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, 2001
                                       OR
       [ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

           For the Transition Period From_____________ to_____________

                         Commission File Number 0- 18974

                         Jordan American Holdings, Inc.
                         ------------------------------
             (Exact name of registrant as specified in its charter)

           Florida                                              65-0142815
           -------                                              ----------
  (State or other jurisdiction                               (I.R.S. Employer
of incorporation or organization)                         Identification Number)

           333 West Vine Street, Suite 206, Lexington, Kentucky 40507
           ----------------------------------------------------------
                    (Address of principal executive offices)

                                 (859) 254-2240
                                 --------------
                         (Registrant's telephone number)

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

As of the close of  business  on  November  1,  2001,  14,217,266  shares of the
registrant's common stock were issued and outstanding.

                                        1
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

                                TABLE OF CONTENTS

PART I

ITEM 1    FINANCIAL INFORMATION                                             PAGE

               Consolidated Balance Sheets ...............................     3

               Consolidated Statements of Operations .....................     4

               Consolidated Statements of Cash Flows .....................     5

               Notes to Consolidated Financial Statements ................     6

ITEM 2    MANAGEMENT'S DISCUSSION AND ANALYSIS

               Results of Operations .....................................    10

               Liquidity and Capital Resources ...........................    12

               Risk Factors, Trends & Uncertainties ......................    13

PART 2

ITEM 1    Legal Proceedings ..............................................    14

                                        2
<PAGE>

                                     PART I
                                     ITEM 1
                              FINANCIAL INFORMATION

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                               SEPTEMBER 30,    DECEMBER 31,
                    ASSETS                                                         2001             2000
                                                                               ------------     ------------
CURRENT ASSETS                                                                  (Unaudited)       (Audited)
<S>                                                                            <C>              <C>
  Cash & cash equivalents                                                      $    109,886     $  1,029,173
  Marketable Securities at market value                                             221,291          328,609
  Investment advisory fee receivable - net                                           87,116          195,253
  Deposit with clearing broker                                                       25,000           25,000
  Receivable from shareholders                                                       23,337           61,697
  Prepaid expenses                                                                   81,612           62,025
  Other receivable                                                                   75,194           57,574
                                                                               ------------     ------------
       Total current assets                                                         623,436        1,759,331
                                                                               ------------     ------------
FIXED ASSETS
  Property & equipment - net of accumulated depreciation and
     amortization of $205,772 and  $169,110 respectively                            134,414          110,148
                                                                               ------------     ------------
OTHER ASSETS
  Boston Restaurant Debentures                                                      500,000          500,000
  Senior Yellow Pages - net of allowance of $75,000 in 2001                          75,000          150,000
  Intangible Assets - Net of amortization of $6,344 and $939 respectively            88,273           83,564
                                                                               ------------     ------------
       Total Other Assets                                                           663,273          733,564
                                                                               ------------     ------------
            TOTAL ASSETS                                                       $  1,421,123     $  2,603,043
                                                                               ============     ============
LIABILITIES & STOCKHOLDERS EQUITY
CURRENT LIABILITIES
  Accounts payable and accrued expenses                                        $    196,068     $    166,162
  Deferred revenue                                                                   20,340           27,025
  Notes payable - officer                                                                --           26,166
  Software license payable                                                            5,468           29,197
                                                                               ------------     ------------
       Total Current Liabilities                                                    221,876          248,550
                                                                               ------------     ------------
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           35,000
     issued and outstanding 2,000,000 and 3,500,000 shares respectively
 Common stock, $0.001 par value, authorized 20,000,000 shares;
     issued and outstanding 14,217,266 and 10,421,266 shares respectively            14,217           10,421
 Additional Paid in Capital                                                       4,463,657        4,417,953
 Accumulated Deficit                                                             (3,298,627)      (2,108,881)
                                                                               ------------     ------------
       Total Stockholders Equity                                                  1,199,247        2,354,493
                                                                               ------------     ------------
Total Liabilities & Stockholders Equity                                        $  1,421,123     $  2,603,043
                                                                               ============     ============
</TABLE>

