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, 2002

                                       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)

           333 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 May 1,  2002,  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 II

ITEM 1    LEGAL

               Legal Proceedings .........................................    13

                                        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                                                                  2002             2001
                                                                              ------------     ------------
<S>                                                                           <C>              <C>
CURRENT ASSETS                                                                (Unaudited)       (Audited)
  Cash & cash equivalents                                                     $         --     $     91,984
  Marketable Securities at market value                                              6,696           49,298
  Investment advisory fee - net                                                     24,928           16,394
  Deposit with clearing broker                                                      25,094           25,094
  Receivable from stockholders                                                      22,669           22,310
  Prepaid expenses                                                                  45,499           83,407
  Other receivable                                                                  91,369           55,291
                                                                              ------------     ------------
       Total current assets                                                        216,255          343,778
                                                                              ------------     ------------
FIXED ASSETS
  Property & equipment - net of accumulated depreciation and
     amortization of $ 229,615 and $ 217,923                                       114,107          124,689
                                                                              ------------     ------------
OTHER ASSETS
  Boston Restaurant Debentures                                                     500,000          500,000
  Intangible Assets - Net of amortization of $ 10,172 and $ 8,258
     respectively                                                                   84,445           86,359
                                                                              ------------     ------------
       Total Other Assets                                                          584,445          586,359
                                                                              ------------     ------------
            Total Assets
                                                                              $    914,807     $  1,054,826
                                                                              ============     ============
LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses                                       $    182,328     $    146,080
  Deferred revenue                                                                   9,058           13,249
  Notes payable - officer                                                           16,400               --
                                                                              ------------     ------------
       Total Current Liabilities                                                   207,786          159,329
                                                                              ------------     ------------
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 2,000,000 shares                                        20,000           20,000
 Common stock, $0.001 par value, authorized 20,000,000 shares:
     issued and outstanding 14,217,266 shares                                       14,217           14,217
  Additional Paid in Capital                                                     4,463,657        4,463,657
  Accumulated Deficit                                                           (3,790,853)      (3,602,377)
                                                                              ------------     ------------
       Total Stockholders Equity                                                   707,021          895,497
                                                                              ------------     ------------
Total Liabilities & Stockholders Equity                                       $    914,807     $  1,054,826
                                                                              ============     ============
</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,
                                                                              -----------------------------
                                                                                  2002             2001
                                                                              ------------     ------------
REVENUES
<S>                                                                           <C>              <C>
  Commission income                                                           $     79,070     $     18,594
  Investment advisory fees                                                          64,732          125,120
  Tax and business service income                                                   32,870           28,744
  Realized equity gain / (loss) from investments                                   (25,934)              --
                                                                              ------------     ------------

       Total Revenue                                                               150,738          172,458

Selling, General and Administrative Costs                                          387,260          478,947
                                                                              ------------     ------------

       Net Operating Income (Loss)                                                (236,522)        (306,489)
                                                                              ------------     ------------

Other Income & Expenses
  Dividend and interest Income                                                      18,103           28,293
  Other Income                                                                          20              982
  Unrealized equity gain / (loss) from investments                                  29,922          (75,195)
                                                                              ------------     ------------

       Total Other Income (loss)                                                    48,045          (45,920)
                                                                              ------------     ------------

       Net Income (Loss) before income taxes                                      (188,477)        (352,409)

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

       Net Income (Loss)                                                      $   (188,477)    $   (352,409)
                                                                              ============     ============

Basic earnings attributable to Common Stock
      per Common Share                                                        $      (0.02)    $      (0.04)
                                                                              ============     ============

Diluted earnings attributable to Common Stock
      per Common Share                                                        $      (0.02)    $      (0.04)
                                                                              ============     ============

Weighted -average number of Common shares outstanding:
       Basic                                                                    14,217,266       10,421,266
                                                                              ============     ============

       Diluted                                                                  14,217,266       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,
                                                                                  2002             2001
                                                                              ------------     ------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                           <C>              <C>
Net Income (Loss)                                                             $   (188,477)    $   (352,409)

