U.S. SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C. 20549

                                    FORM 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM
______________ TO ______________

                     COMMISSION FILE NUMBER: 0-29897

                       WORLD-AM COMMUNICATIONS, INC.
          (Exact name of Registrant as specified in its charter)

               Florida                                     59-3253968
(State or jurisdiction of incorporation                 (I.R.S. Employer
             or organization)                          Identification No.)

    1400 West 122nd Avenue, Suite 104, Westminster, Colorado        80234
            (Address of principal executive offices)              (Zip Code)

                  Registrant's telephone number:  (303) 452-0022

       Securities registered pursuant to Section 12(b) of the Act: None

      Securities registered pursuant to Section 12(g) of the Act: Common
                          Stock, $0.0001 Par Value

     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) been subject to such filing requirements for the past 90 days.
Yes    X       No           .

     As of March 31, 2002, the Registrant had 84,336,383 shares of
common stock issued and outstanding.

     Transitional Small Business Disclosure Format (check one): Yes   No X.

                                TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION                                         PAGE

     ITEM 1.  FINANCIAL STATEMENTS

              REPORT ON REVIEW BY INDEPENDENT
              CERTIFIED PUBLIC ACCOUNTANT                                 3

              CONSOLIDATED BALANCE SHEET AS OF
              MARCH 31, 2002                                              4

              CONSOLIDATED STATEMENTS OF OPERATIONS
              FOR THE THREE MONTHS ENDED
              MARCH 31, 2002 AND MARCH 31, 2002                           5

              CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE THREE MONTHS ENDED
              MARCH 31, 2002 AND MARCH 31, 2001                           6

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                  7

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS                         8

PART II - OTHER INFORMATION

     ITEM 1.  LEGAL PROCEEDINGS                                          10

     ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS                  10

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                            10

     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS        10

     ITEM 5.  OTHER INFORMATION                                          10

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                           11

SIGNATURE                                                                11

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCAL STATEMENTS.

      REPORT ON REVIEW BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

To the Board of Directors
World-Am Communications, Inc.

We have reviewed the accompanying balance sheet of World-Am
Communications, Inc. as of March 31, 2002 and the related statements
of operations and cash flows for the three months ended March 31, 2002
and 2001, included in the accompanying Securities and Exchange
Commission Form 10-QSB for the period ended March 31, 2002.  These
financial statements are the responsibility of the Company's management.

We conducted our reviews in accordance with standards established by
the American Institute of Certified Public Accountants.  A review of
interim financial information consists principally of applying
analytical procedures to financial data and making inquiries of
persons responsible for financial and accounting matters.  It is
substantially less in scope than an audit conducted in accordance with
auditing standards generally accepted in the United States, the
objective of which is the expression of an opinion regarding the
financial statements as a whole.  Accordingly, we do not express such
an opinion.

Based on our reviews, we are not aware of any material modifications
that should be made to the accompanying financial statements for them
to be in conformity with accounting principles generally accepted in
the United States.

We have previously audited, in accordance with auditing standards
generally accepted in the United States, the balance sheet as of
December 31, 2001, and the related statements of operations,
stockholders' equity and cash flows for the year then ended (not
presented herein).  In our report dated April 10, 2002, we expressed
an unqualified opinion on those financial statements.  In our opinion,
the information set forth in the accompanying balance sheet as of
March 31, 2002 is fairly stated in all material respects in relation
to the balance sheet from which it has been derived.