          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                        3
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                       FOR THE THREE MONTHS ENDED         FOR THE NINE MONTHS ENDED
                                                              SEPTEMBER 30,                     SEPTEMBER 30,
                                                      -----------------------------     -----------------------------
                                                          2001             2000             2001             2000
                                                      ------------     ------------     ------------     ------------
REVENUES
<S>                                                   <C>              <C>              <C>              <C>
  Commission Income                                   $    164,000     $     38,637     $    208,301     $    179,882
  Investment Advisory Fees                                  55,597          896,117          217,437        2,525,212
  Tax and business service income                            7,104               --           57,500               --
  Realized equity gain / (loss) from investments          (200,941)              --         (200,941)          (5,322)
                                                      ------------     ------------     ------------     ------------

       Total Revenue                                        25,760          934,754          282,297        2,699,772

Selling, General and Administrative Costs                  626,768          697,082        1,639,976        1,777,608
                                                      ------------     ------------     ------------     ------------

       Net Operating Income (Loss)                        (601,008)         237,672       (1,357,679)         922,164
                                                      ------------     ------------     ------------     ------------

Other Income & Expenses
  Dividend and interest Income                              19,302           40,739           71,096          111,171
  Other Income                                               3,434            3,928            9,406           12,926
  Unrealized equity gain / (loss) from investments         170,515          (57,273)          87,431         (308,376)
                                                      ------------     ------------     ------------     ------------

       Total Other Income (loss)                           193,251          (12,606)         167,933         (184,279)
                                                      ------------     ------------     ------------     ------------

       Net Income (Loss) before income taxes              (407,757)         225,066       (1,189,746)         737,885

Income tax provision                                            --           25,185               --           39,153
                                                      ------------     ------------     ------------     ------------

       Net Income (Loss)                              $   (407,757)    $    199,881     $ (1,189,746)    $    698,732
                                                      ============     ============     ============     ============

Basic earnings attributable to Common Stock           $      (0.03)    $       0.01     $      (0.11)    $       0.05
      per Common Share                                ============     ============     ============     ============

Diluted earnings attributable to Common Stock         $      (0.03)    $       0.01     $      (0.11)    $       0.05
      per Common Share                                ============     ============     ============     ============

Weighted-average number of Common shares
      outstanding:
       Basic                                            12,731,875       10,421,266       11,199,933       10,421,266
                                                      ============     ============     ============     ============
       Diluted                                          12,731,875       10,421,266       11,199,933       10,421,266
                                                      ============     ============     ============     ============
</TABLE>

          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                        4
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                         FOR THE NINE MONTHS ENDED
                                                                               SEPTEMBER 30,
                                                                       -----------------------------
                                                                           2001             2000
                                                                       ------------     ------------
CASH FLOWS - OPERATING ACTIVITIES:
<S>                                                                    <C>              <C>
Net Income (loss)                                                      $ (1,189,746)    $    698,732
Adjustments to reconcile net income to cash provided
  by (used in) operating activities:
     Depreciation and amortization                                           42,067           25,806
     Valuation Adjustments                                                  (87,431)         308,376
     Realized loss from investments                                         200,941            5,322
     Changes in operating assets and liabilities:
          Investment management fees receivable                             108,137          283,897
          Prepaid expenses                                                  (19,587)         (41,497)
          Other receivable                                                  (17,620)          56,985
          Notes receivable - shareholders                                    38,360          (29,488)
          Accounts payable and other accrued expenses                        29,906           56,008
          Notes payable - Officer                                           (26,166)              --
          Deferred investment advisory fees                                  (6,685)          12,779
          Software license payable                                          (23,730)         (21,922)
                                                                       ------------     ------------
               Net Cash Provided By (Used In) Operating Activities         (951,554)       1,354,998
                                                                       ------------     ------------

