SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                         _______________________________

                                   FORM 10-KSB

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                           THE SECURITIES ACT OF 1934

                    For the Fiscal Year Ended April 30, 2001

                           COMMISSION FILE NO. 0-21255


                            IAS COMMUNICATIONS, INC.
                            ------------------------
           (Name of small business issuer as specified in its charter)

            OREGON                                             91-1063549
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                            Identification Number)

                           185 - 10751 SHELLBRIDGE WAY
                   RICHMOND, BRITISH COLUMBIA V6X 2W8, CANADA
                   ------------------------------------------
  (Address, including postal code, of registrant's principal executive offices)

                                 (604) 278-5996
                     (Telephone number including area code)

    Securities registered pursuant to Section 12(b) of the Exchange Act: NONE

      Securities registered pursuant to Section 12(g) of the Exchange Act:

        Title of each class           Name of each Exchange on which registered:
        -------------------           -----------------------------------------

     Common Stock, no par value          Over the Counter Bulletin Board

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.
[ X ] Yes   [  ]   No

Check  if disclosure of delinquent filers pursuant to Item 405 of Regulation S-B
is  not contained in this form, and no disclosure will be contained, to the best
of  the  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.  [  ]

State the issuer's revenues for its most recent fiscal year:  $20,269


                                      -1-
<PAGE>
The aggregate market value of the voting stock held by non-affiliates of the
registrant on July 31, 2001, computed by reference to the price at which the
stock was sold on that date: $840,153.

The number of shares outstanding of the registrant's Common Stock, no par value,
as of fiscal year ended April 30, 2001 and  July 31, 2001 was 11,600,645.

Documents incorporated by reference: See Exhibits.

Transitional Small Business Disclosure Format (Check one):  Yes ( ) No (X).


                                      -2-
<PAGE>
<TABLE>
<CAPTION>

                            IAS COMMUNICATIONS, INC.

                                   FORM 10-KSB

                                TABLE OF CONTENTS


<S>                                                                         <C>
PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
----------------------------------
  ITEM 1.  DESCRIPTION OF BUSINESS . . . . . . . . . . . . . . . . . . . .   4
  --------------------------------
     BUSINESS DEVELOPMENT. . . . . . . . . . . . . . . . . . . . . . . . .   4
     --------------------
     INDUSTRY BACKGROUND . . . . . . . . . . . . . . . . . . . . . . . . .   4
     -------------------
     THE PRODUCT . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   4
     -----------
     COMPETITION . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   7
     -----------
     RAW MATERIALS AND PRINCIPAL SUPPLIERS . . . . . . . . . . . . . . . .   7
     -------------------------------------
     RISK FACTORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . .   7
     ------------
     PATENTS, TRADEMARKS, LICENSES, FRANCHISES, CONCESSIONS, ROYALTY
     ---------------------------------------------------------------
     AGREEMENTS, LABOR CONTRACTS, INCLUDING DURATION . . . . . . . . . . .  10
     -----------------------------------------------
     GOVERNMENTAL REGULATIONS. . . . . . . . . . . . . . . . . . . . . . .  14
     ------------------------
     DEPENDENCE ON CERTAIN CUSTOMERS . . . . . . . . . . . . . . . . . . .  14
     --------------------------------
     RESEARCH AND DEVELOPMENT. . . . . . . . . . . . . . . . . . . . . . .  15
     ------------------------
     COSTS AND EFFECTS OF COMPLIANCE WITH ENVIRONMENTAL LAWS . . . . . . .  15
     -------------------------------------------------------
     NUMBER OF TOTAL EMPLOYEES AND NUMBER OF FULL-TIME EMPLOYEES . . . . .  15
     -----------------------------------------------------------
  ITEM 2.  DESCRIPTION OF PROPERTY . . . . . . . . . . . . . . . . . . . .  15
  --------------------------------
  ITEM 3.  LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . . . . . . . .  15
  --------------------------
  ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. . . . . .  17
  -------------------------------------------------------------
PART II. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  17
--------
  ITEM 5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS. . . .  17
  -----------------------------------------------------------------
    DIVIDEND POLICY. . . . . . . . . . . . . . . . . . . . . . . . . . . .  18
    ---------------
    RECENT SALES OF UNREGISTERED SECURITIES. . . . . . . . . . . . . . . .  18
    ---------------------------------------
  ITEM 6:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
  ------------------------------------------------------------------------
  RESULTS OF OPERATIONS. . . . . . . . . . . . . . . . . . . . . . . . . .  18
  ---------------------
    PLAN OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . .  18
    ------------------
    LIQUIDITY AND CAPITAL RESOURCES. . . . . . . . . . . . . . . . . . . .  20
    -------------------------------
  ITEM 7:  FINANCIAL STATEMENTS. . . . . . . . . . . . . . . . . . . . . .  20
  -----------------------------
  ITEM 8.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
  --------------------------------------------------------------------
  AND FINANCIAL DISCLOSURE . . . . . . . . . . . . . . . . . . . . . . . .  20
  ------------------------
PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  20
--------
  ITEM 9.  DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS;
  -----------------------------------------------------------------------
  COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT. . . . . . . . . . . .  20
  -------------------------------------------------
  ITEM 10.  EXECUTIVE COMPENSATION . . . . . . . . . . . . . . . . . . . .  22
  --------------------------------
  ITEM 11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
  -------------------------------------------------------------
  MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  24
  ----------
  ITEM 12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS . . . . . . . .  26
  --------------------------------------------------------
  ITEM 13(b). REPORTS ON FORM 8-K. . . . . . . . . . . . . . . . . . . . .  27
  -------------------------------
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  28
----------
</TABLE>


                                      -3-
<PAGE>
PART  I

ITEM  1.  DESCRIPTION  OF  BUSINESS

BUSINESS  DEVELOPMENT

IAS  Communications, Inc. (referred to herein as "us, we, our") is a development
stage  company  incorporated  in  the  state  of  Oregon  in 1994. Our principal
business  operations are conducted in Indiana and B.C. Canada. We are engaged in
the  commercialization  of  advanced antenna technology known as the Contrawound
Toroidal  Helical  Antenna,  (the  "CTHA"),  for wireless communications markets
including  cellular,  meter  reading  and global positioning services. The CTHA,
developed  in  conjunction  with  researchers  at West Virginia University, is a
technologically  advanced  antenna  design which can be incorporated into a wide
variety  of  telecommunications  applications.  We  have been granted world-wide
sublicensing  rights  for  commercial  applications,  excluding  military  and
governmental  applications,  for  the antenna. Emergent Technologies Corporation
("ETC")  has  the  sublicense for military and governmental applications for the
CTHA  technology.

INDUSTRY  BACKGROUND

Antennas  are one of the most important components of all Radio Frequency ("RF")
communication  systems.  RF  engineering  and  Integrated  Circuit  Technology
("RFIC")  are synonymous with today's antenna technology.  Our business involves
RF  and  its  integration  into  electronic circuitry.  Many experts consider RF
engineering more of an art than a science.  This is especially true today due to
ever  increasing  demands  on a finite resource - the Radio Frequency Spectrum.

Companies that have made large up front investments for expanding their wireless
and  mobile  networks  are  demanding  better technical solutions to problems in
signal  transmission  and reception. The wireless communications market includes
PCS  and  cellular  (analog and digital) as well as numerous newer applications,
some  of  which  have  not  yet  made  it  to  the  drawing  boards.

THE  PRODUCT

The  CTHA  is a low profile antenna that can be as small as a postage stamp. The
size  is dependent on the frequency for the application. Each application has an
assigned  frequency  according  to  the  Federal  Communications Commission (the
"FCC"),  which controls the frequencies assigned to all wireless applications in
the  USA.  For  example the PCS cellular frequency is 1.9 gegahertz and the CTHA
for the PCS applications is 1/2" square and 1/100th of an inch tall, whereas the
5"  TV  CTHA  antenna  for  VHF  and  UHF  frequency  is as low as 54 megahertz,
therefore  requiring  a larger CTHA design. The CTHA was initially designed as a
contrawound  antenna  using  two  copper wires wrapped in opposite directions to
each  other  on  donut  shaped devices, creating an electromagnetic current. The
current  CTHA  can  now  be manufactured on a circuit board that will enable the
antennas  to  be mass-produced inexpensively, therefore having an advantage over
existing  antennas used in the market place today. The CTHA can be placed on the
ground,  in  a boat or embedded into a variety of items such as cellular phones,
pagers,  2  way  radios,  and  numerous  other  wireless  applications.


                                      -4-
<PAGE>
Compared  to  traditional dipole and monopole antennas, the CTHA is much shorter
in  height, yet its toroidal magnetic field is equivalent to the linear electric
field produced by other taller antennas. This makes CTHAs particularly excellent
candidates  for  low  frequency  broadcast  transmission  that otherwise require
prohibitively  tall monopole structures above the earth ground plane. For higher
frequency  applications,  for  example, we believe that the CTHA could replace a
car  antenna with a structure that could be made part of the rear view mirror or
similarly  sized  object.  Resonant  operations  of  the  CTHA  provide improved
efficiency.

ADVANTAGES/DISADVANTAGES

The  principal  advantages  of  this  antenna are: (1) low physical profile; (2)
resonant operation providing improved efficiency; and, (3) low susceptibility to
electrostatic  disturbances.  The  CTHA  is  well  suited  to  long  distance
communication  applications  that  require  vertical  polarization  for improved
efficiency.  The low physical profile is conducive to flush mounted applications
for reducing aerodynamic drag on vehicles. For low frequency fixed applications,
the  significantly shorter structures can be made lighter, more economical, more
aesthetic,  and less hazardous to aircraft than the tall antenna structures that
are  presently  used.  The  CTHA  can be constructed on rectangular or polygonal
frames  which  can  be  folded  and  stored  for  portable  applications.

APPLICATIONS

There  are  many  applications  that can exploit the advantages of the CTHA. The
small size and especially low profile make it well suited to both commercial and
military  applications that would benefit from an inconspicuous antenna package.
These  would  include  both  land,  air  and  sea  vehicles. The low profile and
magnetic  principle  of  operation  enable  the  antenna  to be concealed in the
fuselage  of  the body of an airplane, car, truck, train or boat so as to reduce
drag.  The CTHA can also be applied in commercial applications, including AM, FM
and  TV  broadcasting  and  reception,  and  cellular  phone  communications.

Several  applications  of  the  CTHA  have been  developed  through licenses and
professional  service agreements with third parties.  In addition, the following
consists  of  some  of  the  specific  applications of the CTHA currently in the
testing  or  production  stage:

HAWKS  TV  ANTENNA

The  HAWKS TV Antenna is a 5" antenna that replaces the need for existing rabbit
ears  and  unsightly  fishbone  antennas.  It can be mounted on a TV or rooftop,
inside  an  attic or recreational vehicle, or behind a satellite dish. It can be
connected  to  a  VCR and will pull in all local (VHF/UHF) stations with clarity
equal  to  a  log  periodic antenna. The Company believes it is ideal for homes,
apartments,  mobile  homes,  condos  and  offices.  The  5" antenna replaces the
Company's  previous  14"  dish  antenna.  The  5"  antenna can be placed at many
locations  such  as  on  roofs,  behind a satellite dish, or on a trailer/mobile
home.  In  addition,  it  is  not  affected  by  surrounding  interference.

RADIO  ANTENNA

The  IAS  Amateur Radio Antenna receives and transmits a wide range of broadband
frequencies  (from  0.5 to 30 MHz), while measuring a mere 36 inches in diameter
with  a  height  of  only  two inches.  The CTHA technology  tuned at 7.2 MHz or
14.213 MHz replaced dipoles of 66 ft and 33 ft long, respectively.  In addition,


                                      -5-
<PAGE>
a  miniature  2-inch tall antenna succeeds the invasive six-foot antenna used on
towers today.  This antenna can be placed on the ground, on top of buildings, in
a  boat  or  concealed  in  the  fuselage  of  a  plane.

HAWKS  HAM  HF  ANTENNA

The Ham type Hawks Antenna receives from .5 to 54 MHz and transmits a wide range
of  broadband frequencies (from 3.0 to 54 MHz), while measuring a mere 39 inches
in  diameter with a height of only two inches.  The Hawks Ham antenna requires a
transmatch and when tuned at Ham frequencies will compete with dipoles.  The Ham
antenna  was  primarily designed for portable applications such as apartment and
Condo  dwellers  that  have  antenna  restrictions.

HAM  VHF/UHF  ANTENNA

The  VHF/UHF  version  antenna  measures  5  1/4  x 6 5/8 x 3/4 inches high that
eliminates garage door and tree limb problems.  The antenna transmit and receive
range  is  144 MHz through 149 MHz on VHF (2-meter band) and 430 MHz through 450
MHz  (70  cm  band)  VSWR  is  tunable below 1:2.1 in both bands. The antenna is
supplied  with  double  backed  3M  tape  for mounting to almost any surface. It
contains 4 blind screw holes for permanent mounting if required.  The antenna is
fed  with  16 feet of RG-58/a/u (50 ohm) military grade coaxial cable terminated
with  a  BNC  connector.  The  antenna requires a duplexer if operated as a dual
band  antenna.  The radiating pattern is near iso-tropic, which allows operation
without  any  nulls. A gain of 3 dBi is nominal on both bands.  The plastic case
that  houses the antenna is molded from Hi Impac, UV stabilized ABS that is gray
in  color  and  will  accept  any  non-metallic  paint.

MARINE  ANTENNA

The  marine  antenna  can  be  used  for  ship  to  shore communications and may
additionally  have  a  GPS  antenna  installed  in  it.  The  marine  antenna is
currently  in  the  final  stage  of  development.

LEO  SATELLITE  ANTENNA

The  LEO  Satellite Antenna is optimized to operate with any earth-based Orbcomm
Satellite  Transceiver unit. The antenna is passive in nature and comes standard
with 16.5 feet of RG-58/U coaxial cable. The cable is of sufficient length to be
mounted  physically  far from the RF transceiver front end. The cable length can
be  adjusted  to  fit  any system installation with minimal to no degradation in
antenna  performance.  This  system  application  is  intended  for  use  in the
transportation  tracking  industry.  The  system  can  be  installed in any semi
freight  trailer  shipping containers and can be utilized to prevent their theft
and  loss.  IAS  Systems  has  been  testing  this  antenna for practical system
application.  We have performed field tests for several years that indicate that
the  IAS  LEO Satellite Antenna has an overall Communications Efficiency between
95%  and  98%.

The  specific  markets  targeted  for  this  antenna  are the untethered trailer
tracking,  intermodal  shipping container, and military transportation segments,
which markets require a simple, low-cost tracking device and covert installation
that  includes  an  unobtrusive  antenna.


                                      -6-
<PAGE>
GPS  ANTENNA

The  GPS antenna is a global positioning satellite antenna that is used for such
things  as  locating  ships,  airplanes,  trucks,  cars  and  people.  It can be
installed  in  several  other  of  the  CTHA  applications.

AIRCRAFT  ANTENNA

The  aircraft  antenna  can  be  used  for  air to ground communications and may
additionally  have  a  GPS  antenna  installed  in  it.  The aircraft antenna is
currently  in  the  development  stage  and  under testing by the Cadence Design
Group.

PCS  ANTENNA

The PCS Antenna was successfully tested by the Cadence Design Group for tracking
applications  for  lost  children, pets and cattle.  It can additionally be used
for  cellular  phones.  The  size  of the PCS antenna is 1/2" by 1/100/th/ of an
inch  tall.

