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 September 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)


                    2933 Jacks Run Road, White Oak, PA 15131
                    (Address of principal executive offices)

                                 (412) 664-6012
                         (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  November  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...................................          11

          Liquidity and Capital Resources.........................          13

          Risk Factors, Trends & Uncertainties....................          14

PART 2

ITEM 1    Legal Proceedings.......................................          15

                                       2
<PAGE>

                                     PART I
                                     ITEM 1
                              FINANCIAL INFORMATION

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                              SEPTEMBER 30,   DECEMBER 31,
                   A S S E T S                                                    2002            2001
                                                                              ------------    ------------
CURRENT ASSETS                                                                (Unaudited)       (Audited)
<S>                                                                           <C>             <C>
  Cash & cash equivalents                                                     $      3,918    $     91,984
  Marketable Securities at market value                                               --            49,298
  Investment advisory fee receivable - net                                          19,667          16,394
  Deposit with clearing broker                                                      25,094          25,094
  Receivable from shareholders                                                      23,427          22,310
  Prepaid expenses                                                                  16,535          83,407
  Other receivable                                                                  40,985          55,291
                                                                              ------------    ------------
       Total current assets                                                        129,626         343,778
                                                                              ------------    ------------
FIXED ASSETS
  Property & equipment - net of accumulated depreciation and
     amortization of $ 237,857 and $ 217,923                                        72,099         124,689
                                                                              ------------    ------------
OTHER ASSETS
  Boston Restaurant Debentures                                                     500,000         500,000
  Intangible Assets - Net of amortization of $ 14,000 and $8,258
     respectively                                                                   80,617          86,359
                                                                              ------------    ------------
       Total Other Assets                                                          580,617         586,359
                                                                              ------------    ------------
            TOTAL ASSETS                                                      $    782,342    $  1,054,826
                                                                              ============    ============
LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses                                       $    190,809    $    146,080
  Deferred revenue                                                                   9,895          13,249
  Note Payable (Note 2)                                                            125,000            --
  Note payable - officer                                                            16,400            --
                                                                              ------------    ------------
       Total Current Liabilities                                                   342,104         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;         20,000          20,000
     issued and outstanding 2,000,000 shares
  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                                                           (4,057,636)     (3,602,377)
                                                                              ------------    ------------
       Total Stockholders Equity                                                   440,238         895,497
                                                                              ------------    ------------
Total Liabilities & Stockholders Equity                                       $    782,342    $  1,054,826
                                                                              ============    ============
</TABLE>

          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                       3
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                 AND SUBSIDARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                   FOR THE THREE MONTHS ENDED      FOR THE NINE MONTHS ENDED
                                                          SEPTEMBER 30,                   SEPTEMBER 30,
                                                  ----------------------------    ----------------------------
                                                      2002            2001            2002            2001
                                                  ------------    ------------    ------------    ------------
REVENUES
<S>                                               <C>             <C>             <C>             <C>
  Commission Income                               $     46,621    $    164,000    $    214,234    $    208,301
  Investment Advisory Fees                              41,332          55,597         145,179         217,437
  Administrative service fees                            5,827            --            20,414            --
  Tax and business service income                       20,204           7,104          73,608          57,500
  Realized loss on sale of fixed assets                 (2,650)           --            (2,650)           --
  Reversal of prior gain on sale of Mutual Fund       (265,000)           --              --              --
  Realized equity (loss) from investments                 --          (200,941)        (27,225)       (200,941)
                                                  ------------    ------------    ------------    ------------
       Total Revenue                                  (153,666)         25,760         423,560         282,297

Selling, General and Administrative Costs              187,968         626,768         963,070       1,639,976
                                                  ------------    ------------    ------------    ------------

       Net Operating Loss                             (341,634)       (601,008)       (539,510)     (1,357,679)
                                                  ------------    ------------    ------------    ------------
Other Income
  Interest Income                                       17,585          19,302          54,122          71,096
  Other Income                                             175           3,434             207           9,406
  Unrealized equity gain from investments                 --           170,515          29,922          87,431
                                                  ------------    ------------    ------------    ------------
       Total Other Income                               17,760         193,251          84,251         167,933
                                                  ------------    ------------    ------------    ------------

       Net Loss before income taxes                   (323,874)       (407,757)       (455,259)     (1,189,746)

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

       Net Loss                                   $   (323,874)   $   (407,757)   $   (455,259)   $ (1,189,746)
                                                  ============    ============    ============    ============

Basic earnings attributable to Common Stock
       per Common Share                           $      (0.02)   $      (0.03)   $      (0.04)   $      (0.11)
                                                  ============    ============    ============    ============

Diluted earnings attributable to Common Stock
       per Common Share                           $      (0.02)   $      (0.03)   $      (0.04)   $      (0.11)
                                                  ============    ============    ============    ============
Weighted-average number of Common shares
     outstanding:
       Basic                                        14,217,266      12,731,875      14,217,266      11,199,933
                                                  ============    ============    ============    ============

