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 SEPTEMBER 30, 2001

                                      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: 000-29897

                            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 September 30, 2001, the Registrant had 35,873,986 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
         SEPTEMBER 30, 2001                                                4

         CONSOLIDATED STATEMENTS OF OPERATIONS
         FOR THE THREE AND NINE MONTHS ENDED
         SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000                         5

         CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR THE NINE MONTHS ENDED
         SEPTEMBER 30, 2001 AND SEPTEMBER 30, 2000                         6

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                        7

     ITEM 2.  PLAN OF OPERATION                                            8

PART II - OTHER INFORMATION

     ITEM 1.  LEGAL PROCEEDINGS                                           17

     ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS                   17

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                             17

     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS         17

     ITEM 5.  OTHER INFORMATION                                           17

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                            18

SIGNATURE                                                                 18

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.
Westminster, Colorado

We have reviewed the accompanying balance sheet of World-Am
Communications, Inc. as of September 30, 2001 and the related
statements of operations for the three month and nine month period
ended September 30, 2001 and 2000, and the cash flows for the nine
months ended September 30, 2001 and 2000 included in the accompanying
Securities and Exchange Commission Form 10-QSB for the period ended
September 30, 2001.  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
generally accepted auditing standards, 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 generally accepted accounting principles.

We have previously audited, in accordance with generally accepted
auditing standards, the balance sheet as of December 31, 2000, and the
related statements of operations, stockholders' equity and cash flows
for the year then ended (not presented herein).  In our report dated
March 28, 2001, we expressed an unqualified opinion on those financial
statements.  In our opinion, the information set forth in the
accompanying balance sheet as of September 30, 2001 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
November 8, 2001

                          WORLD-AM COMMUNICATIONS, INC.
                           CONSOLIDATED BALANCE SHEET
                               September 30, 2001
                                    (Unaudited)

                                       ASSETS

Current Assets:
 Cash                                                            $     5,183
 Accounts receivable                                                  66,840
 Inventory                                                                 -
  Total Current Assets                                                72,023

Property and Equipment:
 Office equipment and computers                                       50,966
 Less accumulated depreciation                                        (3,641)
 Property and Equipment, net                                          47,325

Other Assets:
 Goodwill - net                                                        8,462
  Total Other Assets                                                   8,462

Total Assets                                                         127,810

                    LIABILITIES AND STOCKHOLDERS'  DEFICIT:

Current Liabilities:
 Accounts payable                                                    186,583
 Taxes payable                                                       122,580
 Accrued expenses                                                      6,502
 Lines of credit                                                         591
 Note payable - current portion                                       53,189
  Total Current Liabilities                                          369,445

Stockholders'  Deficit:
 Common stock, $.0001 par value, 500,000,000
 shares authorized: 35,873,986 and 5,145,972,
 issued and Outstanding at September 30, 2001 and
December 31, 2000 Respectively                                         3,587
 Additional paid-in capital                                        1,978,245
 Retained deficit                                                 (2,223,467)
Total Stockholders' Deficit                                         (241,635)

Total Liabilities And Stockholders' Deficit                          127,810

The accompanying notes are an integral part of these financial statements

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

                                  Three months ended         Nine months ended
                                     September 30              September 30
                                 2001             2000      2001           2000

Revenues:                       $  118,331      $  5,367   $  251,716   $36,092

Cost of Goods Sold                   9,683           539       22,914    12,691

Gross Profit                       108,648         4,828      228,802    23,401

Operating Expenses:
 Sales and Marketing                     -             -            -     8,831
 General and Administrative        289,093       314,499      465,850   430,498
 Total Operating Expenses          289,093       314,499      465,850   439,329

Net Loss from Operations         (180,445)     (309,671)    (237,048) (415,928)

Other Income/Expenses:
 Other income                            -             -            -         -
 Other expenses                          -          (495)           -   (2,929)

                                         -          (495)           -   (2,929)

