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, 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 the  close of  business  on  August  6,  2002,  14,217,266  shares  of the
registrant's common stock were issued and outstanding.

                                       1
<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

                                       2
<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                                          2002             2001
                                                                ------------     ------------
CURRENT ASSETS                                                   (Unaudited)        (Audited)
<S>                                                             <C>              <C>
  Cash & cash equivalents                                       $     11,312     $     91,984
  Marketable Securities at market value                                   --           49,298
  Receivable  - Sale of Mutual Fund                                  140,000               --
  Investment advisory fees receivable                                 17,907           16,394
  Deposit with clearing broker                                        25,094           25,094
  Receivable from shareholders                                        23,042           22,310
  Prepaid expenses                                                    29,379           83,407
  Other receivable                                                    68,582           55,291
                                                                ------------     ------------
    Total Current Assets                                             315,316          343,778
                                                                ------------     ------------
FIXED ASSETS
  Property & equipment - net of accumulated depreciation and
    amortization of $ 241,257 and $ 217,923                          102,464          124,689
                                                                ------------     ------------
OTHER ASSETS
  Boston Restaurant Debentures                                       500,000          500,000
  Intangible Assets - Net of amortization of $ 12,086
    and $8,258 respectively                                           82,531           86,359
                                                                ------------     ------------
      Total Other Assets                                             582,531          586,359
                                                                ------------     ------------

        TOTAL ASSETS                                            $  1,000,311     $  1,054,826
                                                                ============     ============

LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses                         $    208,644     $    146,080
  Deferred revenue                                                    11,155           13,249
  Notes payable - officer                                             16,400               --
                                                                ------------     ------------
    Total Current Liabilities                                        236,199          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                                             (3,733,762)      (3,602,377)
                                                                ------------     ------------
       Total Stockholders Equity                                     764,112          895,497
                                                                ------------     ------------
Total Liabilities & Stockholders Equity                         $  1,000,311     $  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        FOR THE SIX MONTHS ENDED
                                                                     JUNE 30,                          JUNE 30,
                                                          -----------------------------     -----------------------------
                                                              2002             2001             2002            2001
                                                          ------------     ------------     ------------     ------------
REVENUES
<S>                                                       <C>              <C>              <C>              <C>
  Commission Income                                       $     88,543     $     25,707     $    167,613     $     44,301
  Investment Advisory Fees                                      45,493           34,038          103,847          156,093
  Administrative Service Fees                                    8,209            2,683           14,587            5,749
  Tax and business service income                               20,534           21,651           53,404           50,395
  Realized gain on sale of mutual fund                         265,000               --          265,000               --
  Realized equity loss from investments                         (1,291)              --          (27,225)              --
                                                          ------------     ------------     ------------     ------------
       Total Revenue                                           426,488           84,079          577,226          256,538

Selling, General and Administrative Costs                      387,842          534,261          775,102        1,013,208
                                                          ------------     ------------     ------------     ------------
       Net Operating Income (Loss)                              38,646         (450,182)        (197,876)        (756,670)
                                                          ------------     ------------     ------------     ------------

Other Income & Expenses
  Dividend and interest Income                                  18,433           23,500           36,537           51,793
  Other Income                                                      12            4,990               32            5,972
  Unrealized equity gain (loss) from investments                    --           37,695           29,922         (120,584)
                                                          ------------     ------------     ------------     ------------
       Total Other Income                                       18,445           66,185           66,491          (62,819)
                                                          ------------     ------------     ------------     ------------

       Net Income (Loss) before income taxes                    57,091         (383,997)        (131,385)        (819,489)

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

       Net Income (Loss)                                  $     57,091     $   (383,997)    $   (131,385)    $   (819,489)
                                                          ============     ============     ============     ============

Basic earnings attributable to Common Stock per
Common Share                                              $       0.00     $      (0.04)    $      (0.01)    $      (0.08)
                                                          ============     ============     ============     ============

