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American Access Technologies Inc · 10QSB · For 6/30/00

Filed On 8/14/00 8:15pm ET · SEC File 0-24575 · Accession Number 1042910-0-1507

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 8/15/00  American Access Technologies Inc  10QSB       6/30/00    6:16                                     Global Fina..Press/FL/FA

Quarterly Report -- Small Business · Form 10-QSB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10QSB       Quarterly Report                                      10     39K 
 2: EX-8.11     Promissory Note                                        1      6K 
 3: EX-8.12     Promissory Note                                        1      6K 
 4: EX-8.13     Promissory Note                                        1      6K 
 5: EX-8.14     Promissory Note                                        2      9K 
 6: EX-27.0     Financial Data Schedule                                1      6K

10QSB · Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (RTF, XML, et al.) Exhibits and Reports
1	1st Page
9	Item 6. Exhibits and Reports

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Form 10-QSB for AMERICAN ACCESS TECHNOLOGIES, INC.

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 FORM 10-QSB

   [XX]     Quarterly Report Pursuant to Section 13 or 15 (d) of the
                  Securities Exchange Act of 1934 For the quarterly period ended
June 30, 2000                               

OR

    [  ]     Transition Report Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934             

 For the transition period from ______________ to ________________

 * * * * * * * * * * * * * * * * * * * * * *

 Commission File No. 000-24575

 AMERICAN ACCESS TECHNOLOGIES INC.
 A Florida corporation
(Exact name of registrant as specified in charter, and state incorporated)

 * * * * * * * * * * * * * * * * * * * * * *

Employer Identification No. 59-3410234
37 Skyline Drive, Suite 1101, Lake Mary, Florida 32746
(Address of principal executive offices of registrant)

(407) 333-1446
(Registrant's telephone number, including area code)

 * * * * * * * * * * * * * * * * * * * * * *

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934      
during the preceding 12 months (or for such shorter period that the registrant  
was required to file such reports), and (2) has been subject to such filing     
requirements for the past 90 days.                                              
YES [X]. NO [  ].                                                               

The number of shares of AMERICAN ACCESS TECHNOLOGIES INC. Common Stock (Par     
Value $0.001) outstanding at June 30, 2000 was 4,721,051                        

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               AMERICAN ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES                                         

                           CONSOLIDATED BALANCE SHEETS                                                     

                                             ASSETS                                                        
                                             ------                          June 30, 2000                 
                                                                               UNAUDITED   December 31,1999
                                                                               ---------   ----------------
                                                                                                           
Current Assets:                                                                                            
   Cash and cash equivalents                                                  $  1,304,244    $    714,109 
   Investments, including restricted cash of $300,000                                   --         833,344 
   Accounts receivable, net of allowance                                           940,258       1,014,913 
   Notes receivable                                                                357,188         585,615 
   Notes receivable, related parties                                               320,000              -- 
   Inventories                                                                     739,948         570,594 
   Prepaid expenses and other current assets                                        59,972          62,307 
                                                                              ---------------------------- 
         Total current assets                                                    3,721,610       3,780,882 

Property, Plant and Equipment, net of accumulated depreciation                   2,728,669       2,547,483 
Goodwill                                                                           331,245         407,686 
Patent Costs & Domain Name                                                         187,561          62,561 
                                                                              ---------------------------- 

         Total assets                                                         $  6,969,085    $  6,798,612 
                                                                              ============================ 

                              LIABILITIES AND STOCKHOLDERS' EQUITY                                         
                              ------------------------------------                                         

Current Liabilities:                                                                                       
   Line of credit                                                             $         --    $     73,812 
   Accounts payable and accrued expenses                                           409,639         465,792 
   Compensation due to officers/directors/stockholders                                  --          66,394 
   Retirement plan                                                                      --          75,000 
                                                                              ---------------------------- 
         Total current liabilities                                                 409,639         680,998 
                                                                              ---------------------------- 

Commitments, Contingencies, Other Matters and Subsequent Events                         --              -- 