Net (Loss)                       (180,445)     (310,166)    (237,048) (418,857)

Weighted average number
of shares outstanding           32,790,140     2,065,027   21,614,375 1,790,535

Net Loss Per Share                   (0.01)        (0.15)      (0.01)    (0.23)

The accompanying notes are an integral part of these financial statements

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

                                                           Nine Months Ended
                                                             September 30
                                                         2001             2000

Cash Flows From Operating Activities:
 Net (Loss)                                          $  (237,048)    $(418,857)
 Adjustments to reconcile net loss to net cash
 used in operating activities:
 Depreciation and amortization                             1,000             -
 Stock issued for services                               209,225       241,940
 Changes in assets and liabilities:
  Decrease (Increase) in accounts receivable             (46,550)      (18,974)
  Decrease (Increase) in inventory                        13,534       (13,137)
  Increase in accounts payable                            10,380        50,452
  Increase in payroll liabilities                         35,790        35,700
  (Decrease) in accrued expenses                          (3,331)            -
                                                         220,048       295,981
Net Cash Used in Operating Activities                    (17,000)     (122,876)

Cash Flow From Investing Activities:
 Purchase of equipment                                   (24,553)      (25,699)
 Net Cash Used In Investing Activities                   (24,553)      (25,699)

Cash Flow From Financing Activities:
 Proceeds from issuance of common stock                   25,000       106,000
 Proceeds from notes payable                              18,131        50,517
 Net Cash Provided By Financing Activities                43,131       156,517

(Decrease) Increase in Cash                                1,578         7,942

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

Cash and Cash Equivalents - End of period                  5,183         7,942

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 September 30, 2001, and the results of operations for
the three months and nine months ended September 30, 2001 and 2000,
and cash flows for the nine months ended September 30, 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, 2000.

ITEM 2.  PLAN OF OPERATION.

     The following discussion should be read in conjunction with the
financial statements of the Registrant and notes thereto contained
elsewhere in this report.

Twelve Month Plan of Operation.

     In the year 2001, the Registrant will be actively pursuing
several business objectives: corporate growth financing, including but
not limited to commercial lines of credit, capital formation
activities, combined business ventures, market development, product
development, and strategic business development.

     In general, the Registrant's efforts during the year following
the acquisition of Isotec, Inc. to augment operating and growth
capital has encountered numerous, unexpected diversions.  The
Registrant has increased its activities in pursuit of capitalization,
employing new members of management, legal and consulting teams. These
actions, in combination with the Registrant's plan to immediately take
the steps necessary to redomicile the corporation to Nevada with a new
name and symbol in the near future, the Registrant believes will aid
in efforts to capitalize the company and increase shareholder value.

     In the year 2001, the Registrant will focus its attention on the
marketing of the existing product line of products and development of
"Transparent SecurityT" product line.  The Registrant believes the
"Transparent SecurityT" product line will be ready for introduction to
the market sometime during the second half of 2001.

     "Transparent SecurityT" product line is a line of monitoring and
access devices designed to be unobtrusive to the occupant or passerby.
Such devices are designed to monitor and/or keep a count of how many
people pass through a certain area.  They may also be designed to
detect certain items the owner of the space may want to know about in
order to monitor specific movements of the individual(s) detected.  In
some settings an owner may not want to restrict access, but does want
to know if there is anyone entering who may be carrying a concealed
weapon in order that the particular individual may be monitored discretely.

     The Registrant believes that the "Transparent SecurityT" products
already developed and those currently under development represent a
major new segment in the future growth of security product marketing industry.

     With respect to the marketing of the Registrant's existing
security products line, the Registrant plans to:

     Continue to develop dealerships in key geographic locations around
     the United States.  One such dealership was added in January 2001
     in the New York / New Jersey region.  This new dealer furnishes
     equipment to clients such as the New York City Police Department,
     FBI, U.S. Department of the Treasury and to Mexico.  The Registrant
     also recently added a new dealer in the Mid-West.