Diluted earnings attributable to Common Stock per
Common Share                                              $       0.00     $      (0.04)    $      (0.01)    $      (0.08)
                                                          ============     ============     ============     ============

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

       Diluted                                              14,217,266       10,421,266       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 SIX MONTHS ENDED
                                                                                JUNE 30,
                                                                          2002             2001
                                                                      ------------     ------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                   <C>              <C>
Net loss                                                              $   (131,385)    $   (819,489)

Adjustments to reconcile net loss to cash
  used in operating activities:
     Depreciation and amortization                                          27,161           27,872
     Valuation Adjustments                                                 (29,922)         120,584

     Realized loss from investments                                         27,225               --

     Realized gain on sale of mutual fund                                 (265,000)              --
     Changes in operating assets and liabilities:
          Investment advisory fees receivable                               (1,512)          34,182
          Prepaid expenses                                                  54,028          (24,803)
          Other receivable                                                 (13,292)         (16,359)
          Notes receivable - shareholder                                      (731)          16,105
          Accounts payable and other accrued expenses                       62,564          (23,864)
          Deferred investment advisory fees                                 (2,094)          (8,316)
          Software license payable                                              --          (15,662)
                                                                      ------------     ------------

               Net Cash Used In Operating Activities                      (272,958)        (709,750)
                                                                      ------------     ------------

CASH FLOWS - INVESTING ACTIVITIES
     Proceeds from trading marketable securities                            51,995          (12,000)

     Proceeds from sale of mutual fund                                     125,000               --

     Intangible assets                                                          --          (10,114)
     Capital expenditures                                                   (1,109)         (60,927)
                                                                      ------------     ------------

               Net Cash Provided By (Used In) Investing Activities         175,886          (83,041)
                                                                      ------------     ------------

CASH FLOWS - FINANCING ACTIVITIES
          Note payable - officer                                            16,400          (26,166)
                                                                      ------------     ------------

               Net Decrease in Cash and Cash Equivalents                   (80,672)        (818,957)

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

Cash and Cash Equivalents, end of period                              $     11,312     $    210,216
                                                                      ============     ============
</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;  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, 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.

EAM entered into an Asset Purchase Agreement with Schneider Capital  Management,
Inc.  ("SCM") to sell EAM's  business  relating to the  management of the IMPACT
Total Return Portfolio's assets. The

                                       6
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

selling price of the  Portfolio is $265,000;  deposits of $125,000 were received
prior to June 30, 2002,  and the remaining  portion being $140,000 shall be paid
at the closing.  Closing occurs when,  among other matters,  the shareholders of
the Portfolio approve the sale of the Portfolio. There can be no assurances that
the sale of the Portfolio will be completed due to the uncertainty regarding the
outcome of the vote at the shareholder meeting and other uncertainties  relating
to the  conditions of the contract.  In the event that the sale is not completed
for any reasons the Company is obligated to return all of the deposits.

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.

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, 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 June  30,  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

                                       7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

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,  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 $105,000 as of June 30, 2002.

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  $1,000,000,  with the
Company as the primary beneficiary.

NOTE 5 - RELATED PARTY TRANSACTIONS

The Company made a loan to a stockholder and former officer bearing  interest at
a rate of 10% per annum in the amount of $23,042  and  $22,310 at June 30,  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

                                       8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

$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 the current  calendar
year.

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.

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.

                                 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

                                       9
<PAGE>

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 were $15.56 million as of June 30, 2002,  compared
to $18.05  million  under  management  on March 31, 2002.  The net $2.49 million
change in assets under  management  during the quarter  resulted from investment
losses of $.97 million and net cash outflows of $1.52 million. At June 30, 2002,
$10.58  million of these  assets were in  performance  fee  accounts,  and $4.98
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 is
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 June 30,  2002,  $7.60  million of the  $15.56  million in client
accounts were operating under the model portfolio:  $4.56 million in performance
fee accounts and $3.04 million in flat fee accounts.  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  $9.0  million  as of June 30,  2002,
compared  to $8.8  million  under  management  on March 31,  2002.  The net $0.2
million  change in assets in the mutual funds during the quarter  resulted  from
investment  losses and depreciation of $1.3 million and net cash inflows of $1.5
million.

