-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VXQsh9QYyLz4IbBeUgCVWPv+Sm5OL7eYr8t20dvpjMUQmH3ImsqzXEpYgw3KnMwO hwK5FIGC+55RILiaDMrCqg== 0001012709-00-000481.txt : 20000516 0001012709-00-000481.hdr.sgml : 20000516 ACCESSION NUMBER: 0001012709-00-000481 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JORDAN AMERICAN HOLDINGS INC CENTRAL INDEX KEY: 0000855663 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 650142815 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-18974 FILM NUMBER: 634839 BUSINESS ADDRESS: STREET 1: 1875 SKI TIME SQUARE DRIVE STREET 2: SUITE ONE CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487-9015 BUSINESS PHONE: 9708791189 MAIL ADDRESS: STREET 1: 1875 SKI TIME SQUARE STREET 2: SUITE ONE CITY: STEAMBOAT SPRINGS STATE: CO ZIP: 80487-9015 FORMER COMPANY: FORMER CONFORMED NAME: CHRISTIAN PURCHASING NETWORK INC DATE OF NAME CHANGE: 19920703 10QSB 1 JORDAN AMERICAN HOLDINGS, INC. - 10-QSB U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM l0-QSB [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2000 OR [ ] 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- 18974 Jordan American Holdings, Inc. ------------------------------ (Exact name of registrant as specified in its charter) Florida 65-0142815 ------- ---------- (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification Number) 2155 Resort Drive, Suite 108, Steamboat Springs, CO 80487 --------------------------------------------------------- (Address of principal executive offices) (970) 879-1189 -------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes [X] No [ ] As of March 31, 2000, 10,421,266 shares of the registrant's common stock were issued and outstanding. JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES TABLE OF CONTENTS PART I ITEM 1 FINANCIAL INFORMATION Consolidated Balance Sheets 3 Consolidated Statements of Operations 4 Consolidated Statements of Cash Flows 5 Notes to Consolidated Financial Statements 6 ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS Results of Operations 10 Liquidity and Capital Resources 11 Risk Factors, Trends & Uncertainties 11 2 PART I. ITEM 1. FINANCIAL INFORMATION JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited)
MARCH 31, DECEMBER 31, ASSETS 2000 1999 ------------ ------------ CURRENT ASSETS Cash & cash equivalents $ 1,101,210 $ 580,757 Marketable securities 1,174,085 607,882 Investment advisory fee receivable - net 669,647 846,907 Deposit with clearing broker 25,000 25,000 Notes receivable - officers 37,054 26,556 Prepaid expenses 44,222 50,678 Other receivable 77,957 108,625 ------------ ------------ Total current assets 3,129,175 2,246,405 ------------ ------------ FIXED ASSETS Property and equipment, at cost, net of accumulated depreciation and amortization of $141,330 and $133,005 respectively 79,904 88,229 ------------ ------------ OTHER ASSETS Boston Restaurant Debentures 500,000 500,000 Strategic Options Limited Partnership 27,058 27,058 Note Receivable - Senior Yellow Pages, Inc. 150,000 0 ------------ ------------ Total other assets 677,058 527,058 ------------ ------------ TOTAL ASSETS $ 3,886,137 $ 2,861,692 ============ ============ LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 21,808 $ 29,418 Accrued expenses 447,380 299,847 Deferred revenue 61,990 35,300 Software license payable 51,558 58,721 ------------ ------------ Total current liabilities 582,736 423,286 ------------ ------------ STOCKHOLDERS' EQUITY 8% cumulative, convertible, non-voting preferred stock $0.01 par valve; authorized 5,000,000 shares 3,000,000 shares issued and outstanding 30,000 30,000 Common Stock, $0.001 par value; authorized 20,000,000 shares; 10,421,266 shares issued and outstanding at March 31, 2000 and December 31, 1999 10,421 10,421 Additional paid in capital 4,502,853 4,502,853 Accumulated deficit (1,239,873) (2,104,868) ------------ ------------ Total stockholders' equity 3,303,401 2,438,406 ------------ ------------ TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 3,886,137 $ 2,861,692 ============ ============
See accompanying notes to consolidated financial statements 3 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited)
FOR THE THREE MONTHS ENDED MARCH 31, ---------------------------- 2000 1999 ------------ ------------ REVENUES Commission income $ 130,478 $ 128,437 Investment advisory fees 1,128,129 270,633 Realized equity gain from investing and trading 0 2,332 Unrealized equity gain from investing and trading 225,189 19,548 ------------ ------------ Total revenues 1,483,796 420,950 Selling, general and administrative expenses 655,764 339,125 ------------ ------------ Operating income (loss) 828,032 81,825 ------------ ------------ Other income (expenses): Interest and dividend income 32,365 30,059 Other income 4,595 30,322 ------------ ------------ Total other income (expense), net 36,960 60,381 ------------ ------------ Net income (loss) 864,992 142,206 Dividends on preferred stock 60,000 60,000 ------------ ------------ Net income (loss) attributable to common stock $ 804,992 $ 82,206 ============ ============ Basic earnings (loss) per common share $ 0.08 $ 0.01 ============ ============ Diluted earnings (loss) per common share $ 0.08 $ 0.01 ============ ============ Weighted-average number of common shares outstanding: Basic 10,421,266 10,421,266 ============ ============ Diluted 10,421,266 10,421,266 ============ ============