     The Registrant has entered into a Master Dealership agreement with
     a company based in Mexico that will market the Registrant's
     products throughout Mexico.  The Registrant and this Mexican-owned
     company are negotiating a joint manufacturing agreement.

     The Registrant recently entered into a Master Dealership agreement
     with a company based in Honduras that will market the Registrant's
     products throughout Central America.

     The Registrant hired a market development specialist to concentrate
     on developing the distribution channels for the Registrant's
     product on the national and international levels.  The main thrust
     of this effort is to build up a network of dealers who will
     consistently market the Registrant's products.

     In January 2001, the Registrant adopted a Non-Employee Directors
     and Consultants Retainer Stock Plan.  This plan was adopted to
     permit the Registrant to engage the services of consultants for the
     purposes of helping to further develop and implement the
     Registrant's plan.  In addition, the Registrant will utilize
     certain consultants to redesign the corporate identity package.
     This includes new logo(s), graphic design, letterhead and other
     corporate communications.  It also is anticipated that the
     Registrant will incorporate the new identity and graphic design
     changes on the corporate Internet Web Site.  The Registrant is also
     utilizing the services of a lobbyist to introduce the Registrant
     and its products to more governmental clients.  The payment of
     consultants with the stock of the Registrant, aids in conservation
     of working capital for operational needs.

     The Registrant is exploring several avenues to obtain necessary
     financing for growth.  The areas being explored include, but are
     not limited to; commercial credit lines, capital formation (i.e.
     private placement/Form SB-2 registration), combined business
     ventures and factoring.

     The Registrant is in discussions with a manufacturer of non-
     competitive products.  The purpose of the discussion is to explore
     utilizing the manufacturer's capacity to fabricate the metal
     components in the Registrant's products.  Such an alliance would
     aid the Registrant in accommodating more rapid growth and it would
     allow the manufacturing company to utilize their production
     facility at higher level of production.

     The Registrant has a strategic alliance with a Colorado-based
     security consultancy firm.  This firm specializes in evaluation of
     security systems and procedures for many commercial and
     governmental entities worldwide.  The alliance is one of natural
     symbiosis and the two companies are very comfortable with referring
     clients to one another in the course of business.

     The Registrant is seeking proposals from professional investor
relations and public relations firms to pursue sound conservative
approach to communication information to the shareholders and the
public on an effective and timely basis and within the framework of
the securities regulations.  The Registrant plans to employ a new
IR/PR firm during the first half of 2001.

     During the second quarter of 2001, the Registrant continued to
expand its dealer network, both nationally and internationally with
the addition of Geovox Security, Inc., a Texas based dealer
specializing in correctional facilities, and the final negotiation of
a master dealership with a U.S. based, Turkish Security dealer
network.  Discussions are also being held with other dealer candidates
leading to signed agreements in the second quarter of 2001.

     In addition, negotiations were successfully concluded with ADI, a
division of Pittway Corporation, for a supplier agreement covering the
sales of Isotec products throughout their national sales organization.
Initial orders were placed in the second quarter of 2001.

     The Registrant in this period has continued to develop products
in its line of "Transparent SecurityT" monitoring and access devices
with the delivery of the first pre-production unit of its door frame,
thin line, weapons/metal detector.  A second such unit will be
delivered and featured at the Forced Protection Equipment
Demonstration show in Quantico, VA.

     The Registrant continued its efforts to acquire the necessary
funding for growth and is in discussions with several parties to that
end.  Likewise, the Registrant is actively pursuing a new investor
relations and public relations firm based upon proposals received.

Recent Developments

     During the third quarter of 2001, the Registrant has continued to
expand its dealer network with the addition of two master dealers on
the east and west coast, a dealership in northern California and a
dealership with a Miami based international dealer selling in the
Caribbean and Latin America. Negotiations are underway with other
dealer candidates leading to signed agreements in the fourth quarter
of 2001.

