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, 2000
                                       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)


            2155 Resort Drive, Suite 108, Steamboat Springs, CO 80487
            ---------------------------------------------------------
                    (Address of principal executive offices)
                                 (970) 879-1189
                                 --------------

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

As of March 31, 2000,  10,421,266  shares of the registrant's  common stock were
issued and outstanding.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                                TABLE OF CONTENTS
PART I

ITEM 1    FINANCIAL INFORMATION

              Consolidated Balance Sheets                                3

              Consolidated Statements of Operations                      4

              Consolidated Statements of Cash Flows                      5

              Notes to Consolidated Financial Statements                 6

ITEM 2     MANAGEMENT'S DISCUSSION AND ANALYSIS

              Results of Operations                                     10

              Liquidity and Capital Resources                           11

              Risk Factors, Trends & Uncertainties                      11

                                       2
<PAGE>

                                     PART I.
                                     ITEM 1.
                              FINANCIAL INFORMATION

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                 MARCH 31,      DECEMBER 31,
ASSETS                                                             2000             1999
                                                               ------------     ------------
CURRENT ASSETS
<S>                                                            <C>              <C>
  Cash & cash equivalents                                      $  1,101,210     $    580,757
  Marketable securities                                           1,174,085          607,882
  Investment advisory fee receivable - net                          669,647          846,907
  Deposit with clearing broker                                       25,000           25,000
  Notes receivable - officers                                        37,054           26,556
  Prepaid expenses                                                   44,222           50,678
  Other receivable                                                   77,957          108,625
                                                               ------------     ------------
       Total current assets                                       3,129,175        2,246,405
                                                               ------------     ------------
FIXED ASSETS
   Property and equipment, at cost, net of accumulated
       depreciation and amortization of $141,330 and
       $133,005 respectively                                         79,904           88,229
                                                               ------------     ------------
OTHER ASSETS
  Boston Restaurant Debentures                                      500,000          500,000
  Strategic Options Limited Partnership                              27,058           27,058
  Note Receivable - Senior Yellow
        Pages, Inc.                                                 150,000                0
                                                               ------------     ------------
       Total other assets                                           677,058          527,058
                                                               ------------     ------------

TOTAL ASSETS                                                   $  3,886,137     $  2,861,692
                                                               ============     ============
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts payable                                             $     21,808     $     29,418
  Accrued expenses                                                  447,380          299,847
  Deferred revenue                                                   61,990           35,300
  Software license payable                                           51,558           58,721
                                                               ------------     ------------
       Total current liabilities                                    582,736          423,286
                                                               ------------     ------------
STOCKHOLDERS' EQUITY
  8% cumulative, convertible, non-voting preferred stock
     $0.01 par valve; authorized 5,000,000 shares 3,000,000
     shares issued and outstanding                                   30,000           30,000
  Common Stock, $0.001 par value; authorized 20,000,000
     shares; 10,421,266 shares issued and outstanding at
     March 31, 2000 and December 31, 1999                            10,421           10,421
  Additional paid in capital                                      4,502,853        4,502,853
  Accumulated deficit                                            (1,239,873)      (2,104,868)
                                                               ------------     ------------
       Total stockholders' equity                                 3,303,401        2,438,406
                                                               ------------     ------------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                       $  3,886,137     $  2,861,692
                                                               ============     ============
</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,
                                                         ----------------------------
                                                             2000            1999
                                                         ------------    ------------
REVENUES
<S>                                                      <C>             <C>
  Commission income                                      $    130,478    $    128,437
  Investment advisory fees                                  1,128,129         270,633
  Realized equity gain from investing and trading                   0           2,332
  Unrealized equity gain from investing and trading           225,189          19,548
                                                         ------------    ------------
       Total revenues                                       1,483,796         420,950

Selling, general and administrative expenses                  655,764         339,125
                                                         ------------    ------------

       Operating income (loss)                                828,032          81,825
                                                         ------------    ------------
Other income (expenses):
  Interest and dividend income                                 32,365          30,059
  Other income                                                  4,595          30,322
                                                         ------------    ------------

       Total other income (expense), net                       36,960          60,381
                                                         ------------    ------------

       Net income (loss)                                      864,992         142,206

Dividends on preferred stock                                   60,000          60,000
                                                         ------------    ------------

     Net income (loss) attributable to common stock      $    804,992    $     82,206
                                                         ============    ============

Basic earnings (loss) per common share                   $       0.08    $       0.01
                                                         ============    ============

Diluted earnings (loss) per common share                 $       0.08    $       0.01
                                                         ============    ============