COMPETITION

The market for antennas is highly competitive.  There are numerous manufacturers
of  antennas  in  the  United  States  with  substantially  greater  financial,
technical,  marketing  and  other resources than ours.  Patent research does not
reveal  any  competing  technology.

RAW  MATERIALS  AND  PRINCIPAL  SUPPLIERS

All  materials  necessary  to  make  the  antenna  are  readily available in the
marketplace  from  a  variety  of  suppliers.

RISK  FACTORS

You  should  carefully consider the following risks and the other information in
this Report and our other filings with the SEC before you decide to invest in us
or  to  maintain  or  increase  your  investment.

The  risks  and  uncertainties  described below are not the only ones facing us.
Additional  risks  and  uncertainties  may  also adversely impact and impair our
business. If any of the following risks actually occur, our business, results of
operations,  or  financial  condition  would  likely  suffer.  In such case, the
trading price of our common stock could decline, and you may lose all or part of
your  investment.

Developmental Stage Company.  We were incorporated on December 13, 1994.  We are
a development stage company.  In a development stage company, management devotes
most  of  its  activities  to  establishing  a  new  business. Planned principal
activities  have  not  yet  produced  significant  revenues and we have suffered
recurring  operating losses as is normal in development stage companies. We also
have  a  working  capital deficit of $1,123,136. These factors raise substantial
doubt  about  our  ability to continue as a going concern. Our ability to emerge
from  the  development  stage  with  respect  to  our planned principal business
activity  is  dependent  upon  our successful efforts to raise additional equity
financing,  receive  funding  from  affiliates and controlling shareholders, and
develop  a  market  for  our  products.


                                      -7-
<PAGE>
Lack  of  Diversification.  Our  business  is presently limited to the sale of a
single  product  known as the Contrawound Toroidal Helical Antenna (the "CTHA").
Our  lack  of  diversification links our success to the success of the CTHA, the
commercialization  of  which  is  still  in the development stage.  This lack of
diversity  may  increase  the  risks  associated  with  our  operations.

Limited  Operating History.  Before we can generate any significant revenues, we
will need to secure financing to fund operating expenses during the final stages
of  development  of  the  CTHA.  Without  this  financing, we may not be able to
generate  revenues  in an amount sufficient to cover any or all future costs and
expenses.  It is not likely that we will generate any significant revenues until
the  development  of  commercial applications for the CTHA is complete and it is
accepted  by  the  market.  Even  if we become profitable, we may not sustain or
increase  our  profits  on  a  quarterly  or  annual  basis  in  the  future.

We  have  no  significant  assets  or  financial  resources,  and  will,  in all
likelihood,  sustain  operating  expenses  without  corresponding revenues for a
period of time that cannot yet be determined.  This may result in our continuing
to incur net operating losses which will increase continuously until we complete
the  commercialization of the CTHA and begin to generate revenues that result in
a  net  profit  to  us.

Need  for Additional Financing.  We have experienced significant working capital
deficiencies  and  negative  cash flows in the past.  Our ability to continue in
business depends upon our continued ability to obtain working capital.  Based on
our  current  operating  plan,  we will require additional financing in order to
continue  operations  and  promote  and  market  our  products.  Our  ability to
continue  in  business  depends  upon  our  continued  ability  to  obtain  such
additional  capital  and  financing.  There  can  be  no assurance that any such
financing  would  be available upon terms and conditions acceptable to us, if at
all.  The  inability  to obtain additional financing in a sufficient amount when
needed  and  upon  acceptable terms and conditions could have a material adverse
effect  upon  us.  If  additional funds are raised by issuing equity securities,
further  dilution  to  existing  or future shareholders is likely to result.  If
adequate  funds  are  not  available  on acceptable terms when needed, we may be
required  to  delay,  scale  back  or  eliminate  our  promotional and marketing
campaign  or our development programs.  Inadequate funding also could impair our
ability  to  compete  in  the  marketplace and could result in its dissolution.

Competition.  The market for antennas is highly competitive.  There are numerous
manufacturers  of  antennas  in  the  United  States  with substantially greater
financial,  technical,  marketing  and  other  resources  than  the Issuer.  Our
ability  to  compete  successfully  will  require  us  to  develop  and maintain
technologically  advanced  products  and  services, attract and retain qualified
personnel and make significant sales.  There can be no assurance that we will be
able  to  achieve  these  objectives.  Failure  to  do  so would have a material
adverse  effect  on  our  business,  operating  results and financial condition.
Furthermore,  our  potential  products  and services, if successfully developed,
will  compete  directly  with other existing and subsequently developed products
using  competing  technologies.  There  can be no assurance that our competitors
will  not  succeed in developing or marketing technologies and products that are
more  effective or commercially desirable than those developed or marketed by us
or  that  would  render our technology and products non-competitive.  Failure of
our  products to compete successfully with products using competing technologies
will  have  a  material  adverse  effect  on our business, operating results and
financial  condition.

Rapid  Technological Changes could Adversely Affect Our Business. The market for
our  antennae is characterized by rapidly changing technology, evolving industry


                                      -8-
<PAGE>
standards  and changing customer demands. Accordingly, if we are unable to adapt
to  rapidly  changing technologies and to adapt our product to evolving industry
standards,  our  business  will  be  adversely  affected.

Dependence  Upon  Key  Customers.  Because  we  are  only just beginning to sell
products derived from the CTHA technology, we are dependent on a small number of
major  customers.  Failure  of  the  Issuer  to  maintain  these customers or to
attract  additional  customers  could  have  an adverse effect on our business.

Dependence  Upon  Key  Personnel.  The  loss  of  the  services  of  any  of our
management or other key employees, for any reason, may have a materially adverse
effect on our prospects. We have not entered into any employment agreements with
any  of  our  key  employees  and there is nothing preventing these persons from
departing  at  any  time from employment with us.  Although we believes that the
loss of these persons will not have a material adverse impact upon us, there can
be  no  assurance in this regard, nor any assurance that we will be able to find
suitable replacements.  Furthermore, we do not maintain "key man" life insurance
on  the  lives  of  any of our directors or officers or other employees.  To the
extent  that the services of any of our key employee become unavailable, we will
be  required  to  retain  other  qualified  persons;  however,  there  can be no
assurance  that  we  will  be  able  to employ qualified persons upon acceptable
terms.

Control  by  Current  Insiders.  Approximately  6,000,000  common  shares,  not
including  currently  exercisable  options  or  warrants,  are  owned by current
affiliates  and  insiders representing control of approximately 52% of the total
voting  power.  Accordingly,  the present insiders will continue to elect all of
our  directors  and  gener-ally  control  our  affairs.

Uncertain  Ability  to Manage Growth.  Our ability to achieve our planned growth
is  dependent  upon a number of factors including our ability to hire, train and
assimilate  management  and  other  employees,  the  adequacy  of  our financial
resources, our ability to identify and efficiently provide such new products and
services as our customers may require in the future and our ability to adapt our
own  systems  to  accommodate expanded operations.  In addition, there can be no
assurance  that we will be able to achieve our planned expansion or that we will
be  able  to  manage  such  expanded operations successfully.  Failure to manage
anticipated  growth  effectively  and  efficiently could have a material adverse
effect  on  us.

Marketing.  We will be required to develop a marketing and sales force that will
effectively  demonstrate  the  advantages  of  our  products.  Our marketing and
selling  experience  to  date  is very limited.  We may also elect to enter into
agreements  or  relationships with third parties regarding the commercialization
or marketing of our products.  There can be no assurance that we will be able to
establish  adequate sales and distribution capabilities, that we will be able to
enter  into  marketing  agreements  or  relationships  with  third  parties  on
financially  acceptable  terms or that any third parties with whom we enter into
such  arrangements  will  be  successful  in  marketing  our  products.

Part-Time  Management.  Our  present officers and directors have other full-time
or  part-time positions for employers unrelated to us.  As a result, some of our
officers  and  directors  serve  on an "as-needed" basis.  The lack of full-time
management  could  have  an  adverse  effect  on  us.

Dilution.  Sales  of  additional  equity  securities  through  a  traditional
underwritten  offering  or  through private placement offerings may dilute, on a


                                      -9-
<PAGE>
pro  rata  basis,  the  value  of  our common shares.  The grant and exercise of
warrants  of creditors or otherwise or stock options would also likely result in
a  dilution  of  the  value  of  our  common  shares.

In  addition,  we  may  grant  additional  stock  options  or  other  forms  of
equity-based  incentive  compensation  to  our  management  and/or  employees to
attract  and  retain  such  personnel.  We  also  may in the future offer equity
participation  in connection with the obtaining of non-equity financing, such as
debt  or  leasing  arrangements  accompanied  by warrants to purchase our equity
securities.  Any  of these actions could dilute the value of our common shares.

Dividend  Policy.  As  of  the  date  of  this Form 10-KSB, we have not paid any
dividends  on  our  common  stock  and  we  do  not expect to declare or pay any
dividends  on  our  common  stock  for  the  foreseeable  future.

Possible Volatility of Securities Prices.  The market price for our Common Stock
traded  on the over-the-counter bulletin board has been highly volatile since it
began  trading  and  will  likely  to  continue  to behave in this manner in the
future.  Factors such as our operating results and other announcements regarding
our  development  work  and business operations may have a significant impact on
the  market price of our securities.  Additionally, market prices for securities
of  many  smaller  companies  have experienced wide fluctuations not necessarily
related  to  the  operating  performance  of  the  companies  themselves.

Intellectual  Property/Patent  Litigation.  Although  the CTHA is the subject of
three  patents  (the  "CTHA  Patents"),  we  do not own any of them.  We are the
sub-licensee of the owner of two of the three CTHA Patents  We are currently the
defendant in a patent infringement lawsuit pending in the United States District
Court for the District of Oregon (the "Oregon Lawsuit") and we are a named party
in a patent infringement lawsuit presently pending in the United States District
Court  for  the  Northern  District  of West Virginia (the "West Virginia Patent
Lawsuit").  Ownership  of  patent  rights  and  the infringement of those patent
rights  are  at  issue  in  both the Oregon Lawsuit and the West Virginia Patent
Lawsuit.

In  addition  to the Oregon Lawsuit and the West Virginia Patent Lawsuit, we are
the  plaintiff  in  a lawsuit (the West Virginia Contract Lawsuit") filed in the
United  States  District  Court  for the District of West Virginia.  In the West
Virginia  Contract  Lawsuit,  we  allege that the defendants breached a contract
with  us,  misappropriated  certain of our trade secrets and interfered with our
economic  relations  with  others.  We  are requesting damages and an injunction
against  future  violations.

If we do not prevail in the Oregon Lawsuit, the West Virginia Patent Lawsuit and
the  West  Virginia  Contract  Lawsuit, our business will be adversely affected.
These  lawsuits  are  discussed  in  detail  in  Item  3.  "Legal Proceedings".

Anti-Takeover  Provisions.  At  the present time, our Board of Directors has not
adopted  any  shareholder  rights  plan  or  any anti-takeover provisions in our
Charter  or  Bylaws.

PATENTS,  TRADEMARKS,  LICENSES,  FRANCHISES,  CONCESSIONS,  ROYALTY AGREEMENTS,
LABOR  CONTRACTS,  INCLUDING  DURATION

We  obtained  the rights to the CTHA through a series of transactions. Dr. James
E. Smith ("Dr. Smith"), a tenured professor at West Virginia University ("WVU"),
directed  the  research  and  development of CTHA utilizing WVU's facilities and
funding.  Under  Dr. Smith's employment agreement with WVU, the patentable ideas


                                      -10-
<PAGE>
for  the  CTHA  were  assigned  to West Virginia University Research Corporation
("WVURC")  and  became  its  property on April 12, 1994.  An exclusive worldwide
license  was  granted  by WVURC to Integral Concepts, Inc. (ICI"), a corporation
owned  and  controlled  by  Dr.  Smith,  to:  (1)  manufacture the CTHA and, (2)
sublicense others to manufacture, market, sell copies of, license and distribute
the  CTHA  (the  "ICI  License").

ICI  entered  into  an  option  agreement  with  SMR  Investment Ltd., ("SMR") a
corporation  owned  by  Sue Robertson, the wife of John Robertson, the Company's
President,  Chief  Executive  Officer  and  a  member  of the Board of Directors
("Robertson"),  dated  November  18,  1994,  and  amended December 16, 1994 (the
'Option  Agreement").  The  Option  Agreement  provided  that  ICI would issue a
sublicense  to SMR for the CTHA subject to the payment of $250,000; a 3% royalty
from  gross  sales; and shares in a subsequent public entity.  SMR and Robertson
organized  the  Company as a result.  ICI retained all military and governmental
applications  and resulting procurement interests.  The contract period relating
to the three- percent royalty to be paid to ICI commences when sales are made by
us  and  continues  during  the  life  of the Option Agreement.  The term of the
Option  Agreement  is  perpetual  as  is  the  ICI  License.

On December 13, 1994, we were assigned the rights to the Option Agreement by SMR
in  consideration for $50,000 advanced by Access Information Services, Inc. (the
"Option  Assignment").  Access Information Services, Inc. is a corporation owned
and  controlled  by  Robertson.

On  December  14,  1994,  we  issued 3,000,000 shares to Dr. Smith and 3,000,000
shares  to  Access  Information Services Ltd. pursuant to the Option Assignment.
The  value  assigned  to the 3,000,000 shares issued to Dr. Smith was a total of
$0.50  and  the  value  assigned  to  the  3,000,000  shares  issued  to  Access
Information  Systems,  Inc.  was $0.50. These valuations of the 3,000,000 shares
issued  to  Dr.  Smith  and  Access  Information  Systems, Inc. were arbitrarily
determined  by  our  Board of Directors. The $250,000 paid to ICI was a one-time
payment.

On  July  10,  1995, ICI granted an exclusive worldwide sublicense to us to: (1)
manufacture, sell copies of, sublicense and distribute the process and equipment
related  to  the  design,  construction  and  operation of the CTHA; and, (2) to
sublicense  others  to  manufacture,  sell copies of, license and distribute the
same,  excluding  all  military  and  governmental  applications  and  resulting
procurement  interests (the "Sublicense"). The Sublicense was the culmination of
the  agreements  between  ICI and SMR, and SMR and us. On December 27, 1995, SMR
assigned  all  of its rights and duties in the CTHA technology to us pursuant to
the  Option Assignment. The term of the Sublicense, subject to compliance of the
terms thereof, is perpetual and requires the payment of a minimum annual royalty
of  $3,000.  Further,  we  will pay a royalty of l0% of the net revenues derived
from  sales,  leases or sublicenses of the CTHA technology less a credit for the
minimum royalty. In addition, we shall pay a royalty of 3% of the gross revenues
derived  from  the  sales,  leases  or  sublicenses  of  the  CTHA  technology.

The  Sublicense was amended effective March 4, 1997, to (i) reduce the amount of
the  royalty  payable  by us by 50% over the next 3 years, (ii) clarify that our
rights  pertain  to commercial applications, excluding military and governmental
applications,  and  (iii)  enlarge  the  definition of Technology to include all
future  enhancements  to  the  CTHA  technology  developed  by ICI, ETC, or us.


                                      -11-
<PAGE>
We  entered  into  a  Joint Venture Agreement ("JVA") with Emergent Technologies
Corporation  (ETC)  on  March  4,  1997.  The  JVA  required a new company to be
incorporated  (TEAM)  whereby we own 50% and ETC owns 50% of TEAM. Pursuant to a
voting agreement we can vote 100% of the shares of TEAM. The President of ETC is
the  President of TEAM. TEAM was organized on June 4, 1997 under the laws of the
State  of West Virginia. We retain the worldwide commercial sublicense rights to
the  CTHA  excluding  all  military  and  governmental  applications.