     During the third quarter, the Registrant completed manufacture
and delivery of two portals and optical devices for a U.S. Department
of Energy facility, and two ADI portals.  In addition, orders were
received for three Jewelry store portals, and a three-lane portal for
a banking facility.  Subsequent to the events of September 11th,
inquiries regarding Isotec's products increased dramatically, both on
a national and international level. The Registrant is aggressively
pursuing its sales and marketing efforts with respect to the awakened
interest in access control security devices from both the government
and private sectors.

     The Registrant, in pursuit of necessary financing, filed an SB-2
registration during the quarter only to withdraw it in the latter part
of the quarter.  Resubmission of the document, should be accomplished
during the fourth quarter.  The Registrant plans to re-submit the SB-2
when new financing arrangements have been completed.  The Registrant
is also in the process of finalizing an agreement with a new public
relations firm, which will be in place shortly.

Risk Factors in Connection with Plan of Operation.

     An investment in the Registrant is subject to a number of risks.
Among these risks are the following:

(a)  Registrant Has Had Limited Revenue, and Has Had Losses Since
Inception and Expects Such Losses to Continue for the Foreseeable Future.

     The Registrant has had limited revenue during the last two fiscal
years, none in the fiscal year ended December 31, 1999, $65,201 in the
fiscal year ended December 31, 2000, and $251,716 in the nine months
ended September 30, 2001.  However, the Registrant has incurred
significant operating losses, including a net loss of $137,696 in
fiscal 1999, a net loss of $487,710 in fiscal 2000, and a net loss of
$237,048 for the nine months ended September 30, 2001.  At December
31, 2000, the Registrant had an accumulated deficit of $1,986,419;
$2,223,467 as of September 30, 2001.

     The future growth and profitability of the Registrant will be
principally dependent upon its ability to successfully market its
products.  Accordingly, the Registrant's prospects must be considered
in light of the risks, expenses and difficulties frequently
encountered in connection with the establishment of a new business in
a highly competitive industry, characterized by new product
introductions.  The Registrant anticipates that it will incur
substantial operating expenses in connection with the research,
development, and testing of its products and expects these expenses to
result in continuing and significant losses until such time as the
Registrant is able to achieve adequate revenue levels.  There can be
no assurance that the Registrant will be able to significantly
increase revenues or achieve profitable operations.

     As a result of the fixed nature of many of the Registrant's
expenses, the Registrant may be unable to adjust spending in a timely
manner to compensate for any unexpected delays in the development and
marketing of the Registrant's products or any capital raising or
revenue shortfall.  Any such delays or shortfalls will have an
immediate adverse impact on the Registrant's business, operations and
financial condition.

(b)  Registrant Will Need Additional Financing to Implement its
Business Plan and Such Financing May Be Unavailable or Too Costly.

     The Registrant has sufficient cash flow to meet its operating
requirements through 2001, but there can be no assurance the
Registrant will continue to meet its cash requirements.  However, the
current funds available to the Registrant, and the revenues generated
by the company, will not be adequate for it to be competitive in the
areas in which it intends to operate, and may not be adequate for the
Registrant to survive.  Therefore, the Registrant will need to raise
additional funds in order to fully implement its business plan (up to
$1,000,000 over the next twelve months); this will enable the company,
among other things, to hire an additional three employees.  The
Registrant's continued operations therefore will depend upon its
ability to raise additional funds through bank borrowings, equity or
debt financing.  There is no assurance that the Registrant will be
able to obtain additional funding when needed, or that such funding,
if available, can be obtained on terms acceptable to the Registrant.
If the Registrant cannot obtain needed funds, it may be forced to
curtail or cease its activities.  If additional shares were issued to
obtain financing, current shareholders may suffer a dilution on their
percentage of stock ownership in the Registrant.

(c)  There Can Be No Assurance that the Marketplace Will Accept and
Utilize Products that May Be Developed by Registrant.

