
<PAGE> 1
                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C.  20549
                                FORM 10-QSB

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2001

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from ____________________ to ____________________.

Commission file number:  33-94318-C

                             AMERITYRE CORPORATION
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

             NEVADA                                           87-0535207
-------------------------------                           -------------------
(State or other jurisdiction of                           (I.R.S. Employer
incorporation or organization)                            Identification No.)

705 YUCCA STREET, BOULDER CITY, NEVADA                           89005
------------------------------------------                 ------------------
(Address of principal executive offices)                      (Zip Code)

                                (702) 293-1930
             ----------------------------------------------------
             (Registrant's telephone number, including area code)

                                      N/A
-----------------------------------------------------------------------------
(Former name, former address, and former fiscal year, if changed since last
report.)


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), Yes [X] No [ ] and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]

The number of shares outstanding of each of the issuer's classes of common
stock, was 12,713,477 shares of common stock, par value $0.001, as of March
31, 2001.









<PAGE> 2
                          PART I - FINANCIAL INFORMATION

                          ITEM 1.  FINANCIAL STATEMENTS

The accompanying unaudited financial statements have been prepared in
accordance with the instructions to Form 10-QSB pursuant to the rules and
regulations of the Securities and Exchange Commission and, therefore, do not
include all information and footnotes necessary for a complete presentation of
the financial position, results of operations, cash flows, and stockholders'
equity in conformity with generally accepted accounting principles. In the
opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature.

The unaudited balance sheet of the Company as of March 31, 2001; the related
audited balance sheet of the Company as of June 30, 2000; the related
unaudited statements of operations and cash flows for the three and nine
months period ended March 31, 2001 and 2000 and from January 30, 1995
(inception) through March 31, 2001; and the unaudited statement of
shareholders' equity for the period from January 30, 1995 (inception) through
March 31, 2001 are attached hereto and incorporated herein by this reference.

Operating results for the three and six month periods ended March 31, 2001 are
not necessarily indicative of the results that can be expected for the
Company's fiscal year ending June 30, 2001.


<PAGE>
<PAGE> 3
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                         (A Development Stage Company)
                                BALANCE SHEETS
                                     ASSETS
                                                   MARCH 31,        JUNE 30,
                                                     2001             2000
                                                 ------------     -----------
                                                  (Unaudited)

Current Assets:
   Cash and cash equivalents                     $    776,431     $    22,483
   Accounts receivable                                 16,666          16,069
   Accounts receivable - related party                  -               2,795
   Inventory                                          416,855         367,080
   Prepaid expenses                                    86,231          10,035
                                                   ----------      ----------
          Total Current Assets                      1,296,183         418,462
                                                   ----------      ----------
Property and Equipment
   Land                                                59,000          59,000
   Building and improvements                          305,532         305,532
   Equipment                                        1,205,043       1,097,713
   Furniture and fixtures                               7,692           7,692
      Less: accumulated depreciation                 (822,483)      ( 635,510)
                                                   ----------      ----------
                                                      754,784         834,427
                                                   ----------      ----------
Other Assets:
   Patents                                             22,095          16,882
   Deposits                                            25,573          11,878
                                                   ----------      ----------
          Total Other Assets                           47,668          28,760
                                                   ----------      ----------
TOTAL ASSETS                                       $2,098,635      $1,281,649
                                                   ==========      ==========

The accompanying notes are an integral part of these financial statements.




















<PAGE> 4

            AMERITYRE CORPORATION (formerly American Tire Corporation)
                        (A Development Stage Company)
                          BALANCE SHEETS (Continued)


                    LIABILITIES AND STOCKHOLDERS' EQUITY

                                                   MARCH 31,        JUNE 30,
                                                      2001            2000
                                                 ------------     -----------
                                                  (Unaudited)

Current Liabilities:
   Accounts payable                              $    220,206     $   239,662
   Accrued expenses                                    13,407          61,911
   Note payable - related party                        77,000          77,000
   Interest payable - related party                    28,598          10,052
   Stock subscription deposit                         188,677          65,000
                                                   ----------      ----------
          Total current liabilities                   527,888         453,625
                                                   ----------      ----------
TOTAL LIABILITIES                                     527,888         453,625
                                                   ----------      ----------
Stockholder Equity:
   Preferred stock, par value $0.001,
    5,000,000 shares authorized, 0 shares
    issued and outstanding                               -               -
   Common stock, par value $0.001, 25,000,000
    shares authorized, 12,713,477 and 11,163,035
    shares issued and outstanding, respectively        12,714          11,163
   Additional paid-in capital                      15,412,358      12,656,137
   Stock subscription receivable                   (1,221,435)     (1,206,230)
   Prepaid expenses                                     -            (433,767)

   Deficit accumulated during the
    development stage                             (12,632,890)    (10,199,279)
                                                   ----------      ----------
          Total stockholders' equity                1,570,747         828,024
                                                   ----------      ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $ 2,098,635     $ 1,281,649
                                                   ==========      ==========


The accompanying notes are an integral part of these financial statements.