The business purpose of TEAM was to cooperate in the research and development of
certain  applications  for  the  CTHA  and  to  assemble and manufacture certain
products  relating  thereto.  IAS  was  to  buy  product  from  TEAM  at cost to
manufacture  plus 30% for all commercial applications and ETC was to buy product
from  TEAM  at  cost  to manufacture plus 30% for all military applications. ETC
acquired  the  worldwide  sublicense  from ICI for all military and governmental
applications  on  January  2,  1997.

TEAM  entered  into  a  contract  with  ETC  to  carry out combined research and
development  activities  to  December 31, 1997. This contract was renewable on a
monthly  basis  at the option of TEAM. ETC and the Company have each funded TEAM
$250,000  as  required  in  the  JVA.

TEAM  does  not  have  any  assets or operations and our contributions for joint
research  and  development  has  been  paid  directly  to  ETC  for our specific
applications,  which  has  been  expensed  as  incurred.

WVURC  received  a  patent  for the CTHA in August 1995.  Dr. Smith is a tenured
professor at WVU and conducts his research and development regarding the CTHA at
WVU's facilities.  As a result, WVURC owns the patent rights to the CTHA that it
licensed to ICI.  The ICI License provides that ICI can grant sublicenses of the
technology  covered  by  the patent to third parties.  On July 10, 1995, we were
issued  the  Sublicense  by  ICI,  which  was  amended  in  March  1997.

On July 29, 1997, we announced that the second US patent had been granted on the
CTHA.  This  patent  broadened  the  protection  we  already had for the CTHA by
encompassing  several different geometry's not specifically covered by the first
patent.

RECENT  LICENSES  AND  PROFESSIONAL  SERVICE  AGREEMENTS

On September 23, 1999, we entered an agreement with ARINC Incorporated ("ARINC")
to grant ARINC an exclusive worldwide license to import, export, have made, use,
allow  its  customers  to use, lease, rent and sell the Hawks/ARINC antenna (LEO
Antenna)  for  the Orbcomm frequencies. The ARINC antenna is the newly developed
circuit  board  CTHA.


                                      -12-
<PAGE>
ARINC has not completed the terms and conditions of the said agreement with IAS.

We  entered into a license agreement with Wherify Wireless, Inc. (formerly World
Tracking  Technologies, Inc. ("Wherify") dated January 31, 2000.  Wherify agreed
to  grant  a  license  to manufacture, use and resell a customized antenna for a
wireless  system  for tracking lost children, animals and electronic components.
We  provided  two  sample  antennas  to Wherify for testing for a 30-day period.
Wherify  completed  the  testing  of  the  sample  antennas and provided us with
written confirmation that one of the sample antennas was accepted and the second
GPS  antenna  was  not  suitable  to  Wherify.

By  way  of  an amending agreement dated February 24, 2000, (the "First Amending
License  Agreement"),  we proceeded with Wherify and consummated the license for
one  of  the  antennas  only.   If  Wherify  began  commercial production of the
antennas  within  six  months  of  the  testing  period,  then  exclusive rights
terminate,  unless  it  pays  us  a minimum royalty of $250,000 within the first
year.  If  the minimum royalty payment is made, then we Company would extend the
deadline  date  for commencement of commercial production for up to one year. It
did  not,  and  therefore  did  not  obtain  an  exclusive  license.

Pursuant  to  the  terms  of  the  license,  the  Company  has  been paid a non-
reoccurring  engineering  fee  in  the  sum  of  $15,000

Wherify  was  unable  to produce and/or resell the minimum number of antennas as
setout in the First Amending License Agreement.  The parties further amended the
license  agreement  on March 15, 2001 (the "Second Amending License Agreement"),
whereby we granted an extension for commencement of commercial production of the
and  restructure  the  minimum royalty payment structure based on Wherify's best
estimate  as  to commencement of commercial production of the Antennas by August
2001.

If  World  Tracking  begins  production within this time period, we will be paid
royalties  for the antennas based on the following minimum quotas which shall be
manufactured  and  sold by Wherify or Wherify shall pay a Royalty Fee in lieu of
selling  such  minimum  number:

 .  100,000  antennas  to  be  manufactured  and  sold  by  Wherify  from initial
   commercial  production
 .  150,000  antennas  within  24  months  from  initial  commercial  production
 .  200,000  antennas  within  36  months  from  initial  commercial  production


                                      -13-
<PAGE>
 .  250,000  antennas  within  48  months  from  initial  commercial  production
 .  300,000  antennas  within  60  months  from  initial  commercial  production

The  royalties  shall  be  $2.50  per  antenna  for  the  first 100,000 antennas
purchased;  $2.25  per  antenna for 100,001 to 200,000 antennas purchased; $2.00
per  antenna  for  200,001  to 300,000 antennas purchased; $1.75 per antenna for
300,001  to 400,000 antennas purchased; $1.50 per antenna for 400,001 to 500,000
antennas purchased; and $1.00 per antenna for over 500,000 antennas purchased.

On  March  24,  2000,  we  entered a professional service agreement with Cadence
Design  Systems,  Inc.  (NYSE: CDN), to provide us with a comprehensive wireless
development  engineering  service  for the CTHA.  This agreement with Cadence(R)
will  enable  us  to complete an independent analysis of its CTHA technology for
several  wireless  applications  as  follows:

 .  The  LEO/GPS  CTHA  for  the  Orbcomm  Satellite  used  for  tracking trucks,
   trailers
   and  valuable  merchandise
 .  Cellular  phones
 .  Walkie  talkies
 .  Two  way  pagers
 .  PC's
 .  Cordless  phones
 .  Several  Bluetooth  applications.

Cadence  is  the  largest  supplier  of  electronic  design automation products,
methodology  services  and  design  services  used  to accelerate and manage the
design  of  semiconductors,  computer systems, networking and telecommunications
equipment,  consumer  electronics  and  a  variety  of  other  electronics-based
products.  Cadence  has  sales  offices,  design centers and research facilities
around  the  world.  The  advantage  to  us  of this agreement in having Cadence
complete  comprehensive  independent  analysis of the CTHA technology is to have
the  said  information  available  to  potential  end  users  on  our website at
www.iascom.com.  The  majority  of  the  potential  end  users  require detailed
specifications of our antennas before committing to a purchase order or entering
into  a  joint  venture  agreement  with us. The agreement with Cadence has been
completed.

GOVERNMENTAL  REGULATIONS

We  believe  there  are  no  existing  governmental  guidelines for the antennas
currently  being  developed  by  us.

No governmental approval is necessary for the antenna other than meeting certain
frequency  guidelines  for  the  end  users.  The  end  user is required to meet
certain  government  specification  for  several  wireless  applications.

DEPENDENCE  ON  CERTAIN  CUSTOMERS

Since  we  are  just  beginning to receive orders, it will be dependent on a few
major customers for the near future.  Such customers currently include ARINC and
World  Tracking.  We  also  receive orders from customers through the World Wide
Web  and  other  advertising  sources.


                                      -14-
<PAGE>
RESEARCH  AND  DEVELOPMENT

We  spent  approximately  $343,000 on research and development over the past two
years.  Research  and  development was initially jointly funded with ETC through
TEAM.  Additional  research  and  development of both a scientific and practical
nature  is  required to complete the commercialization of the CTHA.  The cost of
some  future  research  and  development will be borne by customers for specific
applications.  The  antenna  is  currently  being  developed  jointly by Cadence
Design  Systems,  Inc.  and  our  engineer,  Larry  Hawks.

COSTS  AND  EFFECTS  OF  COMPLIANCE  WITH  ENVIRONMENTAL  LAWS

At  the present time there is no direct financial or competitive effect upon our
business  as  a  result  of  any need to comply with any federal, state or local
provisions  which  have  been  enacted  or  adopted  regulating the discharge of
materials  into  the environment, or otherwise relating to the protection of the
environment.
NUMBER  OF  TOTAL  EMPLOYEES  AND  NUMBER  OF  FULL-TIME  EMPLOYEES

In  addition  to  our  Officers,  we currently employ no full-time employees and
part-time employees as required. We anticipate adding employees when the Company
receives  revenue  or  raises  additional  funds  in  the  future.

ITEM  2.  DESCRIPTION  OF  PROPERTY

Our  executive  offices  are  located  at  #185-10751 Shellbridge Way, Richmond,
British  Columbia V6X 2W8, and the telephone number is (604) 278-5996. We lease,
on  a  month-to-month  basis,  approximately  200  square  feet  of space at the
aforementioned  office  from  SMR  Investments. The monthly rent is $500.00. Our
research  and  development  facilities  are  located at 100 E. Broadway, Kokomo,
Indiana  46901,  where we lease 7500 square feet of space. The term of the lease
is  one  year,  and  the monthly rent of the aforementioned space is $2500. This
space  has now been vacated and we have relocated to another location in Kokomo,
IN  at  the  Larry  Hawks  facilities  which  is  currently  being  constructed.

ITEM  3.  LEGAL  PROCEEDINGS

To  the best of the knowledge of our Officers and Directors, neither the Company
nor  any  of  our  Officers  and  Directors  are  parties  to any material legal
proceeding  or  litigation  other than as described below. Further, our Officers
and  Directors  know  of  no  threatened  or  contemplated  legal proceedings or
litigation other than as described below. None of our Officers and Directors has
been  convicted of a felony and none has been convicted of any criminal offense,
felony  or  misdemeanor,  relating  to  securities  or  performance in corporate
office.  To  the  best  of  the  knowledge  of  our  Officers  and Directors, no
investigations  of  felonies, misfeasance in office or securities investigations
are  either  pending  or  threatened  at  the  present  time.

We  were  sued  in April 1998 in a civil action filed in U.S. District Court for
the  District  of  Oregon  (the  "Oregon  Litigation").  The  Plaintiff,  Kirk
Vanvoorheis,  ("Plaintiff") sought money damages and equitable relief against us
alleging  patent  infringement  by  us  for  the CTHA. We notified West Virginia
University ("WVU") of this claim and contacted WVU to assist in the defense. WVU
owns  the  patent  rights to the CTHA technology, which were licensed to us. Two
patents  were  granted  for  the CTHA to WVU; one in August 1995, and another in
August  1997.  The  Plaintiff's  patent  was  approved  on  March  31,  1998.

The  Plaintiff  in  the Oregon Litigation is also a defendant in a pending civil
action  in  the  U.S.  District Court for the Northern District of West Virginia
brought by WVU (the "West Virginia Litigation") claiming that the CTHA invention


                                      -15-
<PAGE>
is owned by WVU. As alleged in the West Virginia Litigation, we believe that the
patent  rights  for  the  CTHA  technology  belong  to WVU and that based on the
license,  we  own the world wide rights to the CTHA commercial applications. Dr.
James  Smith,  our former Chairman of the Board, has been sued by Plaintiff in a
third  party  complaint  in  the  West Virginia Litigation together with WVU and
Integral  Concepts,  Inc.

A decision by the United States District Court for the Northern District of West
Virginia  will, if upheld on appeal, signal the end to patent litigation brought
by  VorteKx,  Inc.  against  us.

VorteKx,  Inc.  brought  a  patent infringement action against IAS in the United
States  District Court for the District of Oregon on a patent issued to a former
graduate  student  at  WVU,  Kurt  L.  VanVoorhies, and subsequently assigned to
VorteKx.  On  our  motion,  the case was transferred to the Northern District of
West  Virginia  and  consolidated  with a previously pending action filed by WVU
against  VanVoorhies,  discussed  above.  We  and  WVU  both  claimed  that  the
technology  covered  by  the  patent  is  actually  owned  by  WVU.  We  are the
sublicensee  of  commercial  applications  of  the  CTHA  technology.

In  a  Memorandum Opinion and Order entered February 17, 2000, the West Virginia
federal  court  granted  summary  judgment  for  WVU  in  its  claims  against
VanVoorhies.  The  Court  also  dismissed  VanVoorhies'  claims  against WVU and
third-party  defendants West Virginia University Research Corporation, Dr. James
E.  Smith  and  Integral  Concepts, Inc. Because the Court's holding establishes
that  WVU  owns the technology, it should bring an end to the litigation against
us,  which  was  stayed  pending  resolution  of  the case against VanVoorhies.

The dispute in the WVU action concerned inventions conceived during VanVoorhies'
time  at  WVU  as a graduate student and later as a graduate research assistant,
particularly  two  inventions  relating  to the CTHA technology. The Court found
that  VanVoorhies  validly  assigned  all  rights in the first invention to WVU,
including  all  future  technology  derived  from the technology underlying that
invention.  VanVoorhies subsequently declined to assign to WVU any interest in a
second  invention.  The Court found that the second invention constituted future
technology  derived from the first invention. Therefore, VanVoorhies' assignment
of  the first invention to WVU also effectively assigned the second invention to
WVU,  and  WVU  is  the  rightful  owner  of  the  patent  applications filed by
VanVoorhies  on  the  CTHA  technology.

Because  one  of  these  patent  applications  led to the issuance of the patent
underlying  VorteKx's  infringement  suit against the Company, VorteKx no longer
has  standing to pursue that infringement case. The case has been stayed pending
VanVoorhies'  appeal  from  the  Court's  order.

On  May  16, 2000 we filed suit in the United States District Court for Northern
District  of  West  Virginia  against  Integral  Technologies,  Inc.,  Next
Antennas.Com,  Inc.,  Emergent  Technologies  Corporation  and  Jack  Parsons
(collectively,  "the Defendants"), alleging breach of contract, misappropriation
of  trade secrets, interference with economic relations, and breach of fiduciary
duty.

We  are  the  exclusive  commercial  sublicensee  of certain proprietary antenna
technology  developed  by  West Virginia University, including any improvements,
modifications or enhancements thereto ("the Technology"). We established a joint
venture  (TEAM)  with  Emergent  Technologies  Corporation,  exclusive  military
sublicensee  of  the  Technology,  to  develop antennas based on the Technology.


                                      -16-
<PAGE>
Emergent  was  subsequently  acquired  by  Integral  Technologies,  Inc.,  which
recently  announced  it is selling antennas to the commercial market through its
wholly-owned  subsidiary,  Next  Antennas.Com,  Inc.  Jack  Parsons has been the
president  of  Emergent,  and  a  director  of  Integral.  We  believe  that the
defendants  are selling antennas in contravention of their obligations under the
sublicense  agreements and otherwise, and in violation of our exclusive rights.

We  seek  injunctive  and  affirmative  relief and punitive damages as follows:

     10   An  injunction prohibiting the Defendants from using or disclosing our
          trade  secrets;  or manufacturing, distributing or selling, any device
          derived  from  the  Technology  for  commercial  applications;

     11   An  order  requiring  the  Defendants to account to us for all profits
          obtained  as  a  result of their alleged breach of contract, breach of
          duty  of  good  faith  and  fair  dealing,  misappropriation  of trade
          secrets,  interference  and/or breach of fiduciary duty; and to return
          all proprietary materials and destroy all devices created in violation
          of  our  rights;

     12   A  money judgment against the Defendants in an amount to be determined
          at trial; additional exemplary or punitive damages calculated to deter
          such  conduct,  and  attorney  fees  and  costs;  and

     13   An  order requiring the Defendants to hold in trust for us all profits
          the  Defendants  have  made  from commercial sales of antennas derived
          from  the  Technology.