     There can be no assurance that any products successfully
developed by the Registrant will ever achieve significant market
acceptance.  The Registrant's products compete with a number of
products manufactured and marketed by major e-commerce and technology
companies, as well as new products currently under development by such
companies and others.  The degree of market acceptance of any products
developed by the Registrant will depend on a number of factors,
including the establishment and demonstration of the efficacy of the
product candidates, their potential advantage over alternative methods
and reimbursement policies of government and third party payors.
There can be no assurance that the marketplace in general will accept
and utilize any products that may be developed by the Registrant or
its corporate collaborators.  If not accepted, an investor's entire
investment maybe lost.

(d)  Production of Products May be Affected by Ability to Secure
Necessary Materials.

     The Registrant's success is dependant upon being able to secure
the materials necessary to quickly and efficiently produce the
products that the Registrant offers to the public.  Production is also
dependant upon the Registrant continuing to employ individuals to
assist in the manufacture of the products.  The Registrant cannot
guarantee that the Registrant will be able to obtain the materials
necessary to produce the Registrant's products, nor can the Registrant
guarantee that it will be able to retain the employees that it
currently employs to continue to manufacture the Registrant's
products.  Failure in either respect could be detrimental to the
Registrant's success.

(e)  Process of Government Approval of Products May Slow Sales.

     The Registrant's success is dependant upon being able to secure
government approval for the products that the Registrant manufactures
and installs in facilities.  Many of the clients of the Registrant are
governmental entities and future regulation may deem the products that
the Registrant manufactures obsolete or ineffective.  Failure to
obtain government approval for the Registrant's products could be
detrimental to the Registrant's success.

     The Registrant is also subject to numerous federal, state and
local laws, regulations and recommendations relating to safe working
conditions, manufacturing practices, research and development
activities.  The Registrant is unable to predict the extent of
government regulations which might have an adverse effect on the
discovery, development, production and marketing of the Registrant's
products.  Also, there can be no assurance that the Registrant will
not be required to incur significant costs to comply with current or
future laws or regulations or that the Registrant will not be
adversely affected by the cost of such compliance.

(f)  No Assurance of Protection of Proprietary Information May Affect
Ability to Compete.

     Certain of the Registrant's know-how and proprietary technology
may not be patentable.  To protect its rights, the Registrant requires
management personnel, employees, consultants, and advisors to enter
into confidentiality agreements.  There is no assurance, however, that
these agreements will provide meaningful protection for the
Registrant's trade secrets, know-how or other proprietary information
in the event of any unauthorized use or disclosure.

(g)  Competition May Affect the Ability to Attract and Retain Customers.

     There are inherent difficulties for any new company seeking to
enter an established field. The Registrant may experience substantial
competition in its efforts to locate and attract customers for its
services.  Many competitors in the Registrant's field have greater
experience, resources, and managerial capabilities than the Registrant
and may be in a better position than the Registrant to attract such
customers.  There are a number of larger companies which may directly
compete with the Registrant.  Such competition could have a material
adverse effect on the Registrant' profitability or viability.

(h)  Influence of Other External Factors May Affect Registrant's
Ability to Survive.

     The security industry in general is a speculative venture
necessarily involving some substantial risk. There is no certainty
that the expenditures to be made by the Registrant will result in a
commercially profitable business.  The marketability of its services
will be affected by numerous factors beyond the control of the
Registrant.  These factors include market fluctuations, and the
general state of the economy (including the rate of inflation and
local economic conditions), which can affect peoples' discretionary
spending.  Factors which leave less money in the hands of potential
customers of the Registrant will likely have an adverse affect on the
Registrant.  The exact effect of these factors cannot be accurately
predicted, but the combination of these factors may result in the
Registrant not receiving an adequate, or any, return on invested capital.

(i)  Control of Registrant by Officers and Directors Leave Other
Shareholders with Less Control Over Registrant Matters.

