| ****UNITED    STATES****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         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|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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| ****SECURITIES    AND EXCHANGE COMMISSION****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| ****Washington,    DC 20549****                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        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| **Form 10-QSB**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                  (Mark one)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| [ X ] QUARTERLY REPORT UNDER    SECTION 13 OR 15 (d) OF THE 
SECURITIES EXCHANGE ACT OF 1934** **
For the quarterly period ended:    September 31, 2001  
[    ]    TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE 
SECURITIES EXCHANGE ACT OF 1934  
For the transition period from    ____________ to _____________  
Commission file number: 0-23532  
**AMERICAN DIVERSIFIED    GROUP, INC.**
(Exact name of    small business issuer as specified in its charter)
Nevada
88-0292161
(State or    other jurisdiction of incorporation or organization) 
(IRS Employer    Identification No.)  
110 North Center Street,    Suite 202, Hickory, NC
28601
(Address of    principal executive offices)
(Zip Code)828-322-2044(Issuer’s    telephone number)_____________________________________________________________(Former name, former    address and former fiscal year, if changed since last report)
APPLICABLE    ONLY TO CORPORATE ISSUERS        
State    the number of shares outstanding of each of the issuer’s classes of common equity, as    of the latest practicable date: 419,762,358 shares issued as of September 30,  2001Transitional Small    Business Disclosure Format: Yes __ No X
 

 

 

 

 

 

 

 

**PART I. FINANCIAL    INFORMATION**
Page  Item 1. Consolidated Financial Statements    (Unaudited)2Item 2. Management’s Discussion and    Analysis6  
**PART II. OTHER    INFORMATION**Item 1. Legal Proceedings8Item 2. Changes in Security8Item 3. Default Upon Senior Securities9Item 4. Submission of Matters to a Vote of    Security Holders9Item 5. Other Information9Item 6. Exhibits and Reports on Form 8-K9
 

**PART I FINANCIAL INFORMATION**

**Item 1. Financial Statements (Unaudited)**

Page    Consolidated Balance Sheets    (Unaudited) as of September 30, 2001 and December 31, 2000.2Consolidated Statements of Income (    Loss) (Unaudited) for the Three and    Nine months ended    September 30, 2001 and 2000.3Consolidated Statements of Cash    Flows (Unaudited) for the Six months 4   ended September 30,    2001 and 2000.Notes to Consolidated Financial    Statements.5
 
**AMERICAN DIVERSIFIED GROUP, INC.    AND SUBSIDIARIES**CONSOLIDATED BALANCE SHEETS         
Sept. 30, 2001
Dec. 31, 2000
**ASSETS**(Unaudited)**CURRENT    ASSETS**      Cash and cash equivalents 
$
7,829
$
12,693      Accounts receivable, less allowance for       doubtful accounts of $303,854 and $220,770
1,170,825
888,708      Note receivable from customer500,000-      Receivable from related parties 
247,944
223,535      Prepaid expenses 
- 
11,519        **TOTAL CURRENT ASSETS**
1,926,598
1,136,455**PROPERTY    AND EQUIPMENT**      (Net of $153,505 and $176,157 accumulated depreciation) 
591,903
895,218  **OTHER    ASSETS**  Goodwill7,5007,500     Organization costs, net480565      Deposits 
376,977        **TOTAL OTHER ASSETS**
384,957
324,265  **TOTAL    ASSETS**
$
2,903,458
$
2,355,938  
**LIABILITIES AND STOCKHOLDERS' EQUITY****LIABILITIES**      Accounts payable 
$
395,004
$
349,383      Current portion of capital lease obligation47,365
44,354      Accrued payroll and related taxes249,920
64,200      Accrued expenses and other liabilities 
80,875
79,849      Deferred revenues
56,188
59,307      Accrued income taxes payable
47,935
47,935      Loan payable
-
500,000      Related party payable
302,701
60,851        **TOTAL CURRENT LIABILITIES**
1,179,988
1,205,879  **LONG-TERM    LIABILITIES**Capital    lease obligations$50,443$230,391Notes    payable-stockholders63,00083,000       **TOTAL LONG-TERM LIABILITIES**113,443313,391       **TOTAL LIABILITIES**1,293,4311,519,270  **STOCKHOLDERS'    EQUITY**      Preferred stock, Series A, $10 par value, 50,000 shares authorized;         none issued and outstanding - -       Common stock, $.001 par value, 700,000,000 shares authorized;         419,762,358 and 412,839,858 shares issued and outstanding 
419,763
412,840      Additional paid-in capital 
21,483,639
21,103,870      Deferred consulting fees
(53,125)
(212,500)      Accumulated deficit
(20,240,250)
(20,467,542)        **TOTAL STOCKHOLDERS' EQUITY**
1,610,027
836,668**TOTAL    LIABILITIES AND STOCKHOLDERS' EQUITY**
$
2,903,458
$
2,355,938See accompanying notes. 
 