CASH FLOWS - INVESTING ACTIVITIES
     Trading marketable securities                                           68,809         (895,026)
     Investment - Senior Yellow Pages                                            --         (150,000)
     Intangible Assets                                                      (10,114)              --
     Capital expenditures                                                   (60,928)         (20,075)
                                                                       ------------     ------------
               Net Cash Provided by (Used In) Investing Activities           (2,233)      (1,065,101)
                                                                       ------------     ------------

CASH FLOWS - FINANCING ACTIVITIES
    Exercise of common stock options                                         87,000               --
    Payment of preferred dividends                                          (52,500)              --
                                                                       ------------     ------------
               Net Cash Provided by Financing Activities                     34,500               --
                                                                       ------------     ------------

               Net Increase (Decrease) in Cash and Cash Equivalents        (919,287)         289,897

Cash and cash equivalents, beginning of period                            1,029,173          580,758
                                                                       ------------     ------------

Cash and cash equivalents, end of period                               $    109,886     $    870,655
                                                                       ============     ============

Supplemental disclosure of cash flow information:
     Interest paid                                                     $      1,602     $      2,927
                                                                       ============     ============
     Income taxes paid                                                 $      2,009     $     12,880
                                                                       ============     ============
</TABLE>

          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

                                        5
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

Jordan  American  Holdings,  Inc. and  Subsidiaries  ("JAHI"/the  "Company") was
incorporated in Florida in May 1989. JAHI historically  conducted its investment
advisory business under the name Equity Assets Management.  In 2000, JAHI formed
Equity Assets Management, Inc. ("EAM"), a wholly owned subsidiary, and moved its
investment  advisory business into that entity. EAM provides investment advisory
and portfolio management services to individual  investors,  pooled accounts and
its mutual fund with its customers  located  substantially in the United States.
EAM is registered as an investment advisor under the Investment  Advisers Act of
1940.

The Company also owns 100% of the issued and outstanding  common stock of IMPACT
Financial Network, Inc. ("IFNI"),  IMPACT Administrative Services, Inc. ("IASI")
and IMPACT Tax and Business Services, Inc. ("ITABS").  IASI provides operational
and  administrative  support to IMPACT  Management  Investment Trust ("IMIT"/the
"Trust")  (see Note 2). EAM's  customer  investment  transactions  are primarily
brokered  through IFNI, a registered  broker-dealer  in  securities  acting as a
non-clearing  introducing broker. IFNI also is the primary distributor for IMIT.
ITABS,  created in September  2000,  provides tax  preparation  and tax planning
services to individuals and small businesses (see Note 5).

The accompanying  consolidated financial statements include the accounts of JAHI
and its subsidiaries.  ITABS provides general and administrative services to its
affiliates  at rates  substantially  lower than the fair  market  value of those
services. Through September 30, 2001, ITABS had inter-company revenue from these
services  amounting to $65,125.  These and all other  significant  inter-company
transactions  have been  eliminated  during  consolidation.  In the  opinion  of
management, the interim financial statements contain all adjustments, consisting
of normal  recurring  adjustments,  necessary  to present  fairly the  financial
position of the Company at the date of the interim balance sheet and the results
of operations for the interim periods  covered.  The results for interim periods
are not  necessarily  indicative  of results for a full year.  The  consolidated
balance  sheet  as of  December  31,  2000  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, 2000.

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.  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% of the  Portfolio's  average  daily net
assets.  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)

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.

In March 2000,  the Company made a loan of $150,000  represented by an unsecured
Convertible  Subordinated Bridge Note, to an unaffiliated entity. The note bears
interest at 10% and matured on May 31, 2001.  The Company is entitled to receive
a 4% equity  interest in this entity if and when it completes a public  offering
of its securities.  The note is convertible into Series A Convertible  Preferred
Stock  of the  entity.  The  note was not  paid at  maturity  and the  Company's
management has estimated the total value of this note to be $75,000 at September
30, 2001.