See accompanying notes to consolidated financial statements 4 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited)
FOR THREE MONTHS ENDED MARCH 31, 2000 1999 ------------ ------------ CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 864,992 $ 142,206 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 8,325 5,826 Unrealized (gain) loss from investing and trading (225,189) (19,548) Realized (gain) loss from investing and trading 0 (2,332) Changes in operating assets and liabilities: Investment advisory fee receivable - net 177,259 (76,549) Marketable securities (341,014) 0 Prepaid expenses 6,457 (3,782) Other receivable 30,669 93,911 Notes receivable - officers (10,497) 0 Accounts payable and accrued expenses 139,924 (41,112) Deferred revenue 26,690 529 Software license payable (7,163) 72,290 ------------ ------------ Net cash provided by operating activities 670,453 171,439 ------------ ------------ CASH FLOWS FROM INVESTING ACTIVITIES: Investment in corporate stock - restricted 0 (56,250) Investment in Senior Yellow Pages, Inc. (150,000) 0 Sale of IMPACT Management Growth Portfolio 0 57,092 Capital expenditures 0 (66,000) ------------ ------------ Net cash used in investing activities (150,000) (65,158) ------------ ------------ Net increase in cash and cash equivalents 520,453 106,281 Cash and cash equivalents, beginning of period 580,757 495,622 ------------ ------------ CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,101,210 $ 601,903 ============ ============ Supplemental disclosure of cash flow information: Interest paid $ 1,120 $ 1,666 ============ ============
See accompanying notes to consolidated financial statements 5 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - ORGANIZATION Organization - ------------ Jordan American Holdings, Inc. (JAHI/the Company) was incorporated in Florida in May 1989. The Company also does business under the name of Equity Assets Management (EAM). The Company provides investment advisory and portfolio management services to individual investors, pooled accounts and its mutual fund with its customers located substantially in the United States. JAHI is registered as an investment advisor under the Investment Advisor Act of 1940. The Company owns 100% of the issued and outstanding common stock of IMPACT Financial Network, Inc. (IFNI) and IMPACT Administrative Services, Inc. (IASI). IASI provides operational and administrative support to Impact Management Investment Trust (see Note 2). JAHI's customer investment transactions are primarily brokered through IFNI, a registered broker-dealer in securities acting as a non-clearing introducing broker. The accompanying consolidated financial statements include the accounts of JAHI and its subsidiaries; all significant intercompany transactions have been eliminated during consolidation. NOTE 2 - IMPACT MANAGEMENT INVESTMENT TRUST The Company formed Impact Management Investment Trust (the Trust), which is registered under the Investment Company Act of 1940 as a diversified, open-end management investment company (mutual fund). Impact Total Return Portfolio (formerly Impact Management Growth Portfolio) (the Portfolio) is the initial Series of the Trust. JAHI is the investment advisor of the Trust and IFNI is the primary distributor of the Trust. As investment advisor of the Portfolio, the Company receives an annual investment advisory fee equal to 1.25% of the Portfolio's average daily net assets. Of this amount, 60 basis points is paid to the sub advisor of the Portfolio. NOTE 3 - NOTES RECEIVABLE The Company owns a $500,000 variable rate convertible subordinated debenture from Boston Restaurant Associates, Inc. (BRAI). The principal balance of the debenture is due and payable on December 31, 2011. The debenture has a conversion price of $1.25 per share and bears interest at a rate of 12% for 1999 and 14% thereafter. In connection with the purchase of the debenture, the Company also acquired, at no cost, warrants to subscribe for the purchase from BRAI up to 500,000 fully paid and nonassessable shares of BRAI's common stock. The purchase rights represented by the warrants are exercisable by the 6 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 3 - NOTES RECEIVABLE (CONTINUED) Company, in whole or in part, at any time through December 31, 2006, at an exercise price of $3.00 per share. The carrying value of the above notes receivable approximates the fair market value as estimated by management, after considering such factors as current interest rates, liquidity, conversion terms and the credit worthiness of the borrowers. The Company's management has estimated the value of the BRAI warrants to be $-0- at March 31, 2000 and 1999. This determination was made considering primarily the current value of the underlying common stock and the current illiquidity of the warrants. The Company provided "angel" financing through a convertible subordinated bridge note to Senior Yellow Pages, Inc. and its affiliates (SYP), an internet based eldercare infomediary. The principal balance of the note is due and payable upon