**AMERICAN    DIVERSIFIED GROUP, INC. AND SUBSIDIARIES**CONSOLIDATED    STATEMENTS OF INCOME (LOSS) (UNAUDITED)    
For    the 
For    the 
For    the 
For    the Nine MonthsNine MonthsThree MonthsThree Months
Ended    
Ended    
Ended    
Ended    
Sept.    30, 2001
Sept.    30, 2000
Sept.    30, 2001
Sept.    30, 2000**REVENUES**      Sales $2,797,487$2,902,294
$1,137,880
$945,277      Cost of sales 1,030,1731,676,860
111,366
568,245        **GROSS MARGIN**1,767,3141,225,434
1,026,514
377,032  **EXPENSES**      Payroll and related taxes99,628289,57916,21263,542      Professional fees159,933137,30287,26572,367      Officers' salary 236,250236,24078,75083,000      Consulting fees479,35829,39071,125-      Bad debts87,16613,0813,00013,081      Other operating expenses67,78284,83228,78815,958      Marketing- 97,749- 48,000      Telephone and communications56,72398,82613,96035,612      Travel and related expenses 42,72484,53215,17924,923      Rents 77,92458,84221,02422,489      Insurance and employee benefits72,46637,02825,9638,112      Depreciation and amortization25,92212,1278,6415,736        **TOTAL EXPENSES**1,405,8761,179,528369,907392,820  **INCOME    (LOSS) FROM OPERATIONS**361,43845,906656,607(15,788)  **OTHER    INCOME (EXPENSE)**      Loss on disposal of equipment(85,286)-(85,286)-      Interest income 15,51615,599
5,124
6,187      Interest expense (62,536)(76,660)(34,214)(35,488)**NET    OTHER (EXPENSE)**(132,306)(61,061)
(114,376)
(29,301)  **INCOME    (LOSS) BEFORE INCOME TAXES**
229,132
(15,155)
542,231
(45,089)  **INCOME    TAXES**- - - -   **NET    INCOME (LOSS)**
$229,132
$(15,155)
$542,231
$(45,089)  WEIGHTED    AVERAGE NUMBER OF COMMONSHARES    OUTSTANDING 
416,916,113
304,838,992
413,556,245
308,357,288(BASIC    AND DILUTED) BASIC    NET LOSS PER SHARE (BASIC ANDDILUTED) 
$0.00
$(0.00)
$0.00
$(0.00)See accompanying    notes. 
 