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, 2001 and December 31, 2000. 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, 2001 and December  31,  2000,  the Company has stock  warrants
outstanding  entitling the warrant holder to acquire  1,113,000 shares of common
stock at $.50 per share expiring June 5, 2010.

The Company also has  outstanding  Underwriter  Warrants  related to the initial
public offering entitling a former officer to purchase 44,545 units (five shares
of common  stock and five stock  warrants;  two  warrants  entitle the holder to
purchase one share of common stock for $.60 per share) of the Company at a price
of $2.58 per unit expiring through January 8, 2011.

JAHI has authorized  5,000,000  shares of $0.01 par value preferred  stock.  The
Board of Directors is authorized to issue preferred stock in one or more series,
to determine the rights  thereto,  and to fix the number of shares on any series
of preferred stock and the designation of any such series.

The Company issued  3,000,000 shares of 8% cumulative,  convertible,  non-voting
preferred  stock  to a  customer  of EAM in a  private  placement  offering.  In
connection with this offering,  750,000 shares of common stock were given to the
Company to  distribute  to the preferred  shareholder  by three  officers of the
Company for no additional consideration.

From  February  1993 until June 30,  1998,  the Company  made  semi-annual  cash
dividend payments on its cumulative  convertible non-voting preferred stock at a
rate of 8% per annum.  The  Company did not make any  dividend  payments on this
stock in 1999 and 2000.  On  December  29,  2000,  the  Company  entered  into a
preferred  stock exchange  agreement (the  "Agreement")  with its sole preferred
shareholder  (the  "Shareholder").  The  Shareholder  was the owner of 3,000,000
shares of the Company's 8% Convertible

                                       7
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

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%.

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
$3,750,000. The shareholder is the direct beneficiary and, upon the death of the
Company's former president,  would receive the insurance  proceeds in redemption
of the New Preferred Stock. In addition, the Company maintains life insurance on
certain  officers  aggregating  $1,000,000,  with  the  Company  as the  primary
beneficiary.

NOTE 5 - RELATED PARTY TRANSACTIONS

The Company has a loan to a former officer bearing interest at a rate of 10% per
annum in the amount of $23,337 and $61,697 at  September  30, 2001 and  December
31, 2000, respectively.

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 1994, a director  and former  officer of the Company  established  the Jordan
Index Fund, L.P. (the "Fund").  The Fund engages in the  speculative  trading of
stock index futures  contracts,  and may occasionally trade in equity securities
and stock  options.  The Fund is  administered  by its general  partner,  Jordan
Assets,  Ltd. Jordan Assets, Ltd. is not a subsidiary of JAHI, although JAHI was
registered as a principal of Jordan  Assets,  Ltd.  with the  Commodity  Futures
Trading  Commission.  All  trading  decisions  for the Fund  are made by  Jordan
Assets, Ltd. Certain administrative  functions were provided to the Fund by JAHI
in return for the fees  earned by Jordan  Assets,  Ltd. No such fees were earned
during 2001 and 2000.  On July 15, 2001,  JAHI resigned as a principal of Jordan
Assets, Ltd. and no longer provides any services to the Fund.

                                       8
<PAGE>

                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

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

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.

In the Company's investment activities, the Company purchases securities for its
own account and may incur losses if the market value of the securities  declines
subsequent to September 30, 2001.

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. The Company's marketable securities are carried at the September 30, 2001
market  value.  Payables  and other  liabilities  are  carried at  amounts  that
approximate fair value.

The Company has a  substantial  portion of its assets on deposit  with banks and
brokers.  Assets deposited with banks and brokers are subject to credit risk. In
the event of a bank's or  broker's  insolvency,  recovery  of Company  assets on
deposit may be limited to account  insurance or other  protection  afforded such
deposits.

The  Securities and Exchange  Commission  ("SEC") has completed an inspection of
the Company's investment advisory and broker-dealer  operations.  As a result of
the inspection,  certain issues arose regarding possible violations.  Management
of the Company does not expect the  resolution of this matter to have a material
adverse effect on the Company's operations.

