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, 1999
                                       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)

          1875 Ski Time Square, Suite One, Steamboat Springs, CO 80487
          ------------------------------------------------------------
                    (Address of principal executive offices)
                                 (970) 879-1189
                                 --------------

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

As of September 30, 1999,  10,421,266  shares of the  registrant's  common stock
were issued and outstanding.

<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                                TABLE OF CONTENTS
PART I
                                                                          PAGE
                                                                          ----
ITEM 1    FINANCIAL INFORMATION

            Consolidated Balance Sheets                                    3

            Consolidated Statements of Operations                          4

            Consolidated Statements of Cash Flows                          5

            Notes to Consolidated Financial Statements                     6-7

ITEM 2    MANAGEMENT'S DISCUSSION AND ANALYSIS

            Operational Notes                                              8

            Risk Factors, Trends & Uncertainties                           9

            Results of Operations                                          10-11

            Liquidity and Capital Resources                                12

<PAGE>

                                PART 1., ITEM 1.
                              FINANCIAL INFORMATION
                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                            (Unaudited)
                                                           SEPTEMBER 30,   DECEMBER 31,
ASSETS                                                         1999            1998
                                                           -----------     -----------
CURRENT ASSETS
<S>                                                        <C>             <C>
  Cash & Cash Equivalents                                  $   656,681     $   495,622
  Marketable Securities                                         78,078         163,010
  Investment Advisory Fee Receivable - Net                     197,222          45,985
  Accounts Receivable                                           87,255         135,253
  Notes Receivable - Officer                                    26,049          15,000
  Prepaid Expenses                                              32,301           4,380
  Other Receivable                                              15,000          25,205
                                                           -----------     -----------
       Total Current Assets                                  1,092,586         884,455
                                                           -----------     -----------
FIXED ASSETS
   Property and Equipment, at cost, net of accumulated
     depreciation and amortization of $103,760 and
     $86,163 respectively                                      117,473          64,853
                                                           -----------     -----------
OTHER ASSETS
  Boston Restaurant Debentures                                 500,000         500,000
  Strategic Options Limited Partnership                         31,787          45,736
  Corporate Stocks - Restricted                                 56,250              --
                                                           -----------     -----------
       Total Other Assets                                      588,037         545,736
                                                           -----------     -----------
            TOTAL ASSETS                                   $ 1,798,096     $ 1,495,044
                                                           ===========     ===========
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
  Accounts Payable                                         $    25,319     $    65,132
  Accrued Expenses                                             128,342          98,612
  Deferred Revenue                                              36,722          29,703
  Software License Payable                                      65,743          15,940
                                                           -----------     -----------
       Total Current Liabilities                               256,126         209,387
                                                           -----------     -----------
STOCKHOLDERS' EQUITY
  8% cumulative, convertible, non-voting preferred
    stock $0.01 par valve; authorized 5,000,000 shares
    3,000,000 shares issued and outstanding                     30,000          30,000
  Common Stock, $0.001 par value; authorized 20,000,000
    shares; 10,421,266 shares issued and outstanding at
    September 30, 1999 and December 31, 1998                    10,421          10,421
  Additional Paid in Capital                                 4,502,863       4,502,853
  Deficit                                                   (3,001,314)     (3,257,617)
                                                           -----------     -----------
       Total Stockholders' Equity                            1,541,970       1,285,657
                                                           -----------     -----------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                   $ 1,798,096     $ 1,495,044
                                                           ===========     ===========
</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                          FOR THE
                                                              THREE MONTHS ENDED                NINE MONTHS ENDED
                                                                  SEPTEMBER 30,                    SEPTEMBER 30,
                                                         -----------------------------     -----------------------------
                                                             1999             1998             1999             1998
                                                         ------------     ------------     ------------     ------------
Revenues
<S>                                                      <C>              <C>              <C>              <C>
  Commission Income                                      $     42,072     $     51,940     $    218,563     $    289,496
  Investment Advisory Fees                                    400,702          106,798          904,077          492,073
                                                         ------------     ------------     ------------     ------------
  Total Revenues                                              442,774          158,738        1,122,640          781,569

