<SUBMISSION>
<ACCESSION-NUMBER>0001012895-01-500156
<TYPE>10QSB
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20010930
<FILING-DATE>20011119
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AMERITYRE CORP
<CIK>0000945828
<ASSIGNED-SIC>3011
<IRS-NUMBER>870535207
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>10QSB
<ACT>34
<FILE-NUMBER>033-94318-C
<FILM-NUMBER>1795210
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>705 YUCCA STREET
<CITY>BOULDER CITY
<STATE>NV
<ZIP>89005
<PHONE>7022931930
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>705 YUCCA STREET
<CITY>BOULDER CITY
<STATE>NV
<ZIP>89005
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AMERICAN TIRE CORP
<DATE-CHANGED>19951117
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>f01sep10q.txt
<DESCRIPTION>SEPTEMBER 30, 2001 FORM 10QSB
<TEXT>
<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 September 30, 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)

                                NOT APPLICABLE
-----------------------------------------------------------------------------
(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 13,638,182 shares of common stock, par value $0.001, as of October
26, 2001.




<PAGE>
<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 September 30, 2001; the
related audited balance sheet of the Company as of June 30, 2001; and the
related unaudited statements of operations and cash flows for the three month
period ended September 30, 2001 and 2000 and from January 30, 1995 (inception)
through September 30, 2001, are attached hereto and incorporated herein by
this reference

Operating results for the three month period ended September 30, 2001 are not
necessarily indicative of the results that can be expected for the Company's
fiscal year ending June 30, 2002.



<PAGE>
<PAGE>  3

                             AMERITYRE CORPORATION
                         (A Development Stage Company)
                                BALANCE SHEETS
                                     ASSETS
                                                  SEPTEMBER 30,     JUNE 30,
                                                     2001             2001
                                                 ------------     ------------
                                                  (Unaudited)
Current Assets:
   Cash and cash equivalents                     $   842,135      $   530,052
   Accounts receivable - net                          15,951           13,678
   Inventory                                         468,225          400,920
   Prepaid expenses                                    5,066           20,160
                                                   ----------      ----------
          Total Current Assets                     1,331,377          964,810
                                                   ----------      ----------
Property and Equipment
   Land                                                  -             59,000
   Building and improvements                          41,613          305,532
   Equipment                                       1,279,751        1,265,200
   Furniture and fixtures                              7,692            7,692
   Automobiles                                        12,153           12,153
      Less: accumulated depreciation                (815,489)        (807,460)
                                                   ----------      ----------
          Total Property and Equipment               525,720          842,117
                                                   ----------      ----------

Other Assets:
   Patents - net                                      53,059           41,940
   Deposits                                           14,764            7,180
                                                   ----------      ----------
          Total Other Assets                          67,823           49,120
                                                   ----------      ----------
TOTAL ASSETS                                      $1,924,920       $1,856,047
                                                   ==========      ==========





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



<PAGE>
<PAGE> 4
                            AMERITYRE CORPORATION
                        (A Development Stage Company)
                          BALANCE SHEETS (Continued)


                    LIABILITIES AND STOCKHOLDERS' EQUITY

                                                  SEPTEMBER 30,     JUNE 30,
                                                      2001            2001
                                                 ------------     ------------
                                                  (Unaudited)
Current Liabilities:
   Accounts payable                              $    238,357     $   225,872
   Accrued expenses                                    11,156          11,240
   Note payable - related party                        77,000          77,000
   Interest payable   related party                    16,597          16,597
   Stock subscription deposit                           2,000          25,000
                                                   ----------      ----------
          Total current liabilities                   345,110         355,709
                                                   ----------      ----------
TOTAL LIABILITIES                                     345,110         355,709
                                                   ----------      ----------
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, 13,604,635 and 13,291,635
    shares issued and outstanding, respectively        13,605          13,292
   Additional paid-in capital                      17,201,797      16,576,110
   Stock subscriptions receivable                  (1,491,394)     (1,458,307)
   Prepaid expenses                                   (74,000)        (65,250)
   Deficit accumulated during the
    development stage                             (14,070,198)    (13,565,507)
                                                   ----------      ----------
          Total stockholders' equity                1,579,810       1,500,338
                                                   ----------      ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $1,924,920      $1,856,047
                                                   ==========      ==========