Stockholders' Equity:                                                                                      
   Series A 10% Senior Convertible Preferred stock,                                                        
      $.001 par value; authorized 1,000,000 shares; issued and                                             
      outstanding 10,600 shares at liquidation value(subsequently converted                                
      into 505,515 shares of common stock)                                              --       1,060,000 
   Common stock, $.001 par value; authorized 30,000,000 and 10,000,000                                     
      shares; issued and outstanding 4,721,051 and 4,094,239 shares                  4,721           4,094 
   Additional paid-in capital                                                   11,914,281       9,144,508 
   Deficit                                                                      (3,946,048)     (3,208,875)
                                                                              ---------------------------- 
                                                                                 7,972,954       6,999,727 
Treasury stock, 63,500 and 136,100 shares, at cost                                (207,639)       (881,843)
Stockholder notes receivable, net of allowance                                  (1,205,869)           (270)
                                                                              ---------------------------- 
         Total stockholders' equity                                              6,559,446       6,117,614 
                                                                              ---------------------------- 

         Total liabilities and stockholders' equity                           $  6,969,085    $  6,798,612 
                                                                              ============================ 


 See notes to consolidated financial statements.

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               AMERICAN ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES                                         

                      CONSOLIDATED STATEMENTS OF OPERATIONS                                                

                                    Unaudited                                                              

                                                  Six Months     Six Months     Three Months  Three Months 
                                                     Ended          Ended          Ended          Ended    
                                                 June 30, 2000  June 30, 1999  June 30, 2000  June 30, 1999
                                                 ----------------------------------------------------------
                                                                                                           
Net Sales                                                                                                  
    Formed metal                                  $ 1,841,271    $ 2,210,820    $   789,332    $ 1,256,511 
    Zone cabling termination cabinet                1,056,153        714,747        597,676        378,894 
                                                  -------------------------------------------------------- 
                                                    2,897,424      2,925,567      1,387,008      1,635,405 
                                                  -------------------------------------------------------- 

Costs and Expenses:                                                                                        
    Cost of sales                                   1,420,822      1,239,478        664,668        737,701 
    Selling, general and administrative             1,942,854      1,534,940      1,073,547        858,365 
                                                  -------------------------------------------------------- 
                                                    3,363,676      2,774,418      1,738,215      1,596,066 
                                                  -------------------------------------------------------- 

    Income (Loss) Before Other Income (Expense)      (466,252)       151,149       (351,207)        39,339 
                                                  -------------------------------------------------------- 

Other Income (Expense)                                                                                     
    Interest income                                    27,810        152,457          7,842         72,214 
    Interest expense                                   (1,698)       (13,374)           (49)        (7,764)
    Other income                                       39,210         36,835         37,210         19,436 
    Pre-development costs-B2B                        (200,000)                                             
                                                  -------------------------------------------------------- 
                                                     (134,678)       175,918         45,003         83,886 
                                                  -------------------------------------------------------- 

Net Income (Loss) before Income Taxes                (600,930)       327,067       (306,204)       123,225 

Income Tax (Benefit)                                                 (15,170)                      (15,170)
                                                  -------------------------------------------------------- 

Net Income (Loss)                                 $  (600,930)   $   342,237    $  (306,204)   $   138,395 
                                                  ======================================================== 

Basic Net Income (Loss) Per Common Share          $     (0.14)   $     (0.05)   $     (0.07)   $       .02 
                                                  ======================================================== 

See notes to consolidated financial statements.                     

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               AMERICAN ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES                                    

                      CONSOLIDATED STATEMENTS OF CASH FLOWS                                           

                                    UNAUDITED                                                         

                                                                              Six             Six     
                                                                             Months          Months   
                                                                             Ended           Ended    
                                                                         June 30, 2000   June 30, 1999
                                                                         -----------------------------
                                                                                                      