Selling, General and Administrative Expenses                  353,783          374,094        1,049,603        1,369,018
                                                         ------------     ------------     ------------     ------------
       Operating Income (Loss)                                 88,991         (215,356)          73,037         (587,449)
                                                         ------------     ------------     ------------     ------------
Other Income (Expenses):
  Interest and Dividend Income                                 21,252           29,204           72,119           90,056
  Other Income                                                 11,233            1,378           46,048           10,693
  Realized Equity Gain (Loss) from investing
    and trading                                                (3,215)         (38,199)            (883)        (104,599)
  Unrealized Equity Gain (Loss) from investing
    and trading                                                31,238          (57,367)          65,993           44,629
  Gain on disposal of building                                     --               --               --           55,256
                                                         ------------     ------------     ------------     ------------
       Total Other Income (Expense), Net                       60,508          (64,984)         183,277           96,035
                                                         ------------     ------------     ------------     ------------
Net Income (Loss)                                             149,499         (280,340)         256,314         (491,414)
                                                         ------------     ------------     ------------     ------------
Dividends on preferred stock                                   60,000           60,000          180,000          180,000
                                                         ------------     ------------     ------------     ------------
Net Income (Loss) attributable to Common Stock           $     89,499     $   (340,340)    $     76,314     $   (671,414)
                                                         ============     ============     ============     ============
Basic earnings attributable to common stock
  per common share                                       $       0.01     $      (0.03)    $       0.01     $      (0.06)
                                                         ============     ============     ============     ============
Diluted earnings attributable to common stock
  per common share                                       $       0.01     $      (0.03)    $       0.01     $      (0.06)
                                                         ============     ============     ============     ============
Weighted-average number of common shares outstanding:
     Basic                                                 10,421,266       10,421,266       10,421,266       10,421,266
                                                         ============     ============     ============     ============
     Diluted                                               10,421,266       10,421,266       10,421,266       10,421,266
                                                         ============     ============     ============     ============
</TABLE>

           SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                        4
<PAGE>

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

<TABLE>
<CAPTION>
                                                             FOR NINE  MONTHS ENDED SEPTEMBER 30,
                                                                     1999           1998
                                                                  ----------     ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                               <C>            <C>
Net Income (Loss)                                                 $  256,314     $ (491,414)
Adjustments to reconcile net income to cash provided
  by (used in) operating activities:
     Depreciation                                                     17,598         18,788
     Unrealized (gain) from investing and trading                    (65,993)       (44,629)
     Realized (gain) loss from investing and trading                    (883)       104,599
     Gain on sale of property                                             --        (55,256)
     Changes in operating assets and liabilities:
          Trading marketable securities                                   --        488,636
          Investment advisory fee receivable                        (151,237)        57,953
          Prepaid expenses                                           (27,921)        15,773
          Notes receivable - shareholders                            (11,049)            --
          Other receivable                                            58,202          6,304
          Accounts payable and other accrued expenses                (10,083)       (10,470)
          Deferred investment advisory fees                            7,019        (93,736)
          Software license payable                                    49,803             --
                                                                  ----------     ----------
               Net Cash Provided By Operating Activities             123,536         (3,452)
                                                                  ----------     ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in Corporate stock - restricted                           (56,250)            --
Investment in Partnership                                                 --        (50,000)
Principal received on Notes Receivable                                    --        435,000
Sale of IMPACT Management Growth Portfolio                            57,092             --
Sale of Property                                                          --        195,483
Sale of Marketable Securities                                        106,899             --
Capital expenditures                                                 (70,218)       (19,590)
                                                                  ----------     ----------
           Net Cash Provided by (Used In) Investing Activities        37,523        560,893
                                                                  ----------     ----------
CASH FLOWS USED IN FINANCING ACTIVITIES
Dividends on preferred stock                                              --       (120,000)
                                                                  ----------     ----------
          Net Increase (Decrease) in Cash and Cash Equivalents       161,059        437,441
Cash and Cash Equivalents, beginning of period                       495,622         51,286
                                                                  ----------     ----------
Cash and Cash Equivalents, end of period                          $  656,681     $  488,727
                                                                  ==========     ==========
Supplemental Disclosure:
          Interest paid                                           $    4,597     $    9,053
                                                                  ==========     ==========
</TABLE>

           SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                        5
<PAGE>

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
------------------------------------------------------
In the opinion of  management,  the  interim  financial  statements  contain all
adjustments,  consisting  only of normal  recurring  adjustments,  necessary  to
present  fairly  the  financial  position  of  Jordan  American  Holdings,  Inc.
("Company" or "JAHI") and its  subsidiaries  as of September  30, 1999,  and the
results of its interim  operations  for the three  months and nine months  ended
September 30, 1999 and 1998, and cash flows for the nine months ended  September
30, 1999, and 1998, in accordance with generally accepted accounting principles.
The results for interim periods are not necessarily  indicative of results for a
full year. (Please see "Management's Discussion and Analysis" below.)

