U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM l0-QSB

[X]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934

                  For the Quarterly Period Ended March 31, 2001
                                       OR
[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF  THE SECURITIES EXCHANGE ACT
     OF 1934

           For the Transition Period From_____________ to_____________

                         Commission File Number 0- 18974

                         Jordan American Holdings, Inc.
                         ------------------------------
             (Exact name of registrant as specified in its charter)

                  Florida                                       65-0142815
                  ---------                                     ----------
  (State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                         Identification Number)

           300 West Vine Street, Suite 206, Lexington, Kentucky 40507
           ----------------------------------------------------------
                    (Address of principal executive offices)

                                 (859) 254-2240
                         (Registrant's telephone number)

            2155 Resort Drive, Suite 108, Steamboat Springs, CO 80487
                                (Former address)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required to file such reports),  and (2) has been subject to filing requirements
for the past 90 days. Yes [X]  No [ ]

As of March 31, 2001,  10,421,266  shares of the registrant's  common stock were
issued and outstanding.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                                TABLE OF CONTENTS
PART I

ITEM 1    FINANCIAL INFORMATION                                             PAGE

            Consolidated Balance Sheets........................................3

            Consolidated Statements of Operations..............................4

            Consolidated Statements of Cash Flows..............................5

            Notes to Consolidated Financial Statements.........................6

ITEM 2    MANAGEMENT'S DISCUSSION AND ANALYSIS

            Results of Operations.............................................10

            Liquidity and Capital Resources...................................11

            Risk Factors, Trends & Uncertainties..............................11

                                       2
<PAGE>

                                     PART I
                                     ITEM 1
                              FINANCIAL INFORMATION

                         JORDAN AMERICAN HOLDINGS', INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                MARCH 31,      DECEMBER 31,
                 A S S E T S                                                      2001             2000
                                                                              -----------------------------
CURRENT ASSETS                                                                 (Unaudited)
<S>                                                                           <C>              <C>
  Cash & cash equivalents                                                     $    602,993     $  1,029,173
  Marketable Securities at market value                                            265,414          328,609
  Investment advisory fee - net                                                    191,773          195,253
  Deposit with clearing broker                                                      25,000           25,000
  Receivable from officers                                                          59,195           61,697
  Prepaid expenses                                                                  83,866           62,025
  Other receivable                                                                  66,293           57,574
                                                                              -----------------------------
       Total current assets                                                      1,294,534        1,759,331
                                                                              -----------------------------
FIXED ASSETS
  Property & equipment - net of accumulated depreciation and
     amortization of $ 181,039 and $ 169,110                                       145,527          110,148
                                                                              -----------------------------
OTHER ASSETS
  Boston Restaurant Debentures                                                     500,000          500,000
  Senior Yellow Pages                                                              150,000          150,000
  Intangible Assets - Net of amortization of $ 2,474 and $939
     respectively                                                                   92,143           83,564
                                                                              -----------------------------
       Total Other Assets                                                          742,143          733,564
                                                                              -----------------------------
            TOTAL ASSETS                                                      $  2,182,204     $  2,603,043
                                                                              =============================
LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses                                       $    128,661     $    166,162
  Deferred revenue                                                                  19,343           27,025
  Notes payable - officer                                                           10,672           26,166
  Software license payable                                                          21,444           29,197
                                                                              -----------------------------
       Total Current Liabilities                                                   180,120          248,550
                                                                              -----------------------------
STOCKHOLDERS EQUITY
 Variable rate, cumulative, convertible, non-voting preferred stock,
     $0.01 par value, $1.00 liquidation value, authorized 5,000,000 shares          35,000           35,000
 Common stock, $0.001 par value, authorized 20,000,000 shares:
     issued and outstanding 10,421,266 shares                                       10,421           10,421
  Additional Paid in Capital                                                     4,417,953        4,417,953
  Accumulated Deficit                                                           (2,461,290)      (2,108,881)
                                                                              -----------------------------
       Total Stockholders Equity                                                 2,002,084        2,354,493
                                                                              -----------------------------
Total Liabilities & Stockholders Equity                                       $  2,182,204     $  2,603,043
                                                                              =============================
</TABLE>

           See accompanying notes to consolidated financial statements

                                       3
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   FOR THE THREE MONTHS ENDED
                                                                            MARCH 31,
                                                                  -----------------------------
                                                                      2001             2000
                                                                  ------------     ------------
REVENUES
<S>                                                               <C>              <C>
  Commission Income                                               $     18,594     $    130,478
  Investment advisory fees                                             125,120        1,128,129