**AMERICAN    DIVERSIFIED GROUP, INC. AND SUBSIDIARIES**CONSOLIDATED    STATEMENTS OF CASH FLOWS (UNAUDITED)    
For the
For the
Nine Months Ended
Nine  Months Ended
September 30, 2001
September 30, 2000**CASH    FLOWS FROM OPERATING ACTIVITIES**      Net loss
$229,132
$(15,155)      Adjustments to reconcile net loss to net       cash used by operating activities:         Loss on disposal of equipment85,286-        Depreciation and amortization
46,646
118,278        Amortization of deferred consulting fees 
159,375
-         Common stock exchanged for services 
342,000
5,000      (Increase) decrease in assets:         Accounts receivable
(782,117)
(746,094)        Note receivable from customer(500,000)-         Prepaid expenses and other current assets
11,519
88,326      Increase (decrease) in liabilities:         Accounts payable 
48,589
190,537        Accrued payroll and related taxes
185,720
-         Accrued expenses and other liabilities1,02642,590         Deferred revenues
(3,119)
(15,717)        **NET CASH USED BY OPERATING ACTIVITIES**
(175,943)
(332,235)**CASH    FLOWS FROM INVESTING ACTIVITIES**      Acquisition of property and equipment 
- 
(1,177,212)      Payments for related party receivables, net
(32,797)
(48,700)      Deposits
(60,777)
(327,304)    **NET CASH USED BY INVESTING ACTIVITIES**
(93,574)
(1,553,216)**CASH    FLOWS FROM FINANCING ACTIVITIES**      Sale of common stock 
22,900
760,000      Proceeds from capital lease financing
-
290,693      Payments on capital lease financing
(8,437)
-      Proceeds from related party payable
265,190
200,000      Payments on related party payables
(15,000)
-       Proceeds from notes and loans payable
- 
1,139,000      Payments on notes and loans payable- (259,530)      Proceeds from notes payable to shareholders, net 
- 
30,157        **NET CASH PROVIDED BY FINANCING ACTIVITIES**
264,653
2,160,320  **NET    INCREASE IN CASH AND EQUIVALENTS**
(4,864)
274,869  **CASH    AND EQUIVALENTS - BEGINNING**
12,693
107,787  **CASH    AND EQUIVALENTS - ENDING**
$7,829
$382,656  **SUPPLEMENTAL    DISCLOSURES**Cash paid    during the period for:         Interest 
$31,447
$19,327        Income taxes 
$ - 
$20,000  In    addition to amounts reflected above, common stock was issued for:         Settlement of debt 
$20,000
$468,421        Consulting services 
$342,000
$5,000See accompanying    notes. 
 

**AMERICAN DIVERSIFIED GROUP, INC.    AND SUBSIDIARIES**
NOTES TO CONSOLIDATED FINANCIAL    STATEMENTS (Unaudited)
September 30, 2001**NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited financial statements reflectall adjustments, which, in the opinion of management, are necessary for a fairpresentation of the financial position and the results of operations for the interimperiods presented. All adjustments are of a normal recurring nature. We were unable toobtain a timely review of these interim financial statements for the period endedSeptember 30, 2001, by our independent public accounting firm, prior to our filing thisForm 10-QSB. We have requested that they complete their review and intend to file anamended Form 10-QSB/A during the next week.

Certain financial information and footnote disclosures which arenormally included in financial statements prepared in accordance with generally acceptedaccounting principles, but which are not required for interim reporting purposes, havebeen condensed or omitted. The accompanying financial statements should be read inconjunction with the financial statements and notes thereto as of December 31, 2000contained in the Company's Form 10-KSB.
**NOTE 2 – PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of ADGI andits 100% owned subsidiaries, Global and NCI. All material intercompany transactions havebeen eliminated.
**NOTE 3 – NOTES RECEIVABLE FROM CUSTOMER

In April 2001 the Company, through Global, entered into a NetworkProvisioning Agreement with a customer for an agreed upon price of $500,000. The customerissued a promissory note payable to Global for $500,000, due on or before July 16, 2001.In July 2001 the Company, through Global, entered into a second Network ProvisioningAgreement with the same customer for an agreed upon price of $500,000. $250,000 was dueupon signing of the agreement, and the customer issued a promissory note payable to Globalfor $250,000, due on or before October 10, 2001. In September 2001 the Company, throughGlobal, entered into an Enhanced Services Operating Rights Agreement with the samecustomer for an agreed upon price of $500,000. $250,000 was due upon signing of theagreement, and the customer issued a promissory note payable to Global for $250,000, dueon or before December 19, 2001.

The parties subsequently agreed to extend the payment schedule on thefirst agreement. Global received $100,000 in August 2001 and $150,000 in November 2001 aspartial payment on this obligation. 

During 2000, the Company, through Global, received $500,000 from one ofthe customer’s principals and recorded this amount in stockholders’ equity.During the current quarter, the parties agreed to reclassify this $500,000 as a loanpayable as of December 31, 2000, and, subsequently, to apply the loan payable against thebalance due from the customer.