Investment  adviosry fees, based on a percentage of assets for which refunds may
be due to clients,  are billed in advance and are  deferred and  amortized  into
income over the period in which services are performed. Investment advisory fees
based on a percentage of the annual increase (performance,  or incentive,  fees)
in the market value of a client's  portfolio,  including interest and dividends,
are fully  recognized  when  billed  after the  period of  management,  which is
usually twelve months after account inception and annually thereafter. JAHI also
serves as an investment  advisor to the Impact Total Return  Portfolio f/k/a the
Impact Management Growth Portfolio ("Portfolio"), an open-end investment company
registered with the Securities and Exchange  Commission.  Fees for management of
the  portfolio  are  earned  daily  and  paid to JAHI on a  monthly  basis.  Fee
compensation, which is due sales representatives, is accrued monthly and is paid
to sales representatives monthly. Effective May 1, 1999 the Company entered into
a sub-advisory  agreement with Schneider  Capital  Management for the Portfolio.
Pursuant to the sub-advisory  agreement,  the Company pays Schneider  monthly at
the rate of 60 basis points (0.60%) annually,  from its 125 basis points (1.25%)
annual management fee which is calculated on the average daily net assets of the
Portfolio.

Asset management contracts are generally terminable upon written notice from the
client(s) or the Company,  and the unearned  percentage of asset management fees
billed in advance are refundable on a pro-rata basis. For additional information
regarding the Company's  advisory  business  operations and policies,  a copy of
disclosure  document Form ADV, Part II is available  without charge upon written
request to the Company.

The Company  develops  prospective  investment  advisory  clients and  investors
through strategic  marketing  partnerships,  seminars,  money shows,  occasional
television and radio appearances,  direct contact, its web site (www.jahi.com or
www.equityassets.com), sales representatives, referrals from clients, securities
broker-dealers and other sources. Prospective advisory clients receive Form ADV,
Part II, as the  Company's  disclosure  document and provide  information  about
themselves, their investment experience, and their net worth through various new
account forms and other methods.

Approximately  90% of JAHI's  clients  execute  brokerage  transactions  through
IMPACT Financial Network, Inc. ("IFNI"), a wholly-owned broker-dealer subsidiary
of JAHI and a member of the National  Association  of Securities  Dealers,  Inc.
("NASD") and the Securities Investor Protection  Corporation  ("SIPC").  IFNI is
compensated  for  securities  transactions  on behalf of the  Company's  managed
accounts by receipt of  commissions.  IFNI does not hold funds or securities for
clients and does not have custody of accounts  for clients of the Company.  IFNI
currently executes securities transactions through Pershing & Co., a division of
Donaldson, Lufkin, & Jenrette, a securities

                                        6
<PAGE>

corporation.  Pershing,  a  member  of the  SIPC,  acts as  clearing  house  and
custodian for accounts and processes all  confirmations  and monthly  statements
for JAHI  advisory  clients who choose to  maintain  their  accounts  with IFNI.
Commission  income is  recognized  on a  settlement  date basis,  which does not
differ materially from the trade date basis of accounting.

Effective  May 1, 1999,  the  Company's  other wholly owned  subsidiary,  IMPACT
Administrative  Services,  Inc. ("IASI"), an investment company services entity,
receives 35 basis points annually,  (0.35%) as an administrative  fee, replacing
the $165  per  account  annual  administrative  fee  previously  charged  to the
shareholders  of the  Portfolio.  To date,  IASI  provides  its  services to the
Portfolio only.

Marketable securities consist primarily of corporate stocks and other securities
held in Company  investment  accounts.  Realized and unrealized  gains or losses
result from the trading of securities in Company investment accounts.

Basic and diluted  earnings per share and share  equivalents  are based upon the
weighted average number of share and/or share equivalents outstanding during the
period.  The  calculations  ignore  common  stock  equivalent  shares when their
inclusion in such calculations would have been anti-dilutive.