  Tax and Business Service Fees                                         28,744               --
                                                                  ------------     ------------
       Total Revenue                                                   172,458        1,258,607

Selling, General and Administrative Expenses                           478,947          655,764
                                                                  ------------     ------------
       Operating income (loss)                                        (306,489)         602,843

Other Income (Expenses)
  Interest and dividend income                                          28,293           32,365

  Other income                                                             982            4,595
  Unrealized gain (Loss) from investing
      and trading marketable securities                                (75,195)         225,189
                                                                  ------------     ------------

       Total Other Income & Expenses                                   (45,920)         262,149
                                                                  ------------     ------------
       Net Income (Loss) before income taxes                          (352,409)         864,992

Income tax provision                                                        --               --
                                                                  ------------     ------------

     Net Income (Loss)                                            $   (352,409)    $    864,992
                                                                  ============     ============

Basic earnings attributable to Common Stock per Common share      $      (0.04)    $       0.08
                                                                  ============     ============

Diluted earnings attributable to Common Stock per Common share    $      (0.04)    $       0.08
                                                                  ============     ============

Weighted -average number of Common shares outstanding:

       Basic                                                        10,421,266       10,421,266
                                                                  ============     ============

       Diluted                                                      10,421,266       10,421,266
                                                                  ============     ============
</TABLE>

           See accompanying notes to consolidated financial statements

                                       4
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                         FOR THE THREE MONTHS ENDED
                                                                                  MARCH 31,
                                                                            2001            2000
                                                                       -----------------------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                    <C>              <C>
Net Income (Loss)                                                      $   (352,409)    $    864,992

Adjustments to reconcile net income to cash provided
  by (used in) operating activities:
     Trading marketable securities                                          (12,000)        (341,014)
     Depreciation and amortization                                           13,464            8,324
     Valuation Adjustments                                                   75,195         (225,189)
     Changes in operating assets and liabilities:
          Investment management fees                                          3,480          177,259
          Prepaid expenses                                                  (21,840)           6,457
          Other receivable                                                   (8,720)          30,669
          Receivable from officers                                            2,502          (10,497)
          Accounts payable and other accrued expenses                       (37,500)         139,924
          Notes payable - Officer                                           (15,494)              --
          Deferred investment advisory fees                                  (7,682)          26,690
          Software license payable                                           (7,753)          (7,163)
                                                                       -----------------------------

               Net Cash Provided (Used In) By Operating Activities         (368,757)         670,452
                                                                       -----------------------------

CASH FLOWS - INVESTING ACTIVITIES
Investment - Senior Yellow Page                                                  --         (150,000)
Intangible Assets                                                           (10,114)              --
Capital expenditures                                                        (47,309)              --
                                                                       -----------------------------

               Net Cash Used In Investing Activities                        (57,423)        (150,000)
                                                                       -----------------------------

               Net Increase (Decrease) in Cash and Cash Equivalents        (426,180)         520,452

Cash and cash equivalents, beginning of period                            1,029,173          580,758
                                                                       -----------------------------

Cash and Cash Equivalents, end of period                               $    602,993     $  1,101,210
                                                                       =============================
</TABLE>

           See accompanying notes to consolidated financial statements

                                       5
<PAGE>


                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ==========================================


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

Jordan  American  Holdings,   Inc.  and  Subsidiaries   (JAHI/the  Company)  was
incorporated in Florida in May 1989. JAHI historically  conducted its investment
advisory business under the name Equity Assets Management.  In 2000, JAHI formed
Equity Assets Management, Inc. ("EAM"), a wholly owned subsidiary, and moved its
investment  advisory business into that entity. EAM provides investment advisory
and portfolio management services to individual  investors,  pooled accounts and
its mutual fund with its customers  located  substantially in the United States.
EAM is registered as an investment  advisor under the Investment  Advisor Act of
1940.

The Company also owns 100% of the issued and outstanding  common stock of IMPACT
Financial Network, Inc. (IFNI), IMPACT Administrative  Services, Inc. (IASI) and
IMPACT Tax and Business Services,  Inc. (ITABS).  IASI provides  operational and
administrative support to Impact Management Investment Trust (see Note 2). EAM's
customer  investment   transactions  are  primarily  brokered  through  IFNI,  a
registered  broker-dealer  in securities  acting as a  non-clearing  introducing
broker.  ITABS,  created in September  2000,  provides tax  preparation  and tax
planning services to individuals and small businesses (see Note 5).