/s/  Michael Johnson & Co., LLC
Michael Johnson & Co., LLC
Denver, Colorado
May 10, 2002

                           WORLD-AM COMMUNICATIONS, INC.
                            CONSOLIDATED BALANCE SHEET
                                  MARCH 31, 2002
                                    (Unaudited)

ASSETS:

Current Assets:
 Cash                                                        $     9,944
 Accounts receivable                                              83,895
 Inventory                                                             -
 Prepaid expenses                                                  6,500
     Total Current Assets                                        100,339

Property and Equipment:
 Office equipment and computers                                   16,528
 Less accumulated depreciation                                    (5,886)
 Property and Equipment, net                                      10,642

TOTAL ASSETS                                                 $   110,981

LIABILITIES AND STOCKHOLDERS'  DEFICIT:

Current Liabilities:
 Accounts payable                                            $    82,360
 Taxes payable                                                   122,364
 Accrued expenses                                                  2,482
 Loan payable - current portion                                   42,517
   Total Current Liabilities                                     249,723

Stockholders'  Deficit:
 Common stock, $.0001 par value, 500,000,000
  shares authorized: 84,336,383 issued and
  outstanding at March 31, 2002                                    8,433
    Respectively
 Additional paid-in capital                                    3,737,849
 Retained deficit                                             (3,885,024)
Total Stockholders' Deficit                                     (138,742)

TOTAL LIABILITIES AND STOCKHOLDERS'  DEFICIT                 $   110,981

The accompanying notes are an integral part of these financial statements

                       WORLD-AM COMMUNICATIONS, INC.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)

                                                     Three Months Ended
                                                           March 31
                                                     2002          2001

REVENUES:                                          $   133,756     $    32,350

Cost Of Goods Sold                                      45,605             818

Gross Profit                                            88,151          31,532

OPERATING EXPENSES:
Sales and Marketing                                          -               -
General and Administrative                           1,189,816          67,344
Total Operating Expenses                             1,189,816          67,344

Net Loss from Operations                            (1,101,665)        (35,812)

OTHER INCOME/EXPENSES
Other income                                                 -               -
Other expenses                                               -               -

                                                             -               -

NET (LOSS)                                         $(1,101,665)   $    (35,812)

Weighted average number of
  shares outstanding                                56,122,383      13,227,233

Net Loss Per Share                                 $     (0.02)   $      (0.15)

The accompanying notes are an integral part of these financial statements

                            WORLD-AM COMMUNICATIONS, INC.
                        CONSOLIDATED STATEMENTS OF CASH FLOWS
                                       (Unaudited)

                                                     Three Months Ended
                                                           March 31
                                                     2002          2001

Cash Flows From Operating Activities:
  Net (Loss)                                       $(1,101,665)    $  (35,812)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
   Depreciation and amortization                           500              -
   Stock issued for services                         1,121,030          1,212
   Changes in assets and liabilities:
     Decrease (Increase) in accounts receivable        (60,393)        10,841
     Decrease (Increase) in inventory                   18,164          3,777
     Increase in prepaid expenses                       (6,500)
     Increase in accounts payable                      (16,211)         4,985
     Increase in payroll liabilities                    24,077         15,188
    (Decrease) in accrued expenses                       2,482          1,577
                                                     1,083,149         37,580
Net Cash Used in Operating Activities                  (18,516)         1,768

Cash Flow From Investing Activities:
  Purchase of equipment                                      -        (13,580)
  Net Cash Used In Investing Activities                      -        (13,580)

Cash Flow From Financing Activities:
  Proceeds from issuance of common stock                     -              -
  Proceeds from notes payable                           20,222          8,207
  Net Cash Provided By Financing Activities             20,222          8,207

(Decrease) Increase in Cash                              1,706         (3,605)

Cash and Cash Equivalents - Beginning of period          8,238          3,605

Cash and Cash Equivalents - End of period         $      9,944     $        -

Supplemental Cash Flow Information:
  Interest paid                                   $          -     $        -
  Taxes paid                                      $          -     $        -

The accompanying notes are an integral part of these financial statements

                         WORLD-AM COMMUNICATIONS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                    (Unaudited)

1.  PRESENTATION OF INTERIM INFORMATION

In the opinion of the management of World-Am Communications, Inc., the
accompanying unaudited financial statements include all normal
adjustments considered necessary to present fairly the financial
position as of March 31, 2002, and the results of operations and cash
flows for the three months ended March 31, 2002 and 2001.  Interim
results are not necessarily indicative of results for a full year.