Cash Flows from Operating Activities:                                                                 
   Net income (loss)                                                      $  (600,930)   $   342,237  
   Adjustments to reconcile net income (loss)                                                         
    to net cash used in operating activities:                                                         
      Depreciation and amortization                                           225,026        150,244  
      Changes in operating assets and liabilities:                                                    
      (Increase) decrease in:                                                                         
         Accounts receivable                                                   74,654       (447,927) 
         Inventories                                                         (169,353)       (41,803) 
         Prepaid expenses and other assets                                      2,335        (64,456) 
         Costs in excess of contract sales                                         --       (229,679) 
      Increase (decrease) in:                                                                         
          Compensation due to officers/directors/stockholders                      --       (111,235) 
          Accounts payable and accrued expenses                              (312,547)        (6,736) 
                                                                          --------------------------  
            Net cash provided (used) by operating activities                 (780,815)      (409,355) 
                                                                          --------------------------  

Cash Flows from Investing Activities:                                                                 
   Proceeds from (acquisition of ) investments                                833,344       (625,560) 
   Decrease in note receivable                                                248,427             --  
   Acquisition of property and equipment (net of sales and retirements)      (329,498)      (132,275) 
   Loans to officers                                                         (340,000)                
   Purchase of domain name                                                    (10,000)            --  
   Costs for building under construction                                     (543,035)                
                                                                          --------------------------  
                  Net cash provided (used) by investing activities            402,273     (1,300,870) 
                                                                          --------------------------  

Cash Flows from Financing Activities:                                                                 
   Proceeds from issuance of common stock                                   1,573,884      1,668,939  
   Payments on loans and capital lease obligations                            (73,812)        (9,098) 
   Purchase of treasury stock                                                (531,395)            --  
                                                                          --------------------------  
                  Net cash provided (used) in financing activities            968,677      1,659,841  
                                                                          --------------------------  

Net Increase (Decrease) in Cash and Cash Equivalents                          590,135        (50,384) 

                                                                          --------------------------  
Cash and Cash Equivalents, Beginning                                          714,109        637,776  
                                                                          --------------------------  

Cash and Cash Equivalents, Ending                                         $ 1,304,244    $   587,392  
                                                                          ==========================  

Supplemental Disclosure of Cash Flow Information:                                                     
      Cash paid for interest                                              $     1,698    $    13,374  
                                                                          ==========================  
      Non cash financing and investing transactions                                                   
          Conversion of preferred stock to common stock                   $ 1,060,000             --  
          Loan of Treasury stock to related party                           1,205,599             --  
          Purchase of domain name in exchange for note payable                115,000             --  


 See notes to consolidated financial statements.

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 AMERICAN ACCESS TECHNOLOGIES, INC. AND SUBSIDIARIES
 NOTES TO FINANCIAL STATEMENTS
 JUNE 30, 2000 Unaudited

1.   Basis of Presentation                                                      

The accompanying unaudited consolidated condensed financial statements at June  
30, 2000 have been prepared in accordance with generally accepted accounting    
principles for interim financial information and with the instructions to Form  
10-QSB and reflect all adjustments which, in the opinion of management, are     
necessary for a fair presentation of financial position as of June 30, 2000 and 
results of operations for the six months ended June 30, 2000 and 1999 and       
cumulative. All adjustments are of a normal recurring nature. The results of    
operations for interim periods are not necessarily indicative of the results to 
be expected for a full year. The statements should be read in conjunction with  
the consolidated financial statements and footnotes thereto for the year ended  
December 31, 1999 included in the company's Form 10-KSB.                        

2.  Nature of Business and Summary of Significant Accounting Policies.          

BUSINESS                                                                        

American Access Technologies, Inc. is a telecommunications network solutions    
provider that manufactures and distributes several models of patented Zone      
Cabling Termination Cabinets (the "Product"). The Product helps manage and route
both copper and fiber optic wiring and cabling used in voice, video, computer   
and data transmission systems for telecommunications networks. The cost savings 
over time for moves, adds and changes to networks using our products, averages  
up to 70 percent.                                                               

Omega Metals, Inc. ("Omega"), a wholly-owned subsidiary of the Company, shears  
and molds metal and manufactures metal-formed product for customers principally 
in Florida and Georgia. Omega manufactures the Company's Product. The Company   
also acquired the assets of Genco, Inc. a generator enclosure manufacturer, in  
August 1999.                                                                    

The Company developed an in-house Information Technology department to build its
Business-to-Business e-commerce web presence as a wholly-owned subsidiary,      
Zonecabling.com, Inc. Initial strategic alliances for distribution of the       
Company's proprietary products and other products in support of                 
telecommunications networks, such as infrastructure design, include General     
Electric's GE Capital IT Solutions, which among other functions, designs        
telecommunications network infrastructure. Other GE divisions that can be of    
service may also be made available to the network design end-user. Our strategy 
would have contractors specify a zone cabling solution, for which we can provide
a complete package of equipment and design through our alliances.               