The Company anticipates the balance due from the customer will bereceived in the near term. 
**NOTE 4 – DISPOSAL OF ASSET

During the current quarter, the Company, through Global, returned tothe lessee certain leased equipment. The lessee agreed to accept the equipment in fullsatisfaction of the amounts owed on the related leases. The equipment was acquired in 2000and valued at $323,000. A loss of $85,286 was recorded on the disposal.
**NOTE 5 – INCOME TAXES

The Company has accumulated net operating losses, which can be used tooffset current earning. Accordingly, the current income tax provision is offset by benefitfrom net operating loss carryforwards.
**NOTE 6 - EARNINGS (LOSS) PER SHARE

Per share information is computed based on the weighted average numberof common shares outstanding (basic and diluted) during the period.

**Item 2. Management’s Discussion and Analysis**

Forward-Looking Statements; Market Data

Forward-Looking Statements: This Form 10-QSB and otherstatements issued or made from time to time by American Diversified Group, Inc. containstatements which may constitute "Forward-Looking Statements" within the meaningof the Securities Act of 1933, as amended and the Securities Exchange Act of 1934 by thePrivate Securities Litigation Reform Act of 1995, 15 U.S.C.A. Sections  77Z-2 and78U-5 (SUPP. 1996). Those statements include statements regarding the intent, belief orcurrent expectations of the Company, its officers and directors and the officers anddirectors of the Company's subsidiaries as well as the assumptions on which suchstatements are based. Prospective investors are cautioned that any such forward-lookingstatements are not guarantees of future performance and involve risks and uncertainties,and that actual results may differ materially from those contemplated by suchforward-looking statements. 

We make forward-looking statementsin this Item 2. These forward-looking statements include, but are not limited to,statements about our plans, objectives, expectations, intentions and assumptions and otherstatements that are not historical facts. We generally intend the, words"expect", "anticipate", "intend", "plan","believe", "seek", "estimate" and similar expressions toidentify forward-looking statements.

This Quarterly Report contains certain estimates andplans related to the telecommunications industry in which our subsidiaries, GlobalTransmedia Telecommunications Corporation, a Florida corporation ("Global") andNCI Telecom, Inc., a Missouri corporation ("NCI") operate. The estimates andplans assume that certain events, trends and activities will occur, of which there can beno assurance. In particular, we do not know what level of growth in the telecommunicationsindustry, and particularly in those Voice over Internet Protocols ("VoIP")markets in which Global operates and to a lesser extent the growth, if any, in thedeclining Wide Area Network ("WAN") and Local Area Network ("LAN")business in which NCI operates. If our assumptions are wrong about any events, trends andactivities, then our estimates for future growth from Global and our consolidated businessoperations may also be wrong. There can be no assurance that any of our estimates as toour business growth will be achieved.

Results of Operations

American Diversified Group, Inc. is also referred to as"we", "us" and "our". We are no longer considered  adevelopment stage company, because significant revenue generating operations havecommenced and are anticipated to continue. We completed the acquisition of Global inFebruary, 2000 and the acquisition of NCI in June, 2000. The period comparisons belowinclude the Company, Global and NCI.

Results of Operations - Comparison of Three Months Ended September 30,2001 and 2000 
*Revenues. Our sales increased to $1,137,880 or 20.3% for the threemonths ended September 30, 2001 compared to sales of $945,277 for the three months endedSeptember 30, 2000. This increase is primarily attributable to revenues related to provingaccess to our VoIP network to an affiliated party and growth of our network and our retailcustomer base.
*Coast of Sales. Our cost of sales consists primarily of the costsof termination of long distance traffic over our networks and the wholesale cost of buyingbandwidth purchased for resale by us. Our cost of sales decreased to $111,366 or 84% forthe three months ended September 30, 2001 compared to cost of sales of $568,245 during thethree months ended September 30, 2000. We expect cost of sales to increase in futureperiods only to the extent that our sales volume increases. 
*Gross Margin. For the three months ended September 30, 2001, weimproved our gross profit margin to 90.2% compared to a gross profit margin of 40% duringthe three months ended September 30, 2000. This improvement is related to (WHAT?)
*Operating Expenses. Our operating expenses consist primarily ofpayroll and related taxes, expenses for executive and administrative personnel, facilitiesexpenses, professional and consulting services expenses, travel and other generalcorporate expenses. Our operating expenses for the three months ended September 30, 2001decreased to $369,907 or 5.8% for the three months ended September 30, 2001 compared to$392,820 for the same period in 2000. 