the earlier of (1) the receipt by SYP or any affiliate of aggregate gross proceeds of at least $1,000,000 raised in an offering (the "First Round Financing") of SYP's Series A Convertible Preferred Stock or (2) redemption in cash on or prior to January 30, 2001. As an inducement to the company providing bridge financing to SYP, SYP agreed to issue to the company a 4% equity interest in SYP on a fully diluted basis, through future rounds of private financing. The note bears interest at a rate of 10% per annum. NOTE 4 - STOCKHOLDERS' EQUITY At March 31, 2000 and December 31, 1999, the Company had stock warrants outstanding entitling the warrant holder to acquire 1,113,000 shares of common stock at $2.50 per share expiring June 5, 2000. The Company also has outstanding Underwriter Warrants related to the initial public offering entitling the Company's president to purchase 44,545 units (five shares of common stock and five stock warrants; two warrants entitle the holder to purchase one share of common stock for $3.00 per share) of the Company at a price of $12.90 per unit expiring at dates ranging from September 27, 2000 to January 8, 2001. JAHI has authorized 5,000,000 shares of $0.01 par value preferred stock. The Board of Directors is authorized to issue preferred stock in one or more series, to determine the rights thereto, and to fix the number of shares on any series of preferred stock and the designation of any such series. The Company issued 3,000,000 shares of 8% cumulative, convertible, non-voting preferred stock to a customer of EAM in a private placement offering. In connection with this offering, 750,000 7 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 4 - STOCKHOLDERS' EQUITY (CONTINUED) shares of common stock was given to the Company to distribute to the preferred shareholder by three officers of the Company for no additional consideration. The preferred stock is convertible at the rate of one share of common stock for each $3.50 in face amount ($1.00) of the preferred stock converted. If at any time the closing bid price of the common stock for the period of thirty consecutive trading days exceeds $5.25 per share, then, in such event, the Company may, upon 30 days written notice, automatically convert the preferred stock to common stock at the rate of $3.50 in face amount of the shares converted. The preferred stock has a liquidation preference of $1.00 per share plus accrued and unpaid dividends. Semi-annual dividends in arrears on preferred stock at March 31, 2000 amounted to $360,000. In connection with the preferred stock offering, the Company obtained "key man" life insurance on the Company's president, in the amount of $3,750,000. The holder of the preferred stock is the direct beneficiary and will be redeemed at the rate of $1.25 per share, in exchange for such shares. NOTE 5 - RELATED PARTY TRANSACTIONS The Company has a loan to two officers bearing interest at a rate of 8% per annum in the amount of $37,054 and $26,556 at March 31, 2000 and 1999, respectively. In 1994, the Company's president established the Jordan Index Fund, L.P. (the "Fund"). The Fund engages in the speculative trading of stock index futures contracts, and may occasionally trade in equity securities and stock options. The Fund is administered by its general partner, Jordan Assets, Ltd. Jordan Assets, Ltd. is not a subsidiary of JAHI, although JAHI is registered as a principal of Jordan Assets, Ltd. with the Commodity Futures Trading Commission. All trading decisions for the Fund are made by Jordan Assets, Ltd. Certain administrative functions are provided to the Fund by JAHI in return for the fees earned by Jordan Assets, Ltd. No such fees were earned during the first quarter of 2000 and 1999. NOTE 6 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK, UNCERTAINTIES AND CONTINGENCIES In the normal course of business, the Company's client activities through its clearing broker involve the execution, settlement, and financing of various client securities transactions. These activities may expose the Company to off-balance sheet risk. In the event the client fails to satisfy its obligations, the Company may be required to purchase or sell financial instruments at prevailing market prices in order to fulfill the client's obligations. 8 JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) NOTE 6 - FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISK, UNCERTAINTIES AND CONTINGENCIES (CONTINUED) In the Company's investment activities, the Company purchases securities for its own account and may incur losses if the market value of the securities decline subsequent to March 31, 2000. The Company's revenues are primarily derived from a percentage of the assets under management and performance fees based on the appreciation of those assets. Assets under management are impacted by both the extent to which the Company attracts new, or loses existing, clients and the appreciation or depreciation of the U.S. and international equity and fixed income markets. A downturn in general economic condition could cause investors to cease using the services of the Company. The Company's financial instruments, including cash receivables and deposits, are carried at amounts which approximate