The B2B was launched on July 14, 2000 with several weeks of testing remaining   
before becoming fully operational. Initial joint venture plans with Miami-based 
Vulcan Microsystems, Inc. have been terminated, and Vulcan's principals will not
be paid 1 million shares of American Access common stock, due if they had       
delivered the web portal. American Access' initial $200,000 contribution to the 
joint venture, AATK.com, was expensed as pre-development costs in the first     
quarter of 2000.                                                                

NET LOSS PER COMMON SHARE                                                       

In 1997, the Company adopted Statements of Financial Accounting Standards (SFAS)
No. 128, "Earnings per Share" which requires the presentation of both basic and 
diluted earnings (loss) per share.                                              

Basic net loss per common share has been computed based upon the weighted       
average number of shares of common stock outstanding during the periods. The    
computation of earnings per share is reflected in the following schedule:       

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Computation of Net Loss Per  Six Months ended  Six Months ended  Three Months ended  Three Months ended
       Common Share           June 30, 2000      June 30, 1999      June 30, 2000       June 30, 1999  
       ------------           -------------      -------------      -------------       -------------  
                                                                                                       
Net Income (Loss)              $  (600,930)     $   342,237        $  (306,204)          $   138,395   
Cumulative Preferred                                                                                   
Stock Dividend                           0          (61,195)                 0               (61,195)  
Beneficial Conversion                    0         (468,750)                 0                     0   
                               -----------      -----------        -----------           -----------   
Preferred Stock Dividend       $  (600,930)     $  (187,708)       $  (306,204)          $    77,200   
                               -----------      -----------        -----------           -----------   

Total Weighted Average           4,411,777        3,450,539          4,585,625             3,633,575   
                               -----------      -----------        -----------           -----------   
Net Loss per Common Share      $      (.14)     $      (.05)       $      (.07)          $       .02   
                               -----------      -----------        -----------           -----------   

NOTES RECEIVABLE RELATED PARTIES                                                

In May and June 2000, the Company authorized loans to three directors, who also 
are officer-employees of American Access or its subsidiaries, and who secured   
the loans with personal assets unrelated to these transactions. The secured     
loans were to enable these directors to cover margin calls precipitated by a    
drop in the price of the Company's common stock. On May 31, 2000 Director and   
Company President John Presley and Director Erik Wiisanen each executed a       
promissory note and security agreement for $60,000, payable to the Company on or
before December 31, 2000, with interest at the rate of 10 percent paid in       
arrears. On June 8, 2000, Director and Chief Financial Officer Bobby Story      
executed two promissory notes and a security agreement for a total of $260,000, 
payable to the Company on or before December 31, 2000, with interest at the rate
of 10 percent paid in arrears. Although the Company agreed to loan $260,000,    
ultimately $200,000 was required.                                               

LOAN OF TREASURY STOCK TO RELATED PARTY                                         
The Company on June 14, 2000 loaned 197,600 share of restricted Treasury stock  
to Officer and Director Bobby Story to cover a margin call. This loan is also   
secured with personal assets. The shares are to be returned to the company at   
the earlier of the date the common stock price reaches $15 or June 14, 2001.    
These transactions were approved by disinterested directors in accordance with  
the Florida Business Corporation Act. This transaction is included in           
stockholder notes receivable, a component of stockholders' equity.              