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


<PAGE>
<PAGE>  5
                             AMERITYRE CORPORATION
                     (Formerly American Tire Corporation)
                           Statements of Operations
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                                        From
                                                        For the        For the      Inception on
                                                     Three Months   Three Months    January 30,
                                                        Ended          Ended        1995 Through
                                                     September 30,  September 30,   September 30,
                                                         2001           2000            2001
                                                     ------------   ------------    ------------
<S>                                                <C>            <C>             <C>
NET SALES                                            $     23,692   $     52,323   $     283,023

COST OF SALES                                              14,877         52,718         406,914
                                                     ------------   ------------    ------------
GROSS MARGIN                                                8,815           (395)       (123,891)
                                                     ------------   ------------    ------------
EXPENSES
 Consulting                                               127,654         264,603      2,349,597
 Payroll and payroll taxes                                133,281          78,951      4,039,456
 Depreciation and amortization                             54,330          61,981      1,043,250
 Bad debt expense                                               -               -         52,112
 Selling, general and administrative                      239,969         225,668      3,876,269
                                                     ------------   -------------   ------------
    Total Expenses                                        555,234         631,203     11,360,684
                                                     ------------   -------------   ------------
LOSS BEFORE OTHER INCOME (EXPENSES)                      (546,419)       (631,598)   (11,484,575)
                                                     ------------   -------------   ------------
OTHER INCOME (EXPENSES)
 Other income                                                   -               -          2,298
 Interest income                                           23,692          24,547        253,683
 Interest expense                                               -          (1,650)      (637,401)
 Impairment loss                                                -               -     (1,694,111)
 Asset impairment loss                                          -               -        (58,426)
 Loss on termination of employment agreement                    -               -       (240,000)
 Gain on disposition of assets                             18,036               -         54,549
                                                     ------------   -------------   ------------
TOTAL OTHER INCOME (EXPENSES)                              41,728          22,897     (2,319,408)
                                                     ------------   -------------   ------------
NET LOSS BEFORE DISCONTINUED OPERATIONS              $   (504,691)  $    (608,701)  $(13,803,983)
                                                     ============   =============   ============
DISCONTINUED OPERATIONS
 Loss from discontinued operations                              -               -       (495,108)
 Gain from disposition of subsidiary                            -               -        228,893
                                                     ------------   -------------   ------------
     Net Discontinued Operations                                -               -       (266,215)
                                                     ------------   -------------   ------------
NET LOSS                                             $   (504,691)  $    (608,701)  $(14,070,198)
                                                     ============   =============   ============

BASIC LOSS PER SHARE
 Loss from operations                                $      (0.04)  $      (0.05)
 Discontinued operations                                        -              -
                                                     ------------   ------------
   Basic Loss Per Share                              $      (0.04)  $      (0.05)
                                                     ============   ============
WEIGHTED AVERAGE NUMBER OF SHARES                      13,533,480     11,373,181
                                                     ============   ============