The former  President  of the Company and his son filed a complaint  against the
Company and two of its officers seeking an injunction against current management
based upon violation of the federal  securities  laws and breaches of the common
law fiduciary duty of directors of a Florida corporation.  The management of the
Company does not believe the claims to be meritorious.

                                       9
<PAGE>

                                 PART 1, ITEM 2
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                         JORDAN AMERICAN HOLDINGS, INC.
                                AND SUBSIDIARIES

Safe Harbor for Forward-Looking Statements

Information found in this report contains forward-looking implications which may
differ  materially from actual results due to the success,  or lack thereof,  of
JAHI's  management  decisions,  marketing  and sales  effectiveness,  investment
decisions,   and  the  management  of  clients'  stock   portfolios  and  pooled
investments as influenced by market  conditions,  Federal  Reserve Board policy,
economic trends,  political developments,  domestic and international events and
other factors.  There can be no guarantee that any forward-looking  implications
discussed  and/or  referenced  in this report will have any impact,  positive or
negative, upon the earnings, value and/or operations of the Company.

Results of Operations

EAM's  assets under  management  were $20.9  million as of  September  30, 2001,
compared  to $30.1  million  under  management  on June 30,  2001.  The net $9.2
million  change in assets  under  management  during the quarter  resulted  from
investment losses and depreciation of $4.0 million and a net client cash outflow
of $5.2 million.  At September  30, 2001,  $14.9 million of these assets were in
performance fee accounts, and $6.0 million were in flat fee accounts.

In an effort to improve the investment  performance of the individually  managed
accounts, EAM entered into a Model Portfolio Agreement with Denali Advisors, LLC
("Denali"),  an institutional  money manager with  approximately $400 million in
assets under management,  effective September 1, 2001. This model portfolio will
be used in  conjunction  with  the  management  of  EAM's  individually  managed
accounts with EAM paying Denali 30 basis points  annually on accounts using this
model  portfolio.  At September 30, 2001,  $6.5 million in client  accounts were
operating  under the model  portfolio:  $3.2 million in performance fee accounts
and $3.3 million in flat fee accounts.  Management anticipates additional client
accounts will be placed under the new agreement in the next quarter.  Under this
new agreement, performance fee clients will be invoiced 50 basis points annually
plus a percentage of the realized income achieved in the accounts. Under the old
agreement  EAM could not invoice  clients for  performance-based  fees until the
account value for the client surpassed its historical "high water mark". The new
agreement will not require EAM to exceed the historical highs but will allow EAM
to have a new performance  based  relationship  with the client. In exchange for
the client agreeing to these new terms, EAM will not invoice performance fees on
the first 10% of realized  income.  The contracts for the flat fee clients using
the model portfolio have not changed.

IMIT's  assets in the mutual funds were $4.3  million as of September  30, 2001,
compared to $3.9 million under management on June 30, 2001. The net $0.4 million
change in assets in the mutual funds during the quarter resulted from investment
losses and depreciation of $0.5 million and positive cash flow of $0.9 million.

                      THREE MONTHS ENDED SEPTEMBER 30, 2001
                                   COMPARED TO
                      THREE MONTHS ENDED SEPTEMBER 30, 2000

The Company had a net loss for the three months  ended  September  30, 2001,  of
$407,757 or $0.03 per common share compared to a net income of $199,881 or $0.01
per common  share for the same period in 2000.  Basic and diluted  earnings  per
common  share for the three months ended  September  30, 2001 and 2000  includes
preferred  stock  dividends  of $26,250  and  dividends  in arrears of  $60,000,
respectively, for each period.

The change in the net income (loss) for this period  compared to the same period
last year stems primarily from significantly lower revenues this period compared
to the same  period  last year  offset by other  income in the  current  quarter
compared to the other loss in the same quarter last year.

