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 June 30, 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)

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 the  close of  business  on  August  6,  2001,  14,217,266  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 ................................    12

          Risk Factors, Trends & Uncertainties ...........................    12

PART 2

ITEM 1    Legal Proceedings...............................................    13

<PAGE>

                                     PART I
                                     ITEM 1
                              FINANCIAL INFORMATION

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                     JUNE 30,       DECEMBER 31,
          A S S E T S                                                                  2001             2000
                                                                                   ------------     ------------
CURRENT ASSETS                                                                     (Unaudited)       (Audited)
<S>                                                                                <C>              <C>
Cash & cash equivalents                                                            $    210,216     $  1,029,173
Marketable Securities at market value                                                   257,525          328,609
Investment advisory fee - net                                                           161,071          195,253
Deposit with clearing broker                                                             25,000           25,000
Receivable from shareholders                                                             45,592           61,697
Prepaid expenses                                                                         86,828           62,025
Other receivable                                                                         73,933           57,574
                                                                                   ------------     ------------
     Total current assets                                                               860,165        1,759,331
                                                                                   ------------     ------------
FIXED ASSETS
Property & equipment - net of accumulated depreciation and
     amortization of $193,491 and $169,110, respectively                                146,694          110,148
                                                                                   ------------     ------------
OTHER ASSETS
Boston Restaurant Debentures                                                            500,000          500,000
Senior Yellow Pages - net of allowance of $37,500 in 2001                               112,500          150,000
Intangible Assets - Net of amortization of $4,429 and $939, respectively                 90,187           83,564
                                                                                   ------------     ------------
     Total Other Assets
                                                                                        702,687          733,564
                                                                                   ------------     ------------
          TOTAL ASSETS                                                             $  1,709,546     $  2,603,043
                                                                                   ============     ============
LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
Accounts payable and accrued expenses                                              $    142,298     $    166,162
Deferred revenue                                                                         18,709           27,025
Preferred dividends payable                                                              52,500               --
Notes payable - officer                                                                      --           26,166
Software license payable                                                                 13,535           29,197
                                                                                   ------------     ------------
     Total Current Liabilities                                                          227,042          248,550
                                                                                   ------------     ------------
STOCKHOLDERS EQUITY
Preferred stock, variable rate, cumulative, convertible, non-voting,
     $0.01 par value, $1.00 liquidation value, authorized 5,000,000 shares;
     issued and outstanding 3,500,000 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                                                            4,365,453        4,417,953
Accumulated Deficit                                                                  (2,928,370)      (2,108,881)
                                                                                   ------------     ------------
     Total Stockholders Equity                                                        1,482,504        2,354,493
                                                                                   ------------     ------------
Total Liabilities & Stockholders Equity                                            $  1,709,546     $  2,603,043
                                                                                   ============     ============
</TABLE>

           See accompanying notes to consolidated financial statements

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                FOR THE THREE MONTHS ENDED         FOR THE SIX MONTHS ENDED
                                                          JUNE 30,                          JUNE 30,
                                                   2001             2000             2001             2000
                                               ------------     ------------     ------------     ------------
REVENUES
<S>                                            <C>              <C>              <C>              <C>
Commission Income                              $     25,707     $     10,767     $     44,301     $    141,245
Investment Advisory Fees                             36,721          500,966          161,842        1,629,095
Tax and business service income                      21,651               --           50,395               --

Realized equity gain from investments                    --           (5,322)              --           (5,322)
                                               ------------     ------------     ------------     ------------

     Total Revenue                                   84,079          506,411          256,538        1,765,018

Selling, General and Administrative Costs           534,261          424,755        1,013,208        1,080,519
                                               ------------     ------------     ------------     ------------

     Net Operating Income (Loss)                   (450,182)          81,656         (756,670)         684,499
                                               ------------     ------------     ------------     ------------

Other Income & Expenses
Dividend and interest Income                         23,500           38,067           51,793           70,432
Other Income                                          4,990            4,404            5,972            8,998

Unrealized gain (loss) from investments              37,695         (476,292)        (120,584)        (251,102)
                                               ------------     ------------     ------------     ------------

     Total Other Income (Loss)                       66,185         (433,821)         (62,819)        (171,672)
                                               ------------     ------------     ------------     ------------

     Net Income (Loss) before income taxes         (383,997)        (352,165)        (819,489)         512,827

Income tax provision                                     --           13,968               --           13,968
                                               ------------     ------------     ------------     ------------

     Net Income (Loss)                         $   (383,997)    $   (366,133)    $   (819,489)    $    498,859
                                               ============     ============     ============     ============

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

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

Weighted-average number of Common shares
     outstanding:

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

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

           See accompanying notes to consolidated financial statements

<PAGE>

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

<TABLE>
<CAPTION>
                                                                        FOR THE SIX MONTHS ENDED
                                                                                 JUNE 30,
                                                                          2001             2000
                                                                      ------------     ------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                   <C>              <C>
Net Income (loss)                                                     $   (819,489)    $    498,859

Adjustments to reconcile net income to cash
provided by (used in) operating activities:
     Depreciation and amortization                                          27,872           16,677
     Valuation Adjustments                                                 120,584          251,102
     Realized loss from investments                                             --            5,322
     Changes in operating assets and liabilities:
          Investment advisory fees receivable                               34,182          574,973
          Prepaid expenses                                                 (24,803)          (4,315)
          Other receivable                                                 (16,359)          25,057
          Notes receivable - shareholders                                   16,105          (31,872)
          Accounts payable and other accrued expenses                      (23,864)        (129,911)
          Notes payable - Officer                                          (26,166)              --
          Deferred revenues                                                 (8,316)           3,276
          Software license payable                                         (15,662)         (14,469)
                                                                      ------------     ------------

               Net Cash Provided By (Used In) Operating Activities        (735,916)       1,194,699
                                                                      ------------     ------------

CASH FLOWS - INVESTING ACTIVITIES:
     Trading marketable securities                                         (12,000)        (319,161)
     Investment - Senior Yellow Page                                            --         (150,000)
     Intangible Assets                                                     (10,114)              --
     Capital expenditures                                                  (60,927)          (1,325)
                                                                      ------------     ------------

          Net Cash (Used In) Investing Activities                          (83,041)        (470,486)
                                                                      ------------     ------------

          Net Increase (Decrease) in Cash and Cash Equivalents            (818,957)         724,213

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

Cash and Cash Equivalents, end of period                              $    210,216     $  1,304,971
                                                                      ============     ============

Supplemental disclosure of cash flow information:
     Interest paid                                                    $        903     $      2,097
                                                                      ============     ============
</TABLE>

           See accompanying notes to consolidated financial statements

<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  Advisers 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 ("IMIT"/the
"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. IFNI also is the primary distributor for IMIT.
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 of normal recurring
adjustments,  necessary to present fairly the financial  position of the Company
at the date of the interim  balance sheet and the results of operations  for the
interim  periods  covered.  The results for interim  periods are not necessarily
indicative  of results for a full year.  The  consolidated  balance  sheet as of
December 31, 2000 has been derived from the audited  consolidated  balance sheet
as of the that date. These consolidated  financial  statements should be read in
conjunction  with the Company's  Annual Report on Form 10-KSB for the year ended
December 31, 2000.

NOTE 2 - IMPACT MANAGEMENT INVESTMENT TRUST

The Company formed IMIT, 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  are paid to the sub  advisor of the
Portfolio.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

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 14%.

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 matured 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  note was not  paid at  maturity  and the  Company's
management has estimated the total value of this note to be $112,500 at June 30,
2001.

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 June 30, 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 June  30,  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 a former officer 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.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

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 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 Arrearages").

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  former  president,  in the amount of
$3,750,000. The shareholder is the direct beneficiary and, upon the death of the
Company's former 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 a former officer bearing interest at a rate of 10% per
annum in the amount of $45,591  and $61,697 at June 30,  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  exercisable  at $0.20 per share through
November 30, 2010 and valued at $20,100 as part of the purchase price.

In 1994, a director  and former  officer of the Company  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 was
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 were 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.  On July 15, 2001,  JAHI resigned as a principal of Jordan
Assets, Ltd. and no longer provides any services to the Fund.

<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 June 30, 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 June 30, 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.

The former  President  of the Company and his son filed a complaint  against the
Company and two of its officers seeking an injunction against current management
based upon violation of the federal  securities  laws and breaches of the common
law fiduciary duty of directors of a Florida corporation.  The management of the
Company  does not believe the claims to be  meritorious  and does not expect the
resolution  of this matter to have a material  adverse  effect on the  Company's
operations.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

NOTE 7 - SUBSEQUENT EVENTS

On August 6, 2001, the Company  issued 3.1 million  shares of common stock,  par
value $.001 per share in exchange for 1.5 million shares of preferred stock, par
value  $.01 per  share.  In  addition,  the  Company  modified  the  outstanding
preferred stock to provide that the dividend rate for the remaining  semi-annual
payment for 2001 and for the two semi-annual payments for 2002 be set at 5.25%.

                                 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 $30.1 million as of June 30, 2001,  compared
to $31.0 million under  management on March 31, 2001. The net $.9 million change
in assets under management during the quarter resulted from investment losses of
$.6 million and negative cash flow of $.3 million.