In the third quarter of 1994,  Wallace Neal Jordan  established  Jordan  Assets,
Ltd. For providing administrative services, the Company receives 100% of the net
income  resulting from the collection of incentive  and/or  management  fees, if
any, collected by Jordan Assets,  Ltd., a privately held affiliate which manages
the Jordan Index Fund, L.P. (the "Index"),  a limited partnership with assets of
approximately  $3.0 million at September  30, 1999.  The Index  invests in stock
index futures  contracts and other securities and receives as its fee 20% of the
Index's  trading  profits,  if any.  Fees for this  Index are  accounted  for as
deferred revenue until the annual billing date of the Index, which is July 31 of
each  year.  Fees to JAHI from the Index were  approximately  $90,000 in 1995 as
compared to no revenues  since that time.  There is no assurance  that the Index
will continue to exist as a potential revenue source for the Company.

These interim  period  consolidated  financial  statements,  including the notes
thereto,  are condensed and do not include all disclosures required by generally
accepted  accounting  principles.  Such interim  period  consolidated  financial
statements should be read in conjunction with the Company's audited consolidated
financial  statements which are included in the Company's 1998 Form 10-KSB which
is  contained  in the  Company's  1998  Annual  Report  to  shareholders  and is
available without charge upon request to JAHI Investor Relations,  1875 Ski Time
Square,  Suite One, Steamboat  Springs,  Colorado,  80487, (970) 879-1189;  Fax:
(970) 879-1272; E-mail: info@jahi.com

                                        7
<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.

Operational Notes

Asset gathering is primarily being pursued through selling agreements with other
broker-dealers  and  various  strategic  marketing  partnerships,   as  well  as
seminars,  national investment shows,  advertising,  marketing materials,  joint
ventures with other financial services professionals and other means.

The Company managed  approximately  $42 million in individually  held fee-paying
equity  portfolios  at September  30,  1999.  The Company  serves as  investment
advisor to the Impact Total Return Portfolio f/k/a the Impact  Management Growth
Portfolio  ("Portfolio"),  an open-end  investment  company  formed under Impact
Management  Investment Trust.  Effective May 1, 1999, the Company entered into a
sub-advisory  agreement  with  Schneider  Capital  Management for the Portfolio.
Management of the Company expects that this  sub-advisory  agreement may enhance
the prospects for increased sales of Portfolio shares.

At September 30, 1999,  the Portfolio had assets of  approximately  $6.3 million
from which JAHI receives management fees. At September 30, 1999, the Company and
a privately held  affiliate  provided  investment  advice to  approximately  $51
million in fee-paying  assets in  individually  managed equity  portfolios,  the
Portfolio and the Jordan Index Fund, L.P.

Investment  advisory fees based on a percentage of assets, for which refunds may
be due to clients,  are billed in advance and are  deferred and  amortized  into
income over the period in which services are performed.  Exceptional performance
in percentage of profit (incentive)  accounts may result in substantial revenues
for the Company  while poor  performance  in the same accounts may yield no fees
for the Company  from  approximately  70% of the  Company's  total  assets under
management. Additionally, because percentage of profit accounts are billed on an
annual  basis in arrears  for each  respective  client,  there may be a delay in
billing  revenue  as long as eleven  months  from the time when  actual  account
performance was achieved.  Thus, exceptional performance in percentage of profit
accounts  may benefit the revenues of the Company for nearly one year after such
performance was achieved as dependent on the billing cycle of respective clients
and other investment results in the respective accounts.

                                        8
<PAGE>

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  securities  and  commodities  industries  are subject to various  risks and
intense regulation from the SEC, the NASD, the National Futures Association, and
the Commodity Futures Trading Commission.  Investment advisors,  broker-dealers,
commodity pool operators, and commodity trading advisors are highly regulated by
both federal and state authorities and by other  self-regulatory  organizations.
Such  regulations  may  restrict  both the types of  investments  and  amount of
investments  that JAHI may employ for its clients  and  itself.  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-related  and commodities  trading
business  will not have an adverse  effect upon the business of the Company,  or
that,  despite  its  best  efforts,  the  Company  currently  operates  in  full
compliance  with all applicable law and regulations or will be able to remain in
compliance  with all  applicable  law and  regulations.  If the Company fails to
maintain   compliance   with  all  applicable   regulations,   JAHI  and/or  its
subsidiaries may be subject to various and significant fines, censures and other
considerations and penalties.

By law,  investment  advisors,  broker-dealers,  and  investment  companies  are
fiduciaries  and are required to serve their  clients'  interests with undivided
loyalty.  The  affiliation  between  the  Company  and IFNI may  continue  to be
scrutinized by the regulatory  authorities  because of the potential conflict of
interest  created by  related-party  transactions  and may be subject to various
regulations which may affect the fees and charges of IFNI. Additionally,  as the
brokerage industry continues to become more competitive,  fees for such services
may  decline  which  result in a similar  reduction  in  revenues  from  trading
transactions.