Weighted-average number of common shares outstanding:

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

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

           See accompanying notes to consolidated financial statements

                                       4
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                           FOR THREE MONTHS ENDED MARCH 31,
                                                                2000             1999
                                                            ------------     ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                         <C>              <C>
Net income (loss)                                           $    864,992     $    142,206

Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
     Depreciation                                                  8,325            5,826
     Unrealized (gain) loss from investing and trading          (225,189)         (19,548)
     Realized (gain) loss from investing and trading                   0           (2,332)
     Changes in operating assets and liabilities:
          Investment advisory fee receivable - net               177,259          (76,549)
          Marketable securities                                 (341,014)               0
          Prepaid expenses                                         6,457           (3,782)
          Other receivable                                        30,669           93,911
          Notes receivable - officers                            (10,497)               0
          Accounts payable and accrued expenses                  139,924          (41,112)
          Deferred revenue                                        26,690              529
          Software license payable                                (7,163)          72,290
                                                            ------------     ------------
               Net cash provided by operating activities         670,453          171,439
                                                            ------------     ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in corporate stock - restricted                             0          (56,250)
Investment in Senior Yellow Pages, Inc.                         (150,000)               0
Sale of IMPACT Management Growth Portfolio                             0           57,092
Capital expenditures                                                   0          (66,000)
                                                            ------------     ------------

               Net cash used in investing activities            (150,000)         (65,158)
                                                            ------------     ------------

               Net increase in cash and cash equivalents         520,453          106,281

Cash and cash equivalents, beginning of period                   580,757          495,622
                                                            ------------     ------------

CASH AND CASH EQUIVALENTS, END OF PERIOD                    $  1,101,210     $    601,903
                                                            ============     ============

Supplemental disclosure of cash flow information:
     Interest paid                                          $      1,120     $      1,666
                                                            ============     ============
</TABLE>

           See accompanying notes to consolidated financial statements

                                       5
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION

Organization
------------

Jordan American Holdings, Inc. (JAHI/the Company) was incorporated in Florida in
May 1989.  The  Company  also  does  business  under  the name of Equity  Assets
Management  (EAM).  The  Company  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.  JAHI  is
registered as an investment advisor under the Investment Advisor Act of 1940.

The  Company  owns 100% of the issued  and  outstanding  common  stock of IMPACT
Financial Network, Inc. (IFNI) and IMPACT Administrative  Services, Inc. (IASI).
IASI  provides  operational  and  administrative  support  to Impact  Management
Investment  Trust (see Note 2).  JAHI's  customer  investment  transactions  are
primarily brokered through IFNI, a registered broker-dealer in securities acting
as a non-clearing introducing broker.

The accompanying  consolidated financial statements include the accounts of JAHI
and its  subsidiaries;  all  significant  intercompany  transactions  have  been
eliminated during consolidation.

NOTE 2 - IMPACT MANAGEMENT INVESTMENT TRUST

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

As  investment  advisor  of  the  Portfolio,  the  Company  receives  an  annual
investment  advisory  fee equal to 1.25% of the  Portfolio's  average  daily net
assets.  Of this  amount,  60 basis  points  is paid to the sub  advisor  of the
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 12% for 1999
and 14% thereafter.

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

                                       6
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)

NOTE 3 - NOTES RECEIVABLE (CONTINUED)

Company,  in whole or in part,  at any time through  December  31,  2006,  at an
exercise price of $3.00 per share.

The carrying value of the above notes  receivable  approximates  the fair market
value as  estimated by  management,  after  considering  such factors as current
interest rates,  liquidity,  conversion  terms and the credit  worthiness of the
borrowers. The Company's management has estimated the value of the BRAI warrants
to be $-0- at March 31, 2000 and 1999. This  determination  was made considering
primarily  the  current  value of the  underlying  common  stock and the current
illiquidity of the warrants.

The Company provided "angel" financing through a convertible subordinated bridge
note to Senior Yellow Pages,  Inc. and its affiliates  (SYP),  an internet based
eldercare infomediary. The principal balance of the note is due and payable upon
the  earlier  of (1) the  receipt by SYP or any  affiliate  of  aggregate  gross
proceeds  of at  least  $1,000,000  raised  in an  offering  (the  "First  Round
Financing") of SYP's Series A Convertible  Preferred  Stock or (2) redemption in
cash on or prior to January 30, 2001.

As an inducement to the company providing bridge financing to SYP, SYP agreed to
issue to the  company  a 4% equity  interest  in SYP on a fully  diluted  basis,
through future rounds of private financing.

The note bears interest at a rate of 10% per annum.

