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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                  FORM 10-KSB/A
                                 Amendment No. 1
(Mark One)
  [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934

     For the fiscal year ended       June 30, 2002
                                     -------------
  [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

     For the transition period from ________ to __________

            Commission File Number          33-94318-C
                                            ----------
                            AMERITYRE CORPORATION
                    --------------------------
        (Exact name of registrant as specified in charter)

           Nevada                                 87-0535207
------------------------------             -------------------------
State or other jurisdiction of             (I.R.S. Employer I.D. No.)
incorporation or organization

705 Yucca Street, Boulder City, Nevada                     89005
-------------------------------------------              ----------
(Address of principal executive offices)                 (Zip Code)

Issuer's telephone number, including area code (702)  293-1930
                                               ---------------
Securities registered pursuant to section 12(b) of the Act:

Title of each class       Name of each exchange on which registered
        None                                  N/A
------------------        -----------------------------------------

Securities registered pursuant to section 12(g) of the Act:
                                   None
                             ---------------
                             (Title of class)

  Check whether the Issuer (1) filed all reports required to be filed by
section 13 or 15(d) of the Exchange Act during the past 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. (1) Yes [X]
No [ ]  (2)  Yes [X]  No  [ ]

  Check if disclosure of delinquent filers in response to Item 405 of
Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.  [X]
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This amendment is being filed to correct typographic errors in the ownership
numbers of certain beneficial owners.

  ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following tables set forth as of September 20, 2002 the name and address
and the number of shares of our Common Stock held of record or beneficially by
each person who held of record, or was known by us to own beneficially, more
than 5% of the 14,272,732 shares of our Common Stock issued and outstanding,
and the name and shareholdings of each director and of all officers and
directors as a group. The information on share numbers and percentage
ownership listed assumes: a) the exercise of options by the beneficial owner
(all included options are currently exercisable); and b) a corresponding
increase in the number of shares issued and outstanding.

Security Ownership of Certain Beneficial Owners
-----------------------------------------------
Title
 of      Name and Address              Amount and Nature of     Percentage
Class    Beneficial Owner              Beneficial Ownership(1)   of Class
-----    ----------------              --------------------     ----------
Common   Richard A. Steinke            (2)      1,303,500             9.74
         705 Yucca Street
         Boulder City, NV  89005

Common   Alan F. Rypinksi              (3)      1,010,000             6.91
         3101 North Pacific Coast Hwy.
         Suite 100 A
         Newport Beach, CA  92663

Common   Henry D. Moyle, Jr.           (4)        778,000             5.37
         Sunset Canyon Ranch
         Virgin, UT 84779

Security Ownership of Management of the Company
-----------------------------------------------
Title
 of      Name and Position of          Amount and Nature of     Percentage
Class    Officer and/or Director       Beneficial Ownership(1)   of Class
-----    -----------------------       --------------------     ----------
Common   Richard A. Steinke, CEO/Pres.   (2)      1,303,500       9.74
Common   Elliott N. Taylor, Exec. VP     (5)        270,000       1.81
Common   James Moore, Vice President     (6)         60,000        .41
Common   David P. Martin, Vice President (7)        183,629       1.28
Common   David K. Griffiths, Sec./Treas. (8)         90,917        .64
Common   Louis M. Haynie, Director       (9)        676,500       4.67
Common   Henry D. Moyle, Jr. Director    (4)        778,000       5.37
Common   William K. Watkins, Director   (10)        449,000       3.10
Common   Gene Stipe, Director           (11)        475,000       3.23

         Total Beneficial Ownership of
         All Officers and Directors as
         a Group (9 persons)                      4,286,546      27.29


                       [Footnotes continue on next page]


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(1)  All shares owned directly are owned beneficially and of record and such
shareholder has sole voting, investment, and dispositive power, unless
otherwise noted.

(2) Includes 455,000 shares owned beneficially and of record by Gemini Funding
Services Profit Sharing Account, of which Richard A. Steinke is the principal
beneficiary and 800,000 shares owned beneficially and of record by S102
Irrevocable Trust, for which Richard A. Steinke is the trustee.

(3) Includes options to acquire up to 500,000 shares at an exercise price of
$3.00 per share that expire July 31, 2004 and options to acquire an additional
500,000 shares at an exercise price of $3.00 per share that expire July 31,
2005, both owned beneficially and of record by Focus Sales and Marketing,
L.L.C. and of which Mr. Rypinski is a controlling principal.

(4) Includes options to acquire up to 200,000 shares at an exercise price of
$4.00 per share that expire April 01, 2005. Also includes 55,000 shares owned
beneficially and of record by Vickie L. Moyle, spouse of Henry B. Moyle, of
which Mr. Moyle may be deemed to have beneficial ownership.

(5) Includes options to acquire up to 45,000 shares at an exercise price of
$2.00 per share that expire December 14, 2006.  Also includes options to
acquire up to 200,000 shares at an exercise price of $4.00 per share that
expire June 10, 2007.

(6) Includes options to acquire up to 50,000 shares at an exercise price of
$4.00 per share that expire April 1, 2005.

(7) Includes options to acquire up to 20,000 shares at an exercise price of
$4.00 per share that expires April 1, 2005. Also includes 6,000 shares owned
beneficially and of record by Peggy Martin, the spouse of David P. Martin, and
of which Mr. Martin may be deemed to have beneficial ownership.

(8) Includes options to acquire up to 25,000 shares at an exercise price of
$4.00 per share that expire April 1, 2005, and 100 shares held in an IRA
account.

(9) Includes options to acquire up to 200,000 shares at an exercise price of
$4.00 per share that expire April 1, 2005. Also includes 2,000 shares owned
beneficially and of record by Gae B. Haynie, spouse of Louis M. Haynie, of
which Mr. Haynie may be deemed to have beneficial ownership.

(10) Includes options to acquire up to 200,000 shares at an exercise price of
$4.00 per share that expire April 1, 2005. Includes 32,500 shares owned
beneficially and of record by Dolores A. Watkins Family Trust, and of which
William K. Watkins is a beneficiary.

(11) Includes options to acquire up to 250,000 shares at an exercise price of
$3.00 per share that expire April 1, 2003.  Also includes options to acquire
up to 200,000 shares at an exercise price of $4.00 per share that expire April
1, 2005.

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                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, this amended report has been signed below by the following persons on
behalf of the Registrant and in the capacities and on the dates indicated:

                                        AMERITYRE CORPORATION

Date: October 7, 2002                   By /S/Richard A. Steinke, Chairman of
                                        the Board, President and CEO
                                        [Principal Executive Officer]


Date: October 7, 2002                   By /S/David K. Griffiths, Secretary
                                        Treasurer [Principal Accounting
                                        Officer]