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, 2003

                                       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.

                Nevada                              59-3253968
(State or jurisdiction of incorporation or       (IRS Employer
             organization)                    Identification No.)

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

                               (303) 452-0022
                         (Issuer's telephone number)

     Securities registered under Section 12(b) of the Exchange Act: None

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

     As of March 31, 2003, 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, 2003
AND AUDITED BALANCE SHEET AS OF DECEMBER 31, 2002                        4

CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE
THREE MONTHS ENDED MARCH 31, 2003 AND MARCH 31, 2002                     5

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE
THREE MONTHS ENDED MARCH 31, 2003 AND MARCH 31, 2002                     6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                               7


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

ITEM 3. CONTROLS AND PROCEDURES                                          9

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS                                                9
ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS                        9
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES                                 9
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS              9
ITEM 5. OTHER INFORMATION                                                9
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                 9
SIGNATURES                                                              10
CERTIFICATIONS                                                          10

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL 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 March 31, 2003 and the related statements
of operations and cash flows for the three-month period ended March
31, 2003 and 2002 included in the accompanying Securities and
Exchange Commission Form 10-QSB for the period ended March 31, 2003.
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 U.S. 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 U.S. generally accepted accounting principles.

We have previously audited, in accordance with U.S. generally
accepted auditing standards, the balance sheet as of December 31,
2002, and the related statements of operations, stockholders' equity
and cash flows for the year then ended (not presented herein).  In
our report dated March 29, 2003, 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, 2003 is
fairly stated in all material respects in relation to the balance
sheet from which it has been derived.

Michael Johnson & Co., LLC.
Denver, Colorado
May 3, 2003


                            WORLD AM COMMUNICATIONS, INC.
                             CONSOLIDATED BALANCE SHEET
                                  MARCH 31, 2003
                                   (Unaudited)



                                                   March 31       December 31
                                                      2003            2002

ASSETS:
Current Assets:
Cash                                               $   19,526     $   25,411
Accounts receivable                                     5,750          7,015
Inventory                                               6,601          6,601
Total Current Assets                                   31,877         39,027

Property and Equipment:
Office equipment and computers                         18,457         16,528
Less accumulated depreciation                          (9,696)        (8,834)
     Property and Equipment, net                        8,761          7,694

TOTAL ASSETS                                           40,638         46,721

                      LIABILITIES AND STOCKHOLDERS'  DEFICIT:

Current Liabilities:
  Accounts payable                                     58,571         56,236
  Taxes payable                                       204,738        204,738
  Lines of credit                                       5,970          6,666
  Notes payable - current portion                     148,661         13,205
   Total Current Liabilities                          417,940        280,845

Stockholders'  Deficit:
    Preferred stock,  $.0001 par value, 80,000,000
shares authorized, none issued and outstanding              -              -
   Common stock, $.0001 par value, 800,000,000
shares authorized: 84,336,383 and 679,735,899 issued
and outstanding at March 31, 2003 and
December 31, 2002                                      85,423         67,973
    Respectively
  Additional paid-in capital                        5,813,732      5,556,682
  Retained deficit                                 (6,276,457)    (5,858,779)
Total Stockholders' Deficit                          (377,302)      (234,124)

TOTAL LIABILITIES AND STOCKHOLDERS'  DEFICIT           40,638         46,721

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
                                                          2003          2002

REVENUES:                                               $   25,720    $133,756

COST OF GOODS SOLD                                           3,606      45,605

GROSS PROFIT                                                22,114      88,151

OPERATING EXPENSES:
Sales and Marketing                                              -           -
General and Administrative                                 439,792   1,189,816
Total Operating Expenses                                   439,792   1,189,816

Net Loss from Operations                                  (417,678) (1,101,665)

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

NET (LOSS)                                                (417,678) (1,101,665)

Weighted average number of
shares outstanding                                     702,402,566   56,122,383

Net Loss Per Share                                          (0.001)       (0.02)

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
                                                          2003          2002