Findings contrary to industry regulations by one or more regulatory entities may
subject the Company to censures,  fines and/or other  liabilities,  or cause the
Company to change its method of doing  business.  The SEC requires that business
be conducted in the best interests of the clients and that such  arrangements be
disclosed  to them.  While the  Company  believes  that its  existing  policies,
procedures and proposed relationships are in compliance with applicable laws and
regulations,  findings to the contrary may have a material  adverse  effect upon
the Company.

Many aspects of the financial  services industry involve  substantial  liability
risks,  including but not limited to exposure under federal and state securities
laws in connection with the distribution of securities,  brokerage transactions,
suitability and investment  advisor  activities.  Although the Company currently
maintains  errors and omission  insurance and other insurance to protect against
these types of  liabilities,  there can be no guarantee  that this coverage will
necessarily protect the Company and its shareholders from potential claims.

                                        9
<PAGE>

The Company  operates in a highly  competitive  industry with  competition  from
other investment  advisors,  commodity  trading  advisors,  broker-dealers,  and
mutual fund managers in addition to investment alternatives offered by insurance
companies,  banks, securities dealers and other financial institutions.  Many of
these  institutions  are able to engage in more  extensive  advertising  and may
offer  accounts  insured by federal  corporations  such as the  Federal  Deposit
Insurance  Corporation.  JAHI believes its  investment  strategy,  which centers
around  attempting to understand  the general trend of the market as assisted by
certain proprietary  analyses,  coupled with its long-term track record, make it
an attractive alternative to traditional mutual funds and other money managers.

Long-term  trends in retention of client assets since fiscal  year-end 1995 show
that the  Company  has had a net loss in assets  under  management,  i.e.,  more
assets in client accounts have departed from the Company's  management than were
brought in as new managed  assets.  This  declining  trend in total assets under
management  may  continue to have a direct  negative  impact upon the  Company's
investment  advisory  revenues and related brokerage  commissions.  It is likely
that future net income/loss of the Company will be substantially impacted by the
amount of assets under management,  investment  management decisions and general
stock market conditions, among other factors listed in this report.

The SEC conducted an examination of the Company in November 1997. As a result of
this  examination,  certain  issues arose  regarding  possible  violation of the
Securities Act of 1933,  the Securities  Exchange Act of 1934 and the Investment
Advisors Act of 1940 relating to the contingent "best efforts" private placement
debenture offering for Boston Restaurants Associates, Inc. The SEC has initiated
discussions with the Company's legal counsel with regard to these issues and may
be considering  formal action against the Company.  Legal counsel to the Company
filed a "Wells  Submission"  with the SEC on June 1, 1998.  Management and legal
counsel of the Company  cannot,  at this time,  predict with any  certainty  the
outcome of the SEC's  examination or whether the resolution will have a material
effect on JAHI's operations or financial statements.

Results of Operations

The Company had a net income for the three months ended  September  30, 1999, of
$149,499  compared to a net loss of ($280,340) for the same period in 1998. This
net income for this period  compared to a net loss for the same period last year
stems  from  higher  revenues  from  performance  fee  based  managed  accounts,
increased fees from the Portfolio,  and a decrease in operational expenses.  The
Company had a net income attributable to common stock for the three months ended
September  30, 1999 of $89,499 or $0.01 per common share  compared to a net loss
attributable  to common stock of  ($340,340) or ($0.03) per common share for the
same period in 1998.

The Company had a net income for the nine months ended  September  30, 1999,  of
$256,314  compared to a net loss of ($491,414) for the same period in 1998. This
net income for this period  compared to a net loss for the same period last year
stems  from  higher  revenues  from  performance  fee  based  managed  accounts,
increased fees from the Portfolio,  and a decrease in operational expenses.  The
Company had net income  attributable  to common  stock for the nine months ended
September  30, 1999 of $76,314 or $0.01 per common share  compared to a net loss
attributable  to common stock of  ($671,414) or ($0.06) per common share for the
same period in 1998.

                                       10
<PAGE>

Total  dividends in arrears as of September 30, 1999 and September 30, 1998 were
$300,000 and $60,000  respectively.  There are  currently  no  projected  annual
payments for 1999.

For the three  months  ended  September  30,  1999,  revenues  totaled  $442,774
compared to revenues  of  $158,738  for the same period in 1998,  an increase of
approximately  179% due  primarily  to  significantly  increased  revenues  from
investment advisory fee income.

