2001, the Company issued an officer of the Company 13,240 shares of its$.001 par value common stock for conversion of debt to equity of $13.24. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnOctober 1, 2001, the Company issued an officer of the Company 14,060 shares ofits $.001 par value common stock for conversion of debt to equity of $14.06. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnApril 1, 2002, the Company issued an officer of the Company 21,880 shares of its$.001 par value common stock for conversion of debt to equity of $21.88. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnSeptember 30, 2002, the Company issued an officer of the Company 28,130 sharesof its $.001 par value common stock for conversion of debt to equity of $28.13.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

 

OnDecember 31, 2002, the Company issued an officer of the Company 100,000 sharesof its $.001 par value common stock for conversion of debt to equity of $100.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnApril 28, 2003, the Company issued an officer of the Company 500,000 shares ofits $.001 par value common stock for conversion of debt to equity of $500. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnJune 17, 2003, the Company issued an officer of the Company 100,000 shares ofits $.001 par value common stock for conversion of debt to equity of $100. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnSeptember 29, 2003, the Company issued an officer of the Company 100,000 sharesof its $.001 par value common stock for conversion of debt to equity of $100.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnDecember 31, 2003, the Company issued an officer of the Company 100,000 sharesof its $.001 par value common stock for conversion of debt to equity of $100.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

TheBoard of Directors has passed a resolution which contains a policy that we willnot seek an acquisition or merger with any entity in which our officer, directoror holder or their affiliates or associates serve as officer or director or holdmore than a 10% ownership interest. Management is not aware of any circumstancesunder which this policy may be changed.

 

Attestationof President and Chief Financial Officer as to our internal controls

 

OurPresident/Chief Financial Officer, Debra K. Amigone, has evaluated theeffectiveness of our internal controls and have found that based on theseevaluations and the current status of the Company's operations that our internalcontrols are adequate at this time. Further, there have been no significantchanges in our internal controls or in other factors that could significantlyaffect internal controls subsequent to the date of his evaluations.

 

 

ITEM13. EXHIBITS AND REPORTS ON FORM 8-K

 

(a)Exhibits

3(i)*Certificate of Incorporation filed as an exhibit to the Company's registrationstatement on Form 10-SB filed on February 11, 2000, and incorporated herein byreference.

3(ii)*By-Laws filed as an exhibit to the Company's registration statement on Form10-SB filed on February 11, 2000, and incorporated herein by reference.

4.1*Article VI of Articles of Incorporation filed as an exhibit to the Company'sregistration statement on Form 10-SB filed on February 11, 2000, andincorporated herein by reference.

4.2*Article II and Article VIII, Sections 3 and 6 of By-Laws filed as an exhibit tothe Company's registration statement on Form 10-SB filed on February 11, 2000,and incorporated herein by reference.

11**Statement of Per share earnings as shown in Note 2 number 2 on page F-6 ofDecember 31, 2003 audit filed herewith.

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

 

(b)There were no Form 8-Ks filed by the Company during the year ended December 31,2003.

 

ITEM14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 
*(1)AUDIT FEES*
Theaggregate fees billed for professional services rendered by Beckstead and Watts,LLP, for the audit of the registrant's annual financial statements and review ofthe financial statements included in the registrant's Form 10-QSB or servicesthat are normally provided by the accountant in connection with statutory andregulatory filings or engagements for fiscal years 2003 and 2002 were $800 and$150, respectively.

 
*(2)AUDIT-RELATED FEES*
NONE

 
*(3)TAX FEES*
NONE

 
*(4)ALL OTHER FEES*
NONE

 
*(5)AUDIT COMMITTEE POLICIES AND PROCEDURES*
TheCompany does not have an audit committee.
** ***(6)If greater than 50 percent, disclose the percentage of hours expended on theprincipal accountant's engagement to audit the registrant's financial statementsfor the most recent fiscal year that were attributed to work performed bypersons other than the principal accountant's full-time, permanent employees.

 

Notapplicable.

 

 

SIGNATURES

 

Pursuantto the requirements of Section 13 or 15(d) of the Securities Exchange Act of1934, the registrant has duly caused this report to be signed on its behalf bythe undersigned thereunto duly authorized.

 

INDEPENDENTASSET MANAGEMENT CORP.

 

By:/s/Debra K. Amigone_________

DebraK. Amigone, President

 

Dated:February 6, 2004

 

Pursuantto the requirements of the Securities Exchange Act of 1934, this report has beensigned below by the following persons on behalf of the registrant and in thecapacities and on the dates indicated.

 

NAME   
OFFICE   
DATE
/s/      Debra K. Amigone        
   
Debra      K. Amigone
 President,      Secretary,   
 February      6, 2004
   
Treasurer,      Chief   
   
Accounting      Officer,   
   
And      Director   
TABLEOF 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-8** 

BECKSTEADAND WATTS, LLP
*CertifiedPublic Accountants***
3340Wynn Road Suite C

LasVegas, NV 89102

702.257.1984

702.362.0540fax

INDEPENDENTAUDITORS REPORT
**February6, 2004**
Boardof Directors

IndependentAsset Management Corp.