IMIT's  assets in the  mutual  funds  were  $3.9  million  as of June 30,  2001,
compared  to $2.6  million  under  management  on March 31,  2001.  The net $1.3
million  change in assets in the mutual funds during the quarter  resulted  from
investment income and appreciation of $.2 million and positive cash flow of $1.1
million.

                        THREE MONTHS ENDED JUNE 30, 2001
                                   COMPARED TO
                        THREE MONTHS ENDED JUNE 30, 2000

The  Company  had a net  loss  for the  three  months  ended  June  30,  2001 of
($383,997)  or ($0.04) per common share  compared to a net loss of ($366,133) or
($0.04) per common share for the same period in 2000. Basic and diluted earnings
per common  share for the three  months  ended June 30,  2001 and 2000  includes
preferred  stock  dividends  payable  of  $26,250  and  dividends  in arrears of
$60,000, respectively for each period.

The  minimal  increase  in  net  loss  for  this  period  stems  primarily  from
significantly  lower revenue this period  compared to the same period last year;
the net loss for the previous year's period also included significant unrealized
losses from investments.

The Company had an operating  loss of ($450,182) for the three months ended June
30, 2001  compared to  operating  income of $81,656 for the same period in 2000.
This decrease is primarily due to total revenue being significantly lower during
this period when compared to the same quarter last year.

<PAGE>

For the three months ended June 30, 2001,  revenues  totaled $84,079 compared to
revenues of $506,411  for the same period in 2000,  a decrease of  approximately
83% due primarily to significantly  decreased revenues from investment  advisory
fees.

Advisory fee revenue  decreased  for the three  months  ended June 30, 2001,  to
$36,721  compared  to  $500,966  for the same  period  in 2000,  a  decrease  of
approximately 93% due primarily to decreased revenues from performance fee based
managed  accounts.  This  decrease in  performance  fee revenues  resulted  from
investment  losses  during  the last  12-month  period  in the  performance  fee
accounts.  Performance  fees are only  earned  when  the  fair  market  value of
accounts  exceed their  historical  highs.  Management  does not  anticipate any
performance  billings  during  the  last  six  months  of this  year  due to the
depressed value of these accounts relative to their historical highs.

Commission income increased for the three months ended June 30, 2001, to $25,707
compared to $10,767 for the same  period in 2000,  an increase of  approximately
139% due primarily to more 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.

Selling, general, and administrative ("SG&A") expenses of $534,261 were incurred
during the three month  period  ended June 30,  2001,  compared to similar  SG&A
expenses of $424,755 for the same period in 2000. This increase of approximately
26% was due  primarily to an increase in the salary of a former  officer and the
expenses of ITABS, created in September 2000.

Total other  income  (expenses)  was $66,185 for the three months ended June 30,
2001,  compared  to  ($433,821)  for the same  period in 2000.  This  change was
primarily due to unrealized  equity gains in the second quarter of 2001 compared
to losses in the same quarter last year.

                         SIX MONTHS ENDED JUNE 30, 2001
                                   COMPARED TO
                         SIX MONTHS ENDED JUNE 30, 2000

The Company had a net loss for the six months ended June 30, 2001 of  ($819,489)
or ($0.08)  per common  share  compared  to net income of  $498,859 or $0.04 per
common share for the same period in 2000.  Basic and diluted earnings per common
share  for the six  months  ended  June 30,  2001 and  June  30,  2000  includes
dividends payable of $52,500 and dividends in arrears of $120,000,  respectively
for each period. The net loss for this period compared to the net income for the
same period last year stems  primarily  from  substantially  lower revenues from
performance fee based managed accounts.

The Company had an operating  loss of  ($756,670)  for the six months ended June
30, 2001  compared to operating  income of $684,499 for the same period in 2000.
This decrease is primarily due to total revenue being significantly lower during
this period when compared to the same period last year.

For the six months ended June 30, 2001,  revenues totaled  $256,538  compared to
revenues of $1,765,018 for the same period in 2000, a decrease of  approximately
85%.  The  decrease  in revenue  can be  primarily  attributed  to a decrease in
advisory fees.

Revenues  from  advisory  fees for the six months  ended June 30,  2001  totaled
$161,842  compared to revenues from the same source of  $1,629,095  for the same
period in 2000,  a decrease of  approximately  90% due  primarily  to  decreased
revenues  from  performance  fee  based  managed  accounts.   This  decrease  in
performance  fee  revenues  resulted  from  investment  losses  during  the last
12-month  period in the  performance  fee  accounts.  Performance  fees are only
earned when the fair market  value of accounts  exceed their  historical  highs.
Management  does not anticipate  any  performance  billings  during the last six
months of this year due to the  depressed  value of these  accounts  relative to
their historical highs.