</TABLE>

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

<PAGE>
<PAGE> 6
                                AMERITYRE CORPORATION
                            (A Development Stage Company)
                              Statements of Cash Flows
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                        From
                                                       For the       For the        Inception on
                                                     Three Months   Three Months    January 30,
                                                        Ended          Ended        1995 Through
                                                     September 30,  September 30,   September 30,
                                                         2001           2000            2001
                                                     -------------  -------------   -------------
<S>                                                  <C>            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net Loss                                             $    (504,691)  $  (608,701)   $(14,070,198)
 Adjustments to Reconcile Net (Loss) to
  Net Cash (Used) by Operating Activities:
    Depreciation and amortization                           54,330        61,981       1,043,250
    Bad debt expense                                             -             -          52,112
    (Gain) on disposition of assets                        (18,036)            -         (54,549)
    Asset 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
    Additional expense on stock options granted                  -             -         313,818
    Common stock issued for services                        25,000             -       1,840,038
    Services provided in lieu of cash payment
     on subscriptions receivable                                 -             -          75,000
    Common stock issued in lieu of interest                      -             -         499,519
    Interest on subscription receivable                     (3,781)      (23,106)       (111,874)
  Changes in Assets and Liabilities:
     (Increase) decrease in accounts receivable
      and accounts receivable - related party               (2,273)        8,275         (68,063)
     (Increase) decrease in inventory                      (67,305)       17,565        (468,225)
     (Increase) decrease in prepaid expenses                 6,344       (19,702)      1,042,934
     (Increase) decrease in other assets                   (19,219)        4,140         (39,080)
     Increase (decrease) in accounts payable and
      accrued expenses                                      12,401       (12,785)        119,306
                                                       -----------   -----------    ------------
  Net Cash (Used) by Operating Activities                 (517,230)     (572,333)     (7,567,260)

CASH FLOWS FROM INVESTING ACTIVITIES:
 Cash paid for patents                                           -             -         (77,742)
 Sale of fixed assets                                      315,169             -         390,669
 Purchase of equipment                                     (14,550)      (31,762)     (1,784,539)
 Purchase of subsidiary                                          -             -        (400,000)
                                                       -----------   -----------    ------------
  Net Cash Provided (Used) by Investing Activities     $   300,619   $   (31,762)   $ (1,871,612)
                                                       -----------   -----------    ------------
</TABLE>

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

<PAGE>
<PAGE> 7
                                AMERITYRE CORPORATION
                            (A Development Stage Company)
                         Statements of Cash Flows (Continued)
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                        From
                                                       For the       For the        Inception on
                                                     Three Months   Three Months    January 30,
                                                        Ended          Ended        1995 Through
                                                     September 30,  September 30,   September 30,
                                                         2001           2000            2001
                                                     ------------   ------------    ------------
<S>                                                <C>            <C>             <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
 Repurchase of common stock                           $         -   $          -    $   (439,862)
 Receipt of subscription receivable                        10,694   $     16,738         110,480
 Payment of stock offering costs                                -              -        (160,401)
 Proceeds from notes payable                                    -              -       2,298,838
 Increase (decrease) in stock subscription deposits       (23,000)       336,427           2,000
 Payments made on notes payable and line of credit              -              -        (429,838)
 Payments made to related parties                               -              -         (16,000)
 Common stock issued for cash                             541,000        770,000       8,915,790
                                                     ------------   ------------    ------------
     Net Cash Provided by Financing Activities            528,694      1,123,165      10,281,007
                                                     ------------   ------------    ------------
NET INCREASE IN CASH                                      312,083        519,070         842,135

CASH AND CASH EQUIVALENTS AT BEGINNING
 OF PERIOD                                                530,052         22,483               -
                                                     ------------   ------------    ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD           $    842,135   $    541,553    $    842,135
                                                     ============   ============    ============

SUPPLEMENTAL SCHEDULE OF CASH FLOW ACTIVITIES

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

NON-CASH FINANCING ACTIVITIES

 Common stock issued for services rendered           $     25,000   $          -    $  1,840,038
 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 expenses             $     20,000   $          -    $  1,382,000
 Common stock issued for equipment                   $          -   $          -    $     12,500
 Common stock issued for subscriptions receivable    $     40,000   $          -    $  1,040,000

</TABLE>


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

<PAGE>
<PAGE> 8
                                AMERITYRE CORPORATION
                            (A DEVELOPMENT STAGE COMPANY)
                    Notes to the Unaudited Financial Statements
                       September 30, 2001 and June 30, 2001

NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION

The accompanying unaudited condensed financial statements have been prepared
by the Company pursuant to the rules and regulations of the Securities and
Exchange Commission.  Certain information and footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted in accordance
with such rules and regulations.  The information furnished in the interim
condensed financial statements include normal recurring adjustments and
reflects all adjustments, which, in the opinion of management, are necessary
for a fair presentation of such financial statements.  Although management
believes the disclosures and information presented are adequate to make the
information not misleading, it is suggested that these interim condensed
financial statements be read in conjunction with the Company's most recent
audited financial statements and notes thereto included in its June 30, 2001
Annual Report on Form 10-KSB.  Operating results for the three months ended
September 30, 2001 are not necessarily indicative of the results that may be
expected for the year ending June 30, 2002.