NOTE 4 - STOCKHOLDERS' EQUITY

At March 31,  2000 and  December  31,  1999,  the  Company  had  stock  warrants
outstanding  entitling the warrant holder to acquire  1,113,000 shares of common
stock at $2.50 per share expiring June 5, 2000. The Company also has outstanding
Underwriter  Warrants  related to the  initial  public  offering  entitling  the
Company's  president  to purchase  44,545 units (five shares of common stock and
five stock  warrants;  two warrants  entitle the holder to purchase one share of
common  stock for $3.00 per share) of the  Company at a price of $12.90 per unit
expiring at dates ranging from September 27, 2000 to January 8, 2001.

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

                                       7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)

NOTE 4 - STOCKHOLDERS' EQUITY (CONTINUED)

shares of common stock was given to the Company to  distribute  to the preferred
shareholder by three officers of the Company for no additional consideration.

The preferred  stock is convertible at the rate of one share of common stock for
each $3.50 in face amount ($1.00) of the preferred  stock  converted.  If at any
time the  closing  bid  price of the  common  stock  for the  period  of  thirty
consecutive  trading  days exceeds  $5.25 per share,  then,  in such event,  the
Company may, upon 30 days written  notice,  automatically  convert the preferred
stock  to  common  stock  at the rate of  $3.50  in face  amount  of the  shares
converted.  The preferred stock has a liquidation  preference of $1.00 per share
plus accrued and unpaid dividends. Semi-annual dividends in arrears on preferred
stock at March 31, 2000 amounted to $360,000.

In connection with the preferred stock offering,  the Company obtained "key man"
life  insurance on the Company's  president,  in the amount of  $3,750,000.  The
holder of the preferred stock is the direct  beneficiary and will be redeemed at
the rate of $1.25 per share, in exchange for such shares.

NOTE 5 - RELATED PARTY TRANSACTIONS

The  Company  has a loan to two  officers  bearing  interest at a rate of 8% per
annum in the  amount  of  $37,054  and  $26,556  at  March  31,  2000 and  1999,
respectively.

In 1994, the Company's  president  established  the Jordan Index Fund, L.P. (the
"Fund").  The Fund  engages in the  speculative  trading of stock index  futures
contracts,  and may occasionally  trade in equity  securities and stock options.
The Fund is  administered  by its general  partner,  Jordan Assets,  Ltd. Jordan
Assets,  Ltd. is not a subsidiary  of JAHI,  although  JAHI is  registered  as a
principal of Jordan Assets,  Ltd. with the Commodity Futures Trading Commission.
All  trading  decisions  for the Fund are made by Jordan  Assets,  Ltd.  Certain
administrative functions are provided to the Fund by JAHI in return for the fees
earned by Jordan Assets,  Ltd. No such fees were earned during the first quarter
of 2000 and 1999.

NOTE 6 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK, UNCERTAINTIES 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.

                                       8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (CONTINUED)

NOTE 6 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK, UNCERTAINTIES AND
         CONTINGENCIES (CONTINUED)

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  decline
subsequent to March 31, 2000.

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  condition could cause investors to cease using the services of
the Company.

The Company's  financial  instruments,  including cash receivables and deposits,
are carried at amounts which  approximate fair value.  The Company's  marketable
securities  are carried at the March 31, 2000 market  value.  Payables and other
liabilities are carried at amounts which 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.

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  Company  and  the  SEC  are   currently  in  settlement
negotiations  regarding  this matter.  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.

These interim  period  consolidated  financial  statements,  including the notes
thereto,  are condensed and do not include all disclosures required by generally
accepted  accounting  principles.  Such interim  period  consolidated  financial
statements should be read in conjunction with the Company's audited consolidated
financial  statements which are included in the Company's 1999 Form 10-KSB which
is  contained  in the  Company's  1999  Annual  Report  to  shareholders  and is
available  without charge upon request to JAHI Investor  Relations,  2155 Resort
Drive, Suite 108, Steamboat Springs, Colorado, 80487, (970) 879-1189; Fax: (970)
879-1272; E-mail: info@jahi.com

                                       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

The  Company's net income for the three months ended March 31, 2000, of $864,922
is 608%  greater  than its net income of  $142,206  for the same period in 1999.
This  increase  stems from higher  revenues from  performance  fee based managed
accounts.  The Company had net income attributable to common stock for the three
months  ended March 31, 2000 of $804,992 or $0.08 per common  share  compared to
$82,206 or $0.01 per common share for the same period in 1999.