The financial statements and notes are presented as permitted by Form
10-QSB, and do not contain certain information included in the
Company's audited financial statements and notes for the fiscal year
ended December 31, 2001 contained in a Form 10-KSB.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.

The following discussion and analysis of financial condition and
results of operations should be read in conjunction with the
Registrant's consolidated financial statements and notes thereto.

Results of Operations.

The following table presents, for the first quarter of the periods
indicated, the dollar value which certain items reflected in the
Registrant's Statement of Operations.

                                             2002                2001

Total revenues                              $   133,756         $   32,350
Cost of Goods Sold                               45,605                818

Gross Profit                                     88,151             31,532

Operating Expenses:
Sales and Marketing                                   -                 -
General and Administrative                   1,189,816             67,344

Net Loss from Operations                    (1,101,665)           (35,812)

Net Loss Per Share                               (0.02)             (0.15)

Interim results are not necessarily indicative of results for a full year.

(a)  Revenues.

     Revenues for the quarter ended March 30, 2002 were $133,756 as
compared to $32,350 in 2001, for the corresponding period.  The
increase in revenues, approximately 414 %, was realized primarily in
February and March, is attributed to dealer and direct orders for
security products of the wholly owned subsidiary, Isotec.

(b)  General and Administrative Expenses.

     The general and administrative expense above reflects the impact
of the use of Form S-8 common stock to compensate needed services by
various professionals in the absence of equity funding. The Registrant
may re-file the withdrawn Form SB-2 subsequent to the submission of
this document.

(c)  Liquidity and Capital Resources

     The Registrant has required a substantial amount of working
capital to fund its operations and market development.  In the absence
of expected equity investment, it has relied upon short term
borrowings in the form of purchase order and invoice factoring and the
use of Form S-8 common shares as mentioned above.  As of March 30,
2002, the Registrant has no significant sources of liquidity.

     For the quarter ended March 30, 2002, Registrant had operating
losses reflecting the developmental nature of the operation.  It does
however, foresee its efforts culminating in sufficient amounts of cash
flow to service its debts.

     During 2001, and given the renewed interest in its products
subsequent to the events of September 11, 2001, the Registrant was
presented with business opportunities which it is currently pursuing
with respect to stock acquisition of other synergistic companies,
joint ventures and teaming arrangements.  Management believes that it
has the ability to attract the necessary capital to carry out its
plan.  Management also has targeted certain operating companies that
may have an interest in entering into a business combination.

     In addition to the above mentioned SB-2 filing, the Registrant is
also exploring other sources of financing in lieu of or in addition to
the equity line of credit to fund related businesses and provide the
Registrant with the ability to liquidate, modify, extend or otherwise
satisfy the indebtedness of the Registrant.  While the Registrant's
management believes it will be successful in arranging adequate lines
of equity or debt financing to carry out its business plan, there is
no assurance of that occurring.

     Therefore, the Registrant's continued operations, as well as the
implementation of its business plan, will depend upon its ability to
raise additional funds through bank borrowings, equity or debt
financing.  The Registrant estimates that it will need to raise
approximately $1,000,000 over the next twelve months for such
purposes.  However, adequate funds may not be available when needed or
may not be available on favorable terms to the Registrant.  The
ability of the Registrant to continue as a going concern is dependent
on additional sources of capital and the success of the Registrant's
business plan.  Regardless of whether the Registrant's cash assets
prove to be inadequate to meet the Registrant's operational needs, the
Registrant might seek to compensate providers of services by issuance
of stock in lieu of cash.

     If funding is insufficient at any time in the future, the
Registrant may not be able to take advantage of business opportunities
or respond to competitive pressures, any of which could have a
negative impact on the business, operating results and financial
condition.  In addition, if additional shares were issued to obtain
financing, or compensate service providers, existing shareholders may
suffer a dilutive effect on their percentage of stock ownership in the
Registrant.

(d)  Impact of Inflation

     The impact of inflation on the costs of the Registrant, and the
ability to pass on cost increases to its customers over time is
dependent upon market conditions.  The Registrant is not aware of any
inflationary pressures that have had any significant impact on the
Registrant's operations over the past year and, the Registrant does
not anticipate that inflationary factors will have a significant
impact on future operations.