Our operating expenses are expected to decrease as a percentage ofrevenue in future periods because our existing operating infrastructure will allowincreases in revenues without having to incrementally add operating expenses. However, ourexpenses may increase in absolute dollars as we continue to expand our network terminationlocations worldwide and incur additional costs related to the growth of our business andbeing a public company. 
*Income (Loss) from Operations. We had an income from operations of$656,507 for the three months ended September 30, 2001 compared to a loss from operationsof $15,788 for the same period in the prior year. The income from operations is mainlyattributable to our improved gross profit margin and reduced operating expenses. Ouroperating profit margin for the three months ended September 30, 2001 was 57.7%.
*Other Income (Expense). Interest income (expenses) consists ofinterest expense on our borrowings and interest income earned on our cash and cashequivalents. We received interest income of $5,124 during the three months ended September30, 2001 compared to $6,187 during the same period in the prior year. Interest expensesduring the three months ended September 30, 2001 were $34,214 compared to $35,488 duringthe same period in the prior year. We incurred a loss on the disposal of equipment of$85,286 during the three months ended September 30, 2001. This loss is related to thereturn of certain leased equipment.
*Net Income (Loss). Our net income for the three months endedSeptember 30, 2001 was $542,231 compared to a net loss of $45,089 during the three monthsended September 30, 2001.

Results of Operations - Comparison of Nine Months Ended September 30,2001 and 2000 
*Revenues. Our sales increased to $2,797,487 or 3.6% less for thenine months ended September 30, 2001 compared to sales of $2,902,294 for the nine monthsended September 30, 2000. This decrease is primarily attributable to decreased revenuesduring the period ended March 31, 2001 compared to the same period in the prior year andwas related to the declining revenues of our subsidiary NCI during the first quarter of2000. 
*Coast of Sales. Our cost of sales consists primarily of the costsof termination of long distance traffic over our networks and the wholesale cost of buyingbandwidth purchased for resale by us. Our cost of sales decreased to $1,676,860 or 38.5%for the nine months ended September 30, 2001 compared to cost of sales of $1,030,173during the nine months ended September 30, 2000. We expect cost of sales to increase infuture periods only to the extent that our sales volume increases. 
*Operating Expenses. Our operating expenses consist primarily ofpayroll and related taxes, expenses for executive and administrative personnel, facilitiesexpenses, professional and consulting services expenses, travel and other generalcorporate expenses. Our operating expenses for the nine months ended September 30, 2001increased to $1,405,876 or 19.2% for the nine months ended September 30, 2001 compared to$1,179,528 for the same period in 2000. 

Our operating expenses are expected to decrease as a percentage ofrevenue in future periods because our existing operating infrastructure will allowincreases in revenues without having to incrementally add operating expenses. This hadalready an impact on our results of operations during the three months ended September 30,2001. However, we expect these expenses to increase in absolute dollars as we continue toexpand our network termination locations worldwide and incur additional costs related tothe growth of our business and being a public company. 
*Income (Loss) from Operations. We had an income from operations of$361,438 for the nine months ended September 30, 2001 compared to a loss from operationsof $45,906 for the same period in the prior year. The income from operations is mainlyattributable to our improved gross profit margin. Our operating profit margin for the ninemonths ended September 30, 2001 was 13% compared to an operating profit margin of 1,58%during the nine months ended September 30, 2000.
*Net Income (Loss). Our net income for the nine months endedSeptember 30, 2001 was $229,132 compared to a net loss of $15,155 during the nine monthsended September 30, 2001.

Liquidity and Capital Resources.

