U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10QSB
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2000.
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM __________________
TO ____________________.
Asian Financial, Inc.
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(Name of Small Business Issuer as specified in its charter)
NEVADA 000-27129 91-1922225
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(State or other jurisdiction of SEC File (I.R.S. incorporation or
organization) Number Employer I.D. No.)
83-888 Ave. 51
Coachella, CA 92236
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(Address of Principal Executive Office)
Issuer's Telephone Number, including Area Code: (760) 398-9700
Idicate by check mark whether the Registrant (i) has filed all reports
required to be filed by Section 13,or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (of for such shorter period
that the Registrant was required to file such reports) and (ii) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of Common Stock, as of the latest practicable date.
Common Stock $0.001 par value 1,500,000
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No Exhibits Included.
General
The condensed consolidated financial statements of Asian Financial,
Inc. included herein, have been prepared without audit pursuant to the
rules and regulations of the Securities and Exchange Commission. Although
certain information normally included in financial statements prepared
in accordance with generally accepted accounting principles has been
condensed or omitted, Asian Financial, Inc.'s management believes
that the disclosures are adequate to make the informaton presented not
misleading. The condensed financial statements for the nine months
ended September 30, 2000 should be read in conjunction with the financial
statements and notes thereto included in this report and Asian Financial,
Inc.'s Form 10-KSB with attached financials of 12-31-1999, and the 10-QSB's
for the periods March 31, 2000 and June 30, 2000.
The condensed financial statements included herein reflect all normal
recurring adjustments that, in the opinion of management, are necessary
for a fair presentation. The result for the interim period are not
necessarily indicative of trends or results to be expected for a full
year.
Item 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND
FINANCIAL CONDITION
The Company has not commenced operations and has no working capital.
SIGNATURES
In accordance with Section 12 of the Securities Exchange Act of 1934, the
Registrant has caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized.
Asian Financial, Inc.
Date: 11/16/2000 By: /s/ Dempsey K. Mork
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Dempsey K. Mork, Director
and President
ASIAN FINANCIAL, INC.
BALANCE SHEETS
September 30, 2000 and December 31, 1999
09/30 12/31
2000 1999
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ASSETS
CURRENT ASSETS
Cash in Bank 1.007 1,007
PROPERTY AND EQUIPMENT -0- -0-
OTHER ASSETS -0- -0-
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TOTAL ASSETS 1,007 1,007
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LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
CURRENT LIABILITIES -0- -0-
LONG TERM LIABILITIES/
NOTES PAYABLE RELATED PARTY 30,000 (4) -0-
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TOTAL LIABILITIES 30,000 -0-
SHAREHOLDERS' EQUITY
COMMON STOCK 1,500 1,500
RETAINED EARNINGS (30,493) (20,493)
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TOTAL SHAREHOLDERS' EQUITY
(28,993) (18,993)
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 1,007 1,007
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The accompanying notes are an integral part of these financial statements.
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ASIAN FINANCIAL, INC.
STATEMENTS OF INCOME AND RETAINED EARNINGS
For the nine months ended 9/30/00 and the 9/30/1999
3 Months 3 Months 6 Months 6 Months
9/30/00 9/30/99 9/30/00 9/30/99
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REVENUES -0- -0- -0- -0-
EXPENSES
ADMINISTRATIVE SUPPORT -0- -0- 10.000 -0-
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INCOME BEFORE INCOME TAXES -0- -0- (10,000) -0-
INCOME TAXES -0- -0- -0- -0-
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NET INCOME -0- -0- (10,000) -0-
BEGINNING RETAINED EARNINGS(30,493) (493) (20,493) (493)
DIVIDENDS -0- -0- -0- -0-
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ENDING RETAINED EARNINGS (30,493) (493) (30,493) (493)
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The accompanying notes are an integral part of these financial statements
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ASIAN FINANCIAL, INC.
STATEMENTS OF CASH FLOWS
For the nine months ended 9/30/00 and 9/30/99
3 months 3 months 6 Months 6 Months
9/30/00 9/30/99 9/30/00 9/30/99
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CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME -0- -0- -0- -0-
ADJUSTMENTS TO RECONCILE NET INCOME
TO NET CASH PROVIDED BY OPERATING
ACTIVITIES -0- -0- -0- -0-
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NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES -0- -0- -0- -0-
CASH FLOWS FROM INVESTING ACTIVITIES
-0- -0- -0- -0-
CASH FLOWS FROM FINANCING ACTIVITIES
ISSUE CAPITAL STOCK -0- -0- -0- -0-
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NET INCREASE (DECREASE) IN CASH -0- -0- -0- -0-
CASH AT BEGINNING OF YEAR 1,007 1,007 1,007 1,007
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CASH AT END OF YEAR 1,007 1,007 1,007 1,007
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SUPPLEMENTAL DISCLOSURES
INTEREST PAID -0- -0- -0- -0-
INCOME TAXES PAID -0- -0- -0- -0-
The accompanying notes are an integral part of these financial statements
-4-
ASIAN FINANCIAL, INC.
NOTES TO FINANCIAL STATEMENTS
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
Asian Financial, Inc. was organized under the laws of the State of Nevada
on August 10, 1998 under the name of Asian Financial, Inc. The company was
incorporated primarily to egange in any lawful activity.
NOTE 2 STOCK TRANSACTIONS
The Articles of Incorporation initially authorized the Company to issue up to
100,000,000 shares of common stock and 1,000,000 shares of preferred stock all
with a par value of $.001.
On December 15, 1998, the Board of Directors agreed to sell up to 1,026,750
shares of its common stock at the stated par value of $.001.
As of September 30, 1999, the Company had issued a total of 1,500,000
shares of common stock.
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ASIAN FINANCIAL, INC.
Notes to Financial Statements
NOTE 3 RELATED PARTY TRANSACTIONS
On August 20, 1998, shares of capital stock were issued to individuals in
return for services rendered. These individuals include officers of the
corporation.
NOTE 4 NOTES PAYABLE RELATED PARTY $30,000 (3/31/2000); $20,000 (12/31/99)
An accrual of $10,000 per year for administrative support has been made
to fiscal 98-99 as a prior year adjustment. Current year 2000 has been
recorded as an expense of $10,000.