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 $14,070,198 at September 30, 2001 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 intent of management to create
additional revenues through the development and sales of its patented tires
and to obtain additional equity financing if required to sustain operations
until revenues are adequate to cover the costs.

NOTE 3 - SALE OF FIXED ASSETS

In September 2001, the Company signed and executed an agreement with AMB
Partnership, PLL, (AMB) under which the Company sold the fixed assets relating
to its property in Ravenna, Ohio. Under the terms of the agreement, AMB
obtained title to the land, building, and building improvements previously
owned by the Company in exchange for $360,000. The sale of this property, less
applicable settlement charges and taxes, yielded $291,713 in cash for the
Company, which resulted in a gain on sale of fixed assets of $18,036.

NOTE 4 - SUBSEQUENT EVENT

In July 2001, the Company executed an agreement with an unaffiliated
shareholder under which the Company issued 20,000 shares of its common stock
at $2.00 per share to the individual in exchange for a promissory note with a
face value of $40,000, bearing interest at 8.5% per annum.  Subsequent to
September 30, 2001, all of these shares were canceled by the Company due to
non-payment, and all obligations under the promissory note were terminated.

<PAGE>
<PAGE> 9
               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.

General
-------
The Company has proprietary and nonproprietary technology for the
manufacturing of flat-free specialty tires for bicycles and lawn and garden
tires (the "Products"). The Company's primary marketing strategy has been to
introduce its Products through sales to original equipment manufacturers, tire
distributors and dealers, and to direct market via the Company's internet
website.

During the period ended September 30, 2001, the Company began establishing a
dealer network for its Products throughout the United States. Dealer locations
can be accessed through the Company's internet website at www.amerityre.com.

Results of Operations for three month period ended September 30, 2001 compared
to the three month period ended September 30, 2000
------------------------------------------------------------------------------

Revenues: The Company's net sales for the three month period ended September
30, 2001 were $23,692 compared $52,323 for the same three month period ended
September 30, 2000. The decrease in sales during the three month period ended
September 30, 2001 as compared the same period in 2000 is directly attributed
to the Company's shift from marketing its "Lazer [TM]" bicycle to focusing on
establishing sales through a tire distributor and dealer network. Management
expects sales revenues to increase steadily during the remainder of its fiscal
year as additional dealers are added to its dealer network.

Cost of Sales: Cost of sales for the three month period ended September 30,
2001 were $14,877, or 64% of sales. Costs of sales for the three month period
ended September 30, 2000 were $52,718, or 101% of sales. The Company believes
that its direct costs as a percent of sales will be reduced to profitable
levels once the volume of Product sales exceeds the fixed costs of minimum
Product production (i.e. labor costs).

Corporate Expense. For the three month period ended September 30, 2001, total
operating expenses were $555,234, consisting of consulting $127,654, payroll
and payroll taxes of $133,281, depreciation and amortization of $54,330 and
selling, general and administrative expenses of $239,969, resulting in a loss
from operations of $546,419. For the three month period ended September 30,
2000, total operating expenses were $631,203, consisting of mainly of
consulting $264,603, payroll and payroll taxes of $78,951, depreciation and
amortization of $61,981 and selling, general and administrative expenses of
$225,668, resulting in a loss from operations of $631,598.  The Company
expects operating expenses to remain relatively constant for the remainder of
the fiscal year at an estimated $170,000 per month.

<PAGE> 10

Interest Expense. There was no interest expense during the three month period
ended September 30, 2001. Interest expense for the three month period ended
September 30, 2000 was $1,650.