STOCK SUBSCRIPTION RECEIVABLE                                                   

During June 1999, an individual affiliated with the private placement agent     
exercised options to purchase 270,000 shares of Company common stock at $8.00   
per share for a total of $2,160,000. The Company accepted as payment for theses 
shares three notes receivable totaling $2,160,000. The notes receivable, as     
amended, are due on December 31, 2001, and bear interest at 10%. The Company can
require the notes to be paid in full sooner if the Company stock price equals or
exceeds $35.                                                                    

The Company has recorded the exercise of these warrants, net of an allowance, by
increasing common stock outstanding and increasing stockholder notes receivable,
a component of stockholders' equity.                                            

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3. Contingencies and Commitments                                                

LEGAL PROCEEDINGS                                                               

                The company is involved in litigation that could potentially
develop into a class action filing precipitated by the fall of the price of     
common stock in August, 1999. The suit was filed in United States District      
Court, Eastern District of New York. Plaintiff alleges in the Amended Complaint 
that the defendant participated in a conspiracy to inflate the price of the     
Company's common stock for the purpose of allowing "insiders" to enrich         
themselves by selling personal holdings at the inflated price. The Company      
denies not only any wrongdoing, but most of the material factual allegations as 
well, and intends to vigorously defend this case. We have filed a motion to     
dismiss with the New York Courts. To date, the Company has paid for legal       
services as incurred, and dealings with our attorneys have not included the     
advancing of any legal fees for indemnification of defendants who are principals
of the Company. However, there is no guarantee that expenses for indemnification
of Company principals will not occur in the future. Company defendants have     
signed Conflict Waivers and Undertaking to Repay Expenses for Defense for       
indemnification under Florida Statutes Section 607.0850(6).                     

ITEM 2.                                                                         
 MANAGEMENT'S DISCUSSION AND ANALYSIS OF
 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

REVENUES                                                                        
         Revenues for the six months ended June 30, 2000 decreased by $28,143 or
1.0% to $2,897,424 as compared to $2,925,567 for the six months ended June 30,  
1999. Revenues for the three months ended June 30, 2000 decreased by $248,397 or
15.2% to $1,387,008 as compared to $1,635,405 for the three months ended June   
30, 1999.                                                                       

COSTS AND EXPENSES                                                              

 Direct costs represent cost incurred by the Company to have its
products manufactured and assembled. These costs represented 49.0% of revenues  
for the six months ended June 30,2000, and 42.4% of revenues for the six months 
ended June 30, 1999. The costs represented 47.9% of revenues for the three      
months ended June 30, 2000, and 45.1% of revenues for the three months ended    
June 30, 1999. The increase in the direct costs is mainly attributed to sales of
generator enclosures representing 42.2% of the parent's revenue in the first six
months. These sales were for fulfillment of the previous owner, Genco Inc.'s    
commitments and quotations.                                                     

       Selling, General and Administrative expenses increased by $407,914 to
$1,942,854 for the six months ended June 30, 2000 as compared to $1,534,940 for 
the six months ended June 30, 1999. For the three months ended June 30, 2000,   
selling, general and administrative expenses increased by $215,182 to $1,073,547
compared to $858,365 for the three months ended June 30, 1999. This increase was
the result of costs associated with the continued development and growth of the 
company including marketing and promotion, management costs, and professional   
fees associated with the required filings. Approximately $200,000 of this       
increase was for consulting costs in connection with the development of a       
business- to-business e-commerce Internet portal. Initial joint venture plans   
were with Miami-based Vulcan Microsystems, Inc. and have been replaced by an    
in-house IT department. Vulcan's principals will not be paid 1 million shares of
American Access common stock, due if they had delivered the web portal.         

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LIQUIDITY AND CAPITAL RESOURCES                                                 

         The Company's operating activities utilized cash of $780,815 during the
six months ended June 30, 2000 as compared to utilizing cash of $409,355 during 
the six months ended June 30, 1999.                                             

         The Company's operating and capital requirements in connection with its
operations have been and will continue to be significant. Based on its current  
plans, the Company anticipates that revenues earned from product sales will be a
source of funds for operating activities. The Company believes that revenues in 
addition to existing cash and cash equivalents from proceeds of its May 2       
private offering for future equity sales up to $15 million, will be sufficient  
to meet its capital and liquidity needs for the next 12 months. The Company also
believes that cash required to fulfill purchase orders will be available through
bank borrowings or factoring, if required. The company's primary customers are  
substantial corporations with credit ratings that will support such credit      
arrangements.                                                                   