The  Company  had an  operating  loss of  $601,008  for the three  months  ended
September 30, 2001 compared to operating  income of $237,672 for the same period
in 2000.  This decrease is primarily  due to total  revenue being  significantly
lower during this period when compared to the same quarter last year.

                                       10
<PAGE>

For the three months ended September 30, 2001, revenues totaled $25,760 compared
to revenues of $934,754 for the same period in 2000, a decrease of approximately
97% due primarily to significantly  decreased revenues from investment  advisory
fees and a realized equity loss from investments in 2001.

Advisory fee revenue decreased for the three months ended September 30, 2001, to
$55,597  compared  to  $896,117  for the same  period  in 2000,  a  decrease  of
approximately 94% 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.  Most  of  these  investment  losses  are  attributed  to  the  former
investment advisor of EAM.

Commission  income  increased for the three months ended  September 30, 2001, to
$164,000  compared  to  $38,637  for the same  period in 2000,  an  increase  of
approximately 324% due primarily to more securities  transactions resulting from
the amount of  securities  being  purchased and sold in client  accounts.  These
securities  transactions  are  incidental to  management's  investment  advisory
decisions  based on  technical  and  fundamental  considerations  of  individual
securities, market conditions and other factors.

Equity losses from  investments of $200,941 were realized during the three month
period  ended  September  30,  2001;  there were no realized  gains/losses  from
investments  during the same period in 2000.  This loss stems primarily from the
sale of an equity  security  purchased by a former officer of the Company.  This
security was  purchased by the former  officer at a price near its all time high
and decreased  substantially under his management  throughout 2000 and the first
half of 2001.  Current  management  sold the  security to avoid  further  likely
losses.

Selling, general, and administrative ("SG&A") expenses of $626,768 were incurred
during the three month period ended September 30, 2001, compared to similar SG&A
expenses of $697,082 for the same period in 2000. This decrease of approximately
10% was due primarily to significantly lower selling expenses during this period
resulting from lower fees paid out to sales  representatives.  This decrease was
offset by an increase in legal expenses, resulting primarily from litigation and
a proxy battle  initiated by a former  officer who is also currently the largest
shareholder of the Company.

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, 2001.

Total other income  (expenses) was $193,251 for the three months ended September
30,  2001,  compared to ($12,606)  for the same period in 2000.  This change was
primarily due to  unrealized  equity gains in the third quarter of 2001 compared
to unrealized equity losses in the third quarter of 2000.

                      NINE MONTHS ENDED SEPTEMBER 30, 2001
                                   COMPARED TO
                      NINE MONTHS ENDED SEPTEMBER 30, 2000

The Company had a net loss for the nine months  ended  September  30,  2001,  of
($1,189,746)  or $0.11 per common  share  compared  to net income of $698,732 or
$0.05 per common share for the same period in 2000.  Basic and diluted  earnings
per common share for the nine months ended  September 30, 2001 and September 30,
2000 includes  preferred  stock dividends of $78,750 and dividends in arrears of
$180,000, respectively, for each period.

                                       11
<PAGE>

The change in the net income (loss) for this period  compared to the same period
last year stems primarily from significantly lower revenues this period compared
to the same  period  last year  offset by other  income  in the  current  period
compared to the other loss in the same period last year.

The Company had an  operating  loss of  ($1,357,679)  for the nine months  ended
September 30, 2001 compared to operating  income of $922,164 for the same period
in 2000.  This decrease is primarily  due to total  revenue being  significantly
lower during this period when compared to the same period last year.

For the nine months ended September 30, 2001, revenues totaled $282,297 compared
to  revenues  of  $2,699,772  for  the  same  period  in  2000,  a  decrease  of
approximately  90%.  The decrease in revenue can be  primarily  attributed  to a
decrease in advisory fees.

Revenues from advisory fees for the nine months ended September 30, 2001 totaled
$217,437  compared to revenues from the same source of  $2,525,212  for the same
period in 2000,  a decrease of  approximately  91% 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. Most of these investment losses
are attributed to the former investment advisor of EAM.