The Company experienced a net loss of $504,691 for the three month period
ended September 30, 2001. The basic loss per share for the period was $0.04,
based on the weighted average number of shares outstanding of 13,533,480. The
Company experienced a net loss of $608,701 for the three month period ended
September 30, 2000. The basic loss per share for the period was $0.05 in 2000,
based on the weighted average number of shares outstanding of 11,373,181.

Liquidity and Capital Resources
-------------------------------
The Company has current assets of $1,331,377 and current liabilities of
$345,110, for a working capital surplus of $986,267 at September 30, 2001.
Current assets consisted largely of cash and cash equivalents of $842,135 and
inventory of $468,225, while accounts receivable of $15,951 and prepaid
expenses of $5,066 made up the balance. Net cash used in operations was
$517,230 and $572,333 for the three month periods ended September 30, 2001 and
2000, respectively. Cash used in operations for the comparative periods ended
September 30, 2001 and 2000 has been funded primarily by cash received from
the sale of common stock.

At September 30, 2001, the Company had net property and equipment of $525,720,
after deduction of $815,489 in accumulated depreciation, a net reduction of
$316,397 compared to September 30, 2000. The reduction was a direct result of
the Company's sale of its real estate and former manufacturing facility in
Ravenna, Ohio, that was sold during the period for gross proceeds of $360,000.
The sale of the property, less applicable settlement charges and taxes,
yielded the Company $291,713 in cash, which resulted in a gain on sale of
fixed assets of $18,036. At September 30, 2001, the Company's property and
equipment now consists mainly of equipment, ($1,279,751) and building and
improvements ($41,613).

The report of the Company's auditor for the Company's fiscal year end at June
30, 2001, contains a going concern modification as to the ability of the
Company to continue. At September 30, 2001, the Company had an accumulated
deficit during the development stage of $14,070,198. Although the Company had
a working capital surplus of $986,267 at September 30, 2001 (in large part due
to the sale of common stock for cash and cash proceeds derived from the sale
of the Ravenna, Ohio property), the Company had a net loss of $504,691 for the
period ended September 30, 2001 and has limited internal financial resources.

As indicated above, during the three months ended September 30, 2001, the
Company continued to acquire working capital through the issuance of
additional shares of common stock for cash, services and conversion of debt.
The Company is aware of its ongoing cash requirements and has implemented a
cash flow plan that continues to include expenditures associated with the
promotion of markets for its Products. At September 30, 2001, the Company had
subscription receivables from affiliates to provide an additional $1,491,394
and prepaid expenses of $74,000, however, no assurance can be given that the
Company will be able to obtain any other funding commitments. The Company does
not anticipate expending any substantial sums for new research and development
during the fiscal year ended June 30, 2002.


<PAGE>
<PAGE> 11

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

Principal Customers
-------------------
During the quarter 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 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. As of the
date of this filing the Company has negotiated proposed terms for a settlement
with Mr. Fleming's legal counsel, however, a definitive settlement agreement
has not yet been signed. A status conference has been schedule by the Court on
December 17, 2001, which will be canceled in the event a settlement entry is
submitted by the parties.

                       ITEM 2.  CHANGES IN SECURITIES

During the three month period ended September 30, 2001, the Company issued and
aggregate of 313,000 shares of its common stock, consisting of 270,500 shares
for approximately $541,000 at $2.00 per share, 22,500 shares for services
valued at $2.00 per share, and 20,000 shares at $2.00 per share in exchange
for a $40,000 promissory note from an unaffiliated shareholder due October 28,
2001. In November 2001, the 20,000 shares issued in exchange for the
promissory note were cancelled and the shareholder's obligation under the
promissory note was terminated. The securities issued in the foregoing
transactions were issued 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.


<PAGE> 12

                            ITEM 5.  OTHER INFORMATION
     None.

                   ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) EXHIBITS.

     None.

(b)  REPORTS ON FORM 8-K.

     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
Dated: November 14, 2001                 /S/DAVID K. GRIFFITHS
                                         -----------------------------------
                                         Principal Accounting Officer

</TEXT>
</DOCUMENT>
</SUBMISSION>