The accompanying  consolidated financial statements include the accounts of JAHI
and its  subsidiaries;  all  significant  intercompany  transactions  have  been
eliminated  during  consolidation.  In the  opinion of  management,  the interim
financial  statements  contain  all  adjustments,   consisting  only  of  normal
recurring  adjustments,  necessary to present  fairly the financial  position of
Jordan American Holdings,  Inc. ("Company" or "JAHI") and its subsidiaries as of
March 31, 2001, and the results of its interim operations and cash flows for the
three  months  ended  March 31,  2001 and 2000,  in  accordance  with  generally
accepted  accounting  principles.  The  results  for  interim  periods  are  not
necessarily  indicative  of results for a full year.  (Please see  "Management's
Discussion and Analysis" below.)

NOTE 2 - IMPACT MANAGEMENT INVESTMENT TRUST

The Company  formed Impact  Management  Investment  Trust (the Trust),  which is
registered under the Investment  Company Act of 1940 as a diversified,  open-end
management  investment company (mutual fund). Impact Total Return Portfolio (the
Portfolio) is the initial Series of the Trust. EAM is the investment  advisor of
the Trust and IFNI is the primary distributor of the Trust.

As  investment  advisor  of  the  Portfolio,  the  Company  receives  an  annual
investment  advisory  fee equal to 1.25% of the  Portfolio's  average  daily net
assets. Of this amount, 60 basis points is paid to the sub advisor of the Trust.

NOTE 3 - NOTES RECEIVABLE

The Company owns a $500,000  variable rate  convertible  subordinated  debenture
from Boston  Restaurant  Associates,  Inc. (BRAI).  The principal balance of the
debenture  is due  and  payable  on  December  31,  2011.  The  debenture  has a
conversion price of $1.25 per share and bears interest at a rate of 12% for 1999
and 14% thereafter.

                                       6
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ==========================================
                                   (Continued)

In connection with the purchase of the debenture,  the Company also acquired, at
no cost,  warrants to subscribe  for the purchase  from BRAI up to 500,000 fully
paid and  nonassessable  shares of BRAI's  common  stock.  The  purchase  rights
represented by the warrants are exercisable by the Company, in whole or in part,
at any time through December 31, 2006, at an exercise price of $3.00 per share.

In March 2000,  the Company made a loan of $150,000  represented by an unsecured
Convertible  Subordinated Bridge Note, to an unaffiliated entity. The note bears
interest at 10% and matures on May 31, 2001.  The Company is entitled to receive
a 4% equity  interest in this entity if and when it completes a public  offering
of its securities.  The note is convertible into Series A Convertible  Preferred
Stock of the entity.

The carrying value of the above notes  receivable  approximates  the fair market
value as  estimated by  management,  after  considering  such factors as current
interest rates,  liquidity,  conversion  terms and the credit  worthiness of the
borrowers. The Company's management has estimated the value of the BRAI warrants
to be $-0- at March 31, 2001 and December 31, 2000. This  determination was made
considering  primarily the current value of the underlying  common stock and the
current illiquidity of the warrants.

NOTE 4 - STOCKHOLDERS' EQUITY

At March 31,  2001 and  December  31,  2000,  the  Company  has  stock  warrants
outstanding  entitling the warrant holder to acquire  1,113,000 shares of common
stock at $.50 per share expiring June 5, 2010.

The Company also has  outstanding  Underwriter  Warrants  related to the initial
public offering entitling the Company's president to purchase 44,545 units (five
shares of common stock and five stock warrants;  two warrants entitle the holder
to  purchase  one share of common  stock for $.60 per share) of the Company at a
price of $2.58 per unit expiring through January 8, 2011.

JAHI has authorized  5,000,000  shares of $0.01 par value preferred  stock.  The
Board of Directors is authorized to issue preferred stock in one or more series,
to determine the rights  thereto,  and to fix the number of shares on any series
of preferred stock and the designation of any such series.

The Company issued  3,000,000 shares of 8% cumulative,  convertible,  non-voting
preferred  stock  to a  customer  of EAM in a  private  placement  offering.  In
connection with this offering,  750,000 shares of common stock were given to the
Company to  distribute  to the preferred  shareholder  by three  officers of the
Company for no additional consideration.