                        THREE MONTHS ENDED JUNE 30, 2002
                                   COMPARED TO
                        THREE MONTHS ENDED JUNE 30, 2001

The Company had net income for the three  months  ended June 30, 2002 of $57,091
or $0.00 per common share  compared to a net loss of  ($383,997)  or ($0.04) per
common share for the same period in 2001.

The Company had operating  income of $38,646 for the three months ended June 30,
2002 compared to an operating  loss of  ($450,182)  for the same period in 2001.
This increase is primarily due to total revenue being  significantly  higher and
lower selling,  general,  and  administrative  expenses  during this period when
compared to the same quarter last year.

For the three months ended June 30, 2002,  revenues totaled $426,488 compared to
revenues of $84,079 for the same  period in 2001,  an increase of  approximately
407% due primarily to the gain on the sale of the mutual fund (see Note 2).

                                       10
<PAGE>

Advisory fee revenue  increased  for the three  months  ended June 30, 2002,  to
$45,493  compared  to  $34,038  for the same  period  in 2001,  an  increase  of
approximately 34% due primarily to increased advisory fees from the mutual fund.

Commission income increased for the three months ended June 30, 2002, to $88,543
compared to $25,707 for the same  period in 2001,  an increase of  approximately
244% 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 $387,842 were incurred
during the three month  period  ended June 30,  2002,  compared to similar  SG&A
expenses of $534,261 for the same period in 2001. This decrease of approximately
27% 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 June 30, 2002.

Total other  income  (expenses)  was $18,445 for the three months ended June 30,
2002, compared to $66,185 for the same period in 2001. This change was primarily
due to  unrealized  equity  gains in the second  quarter of 2001  compared to no
gains in the same quarter this year.

                         SIX MONTHS ENDED JUNE 30, 2002
                                   COMPARED TO
                         SIX MONTHS ENDED JUNE 30, 2001

The Company had a net loss for the six months ended June 30, 2002 of  ($131,385)
or ($0.01) per common share  compared to  ($819,489) or ($0.08) per common share
for the same period in 2001.

The Company had an operating  loss of  ($197,876)  for the six months ended June
30, 2002  compared to an  operating  loss of  ($756,670)  for the same period in
2001. This decrease is primarily due to total revenue being significantly higher
along with lower SG&A during  this period when  compared to the same period last
year.

For the six months ended June 30, 2002,  revenues totaled  $577,226  compared to
revenues of $256,538 for the same period in 2001,  an increase of  approximately
125%.  The  increase in revenue can be primarily  attributed  to the gain on the
sale of the mutual fund (see Note 2).

Revenues  from  advisory  fees for the six months  ended June 30,  2002  totaled
$103,847  compared  to revenues  from the same  source of $156,093  for the same
period in 2001,  a decrease of  approximately  33% 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.

Revenues from commissions increased  approximately 278% for the six months ended
June 30, 2002 compared to the same period in 2001  primarily due to more trading
activity.

Equity losses from  investments  of $27,225 were  realized  during the six month
period ended June 30, 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 six  month  period  ended  June  30,  2002  compared  to
unrealized losses of ($120,584) for the same period in 2001.

                                       11
<PAGE>

SG&A  expenses  totaled  $775,102  during  the six months  ended  June 30,  2002
compared to $1,013,208 in selling,  general and administrative  expenses for the
same period in 2001. The 24% decrease in SG&A expenses  resulted  primarily from
lower selling  expenses and fewer  employees  during this period compared to the
previous period.

Total other income (expenses) was $66,491 for the six months ended June 30, 2002
compared to ($62,819)  for the same period in 2001.  This increase was primarily
due to  unrealized  equity  gains in the first six  months of 2002  compared  to
losses in the first six months of 2001.