ITEM  4.   SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

No  matters  were  submitted to a vote by our security holders during the fourth
quarter  of  our  fiscal  year  ended  April  30,  2001.

PART  II

ITEM  5.  MARKET  FOR  COMMON  EQUITY  AND  RELATED  STOCKHOLDER  MATTERS

Our Common Stock trades on the OTC Bulletin Board under the symbol "IASCA" where
it has traded since April 16, 1996. Our Common Stock has traded at between $0.15
and  $4.62  per  share  since  April  16,  1996.

The  following table sets forth the high and low prices for the Company's Common
Stock,  as  reported  by  Nasdaq  Trading  &  Market  Services  for the quarters
presented. These quotations reflect inter-dealer prices, without retail mark-up,
mark-down  or  commissions,  and  may  not  reflect  actual  transactions.

                                   Bid Price          Asked Price
                                High  $    Low $     High $    Low $
Quarter Ended July 31, 1999     $   1.53  $   0.81  $1.59375  $ 0.8125
Quarter Ended October 31, 1999  $   1.00  $  0.375  $  1.125  $ 0.4375
Quarter Ended January 31, 2000  $1.03125  $  0.375  $ 1.0625  $0.46875
Quarter Ended April 30, 2000    $  3.125  $0.59375  $ 3.1875  $ 3.1875
Quarter Ended July 31, 2000       1.5625       .65     1.625       .75
Quarter Ended October 31, 2000    .90625    .34375       .97    .41875


                                      -17-
<PAGE>
Quarter Ended January 31, 2001       .95       .25   1.03125     .3125
Quarter Ended April 30, 2001      .34375        .2    .53125       .21
Quarter Ended July 31, 2001          .26       .15       .27       .16

As  of  July 31, 2001, there were 11,600,645 shares of Common Stock outstanding,
held  by  123  shareholders  of  record.

DIVIDEND  POLICY

To  date we have not paid any dividends on our Common Stock and do not expect to
declare  or  pay  any  dividends on such Common Stock in the foreseeable future.
Payment  of  any  dividends  will be dependent upon future earnings, if any, our
financial  condition,  and  other  factors  as  deemed  relevant by our Board of
Directors.

RECENT  SALES  OF  UNREGISTERED  SECURITIES

Set  forth  below  is  information  regarding  the  issuance  and  sales  of our
securities  without  registration  during  the  past  fiscal year. No such sales
involved  of  an underwriter and no commissions were paid in connection with the
sale  of  any  securities.  See  the  Balance  Sheet  and  Note 1 to our audited
financial  statements  for  the  fiscal  year  ended  April  30,  2001  for more
information  on  recent  sales  of  unregistered  securities.

During  the  fiscal  year  ended  April 30, 2001, there were no shares issued in
connection  with  the  exercise  of  warrants  or  stock  options.

ITEM 6:  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATIONS

This  report  contains  forward-looking  statements.  The  words,  "anticipate",
"believe",  expect",  "plan",  "intend",  "estimate", "project", "could", "may",
"foresee",  and  similar  expressions  are  intended to identify forward-looking
statements.  The following discussion and analysis should be read in conjunction
with our Financial Statements and other financial information included elsewhere
in  this  report  which  contains,  in  addition  to  historical  information,
forward-looking  statements  that  involve  risks  and uncertainties. Our actual
results  could  differ  materially  from  the  results  discussed  in  the
forward-looking  statements.  Factors  that  could  cause  or contribute to such
differences  include those discussed below, as well as those discussed elsewhere
in  this  report.

PLAN  OF  OPERATIONS

We  were  incorporated on December 13, 1994 pursuant to the Laws of the State of
Oregon,  USA.

We  are a development stage company engaged in the commercialization of advanced
antenna  technology  known  as  the Contrawound Toroidal Helical Antenna, herein
"CTHA",  for  wireless  communications markets including cellular, meter reading
and  global  positioning  services.  The  CTHA,  developed  in  conjunction with
researchers  at  West Virginia University, is a technologically advanced antenna
design  that  can  be  incorporated  into  a  wide variety of telecommunications
applications.  We have been granted worldwide sublicensing rights for commercial
applications,  excluding  military  and  governmental applications, for the CTHA


                                      -18-
<PAGE>
pursuant  to  an  agreement  with  Integral  Concepts  Inc.  and  West  Virginia
University  Research  Corporation.

As a development stage company, we devote most of our activities to establishing
this  new  business.  Planned  principal  activities have produced insignificant
revenues  and  we  have  suffered  recurring  losses  from  inception,  totaling
$3,241,476  and we have a working capital deficit of $1,123,136 which includes a
negative cash balance of $7,878.  These factors raise doubt about our ability to
continue  as  a  going concern. Our ability to emerge from the development stage
with  respect  to  our planned principal business activity is dependent upon our
successful  efforts  to raise additional equity financing and develop additional
markets  for  our  products,  identify additional licensees, and receive ongoing
support  from  the  majority  of  our  creditors.

We  plan  to  raise  net  proceeds of approximately $210,000 ($155,350 raised to
date)  through  a  private  placement.  The  offering  will be a best efforts no
minimum  offering  consisting  of  600,000  units  at  $0.35 per unit. Each unit
consists  of  one  unit  of  our  common  stock  and  one warrant to purchase an
additional  unit  of  common  stock at a price of $0.50 for a period of one year
from the date of issuance. The common stock offered will not be registered under
the  Securities  Act of 1933 and may not be offered or sold in the United States
absent  registration  or an applicable exemption from registration requirements.
This  disclosure is not an offer to sell securities and is not a solicitation of
an  offer  to  buy  securities.  We  anticipate  that sales will be made only to
accredited  investors  or  to  persons  that are not U.S. residents. No money or
other  consideration  is  being  solicited  or  will  be accepted by way of this
disclosure. The common stock offered has not been registered with or approved by
any  state  securities agency or the U.S. Securities and Exchange Commission and
will  be offered and sold pursuant to exemptions from registration. If all units
are  sold,  then net proceeds to us will be approximately $185,000. We also plan
to  raise  capital  by  way  of  a  convertible  debenture  private  placement.

We  may  also  raise additional funds through the exercise of warrants and stock
options,  if  exercised.  Warrants  with  respect  to  1,803,377  shares  may be
exercised  to  net  $2,724,315 and options with respect to 870,000 shares may be
exercised  to  net  $217,500.  These  warrants  and  options  are  currently
not-in-the-money  and  are  unlikely  to  be  currently exercised. After raising
$210,000,  we  will require significant additional capital to provide sufficient
working  capital  to  carry  out  our  business plan for the next twelve months.

Results  of  Operation for the Year Ended April 30, 2001 ("2001") as compared to
the  Year  Ended  April  30,  2000  ("2000")

During  the  latter  part  of  2000,  through  our  agreement  with
Information-Highway.com,  Inc.,  we  started  selling  ham radio antennas and TV
antennas  over  the  Internet.  Sales  revenue  amounted  to $20,000 for 2001 as
compared  to  $35,000  for  2000.

The  net  loss for 2001 was $755,000 compared to $572,000 for 2000. The increase
of  $183,000  was  due  to  the increase in research and development expenses to
$264,000  during  2001  as  compared  to  $79,000  during  2000,  an increase of
$185,000.  The increase was due to our using a third party contractor to perform
specific  product development work. As a result consulting has increased $89,000
to  $209,000 during 2001 from $120,000 in 2000. There were no contributions from
potential  licenses  during  2001 as compared to $98,000 in 2000. Administrative
expenses  increased  by  $61,000.  Debenture  interest  decreased to $2,000 from
$9,000  as  a  result  of  convertible  debentures being redeemed. We had to pay
$30,000  as a premium on cash redemption in 2000. Professional fees increased by
$35,000  to  $179,000  from $144,000 in 2000 as a result of increased litigation
costs.  Travel and promotion decreased by $10,000 to $5,000 from $15,000 in 2000


                                      -19-
<PAGE>
as  a  result  of  reduced  travel  between  the  administration and development
offices.  Rent  and secretarial decreased by $31,000 to $71,000 from $102,000 in
2000  due  to  reduced  secretarial  requirements.  Investor  relations activity
increased  by  $109,000  to  $179,000  from  $70,000  in  2000.

We  incurred  $2,000  of  advertising  costs  related to marketing our developed
products  compared  to  $61,000  in  2000.

Our  net loss per share increased by $0.01 to $0.07 per share from $0.06 in 2000
as  a  result of the lower net loss for the year and the increase in outstanding
shares  by  2%  during  2001.

LIQUIDITY  AND  CAPITAL  RESOURCES

During  2001  we  financed  our  operations  and  received  $593,000  by:

(i)  receiving financial support from companies affiliated with our President in
     the  amount  of $438,000. These amounts are unsecured, non-interest bearing
     and  due  on  demand.

(ii) receiving  share  subscriptions  in  the  amount  of  $155,000.

During  2001  we  invested  these  funds  as  follows:

(i)  $5,000  of  these  funds  was  spent  on  acquiring  capital  assets.

(ii) $69,000  of  these  funds  was  spent on patent protection costs in various
     jurisdictions.

(iii) $509,000  of  these  funds was spent on operating activities as discussed
     above  under  Results  of  Operation  for  the Year Ended April 30, 2001 as
     compared  to  the  Year  Ended  April  30,  2000.

Our  cash  position  has increased by $10,000 to negative $8,000 and our working
capital  deficit,  as  at  April  30,  2001,  is  $1,123,000.

ITEM  7:  FINANCIAL  STATEMENTS

Our consolidated financial statements are included and begin immediately
following the signature page to this report.  See Item 13 for a list of the
financial statements and financial statement schedules included.

ITEM  8.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING AND
FINANCIAL  DISCLOSURE

None.

PART  III

ITEM  9.  DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND  CONTROL  PERSONS;
COMPLIANCE  WITH  SECTION  16(a)  OF  THE  EXCHANGE  ACT

The  following  table  sets  forth  the name, age and position of each Executive
Officer,  Director  and  Significant  Employee  of  the  Company:


                                      -20-
<PAGE>
Name               Age                                   Position

John G. Robertson   60  Principal Executive Officer, President and Member
                        of the Board of Directors
Jennifer Lorette    29  Vice-President and Member of the Board of Directors
James Vandeberg     57  Chief Operating Officer and Member of the Board
                        of Directors
Patrick Badgley     57  Vice-President, Operations
Larry Hawks         65  Vice President of Research and Development


All  our  Directors  have served since the formation of the Company in December,
1994, except for James L. Vandeberg, who was appointed to the Board of Directors
in  November,  1998.  The  Executive  Officers were elected on February 4, 1995,
except  for  James L. Vandeberg, who was appointed as Chief Operating Officer on
August  1st,  1999.  All  officers currently devote part-time to our operations.

There  are no family relationships between any director or executive officer and
any  other  director  or  executive  officer.

John  G.  Robertson - President, Principal Executive Officer and a Member of the
Board  of  Directors

Mr.  Robertson  has  been  the  President  and Principal Executive Officer and a
Director  of  the  Company since its formation. Mr. Robertson has been Chairman,
President  and Chief Executive Officer of REGI U.S., Inc. since July 1992. Since
October 1984 Mr. Robertson has been President and a Director of Reg Technologies
Inc.,  a  British  Columbia  corporation listed on the Canadian Venture Exchange
that  has  financed the research on the Rand Cam Engine since 1986. REGI U.S. is
controlled  by  Rand Energy Group, Inc., a British Columbia corporation of which
Reg  Technologies  Inc.  is  the  majority  shareholder. REGI U.S. owns the U.S.
rights  to  the  Rand  Cam  (TM) technology and Rand Energy Group, Inc. owns the
worldwide  rights  exclusive  of the U.S. Since June 1997 Mr. Robertson has been
President,  Principal  Executive  Officer  and  a  Director  of
Information-Highway.com,  Inc., a Florida corporation traded on the OTC bulletin
board,  and  its  predecessor.  He  is  also  the President and Founder of Teryl
Resources  Corp.,  a  public  company  trading  on the Canadian Venture Exchange
involved  in gold, diamond, and oil and gas exploration. He is also President of
LinuxWizardry Systems, Inc., a public company trading on the OTC Bulletin Board.
Linux  Wizardry's  Apprentice  Router  allows  small businesses to establish and
manage  network  connections without the need of a Network specialist. Since May
1977  Mr. Robertson has been President and a member of the Board of Directors of
SMR  Investments Ltd., a British Columbia corporation engaged in the business of
management  and  investment  consulting.


                                      -21-
<PAGE>
James  L.  Vandeberg  -  Chief  Operating  Officer  and a Member of the Board of
Directors

Mr.  Vandeberg  became  a Director of the Company in November 1998 and its Chief
Operating  Officer  in  August 1999.  Mr. Vandeberg is a partner in the Seattle,
Washington  law firm of Vandeberg Johnson & Gandara.  He has served as our legal
counsel  since  1996.  Mr. Vandeberg's practice focuses on the corporate finance
area,  with  an  emphasis  on  securities  and  acquisitions.  Mr. Vandeberg was
previously general counsel and secretary of two NYSE companies and is a director
of  Information-Highway.com,  Inc.,  a  Florida  corporation  traded  on the OTC
bulletin  board.  He  is also a director of REGI U.S., Incan Oregon corporation
traded  on  the OTC bulletin board since November 1999.  Mr. Vandeberg is also a
director  of  Cyber Merchants Exchange, Inc. since May 2001.  He is a member and
former  director  of the American Society of Corporate Secretaries.  He became a
member  of  the  Washington  Bar  Association  in 1969 and of the California Bar
Association  in  1973.  Mr. Vandeberg graduated cum laude from the University of
Washington  with  a  Bachelor of Arts degree in accounting in 1966, and from New
York  University  School  of  Law  in  1969, where he was a Root-Tilden Scholar.

Jennifer  Lorette  -  Secretary/Treasurer,  Principal  Financial  Officer  and
Principal  Accounting  Officer

Ms.  Lorette is a founder, and has been Secretary/Treasurer, Principal Financial
Officer  and  Principal  Accounting  Officer of the Company since February 1995.
Since  June 1994 Ms. Lorette has been Vice President and Chief Financial Officer
of  REGI  U.S.,  Inc.,  an  Oregon corporation traded on the OTC bulletin board.
Since  April  1994  she  has  also  been  Vice  President  of Administration and
Secretary  for  Reg Technologies, Inc., a British Columbia corporation listed on
the  Canadian  Venture  Exchange  that has financed the research on the Rand Cam
Engine since 1986. REGI U.S. is controlled by Rand Energy Group, Inc., a British
Columbia corporation of which Reg Technologies Inc. is the majority shareholder.
Since  June 1997 Ms. Lorette has been Executive Vice President and a Director of
Information-Highway.com,  Inc., a Florida corporation traded on the OTC bulletin
board,  and  its  predecessor.  Since  June  1994 Ms. Lorette has also been Vice
President and Secretary of LinuxWixardry Stystems, Inc.  Since November 1997 Ms.
Lorette  has  been  Vice  President  of  Teryl Resources Corp., a public company
trading  on the Canadian Venture Exchange involved in gold, diamond, and oil and
gas  explorationShe  also  became  a  director  in  February  2001.

Larry  Hawks  -  Vice  President  of  Research  and  Development

Mr.  Hawks  serves as Vice President of Research and Development for the Company
on a consulting basis. He has three years of development and research experience
with  the  Company and has manufactured antennas for the Company. Prior to that,
Mr.  Hawks  was  a  consultant  for  Hebrew  University  in Jeruselum, Israel as
engineer  of  developing  and  teaching.