       Diluted                                      14,217,266      12,731,875      14,217,266      11,199,933
                                                  ============    ============    ============    ============
</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 NINE MONTHS ENDED
                                                                                           SEPTEMBER 30,
                                                                                   ----------------------------
                                                                                       2002            2001
                                                                                   ------------    ------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                                <C>             <C>
Net loss                                                                           $   (455,259)   $ (1,189,746)
Adjustments to reconcile net income to cash (used in)
  operating activities:
     Depreciation and amortization                                                       38,650          42,067
     Valuation Adjustments                                                              (29,922)        (87,431)
     Realized loss from investments                                                      27,225         200,941
     Realized loss from sale of assets                                                    2,650            --
     Changes in operating assets and liabilities:
          Investment management fees receivable                                          (3,273)        108,137
          Prepaid expenses                                                               66,872         (19,587)
          Other receivable                                                               14,306         (17,620)
          Notes receivable - shareholders                                                (1,117)         38,360
          Accounts payable and other accrued expenses                                    44,729          29,906
          Deferred investment advisory fees                                              (3,354)         (6,685)
          Software license payable                                                         --           (23,730)
                                                                                   ------------    ------------
               Net Cash (Used In) Operating Activities                                 (298,493)       (925,388)
                                                                                   ------------    ------------
CASH FLOWS - INVESTING ACTIVITIES
     Proceeds from trading marketable securities                                         51,995          68,809
     Intangible Assets                                                                     --           (10,114)
     Capital equipment - net of purchases and sales                                      17,032         (60,928)
                                                                                   ------------    ------------
               Net Cash Provided by (Used In) Investing Activities                       69,027
                                                                                                         (2,233)
                                                                                   ------------    ------------
CASH FLOWS - FINANCING ACTIVITIES
    Notes payable                                                                       125,000            --
    Notes payable - Officer                                                              16,400         (26,166)
    Exercise of common stock options                                                       --            87,000
    Payment of preferred dividends                                                         --           (52,500)
                                                                                   ------------    ------------
               Net Cash Provided by Financing Activities                                141,400           8,334
                                                                                   ------------    ------------

               Net (Decrease) in Cash and Cash Equivalents                              (88,066)       (919,287)

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

Cash and cash equivalents, end of period                                           $      3,918    $    109,886
                                                                                   ============    ============

                 Supplemental disclosure of cash flow information: Interest Paid   $        693    $      1,602
                                                                                   ============    ============
</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.

                                       6
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

                                   (CONTINUED)


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  selling  price  of the  Portfolio  was
$265,000;  deposits of $125,000  were received  prior to June 30, 2002,  and the
remaining  portion  being  $140,000 was to be paid at the closing.  In September
2002,SCM  terminated  their  agreement  with EAM and requested a return of their
deposit,  pursuant to which EAM  intended to sell its  business  relating to the
management  of the  Portfolio's  assets.  On October 21, 2002,  IMIT's  Trustees
determined  that the Portfolio is not presently  economically  viable to operate
for EAM and does not have prospects to become economically viable for EAM in the
future. Accordingly, the Trustees have requested that EAM develop a plan for the
orderly liquidation 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%.

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 September 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 September  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

                                       7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

                                   (CONTINUED)


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,  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 September 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 will
not renew the life insurance on certain former officers aggregating  $1,000,000,
with the Company as the primary beneficiary.

                                       8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   ------------------------------------------

                                   (CONTINUED)


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 $23,427  and $22,310 at  September  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  $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.

                                       9
<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  and does not expect the
resolution  of this matter to have a material  adverse  effect on the  Company's
operations.

                                       10
<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  were $11.05  million as of September  30, 2002,
compared to $15.56  million  under  management  on June 30, 2002.  The net $4.51
million  change in assets  under  management  during the quarter  resulted  from
investment  losses of $1.57 million and net cash outflows of $2.94  million.  At
September  30,  2002,  $7.30  million of these  assets were in  performance  fee
accounts, and $3.63 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 September 30, 2002, $6.07 million of the $11.05 million in client
accounts were operating under the model portfolio:  $3.66 million in performance
fee accounts and $2.41 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 $5.2  million as of September  30, 2002,
compared to $9.0 million under management on June 30, 2002. The net $3.8 million
change in assets in the mutual funds during the quarter resulted from investment
losses and depreciation of $2.1 million and net cash inflows of $1.7 million.

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

The  Company  had net loss for the three  months  ended  September  30,  2002 of
($323,874)  or ($0.02) per common share  compared to a net loss of ($407,757) or
($0.03) per common share for the same period in 2001.

                                       11
<PAGE>

The  Company  had  operating  loss of  ($341,634)  for the  three  months  ended
September  30, 2002  compared to an operating  loss of  ($601,008)  for the same
period in 2001.  This  decrease  in  operating  loss is  primarily  due to total
revenue being  significantly lower during this quarter when compared to the same
quarter last year.

For the three  months ended  September  30, 2002,  revenues  totaled  ($153,666)
compared  to  revenues  of $25,760  for the same  period in 2001,  a decrease of
approximately  696% due primarily to the reversal of the gain on the sale of the
mutual fund (see Note 2) that had been recorded during the previous quarter.