Liquidity and Capital Resources

At June 30, 2002,  the Company had cash and cash  equivalents  of $11,312 versus
$91,984 at December 31, 2001.  This  decrease was due  primarily to the net loss
for the six months ended June 30, 2002.

Accounts payable and accrued  expenses were $208,644 at June 30, 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  operating  capital for
the three months ended June 30, 2002 compared to the three months ended June 30,
2001.

Cash flows used in operating  activities for the six months ended June 30, 2002,
were ($272,958) compared to ($709,750) for the same period in 2001 due primarily
to changes in net income. Cash flows provided by (used in) investing  activities
for the six months ended June 30, 2002, were $175,886  compared to ($83,041) for
the same  period  in 2001 due  primarily  to the  proceeds  from the sale of the
mutual fund and proceeds from trading marketable securities.

On May 29, 2002,  EAM entered into an Asset  Purchase  Agreement  with Schneider
Capital  Management,  Inc.  ("SCM")  to  sell  EAM's  business  relating  to the
management  of the IMPACT Total  Return  Portfolio's  assets.  SCM shall pay EAM
$265,000 payable in the following manner: a $75,000 deposit has been paid by SCM
upon execution of the Letter of Intent dated May 6, 2002; a $50,000  deposit has
been paid upon  execution of the Asset  Purchase  Agreement;  and the  remaining
portion being $140,000 shall be paid at the closing.  Closing occurs when, among
other  matters,  the  shareholders  of the  Portfolio  approve  the  sale of the
Portfolio.  It is contemplated  that a shareholder  meeting will be scheduled in
late September  2002.  There can be no assurances that the sale of the Portfolio
will be completed  due to the  uncertainty  regarding the outcome of the vote at
the shareholder  meeting and other  uncertainties  relating to the conditions of
the  contract.  In the event that the sale is not  completed for any reasons the
Company is obligated to return all of the deposits.

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.

                                       12
<PAGE>

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 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.

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

Jordan v. JAHI
--------------
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

                                       13
<PAGE>

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.

On July 16, 2002,  Jordan,  in a letter to the U.S. Court of Appeals,  requested
that the Court  immediately rule on the appeal citing concerns that the disputed
shares  might be voted at the next  annual  meeting  before the Court of Appeals
ruled on the disputed shares.  On July 23, 2002, the Court of Appeals  responded
in a letter to Jordan  indicating that the first available  calendar,  which has
openings  when the appeal might be scheduled  for oral  argument and decision is
December 2 through  December 13,  2002.  The Court  indicated  that it could not
guarantee that the appeal will be scheduled during this time,  stating only that
all previous calendar openings have been filled and the appeal will not be heard
prior to that time.

Because of the initial stay granted by the appellate court, the Company's Annual
Meeting of  Shareholders  was not held on October 4, 2001 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.

San Filippo v. JAHI
-------------------
On June 10, 2002, former advisory clients of EAM, Nicholas and Karen San Filippo
filed a civil  action  complaint  in the  Superior  Court of New Jersey  against
Jordan American Holdings,  Inc., Impact Financial Network, Inc. and Wallace Neal
Jordan.  In their Complaint they allege that the actions of Wallace Neal Jordan,
former portfolio  manager of Equity Assets  Management,  constituted  fraudulent
representations  and  negligent  servicing of their  account that caused them to
suffer  financial  loss.  The Company  intends to seek to settle the dispute via
arbitration as called for in the Management  Agreement  between the two parties.
Management of the Company does not expect the  resolution of this matter to have
any material effect of the Company's financial condition,  results of operation,
or business.

                                       14
<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, 2002                  By: /s/ A.J. Elko
                                            --------------
                                            A.J. Elko
                                            Chief Executive Officer

Dated: August 14, 2002                  By: /s/ Emmett A. Pais
                                            -------------------
                                            Emmett A. Pais, CPA
                                            Chief Financial Officer