LasVegas, NV

 

WEhave audited the Balance Sheets of Independent Asset Management Corp. (the"Company") (A Development Stage Company), as of December 31, 2003 andDecember 31, 2002, and the related Statements of Operations, Stockholders'Equity, and Cash Flows for the year ended December 31, 2003, December 31, 2002,and the period January 19, 1994 (Date of Inception) to December 31, 2003. Thesefinancial statements are the responsibility of the Company's management. Ourresponsibility is to express an opinion on these financial statements based onour audit.

 

WEconducted our audit in accordance with auditing standards generally accepted inthe United States. Those standards require that WE plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statement presentation.An audit 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.

 

Inour opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of Independent Asset Management Corp.(A Development Stage Company) as of December 31, 2003 and December 31, 2002, andthe related Statements of Operations, Stockholders' Equity, and Cash Flows forthe year ended December 31, 2003, December 31, 2002, and the period January 19,1994 (Date of Inception) to December 31, 2003, in conformity with accountingprinciples generally accepted in the United States.

 

Theaccompanying financial statements have been prepared assuming the Company willcontinue as a going concern. As discussed in Note 4 to the financial statements,the Company has had limited operations and have not commenced planned principaloperations. This raises substantial doubt about its ability to continue as agoing concern. Management's plan in regard to these matters are also describedin Note 4. The financial statements do not include any adjustments that mightresult from the outcome of this uncertainty.
** 

Becksteadand Watts, LLP**
 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

 

 

BALANCESHEET

 

ASSETS

 

For      the Year Ended

December      31,
2003
2002
CURRENT      ASSETS
$      0
$      0
TOTAL      CURRENT ASSETS
0
0
 

OTHER      ASSETS
0
0
TOTAL      OTHER ASSETS
0
0
 

$      0
$      0
 

LIABILITIES      AND STOCKHOLDERS' EQUITY
CURRENT      LIABILITIES
Officers      Advances (Note #6)
$      0
$      0
TOTAL      CURRENT LIABILITIES
0
0
 

STOCKHOLDERS'      EQUITY
 

Preferred      stock, $.001 par value
authorized      5,000,000 shares;
None      issued and Outstanding
0
0
 

Common      stock, $.001 par value,
authorized      20,000,000 shares;
7,431,370      and 6,631,370 issued and
outstanding      at December 31, 2003 and 2002
7,431
6,631
 

Additional      paid-in capital
5,000
5,000
 

(Deficit)      accumulated during
development      stage
(12,431)
(11,631)
TOTAL      STOCKHOLDER'S EQUITY
0
0
 

 

$      0
$      0
 

Theaccompanying notes are an integral part of these financial statements

 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

 

 

STATEMENTOF OPERATIONS

  

 

For      the Year Ended December 31, 2003
 

For      the Year Ended December 31, 2002
January      19, 1994

(Inception)      to December 31, 2003
INCOME
Revenue
$      0
$      0
$      0
 

EXPENSE
General      and
Administrative
800
150
12,431
 

TOTAL      EXPENSES
800
150
12,431
 

NET      (LOSS)
$      (800)
$      (150)
$      (12,431)
 

Net      Loss
Per      Weighted Share
$      (.00)
$      (.00)
 

Weighted      average
number      of common
shares      outstanding
7,431,370
6,631,370
 

Theaccompanying notes are an integral part of these financial statements

 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

STATEMENTOF STOCKHOLDERS' EQUITY

  

 

 

 

 

Common      Stock

Shares                            Amount
 

 

 

Additional

paid-in

Capital
(Deficit)

accumulated

during

development

stage
 

 

 

Total      Stockholders' Equity
Balance,
December      31, 1999
10,000
$10,000
$      0
$      (10,000)
$      0
 

January      19, 2000
Changed      from $1.00
Par      value to $.001
(9,990)
9,990
0
0
 

January      31, 2000
Forward      stock split
500:1
4,990,000
4,990
(4,990)
0
0
 

Net      loss year ended,
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
Issued      for Debt
1,432,000
1,432
0
0
1,432
 

April      1, 2001
Issued      for Debt
22,060
22
0
0
22
 

July      1, 2001
Issued      for Debt
13,240
13
0
0
13
 

October      1, 2001
Issued      for Debt
14,060
14
0
0
14
 

Net      Loss December 31, 2001
 

 

 

(349)
(349)
Balance      December 31, 2001
6,481,360
6,481
5,000
(11,481)
0
 

April      1, 2002
Issued      for Debt
21,880
22
0
22
 

September      30, 2002
Issued      for Debt
28,130
28
0
28
 

December      31, 2002
Issued      for Debt
100,000
100
0
100
 

Net      loss December 31, 2002
 

 

 

(150)
(150)
Balance      December 31, 2002
6,631,370
6,631
5,000
(11,631)
0
 

April      28, 2003
Issued      for Debt
500,000
500
0
0
500
 

June      17, 2003
100,000
100
0
0
100
 

September      29, 2003
Issued      for Debt
100,000
100
0
0
100
 

December      31, 2003
Issued      for Debt
100,000
100
0
100
 

Net      Loss December 31, 2003
 

 