     The Registrant's officers and directors beneficially own
approximately 56% of the outstanding shares of the Registrant's common
stock.  As a result, such persons, acting together, have the ability
to exercise influence over all matters requiring stockholder approval.
Accordingly, it may be difficult for the investors hereunder to
effectuate control over the affairs of the Registrant.  Therefore, it
should be assumed that the officers, directors, and principal common
shareholders who control the majority of voting rights will be able,
by virtue of their stock holdings, to control the affairs and policies
of the Registrant.

(j)  Loss of Any Key Personnel May Affect the Ability of Registrant to
Operate.

     The Registrant is dependent upon a relatively small number of key
management personnel and key employees and the loss of any of these
key management personnel and key employees could have  an adverse
effect on the Registrant.   Competition among technical companies for
qualified employees is intense, and the ability to retain and attract
qualified individuals is critical to the success of the Registrant.
Currently, none of such management personnel has an employment
agreement with the Registrant.  Therefore, there can be no assurance
that the Registrant will be able to attract and retain such
individuals currently or in the future on acceptable terms, or at all.
In addition, the Registrant does not maintain "key person" life
insurance on any officer, employee or consultant of the Registrant.

     In addition, all decisions with respect to the management of the
Registrant will be made exclusively by the officers and directors of
the Registrant.  Investors will only have rights associated with
shareholder ownership interest rights to make decisions which effect
the Registrant.  The success  of the Registrant, to a large extent,
will depend on the quality of the directors and officers of the
Registrant.  Accordingly, no person should invest in the shares unless
he is willing to entrust all aspects of the management of the
Registrant to the officers and directors.

(k)  Growth of Registrant Could Affect Management's Ability to Control
Registrant.

     The Registrant's future growth, if any, may cause a significant
strain on its management, operational, financial and other resources.
The Registrant's ability to manage its growth effectively will require
it to implement and improve its operational, financial, manufacturing
and management information systems and to expand, train, manage and
motivate its employees.  These demands may require the addition of new
management personnel and the development of additional expertise by
management.  Any increase in resources devoted to research, product
development and marketing and sales efforts without a corresponding
increase in The Registrant's operational, financial, manufacturing and
management information systems could have a material adverse effect on
the Registrant's business, financial condition, and results of
operations.

(l)  Limitations on Liability, and Indemnification, of Directors and
Officers May Result in Financial Outlays by Registrant.

     The Florida Statutes provide for permissive indemnification of
officers and directors and the Registrant may provide indemnification
under such provisions.  Any limitation on the liability of any
director, or indemnification of directors, officer, or employees,
could result in substantial expenditures being made by the Registrant
in covering any liability of such persons or in indemnifying them.

(m)  Potential Conflicts of Interest May Arise With Regard to Other
Business Activities of the Directors.

     The directors of the Registrant have other business interests to
which they devote time.  As a result, certain conflicts of interest
may arise between the Registrant and the directors which might not be
susceptible to resolution.  Any potential conflicts of interest will
be resolved through exercise by the directors of such judgment as is
consistent with their fiduciary duties to the Registrant.  It is the
intention of management, so as to minimize any potential conflicts of
interest, to present first to the board of directors of the
Registrant, any proposed investments for its evaluation.

(n)  Lack of Cumulative Voting Will Affect a Shareholder's Ability to
Elect a Board Member.

     Holders of the shares are not entitled to accumulate their votes
for the election of directors or otherwise. Accordingly, the holders
of a majority of the shares present at a meeting of shareholders will
be able to elect all of the directors of the Registrant, and the
minority shareholders will not be able to elect a representative to
the Registrant's board of directors.

(o)  Absence of Cash Dividends May Affect a Shareholder's Return on
His Investment.

     The board of directors does not anticipate paying cash dividends
on the shares for the foreseeable future and intends to retain any
future earnings to finance the growth of the Registrant's business.
Payment of dividends, if any, will depend, among other factors, on
earnings, capital requirements, and the general operating and
financial condition of the Registrant, and will be subject to legal
limitations on the payment of dividends out of paid-in capital.

