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, 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 September 30, 2002, the Registrant had 154,423,399 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, 2002                                             4

              CONSOLIDATED STATEMENTS OF OPERATIONS
              FOR THE THREE AND NINE MONTHS ENDED
              SEPTEMBER 30, 2002 AND SEPTEMBER 30, 2001                      5

              CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED
              SEPTEMBER 30, 2002 AND SEPTEBMER 30, 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

CERTIFICATION                                                               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.
Westminster, Colorado

     We have reviewed the accompanying balance sheet of World-Am
Communications, Inc. as of September 30, 2002 and the related
statements of operations for the three months and nine months ended
September 30, 2002 and 2001, and the cash flows for the nine months
ended September 30, 2002 and 2001 included in the accompanying
Securities and Exchange Commission Form 10-QSB for the period ended
September 30, 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 generally accepted
auditing standards, 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 September 30, 2002 is fairly stated
in all material respects in relation to the balance sheet from which
it has been derived.

/s/  Michael Johnson & Co., L.L.C.
Michael Johnson & Co., L.L.C.
Denver, Colorado
November 6, 2002

                           WORLD-AM COMMUNICATIONS, INC.
                            CONSOLIDATED BALANCE SHEET
                                SEPTEBMER 30, 2002
                                    (Unaudited)

                                       ASSETS:

Current Assets:
Cash                                                        $    22,087
Accounts receivable                                              58,126
Inventory                                                        25,694
Prepaid expenses                                                 71,500
  Total Current Assets                                          177,407

Property and Equipment:
Office equipment and computers                                   16,528
Less accumulated depreciation                                    (6,386)
Property and equipment, net                                      10,142

Total Assets                                                    187,549

                LIABILITIES AND STOCKHOLDERS' DEFICIT:

Current Liabilities:
Accounts payable                                                 83,759
Taxes payable                                                   177,561
Lines of credit                                                   6,656
Note payable - current portion                                   38,817
  Total Current Liabilities                                     306,793

Stockholders'  Deficit:
Common stock, $.0001 par value, 500,000,000
shares authorized: 154,423,399 issued and
outstanding at September 30, 2002                                15,207

Additional paid-in capital                                    5,112,073
Retained deficit                                             (5,246,524)
Total Stockholders' Deficit                                    (119,244)

Total Liabilities and Stockholders' Deficit                     187,549

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,
                                 2002          2001      2002         2001

Revenues                        $  110,138   $ 118,331  $  333,571  $ 251,716

Cost of Goods Sold                  44,698       9,683     102,274     22,914

Gross Profit                        65,440     108,648     231,297    228,802

Operating Expenses:
Sales and marketing                      -           -           -          -
General and administrative         724,704     289,093   2,694,462    465,850
  Total Operating Expenses         724,704     289,093   2,694,462    465,850

Net Loss from Operations          (659,264)   (180,445) (2,463,165)  (237,048)

Other Income/Expenses:
Other income                             -           -           -          -
Other expenses                           -           -           -          -
                                         -           -           -          -

Net (Loss)                        (659,264)   (180,445) (2,463,165)  (237,048)

Net Loss Per Share                  (0.006)     (0.001)      (0.02)     (0.01)

Weighted Average Number of
Shares Outstanding             119,139,500  32,790,140  113,027,444 21,614,375

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,
                                                          2002          2001
Cash Flows From Operating Activities:
Net (Loss)                                             $(2,463,165) $ (237,048)
Adjustments to reconcile net loss to net cash
    used in operating activities:
Depreciation and amortization                                1,000       1,000
Stock issued for services                                2,386,428     209,225
Changes in assets and liabilities:
Decrease (increase) in accounts receivable                 (34,624)    (46,550)
Decrease (increase) in inventory                            (7,530)     13,534
Increase in prepaid expenses                               (71,500)          -
Increase in accounts payable                               (14,812)     10,380
Increase in payroll liabilities                             79,274      35,790
(Decrease) in accrued expenses                               6,656      (3,331)

                                                         2,344,892     220,048

Net Cash Used in Operating Activities                     (118,273)    (17,000)

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

Cash Flow From Financing Activities:
Proceeds from issuance of common stock                     115,600      25,000
Proceeds from notes payable                                 16,522      18,131
Net Cash Provided By Financing Activities                  132,122      43,131

(Decrease) Increase in Cash                                 13,849       1,578

Cash and Cash Equivalents -
Beginning of period                                          8,238       3,605
Cash and Cash Equivalents - End of period                   22,087       5,183

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, 2002, and the results of operations for
the three months and nine months ended September 30, 2002 and 2001,
and cash flows for the nine months ended September 30, 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.

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

(a)  Revenues.

     Revenues for the quarter ended September 30, 2002, were $110,138
as compared with $118,331 in 2001, for the corresponding period.  For
the nine months ended September 30, 2002, revenues were $333,571 as
compared to $251,716 for the corresponding period in 2001.

     The year-to-date increase in revenues, approximately 133 %, was
realized primarily in February and March, and is attributed to dealer
and direct orders for security products of the wholly owned
subsidiary, Isotec, Inc.

(b)  General and Administrative Expense.

     The general and administrative expense continues to reflect the
impact of the use of Form S-8 stock to compensate needed services by
various professionals in the absence of equity funding.  The
Registrant may file a registration statement subsequent to the
submission of this document.

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 From S-8 common shares as mentioned above.  As of September 30,
2002, the Registrant had no significant sources of liquidity.

     For the quarter ended September 30, 2002, Registrant had
operating losses reflecting the developmental nature of its operation;
it does however, foresee its efforts culminating in sufficient cash
flows 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 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.

     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.

     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.  The
Registrant's continued operations, as well as the implementation of
its business plan, therefore 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.

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.

     The Registrant did not sell any unregistered (restricted) equity
securities during the quarter ended September 30, 2002.

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 14, 2002               By: /s/ James H. Alexander
                                       James H. Alexander, President/Treasurer

                                 CERTIFICATION

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.  I am 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 me 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 my conclusions about the
     effectiveness of the disclosure controls and procedures based on
     my evaluation as of the Evaluation Date;

5.  I have disclosed, based on my 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;

6.  I have indicated in this quarterly report whether 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: November 14, 2002                /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).

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 (incorporated by
        reference to Exhibit 10.4 of the Form 10-QSB filed on May  14, 2002).

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