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 JUNE 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 June 30, 2002, the Registrant had 102,672,550 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
     JUNE 30, 2002                                                        4

     CONSOLIDATED STATEMENTS OF OPERATIONS
     FOR THE THREE AND SIX MONTHS ENDED
     JUNE 30, 2002 AND JUNE 30, 2002                                      5

     CONSOLIDATED STATEMENTS OF CASH FLOWS
     FOR THE SIX MONTHS ENDED
     JUNE 30, 2002 AND JUNE 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

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 June 30, 2002 and the related statements of
operations for the three months and six months ended June 30, 2002 and
2001, and the related cash flows for the six months ended June 30,
2002 and 2001 included in the accompanying Securities and Exchange
Commission Form 10-QSB for the period ended June 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 auditing standards
generally accepted in the United States, the balance sheet as of
December 31, 2001, and the related statements of operations,
stockholders' equity, and cash flows for the year then ended (not
presented herein).  In our report dated April 10, 2002, we expressed
an unqualified opinion on those financial statements.  In our opinion,
the information set forth in the accompanying balance sheet as of June
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
August 12, 2002

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

ASSETS:

Current Assets:
 Cash                                                      $    30,587
 Accounts receivable                                            64,914
 Inventory                                                       7,802
 Prepaid expenses                                                6,500
  Total Current Assets                                         109,803

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

Total Assets                                                   119,945

                LIABILITIES AND STOCKHOLDERS'  DEFICIT:

Current Liabilities:
 Accounts payable                                              110,919
 Taxes payable                                                 149,605
 Accrued expenses                                                2,282
 Loan payable - current portion                                 38,817
  Total Current Liabilities                                    301,623

Stockholders'  Deficit:
 Common stock, $.0001 par value, 500,000,000
 shares authorized: 102,672,550 issued and
 outstanding at June 30, 2002                                  10,267
 Additional paid-in capital                                 4,395,315
 Retained deficit                                          (4,587,260)
  Total Stockholders' Deficit                                (181,678)

Total Liabilities And Stockholders' Deficit                   119,945

The accompanying notes are an integral part of these financial statements

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

                                   Three months ended         Six months ended
                                        June 30,                   June 30,
                                   2002          2001         2002        2001

Revenues                           $   89,677   $ 101,035  $ 223,433  $133,385

Cost of Goods Sold                     11,971      12,413     57,576    13,231

Gross Profit                           77,706      88,622    165,857   120,154

Operating Expenses:
 Sales and Marketing                        -           -          -         -
 General and Administrative           779,942     109,413  1,969,758   176,757
  Total Operating Expenses            779,942     109,413  1,969,758   176,757

Net Loss from Operations             (702,236)    (20,791)(1,803,901)  (56,603)

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

                                            -           -          -         -

Net (Loss)                           (702,236)     (20,791)(1,803,901) (56,603)

Net Loss Per Share                     (0.007)     (0.0001)     (0.02)  (0.003)

Weighted average number of
shares outstanding               100,200,994   21,466,754 78,161,688 16,026,493

The accompanying notes are an integral part of these financial statements

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

                                                         Six Months Ended
                                                             June 30,
                                                         2002        2001

Cash Flows From Operating Activities:
 Net (Loss)                                          $(1,803,901) $  (56,603)
 Adjustments to reconcile net loss to net cash
 used in operating activities:
 Depreciation and amortization                             1,000       1,000
 Stock issued for services                             1,780,330       1,212
 Changes in assets and liabilities:
 Decrease (Increase) in accounts receivable              (41,412)     15,719
 Decrease (Increase) in inventory                         10,362      13,534
 Increase in prepaid expenses                             (6,500)          -
 Increase in accounts payable                             12,348       6,862
 Increase in payroll liabilities                          51,318      27,249
 (Decrease) in accrued expenses                            2,282       1,577
                                                       1,809,728      67,153
  Net Cash Used in Operating Activities                    5,827      10,550

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                        -           -
 Proceeds from notes payable                              16,522      16,167
 Net Cash Provided By Financing Activities                16,522      16,167

(Decrease) Increase in Cash                               22,349       2,164

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

Cash and Cash Equivalents - End of period                 30,587       5,769

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 June 30, 2002, and the results of operations for the
three months and six months ended June 30, 2002 and 2001, and cash
flows for the six months ended June 30, 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, 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 June 30, 2002 were $89,677 as
compared to $101,035 in 2001, for the corresponding period.  For the
six months ended June 30, 2002, revenues were $223,433 as compared to
$133,385 for the corresponding period in 2001.

     The increase in revenues, approximately 167 %, was realized
primarily in February and March, 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 reflects 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 re-
file the withdrawn Form SB-2 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 Form S-8 common shares as mentioned above.  As of June 30,
2002, the Registrant had no significant sources of liquidity.

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

     During 2001, and given the renewed interest in its products
subsequent to the events of September 11, 2002, the Registrant was
presented with business opportunities which it is currently pursuing
with respect to stock acquisition of other synergistic companies,
joint ventures and teaming arrangements.  Management believes that it
has the ability to attract the necessary capital to carry out its
plan.  Management also has targeted certain operating companies that
may have an interest in entering into a business combination.

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

     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.

     Other than as set forth below, the Registrant did not sell any
unregistered (restricted) equity securities during the quarter ended
June 30, 2002:

     On May 13, 2002, the Registrant issued 5,000,000 shares of common
stock to Paul Labarile, Secretary and a Director of the Registrant,
for past services rendered to the company.  These shares were valued
at $5,000 ($0.001 per share).

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

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

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

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

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

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

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

     Not Applicable.

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

     None.

ITEM 5.  OTHER INFORMATION.

     None.

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

Exhibits.

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

Reports on Form 8-K.

     No reports on Form 8-K were filed during the second 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: August 13, 2002                  By: /s/ James H. Alexander
                                        James H. Alexander, President

                               EXHIBIT INDEX

Number                     Description

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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