-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IzEyJuDZ2fyLECxAu4dv3yt1FAbteNga46p8HquxPth7nJVhGddFkn/NO4KGo6qm tMBLY2cWbrQeYI8PWgvArQ== 0001077048-99-000014.txt : 19990413 0001077048-99-000014.hdr.sgml : 19990413 ACCESSION NUMBER: 0001077048-99-000014 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOWTOW INC CENTRAL INDEX KEY: 0000894501 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 870434297 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-55254-18 FILM NUMBER: 99591631 BUSINESS ADDRESS: STREET 1: 4505 W HACIENDA AVE STREET 2: UNIT I 1 CITY: LAS VEGAS STATE: NV ZIP: 89118 BUSINESS PHONE: 8014857775 MAIL ADDRESS: STREET 1: 3098 S HIGHLAND DR STE 460 CITY: SALT LAKE CITY STATE: UT ZIP: 84106 10-Q 1 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 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. AFFORDABLE HOMES OF AMERICA, INC. (A Development Stage Company) BALANCE SHEET 3/31/99 Unaudited ASSETS CURRENT ASSETS Cash in the Bank $-0- TOTAL CURRENT ASSETS -0- ----------- -0-
LIABILITIES & EQUITY 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-
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 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
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 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
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 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
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 EX-27 2
5 3-MOS DEC-31-1999 MAR-31-1999 0 0 0 0 0 0 0 0 0 0 0 0 0 1,000 (1,000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
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