Section  16(a)  Beneficial  Ownership  Reporting  Compliance

Based solely upon a review of Forms 3, 4 and 5 furnished to us, other than James
Vandeberg,  Patrick Badgley and Larry Hawks, who furnished no Forms to us during
the  year,  no officer, director or beneficial owner of more than ten percent of
our  Common  Stock failed to file on a timely basis reports required to be filed
by  Section  16(a)  of  the  Exchange  Act  during  the most recent fiscal year.

ITEM  10.  EXECUTIVE  COMPENSATION


                                      -22-
<PAGE>
None  of  our  executive  officers  had  an annual salary and bonus in excess of
$100,000 during the past fiscal year. Mr. Robertson received options to purchase
200,000  and  150,000  shares of the Company's common stock in fiscal years 1999
and  1997,  respectively.

<TABLE>
<CAPTION>
------------------  ----  -------  ------  -------------  -----------------  -----------  --------  -------------
Name and Principal  Year       Annual Compensation                         Long-Term  Compensation
Position
                          ------------------------------  -------------------------------------------------------
                                                                         Awards                 Payouts
                          ------------------------------  -------------------------------------------------------
                                                                             Securities
                          Salary   Bonus   Other Annual   Restricted Stock     Under-     LTIP (2)    All Other
                            ($)     ($)    Compensation       Award(s)          lying      Payout   Compensation
                                                ($)              (#)          Options/      ($)          ($)
                                                                              SARs (#)
------------------  ----  -------  ------  -------------  -----------------  -----------  --------  -------------
<S>                 <C>   <C>      <C>     <C>            <C>                <C>          <C>       <C>


John G. Robertson,  2001  Nil      Nil        48,000 (3)  Nil                Nil          Nil       Nil
President and CEO   2000  Nil      Nil        48,000 (3)  Nil                Nil          Nil       Nil
                    1999  Nil      Nil        48,000 (3)  Nil                    200,000  Nil       Nil
------------------  ----  -------  ------  -------------  -----------------  -----------  --------  -------------
<FN>
(1)  "SARS"  or  "stock  appreciation  right"  means  a  right granted by US, as
     compensation  for  services  rendered,  to  receive a payment of cash or an
     issue  or  transfer of securities based wholly or in part on changes in the
     trading  price  of  our  publicly  traded  securities.

(2)  "LTIP"  or  "long  term  incentive  plan"  means  any  plan  which provides
     compensation intended to serve as incentive for performance to occur over a
     period longer than one financial year, but does not include option or stock
     appreciation  right  plans  or  plans  for  compensation through restricted
     shares  or  restricted  share  units.

(3)  Access  Information Services, Inc., a Washington corporation which is owned
     and  controlled  by the Robertson Family Trust, the beneficiary of which is
     Kelly  Robertson,  daughter of John G. Robertson, received or is to receive
     $2,500 per month from us for management services provided to us and rent in
     the  sum  of  $1,500 per annum. Mr. Robertson is a trustee of the Robertson
     Family  Trust.
</TABLE>

A  management  fee  of  $2,500.00  per  month  is  accrued for payment to Access
Information  Services,  Inc.,  a  corporation controlled by the Robertson Family
Trust,  the  beneficiary  of  which  is  Kelly  Robertson,  daughter  of John G.
Robertson.  Further,  the  sum  of $1,500.00 per month is accrued for payment to
Access  Information  Services,  Inc.  for  rent  and  secretarial  services.

No  other compensation is paid to any of our Executive Officers or Directors. We
may  in  the  future  create  retirement, pension, profit sharing, insurance and
medical  reimbursement plans covering our Officers and Directors. At the present
time,  we  have no such plans. No advances have been made or are contemplated by
us  to  any  of  our  Officers  or  Directors.

The  200,000  options granted to Mr. Robertson during fiscal year 1999 expire on
November  12,  2003;  and  the  150,000  options expire on December 31, 2001. On
January  17,  2001, we repriced the options so that they are now exercisable for
$0.25  per  share.  Mr.  Robertson was not granted new options during the fiscal
year  2001.

The following table sets forth certain information concerning exercises of stock
options  pursuant  to  stock option plans by the named Executive Officers during
the  year  ended  April  30,  2001,  and  stock  options  held  at  year  end.

AGGREGATED  OPTION  EXERCISES  IN  LAST  FISCAL  YEAR AND YEAR END OPTION VALUES


                                      -23-
<PAGE>
<TABLE>
<CAPTION>
                                                           Number of          Value of
                                                          Unexercised       Unexercised
                                                          Options at    Options at Year End
                                                           Years End            (1)

                   Shares Acquired                       Exercisable /     Exercisable /
Name               On Exercise (#)   Value realized ($)  Unexercisable     Unexercisable
-----------------  ----------------  ------------------  -------------  --------------------
<S>                <C>               <C>                 <C>            <C>

John G. Robertson               -0-                 -0-        350,000                  -0-
-----------------  ----------------  ------------------  -------------  --------------------
<FN>
(1)  The  calculation of the value of unexercised options is based on the difference between
the  last  sale  price  of  $0.21  per share for our Common Stock on April 30, 2001, and the
exercise  price  of  each  option ($0.25), multiplied by the number of shares covered by the
option.
</TABLE>

We  do  not  have  any  Long  Term  Incentive  Plans.

We do not have any employment contracts, termination of employment and change of
control  arrangements.

ITEM  11.  SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENT

The  following  table  sets  forth, as of July 31, 2001, our outstanding Class A
Common Stock owned of record or beneficially by each person who owned of record,
or  was  known  by us to own beneficially, more than 5% of our Common Stock, and
the  name  and  shareholdings  of  each  Executive  Officer and Director and all
Executive  Officers  and  Directors  as  a  group.  A person is deemed to be the
beneficial  owner  of  securities  that can be acquired by such person within 60
days from the date of this report upon the exercise of warrants or options. Each
beneficial  owner's  percentage ownership is determined by assuming that options
that  are  held by such person and which are exercisable within 60 days from the
date  are  exercised.

<TABLE>
<CAPTION>
                  Name                        Class A Shares Owned  Percentage of
                                                                    Class A Shares
                                                                        Owned
<S>                                           <C>                   <C>
John G. Robertson, President and member of               3,686,575           31.8%
the Board of Directors (1) (2)
Dr. James Smith[3]   **                                  2,500,000           24.0%
Access Information Services, Inc. [4]                    3,289,375           28.4%
Robertson Family Trust [5]                               3,289,375           28.4%
Jennifer Lorette Secretary/Treasurer[1] [7]                121,000            1.0%


                                      -24-
<PAGE>
                  Name                        Class A Shares Owned  Percentage of
                                                                    Class A Shares
                                                                        Owned
James L. Vandeberg [1][6], Chief Operating                 192,048            1.7%
Officer and Member of the Board of
Directors

Patrick Badgley, [1] [8] Vice President,                    50,000              *
Research and Development and Director

Larry Hawks, Vice President Research and                    75,000              *
Development

ALL EXECUTIVE OFFICERS &                                 4,049,623           34.9%
DIRECTORS AS A GROUP (FOUR
INDIVIDUALS) (7)
<FN>
*    Less  than  one  percent

Except  as  noted  below,  all shares are held beneficially and of record and each
record  shareholder  has  sole  voting  and  investment  power.

[1]  These  individuals are our Executive Officers and Directors and may be deemed
to  be  our  "parents  or  founders"  as  that  term  is  defined in the Rules and
Regulations  promulgated  under  the  Securities  Act  of  1933,  as  amended.

[2]  Includes  3,000,000  shares  registered  in  the  name  of Access Information
Services,  Inc.,  a  corporation  controlled  by  the  Robertson Family Trust, and
350,000  options  that  are  currently  exercisable. Mr. Robertson is one of three
trustees  of  the  Robertson  Family Trust, which acts by the majority vote of the
three  trustees.  Mr. Robertson disclaims beneficial ownership of the shares owned
or  controlled  by the Robertson Family Trust. Mr. Robertson's address is the same
as  our  address.

[3]  Dr.  Smith's  address  is  Route  4, Box E36, Bruceton Mills, WV 26525. ** We
contacted  Dr. Smith to confirm his shareholdings and he could not provide us with
more  than  an  estimate  of  approximately  2,500,000  shares.

[4]  Access  Information  Services  is a corporation owned by the Robertson Family
Trust.  Its address is 185 - 10751 Shellbridge Way, Richmond, British Columbia V6X
2W8,  Canada.

[5]  Includes  3,000,000  shares owned of record by Access Information Services, a
corporation owned by the trust. The address of the Robertson Family Trust is 185 -
10751  Shellbridge  Way,  Richmond,  British  Columbia  V6X  2W8,  Canada.

[6]  Includes  75,000  options  that  are  currently  exercisable. Mr. Vandeberg's
address is Ogden Murphy Wallace, P.L.L.C., 1601 Fifth Avenue, Suite 2100, Seattle,
Washington  98101-1686.

[7]  Includes 75,000 options that are currently exercisable. Ms. Lorette's address
is  the  same  as  our  address.


                                      -25-
<PAGE>
[8]  Includes 50,000 options that are currently exercisable. Mr. Badgely's address
is  2815  Franklin  Drive,  Columbus,  Indiana,  47201.

[9]  Includes  3,000,000  shares  registered  in  the  name  of Access Information
Services,  Inc.,  a  corporation  controlled  by  the  Robertson Family Trust, and
550,000  options  that  are  currently  exercisable. Mr. Robertson is one of three
trustees  of  the  Robertson  Family Trust, which acts by the majority vote of the
three  trustees.  Mr. Robertson disclaims beneficial ownership of the shares owned
or  controlled  by  the  Robertson  Family  Trust.
</TABLE>

CHANGES  IN  CONTROL

We  know of no arrangements the operation of which may result in a change of our
control.

ITEM  12.  CERTAIN  RELATIONSHIPS  AND  RELATED  TRANSACTIONS

Integral  Concepts,  Inc.  ("ICI"), holder of the exclusive worldwide license to
the  CTHA technology, entered into an option agreement with SMR Investments Ltd.
("SMR"),  a corporation owned by Sue Robertson, the wife of Mr. Robertson, dated
November  18,  1994, and amended December 16, 1994 (the "Option Agreement"). The
Option  Agreement provided that ICI would issue a sublicense to SMR for the CTHA
subject  to  the  payment  of  $250,000;  a  3%  royalty from gross sales; and a
subsequent  public  entity  to  be  established.  We  were  organized by SMR and
Robertson  as  a  result.  ICI  retained all military applications and resulting
procurement interests. The contract period relating to the three percent royalty
to  be  paid  to  ICI  commences  when sales are made by us and SMR and continue
during  the  life  of  the Option Agreement. The term of the Option Agreement is
perpetual  as  is  the  ICI  License.

On  December  13,  1994,  SMR  assigned us the rights to the Option Agreement in
consideration  of  $50,000  advanced  by  Access Information Services, Inc. (the
"Option  Assignment").  Access Information Services, Inc. is a corporation owned
and  controlled  by  the  Robertson  Family  Trust.

On  December  14, 1994, we issued 3,000,000 Class A Shares to Access Information
Services,  Inc.,  pursuant  to  the Option Assignment. The value assigned to the
3,000,000  Class  A common shares issued to Access Information Services Inc. was
$0.50.  The  valuation  of  the  3,000,000  shares  issued to Access Information
Services,  Inc.  was  arbitrarily  determined  by  our  Board  of Directors. The
$250,000  has  been  paid  to  ICI  and  was  a  one  time  payment.

On  July 10, 1995, ICI entered into the Sublicense wherein ICI granted to us the
exclusive  worldwide  right  to  manufacture,  sell  copies  of,  sublicense and
distribute  the  process  and  equipment related to the design, construction and
operation  of  the  CTHA  and  to  further  sublicense  others  the  rights  to
manufacture,  sell  copies  of,  license  and distribute the same, excluding all
military  applications  and  procurement  interests.  The  Sublicense  was  the
culmination  of  the  agreement between ICI and SMR, and SMR and us. On December
27,  1995,  SMR assigned us all of its rights and duties in the CTHA technology.
The  purpose of this assignment was to assign any and all rights or duties which
may  have  been  held  by  SMR  as  a  result  of the Option Agreement, it being
understood  that  the  Option  Agreement  was  nothing more than an agreement in
principle. The term of the Sublicense is perpetual and requires the payment of a
minimum  annual  royalty of $3,000. Further, we will pay a royalty of 10% of the
net  revenues derived from sales, licenses or sublicenses of the CTHA technology
with  a credit for the minimum royalty. In addition we shall pay a royalty of 3%
of  the  gross  revenues  derived from the sales, licenses or sublicenses of the
CTHA  technology.


                                      -26-
<PAGE>
We  amended the Sublicense with ICI in March 1997 to clarify the applications of
CTHA  technology subject to our sublicense. As amended, we have exclusive rights
to  all  commercial  applications. Emergent Technologies Corporation ("ETC") has
the  exclusive rights to all governmental and military applications for the CTHA
antenna.  In  consideration  for  the  amendment, we received a 50% reduction in
royalties to be paid to ICI over a three year period plus an enlarged definition
of  Technology  to  include  all  future  enhancements  to  the CTHA technology.

To  date,  there  have  not  been  any transactions between us and our officers,
directors,  principal  shareholders or affiliates other than as set forth above.
We  believe that the transactions described here were on terms more favorable to
our  officers,  and  directors,  than  otherwise  could  be  obtained  if  such
transactions  were  with  non-related  parties.

ITEM  13(a).  EXHIBITS.

<TABLE>
<CAPTION>
Number  Description
<C>     <S>                                                                       <C>
   3.1  Articles of Incorporation                                                 (1)
   3.2  Article of Amendment                                                      (1)
   3.3  By-Laws                                                                   (1)
   4.1  Specimen Share Certificate for Class A Shares                             (1)
   4.2  Specimen Share Certificate for Class B Shares                             (1)
   4.3  Specimen Warrant                                                          (2)
  10.5  Marketing Agreement between IAS and
        Information Highway.com, Inc.                                             (3)
  10.6  Professional Service Agreement between IAS and
        Cadence Design Systems, Inc.                                              (3)
  10.7  Consulting Agreement between IAS and
        Capital Research Group Inc.                                               (3)
  10.8  License Agreement between IAS and World
        Tracking Technologies, Inc.                                               (3)
  10.9  Amendment to License Agreement between IAS
        and World Tracking Technologies, Inc.                                     (3)
  10.6  License Agreement between IAS and ARINC Incorporated                      (3)
  10.7  Renewal Lease Agreement for Kokomo, Indiana Facilities                    (3)
  10.8  Amendment No.2 to License Agreement between IAS
        and Wherify Wireless, Inc. (formerly "World Tracking Technologies, Inc.)
  23.1  Consent of Elliott Tulk Pryce Anderson
<FN>
____________
(1) Incorporated by reference from Form S-1 Registration Statement (33-92592).
(2) Incorporated by reference from Form 10-KSB for Fiscal Year 1998.
(3) Incorporated by reference from Form 10-KSB for Fiscal Year 2000.
</TABLE>

ITEM  13(b).  REPORTS  ON  FORM  8-K.

None.


                                      -27-
<PAGE>
SIGNATURES

In  accordance  with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the  Registrant  has  duly  caused  this report or amendment to be signed on its
behalf  by  the  undersigned,  thereunto  duly  authorized.

IAS COMMUNICATIONS, INC.