From February  1993 until June 30, of 1998,  the Company made  semi-annual  cash
dividend payments on its cumulative  convertible non-voting preferred stock at a
rate of 8% per annum,  to the extent  permitted  by Florida  law.  There were no
payments in 1999, and there are currently no projected annual payments for 2000.
Nonetheless, net income attributable to common stock for the period reflects the
dividends on the cumulative preferred stock. Dividends in arrears as of December
31, 1999 were $240,000.

For the three months ended March 31, 2000,  revenues totaled $1,483,796 compared
to  revenues  of  $420,950  for  the  same  period  in  1999,   an  increase  of
approximately  252%. This increase is due primarily to  significantly  increased
revenues from  performance fee based managed  accounts and in unrealized  equity
gains from investing and trading.

Investment advisory fees increased for the three months ended March 31, 2000, to
$1,128,129   from  $270,633  for  the  same  period  in  1999,  an  increase  of
approximately  317%.  This  increase is due  primarily to higher  revenues  from
performance  fee  based  managed   accounts.   Those  revenues  were  fueled  by
exceptional management performance results in those accounts.

Unrealized  equity  gains from  investing  and trading  increased  for the three
months  ended  March 31, 2000 to  $225,189  from  $19,548 for the same period in
1999,  an increase of  approximately  1052%.  This  increase is due primarily to
significantly  higher  valuation  amounts  at  March  31,  2000  for  two of the
Company's holdings compared to the previous year.

                                       10
<PAGE>

                                 PART 1, ITEM 2
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                                   (CONTINUED)

Total  other  income was  $36,960 for the three  months  ended  March 31,  2000,
compared to $60,381 for the same period in 1999. This decrease was primarily due
to the receipt of a one-time reimbursement of fees in the previous year.

Selling, General, and Administrative ("SG&A") expenses of $655,764 were incurred
during the three month  period  ended March 31,  2000,  compared to similar SG&A
expenses of $339,125  for the same period in 1999,  a increase of  approximately
93%.  SG&A  expenses  were  higher due  primarily  to an increase in fees due to
investment  advisory  representatives,  which  stem  from  an  increase  in  the
investment advisory fee revenues.

Liquidity and Capital Resources

At March 31,  2000,  the Company  had cash and cash  equivalents  of  $1,101,210
versus $580,757 at December 31, 1999. This increase was due primarily to the net
income for the three  months  ended  March 31,  2000 and the net income from the
previous three quarters.

Accounts payable and accrued expenses were $21,808 and $447,380  respectively at
March 31, 2000,  compared to $29,418 and $299,847  respectively  at December 31,
1999.  The increase in accrued  expenses is primarily due to the increased  fees
due  investment  advisory  representatives.  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 operating activities for the three months ended March 31,
2000,  were  $670,453  compared  to  $171,439  for the same  period  in 1999 due
primarily to changes in net income for the three month ended March 31, 2000.

During the three month period ended March 31, 1999 the Company  acquired  45,000
shares  of  restricted  stock  through  a private  placement  from The  Internet
Advisory  Corporation  at $1.25 per share.  This  investment  was restricted and
could not be sold until March,  2000. The market value of The Internet  Advisory
Corporation's common stock was $2.59 per share at May 12, 2000.

Management of the Company believes  short-term cash need will continue to be met
through management fees, brokerage revenues, cash reserves and/or liquidation of
marketable securities.

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

                                       11
<PAGE>

                                 PART 1, ITEM 2
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                                   (CONTINUED)

advisory companies and insurance companies;  (4) interest rate changes and other
actions  taken by the Federal  Reserve  Board;  (5) domestic  and  international
economic and Political conditions,  high inflation and/or recession;  (6) trends
in business and finance;  (7) international  events; (8) acts of terrorism;  and
(9) other factors.

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

By law,  investment advisors and broker-dealers are fiduciaries and are required
to serve their clients' interests with undivided  loyalty.  There is a potential
conflict of interest  because of the  affiliation  between the Company and IFNI.
While the Company  believes  that its existing  relationships  are in compliance
with  applicable  law and  regulations,  because of this  potential  conflict of
interest, the SEC may closely examine these relationships.

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

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

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

                                       12
<PAGE>

                                   SIGNATURES

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


                                        JORDAN AMERICAN HOLDINGS, INC.



Dated: May 15, 2000                     By: /s/  Wallace Neal Jordan
                                            -------------------------
                                            Wallace Neal Jordan
                                            Chief Executive Officer

Dated: May 15, 2000                     By: /s/ A.J. Elko
                                            -------------------------
                                            A.J. Elko
                                            Chief Financial Officer