(p)  Risk of Low Priced Securities May Affect the Liquidity of
Registrant's Stock.

     The Registrant's common stock is subject to the low-priced
security or so called "penny stock" rules that impose additional sales
practice requirements on broker-dealers who sell such securities.  The
Securities Enforcement and Penny Stock Reform Act of 1990 requires
additional disclosure in connection with any trades involving a stock
defined as a penny stock (generally, according to recent regulations
adopted by the U.S. Securities and Exchange Commission, any equity
security that has a market price of less than $5.00 per share, subject
to certain exceptions), including the delivery, prior to any penny
stock transaction, of a disclosure schedule explaining the penny stock
market and the risks associated therewith.   The regulations governing
low-priced or penny stocks sometimes limit the ability of broker-
dealers to sell the Registrant's common stock and thus, ultimately,
the ability of the investors to sell their securities in the secondary
market.

(q)  Because of a Limited Public Market for Registrant's Securities,
an Investor May Not Be Able to Liquidate the Shares Readily or at All.

     Prior to this offering, there has been only a limited public
market for the shares of common stock being offered.  Since inception
of public trading of the Registrant's common stock on the Pink Sheets
LLC in February 2000, there has been only a limited public market for
the common stock of the Registrant (the Registrant is currently traded
on the Over the Counter Bulletin Board).  There can be no assurance
that an active trading market will develop or that purchasers of the
shares will be able to resell their securities at prices equal to or
greater than the respective initial public offering prices.

     The market prices for the securities of technology companies have
historically been highly volatile.  The market has from time to time
experienced significant price and volume fluctuations that are
unrelated to the operating performance of any particular company.  The
market price of the shares may be affected significantly by factors
such as announcements by the Registrant or its competitors, variations
in the Registrant's results of operations, and market conditions in
the retail, electron commerce, and internet industries in general.
The market price may also be affected by movements in prices of stock
in general. As a result of these factors, purchasers of the shares
offered hereby may not be able to liquidate an investment in the
shares readily or at all.

(r)  Failure to Maintain Market Makers by Registrant Could Affect the
Stock's Liquidity.

     If the Registrant is unable to maintain at least one National
Association of Securities Dealers, Inc. member broker/dealers as a
market maker, the liquidity of the common stock could be impaired, not
only in the number of shares of common stock which could be bought and
sold, but also through possible delays in the timing of transactions,
and lower prices for the common stock than might otherwise prevail.
Furthermore, the lack of  market makers could result in persons being
unable to buy or sell shares of the common stock on any secondary
market.  There can be no assurance the Registrant will be able to
maintain such market makers.

(s)  Shares Eligible For Future Sale May Result in Dilution to Other
Shareholders.

     All of the approximate 13,000,000 shares of common stock  which
are currently held, directly or indirectly, by management have been
issued in reliance on the private placement exemption under the
Securities Act of 1933.  Such shares will not be available for sale in
the open market without separate registration except in reliance upon
Rule 144 under the Securities Act of 1933.  In general, under Rule 144
a person (or persons whose shares are aggregated) who has beneficially
owned shares acquired in a non-public transaction for at least one
year, including persons who may be deemed affiliates of the Registrant
(as that term is defined under that rule) would be entitled to sell
within any three-month period a number of shares that does not exceed
the greater of 1% of the then outstanding shares of common stock, or
the average weekly reported trading volume during the four calendar
weeks preceding such sale, provided that certain current public
information is then available.  If a substantial number of the shares
owned by these shareholders were sold pursuant to Rule 144 or a
registered offering, the market price of the common stock could be
adversely affected.

Forward Looking Statements.

     The foregoing Plan of Operation 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.

     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.

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS.

     The Registrant did not sell any unregistered equity securities
during the quarter ended September 30, 2001.

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 third 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: November 15, 2001                   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).

21     Subsidiaries of the Registrant (incorporated by reference to
       Exhibit 21 of the Form 10-KSB filed on April 2, 2001).