Commission  income  increased  for the nine months ended  September 30, 2001, to
$208,301  compared  to  $179,882  for the same  period in 2000,  an  increase of
approximately 16% due primarily to more securities  transactions  resulting from
the amount of securities being purchased and sold in client accounts.

Equity losses from  investments of $200,941 were realized  during the nine month
period ended September 30, 2001, compared to realized losses from investments of
$5,322 for the same period in 2000.  This increase in loss stems  primarily from
the sale of an equity  security  purchased  by a former  officer of the Company.
This security was  purchased by the former  officer at a price near its all time
high and decreased  substantially  under his management  throughout 2000 and the
first half of 2001. Current management sold the security to avoid further likely
losses.

SG&A expenses totaled $1,639,976 during the nine months ended September 30, 2001
compared  to  $1,777,608  in SG&A  expenses  for the same  period  in 2000.  The
decrease of approximately  8% was due primarily to  significantly  lower selling
expenses during this period  resulting from lower  commissions paid out to sales
representatives.  This  decrease  was offset by an increase  in legal  expenses.
Legal  expenses  increased  for the nine months ended  September  30,  2001,  to
$251,201  compared to $92,813 for the same period in 2000. The increase in legal
expenses  resulted  primarily from litigation and a proxy battle  initiated by a
former officer who is also the largest shareholder.

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  $58,500  in this area for the nine  month  period  ended
September 30, 2001.

Total other income  (expenses) was $167,933 for the nine months ended  September
30, 2001 compared to ($184,279)  for the same period in 2000.  This increase was
primarily  due to  unrealized  equity gains of $87,431 for the nine months ended
September 30, 2001 compared to  unrealized  equity losses of ($308,376)  for the
same period last year.

Liquidity and Capital Resources

At September  30, 2001,  the Company had cash and cash  equivalents  of $109,886
versus  $1,029,173 at December 31, 2000.  This decrease was due primarily to the
net loss for the nine months ended September 30, 2001.

                                       12
<PAGE>

At September 30, 2001,  the Company had $418,293 in cash,  accounts  receivables
and  marketable  securities  compared to $1,553,035  at December 31, 2000.  This
decrease was due  primarily to the net loss for the nine months ended  September
30, 2001.

Accounts  payable and accrued  expenses  were  $196,068 at  September  30, 2001,
compared to $166,162 at December 31, 2000. The increase in accounts  payable and
accrued  expenses is primarily due to higher legal accounts payable at September
30, 2001 compared to December 31, 2000.

Cash flows provided by (used in) operating  activities for the nine months ended
September 30, 2001, were  ($951,554)  compared to $1,354,998 for the same period
in 2000 due primarily to changes in net income, valuation adjustments,  realized
losses from investments,  and investment management fees receivable.  Cash flows
provided by (used in) investing  activities for the nine months ended  September
30, 2001, were ($2,233) compared to ($1,065,101) for the same period in 2000 due
primarily to the  investments  made in marketable  securities  and Senior Yellow
Pages,  Inc.  during the first nine months of 2000. Cash flows provided by (used
in) financing  activities  for the nine months ended  September  30, 2001,  were
$34,500 compared to $0 for the same period in 2000 due primarily to the exercise
of employee stock options offset by the payment of preferred dividends.

On August 6, 2001,  a former  officer of the Company  exercised  696,000  common
stock options at a price of $0.125 per share for a total of $87,000.

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.

                                       13
<PAGE>

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

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

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

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

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

                                       14
<PAGE>

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

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

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

                                       15
<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 14, 2001                By: /s/ A.J. Elko
                                        -----------------------
                                        A.J. Elko
                                        Chief Executive Officer


Dated: November 14, 2001                By: /s/ Emmett A. Pais
                                        -----------------------
                                        Emmett A. Pais, CPA
                                        Chief Financial Officer

                                       16