From  February  1993 until June 30,  1998,  the Company  made  semi-annual  cash
dividend payments on its cumulative  convertible non-voting preferred stock at a
rate of 8% per annum.  The  Company did not make any  dividend  payments on this
stock in 1999 and 2000.  On  December  29,  2000,  the  Company  entered  into a
preferred stock exchange agreement (the "Agreement") with its sole

                                       7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ==========================================
                                   (Continued)

preferred  shareholder  (the  "Shareholder").  The  Shareholder was the owner of
3,000,000 shares of the Company's 8% Convertible Redeemable Cumulative Preferred
Stock (the  "Outstanding  Preferred  Stock").  The Company  was in arrears  with
respect to the payment of dividends on the Outstanding  Preferred  Stock,  which
arrearages totaled $600,000 as of December 31, 2000 (the "Dividend Arrearage").

The  Agreement  provided  that the Company  declare  and pay a cash  dividend of
$100,000 on the Outstanding  Preferred Stock and exchange  3,500,000 shares of a
new 2000  Convertible  Preferred  Stock  (the  "New  Preferred  Stock")  for the
3,000,000  shares of the  Outstanding  Preferred  Stock and  cancellation of the
$500,000  balance  of the  Dividend  Arrearages.  The  New  Preferred  Stock  is
convertible  to JAHI common  stock at the rate of one share of common  stock for
each  $3.50  of the face  amount  of the New  Preferred  Stock  and will  have a
dividend  rate of 3% for each of the calendar  years 2001 through  2003,  4% for
calendar year 2004, 5% for calendar year 2005, 6% for calendar year 2006, 7% for
calendar year 2007, and 8% for calendar year 2008 and thereafter.

In connection with the original  preferred stock offering,  the Company obtained
"key  man"  life  insurance  on  the  Company's  president,  in  the  amount  of
$3,750,000. The shareholder is the direct beneficiary and, upon the death of the
Company's  president,  would receive the insurance proceeds in redemption of the
New  Preferred  Stock.  In addition,  the Company  maintains  life  insurance on
certain  officers  aggregating  $1,000,000,  with  the  Company  as the  primary
beneficiary.

NOTE 5 - RELATED PARTY TRANSACTIONS

The  Company has a loan to an officer  bearing  interest at a rate of 10% and 6%
per annum in the amount of $59,195 and  $61,697 at March 31,  2001 and  December
31, 2000, respectively.

On November 30, 2000, the Company  purchased certain assets of a tax preparation
and tax planning services company from an officer and director of JAHI valued at
$105,100 as  determined  by the Board of Directors of the Company.  The purchase
included a client  database  in the amount of $71,025  and  goodwill of $13,478,
which are included on the accompanying  balance sheets as intangible assets. The
Company  issued  100,500 stock options valued at $20,100 as part of the purchase
price. In connection with the purchase,  the Company owes the officer $10,672 at
March 31, 2001.

In 1994, the Company's  president  established  the Jordan Index Fund, L.P. (the
"Fund").  The Fund  engages in the  speculative  trading of stock index  futures
contracts,  and may occasionally  trade in equity  securities and stock options.
The Fund is  administered  by its general  partner,  Jordan Assets,  Ltd. Jordan
Assets,  Ltd. is not a subsidiary  of JAHI,  although  JAHI is  registered  as a
principal of Jordan Assets,  Ltd. with the Commodity Futures Trading Commission.
All  trading  decisions  for the Fund are made by Jordan  Assets,  Ltd.  Certain
administrative functions are provided to the Fund by JAHI in return for the fees
earned by Jordan Assets, Ltd. No such fees were earned during 2001 and 2000.

                                       8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ==========================================
                                   (Continued)


NOTE 6 - FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND CONTINGENCIES

In the normal course of business,  the Company's client  activities  through its
clearing  broker  involve the  execution,  settlement,  and financing of various
client  securities  transactions.  These  activities  may expose the  Company to
off-balance   sheet  risk.  In  the  event  the  client  fails  to  satisfy  its
obligations,  the  Company  may  be  required  to  purchase  or  sell  financial
instruments  at  prevailing  market  prices  in order to  fulfill  the  client's
obligations.

In the Company's investment activities, the Company purchases securities for its
own account and may incur losses if the market value of the securities  declines
subsequent to March 31, 2001.