Forward Looking Statements.

     The foregoing Management's Discussion and Analysis of Financial
Condition and Results of Operations contains "forward looking
statements" within the meaning of Rule 175 under the Securities Act of
1933, as amended, and Rule 3b-6 under the Securities Act of 1934, as
amended, including statements regarding, among other items, the
Registrant's business strategies, continued growth in the Registrant's
markets, projections, and anticipated trends in the Registrant's
business and the industry in which it operates.  The words "believe,"
"expect," "anticipate," "intends," "forecast," "project," and similar
expressions identify forward-looking statements.  These forward-
looking statements are based largely on the Registrant's expectations
and are subject to a number of risks and uncertainties, certain of
which are beyond the Registrant's control.  The Registrant cautions
that these statements are further qualified by important factors that
could cause actual results to differ materially from those in the
forward looking statements, including, among others, the following:
reduced or lack of increase in demand for the Registrant's products,
competitive pricing pressures, changes in the market price of
ingredients used in the Registrant's products and the level of
expenses incurred in the Registrant's operations.  In light of these
risks and uncertainties, there can be no assurance that the forward-
looking information contained herein will in fact transpire or prove
to be accurate.  The Registrant disclaims any intent or obligation to
update "forward looking statements."

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

     Other than as set forth below, the Registrant is not a party to
any material pending legal proceedings and, to the best of its
knowledge, no such action by or against the Registrant has been threatened.

     On February 19, 2002, the Registrant and its president were named
in a civil complaint filed in the United States District Court,
District of Rhode Island.  This action, Robert Hainey and Internet
Marketing Solutions, Inc v. World-Am Communications, Inc. and James
Alexander, C.A. No. 02-092T, alleges breach of contract, book account,
quantum meruit, and non-payment of debt in connection certain services
allegedly performed by the plaintiffs for the defendants and certain
monies allegedly loaned by the plaintiffs to the defendants.  The
action seeks damages in an unspecified amount.  The defendants dispute
the claims of the plaintiffs and intend to defend themselves
vigorously.  In this regard, the defendants have filed an answer to
the complaint.  This case is still in the early stages of litigation
and there can be no assurance as to the outcome of the action.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

     Other than as set forth below, the Registrant did not sell any
unregistered (restricted) equity securities during the quarter ended
March 31, 2002:

     On March 7, 2002, the Registrant issued 15,000,000 shares of
common stock to the Registrant's president, James Alexander, as
compensation under his employment agreement (see Exhibit 10.4 to this
Form 10-QSB).  These shares were valued at $15,000 ($0.001 per share).

     This sale was undertaken under Rule 506 of Regulation D under the
Securities Act of 1933, as amended ("Act"), by the fact that:

     - the sale was made to a sophisticated investor as defined in Rule
       502;

     - the Registrant gave the purchaser the opportunity to ask
       questions and receive answers concerning the terms and conditions
       of the offering and to obtain any additional information which
       the Registrant possessed or could acquire without unreasonable
       effort or expense that is necessary to verify the accuracy of
       information furnished;

     - at a reasonable time prior to the sale of securities, the
       Registrant advised the purchaser of the limitations on resale in
       the manner contained in Rule 502(d)2 of this section;

     - neither the Registrant nor any person acting on its behalf sold
       the securities by any form of general solicitation or general
       advertising; and

     - the Registrant exercised reasonable care to assure that the
       purchaser of the securities is not an underwriter within the
       meaning of Section 2(11) of the Act in compliance with Rule
       502(d).

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

     Not Applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.

ITEM 5.  OTHER INFORMATION.

     None.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

Exhibits.

     Exhibits included or incorporated by reference herein are set
forth in the attached Exhibit Index.

Reports on Form 8-K.

     No reports on Form 8-K were filed during the first quarter of the
fiscal year covered by this Form 10-QSB.