192:    <PAGE> 5
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                        (A Development Stage Company)
                          Statements (of Operations
                                 Unaudited)
                                                   For the       For the
                                                Three  Months  Three Months
                                                    Ended          Ended
                                                  MARCH 31,      MARCH 31,
                                                     2001           2000
                                                ------------   ------------
NET SALES                                       $     19,029  $      41,495

COST OF SALES                                         10,456         52,692
                                                ------------   ------------
GROSS MARGIN                                           8,573        (11,197)
                                                ------------   ------------
EXPENSES
 Consulting                                          197,729        101,668
 Payroll and payroll taxes                           122,896        271,157
 Depreciation and amortization                        66,788         54,501
 Bad debt expense                                       -              -
 Selling, general and administrative                 406,798        182,056
                                                ------------   ------------
    Total Expenses                                   794,211        609,382
                                                ------------   ------------
INCOME BEFORE OTHER INCOME (EXPENSES)               (785,638)      (620,579)
                                                ------------   ------------
OTHER INCOME (EXPENSES)
 Other income                                           -              -
 Interest income                                      27,488          9,543
 Interest expense                                     (1,632)       ( 2,281)
 Impairment loss                                        -              -
 Inventory impairment loss                              -              -
 Loss on termination of employment agreement            -              -
 Gain (Loss) on disposition of assets                   -               102
                                                ------------   ------------
TOTAL OTHER INCOME (EXPENSES)                         25,856          7,364
                                                ------------   ------------
NET LOSS BEFORE DISCONTINUED OPERATIONS         $   (759,782)  $   (613,215)
                                                ============   ============
DISCONTINUED OPERATIONS
 Loss from discontinued operations                      -              -
 Gain from disposition of subsidiary                    -              -
                                                ------------   ------------
     Net Discontinued Operations                        -              -
                                                ------------   ------------
NET LOSS                                        $   (759,782)  $   (613,215)
                                                ------------   ------------
BASIC GAIN (LOSS) PER SHARE
 Loss from operations                           $      (0.06)  $      (0.07)
 Discontinued operations                                 -              -
                                                ------------   ------------
 Basic Gain (Loss) Per Share                    $      (0.06)  $      (0.07)
                                                ============   ============
WEIGHTED AVERAGE NUMBER OF SHARES                 12,255,197      9,252,050
                                                ============   ============

The accompanying notes are an integral part of these financial statements.

<PAGE> 6
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                         (A Development Stage Company)
                            Statements of Operations
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                        From
                                                        For the        For the      Inception on
                                                       Nine months     Nine months   January 30,
                                                         Ended          Ended       1995 Through
                                                        March 31,      March 31,      March 31,
                                                          2001           2000           2001
                                                     ------------   ------------    ------------
<S>                                                  <C>            <C>             <C>
NET SALES                                            $     85,775   $     61,477    $    228,770

COST OF SALES                                              90,240        102,406         355,705
                                                     ------------   ------------    ------------
GROSS MARGIN                                               (4,465)       (40,929)       (126,935)
                                                     ------------   ------------    ------------
EXPENSES
 Consulting                                               621,244        133,918       1,689,380
 Payroll and payroll taxes                                610,711        468,187       3,761,678
 Depreciation and amortization                            190,010        163,502       1,003,547
 Bad debt expense                                            -              -             36,612
 Selling, general and administrative                    1,077,713        413,190       3,355,695
                                                     ------------   ------------    ------------
    Total Expenses                                      2,499,678      1,178,797       9,846,912
                                                     ------------   ------------    ------------
INCOME BEFORE OTHER INCOME (EXPENSES)                  (2,504,143)    (1,219,726)     (9,973,847)
                                                     ------------   ------------    ------------
OTHER INCOME (EXPENSES)
 Other income                                                -              -              2,298
 Interest income                                           80,588         30,190         196,280
 Interest expense                                          (4,931)        (8,948)       (635,382)
 Impairment loss                                             -              -         (1,694,111)
 Inventory impairment loss                                   -              -            (58,426)
 Loss on termination of employment agreement                 -              -           (240,000)
 Loss on disposition of assets                             (5,125)           102          36,513
                                                     ------------   ------------    ------------
TOTAL OTHER INCOME (EXPENSES)                              70,532         21,344      (2,392,828)
                                                     ------------   ------------    ------------
NET LOSS BEFORE DISCONTINUED OPERATIONS              $ (2,433,611)  $ (1,198,382)   $(12,366,675)
                                                     ============   ============    ------------
DISCONTINUED OPERATIONS
 Loss from discontinued operations                           -              -           (495,108)
 Gain from disposition of subsidiary                         -              -            228,893
                                                     ------------   ------------    ------------
     Net Discontinued Operations                             -              -           (266,215)
                                                     ------------   ------------    ------------
NET LOSS                                             $ (2,433,611)  $ (1,198,382)   $(12,632,890)
                                                     ============   ============    ============
BASIC GAIN (LOSS) PER SHARE
 Loss from operations                                $      (0.20)  $      (0.13)
 Discontinued operations                                      -             -
                                                     ------------   ------------
   Basic Gain (Loss) Per Share                       $      (0.20)  $      (0.13)
                                                     ============   ============
WEIGHTED AVERAGE NUMBER OF SHARES                      11,806,400      9,252,050
                                                     ============   ============



</TABLE>

The accompanying notes are an integral part of these financial statements.