<PAGE>

Revenues from commissions  decreased  approximately 69% for the six months ended
June 30, 2001 compared to the same period in 2000  primarily due to less trading
activity.

SG&A  expenses  totaled  $1,013,208  during the six months  ended June 30,  2001
compared to $1,080,519 in selling,  general and administrative  expenses for the
same  period  in  2000.  The net  $67,311  decrease  in SG&A  expenses  resulted
primarily from lower fees paid out to sales representatives during this period.

Total other income  (expenses)  was  ($62,819) for the six months ended June 30,
2001  compared to  ($171,672)  for the same period in 2000.  This  increase  was
primarily due to the lower  unrealized  equity losses in the first six months of
2001.

Liquidity and Capital Resources

At June 30, 2001, the Company had cash and cash  equivalents of $210,216  versus
$1,029,173 at December 31, 2000. This decrease was due primarily to the net loss
for the six months ended June 30, 2001.

Accounts payable and accrued  expenses were $142,298 at June 30, 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
at June 30, 2001  compared to those fees accrued at December 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 by (used in) operating  activities for the six months ended
June 30, 2001,  were  ($735,916)  compared to $1,194,699  for the same period in
2000 due  primarily  to changes in net income for the six months  ended June 30,
2001 and the  changes in the  investment  advisory  fee  receivable.  Cash flows
provided by (used in)  investing  activities  for the six months  ended June 30,
2001,  were  ($83,041)  compared to  ($470,486)  for the same period in 2000 due
primarily to the  investments  made in marketable  securities  and Senior Yellow
Pages, Inc. during the first six months 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.

<PAGE>

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 clients' interests with undivided  loyalty.  There is a potential
conflict of interest because of the affiliation  between EAM 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.

Management of the Company believes short-term cash needs will continue to be met
through management fees, brokerage revenues and/or the liquidation of marketable
securities.  At June 30,  2001,  the  Company  had  $628,812  in cash,  accounts
receivables and marketable  securities.  The Company may seek additional capital
through  the sale of  equity  although  no  assurances  can be given  that  such
financing  will be available on  satisfactory  terms,  if at all. Any additional
capital raised would be used to fund growth and diversity of revenue sources.

                                 PART 2, ITEM 1
                                LEGAL PROCEEDINGS
                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

On June 27, 2001, a complaint was filed in the United States  District  Court in
the Eastern District of Kentucky by W. Neal Jordan against the Company,  Charles
R. Clark,  and A.J.  Elko.  Mr.  Jordan is a director of the Company  and, as of
August 6, 2001, the beneficial owner of 37% of the Company's  outstanding common
stock.  Mr. Jordan seeks injunctive  relief based upon alleged  violation of the
federal securities laws and alleged breaches of the common law fiduciary duty of
directors  of a Florida  corporation.  The Company has filed a motion to dismiss
the complaint.  Mr. Jordan has sued the Company for injunctive relief based only
upon the  allegation  that  Mr.  Clark  and/or  Mr.  Elko  solicited  one  proxy
revocation from a shareholder in violation of the federal  securities  laws. Mr.
Jordan seeks injunctive relief of either (1) the re-solicitation of proxies with
a record date of April 2, 2001 and the rescheduling of a new annual meeting,  or
(2) prohibiting  JAHI from issuing any further shares of common stock until such
time as a shareholder  meeting is held. Mr. Jordan also seeks injunctive  relief
against Mr. Clark and Mr. Elko for their  alleged  breach of fiduciary  duty and
dilution of Jordan's ownership interest based upon their alleged self interested
efforts to thwart  Jordan's bid for control of JAHI, to maintain their positions
and gain  control of JAHI by  possibly  issuing  new  shares to dilute  Jordan's
voting power and by improperly soliciting revocations and purposefully defeating
a quorum for the annual meeting of shareholders  that had been scheduled for May
22, 2001,  all in an effort to  personally  injure and oust Jordan.  Mr.  Jordan
requested that the court enjoin JAHI from issuing shares of common stock until a
new shareholders'  meeting is scheduled and held. At a hearing on July 23, 2001,
on Mr. Jordan's motion for a preliminary  injunction and other pending  motions,
the court took all pending  motions  under  advisement  and did not grant any of
them.  The  management  of  the  Company  does  not  believe  the  claims  to be
meritorious and does not expect the resolution to have a material adverse affect
on the Company's operations.

<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: August 14, 2001                  By: /s/ A.J. Elko
                                            -------------------
                                            A.J. Elko
                                            Chief Executive Officer


Dated: August 14, 2001                  By: /s/ Emmett A. Pais
                                            -------------------
                                            Emmett A. Pais, CPA
                                            Chief Financial Officer