Cash Flows From Operating Activities:
  Net (Loss)                                          $ (417,678)  $(1,101,665)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
  Depreciation and amortization                              862           500
   Stock issued for services                             274,500     1,121,030
   Changes in assets and liabilities:
     Decrease (Increase) in accounts receivable            1,265       (60,393)
     Decrease (Increase) in inventory                          -        18,164
     Increase in prepaid expenses                              -        (6,500)
     Increase in accounts payable                          2,335       (16,211)
     Increase in payroll liabilities                           -        24,077
    (Decrease) in accrued expenses                             -         2,482
                                                         278,962     1,083,149
Net Cash Used in Operating Activities                   (138,716)      (18,516)

Cash Flow From Investing Activities:
  Purchase of equipment                                   (1,929)            -
  Net Cash Used In Investing Activities                   (1,929)            -

Cash Flow From Financing Activities:
  Proceeds from issuance of common stock                       -             -
  Proceeds (payments) from line of credit                   (696)            -
  Proceeds from notes payable                            135,456        20,222
  Net Cash Provided By Financing Activities              134,760        20,222

(Decrease) Increase in Cash                               (5,885)        1,706

Cash and Cash Equivalents - Beginning of period           25,411         8,238

Ccash and Cash Equivalents - End of period                19,526         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, 2003, and the results of operations and cash
flows for the three months ended March 31, 2003 and 2002.  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, 2002 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.

                                            2003      2002

Total revenue                              25,720    133,756
Costs of Goods Sold                         3,606     45,605
Gross Profit                               22,114     88,151

Operating Expenses:
Sales and Marketing                             -          -
General and Adminstrative                 439,792  1,189,816
Net Loss from Operations                 (417,678)(1,101,665)

Net Loss Per Share                         (0.001)     (0.02)

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

(a)  Revenues.

     Revenues for the quarter ended March 30, 2003 were $25,720 as
compared to $133,756 in 2002, for the corresponding period.  The
decrease in revenues is attributed to a decrease in 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.

(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, 2003, the Registrant has no significant sources of liquidity.

     For the quarter ended March 30, 2003, 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.

    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."

Critical Accounting Policies.

     The Securities and Exchange Commission ("SEC") recently issued
Financial Reporting release No. 60, "Cautionary Advice Regarding
Disclosure About Critical Accounting Policies" (FRR 60"), suggesting
companies provide additional disclosure and commentary on their most
critical accounting policies.  In FRR 60, the SEC defined the most
critical accounting policies as the ones that are most important to
the portrayal of a company's financial condition and operating
results, and require management to make its most difficult and
subjective judgments, often as a result of the need to make estimates
of matters that are inherently uncertain.  Based on this definition,
the registrant's most critical accounting policies include: non-cash
compensation valuation that affects the total expenses reported in
the current period.  The methods, estimates and judgments the
Registrant uses in applying these most critical accounting policies
have a significant impact on the results the registrant reports in
its financial statements.

ITEM 3.  CONTROLS AND PROCEDURES.

(a) Evaluation of disclosure controls and procedures.

     Within the 90 days prior to March 31, 2003, the Registrant
carried out an evaluation of the effectiveness of the design and
operation of its disclosure controls and procedures pursuant to Rule
13a-14 under the Securities and Exchange Act of 1934 ("Exchange
Act").  This evaluation was done under the supervision and with the
participation of the Registrant's President and Chief Financial
Officer.  Based upon that evaluation, they concluded that the
Registrant's disclosure controls and procedures are effective in
gathering, analyzing and disclosing information needed to satisfy the
Registrant's disclosure obligations under the Exchange Act.

(b) Changes in internal controls.

     There were no significant changes in the Registrant's internal
controls or in its factors that could significantly affect those
controls since the most recent evaluation of such controls.

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 as defendants in a civil complaint filed in the United States
District Court, District of Rhode Island.  Plaintiffs, Robert Hainey
and Internet Marketing Solutions, Inc allege 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.  Plaintiffs seek damages in an unspecified amount.
The defendants have disputed the claims and intend to defend against
this action vigorously.  Defendants have filed an answer to the
complaint and a motion for change of venue.  On May 14, 2003, this
matter was dismissed.