<PAGE> 7
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                            (A Development Stage Company)
                         Statements of Stockholders' Equity
<TABLE>
<CAPTION>
                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>
BALANCE, January 30, 1995
 (Inception)                     -    $      -    $      -     $      -     $      -     $     -     $     -

Common stock issued for
 cash during February
 1995 at $0.001 per share   2,510,000       2,510        -            -            -           -           -

Common stock issued for
 services rendered in
 February 1995 at $0.10
 per share                    300,000         300      29,700         -            -           -           -

Common stock issued for
 services rendered during
 April 1995 at $1.00 per
 share                        100,000         100      99,900         -            -           -           -

Common stock issued for
 notes receivable valued
 at $1.00 per share           170,000         170     169,830         -        (170,000)       -           -

Repayment of stock
 subscriptions receivable
 with cash or services
 rendered                        -           -           -            -          76,100        -           -

Common stock issued for
 cash at $1.00 per share      720,000         720     719,280         -            -           -           -

Stock offering costs             -           -        (78,271)        -            -           -           -

Net loss for the period
 ended June 30, 1995             -           -           -            -            -           -       (248,630)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
Balance, June 30, 1995      3,800,000       3,800     940,439         -         (93,900)       -       (248,630)

Common stock issued for
 cash at $6.00 per share       40,642          41     243,811         -            -           -           -

Stock offering costs             -           -        (1,600)         -            -           -           -

Repayment of stock
 subscriptions receivable
 by providing services           -           -          -             -           8,900        -           -

Net loss for the year
 ended June 30, 1996             -           -          -             -            -           -       (596,090)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
Balance, June 30, 1996      3,840,642 $     3,841 $ 1,182,650  $      -     $   (85,000)$      -    $  (844,720)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------


</TABLE>

The accompanying notes are an integral part of these financial statements.



<PAGE> 8
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                        (A Development Stage Company)
                Statements of Stockholders' Equity (Continued)
<TABLE>
<CAPTION>
                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>


Balance, June 30, 1996      3,840,642 $     3,841 $ 1,182,650  $      -     $   (85,000) $     -    $  (844,720)

Cancellation of common
 stock                        (34,977)        (35)   (209,827)        -            -           -           -

Common stock issued for
 cash at $6.00 per share
 pursuant to public
 offering                     344,083         344   2,064,154         -            -           -           -

Stock offering costs             -           -       (307,509)        -            -           -           -

Common stock issued in lieu
 of debt at $6.00 per share
 during November 1996          27,000          27     161,973         -            -           -           -

Common stock issued for
 cash at $6.00 per share
 during January 1997          155,000         155     929,845         -            -           -           -

Common stock issued to
 acquire Urathon Limited
 at $7.75 per share           200,000         200   1,549,800         -            -           -           -

Common stock issued for
 services rendered at
 $6.125 per share during
 February 1997                 15,000          15     91,860          -            -           -           -

Common stock issued for
 services rendered at
 $7.99 per share during
 June 1997                     15,000          15    119,865          -            -           -           -

Repayment of stock
 subscriptions receivable
 by providing services           -           -          -             -          40,000        -           -

Interest accrual on stock
 subscription receivable         -           -          -             -          (5,000)       -           -

Currency translation
 adjustment                      -           -          -            2,984         -           -           -

Net loss for the year
 ended June 30, 1997             -           -          -             -            -           -     (1,409,672)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
Balance, June 30, 1997      4,561,748 $     4,562 $ 5,582,811  $     2,984  $   (50,000)$      -   $ (2,254,392)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------

</TABLE>

The accompanying notes are an integral part of these financial statements.



<PAGE> 9
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                          (A Development Stage Company)
                 Statements of Stockholders' Equity (Continued)
<TABLE>
<CAPTION>

                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>
Balance, June 30, 1997      4,561,748 $     4,562 $ 5,582,811  $     2,984  $  (50,000) $      -   $ (2,254,392)

Exercise of options for
 common stock at $2.50
 per share                      5,500           5      13,745         -           -            -           -

Common stock repurchased
 at $0.18 per share        (1,270,000)     (1,270)   (228,730)        -           -            -           -

Common stock issued in lieu
 of interest on promissory
 notes at approximately
 $3.24 per share              152,250         152     492,629         -           -            -           -

Common stock issued in lieu
 of notes payable at $1.00
 per share                    400,000         400     399,600         -           -            -           -

Common stock issued as
 prepaid salary under related
 party compensation contracts
 at $2.00 per share           305,000         305     609,695         -           -        (610,000)       -

Common stock issued for
 subscription receivable
 at $2.00 per share           200,000         200     399,800         -       (400,000)        -           -

Common stock issued for
 services at $2.00 per
 share                        264,752         265     529,239         -           -            -           -

Receipt of stock
 subscriptions                   -           -           -            -         50,000         -           -

Currency translation
 adjustment                      -           -           -             188        -            -           -

Amortization of prepaid
 compensation contracts          -           -           -            -           -          33,333        -

Net loss for the year
 ending June 30, 1998            -           -           -            -            -          -      (4,267,829)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
Balance, June 30, 1998      4,619,250 $     4,619 $ 7,798,789  $     3,172  $  (400,000)$  (576,667)$(6,522,221)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------

</TABLE>

The accompanying notes are an integral part of these financial statements.