Advisory fee revenue decreased for the three months ended September 30, 2002, to
$41,332  compared  to  $55,597  for the same  period  in 2001,  an  decrease  of
approximately  26% due primarily to decreased  advisory fees from management fee
accounts.

Commission  income  decreased for the three months ended  September 30, 2002, to
$46,621  compared  to  $164,000  for the same  period in 2001,  an  decrease  of
approximately 71% due primarily to less 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 $187,968 were incurred
during the three  month  period  ended  September  30,  2002,  compared  to SG&A
expenses of $626,768 for the same period in 2001. This decrease of approximately
70% 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 September 30, 2002.

Total other income was $17,760 for the three months  ended  September  30, 2002,
compared to $193,251 for the same period in 2001.  This change was primarily due
to unrealized  equity gains in the third quarter of 2001 compared to no gains in
the same quarter this year.

                      NINE MONTHS ENDED SEPTEMBER 30, 2002
                                   COMPARED TO
                      NINE MONTHS ENDED SEPTEMBER 30, 2001

The  Company  had a net loss for the nine  months  ended  September  30, 2002 of
($455,259) or ($0.04) per common share compared to  ($1,189,746)  or ($0.11) per
common share for the same period in 2001.

The Company  had an  operating  loss of  ($539,510)  for the nine  months  ended
September 30, 2002 compared to an operating  loss of  ($1,357,679)  for the same
period in 2001.  This  decrease is primarily  due to total  revenue being higher
along with a  significant  decrease in SG&A during this period when  compared to
the same period last year.

For the nine months ended September 30, 2002, revenues totaled $423,560 compared
to  revenues  of  $282,297  for  the  same  period  in  2001,   an  increase  of
approximately  50%. The increase in revenue can be primarily  attributed  to the
realized loss from investing and trading being  significantly  lower during this
period when compared to the same period last year.

                                       12
<PAGE>

Revenues from advisory fees for the nine months ended September 30, 2002 totaled
$145,179  compared  to revenues  from the same  source of $217,437  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 3% for the nine months ended
September  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 nine-month
period  ended  September  30,  2002,  compared  to realize  equity  losses  from
investments  of  $200,941  for the  same  period  in  2001.  Equity  gains  from
investments  of $29,922  were  unrealized  during the  nine-month  period  ended
September 30, 2002  compared to unrealized  gains of $87,431 for the same period
in 2001.

SG&A expenses  totaled  $963,070 during the nine months ended September 30, 2002
compared to $1,639,976 in selling,  general and administrative  expenses for the
same period in 2001. The 41% 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 was $84,251 for the nine  months  ended  September  30, 2002
compared to $167,933 for the same period in 2001.  This  decrease was  primarily
due  to  unrealized  equity  gains  in the  first  nine  months  of  2002  being
significantly less when compared to the first nine months of 2001.

Liquidity and Capital Resources

At  September  30,  2002,  the Company had cash and cash  equivalents  of $3,918
versus $91,984 at December 31, 2001.  This decrease was due primarily to the net
loss for the nine months ended September 30, 2002.

Accounts  payable and accrued  expenses  were  $190,809 at  September  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 nine months ended September 30, 2002 compared to the nine months
ended September 30, 2001.

Cash flows used in operating  activities for the nine months ended September 30,
2002,  were  $(298,550)  compared to ($925,388)  for the same period in 2001 due
primarily  to changes in net loss.  Cash flows  provided by (used in)  investing
activities for the nine months ended September 30, 2002,  were $69,027  compared
to  ($2,233)  for the same period in 2001 due  primarily  to the  proceeds  from
trading marketable securities and the sale of fixed assets.

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 was paid by SCM upon
execution of the Letter of Intent dated May 6, 2002; a $50,000  deposit was paid
upon execution of the Asset Purchase Agreement;  and the remaining portion being
$140,000 was to be paid at the closing.  In September 2002, SCM terminated their
agreement with EAM pursuant to which EAM intended to sell its business  relating
to the  management  of the  Portfolio's  assets.  On October  21,  2002,  IMIT's
Trustees determined that the Portfolio is not presently  economically viable and
does  not  have  prospects  to  become   economically   viable  in  the  future.

                                       13
<PAGE>

Accordingly, the Trustees have requested that EAM develop a plan for the orderly
liquidation of the Portfolio.

Risk Factors, Trends & Uncertainties

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

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

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

                                       14
<PAGE>

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 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

San Filippo v. JAHI
-------------------
On June 10, 2002, former advisory clients of EAM, Nicholas and Karen San Filippo
filed a civil

                                       15
<PAGE>

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.

                                       16
<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: ____________                     By: /s/ Richard Williams
                                            --------------------
                                        Richard William
                                        Executive Committee

Dated: ____________                     By: /s/ Clare Gilchrist
                                            -------------------
                                        Clare Gilchrist
                                        Executive Committee

                                       17
<PAGE>