The  Company's  revenues are  primarily  derived from a percentage of the assets
under management and performance fees based on the appreciation of those assets.
Assets  under  management  are  impacted by both the extent to which the Company
attracts new or loses existing  clients and the  appreciation or depreciation of
the U.S.  and  international  equity and fixed  income  markets.  A downturn  in
general economic conditions could cause investors to cease using the services of
the Company.

The  Company's  financial  instruments,  including  cash and  cash  equivalents,
receivables  and other  assets,  are carried at amounts  that  approximate  fair
value.  The Company's  marketable  securities  are carried at the March 31, 2001
market  value.  Payables  and other  liabilities  are  carried at  amounts  that
approximate fair value.

The Company has a  substantial  portion of its assets on deposit  with banks and
brokers.  Assets deposited with banks and brokers are subject to credit risk. In
the event of a bank's or  broker's  insolvency,  recovery  of Company  assets on
deposit may be limited to account  insurance or other  protection  afforded such
deposits.

The  Securities and Exchange  Commission  ("SEC") has completed an inspection of
the Company's investment advisory and broker-dealer  operations.  As a result of
the inspection,  certain issues arose regarding possible violations.  Management
of the Company does not expect the  resolution of this matter to have a material
adverse effect on the Company's operations.

                                       8
<PAGE>

                                 PART 1, ITEM 2
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

Safe Harbor for Forward-Looking Statements

Information found in this report contains forward-looking implications which may
differ  materially from actual results due to the success,  or lack thereof,  of
JAHI's  management  decisions,  marketing  and sales  effectiveness,  investment
decisions,   and  the  management  of  clients'  stock   portfolios  and  pooled
investments as influenced by market  conditions,  Federal  Reserve Board policy,
economic trends,  political developments,  domestic and international events and
other factors.  There can be no guarantee that any forward-looking  implications
discussed  and/or  referenced  in this report will have any impact,  positive or
negative, upon the earnings, value and/or operations of the Company.

Results of Operations

JAHI's assets under management were $31.0 million as of March 31, 2001, compared
to $38.1  million under  management  on December 31, 2000.  The net $7.1 million
change in assets under  management  during the quarter  resulted from investment
losses of $7.5 million and positive net client cash inflow of $.4 million.

                        THREE MONTHS ENDED MARCH 31, 2001
                                   COMPARED TO
                        THREE MONTHS ENDED MARCH 31, 2000

The  Company  had a net loss for the  three  months  ended  March 31,  2001,  of
$352,409  or ($0.04)  per common  share  compared to a net income of $864,992 or
$0.08 per common share for the same period in 2000.

The net loss for this period compared to the net income for the same period last
year stems  primarily from  significantly  lower revenues from  performance  fee
based managed accounts during this period.

The Company had an  operating  loss of $306,489 for the three months ended March
31, 2001  compared  to an  operating  income of $602,843  for the same period in
2000.  This loss is primarily  due to total revenue  being  significantly  lower
during this period when compared to the same quarter last year.

For the three months ended March 31, 2001, revenues totaled $172,458 compared to
revenues of $1,258,607 for the same period in 2000, a decrease of  approximately
86% due  primarily to  significantly  decreased  revenues from fee based managed
accounts.

Advisory fee revenue  decreased  for the three  months ended March 31, 2001,  to
$125,120  compared  to  $1,128,129  for the same  period in 2000,  a decrease of
approximately  89%  due  primarily  to  significantly  decreased  revenues  from
investment advisory fees.

Commission  income  decreased  for the three  months  ended March 31,  2001,  to
$18,594  compared  to  $130,478  for the same  period  in 2000,  a  decrease  of
approximately 86% due primarily to fewer securities  transactions resulting from
the amount of  securities  being  purchased and sold in client  accounts.  These
securities  transactions  are  incidental to  management's  investment  advisory
decisions  based on  technical  and  fundamental  considerations  of  individual
securities, market conditions and other factors.

                                       10
<PAGE>

Selling, general, and administrative ("SG&A") expenses of $478,947 were incurred
during the three month  period  ended March 31,  2001,  compared to similar SG&A
expenses of $655,764 for the same period in 2000. This decrease of approximately
27% was due primarily to lower  selling  expenses  during this period  resulting
from higher fees paid out to sales representatives in 2000.

Total other income (expenses) was ($45,920) for the three months ended March 31,
2001,  compared  to  $262,149  for the same  period  in 2000.  This  change  was
primarily due to unrealized equity losses in the first quarter of 2001.

Liquidity and Capital Resources

At March 31, 2001, the Company had cash and cash  equivalents of $602,993 versus
$1,029,173 at December 31, 2000. This decrease was due primarily to the net loss
for the three months ended March 31, 2001.