<PAGE> 10
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                          (A Development Stage Company)
                  Statements of Stockholders' Equity (Continued)
<TABLE>
<CAPTION>
                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>
Balance, June 30, 1998      4,619,250 $     4,619 $ 7,798,789  $     3,172  $ (400,000)  $(576,667)$ (6,522,221)

Common stock issued for
 cash at $0.50 per share      875,000         875     436,625         -           -           -            -

Common stock issued in lieu
 of interest on promissory
 note at approximately $0.93
 per share                      7,225           7       6,731         -           -           -            -

Common stock issued in lieu
 of notes payable at $1.00
 per share                  1,135,000       1,135   1,133,865         -           -           -            -

Common stock issued in lieu
 of notes payable at $0.50
 per share                     90,000          90      44,910         -           -           -            -

Common stock issued for
 services at $0.50 per
 share                         90,000          90      44,910         -           -           -            -

Additional interest recorded
 on subscription receivable      -           -           -            -        (34,000)       -            -

Currency translation
 adjustment                      -           -           -          (3,172)       -           -            -

Amortization of prepaid
 compensation contracts          -           -           -            -           -        306,667         -

Termination of employment
 contract                        -           -           -            -           -        240,000         -

Net loss for the year
 ending June 30, 1999            -           -           -            -           -           -      (1,779,346)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
Balance, June 30, 1999      6,816,475 $     6,816 $ 9,465,830  $      -     $  (434,000)$   (30,000)$(8,301,567)
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>
<PAGE> 11
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                          (A Development Stage Company)
                  Statements of Stockholders' Equity (Continued)
<TABLE>
<CAPTION>
                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>
Balance, June 30, 1999      6,816,475 $     6,816 $ 9,465,830  $      -     $  (434,000)$   (30,000)$(8,301,567)

Common stock issued for
 cash at $0.50 per share    2,548,125       2,548   1,271,514         -            -          -            -

Common stock issued for
 cash at $1.00 per share       28,000          28      27,972         -            -          -            -

Common stock issued for
 cash at $2.00 per share       65,000          65     129,935         -            -          -            -

Common stock issued for
 cash at $3.19 per share        2,037           2       6,498         -            -          -            -

Common stock issued for
 cash at $1.16 per share        5,592           6       6,494         -            -          -            -

Common stock issued for
 services at $0.87 per
 share                        363,306         363     314,729         -            -          -            -

Common stock issued for
 Subscription receivable
 At $0.75 per share         1,000,000       1,000     749,000         -        (750,000)      -            -

Common stock issued for
 assets at $1.00 per share     12,500          13      12,487         -            -          -            -

Common stock issued as prepaid
 expenses at $1.00 per share   22,000          22      21,978         -            -       (22,000)        -

Common stock issued as prepaid
 expenses at $2.00 per share  200,000         200     399,800         -            -      (400,000)        -

Common stock issued as prepaid
 expenses at $2.50 per share  100,000         100     249,900         -            -      (250,000)        -

Additional interest recorded
 on subscription receivable      -           -           -            -         (34,246)      -            -

Receipt of cash on
 subscriptions receivable        -           -           -            -          12,016       -            -

Amortization of prepaid
 expenses                        -           -           -            -            -       268,233         -

Net loss for the year
 ended June 30, 2000             -           -           -            -            -          -      (1,897,712)
                          ----------- ----------- -----------  -----------  ----------- ---------- ------------
Balance at June 30, 2000   11,163,035 $    11,163 $12,656,137  $      -     $(1,206,230)$ (433,767)$(10,199,279)
                          ----------- ----------- -----------  -----------  ----------- ---------- ------------

</TABLE>




<PAGE> 12
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                          (A Development Stage Company)
                  Statements of Stockholders' Equity (Continued)
<TABLE>
<CAPTION>
                                                                                         Related       Deficit
                                                                                          Party     Accumulated
                                                  Additional     Other        Stock      Prepaid     During the
                               Common Stock         Paid-in Comprehensive Subscription Compensation Development
                            Shares       Amount     Capital      Income     Receivable   Contracts     Stage
                          ----------- ----------- -----------  -----------  ----------- ----------- -----------
<S>                       <C>         <C>         <C>          <C>          <C>         <C>         <C>
Balance at June 30, 2000   11,163,035 $    11,163 $12,656,137  $      -     $(1,206,230)$ (433,767)$(10,199,279)

Common stock issued for
 cash at $1.00 per share
 (unaudited)                   15,000          15      14,995         -            -           -           -