Adjustments to reconcile net income to cash provided
  by (used in) operating activities:
     Depreciation and amortization                                                  13,605           13,464
     Valuation adjustments                                                         (29,922)          75,195
     Realized loss from investments                                                 25,934
     Changes in operating assets and liabilities:
          Investment advisory fees                                                  (8,534)           3,480
          Prepaid expenses                                                          37,908          (21,840)
          Other receivable                                                         (36,078)          (8,720)
          Receivable from shareholders                                                (359)           2,502
          Accounts payable and other accrued expenses                               36,248          (37,500)
          Notes payable - Officer                                                   16,400          (15,494)
          Deferred investment advisory fees                                         (4,191)          (7,682)
          Software license payable                                                                   (7,753)
                                                                              ------------     ------------

               Net Cash Provided By (Used In) Operating Activities                (137,466)        (356,757)
                                                                              ------------     ------------

CASH FLOWS - INVESTING ACTIVITIES
Trading marketable securities                                                       46,591          (12,000)
Intangible Assets                                                                                   (10,114)
Capital expenditures                                                                (1,109)         (47,309)
                                                                              ------------     ------------

               Net Cash Provided By (Used In) Investing Activities                  45,482          (69,423)
                                                                              ------------     ------------

               Net Increase (Decrease) in Cash and Cash Equivalents                (91,984)        (426,180)

Cash and Cash Equivalents, beginning of period                                      91,984        1,029,173
                                                                              ------------     ------------

Cash and Cash Equivalents, end of period                                      $         --     $    602,993
                                                                              ============     ============
</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  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.  ITABS provides general and administrative services to its
affiliates  at rates  substantially  lower than the fair  market  value of those
services.  Through March 31, 2002,  ITABS had  inter-company  revenue from these
services  amounting to $17,250.  These and all other  significant  inter-company
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,  2001  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, 2001.

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.  IMPACT 25 Fund (the "Fund") is the second series of the Trust and became
effective April 1, 2002. 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% and 1.20% of the  Portfolio's and Fund's
average daily net assets respectively.  Of this amount, 60 basis points are paid
to the sub advisor of the Portfolio.

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%.

                                        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.

The Company's management has estimated the value of the BRAI warrants to be $-0-
at March 31, 2002 and December 31, 2001. 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,  2002 and  December  31,  2001,  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.

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.

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,

                                        7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)

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%.  The Company is in arrears with
respect to the payment of dividends on the  outstanding  preferred  stock in the
amount of $52,500 as of December 31, 2001.

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
$2,500,000.  The Company did not renew this insurance  policy because the former
president  is no longer  employed  by the  Company.  In  addition,  the  Company
maintains life insurance on certain officers  aggregating  $1,500,000,  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 $22,669 and $22,310 at March 31,  2002 and  December  31,
2001,  respectively.  A demand for payment has been made by the Company, but the
former  officer  has not  satisfied  the note.  The Company is  considering  its
options with regards to the collection of this note.

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 March  2002,  an officer of the  Company  provided a  short-term  loan to the
Company  in the  amount  of  $16,400  in  order  to help  the  Company  meet its
short-term  obligations.  The loan was made  interest free and is expected to be
repaid within 90 days.

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.

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.  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.

                                        8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)

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.

                                        9
<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

EAM's assets under  management  within the  individually  managed  accounts were
$18.05 million as of March 31, 2002, compared to $19.32 million under management
on December 31, 2001.  The net $1.27 million  change in assets under  management
during the quarter  resulted  from  investment  gains and  appreciation  of $.16
million  and a net client  cash  outflow of $1.43  million.  At March 31,  2002,
$12.56  million of these  assets were in  performance  fee  accounts,  and $5.49
million were in flat fee accounts.

