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Previous: SEPARATE ACCOUNT VL I OF HARTFORD LIFE INSURANCE CO, 485BPOS, 1999-04-12 |
Next: COCENSYS INC, 8-K, 1999-04-12 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934
for quarterly period ended March 31, 1999
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES EXCHANGE OF 1934
for the transition period from _____________ to _________________________
Commission File No. 33-55254-18
AFFORDABLE HOMES OF AMERICA, INC.
(exact name of Registrant as Specified in its charter)
NEVADA 87-0434298
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4505 W. Hacienda Ave. Unit I-1
Las Vegas, Nevada 89118
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code (702) 579-4888
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. (X) yes ( ) no
Indicate the number of shares of outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
Class Outstanding as of March, 1999
- ------------------------------------ --------------------------------
$.001 PAR VALUE CLASS A COMMON STOCK 10,000,000
<PAGE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BASIS OF REPRESENTATION
General
The accompanying unaudited financial statements have
been prepared in accordance with the instructions to Form 10-Q and,
therefore, do not include all information and footnotes necessary for a
complete presentation of financial position, results of operations, cash
flows and stockholders, equity inconformity with generally accepted
accounting principles. In the opinion of management, all adjustments
considered necessary for a fair presentation of the results of operations
and financial position have been included and all such adjustments are of a
normal recurring nature. Operating results for the quarter ended March 31,
1999, are not necessarily indicative of the results that can be expected
for the year ending December 21, 1998.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of
Operations.
The Company has had no operational history and has yet to
engage in business of any kind. All risks inherent in new and
inexperienced enterprises are inherent in the Company's business.
As of March 19, 1999, the Company merged with Affordable
Homes of America, Inc. located in Las Vegas. During the month of April,
1999, the newly merged company believes it will demonstrate liquidity,
capital resources, credit lines and these will be reported in Form 8-K and
subsequent news releases to the general public. Affordable Homes of
America, Inc. is a builder of low cost housing for first time or low income
families. It's major building activities to date have been in the Seattle-
Tacoma area. The first certified audit of the company financial statements
is being finished at the present time and should be ready within the first
two weeks of April, 1999. Affordable Homes of America, Inc .believes it
will acquire assets that will shortly produce revenue for the company.
Affordable Homes of America, Inc. has the ability and knowledge to acquire
properties at distress prices and will make these properties revenue
producing.
Based on current economic and regulatory conditions,
Management confidant that it will its accomplish its goals. Management
believes that it has a formula and knowledge to build low cost homes and
become very successful in the marketing, construction and sale of low
cost homes in the ever increasing market for single family dwellings.
<PAGE>
<TABLE>
AFFORDABLE HOMES OF AMERICA, INC.
(A Development Stage Company)
BALANCE SHEET
3/31/99
Unaudited
ASSETS
<S> <C>
CURRENT ASSETS
Cash in the Bank $-0-
TOTAL CURRENT ASSETS -0-
-----------
-0-
</TABLE>
<TABLE>
LIABILITIES & EQUITY
<S> <C>
CURRENT LIABILITIES
Accounts Payable -0-
--------------
TOTAL CURRENT LIABILITIES -0-
STOCKHOLDERS' EQUITY Common Stock $.0001 par value
Authorized - 100,000,000 shares
Issued and outstanding
10,000,000 shares 1.000
Additional paid in capital 1,000
Deficit accumulated during
the development state (2,000)
TOTAL STOCKHOLDERS' EQUITY -0-
</TABLE>
<PAGE>
<TABLE>
AFFORDABLE HOMES OF AMERICA, INC.
(A Development Stage Company)
STATEMENTS OF OPERATIONS
For the three 3/7/86 (Date
month of Inception)
Ended March 31 to 3/31/99
1998 1997 1999
<S> <C> <C> <C>
Net Sales $0 $0 $0
Cost of Sales 0 0 0
GROSS PROFIT (LOSS) 0 0 0
General and
Administrative expense 0 0 0
NET INCOME (LOSS) 0 0 0
Net income (loss) per weighted
Average common shares 0 0 0
Weighted average number of
Common shares used to compute
Net income (loss) 1,000,000 1,000,000 10,000,000
</TABLE>
<PAGE>
<TABLE>
AFFORDABLE HOMES OF AMERICA, INC.
(A Development Stage Company)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
Common Stock Additional
Pas Value $.001 Paid in Retained
Capital Deficit
Shares Amount
<S> <C> <C> <C> <C>
Balances at 3/7/86
(Date of Inception) 0 0 0 0
Issuance of common stock
(restricted) at $.02 per share
at 4/21/86 1,000,000 1,000 1,000
Net loss for period (1,950)
Balances at 12/31/86 1,000,000 1,000 1,000 (1,950)
Net loss for year (10)
Balances at 12/31/87 1,000,000 1,000 1,000 (1,960)
Net loss for year (10)
Balances at 12/31/88 1,000,000 1,000 1,000 (1,970)
Net loss for year (10)
Balances at 12/31/89 1,000,000 1,000 1,000 (1,980)
Net loss for year (10)
Balances at 12/31/90 1,000,000 1,000 1,000 (1,990)
Net loss for year (10)
Balances at 12/31/91 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/92 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/93 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/94 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/95 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/96 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/97 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/98 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/98 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
Balances at 12/31/99 1,000,000 1,000 1,000 (2,000)
Net loss for year 0
</TABLE>
<PAGE>
<TABLE>
AFFORDABLE HOMES OF AMERICA, INC.
(A Development State Company)
STATEMENT OF CASH FLOWS
For the 3/7/86
Three months (Date of
ended March, Inception)
31 to
1998 1999 3/31/99
Unaudited Unaudited Unaudited
<S> <C> <C> <C>
OPERATING ACTIVITIES $0 $0 $2,000
Net Income (loss)
Adjustments to reconcile
Net income (loss) to cash
Used by operating activities:
Amortization 0 0 50
NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES 0 0 1,905
INVESTING ACTIVITIES
Organization Costs 0 0 (50)
NET CASH USED BY
INVESTING ACTIVITIES 0 0 (50)
FINANCING ACTIVITIES
Proceeds from sale of
Common Stock 0 0 2,000
NET CASH PROVIDED BY
FINANCING ACTIVITIES 0 0 2,000
INCREASE IN CASH
AND CASH EQUIVALENTS 0 0 0
Cash and cash equivalents
At beginning of the year 0 0 0
CASH AND CASH EQUIVALENTS
AT END OF PERIOD 0 0 0
</TABLE>
<PAGE>
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 thereunto duly authorized,
AFFORDABLE HOMES OF AMERICA, INC.
Dated: 12 April, 1999 /s/ Merle Ferguson
----------------------------
Merle Ferguson, President,
CEO and Director
Dated: 12 April, 1999 /s/ Susan Donohue
---------------------------
Susan Donohue, Secretary
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-1999
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 0
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 1,000
<OTHER-SE> (1,000)
<TOTAL-LIABILITY-AND-EQUITY> 0
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
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