Common stock issued for
 cash at $1.50 per share
 (unaudited)                  846,231         846   1,268,501         -            -           -           -

Common stock issued for
 cash at $2.00 per share
 (unaudited)                  464,630         465     928,795         -            -           -           -

Common stock issued for
 services at $1.50 per
 share (unaudited)             10,000          10      14,990         -            -           -           -

Common stock issued for
 Cash at $2.00 per share
 (unaudited)                   10,000          10      19,990         -            -           -           -

Common stock issued for
 services at $2.125 per
 share (unaudited)            150,000         150     318,600         -            -           -           -

Common stock issued for
 services at $3.4125 per
 share (unaudited)             50,000          50     170,575         -            -           -           -

Common stock issued for
 services at $3.8744 per
 share (unaudited)              2,581           3       9,997         -            -           -           -

Common stock issued for
 services at $4.8937 per
 share (unaudited)              2,000           2       9,785         -            -            -          -

Additional interest recorded
 on subscription receivable      -           -           -            -         (69,543)       -           -
 (unaudited)

Receipt of cash on
 subscriptions receivable        -           -           -            -          54,338        -           -
 (unaudited)

Amortization of prepaid
 expenses (unaudited)            -           -           -            -            -        433,767        -

Net loss for the nine months
 ended March 31, 2001
 (unaudited)                     -           -           -            -            -           -     (2,433,611)
                          ----------- ----------  -----------  ----------- -----------  ----------- -----------
Balance at March 31,
 2001 (unaudited)          12,713,477 $   12,714  $15,412,358  $      -    $(1,221,435) $      -   $(12,632,890)
                          =========== ==========  ===========  =========== ===========  ==========  ===========
</TABLE>

The accompanying notes are an integral part of these financial statements.

<PAGE> 13
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                           (A Development Stage Company)
                             Statements of Cash Flows
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                From
                                                        For the        For the       Inception on
                                                       Nine months    Nine months      January 30,
                                                         Ended          Ended       1995 Through
                                                       March 31,      March 31,       March 31,
                                                          2001           2000           2001
                                                     -------------  -------------   -------------
<S>                                                  <C>            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss                                             $  (2,433,611)  $  (1,198,382) $(12,632,890)
 Adjustments to Reconcile Net (Loss) to
  Net Cash (Used) by Operating Activities:
    Depreciation and amortization                          190,010        180,170      1,003,547
    Bad debt expense                                          -              -            36,612
    (Gain) loss on disposition of assets                     5,125           (102)       (36,513)
    Impairment loss                                           -              -         1,752,537
    (Gain) on disposition of subsidiary                       -              -          (228,893)
    Loss on termination of employment contract                -              -           240,000
    Loss from discontinued operations                         -              -           495,108
    Common stock issued for services                       544,162        280,000      1,774,513
    Services provided in lieu of cash payment
     on subscriptions receivable                              -              -            75,000
    Common stock issued in lieu of interest                   -              -           499,519
Changes in Assets and Liabilities:
     (Increase) decrease in accounts receivable
      and accounts receivable - related party                2,199        (92,141)       (53,278)
     (Increase) decrease in interest on subscription
      receivable                                           (69,543)        25,616       (137,789)
     (Increase) decrease in inventory                      (49,775)      (328,787)      (416,855)
     (Increase) decrease in prepaid expenses               (76,196)       (42,902)       522,002
     (Increase) decrease in other assets                   (18,908)        (7,130)       (94,593)
     Increase (decrease) in accounts payable and
      accrued expenses                                     (67,960)        36,589         96,861
                                                       -----------   ------------   ------------
  Net Cash (Used) by Operating Activities               (1,974,497)    (1,147,069)    (7,105,112)

CASH FLOWS FROM INVESTING ACTIVITIES:
 Sale of Equipment                                            -              -            70,000
 Purchase of property and equipment                       (119,830)       (62,738)    (1,697,679)
 Purchase of subsidiary                                       -              -          (400,000)
                                                     -------------    -----------   ------------
  Net Cash (Used) in Investing Activities            $    (119,830)   $   (62,738)  $ (2,027,679)
                                                     -------------    ------------  ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Proceeds from stock subscription receivable          $    54,338   $       -        $   116,354
 Repurchase of common stock                                  -              -           (439,862)
 Payment of stock offering costs                             -              -           (160,401)
 Proceeds from notes payable                                 -              -          2,298,838
 Cash received on stock subscription deposit              580,330        189,490         645,331
 Payments made on notes payable and line of credit           -            (6,000)       (429,838)
 Payments made to related parties                            -              -            (16,000)
 Common stock issued for cash                           2,213,607      1,210,011       7,894,800
                                                     ------------   ------------    ------------
     Net Cash Provided (Used) by Financing
      Activities                                        2,848,275      1,393,501       9,909,222
                                                     ------------   ------------    ------------
NET INCREASE (DECREASE) IN CASH                           753,948        183,694         776,431