fair value. The Company's marketable securities are carried at the March 31, 2000 market value. Payables and other liabilities are carried at amounts which approximate fair value. The Company has a substantial portion of its assets on deposit with banks and brokers. Assets deposited with banks and brokers are subject to credit risk. In the event of a bank's or broker's insolvency, recovery of Company assets on deposit may be limited to account insurance or other protection afforded such deposits. In connection with a late 1997 examination of the Company, the SEC raised certain issues regarding possible violations of the federal securities laws in connection with the private placement of debentures of Boston Restaurant Associates, Inc. The Company and the SEC are currently in settlement negotiations regarding this matter. Management of the Company does not expect the resolution of this matter to have any material effect on the Company's financial condition, results of operations or business. These interim period consolidated financial statements, including the notes thereto, are condensed and do not include all disclosures required by generally accepted accounting principles. Such interim period consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements which are included in the Company's 1999 Form 10-KSB which is contained in the Company's 1999 Annual Report to shareholders and is available without charge upon request to JAHI Investor Relations, 2155 Resort Drive, Suite 108, Steamboat Springs, Colorado, 80487, (970) 879-1189; Fax: (970) 879-1272; E-mail: info@jahi.com 9 PART 1, ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES Safe Harbor for Forward-Looking Statements Information found in this report contains forward-looking implications which may differ materially from actual results due to the success, or lack thereof, of JAHI's management decisions, marketing and sales effectiveness, investment decisions, and the management of clients' stock portfolios and pooled investments as influenced by market conditions, Federal Reserve Board policy, economic trends, political developments, domestic and international events and other factors. There can be no guarantee that any forward-looking implications discussed and/or referenced in this report will have any impact, positive or negative, upon the earnings, value and/or operations of the Company. Results of Operations The Company's net income for the three months ended March 31, 2000, of $864,922 is 608% greater than its net income of $142,206 for the same period in 1999. This increase stems from higher revenues from performance fee based managed accounts. The Company had net income attributable to common stock for the three months ended March 31, 2000 of $804,992 or $0.08 per common share compared to $82,206 or $0.01 per common share for the same period in 1999. From February 1993 until June 30, of 1998, the Company made semi-annual cash dividend payments on its cumulative convertible non-voting preferred stock at a rate of 8% per annum, to the extent permitted by Florida law. There were no payments in 1999, and there are currently no projected annual payments for 2000. Nonetheless, net income attributable to common stock for the period reflects the dividends on the cumulative preferred stock. Dividends in arrears as of December 31, 1999 were $240,000. For the three months ended March 31, 2000, revenues totaled $1,483,796 compared to revenues of $420,950 for the same period in 1999, an increase of approximately 252%. This increase is due primarily to significantly increased revenues from performance fee based managed accounts and in unrealized equity gains from investing and trading. Investment advisory fees increased for the three months ended March 31, 2000, to $1,128,129 from $270,633 for the same period in 1999, an increase of approximately 317%. This increase is due primarily to higher revenues from performance fee based managed accounts. Those revenues were fueled by exceptional management performance results in those accounts. Unrealized equity gains from investing and trading increased for the three months ended March 31, 2000 to $225,189 from $19,548 for the same period in 1999, an increase of approximately 1052%. This increase is due primarily to significantly higher valuation amounts at March 31, 2000 for two of the Company's holdings compared to the previous year. 10 PART 1, ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES (CONTINUED) Total other income was $36,960 for the three months ended March 31, 2000, compared to $60,381 for the same period in 1999. This decrease was primarily due to the receipt of a one-time reimbursement of fees in the previous year. Selling, General, and Administrative ("SG&A") expenses of $655,764 were incurred during the three month period ended March 31, 2000, compared to similar SG&A expenses of $339,125 for the same period in 1999, a increase of approximately 93%. SG&A expenses were higher due primarily to an increase in fees due to investment advisory representatives, which stem from an increase in the investment advisory fee revenues. Liquidity and Capital Resources At March 31, 2000, the Company had cash and cash equivalents of $1,101,210 versus $580,757 at