(800)
(800)
Balance      December 31, 2003
7,431,370
$7,431
$      0
$      (12,431)
$      0
 

Theaccompanying notes are an integral part of these financial statements

 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

STATEMENTOF CASH FLOWS

 

 

For      the Year Ended December 31, 2003
 

For      the Year Ended December 31, 2001
January      19, 1994

(Inception)      to December 31, 2003
Cash      Flows from
Operating      Activities:
Net      (loss)
$      (800)
$      (150)
$      (12,431)
Stock      Issued for services
0
0
10,000
Issuance      of stock to
Convert      debt to equity
800
150
2,431
 

Changes      in assets and
Liabilities:
Officers      Advances
0
0
0
 

Net      cash (used) in
operating      activities
0
0
0
 

Cash      Flows from
Investing      Activities:
Organization      Costs
0
0
0
 

Net      Cash (used) in
Investing      activities
0
0
0
Cash      Flows from
Financing      Activities
0
0
0
 

Net      increase in cash
0
0
0
Cash,
beginning      of period
0
0
0
 

Cash,
end      of period
$      0
$      0
$      0
 

Supplemental      Disclosure
Interest      paid
$      0
$      0
$      0
 

Taxes      paid
$      0
$      0
$      0
 

Non-cash      transactions:
Number      of shares issued
For      services
0
0
5,000,000
 

Number      of shares issued
To      convert debt to equity
800,000
150,010
2,431,370
 

 

Theaccompanying notes are an integral part of these financial statements

 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS

December31, 2003

 

NOTE 1- History and organization of the Company

 

TheCompany was organized January 19, 1994, under the laws of the State of Nevada asIndependent Asset Management Corp. The Company currently has no operations and,in accordance with SFAS #7, is considered a development stage company.

 

NOTE 2- Accounting Policies and Procedures

 

TheCompany has not determined its accounting policies and procedures, except asfollows:

 
-  The    Company uses the accrual method of accounting.Earnings    per share is computed using the weighted average number of shares of common    stock outstanding.The    Company has not yet adopted any policy regarding payment of dividends. No    dividends have been paid since inception.In    April 1998, the American Institute of Certified Public Accountant's issue    Statement of Position 98-5 ("SOP 98-5"), Reporting on the Costs of    Start-Up Activities which provides guidance on the financial reporting of    start-up costs and organization costs. It requires costs of start-up    activities and organization costs to be expensed as incurred. SOP 98-5 is    effective for fiscal years beginning after December 15, 1998, with initial    adoption reported as the cumulative effect of a change in accounting    principle.
NOTE 3- STOCKHOLDERS EQUITY

 

OnApril 28, 2003, the Company issued an officer of the Company 500,000 shares ofits $.001 par value common stock for conversion of debt to equity of $500. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnJune 17, 2003, the Company issued an officer of the Company 100,000 shares ofits $.001 par value common stock for conversion of debt to equity of $100. Theshares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

OnSeptember 29, 2003, the Company issued an officer of the Company 100,000 sharesof its $.001 par value common stock for conversion of debt to equity of $100.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

 

INDEPENDENTASSET MANAGEMENT CORP.

(ADevelopment Stage Company)

NOTESTO FINANCIAL STATEMENTS

December31, 2003

 

OnDecember 31, 2003, the Company issued an officer of the Company 100,000 sharesof its $.001 par value common stock for conversion of debt to equity of $100.The shares were deemed to have been issued pursuant to an exemption provided bySection 4(2) of the Act, which exempts from registration "transactions byan issuer not involving any public offering."

 

NOTE 4- GOING CONCERN

 

Thecompany's financial statements are prepared using the generally acceptedaccounting principles applicable to a going concern, which contemplates therealization of assets and liquidation of liabilities in the normal course ofbusiness. However, the Company has no current source of revenue. Withoutrealization of additional capital, it would be unlikely for the Company tocontinue as a going concern. It is management's plan to seek additional capitalthrough acquiring or merging with another business entity.

 

NOTE 5- RELATED PARTY TRANSACTIONS

 

TheCompany neither owns or leases any real or personal property. Office servicesare provided without charge by an officer and or director of the Company. Suchcosts are immaterial to the financial statements and accordingly, have not beenreflected therein. The officers and directors of the Company are involved inother business activities and may, in the future, become involved in otherbusiness opportunities. If a specific business opportunity becomes available,such persons may face a conflict in selecting between the Company and theirother business interests. The Company has not formulated a policy for theresolution of such conflicts. The Company has formulated no policy for theresolution of such conflicts.

 

NOTE 6- WARRANTS AND OPTIONS

 

Thereare no warrants or options outstanding to issue any additional shares of commonstock or preferred stock of the Company.

 

NOTE 7- OFFICERS ADVANCES

 

Whilethe Company is seeking additional capital through a merger with an existingoperating company, an officer of the Company has advanced funds on behalf of theCompany to pay for any costs incurred by it. These advances have been convertedto equity.* |
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