CASH AND CASH EQUIVALENTS AT BEGINNING
 OF PERIOD                                                 22,483          3,291            -
                                                     ------------   ------------    ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD           $    776,431   $    186,985    $    776,431
                                                     ============   ============    ============
</TABLE>

<PAGE> 14
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                           (A Development Stage Company)
                       Statements of Cash Flows (Continued)
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                From
                                                        For the        For the       Inception on
                                                       Nine months    Nine months      January 30,
                                                         Ended          Ended       1995 Through
                                                       March 31,      March 31,       March 31,
                                                          2001           2000           2001
                                                     -------------  -------------   -------------
<S>                                                  <C>            <C>             <C>

SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES

CASH PAID FOR:
 Interest                                            $       -      $       -      $      84,220
 Income taxes                                        $       -      $       -      $        -

NON-CASH FINANCING ACTIVITIES

Common stock issued for services rendered            $  544,162     $    280,000   $   1,774,513
Common stock issued in lieu of debt and interest     $     -        $       -      $   2,241,519
Common stock issued for acquisition of subsidiary    $     -        $       -      $   1,550,000
Common stock issued as prepaid salary                $     -        $       -      $   1,282,000
Common stock issued for equipment                    $     -        $       -      $      12,500
Common stock issued for subscription receivable      $     -        $       -      $     750,000




</TABLE>

  The accompanying notes are an integral part of these financial statements.


<PAGE> 15
            AMERITYRE CORPORATION (formerly American Tire Corporation)
                           (A DEVELOPMENT STAGE COMPANY)
                    Notes to the Unaudited Financial Statements
                                  March 31, 2001

NOTE 1- CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by the Company
without audit.  In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows at March 31, 2001 and 2000
and for all periods have been made.

Certain information and footnote disclosure normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is suggested that these
condensed financial statements be read in conjunction with the financial
statements and notes thereto included in the Company's June 30, 2000 audited
financial statements included in its report on Form 10K-SB.  The results of
operations for the periods ended March 31, 2001 and 2000 are not necessarily
indicative of the operating results for the full years.

NOTE 2   GOING CONCERN

The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business.  The Company has historically incurred significant losses which have
resulted in an accumulated deficit of $10,199,279 at June 30, 2000 which
raises substantial doubt about the Company's ability to continue as a going
concern.  The accompanying financial statements do not include any adjustments
relating to the recoverability and classification of asset carrying amounts or
the amount and classification of liabilities that might result from the
outcome of this uncertainty.  It is the intention of management to create
additional revenues through the development and sales of its patented tires
and to rely upon additional equity financing if required to sustain operations
until revenues are adequate to cover the costs.


<PAGE> 16
               ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-looking Statements
----------------------------------------------------------
This report may contain "forward-looking" statements. Examples of forward-
looking statements include, but are not limited to: (a) projections of
revenues, capital expenditures, growth, prospects, dividends, capital
structure and other financial matters; (b) statements of plans and objectives
of the Company or its management or Board of Directors; (c) statements of
future economic performance; (d) statements of assumptions underlying other
statements and statements about the Company and its business relating to the
future; and (e) any statements using the words "anticipate," "expect," "may,"
"project," "intend" or similar expressions.

Results of Operations for the Three and Nine Month Periods ended March 31,
2001 compared to Three and Nine Month Periods ended March 31, 2000
--------------------------------------------------------------------
Revenue: In an effort to introduce its "flat-free" bicycle tires into the
market place the Company began marketing a line of bicycles utilizing the
Company's tires. The Company has been selling these bicycles for over the past
12 months and the Company will continue to sell the bicycles until such time
as its entire inventory has been depleted.  At March 31, 2001, the Company's
inventory was $416,855, of which $234,068 is bicycles equipped with the
Company's tires. Total revenues for the three months ended March 31, 2001 was
$19,029 compared to $41,495 for the same period in 2000. Total revenues for
the nine months ended March 31, 2001 was $85,775 compared to $61,477 for the
same period in 2000.  The increase in sales for the nine month period in 2001
as compared to the prior year nine month period is based on the Company's
shift in marketing from OEM to direct sales and the shift to the introduction
of bicycles.  Costs of sales for the three months ended March 31, 2001 were
$10,456, or 54.95% of sales as compared to $52,692, or 126.98% of sales for
the quarter ended March 31, 2000.  Costs of sales for the nine month period
ended March 31, 2001 were $90,240, or 105.21% of sales as opposed to $102,406,
or 166.58% of sales for the corresponding period in 2000. The decrease in the
cost of sales as a percent of sales for fiscal year 2001 compared to fiscal
year 2000 is due to the direct sales approach, however, the Company has not
had sales in sufficient quantities to offset minimum costs of production. The
Company expects increased revenue during the remainder of its fiscal year from
the sale of bicycles, bicycles tires, and other specialty tires as market
awareness of its products increases.

The Company knows of no predictable events or uncertainties that may be
reasonably expected to have a material impact on the net sales revenue or
income from continuing operations other than lack of working capital. However,
the Company has been testing prototypes of a polyurethane "flat-free"
automobile tire and may need additional working capital or develop a strategic
relationship in order to fully exploit the potential market for this product.