Commission  income  decreased for the three months ended  September 30, 1999, to
$42,072  compared  to  $51,940  for the same  period  in  1998,  a  decrease  of
approximately 19% due primarily to fewer securities  transactions resulting from
the  amount  of  securities  being  purchased  and sold in  client  accounts  as
incidental to management's  investment advisory decisions based on technical and
fundamental considerations of individual securities, market conditions and other
factors.

Advisory fees income  increased for the three months ended September 30, 1999 to
$400,702  compared  to  $106,798  for the same  period in 1998,  an  increase of
approximately  275% due  primarily to increased  revenues from  performance  fee
based managed accounts.

Total other income was $60,508 for the three months  ended  September  30, 1999,
compared to total other expense of ($64,984)  for the same period in 1998.  This
increase was primarily due to  unrealized  gains from  investing and trading for
the three months ended  September 30, 1999  compared to  unrealized  losses from
trading and investing for the same period in 1998.

Selling, General, and Administrative ("SG&A") expenses of $353,783 were incurred
during the three month period ended September 30, 1999, compared to similar SG&A
expenses of $374,094 for the same period in 1998, a decrease of approximately 5%
due primarily to reductions in operating expenses.

For the nine months  ended  September  30,  1999,  revenues  totaled  $1,122,640
compared to revenues  of  $781,569  for the same period in 1998,  an increase of
approximately  44%. The increase in revenue can be  primarily  attributed  to an
increase in advisory fees.

Revenues from advisory fees for the nine months ended September 30, 1999 totaled
$904,077  compared  to revenues  from the same  source of $492,073  for the same
period in 1998,  an increase of  approximately  84% due  primarily  to increased
revenues from performance fee based managed accounts.

Revenues from commissions decreased  approximately 25% for the nine months ended
September  30, 1999  compared to the same period in 1998  primarily  due to less
trading activity.

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<PAGE>

Total other income was $183,277  for the nine months  ended  September  30, 1999
compared to $96,035 for the same period in 1998. This increase was primarily due
to substantially lower realized equity losses from investing and trading for the
nine months ended September 30, 1999 compared to the same period in 1998.

Selling,  general and administrative expenses totaled $1,049,603 during the nine
months ended  September 30, 1999 compared to $1,369,018 in selling,  general and
administrative expenses for the same period in 1998, a decrease of approximately
23%, due primarily to aggressive reductions in selling,  marketing and operating
expenses.

Liquidity and Capital Resources

At September 30, 1999,  the Company had cash and cash  equivalents  of $656,681,
versus $495,622 at December 31, 1998. This increase was due primarily to the net
income for the nine months ended September 30, 1999.

Accounts payable and accrued expenses were $25,319 and $128,342  respectively at
September 30, 1999, compared to $65,132 and $98,612 respectively at December 31,
1998. The reduction in accounts payable is due to reduced expenses,  both actual
and  budgeted,  which  affected  accruals  along  with  payment  of  outstanding
payables.  Accruals are based upon  expenses  incurred  and/or as  determined by
management's best estimate based upon the Company's annual budget.  The increase
in accrued  expenses is primarily  due to increased  fees payable to  investment
advisory representatives as a result of increased performance fee income.

Cash flows provided by (used in) operating  activities for the nine months ended
September 30, 1999,  were  $123,536  compared to ($3,452) for the same period in
1998 due primarily to changes in net income for the nine months ended  September
30, 1999.  Cash flows  provided by (used in) investing  activities  for the nine
months ended September 30, 1999, were $37,523  compared to $560,893 for the same
period in 1998 due  primarily  to the sale of property for the nine months ended
September 30, 1998.

The  Company  acquired  45,000  shares  of  restricted  stock  through a private
placement  from The  Internet  Advisory  Corporation  at $1.25 per  share.  This
investment is restricted and may not be sold until March, 2000. The market value
of The Internet Advisory  Corporation's  free trading common stock was $3.50 per
share at September 30, 1999.

The Company  entered into a lease purchase  agreement that enlarged its software
system to include the NSCC  Fund/Serv and the NSCC  Networking  Systems that may
increase its ability to distribute the shares of the Portfolio.  This portion of
the  agreement  can be  terminated  upon 90 days written  notice to the software
provider,  thus limiting the Company's  financial  obligation to no more than 90
days forward.

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

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<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: November 12, 1999                By: /s/  Wallace Neal Jordan
                                            -------------------------
                                            Chief Executive Officer

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