    On December 11, 2002, Isotec, Inc. was named in a civil complaint
filed in Adams County District Court, Colorado.  Plaintiffs, Harsh
Development, LLC et al., allege defaults of contractual obligations
and nonpayment of debt in connection with services alleged to have
been performed by the plaintiffs for the benefit of defendants.
Plaintiffs seek damages of approximately $61,000.00.  Defendants have
failed an answer to the complaint and will conduct discovery as the
case progresses into the discovery stage.  Although management
believes the claims are without merit 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.

     The Registrant did not sell any unregistered (restricted) equity
securities during the quarter ended March 31, 2003.

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.

Form 8-K was filed on January 17, 2003 to disclose that the
Registrant and Mercatus & Partners, Ltd. entered into a $1 million
Collateral Loan Agreement and Promissory Note.


                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Dated: May 15, 2003                    World Am Communications, Inc.
                                       By: /s/ James H. Alexander
                                       James H. Alexander
                                       President/Treasurer

                                    CERTIFICATIONS

I, James H. Alexander, certify that:

1.  I have reviewed this quarterly report on Form 10-QSB of World-Am
Communications, Inc.;

2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;

3. Based on my knowledge, the financial statements, and other
financial information included in this quarterly report, fairly
present in all material respects the financial condition, results of
operations and cash flows of the registrant as of, and for, the
periods presented in this quarterly report;

4. The registrant's other certifying officers and I are responsible
for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-14 and 15d-14) for the
registrant and have:

a) designed such disclosure controls and procedures to
ensure that material information relating to the
registrant, including its consolidated subsidiaries, is
made known to us by others within those entities,
particularly during the period in which this quarterly
report is being prepared;

b) evaluated the effectiveness of the registrant's
disclosure controls and procedures as of a date within 90
days prior to the filing date of this quarterly report (the
"Evaluation Date"); and

c) presented in this quarterly report our conclusions about
the effectiveness of the disclosure controls and procedures
based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of registrant's board of directors (or persons
performing the equivalent functions):

a) all significant deficiencies in the design or operation
of internal controls which could adversely affect the
registrant's ability to record, process, summarize and
report financial data and have identified for the
registrant's auditors any material weaknesses in internal
controls; and

b) any fraud, whether or not material, that involves
management or other employees who have a significant role
in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes
in internal controls or in other factors that could significantly
affect internal controls subsequent to the date of our most recent
evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.

Dated: May 15, 2003

By: /s/ James H. Alexander
James H. Alexander
President/Treasurer

                                      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).

2.3     Collateral Loan Agreement and Promissory Note
        dated as of December 19, 2002, by and between
        World Am Communications, Inc. and Mercatus
        Trust Lux (incorporated by reference to
        Exhibit 99.1) of the Form 8-K filed on
        January 17, 2003).

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-
        K12G3 filed on May 16, 2000).

3.3     Articles of Amendment to Articles of
        Incorporation dated February 7, 1997
        (incorporated by reference to Exhibit 3.1of
        the Form 8-K12G3 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-K12G3 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-K12G3 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-K12G3
        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 4.1of 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).

4.6     2002 Non-Employee Directors and Consultants
        Retainer Stock Plan (incorporated by
        reference to Exhibit 4.2 of the Form S-8
        filed on September 18, 2002)

4.7     2002 Stock Compensation Plan dated December
        16, 2002 (incorporated by reference to
        Exhibit 4.2 of the Form S-8 filed on December 23, 2002)

10.1    Employment Agreement between Registrant and
        James Alexander dated February 20, 2002, as
        amended (incorporated by reference to Exhibit
        10.1on Form 10KSB/A as filed on April 24, 2003).

21      Subsidiaries of the Registrant (incorporated
        by reference to Exhibit 21 on Form 10KSB/A as
        filed on April 24, 2003).

99.1    Certification Pursuant to 18 U.S.C. Section
        1350, As Adopted Pursuant to Section 906 Of
        The Sarbanes-Oxley Act of 2002 (filed herewith).