<PAGE>
<PAGE> 17

Cost of Sales: Costs of sales for the periods ended three and nine month
periods ended March 31, 2001 were $10,456 and $90,240, or 54.95% and 105.21%
of sales, respectively, as compared to $52,642 and $102,406, or 126.98% and
166.58% of sales for the three and nine month periods ended March 31, 2000.
The decrease in the cost of sales as a percent of sales for the three and nine
month periods ended March 31, 2001 compared to the same periods ended March
31, 2000 is due to the fact that the Company had sales in sufficient
quantities to offset minimum costs of production. At this time, the Company
has not committed to acquire any additional bicycles, however, in an effort to
increase sales of the Company's product, in August 2000, the Company entered
into an exclusive worldwide sales and marketing agreement with Focus Sales and
Marketing LLC ("Focus"), a Newport Beach, California based sales and marketing
group headed by Alan Rypinski.  Focus has been marketing the Company's "flat-
free" bicycle tires under the brand name "AirRiders(TM)" worldwide. The
marketing agreement with Focus runs through July 31, 2001. The Company is
evaluating the current marketing of both its bicycle and "flat free" tire
products and expects to have its market program for fiscal year ending
June 30, 2002 established by June 30, 2001, the Company's current fiscal year
end.

Corporate Expense.  For the three months ended March 31, 2001, total operating
expenses were $794,211, consisting of mainly of payroll and payroll taxes of
$122,896, consulting of $197,729, depreciation and amortization of $66,788,
and selling, general and administrative expenses of $406,798,  resulting in a
loss from operations of $785,638. Operating expenses for the three months
ended March 31, 2000 were $ 609,382, mainly consisting of payroll and payroll
taxes of $271,157, consulting of $101,668, depreciation and amortization of
$54,501, and selling, general and administrative expenses of $182,056,
resulting in a loss from operations of $620,579. For the nine months ended
March 31, 2001, total operating expenses were $2,499,678, consisting of mainly
of payroll and payroll taxes of $610,711, consulting of $621,244, depreciation
and amortization of $190,010, and selling, general and administrative expenses
of $1,077,713, resulting in a loss from operations of $2,504,143.  Total
operating expenses for the nine months ended March 31, 2000 were $1,178,797,
mainly consisting of payroll and payroll taxes of $468,187, consulting of
$133,918, depreciation and amortization of $163,502 and selling, general and
administrative expenses of $413,190 resulting in a loss from operations of
$1,219,726. The overall increase in operating expenses for the three and nine
month periods ended March 31, 2001 are directly related to the addition of new
internal sales and marketing personnel and third-party sales, marketing, and
consulting agreements.

Interest Expense.  Interest expense for the three months ended March 31, 2001
was $1,632 compared to $2,281 for the same period in 2000. Interest expense
for the nine months ended March 31, 2001 was $4,931 compared to $8,948 for the
same period in 2000. The reduction in interest expense for the three and nine
month periods in 2001 is directly attributable to the conversion to equity of
convertible promissory notes issued during previous periods.

The Company experienced a net loss of $759,782 for the three month period
ended March 31, 2001 compared to a loss of $613,215 for the same period in
2000. The basic loss per share for the quarter was $0.06 in 2001 compared to
$0.07 for 2000, based on the weighted average number of shares outstanding of
12,255,197 and 9,252,050, respectively.

<PAGE> 18

The Company experienced a net loss of $2,433,611 for the nine month period
ended March 31, 2001 compared to a loss of $1,198,382 for the same period in
2000. The basic loss per share for the nine months was $0.20 in 2001 compared
to $.013 for 2000, based on the weighted average number of shares outstanding
of 11,806,400 and 9,252,050, respectively.

Liquidity and Capital Resources
-------------------------------
During the nine month period ended March 31, 2001, the Company sold in private
placements an aggregate of 1,325,861 shares of its restricted common stock for
cash at prices per share ranging from $1.00 to $2.00, for aggregate cash
proceeds of $2,213,607. In addition, during the same nine month period the
Company issued an aggregate of 224,581 shares of its restricted common stock
valued at prices per share ranging from $1.50 to $4.8937 for services valued
at $544,162.

The Company had current assets of $1,296,183 and current liabilities of
$527,888, for a working capital surplus of $768,295 at March 31, 2001.  The
Company had cash and cash equivalents of $776,431 and accounts receivable of
$16,666 for the same period. Net cash used in operations for the nine month
period ended March 31, 2001 was $1,974,497 and $1,147,069 for the comparative
period ended March 31, 2000. Cash used in operations for the nine months ended
March 31, 2001 was funded primarily by cash received from the sale of
restricted common stock.

At March 31, 2001, the Company had net property and equipment of $754,784,
after deduction of $822,483 in accumulated depreciation. The Company's roperty
and equipment consists mainly of land, $59,000; building and improvements,
$305,532; and equipment, $1,205,043.  At March 31, 2001, the Company has an
accumulated deficit during the development stage of $12,632,890, has limited
working capital and internal financial resources. The report of the Company's
auditor for the Company's fiscal year end at June 30, 2000, contains a going
concern modification as to the ability of the Company to continue.  During
fiscal 2001, the Company expects that it will be able to effect measures that
will (i) reduce cash outflows, (ii) increase revenues through an increased
marketing effort; and (iii) raise needed working capital through the issuance
of additional shares of common stock for services and cash.