By: /s/ John G. Robertson
-------------------------
John G. Robertson, President
Chief Executive Officer and Director

Dated:  August 13, 2001

In  accordance  with  the  Securities Exchange Act of 1934, this report has been
signed  by  the  following  persons  on  behalf  of  the  Registrant  and in the
capacities  indicated  as  of  August  13,  2001.


      Signature         Title                                    Date
----------------------  --------------------------------------  -------

/s/ John G. Robertson   Chairman of the Board, President,       8/13/01
----------------------
(John G. Robertson)     Chief Executive Officer and Director


/s/James Vandeberg      Chief Operating Officer and             8/13/01
----------------------
(James Vandeberg)       Chief Financial Officer and Director


/s/ Jennifer Lorette    Secretary and Director                  8/13/01
----------------------
(Jennifer Lorette)


                                      -28-
<PAGE>
Item7:     Financial  Statements
------     ---------------------

Independent  Auditor's  Report

Balance  Sheets  as  of  April  30,  2001  and  2000

Statements  of  Operations  accumulated  from  December  13,  1994  (Inception)
    to  April  30,  2001  and  the  years  ended  April  30,  2001  and  2000

Statements  of  Cash  Flows  accumulated  from  December  13,  1994  (Inception)
    to  April  30,  2001  and  the  years  ended  April  30,  2001  and  2000

Statement of Shareholders' Equity accumulated from December 13, 1994 (Inception)
    to  April  30,  2001

Notes  to  the  Financial  Statements


                                      -29-
<PAGE>






                            IAS Communications, Inc.
                         (A Development Stage Company)
                              Financial Statements
                              For the Years Ended
                            April 30, 2001 and 2000







                                      -1-
<PAGE>

                               [GRAPHIC OMITED]

MANNING ELLIOTT                             11TH floor, 1050 West Pender Street,
                                                          Vancouver, BC, V6E 3S7
CHARTERED ACCOUNTANTS                       Phone 604.714.3600 Fax: 604.714.3669
                                                         Web: manningelliott.com


                          Independent Auditors' Report
                          -----------------------------


To the Board of Directors
IAS Communications, Inc.
(A Development Stage Company)


We  have  audited the accompanying balance sheets of IAS Communications, Inc. (a
Development  Stage  Company)  as  of  April  30,  2001  and 2000 and the related
statements  of  operations,  stockholders' deficit and cash flows for the period
from  December  13, 1994 (inception) to April 30, 2001 and the years ended April
30,  2001  and  2000.  These  financial statements are the responsibility of the
Company's  management.  Our  responsibility  is  to  express an opinion on these
financial  statements  based  on  our  audits.

We conducted our audits in accordance with generally accepted auditing standards
in  the United States. Those standards require that we plan and perform an audit
to  obtain  reasonable  assurance  whether  the financial statements are free of
material  misstatement.  An  audit includes examining, on a test basis, evidence
supporting  the  amounts  and  disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made  by  management  as  well  as  evaluating  the  overall financial statement
presentation.  We  believe  that  our  audits provide a reasonable basis for our
opinion.

In  our  opinion, the aforementioned financial statements present fairly, in all
material  respects,  the  financial position of the Company as at April 30, 2001
and  2000  and  the  results of its operations and its cash flows for the period
from  December  13, 1994 (inception) to April 30, 2001 and the years ended April
30, 2001 and 2000 in conformity with generally accepted accounting principles in
the  United  States.

The  accompanying  financial  statements have been prepared assuming the Company
will  continue  as  a  going  concern.  As  discussed in Note 1 to the financial
statements,  the  Company  has  not generated significant revenues or profitable
operations  since  inception  and  has  a working capital deficit. These factors
raise  substantial  doubt  about  the  Company's  ability to continue as a going
concern.  Management's  plans  in  regard to these matters are also discussed in
Note  1.  The  financial  statements  do not include any adjustments which might
result  from  the  outcome  of  this  uncertainty.




CHARTERED ACCOUNTANTS

Vancouver, Canada

August 1, 2001


<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Balance Sheets
April 30, 2001 and 2000



                                                                                  2001         2000
                                                                                   $            $

                                     Assets
<S>                                                                           <C>           <C>
Current Assets

Inventory                                                                          29,584       22,605
Prepaid expenses and other current assets                                          66,186      153,788
-------------------------------------------------------------------------------------------------------

                                                                                   95,770      176,393

Property, Plant and Equipment (Note 3)                                             28,637       41,352

License and Patent Protection Costs (Note 4)                                      422,968      377,872
-------------------------------------------------------------------------------------------------------

                                                                                  547,375      595,617
=======================================================================================================

                      Liabilities and Stockholders' Deficit

Current Liabilities

Cheques issued in excess of funds on deposit                                        7,878       18,446
Accounts payable                                                                  453,564      495,409
Accrued liabilities (Note 7(d))                                                    82,375      128,928
Due to related parties (Note 8)                                                   650,089      211,965
Convertible debentures (Note 6)                                                    25,000       35,000
-------------------------------------------------------------------------------------------------------
                                                                                1,218,906      889,748
-------------------------------------------------------------------------------------------------------

Commitments and Contingencies (Notes 1 and 9)

Stockholders' Deficit

Preferred Stock          50,000,000 shares authorized; none issued                      -            -

Common Stock (Note 7)

Class "A" voting             -     100,000,000 shares authorized without        4,961,605    4,738,949
                                   par value; 11,600,645 and 11,321,239
                                   shares issued and outstanding respectively

                             -     paid for but unissued (443,857 shares)         155,350            -

Class "B" non-voting         -     100,000,000 shares authorized without                -            -
                                   par value; none issued

Deficit Accumulated During the Development Stage                               (5,788,486)  (5,033,080)
-------------------------------------------------------------------------------------------------------
                                                                                 (671,531)    (294,131)
-------------------------------------------------------------------------------------------------------
                                                                                  547,375      595,617
=======================================================================================================
</TABLE>


                                      F-2
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Statements of Operations
Accumulated from December 13, 1994 (Inception)
to April 30, 2001 and the years ended April 30, 2001 and 2000



                                        Accumulated from
                                       December 13, 1994
                                      (Date of Inception)
                                       to April 30, 2001        2001          2000
                                               $                 $             $
<S>                                   <C>                   <C>           <C>
Revenue                                             58,359       20,269        35,277

Cost of Sales                                       27,395        3,599        22,843
--------------------------------------------------------------------------------------

Gross Profit                                        30,964       16,670        12,434
--------------------------------------------------------------------------------------

Expenses (Schedule)

General and Administration                       3,113,649      506,084       444,811
Selling and Marketing                               62,972        1,692        61,280
Research and Development                         2,642,829      264,300        78,512
--------------------------------------------------------------------------------------

                                                 5,819,450      772,076       584,603
--------------------------------------------------------------------------------------

Net Loss                                         5,788,486      755,406       572,169
======================================================================================


Net Loss Per Share                                                 (.07)         (.06)
======================================================================================


Weighted Average Shares Outstanding                          11,493,000    10,392,000
======================================================================================
</TABLE>


                                      F-3
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Statements of Cash Flows
Accumulated from December 13, 1994 (Inception)
to April 30, 2001 and the years ended April 30, 2001 and 2000


                                                                           Accumulated from
                                                                          December 13, 1994
                                                                         (Date of Inception)
                                                                          to April 30, 2001       2001        2000
                                                                                  $                $           $
<S>                                                                      <C>                   <C>         <C>
Cash Flows to Operating Activities

Net loss                                                                          (5,788,486)   (755,406)   (572,169)

Adjustments to reconcile net loss to cash
Gain on shares cancelled                                                                 (10)          -           -
Depreciation and amortization                                                        147,145      41,117      36,240
Shares issued/to be issued for services                                              556,050      56,952           -
Shares issued for convertible debenture interest                                      18,786           -       3,266

Change in non-cash working capital items
Decrease (increase) in prepaid expenses and other current assets                     (66,186)     87,602    (102,212)
Increase in inventory                                                                (29,584)     (6,979)    (16,549)
Increase in accounts payable and accrued liabilities                                 691,643      67,306     115,976
---------------------------------------------------------------------------------------------------------------------

Net Cash Used in Operating Activities                                             (4,470,642)   (509,408)   (535,548)
---------------------------------------------------------------------------------------------------------------------

Cash Flows to Investing Activities
Increase in capital assets                                                           (89,167)     (4,653)    (16,722)
Increase in licence                                                                 (250,000)          -           -
Increase in patent protection costs                                                 (259,582)    (68,845)    (29,935)
---------------------------------------------------------------------------------------------------------------------

Net Cash Used in Investing Activities                                               (598,749)    (73,498)    (46,657)
---------------------------------------------------------------------------------------------------------------------

Cash Flows from Financing Activities
Increase in subscription for common shares                                           155,350     155,350           -
Increase in common stock                                                           3,856,074           -     517,889
Proceeds from (redemption of) convertible debentures                                 400,000           -    (140,000)
Advances from related parties                                                        650,089     438,124     211,965
---------------------------------------------------------------------------------------------------------------------

Net Cash Provided by Financing Activities                                          5,061,513     593,474     589,854
---------------------------------------------------------------------------------------------------------------------

Increase (Decrease) in Cash                                                           (7,878)     10,568       7,649

Cash - Beginning of Period                                                                 -     (18,446)    (26,095)
---------------------------------------------------------------------------------------------------------------------

Cash - End of Period                                                                  (7,878)     (7,878)    (18,446)
=====================================================================================================================

Non-Cash Financing Activities

Shares issued for property                                                                 1           -           -
Shares issued to an officer donated back and cancelled                                   (10)          -           -
Shares issued to settle debt                                                         211,781     211,781           -
Shares issued for convertible debentures and accrued interest converted              394,661      10,875      38,266
Shares issued for services                                                           499,098           -           -
---------------------------------------------------------------------------------------------------------------------

                                                                                   1,105,531     222,656      38,266
=====================================================================================================================

Supplemental disclosures:
Interest paid with cash                                                               23,923       2,187       6,225
Income tax paid with cash                                                                  -           -           -
</TABLE>


                                      F-4
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Statement of Stockholders' Equity
Accumulated from December 13, 1994 (Inception)
to April 30, 2001


                                                                                              Deficit
                                                                                            Accumulated
                                                                                Common      During the
                                                                                 Stock      Development
                                                                   Shares      Class "A"       Stage
                                                                      #            $             $
<S>                                                              <C>          <C>          <C>
Balance - December 13, 1994 (Inception)                                   -            -              -

Shares issued for cash                                                  100           10              -

Shares issued for property                                        6,000,000            1              -

Shares issued for cash pursuant to:
a private placement                                                 700,000       70,000              -
a public offering memorandum                                        336,333      252,250              -

Net loss for the period                                                   -            -        (83,615)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 1995                                          7,036,433      322,261        (83,615)

Shares previously issued, donated back and cancelled                   (100)         (10)             -

Shares issued for cash pursuant to options exercised                210,000       52,500              -

Net loss for the year                                                     -            -       (480,298)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 1996                                          7,246,333      374,751       (563,913)

Shares issued for cash pursuant to:
a private placement                                                 722,000    1,124,500              -
options exercised                                                   224,000      140,500              -

Shares issued for services                                           25,000        8,333              -

Net loss for the year                                                     -            -     (1,044,516)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 1997                                          8,217,333    1,648,084     (1,608,429)

Shares issued for cash pursuant to:
a public offering memorandum                                        263,667      197,750              -
options exercised                                                    87,500       26,875              -
a private placement                                                   7,000       15,750              -
a private placement and foreign units offering                      575,600    1,007,300              -

Shares issued for services                                          169,250      260,125              -

Net loss for the year                                                     -            -     (1,633,047)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 1998                                          9,320,350    3,155,884     (3,241,476)
--------------------------------------------------------------------------------------------------------
</TABLE>


                                      F-5
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Statement of Stockholders' Equity
Accumulated from December 13, 1994 (Inception)
to April 30, 2001


                                                                                              Deficit
                                                                                            Accumulated
                                                                                Common      During the
                                                                                 Stock      Development
                                                                   Shares      Class "A"       Stage
                                                                      #            $             $
<S>                                                              <C>          <C>          <C>
Carryforward balance - April 30, 1998                             9,320,350    3,155,884     (3,241,476)

Shares issued for cash pursuant to:
options exercised                                                     2,000          500              -
a private placement and foreign units offering                       95,000      166,250              -
a private placement                                                 200,000      200,000              -
exercise of warrants                                                 43,000       84,000              -

Shares issued for services                                          132,000      230,640              -

Shares issued pursuant to conversion of convertible debentures      471,508      345,520              -
  including accrued interest

Net loss for the year                                                     -            -     (1,219,435)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 1999                                         10,268,858    4,182,794     (4,460,911)

Shares issued for cash pursuant to:
a private placement                                                 968,902      484,451              -
options exercised                                                     2,500        2,500              -
warrants exercised                                                   18,125       30,938              -

Shares issued pursuant to conversion of convertible debentures       62,854       38,266              -
  including accrued interest

Net loss for the year                                                     -            -       (572,169)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 2000                                         11,321,239    4,738,949     (5,033,080)

Shares issued to settle debt                                        267,048      211,781              -

Shares issued pursuant to conversion of convertible debentures       12,358       10,875              -
  including accrued interest

Net loss for the year                                                     -            -       (755,406)
--------------------------------------------------------------------------------------------------------

Balance - April 30, 2001                                         11,600,645    4,961,605     (5,788,486)
========================================================================================================
</TABLE>


                                      F-6
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
IAS Communications, Inc.
(A Development Stage Company)
Schedules of Expenses
Accumulated from December 13, 1994 (Inception)
to April 30, 2001 and the years ended April 30, 2001 and 2000



                                                        Accumulated from
                                                       December 13, 1994
                                                      (Date of Inception)
                                                       to April 30, 2001      2001       2000
                                                               $                $          $
<S>                                                   <C>                   <C>        <C>
Expenses

General and Administration

Bank charges                                                        6,724      2,168      1,379
Business plan                                                      55,429          -     (1,700)
Debenture financing fees                                           49,199          -          -
Depreciation                                                       11,898      4,811      4,181
Interest on convertible debentures                                 42,818      2,295      9,491
Investor relations - publications                                 383,127      1,805     23,510
Investor relations - consulting                                   585,439    177,171     46,575
Management fees                                                   307,500     30,000     30,000
Office, postage and courier                                       163,994     18,532     21,135
Premium on cash redemption of convertible debentures               29,790          -     29,790
Professional fees                                                 857,714    178,923    143,698
Rent and secretarial                                              316,401     70,595    101,662
Telephone                                                          95,541      3,068      6,278
Transfer agent and regulatory                                      75,643     11,597     13,709
Travel and promotion                                              148,926      5,358     15,497
Less interest income                                              (16,494)      (239)      (394)
------------------------------------------------------------------------------------------------

                                                                3,113,649    506,084    444,811
------------------------------------------------------------------------------------------------

Selling and Marketing

Advertising                                                        62,972      1,692     61,280
------------------------------------------------------------------------------------------------

Research and Development

Royalty                                                            19,000      3,000      3,000
Consulting                                                        605,507    208,844    119,949
Depreciation and amortization                                     135,247     36,306     32,059
Market awareness and development                                   60,000          -          -
Subcontracts                                                    2,390,574     16,150     21,504
Less contributions by a joint venture partner                    (363,718)         -          -
Less engineering contributions by licensees                      (203,781)         -    (98,000)
------------------------------------------------------------------------------------------------

                                                                2,642,829    264,300     78,512
------------------------------------------------------------------------------------------------

                                                                5,819,450    772,076    584,603
================================================================================================
</TABLE>


                                      F-7
    The accompanying notes are an integral part of these financial statements
<PAGE>
1.   Development  Stage  Company

     IAS  Communications,  Inc.,  herein  "the  Company",  was  incorporated  on
     December  13,  1994  pursuant  to  the  Laws  of  the State of Oregon, USA.