Management's plans include the following:                                       

       1.  We will concentrate our marketing efforts on our B2B e-commerce
              portal and continue to market through our traditional channels. We
       have established a Strategic Partnership with GE Capital IT
              Solutions, which will provide design services. Other alliances are
pending.                                            
         2.  We are actively soliciting private label agreements, with several
contracts pending.                                  
      3.  We are expanding our proprietary product line as the needs for
           zone cabling become more apparent and defined. We maintain U.S.
and international patents on our products.          
4.  In August 1999, we acquired the assets of Genco, Inc., a
           generator-cover manufacturer. We will honor all pending orders,
           but will gradually decrease production in inverse proportion to
        our expanded growth in manufacturing of our proprietary zone
   cabling units and products subject to private labeling.
         5.  We have moved from an acquisition and expansion phase into one of
focused growth for sales and revenue.               
          6.  American Access has implemented a Qualified Stock Option Incentive
   Plan for employees and directors, which was approved by
              shareholders at the 2000 annual meeting. We believe that rewarding
     employees who contribute to our growth builds loyalty and
            encourages an environment of creative thinking and productivity.
     7.  The Company has acquired additional working capital through a
            Stock Purchase Agreement with Crescent International, Ltd. Up to
           $15 million of Company common stock can be sold to Crescent, at
             the Company's request, and which Crescent has agreed to purchase,
subject to limitations and conditions.              

SUBSEQUENT EVENTS                                                               

In July 2000, the Company's Business-to-Business e-commerce portal went live, as
scheduled, after having been created by an in-house IT Department. Testing and  
refinement will continue through the third quarter of 2000. The Company will act
as distributor for its own and for other telecommunications manufacturing       
companies' products featured on the Internet site. Design services will be      
available. The Company has agreements with General Electric's GE Capital IT     
Solutions, and is negotiating other such liaisons. Initial joint venture plans  
with Miami-based Vulcan Microsystems, Inc. have been terminated, and Vulcan's   
principals will not be paid 1 million shares of American Access common stock,   
due if they had delivered the web portal. Vulcan's two principals were          
originally retained as technology consultants for the project, whereby they were
issued warrants to purchase 200,000 shares of the Company's common stock, which 
can still be exercised for $15 per share until January 26, 2001. American       
Access' initial $200,000 contribution to the joint venture, AATK.com,, was      
expensed as pre-development costs in the first quarter of 2000.                 

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PART II. OTHER INFORMATION

        The SB-2 Registration Statement filed with the Securities and Exchange
Commission on May 2, 2000, a right granted pursuant to a Stock Purchase         
Agreement with Crescent International Ltd. ("the Invsestor"), became effective  
July 12, 2000. The Company may sell its common stock from time to time, and the 
Investor shall purchase up to $15 million. The Company on May 2 sold $1.9       
million in stock at $4.6766 per share. The sale price is the lowest three-day   
average bid price during the 22 days preceding the sales, less an 8% discount.  
Subsequent purchases of up to $1,150,000 each may be requested. The Company paid
a 1% fee on the total at the initial purchase. In addition, there will be a 1%  
fee on each sale. A 10% commission will be paid to the financial consultants the
Company employs as sales are executed.                                          

             In June 2000, the Stockholders at our annual shareholders
meeting ratified the 2000 Employee Stock Option Plan and the 2000 Directors     
Stock Option Plan. The Employee plan rewards participants who, in the judgment  
of the Company are or will become responsible for the direction and financial   
success of the Company. The plan provides increased incentive to make           
significant contributions to the long-term performance and growth of the        
Company. Shareholders also approved an increase in the authorized shares of the 
Company's Common Stock from 10 million to 30 million. Also approved by          
shareholders is the Agreement with Crescent International, Ltd. as described    
above.                                                                          

  The Shareholders also re-elected John Presley, Bobby Story, Erik
Wiisanen and John Cooney to the Board of Directors. Stephen Albee was elected to
a first term as a director. On June 29, 2000, Bobby Story resigned as a         
director, but agreed to serve as a consultant during the transition of          
management. Joseph McGuire was appointed to the Board and named Chief Financial 
Officer to replace Story. McGuire brings 20 years of Wall Street experience to  
the position.                                                                   