December 31, 1999. This increase was due primarily to the net income for the three months ended March 31, 2000 and the net income from the previous three quarters. Accounts payable and accrued expenses were $21,808 and $447,380 respectively at March 31, 2000, compared to $29,418 and $299,847 respectively at December 31, 1999. The increase in accrued expenses is primarily due to the increased fees due investment advisory representatives. Accruals are based upon expenses incurred and/or as determined by management's best estimate based upon the Company's annual budget. Cash flows provided by operating activities for the three months ended March 31, 2000, were $670,453 compared to $171,439 for the same period in 1999 due primarily to changes in net income for the three month ended March 31, 2000. During the three month period ended March 31, 1999 the Company acquired 45,000 shares of restricted stock through a private placement from The Internet Advisory Corporation at $1.25 per share. This investment was restricted and could not be sold until March, 2000. The market value of The Internet Advisory Corporation's common stock was $2.59 per share at May 12, 2000. Management of the Company believes short-term cash need will continue to be met through management fees, brokerage revenues, cash reserves and/or liquidation of marketable securities. Risk Factors, Trends & Uncertainties Total assets under management and corporate earnings may substantially increase or decrease due to (1) stock market conditions, including the onset of a long-term declining, or bear market; (2) performance returns as influenced by the Company's investment advisory decisions, operational expense and effectiveness of marketing efforts; (3) competition from mutual funds, other investment 11 PART 1, ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS JORDAN AMERICAN HOLDINGS, INC. AND SUBSIDIARIES (CONTINUED) advisory companies and insurance companies; (4) interest rate changes and other actions taken by the Federal Reserve Board; (5) domestic and international economic and Political conditions, high inflation and/or recession; (6) trends in business and finance; (7) international events; (8) acts of terrorism; and (9) other factors. The Company is registered with and subject to regulation by the SEC under the Investment Advisers Act of 1940 and, where applicable, under state advisory laws. The Company is also subject to regulation by the SEC under the Investment Company Act of 1940. The Company's affiliate broker-dealer is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 (the "Exchange Act") and, where applicable, under state securities laws, and is regulated by the SEC, state securities administrators and the NASD. IASI is registered as a transfer agent under the Exchange Act and is regulated by the SEC. The privately held affiliate that manages the Fund is regulated by the Commodity Futures Trading Commission and the National Futures Association. By law, investment advisors and broker-dealers are fiduciaries and are required to serve their clients' interests with undivided loyalty. There is a potential conflict of interest because of the affiliation between the Company and IFNI. While the Company believes that its existing relationships are in compliance with applicable law and regulations, because of this potential conflict of interest, the SEC may closely examine these relationships. Many aspects of the financial services industry involve substantial liability risks, including exposure under federal and state securities laws in connection with the distribution of securities and investment advisor activities. Although the Company currently maintains errors and omission insurance policies insuring against this risk, such insurance does not necessarily protect the Company against loss in all events. There can be no assurance that any changes to existing laws, regulations or rulings promulgated by government entities having jurisdiction over the Company's investment advisory, broker-dealer, investment company and commodities trading business will not have an adverse effect upon the business of the Company. In connection with a late 1997 examination of the Company, the SEC raised certain issues regarding possible violations of the federal securities laws in connection with the private placement of debentures of Boston Restaurant Associates, Inc. The Company and the SEC are currently in settlement negotiations regarding this matter. Management of the Company does not expect the resolution of this matter to have any material effect on the Company's financial condition, results of operations or business. 12 SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. JORDAN AMERICAN HOLDINGS, INC. Dated: May 15, 2000 By: /s/ Wallace Neal Jordan ------------------------- Wallace Neal Jordan Chief Executive Officer Dated: May 15, 2000 By: /s/ A.J. Elko ------------------------- A.J. Elko Chief Financial Officer EX-27 2 FDS
5 3-MOS DEC-31-1999 JAN-01-2000 MAR-31-2000 1,101,210 1,174,085 697,517 27,870 0 3,129,175 221,234 141,330 3,886,137 582,736 0 0 30,000 10,421 3,262,980 3,886,137 0 1,520,756 0 655,764 0 0 1,120 864,992 864,992 864,992 0 0 0 864,992 0.08 0.08
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