     The Company is a development stage company engaged in the commercialization
     of  advanced  antenna  technology known as the Contrawound Toroidal Helical
     Antenna,  herein  "CTHA",  for  wireless  communications  markets including
     cellular,  meter  reading  and  global  positioning  services.  The  CTHA,
     developed in conjunction with researchers at West Virginia University, is a
     technologically  advanced  antenna  design which can be incorporated into a
     wide  variety  of  telecommunications  applications.  The  Company has been
     granted  worldwide  sublicensing  rights  for  commercial  applications,
     excluding  military and governmental applications, for the CTHA pursuant to
     an  agreement  with  Integral  Concepts  Inc.  and West Virginia University
     Research  Corporation.  See  Note  9(c)  for  legal  proceedings  regarding
     underlying  patents.

     In  a  development stage company, management devotes most of its activities
     to  establishing  a new business. Planned principal activities have not yet
     produced significant revenues and the Company has suffered recurring losses
     from  inception,  totalling $5,788,486 and has a working capital deficit of
     $1,123,136  which includes a negative cash balance of $7,878. These factors
     raise  substantial doubt about the Company's ability to continue as a going
     concern.  The  ability  of the Company to emerge from the development stage
     with  respect  to its planned principal business activity is dependent upon
     its  successful  efforts  to  raise  additional  equity  financing, develop
     additional  markets  for  its  products,  identify additional licensees and
     receive  ongoing support from the majority of its creditors and affiliates.

     The Company previously reported plans to raise $450,000 ($155,350 raised to
     date)  and  issue  900,000 units at $0.50 per unit. The Company has amended
     this  private placement whereby the total proceeds of the offering shall be
     $210,000 with 600,000 units to be issued at a price of $0.35 per unit. Each
     unit,  when issued, will consist of one common share and one share purchase
     warrant  exercisable  within one year from receipt of subscription proceeds
     at $0.50 per share. The Company may also raise additional funds through the
     exercise of warrants and stock options, if exercised. Warrants with respect
     to  1,803,377  shares may be exercised for potential proceeds of $2,724,315
     and  options  with respect to 870,000 shares may be exercised for potential
     proceeds  of  $217,500.  These  warrants  and  options  are  currently  not
     in-the-money  and  are  unlikely  to  be  currently  exercised.

     The Company, after raising the $210,000, including $155,350 raised to date,
     will  require  significant additional capital to provide sufficient working
     capital  to  carry  out  their  business  plan  for the next twelve months.

2.   Summary of Significant Accounting Policies

     (a)  Basis  of  Presentation

     These  financial  statements  include only the accounts of the Company. The
     Eclipse Antenna Manufacturing Co., herein "TEAM", which is 50% equity owned
     and  100% controlled through a voting agreement does not have any assets or
     operations  and  the  Company's  contributions  for  joint  research  and
     development  has  been  paid  directly  to  the other 50% owner of TEAM and
     charged  to  operations.

     (b)  Research  and  Development

     Research  and  development costs are charged to operations in the period in
     which  they  are  incurred.

     (c)  Property,  Plant  and  Equipment

     Property,  plant  and equipment is recorded at cost and is depreciated on a
     straight-line  basis  over  an  estimated  useful  life  of  five  years.


                                      F-8
    The accompanying notes are an integral part of these financial statements
<PAGE>
2.   Summary  of  Significant  Accounting  Policies  (continued)

     (d)  Licenses  and  Patent  Protection  Costs

     Costs to register and protect patents and to acquire rights are capitalized
     as  incurred. These costs are being amortized on a straight line basis over
     20  years.  Intangible  assets  are  evaluated  in each reporting period to
     determine  if  there  were  events  or circumstances which would indicate a
     possible inability to recover the carrying amount. Such evaluation is based
     on  various analyses including assessing the Company's ability to bring the
     commercial  applications  to  market, related profitability projections and
     undiscounted  cash  flows  relating  to  each application which necessarily
     involves significant management judgment. Where an impairment loss has been
     determined  the  carrying amount is written-down to fair market value. Fair
     market value is determined as the amount at which the license could be sold
     in  a  current  transaction  between  willing  parties.

     (e)  Basic  and  Diluted  Net  Income  (Loss)  per  Share

     The  Company  computes  net income (loss) per share in accordance with SFAS
     No. 128, "Earnings per Share" (SFAS 128). SFAS 128 requires presentation of
     both  basic and diluted earnings per shares (EPS) on the face of the income
     statement. Basic EPS is computed by dividing net income (loss) available to
     common  shareholders  (numerator)  by the weighted average number of common
     shares  outstanding  (denominator)  during  the  period.  Diluted EPS gives
     effect  to  all  dilutive  potential  common  shares outstanding during the
     period  including  stock  options,  using  the  treasury  stock method, and
     convertible  preferred  stock,  using the if-converted method. In computing
     Diluted  EPS, the average stock price for the period is used in determining
     the  number  of  shares  assumed to be purchased from the exercise of stock
     options  or  warrants.  Diluted  EPS excludes all dilutive potential common
     shares  if  their  effect  is  antidilutive.

     Loss  per  share  for  2001  and  2000  does  not include the effect of the
     potential conversions of stock options, warrants or convertible debentures,
     as  their  effect  would  be  anti-dilutive.

     (f)  Revenue  Recognition

     Revenue  from  sales  of antennas are recorded when goods have been shipped
     and  collection is reasonably certain. Revenue from licensing the right for
     others  to  sell  antennas  is  recognized  when  earned  over  time.

     (g)  Accounting  for  Stock  Based  Compensation

     The  Company  uses the intrinsic value method of accounting for stock based
     compensation prescribed by APB Opinion No. 25, "Accounting for Stock Issued
     to  Employees".  Compensation  cost  is  the  excess, if any, of the quoted
     market  price  of  the  stock  at grant date over the amount an employee or
     director  must  pay  to  acquire  the  stock.

     (h)  Foreign  Currency  Transactions/Balances

     Transactions in currencies other than the U.S. dollar are translated at the
     rate in effect on the transaction date. Any balance sheet items denominated
     in  foreign  currencies  are translated into U.S. dollars using the rate in
     effect  on  the  balance  sheet  date.

     (i)  Cash  and  Cash  Equivalents

     The  Company  considers  all  highly  liquid instruments with a maturity of
     three  months  or  less  at  the  time  of issuance to be cash equivalents.

     (j)  Estimates  and  Assumptions

     The  preparation  of  financial  statements  in  conformity  with generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the reported amounts of assets and liabilities and
     disclosure  of  contingent  assets  and  liabilities  at  the  date  of the
     financial  statements  and  the  reported  amounts of revenues and expenses
     during  the  periods.  Actual  results  could  differ from those estimates.


                                      F-9
    The accompanying notes are an integral part of these financial statements
<PAGE>
2.   Summary  of  Significant  Accounting  Policies  (continued)

     (k)  Financial  Instruments

     The fair value of the Company's current assets and current liabilities were
     estimated  to  approximate  their  carrying  values due to the immediate or
     short-term maturity of these financial instruments. The Company operates in
     Canada  and  virtually all of its assets and liabilities are giving rise to
     significant  exposure  to  market  risks  from  changes in foreign currency
     rates.  The  financial  risk  is  the risk to the Company's operations that
     arise  from  fluctuations  in  foreign  exchange  rates  and  the degree of
     volatility  of  these rates. Currently, the Company does not use derivative
     instruments  to  reduce  its  exposure  to  foreign  currency  risk.

     (l)  Tax  Accounting

     Potential  benefits of income tax losses are not recognized in the accounts
     until  realization  is  more  likely  than  not.

     The Company has adopted Statement of Financial Accounting Standards No. 109
     ("SFAS  109")  as  of its inception. The Company has incurred net operating
     losses  as  scheduled  below:

                  Year of Loss    Amount     Year of
                                    $       Expiration

                  1995              89,000        2010
                  1996             497,000        2011
                  1997           1,057,000        2012
                  1998           1,096,000        2013
                  1999           1,809,000        2014
                  2000             525,000        2015
                  2001             755,000        2016
                                 ---------
                                 5,828,000
                                 =========


     Pursuant  to SFAS 109 the Company is required to compute tax asset benefits
     for  net  operating  losses  carried  forward.  Potential  benefit  of  net
     operating  losses  have  not  been recognized in these financial statements
     because  the  Company  cannot be assured it is more likely than not it will
     utilize  the  net  operating  losses  carried  forward in future years.

     The  components  of the net deferred tax asset at the end of April 30, 2001
     and  2000,  and  the  statutory  tax  rate,  the effective tax rate and the
     elected  amount  of  the  valuation  allowance  are  scheduled  below:


                                                 2001             2000
                                                  $                $

                  Net Operating Loss             755,000          525,000

                  Statutory Tax Rate           113,900 +        113,900 +
                                           34% in excess    34% in excess
                                             of $335,000      of $335,000

                  Effective Tax Rate                   -                -

                  Deferred Tax Asset             257,000          180,000

                  Valuation Allowance           (257,000)        (180,000)

                  Net Deferred Tax Asset               -                -


                                      F-10
    The accompanying notes are an integral part of these financial statements
<PAGE>
3.     Property, Plant and Equipment


<TABLE>
<CAPTION>
                                                                    2001       2000
                                                    Accumulated   Net Book   Net Book
                                           Cost    Amortization     Value      Value
                                             $           $            $          $
<S>                                       <C>      <C>            <C>        <C>
Computer and office equipment              22,356         12,054     10,302     13,035
Research and development equipment         63,073         47,608     15,465     27,450
Vehicle                                     3,739            869      2,870        867
--------------------------------------------------------------------------------------
                                           89,168         60,531     28,637     41,352
======================================================================================

Depreciation per class of capital asset:

Computer and office equipment                                         4,314      4,181
Research and development equipment                                   12,557     11,050
Vehicle                                                                 497        248
</TABLE>

4.     License and Patent Protection Costs

<TABLE>
<CAPTION>
                                                                         2001       2000
                                                         Accumulated   Net Book   Net Book
                                                Cost    Amortization     Value      Value
                                                 $            $            $          $
<S>                                           <C>       <C>            <C>        <C>
Licence                                        250,001         54,167    195,834    208,334
Patent protection costs (Note 9(c))            259,581         32,447    227,134    169,538
-------------------------------------------------------------------------------------------
                                               509,582         86,614    422,968    377,872
===========================================================================================

Amortization per class of intangible asset:

Licence                                                                   12,500     12,500
Patent protection costs                                                   11,249     10,491
</TABLE>

     Pursuant  to  the  terms  of an option agreement dated November 18, 1994 as
     amended,  between  SMR  Investments Ltd. ("SMR") and Integral Concepts Inc.
     ("ICI") and an assignment of this option agreement dated December 13, 1994,
     the  Company  acquired a sublicence to the CTHA, subject to entering into a
     formal sublicence agreement. Pursuant to the terms of the option agreement,
     the Company paid $250,000 to ICI, which owns the exclusive licence obtained
     from  West  Virginia  University  Research  Corporation  ("WVURC")  in  an
     agreement  dated April 12, 1994. SMR, ICI and WVURC are not related to each
     other.  Pursuant  to the assignment agreement, the Company issued 3,000,000
     shares  to each of Access Information Systems Inc. (A company controlled by
     SMR)  and  a  director  of  the Company (principal of ICI) for a total fair
     value  of  $1  for  6,000,000  shares  issued.


                                      F-11
    The accompanying notes are an integral part of these financial statements
<PAGE>
4.   License  and  Patent  Protection  Costs  (continued)

     Pursuant  to  the original licence agreement between WVURC and ICI, ICI was
     granted  the exclusive licence to manufacture the CTHA or sublicence others
     to manufacture, market, sell copies of, licence and distribute the CTHA. On
     July  10,  1995,  the  Company and ICI entered into a sublicence agreement,
     which  incorporates  the  terms  and  conditions  of  the  original licence
     agreement  between WVURC and ICI. The sublicence is exclusive, covering any
     and  all  international  markets but excludes all military and governmental
     applications  and resulting procurement interests which are retained by ICI
     and  WVURC  for development purposes. All improvements and embodiments that
     are  created  as  a  result  of  these military applications and additional
     research  and  development  efforts  by  ICI  and WVURC will be transferred
     directly  to  the  Company.  The  terms  of the sublicence agreement, which
     incorporates  the financial obligations that ICI owes WVURC pursuant to the
     original  licence  agreement,  are  as  follows:

     (i)  The  Company  will  pay WVURC a minimum annual royalty of $3,000 on or
          before  December  31  of  each  year.

     (ii) The  Company  will  pay  WVURC  an  earned royalty on sales, leases or
          sublicences  of  the CTHA of 10% of net revenues less a credit for the
          minimum  annual  royalty.  Revenues  below  that of the minimum annual
          royalty  have  been
          earned  to  April  30,  2001.

     (iii) The  Company  will  pay  ICI  an  earned  royalty on sales, leases or
          sublicenses  of  the CTHA of 3% of gross revenues. As amended on March
          4,  1997,  ICI  agreed to reduce the amount of royalties to be paid by
          50%  in  an  amount  not  to  exceed $5,000,000 for up to three years.

     All royalties are payable within 30 days of each calendar quarter. The term
     of  the original licence agreement and the sublicence agreement, subject to
     compliance  with  the  terms  thereof, is perpetual and renewable annually.


5.   Joint  Venture

     The  Company  entered  into a Joint Venture Agreement ("JVA") with Emergent
     Technologies  Corporation  (ETC)  on  March 4, 1997. The JVA required a new
     company to be incorporated (TEAM) whereby the Company owns 50% and ETC owns
     50%. Pursuant to a voting agreement the Company can vote 100% of the shares
     of  TEAM. TEAM was organized on June 4, 1997 under the laws of the State of
     West  Virginia.  The  Company  retains  the worldwide commercial sublicence
     rights  to  the  CTHA excluding all military and governmental applications.

     The  business  purpose  of  TEAM  was  to  cooperate  in  the  research and
     development  of  certain  applications  for  the  CTHA  and to assemble and
     manufacture  certain products relating thereto. IAS was to buy product from
     TEAM  at  cost  to manufacture plus 30% for all commercial applications and
     ETC  was  to  buy product from TEAM at cost to manufacture plus 30% for all
     military  applications.  ETC acquired the worldwide sublicence from ICI for
     all  military  and  governmental  applications  on  January  2,  1997.

     TEAM  entered  into  a contract with ETC to carry out combined research and
     development activities to December 31, 1997. This contract was renewable on
     a monthly basis at the option of TEAM. ETC and the Company each funded TEAM
     a  minimum  of  $250,000  as  required  in  the  JVA.

     TEAM does not have any assets or operations and the Company's contributions
     for  research  and  development  was paid directly to ETC for the Company's
     specific  applications  which  was  charged  to  operations as incurred. No
     research  and development activity has been undertaken ETC on behalf of the
     Company  during  the  years  ended  April  30,  2001  and  April  30, 2000.