ITEM 6.  EXHIBITS AND REPORTS                                                   
--------------------                                          

(b)      EXHIBITS                                                               

The following exhibits are being filed as part of this report:

Exhibit No.       Description                                 
-----------       -----------                                 

8.2      Joint Venture Agreement with Vulcan Microsystems; Incorporated by      
Reference as an Exhibit filed on Form 8-K Feb. 11, 2000       
8.3      Consulting Agreement with Erik Gray and Bill Wetmore; Incorporated by  
Reference as an Exhibit filed on Form 8-K Feb. 11, 2000       
8.4      Employee Stock Option Plan; Incorporated by Reference to Form          
   10-KSB filed with the Securities and Exchange Commission on April
18, 2000.                                                     
8.5      Director's Stock Option Plan; Incorporated by Reference to Form        
   10-KSB filed with the Securities and Exchange Commission on April
18, 2000.                                                     
8.6      Stock Purchase Agreement with Crescent International, Ltd.;            
      Incorporated by Reference to Form 8-K, filed with the Securities and
Exchange Commission on May 5, 2000.                           
8.7      Registration Rights Agreement with Crescent International Ltd;         
  Incorporated by Reference to Form 8-K, filed with the Securities
and Exchange Commission on May 5, 2000.                       
8.8      Agreement for issuance of Incentive and Early Put warrants to          
Crescent International Ltd.; Incorporated by Reference to Form
        8-K, filed with the Securities and Exchange Commission on May 5, 2000.
8.9      Closing Statement to Stock Purchase Agreement with Crescent            
       International Ltd.; Incorporated by Reference to Form 8-K, filed with
the Securities and Exchange Commission on May 5, 2000.        

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8.10     Proxy Statement for Annual Shareholders Meeting, Incorporated by       
 Reference, filed with the Securities and Exchange Commission on
June 10, 2000.                                                
8.11     Promissory note executed by director and officer-employee Erik         
Wiisanen.                                                     
8.12     Pro Promissory note executed by director and officer-employee John     
Presley                                                       
8.13     Promissory note executed by director and officer-employee Bobby Story. 
8.14     Promissory note executed by Bobby Story for pledge of common stock.    
27.0     Financial Data Schedule                                                

  (c)     Exhibits on Form 8-K Incorporated By Reference, as filed
               with the Securities and Exchange Commission on April 6, 2000,
         May 5, 2000 and as a subsequent event on July 27, 2000.

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.                                          

Date:  August 14, 2000                                                          
                          AMERICAN ACCESS TECHNOLOGIES, INC.
    (Registrant)

                  By:  /s/ Joseph F. McGuire
                                ----------------------------------------
         Joseph F. McGuire
 Treasurer
               Chief Financial Officer

                By:  /s/ John E. Presley
                                ----------------------------------------
       John E. Presley
 President

10

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 10QSB Filing	Date	First	Last	Other Filings

	6/30/99	3	8	10QSB
	12/31/99	5		10KSB40, NT 10-K
	4/6/00	10		8-K
	4/18/00	9
	5/2/00	9		8-K
	5/5/00	9	10	8-K
	5/31/00	6
	6/8/00	6
	6/10/00	10
	6/14/00	6
	6/29/00	9		PRE 14A
For The Period Ended	6/30/00	1	8
	7/12/00	9		8-K
	7/14/00	5
	7/27/00	10		8-K
	8/14/00	10
Filed On / Filed As Of	8/15/00
	12/31/00	6		10KSB, ARS, NT 10-K
	1/26/01	8
	6/14/01	6
	12/31/01	6		10KSB40

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American Access Technologies Inc · 10QSB · For 6/30/00

Filed On 8/14/00 8:15pm ET · SEC File 0-24575 · Accession Number 1042910-0-1507

Quarterly Report -- Small Business · Form 10-QSBFiling Table of Contents

10QSB · Quarterly ReportDocument Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Quarterly Report -- Small Business · Form 10-QSB
Filing Table of Contents

10QSB · Quarterly Report
Document Table of Contents