                                     SIGNATURE

     Pursuant to the requirements of Section 13 or 15(d) 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.

                                      World-Am Communications, Inc.



Dated: May 13, 2002                   By: /s/ James H. Alexander
                                      James H. Alexander, President

                                EXHIBIT INDEX

Number                         Description

2.1     Agreement and Plan of Merger between the Registrant and
        Allmon Corporation, dated May 11, 2000 (incorporated by
        reference to Exhibit 2.1 of the Form 8-K12g-3 filed on May
        16, 2000).

2.2     Stock Purchase Agreement between the Registrant, Isotec,
        Incorporated, and selling shareholders, dated February 22,
        2000 (incorporated by reference to Exhibit 2.2 of the Form
        10-QSB filed on May 21, 2001).

3.1     Articles of Incorporation, dated June 29, 1994 (incorporated
        by reference to Exhibit 3.1 of the Form 8-K12g3 filed on May
        16, 2000).

3.2     Amended Articles of Incorporation, dated April 6, 1995
        (incorporated by reference to Exhibit 3.1 of the
        Registration Statement on Form 8-K12g-3 filed on May 16, 2000).

3.3     Articles of Amendment to Articles of Incorporation, dated
        February 7, 1997 (incorporated by reference to Exhibit 3.1
        of the Form 8-K12g-3 filed on May 16, 2000).

3.4     Articles of Amendment to Articles of Incorporation, dated
        July 2, 1997 (incorporated by reference to Exhibit 3.1 of
        the Form 8-K12g-3 filed on May 16, 2000).

3.5     Articles of Amendment to the Articles of Incorporation,
        dated August 17, 1998 (incorporated by reference to Exhibit
        3.1 of the Form 8-K12g-3 filed on May 16, 2000).

3.6     Articles of Amendment to Articles of Incorporation, dated
        January 18, 2000 (incorporated by reference to Exhibit 3.6
        of the Form 10-QSB filed on August 14, 2001).

3.7     Bylaws, dated May 15, 2000 (incorporated by reference to
        Exhibit 3.2 of the Form 8-K12g-3 filed on May 16, 2000).

4.1     Employee Stock Incentive Plan, dated January 22, 2001
        (incorporated by reference to Exhibit 4.1 of the Form S-8
        filed on January 29, 2001).

4.2     Non-Employee Directors and Consultants Retainer Stock Plan,
        dated January 5, 2001 (incorporated by reference to Exhibit
        4.2 of the Form S-8 filed on January 29, 2001).

4.3     Common Stock Purchase Agreement between the Registrant and
        Four Way Associates, Inc., dated June 1, 2001 (incorporated
        by reference to Exhibit 4.3 of the Form SB-2 filed on August
        28, 2001).

4.4     Amended and Restated Employee Stock Incentive Plan, dated
        November 20, 2001 (incorporated by reference to Exhibit 4.1
        of the Form S-8 POS filed on January 31, 2002).

4.5     Amended and Restated Non-Employee Directors and Consultants
        Retainer Stock Plan, dated November 20, 2001 (incorporated
        by reference to Exhibit 4.2 of the Form S-8 POS filed on
        January 31, 2002).

10.1    Consulting Agreement between the Registrant and Steve
        Vicory, dated January 1, 2001 (incorporated by reference to
        Exhibit 10.1 of the Form 10-KSB filed on April 16, 2002).

10.2    Consulting Agreement between the Registrant and Marcine Aniz
        Uhler, dated March 12, 2001 (incorporated by reference to
        Exhibit 10.2 of the Form 10-KSB filed on April 16, 2002).

10.3    Consulting Agreement between the Registrant and Victoria
        Teddi, dated March 12, 2001 (incorporated by reference to
        Exhibit 10.3 of the Form 10-KSB filed on April 16, 2002).

10.4    Employment Agreement between the Registrant and James
        Alexander, dated February 20, 2002 (see below).

21      Subsidiaries of the Registrant (incorporated by reference to
        Exhibit 21 of the Form 10-KSB filed on April 16, 2002).