                                      F-12
    The accompanying notes are an integral part of these financial statements
<PAGE>
6.   Convertible  Debentures

     The  Company  offered  three  year,  8  % interest, convertible debentures.
     Interest  is  paid  annually. The remaining $35,000 of such debentures were
     convertible  into  Class "A" shares at $3.50 on June 15, 2000. In the event
     the  shares  traded  below  $4.00 per share over a ten-day average prior to
     exercising  into shares of the Company during November 16, 2000 to December
     16,  2000,  the  convertible debentures were to be exercisable at 20% below
     the  said  ten-day  average.  The  original maturity date was June 15, 2000
     which  was extended to December 15, 2000. Debentures totalling $10,000 were
     converted  during  the  fiscal  2001  by issuing 12,358 shares at $0.81 per
     share.  The  Company  plans  to  offer  the  debenture holder an additional
     extension  on  the  maturity  date  or  convert  the debenture into shares.


7.   Common  Stock

     (a)  Stock  Option  Plan

     The  Company  has  a  Stock  Option Plan to issue up to 2,500,000 Class "A"
     common  shares  to  certain  key  directors  and  employees,  approved  and
     registered  October  2, 1996, as amended. Pursuant to the Stock Option Plan
     the  Company  has granted stock options to certain directors and employees.
     On  May  28, 1999 the Company granted stock options to certain employees to
     acquire  up  to  205,000 shares exercisable at $1.00 per share expiring May
     28,  2004.  On  November  15,  1999 the Company granted stock options to an
     employee  to  acquire  up  to  25,000 shares exercisable at $1.00 per share
     expiring  December  15, 2004. On October 11, 2000 the Company granted stock
     options  to an employee to acquire up to 25,000 shares exercisable at $0.50
     per  share  expiring  October  11,  2005.  On December 15, 2000 the Company
     granted  stock  options  to  an  employee  to  acquire  up to 25,000 shares
     exercisable  at  $1.00  per  share  expiring  December  15,  2005.

     The  options  are  granted  for  current  services provided to the Company.
     Statement  of  Financial Accounting Standards No. 123 ("SFAS 123") requires
     that  an enterprise recognize, or at its option, disclose the impact of the
     fair  value of stock options and other forms of stock based compensation in
     the  determination  of  income.  The  Company has elected under SFAS 123 to
     continue to measure compensation costs on the intrinsic value basis set out
     in  APB  Opinion  No.  25.  As stock options are granted at exercise prices
     based  on the market price of the Company's shares at the date of grant, no
     compensation cost is recognized. However, under SFAS 123, the impact on net
     income  and  income  per  share  of the fair value of stock options must be
     measured  and  disclosed on a fair value based method on a pro forma basis.
     As performance stock for non-employees is issued for services rendered, the
     fair  value  of  the shares issued is recorded as compensation cost, at the
     date  the shares are issued, based on a discounted average trading price of
     the  Company's  stock  as  quoted  on  the Over The Counter Bulletin Board.

     The  fair  value  of  the  employee's  purchase  rights,  pursuant to stock
     options,  under  SFAS  123,  was  estimated  using the Black-Scholes model.


                                      F-13
    The accompanying notes are an integral part of these financial statements
<PAGE>
7.   Common  Stock  (continued)

     (a)  Stock  Option  Plan  (continued)

     The weighted average number of shares under option and option price for the
     year  ended  April  30,  2001  is  as  follows:


                          Shares     Weighted    Weighted
                          Under      Average     Average
                          Option      Option    Remaining
                            #         Price      Life of
                                        $        Options
                                                 (Months)

     Beginning of year  1,133,000        1.19
     Granted               50,000         .75
     Exercised                  -           -
     Cancelled           (270,000)      (1.71)
     Lapsed               (43,000)       (.30)
                        ----------
     End of year          870,000        .25*           24
                        ==========  ===========  =========

     * On January 17, 2001 all the unexercised options were repriced to $0.25.


     If  compensation  expense  had  been  determined  pursuant to SFAS 123, the
     Company's  net  loss  and net loss per share for fiscal 2001 and 2000 would
     have  been  as  follows:


                                   2001        2000
                                    $           $
     Net loss
       As reported               (755,406)   (572,169)
       Pro forma                 (796,582)   (623,709)

     Basic net loss per share
         As reported                 (.07)       (.06)
         Pro forma                   (.07)       (.06)


     (b)  Performance  Stock  Plan

     The  Company  has  allotted  1,000,000 Class "A" Common shares to be issued
     pursuant  to  a  Performance  Stock  Plan.  Compensation  is  recorded when
     criteria  to  issue  shares  are  met.

     The  Company  is  committed  to  issue up to 400,000 Class "A" shares which
     shall  be  earned  as  to  100,000  shares  for every 1,000,000 CTHA's sold
     through  a  joint  venture called TEAM. This joint venture has been dormant
     since  inception  and  no  CTHA's  have  been  sold  to  date through TEAM.

     (c)  Warrants  outstanding

          (i)  617,600  warrants,  pursuant  to  a private placement and foreign
               units  offering, are exercisable at $2.25 per share expiring July
               2000  (extended).


                                      F-14
    The accompanying notes are an integral part of these financial statements
<PAGE>
7.   Common  Stock  (continued)

     (c)  Warrants  outstanding  (continued)

          (ii) During  fiscal 1999 the Company issued 200,000 units at $1.00 per
               unit  for proceeds of $200,000. Each unit contained one share and
               one  warrant  to  acquire one additional share at $1.50 per share
               expiring April 8, 2000. A total of 13,125 warrants were exercised
               during  fiscal  2000  for  proceeds  of  $19,687.  The  remaining
               warrants  expiry date was extended to October 8, 2000 (extended).
               The  units  offering was increased and the price reduced to $0.50
               per unit during fiscal 2000. A total of 968,902 units were issued
               for  proceeds  of $484,451. Each unit contained one share and one
               warrant  to  acquire  one  additional  share  at  $1.00 per share
               expiring  March  1, 2001 (extended). These warrants are currently
               unexercised.

          (iii) 30,000 warrants are exercisable at $2.85 per share expiring July
               22,  2001.

     (d)     Other stock commitment

     The Company is committed, pursuant to two financial consulting contracts to
     issue  75,000  restricted  shares.



8.   Due  to  Related  Parties

     The  amounts due to related parties are non-interest bearing, unsecured and
     without  specific  terms  of  repayment.



9.   Commitments  and  Contingencies

     (a)     Contractual Commitments

          (i)  The  Company is committed to issue up to 400,000 Class "A" shares
               to  the  President  of  ETC  and President of TEAM which shall be
               earned  as  to  100,000  shares  for every 1,000,000 CTHA's sold.

          (ii) See  Note  7 for commitments to issue shares upon the exercise of
               stock  options  and  warrants.

     (b)  Contingent  liability  -  Development  Stage  Company  (See  Note  1).

     (c)  Legal  Proceedings

          (i)  The  Company  was  sued  in April 1998 in a civil action filed in
               U.S.  District  Court  for  the  District  of Oregon (the "Oregon
               Litigation").  The  Plaintiff,  Kirk  VanVoorhies,  ("Plaintiff")
               sought  money  damages  and  equitable relief against the Company
               alleging  patent  infringement  by  the Company for the CTHA. The
               Company  notified  West Virginia University ("WVU") of this claim
               and  contacted  WVU to assist in the defence. WVU owns the patent
               rights to the CTHA technology which were licensed to the Company.
               Two patents were granted for the CTHA to WVU; one in August 1995,
               and  another  in August 1997. The Plaintiff's patent was approved
               on  March  31,  1998.

               The  Plaintiff  in the Oregon Litigation is also a defendant in a
               pending  civil action in the U.S. District Court for the Northern
               District  of  West  Virginia  brought  by WVU (the "West Virginia
               Litigation") claiming that the CTHA invention is owned by WVU. As
               alleged  in  the  West  Virginia Litigation, the Company believes
               that the patent rights for the CTHA technology belongs to WVU and
               therefore  based  on the license, the Company owns the world wide
               rights  to the CTHA commercial applications. Dr. James Smith, the
               former


                                      F-15
    The accompanying notes are an integral part of these financial statements
<PAGE>
9.   Commitments  and  Contingencies  (continued)

     (c)  Legal  Proceedings  (continued)

          Chairman  of the Board of the Company, has been sued by Plaintiff in a
          third  party  complaint  in the West Virginia Litigation together with
          WVU  and  Integral  Concepts,  Inc.

          A  decision  by  the  United  States  District  Court for the Northern
          District of West Virginia will, if upheld on appeal, signal the end to
          patent  litigation  brought  by  VorteKx,  Inc.  against  the Company.

          VorteKx,  Inc. brought a patent infringement action against IAS in the
          United  States  District  Court for the District of Oregon on a patent
          issued  to  a former graduate student at WVU, Kurt L. VanVoorhies, and
          subsequently  assigned  to  VorteKx. On the Company's motion, the case
          was  transferred  to  the  Northern  District  of  West  Virginia  and
          consolidated  with  a  previously-pending  action filed by WVU against
          VanVoorhies,  discussed  above.  The Company and WVU both claimed that
          the  technology  covered  by  the patent is actually owned by WVU. The
          Company  is  the  sublicensee  of  commercial applications of the CTHA
          technology.

          In  a Memorandum Opinion and Order entered February 17, 2000, the West
          Virginia  federal court granted summary judgment for WVU in its claims
          against  VanVoorhies.  The  Court  also  dismissed VanVoorhies' claims
          against  WVU  and  third-party  defendants  West  Virginia  University
          Research  Corporation,  Dr. James E. Smith and Integral Concepts, Inc.
          Because  the Court's holding establishes that WVU owns the technology,
          it  should  bring  an end to the litigation against the Company, which
          was  stayed  pending  resolution  of  the  case  against  VanVoorhies.

          The  dispute  in  the WVU action concerned inventions conceived during
          VanVoorhies' time at WVU as a graduate student and later as a graduate
          research  assistant,  particularly two inventions relating to the CTHA
          technology.  The  Court  found  that  VanVoorhies validly assigned all
          rights  in the first invention to WVU, including all future technology
          derived  from  the  technology  underlying that invention. VanVoorhies
          subsequently  declined  to  assign  to  WVU  any  interest in a second
          invention.  The  Court  found  that  the  second invention constituted
          future  technology  derived  from  the  first  invention.  Therefore,
          VanVoorhies' assignment of the first invention to WVU also effectively
          assigned the second invention to WVU, and WVU is the rightful owner of
          the  patent  applications filed by VanVoorhies on the CTHA technology.

          Because  one  of  these patent applications led to the issuance of the
          patent  underlying  VorteKx's  infringement  suit against the Company,
          VorteKx  no  longer has standing to pursue that infringement case. The
          case  has  been  stayed  pending  VanVoorhies' appeal from the Court's
          order.

          (ii) On  May  16,  2000  the  Company  filed suit in the United States
               District  Court  for  Northern  District of West Virginia against
               Integral  Technologies,  Inc.,  Next Antennas.Com, Inc., Emergent
               Technologies  Corporation  and  Jack  Parsons (collectively, "the
               Defendants"),  alleging  breach  of contract, misappropriation of
               trade  secrets,  interference with economic relations, and breach
               of  fiduciary  duty.

               Integral  Technologies,  Inc.  is  the  exclusive  commercial
               sublicensee  of  certain proprietary antenna technology developed
               by  West  Virginia  University,  including  any  improvements,
               modifications  or  enhancements  thereto  ("the Technology"). The
               Company  established  a  joint  venture  (TEAM)  with  Emergent
               Technologies  Corporation,  exclusive military sublicensee of the
               Technology, to develop antennas based on the Technology. Emergent
               was  subsequently  acquired by Integral Technologies, Inc., which
               recently  announced  it  is  selling  antennas  to the commercial
               market  through  its  wholly-owned  subsidiary,  Next


                                      F-16
    The accompanying notes are an integral part of these financial statements
<PAGE>
9.   Commitments  and  Contingencies  (continued)

     (c)  Legal  Proceedings  (continued)

          Antennas.Com,  Inc.  Jack  Parsons has been the president of Emergent,
          and  a  director of Integral. The Company believes that the defendants
          are  selling  antennas in contravention of their obligations under the
          sublicense agreements and otherwise, and in violation of the Company's
          exclusive  rights.

          The  Company  seeks  injunctive  and  affirmative  relief and punitive
          damages  as  follows:

          -    An injunction prohibiting the Defendants from using or disclosing
               the  Company's  trade  secrets; or manufacturing, distributing or
               selling,  any  device  derived from the Technology for commercial
               applications;

          -    An  order  requiring the Defendants to account to the Company for
               all  profits  obtained  as  a  result  of their alleged breach of
               contract,  breach  of  duty  of  good  faith  and  fair  dealing,
               misappropriation  of trade secrets, interference and/or breach of
               fiduciary  duty;  and  to  return  all  proprietary materials and
               destroy all devices created in violation of the Company's rights;

          (iii)  A  money  judgment  against  the  Defendants in an amount to be
               determined  at  trial;  additional  exemplary or punitive damages
               calculated  to  deter  such conduct, and attorney fees and costs;
               and

          (iv) An  order  requiring  the  Defendants  to  hold  in trust for the
               Company  all  profits  the  Defendants  have made from commercial
               sales  of  antennas  derived  from  the  Technology.


10.  Segmented  Information

     The  Company  has  adopted  SFAS  No.  131  Disclosure About Segments of an
     Enterprise  and  related  information.

     The business of the Company is carried on in one industry segment being the
     research,  development  and sales/licensing of advanced antenna technology.

     The  Company operates in two geographic segments, one being Canada, located
     in  Richmond,  BC and the other being the United States, located in Kokomo,
     Indiana.

     The  Company's head office is in Richmond, BC, Canada. The head office does
     not  conduct any business specifically related to research and development.
     Its  sole purpose is to provide administration, investor relations services
     and  services  relating  to being a public company. Included in general and
     administrative expenses and net loss is $506,084 (2000 - $444,811) relating
     to  such  activities.  The  net  loss  relating to research and development
     activities  in  the  United  States  amounted to $264,300 (2000 - $78,512).


                                      F-17
    The accompanying notes are an integral part of these financial statements
<PAGE>
<TABLE>
<CAPTION>
                                  EXHIBIT INDEX


Number  Description                                              Page No.
<C>     <S>                                                      <C>
   3.1  Articles of Incorporation                                      (1)
   3.2  Article of Amendment                                           (1)
   3.3  By-Laws                                                        (1)
   4.1  Specimen Share Certificate for Class A Shares                  (1)
   4.2  Specimen Share Certificate for Class B Shares                  (1)
   4.3  Specimen Warrant                                               (2)
  10.5  Marketing Agreement between IAS and
        Information Highway.com, Inc.                                  (3)
  10.6  Professional Service Agreement between IAS and
        Cadence Design Systems, Inc.                                   (3)
  10.7  Consulting Agreement between IAS and
        Capital Research Group Inc.                                    (3)
  10.8  License Agreement between IAS and World
        Tracking Technologies, Inc.                                    (3)
  10.9  Amendment to License Agreement between IAS
        and World Tracking Technologies, Inc.                          (3)
  10.6  License Agreement between IAS and ARINC Incorporated           (3)
  10.7  Renewal Lease Agreement for Kokomo, Indiana Facilities         (3)
  10.8  Amendment No.2 to License Agreement between IAS
        and Wherify Wireless, Inc. (formerly "World Tracking
        Technologies, Inc.)                                            49
  23.1  Consent of Elliott Tulk Pryce Anderson                         52
<FN>
____________
(1) Incorporated by reference from Form S-1 Registration Statement (33-92592).
(2) Incorporated by reference from Form 10-KSB for Fiscal Year 1998.
(3) Incorporated by reference from Form 10-KSB for Fiscal Year 2000.
</TABLE>


<PAGE>