SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) June 16, 1999
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AMERICAN DREAM ENTERTAINMENT, INC.
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(Exact name of registrant as specified in charter)
Florida 033-67536 59-3169033
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1616 Gulf-To-Bay Boulevard, Clearwater, FL 33757
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(Address of principal executive offices) (Zip Code)
Registrant's telephone Number, including area code (727) 446-7981
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FEDERAL AFFORDABLE HOUSING CORPORATION
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(Former name or former address, if changed since last report)
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Item 4. Changes in Registrant's Certifying Accountant.
(a) (1) J. Michael Daily, CPA, the independent accountant which was previously
engaged as the principal accountant to audit the Registrant's financial
statements, was dismissed on June 16, 1999. Registrant stated that the reason
for the dismissal was based on the Registrant's increasing requirement for
representation by a larger accounting firm. Such change in the certifying
accountant was not due to any disagreement between the Registrant and its former
independent accountant or the declination of such accountant to stand for
re-election.
(2) The principal accountant's report on the financial statements for the
fiscal years ended May 31, 1997 and 1996 did not contain an adverse opinion or a
disclaimer of opinion, nor was it qualified as to uncertainty, audit scope, or
accounting principles.
(3) The decision to change accountants was approved by the Board of
Directors.
(4) During the Registrant's fiscal years ended May 31, 1997 and 1996, there
were no disagreements with the former accountant on any manner of accounting
principles or practices, financial statement disclosure or auditing scope of
procedure, which disagreement if not resolved to the satisfaction of the former
accountant would have caused it to make reference to the matter of disagreement
in its report.
(b) Prior to the engagement of Pender Newkirk & Co., no member of that firm was
consulted by the Registrant (i) for the purpose of obtaining a written report or
oral advice with regard to the application of accounting principles to a
specified transaction of the Registrant, either completed or proposed, (ii)
regarding an inquiry as to the type of audit opinion that may be rendered on the
Registrant's financial statements or (iii) regarding any matter that was the
subject of a disagreement with J. Michael Daily, CPA or which constituted a
reportable event pursuant to Item 304(a)(1)(v) of Regulation 8-K. The name and
address of the Registrant's new independent accountant is:
Pender Newkirk & Co.
100 South Ashley Drive, Suite 1650
Tampa, Florida 33602
Telephone: (813) 229-2321
Fax: (813) 229-2359
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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c. Exhibit 16.2 - Letter Regarding Change in Certifying Accountant
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant had duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: July 13, 1999 By: /s/ Dirk W. Peschar
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Dirk W. Peschar
President
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J. MICHAEL DAILY
CERTIFIED PUBLIC ACCOUNTANT
2240 BELLEAIR ROAD SUITE 140
CLEARWATER, FL. 33764
PH 727-507-9133
FAX 727-507-9314
June 28, 1999
Securities and Exchange Commission
480 Eighth Street N.W.
Washington, D.C. 20549
Re: Federal Affordable Housing Corporation
File Ref. No. 33-67536-A
I was previously the principal accountant for Federal Affordable Housing
Corporation, and under the date of August 22, 1997, I reported on the financial
statements of Federal Affordable Housing Corporation as of, and for the year
ended May 31, 1997. My appointment as principal accountant was terminated on
June 16, 1999. I have read Federal Affordable Housing Corporation statements
included in it's form 10-K dated December 8, 1997, and I agree with such
statements.
Very Sincerely Yours,
/s/ J. Michael Daily
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J. Michael Daily
Certified Public Accountant
A MEMBER OF THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS AND A
MEMBER OF THE FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