Accounts payable and accrued expenses were $128,661 at March 31, 2001,  compared
to $166,162 at December 31, 2000.  The decrease in accounts  payable and accrued
expenses is primarily due to lower accruals for actual expenses incurred on fees
paid out to sales representatives,  provisions for income tax and bonus accruals
for the three months ended March 31, 2001 compared to those fees accrued for the
three  months ended March 31, 2000.  Accruals are based upon  expenses  incurred
and/or as determined  by  management's  best  estimate  based upon the Company's
annual budget.

Cash flows provided (used in) by operating activities for the three months ended
March 31, 2001, were ($368,757)  compared to $670,452 for the three months ended
March 31,  2000 due  primarily  to changes  in net  income  (loss) for the three
months ended March 31, 2001.  Cash flows used in  investing  activities  for the
three months ended March 31, 2001, were ($57,423) compared to ($150,000) for the
three  months  period  ended  March 31,  2000  primarily  due to  acquiring  our
investment in Senior Yellow Pages in the first quarter of 2000.

Risk Factors, Trends & Uncertainties

Total assets under management and corporate earnings may substantially  increase
or  decrease  due to (1)  stock  market  conditions,  including  the  onset of a
long-term  declining,  or bear market; (2) performance  returns as influenced by
the  Company's   investment   advisory   decisions,   operational   expense  and
effectiveness of marketing  efforts;  (3) competition  from mutual funds,  other
investment advisory companies and insurance companies; (4) interest rate changes
and  other  actions  taken  by the  Federal  Reserve  Board;  (5)  domestic  and
international   economic  and  political   conditions,   high  inflation  and/or
recession;  (6) trends in business and finance;  (7) international  events;  (8)
acts of terrorism; and (9) other factors.

The Company is  registered  with and subject to  regulation by the SEC under the
Investment  Advisers Act of 1940 and,  where  applicable,  under state  advisory
laws.  The Company is also subject to regulation by the SEC under the Investment
Company Act of 1940. The Company's  affiliate  broker-dealer  is registered as a
broker-dealer  with the SEC  under  the  Securities  Exchange  Act of 1934  (the
"Exchange  Act") and,  where  applicable,  under state  securities  laws, and is
regulated by the SEC,  state  securities  administrators  and the NASD.  IASI is
registered  as a transfer  agent under the  Exchange Act and is regulated by the
SEC.  The  privately  held  affiliate  that manages the Fund is regulated by the
Commodity Futures Trading Commission and the National Futures Association.

By law,  investment advisors and broker-dealers are fiduciaries and are required
to serve their

                                       11
<PAGE>

clients'  interests with  undivided  loyalty.  There is a potential  conflict of
interest  because of the  affiliation  between the  Company and IFNI.  While the
Company  believes  that  its  existing  relationships  are  in  compliance  with
applicable law and regulations,  because of this potential conflict of interest,
the SEC may closely examine these relationships.

Many aspects of the financial  services industry involve  substantial  liability
risks,  including exposure under federal and state securities laws in connection
with the distribution of securities and investment advisor activities.  Although
the Company currently  maintains errors and omission insurance policies insuring
against  this risk,  such  insurance  does not  necessarily  protect the Company
against loss in all events.

There can be no  assurance  that any changes to existing  laws,  regulations  or
rulings   promulgated  by  government  entities  having  jurisdiction  over  the
Company's investment advisory, broker-dealer, investment company and commodities
trading  business  will not have an  adverse  effect  upon the  business  of the
Company.

In  connection  with a late 1997  examination  of the  Company,  the SEC  raised
certain issues regarding  possible  violations of the federal securities laws in
connection  with the  private  placement  of  debentures  of  Boston  Restaurant
Associates, Inc. The matter has not been resolved and to the Company's knowledge
the  investigation  is ongoing.  Management  of the Company  does not expect the
resolution of this matter to have any material effect on the Company's financial
condition, results of operations or business.

                                       12
<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


                                        JORDAN AMERICAN HOLDINGS, INC.

Dated: May 15, 2001                     By: /s/  Wallace Neal Jordan
                                            -------------------------
                                            Wallace Neal Jordan
                                            Chief Executive Officer

Dated:  May 15, 2001                    By: /s/ A.J. Elko
                                            -------------
                                            A.J. Elko
                                            Chief Financial Officer

                                       13