In an effort to improve the investment  performance of the individually  managed
accounts, EAM entered into a Model Portfolio Agreement with Denali Advisors, LLC
("Denali"),  an institutional  money manager with  approximately $400 million in
assets under management,  effective September 1, 2001. This model portfolio will
be used in  conjunction  with  the  management  of  EAM's  individually  managed
accounts with EAM paying Denali 30 basis points  annually on accounts using this
model  portfolio.  At March 31,  2002,  $9.5  million  in client  accounts  were
operating under the model  portfolio:  $ 6.1 million in performance fee accounts
and $3.4 million in flat fee accounts.  Management anticipates additional client
accounts will be placed under the new agreement in the next quarter.  Under this
new agreement, performance fee clients will be invoiced 50 basis points annually
plus a percentage of the realized income achieved in the accounts. Under the old
agreement  EAM could not invoice  clients for  performance-based  fees until the
account value for the client surpassed its historical "high water mark". The new
agreement will not require EAM to exceed the historical highs but will allow EAM
to have a new performance  based  relationship  with the client. In exchange for
the client agreeing to these new terms, EAM will not invoice performance fees on
the first 10% of realized  income.  The contracts for the flat fee clients using
the model portfolio have not changed.

IMIT's  assets in the  mutual  funds  were $8.8  million  as of March 31,  2002,
compared to $6.6 million  under  management  on December 31, 2001.  The net $2.2
million  change in assets in the mutual funds during the quarter  resulted  from
investment gains and appreciation of $0.7 million and positive cash flow of $1.5
million.

                                       10
<PAGE>

                        THREE MONTHS ENDED MARCH 31, 2002
                                   COMPARED TO
                        THREE MONTHS ENDED MARCH 31, 2001

The  Company  had a net loss for the  three  months  ended  March 31,  2002,  of
$188,477  or ($0.02)  per common  share  compared  to a net loss of  $352,409 or
($0.04) per common share for the same period in 2001.

The  decrease in the net loss for this  period  compared to the net loss for the
same  period  last  year  stems  primarily  from  lower  selling,   general  and
administrative expenses and lower net trading losses despite lower revenues from
performance fee based managed accounts during this period.

The Company had an  operating  loss of $236,522 for the three months ended March
31, 2002 compared to an operating  loss of $306,489 for the same period in 2001.
This decrease in operating loss is primarily due to significantly lower selling,
general and administrative expenses during this period when compared to the same
quarter last year.

For the three months ended March 31, 2002, revenues totaled $150,738 compared to
revenues of $172,458  for the same period in 2001,  a decrease of  approximately
13% due  primarily to  significantly  decreased  revenues from fee based managed
accounts.

Advisory fee revenue  decreased  for the three  months ended March 31, 2002,  to
$64,732  compared  to  $125,120  for the same  period  in 2001,  a  decrease  of
approximately  48%  due  primarily  to  significantly  decreased  revenues  from
investment advisory fees within the individually managed accounts.

Commission  income  increased  for the three  months  ended March 31,  2002,  to
$79,070  compared  to  $18,594  for the same  period  in 2001,  an  increase  of
approximately  325% due primarily to higher  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.

Tax and business  services income increased for the three months ended March 31,
2002 to $32,870  compared to $28,744 for the same period in 2001, an increase of
approximately  14% due  primarily  to an  increase in fees  associated  with the
preparation  of  individual  income tax returns and an increase in the number of
individual returns prepared.

Equity losses from  investments of $25,934 were realized  during the three month
period ended March 31, 2002,  compared to realized  losses from  investments  of
$-0- for the same period in 2001.  Equity gains from investments of $29,922 were
unrealized  during the three  month  period  ended  March 31,  2002  compared to
unrealized losses of $75,195 for the same period in 2001.

Selling, general, and administrative ("SG&A") expenses of $387,260 were incurred
during the three month  period  ended March 31,  2002,  compared to similar SG&A
expenses of $478,947 for the same period in 2001. This decrease of approximately
19% was due primarily to lower selling  expenses and fewer employees during this
period compared to the previous  period.  The Company  benefits from the savings
realized through the general and  administrative  services  provided by ITABS to
its affiliates at rates  substantially lower than the fair market value of those
services.  The Company  estimates  savings of $19,500 in this area for the three
month period ended March 31, 2002.

Total other income  (expenses)  was $48,045 for the three months ended March 31,
2002,  compared  to  ($45,920)  for the same  period in 2001.  This  change  was
primarily due to unrealized  equity gains in this period  compared to unrealized
equity losses in the first quarter of 2001.

                                       11
<PAGE>

Liquidity and Capital Resources

At March 31,  2001,  the  Company had cash and cash  equivalents  of $-0- versus
$91,984 at December 31, 2001.  This  decrease was due  primarily to the net loss
for the three months ended March 31, 2002.