As of September 30, 2001, we had $7,829 of cash and cash equivalentscompared to $12,693 at December 31, 2000. We had $1,170,825 or 32% more accountsreceivable on September 30, 2001 compared to $888,708 on December 31, 2000. We believethat our accounts receivable are fully collectable. Our receivables from related partiesincreased slightly from $223,535 at December 31, 2000 to $247,944 at September 30, 2001.As of September 30, 2001, we had current assets of $1,926,598 compared to current assetsof $1,136,455 as of December 31, 2000 or an increase of 69.5%. We had a working capital of$746,610 as of September 30, 2001.

We had non-current assets of $976,860 as of September 30, 2001 comparedto non-current assets of $1,219,483 at December 31, 2000. Total assets increased by 23.2%from $2,355,938 at December 31, 2000 to $2,903,458 at September 30, 2001.

Our total current liabilities decreased to $1,179,988 at September 30,2001 compared to total current liabilities of $1,205,879 at December 31, 2000. Ourlong-term liabilities decreased from $313,391 at December 31, 2001 to $113,443 atSeptember 30, 2001, or by 64%. This decrease is mainly attributable to a decrease in ourcapital lease obligations and notes payable to stockholders. Total liabilities decreasedby 15% from $1,519,270 at December 31, 2000 to $1,293,431 at September 30, 2001.

Net cash used in operating activities was $175,943 for the nine monthsended September 30, 2001 compared to $332,235, or 47% less than during the same period inthe prior year. This use of cash is principally the result of an increase in accountsreceivable of $782,117 and $500,000 in a note receivable from a customer. The $500,000note receivable during the three months period ended June 30, 2001 significantly increasedour cash used in operating activities. The increase in accrued payroll and related taxesoffset our cash used in operating activities.

Net cash used in investing activities decreased from $1,553,216 duringthe nine months ended September 30, 2000 to $93,574 during the nine months ended September30, 2001. We did not acquire any property or equipment including computer equipment andequipment for Internet gateways for voice over the Internet transmission during the ninemonths ended September 30, 2001 compared to capital expenditures of $1,117,212 during thenine months ended September 30, 2000. We made payments of $32,797 on related partyreceivables during the nine months ended September 30, 2001.

Net cash provided by financing activities was $264,653 for the ninemonths ended September 30, 2001 compared to $2,160,320 for the same period in the prioryear. We financed our cash flow used by operations through the sale of common stock,capital lease financing and the issuance of notes to related parties. We received proceedsin the amount of $22,900 during the nine months ended September 30, 2001 from the issuanceof restricted shares of common stock. We also received $265,190 in proceeds from theissuance of notes to related parties. These proceeds were offset by payments of $15,000 onrelated party payables and $8,437 on capital lease financing.

We do not have existing capital resources or credit lines availablethat are sufficient to fund our operations and capital requirements as presently plannedover the next twelve months. We are actively pursuing additional funds through theissuance of debt and/or equity instruments. 

 

**PART II. OTHER INFORMATION**

**Item 1. Legal Proceedings**

Reference is made to our Quarterly Report on Form 10-QSB for the periodended March 31, 2001.
**Item 2. Changes in Securities

None.

**Item 3. Defaults upon Senior Securities**

None
**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

(a) Exhibits:

Exhibit No.
Document Description
3(i)Articles of Incorporation (filed as Exhibits    3.1, 3.2 and 3.3 to the Company's Registration Statement on Form 10-SB and incorporated    herein by reference)
3(ii)Bylaws (filed as Exhibit 3.4 to the Company's    Registration Statement on Form 10-SB and incorporated herein by reference)
13Quarterly Report on Form 10-QSB for the period    ended March 31, 2001 and incorporated herein by reference.
(b) Form 8-K.

During the quarter ended September 30, 2001, we did notfile a Current Report on Form 8-K.
**SIGNATURES**
In accordance with Section 12 or 15(d) of the Exchange Act, the smallbusiness issuer has caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.
AMERICAN DIVERSIFIED GROUP, INC.By: /s/ Jerrold R. HintonJerrold R. Hinton, President, Chief Executive Officer and    DirectorDated: November 20, 2001Hickory, NC
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