Additionally, the Company has developed an overall strategy and certain
inancing options to meet its ongoing needs through June 30, 2001.  Due to the
constant need for working capital, the Company will continue to seek
additional equity financing from existing shareholders and other investment
capital resources.  The Company has no commitments for any additional debt or
equity financing at this time and no assurance can be given that the Company
will be able to obtain any such commitments. Because of the Company's limited
financial resources, the Company does not anticipate expending any substantial
sums for new research and development during the fiscal year ending June 30,
2001.

Impact of Inflation
-------------------
The Company does not anticipate that inflation will have a material impact on
its current or proposed operations.



<PAGE> 19

Principal Customers
-------------------
During the three and nine month periods ended March 31, 2001, the Company
had no individual customer that accounted for more than 10% of the Company's
revenues.

Seasonality
-----------
Management of the Company knows of no seasonal aspects relating to the
nature of the Company business operations that had a material effect on the
financial condition or results of operation of the Company.

                          PART II - OTHER INFORMATION

                          ITEM 1.  LEGAL PROCEEDINGS

In April 2000 the Company filed an action in the United States District Court,
District of Nevada, Case No. CV-S 00-0540-DWH-LRL, against Roger A. Fleming
("Fleming"), a former officer, director and current shareholder. This action
is a breach of employment contract case that includes additional claims
against Fleming for breach of fiduciary duty, breach of covenant of good faith
and fair dealing, intentional interference with business relations and
prospective economic advantage, defamation, intentional misrepresentation and
detrimental reliance and for monies due on a promissory note. The Company's
expects recovery on the promissory note referenced in the Complaint in the
amount of $400,000. Recovery on the remaining claims cannot be predicted. In
addition to monetary damages, the Company is seeking return of the common
stock issued to Fleming pursuant to his employment agreement. During the
reporting period, cause of action was moved to the United States District
Court for the Northern District of Ohio, Eastern Division, pursuant to a
motion by the defendant. The Company is vigorously pursuing its claim against
Fleming.

In May 2000, the Company was served with a complaint filed in the second
judicial district court in and for Davis County, State of Utah, Civil No.
000700162, titled John R. Hoffman v. American Tire Corporation. In the
complaint, Mr. Hoffman alleges that the Company (i) breached his employment
contract by terminating him without cause, (ii) breached the covenant of good
faith and fair dealing, (iii) was unjustly enriched, and (iv) intends to
dishonor certain option rights to acquire common stock of the Company. Mr.
Hoffman asked the court to award him judgment in the approximate amount of
$270,000, plus unreimbursed business expenses of $675. In addition, Mr.
Hoffman asked for declaratory judgment confirming his option rights under
the employment agreement, interest, court cost and attorney fees. In April
2001, the Company and Hoffman entered into a settlement agreement wherein (1)
the Company agreed to pay Hoffman $65,000 in three periodic payments over a 12
month period; (2) the Company issued Hoffman 10,000 shares of its restricted
common stock in exchange for a cash payment from Hoffman of $5,000; and (3)
the parties agreed to dismiss the above referenced litigation with prejudice
with each party bearing its own costs and attorneys' fees.


<PAGE>
<PAGE> 20
                       ITEM 2.  CHANGES IN SECURITIES

During the quarter ended March 31, 2001, in lieu of cash payment for services
by outside consultants from January 2001 through March 31, 2001, the Company
issued 10,000 shares of its restricted common stock at a value of $2.00 per
share, 2,581 shares of its restricted common stock at a value of $3.8745 per
share, and 2,000 shares of its restricted common stock at a value of $4.8937
per share. In lieu of cash payment for services by members of the Board of
Directors, the Company issued 50,000 shares of its restricted common stock at
a value of $3.4125 per share. For purposes of valuing the services provided
the price per share was based on the closing price for the Company's common
stock as quoted in the over-the-counter market on the date of approval by the
board of directors. Also, during the quarter ended March 31, 2001, the Company
issued 10,000 shares of its restricted common stock for cash at $1.00 per
share, 141,564 shares of its restricted common stock for cash at $1.50 per
share, and 455,905 shares of its restricted common stock for cash at $2.00 per
share.  The securities issued in the foregoing transactions were restricted
securities and issued to accredited investors in reliance on the exemption
from registration and prospectus delivery requirements of the Act set forth in
Section 3(b) and/or Section 4(2) of the Securities Act and the regulations
promulgated thereunder.

                     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
     None.

(b) REPORTS
     None.

                                   SIGNATURES

Pursuant to 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.

                                         AMERITYRE CORPORATION
                                         [Registrant]

Dated: May  9, 2001                      /S/DAVID K. GRIFFITHS
                                         -----------------------------------
                                         Principal Accounting Officer