Accounts payable and accrued expenses were $182,328 at March 31, 2002,  compared
to $146,080 at December 31, 2001.  The increase in accounts  payable and accrued
expenses is primarily due to a decrease in the Company's working capital for the
three months  ended March 31, 2002  compared to the three months ended March 31,
2001.

Cash flows used in by operating  activities for the three months ended March 31,
2002,  were  ($137,466)  compared to ($356,757) for the three months ended March
31,  2001 due  primarily  to changes in net income  (loss) for the three  months
ended March 31, 2002. Cash flows provided (used in) by investing  activities for
the three months ended March 31, 2002, were 45,482 compared to ($69,423) for the
three  months  period  ended  March 31, 2001  primarily  due to gains on trading
marketable  securities  during this period  compared to losses for the  previous
period and lower  capital  expenditures  during  this  period  than in the first
quarter of 2001.

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.

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 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.

                                       12
<PAGE>

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.

Negative  stock market trends have impaired the Company's  ability to gather new
assets into the individually managed accounts.  Negative investment  performance
within the individually  managed accounts has impaired the Company's  ability to
earn performance-based  revenues.  Because of these negative trends, the Company
may not generate  sufficient revenues to continue current operations through the
next twelve months.  Management is considering  the sale of certain assets to an
outside third party and may seek  additional  capital through the sale of equity
to meet the cash requirements needed to sustain current operations over the next
twelve  months.  No assurances  can be given that  management's  efforts will be
successful.

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

     Item 1 of Part II of the  Company's  Form 10-QSB for the quarter ended June
30,  2001,  disclosed  the  initiation  by W. Neal Jordan on June 27,  2001,  of
litigation against the Company and Messrs. A.J. Elko and Charles R. Clark in the
United States District Court for the Eastern District of Kentucky.

     On October 2, 2001, the District  Court issued a preliminary  injunction to
preclude,  in  connection  with the  Company's  Annual  Meeting of  Shareholders
scheduled to be held on October 4, 2001, the counting of the 3,100,000 shares of
the  Company's  common stock issued on August 6, 2001, to the Kirkland S. & Rena
B. Lamb Foundation in exchange for 1,500,000 shares of the Company's outstanding
preferred  stock.  The Court denied without  prejudice Mr. Jordan's motion for a
preliminary injunction to prevent the Company from issuing any additional shares
of the  Company's  common stock.  The Court also denied the Company's  motion to
dismiss the litigation.

     On October 3, 2001, the Company  appealed the District  Court's issuance of
the  preliminary  injunction to the United States Court of Appeals for the Sixth
Circuit. On October 4, 2001, the Company filed an emergency motion for a stay of
the District Court's preliminary injunction. That same day, a judge of the Court
of Appeals issued an order enjoining the parties from holding any  shareholders'
meeting or conducting any shareholders' vote pending  consideration by a regular
three-judge  motions panel of the appellate court of the Company's  motion for a
stay pending appeal of the Preliminary Injunction entered by the District Court.
On October  25,  2001,  the Court of Appeals  granted  the  Company's  motion to
expedite the appeal.  It has also issued an expedited  briefing schedule for the
appeal. On October 26, 2001, a three-judge panel of the Court of Appeals entered
an order  dissolving  the  temporary  stay of the District  Court's  preliminary
injunction  granted on October 4, 2001,  and denied the  Company's  motion for a
stay of enforcement of the District  Court's  preliminary  injunction  while the
appeal is pending.

     Because of the initial stay granted by the appellate  court,  the Company's
Annual Meeting of Shareholders  was not held on October 4 as had been scheduled.
As required by  applicable  Florida  corporate  law, the Company will call a new
shareholders' meeting and will set a new record date for that meeting.

                                       13
<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, 2002                     By: /s/ A.J. Elko
                                            -----------------------
                                            A.J. Elko
                                            Chief Executive Officer

Dated: May 15, 2002                     By: /s/ Emmett A. Pais
                                            -----------------------
                                            Emmett A. Pais
                                            Chief Financial Officer

                                       14