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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
AMENDMENT NO. 2
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 21, 2000
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Security Asset Capital Corporation
(Exact Name of Registrant as Specified in Its Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
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<S> <C>
000-29039 95-4729666
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(Commission File Number) (IRS Employer Identification No.)
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701 "B" Street, Suite 1775, San Diego, California 92101
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(Address of Principal Executive Offices) (Zip Code)
(619) 232-9950
(Registrant's Telephone Number, Including Area Code)
UNIVERSAL VIEW CORPORATION
270 N. Canon Drive, Suite 203
Beverly Hills, California 90210
(Former Name or Former Address, if Changed Since Last Report)
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AMENDMENT NO. 2
The undersigned Registrant hereby amends the following items, financial
statements, exhibits or other portions of its Current Report on Form 8-K filed
April 4, 2000 as set forth in the pages attached hereto:
Item 4. CHANGE OF REGISTRANT'S CERTIFYING ACCOUNTANTS
Effective April 4, 2000, the Company acquired Universal View
Corporation, a Nevada corporation ("Universal"). Pursuant to Rule 12g-3(a) of
the General Rules and Regulations of the Securities and Exchange Commission, the
Company elected to become the successor issuer to Universal for reporting
purposes under the Securities Exchange Act of 1934.
On February 4, 2000, the Company engaged Pannell Kerr Forester,
Certified Public Accountants, as its independent auditor for fiscal 1999 and
1998. The Company did not engage an auditor during 1998 and 1999. Mr. Brad B.
Haynes, CPA was engaged by Universal for the purpose of auditing Universal's
financial statements for the period from its inception, January 26, 1999 to
December 31, 1999. The Company did not engage Mr. Haynes after the acquisition
because it had already retained Pannell Kerr Forester. The Company has not
consulted Pannell Kerr Forester regarding matters expressed in subsections (i)
and (ii) of Item 304(a)(2) of Regulation S-B.
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<CAPTION>
EXHIBIT NO. DESCRIPTION OF EXHIBITS
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16. Letter from Brad B. Haynes, CPA on change in certifying
accountant.
27. Financial Data Schedule.
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Signatures
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 24, 2000 Security Asset Capital Corporation,
a Nevada corporation
/s/ David R. Walton
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David R. Walton, Chief Executive Officer
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EXHIBIT 16
May 18, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read Item 4 of Security Asset Capital Corporation's Form 8-K/A dated May
24, 2000 and are in agreement with the statements contained therein insofar as
they relate to our firm.
Very truly yours,
/s/ BRAD B. HAYNES
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Brad B. Haynes, CPA
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<CASH> 29,580
<SECURITIES> 0
<RECEIVABLES> 4,973,985
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 4,973,565
<PP&E> 2,589,661
<DEPRECIATION> 189,559
<TOTAL-ASSETS> 11,065,264
<CURRENT-LIABILITIES> 7,001,313
<BONDS> 0
0
0
<COMMON> 3,433,100
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 11,065,264
<SALES> 1,728,367
<TOTAL-REVENUES> 1,802,953
<CGS> 1,375,928
<TOTAL-COSTS> 2,343,294
<OTHER-EXPENSES> 596,170
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 352,693
<INCOME-PRETAX> (1,484,931)
<INCOME-TAX> 250,000
<INCOME-CONTINUING> (1,734,931)
<DISCONTINUED> 0
<EXTRAORDINARY> (1,734,931)
<CHANGES> 143,750
<NET-INCOME> (1,591,181)
<EPS-BASIC> (.21)
<EPS-DILUTED> (.19)
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