UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

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

                    For the Quarter Ended September 30, 1996

                                       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 Number 0-18865

                         LEASING TECHNOLOGY INCORPORATED
             (Exact name of registrant as specified in its charter)


             UTAH                                   87-0401400
(State or other jurisdiction of                     (I.R.S Employer
 incorporation or organization)                      Indentifaction Number)

            102 WEST 500 SOUTH, SUITE 400, SALT LAKE CITY, UTAH, 84101
          (Address of principal executive offices, including zip code)

                                 (801) 363-8961
              (Registrant's telephone number, including area code)


         Indicate  by check  mark  whether  the  registrant  has:  (1) 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) been subject to such
filing requirements for the past 90 days. Yes X No

         Number of shares  outstanding  of each of the  registrant's  classes of
common stock, as of the latest practicable date.


          Class                           Outstanding as of November 15, 1996
Common Stock, par value $.001                         36,704,644

<PAGE>

                   ============================================


                               TABLE OF CONTENTS
================================================================================


Heading                                                        Page

                  PART I. FINANCIAL STATEMENTS

Item 1.  Consolidated Balance Sheets - September 30, 1996 and              4-5
         March 31, 1996

         Consolidated  Statements of Operations and Accumulated Deficit
         - Six  months  ended  September  30,  1996 and 1995 and  three
         months ended September 30 , 1996 and 1995                          6-7

         Consolidated  Statements  of  Cash  Flows - Six  months  ended
         September 30, 1996 and 1995 and three months ended
         September 30, 1996 and 1995                                        8-9

         Notes to Consolidated Financial Statements                       10-18

Item 2.  Management's Discussion and Analysis of Financial Condition      19-20
         and Results of Operations


                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                                  21

Item 2.  Changes in Securities                                              21

Item 3.  Defaults Upon Senior Securities                                    21

Item 4.  Submission of Matters to a Vote of Securities Holders              21

Item 5.  Other Information                                                  21

Item 6.  Exhibits and Reports on Form 8-K                                   22

         SIGNATURES                                                         23

<PAGE>






         PART I

Item 1.           Financial Statements

         The  following,  unaudited  Consolidated  Financial  Statements for the
period  ended  September  30, 1996,  include all  adjustments  which  management
believes  are  necessary  for  the  financial  statements  to  be  presented  in
conformity with generally accepted accounting principals.










                        (THIS SPACE INTENTIONALLY LEFT BLANK)




<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                           Consolidated Balance Sheets


                             ASSETS


                                        September 30,       March 31,
                                             1996              1996
CURRENT ASSETS                           (Unaudited)

  Cash                             $     1,848,065    $        790,744
  Accounts receivable (Note 1)              96,778              92,153
  Inventories (Note 1)                     673,965             748,010
  Marketable securities                     -                   58,024
                                   ---------------    ----------------

     Total Current Assets                2,618,808           1,688,931
                                   ---------------    ----------------

PROPERTY AND EQUIPMENT (Note 1)

  Rental property                           17,852              17,852
  Non-rental property                       58,402              52,414
                                   ---------------    ----------------
  Total depreciable assets                  76,254              70,266
  Less: accumulated depreciation           (65,775)            (63,901)
                                   ---------------    ----------------

     Net Property and Equipment             10,479               6,365
                                   ---------------    ----------------

OTHER ASSETS

  Land held for development, net
    of long-term commitment
    payable (Notes 1, 6)                6,590,211           5,287,605
  Deposits                                  1,970               1,970
                                  ---------------    ----------------

     Total Other Assets                 6,592,181           5,289,575
                                  ---------------    ----------------

     TOTAL ASSETS                 $     9,221,468    $      6,984,871
                                  ===============    ================



    The accompanying notes are an integral part of these financial statements


                                                        -4-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                     Consolidated Balance Sheets (Continued)


                      LIABILITIES AND STOCKHOLDERS' EQUITY


                                            September 30,      March 31,
                                                1996             1996
CURRENT LIABILITIES                         (Unaudited)

  Accounts payable - trade              $       631,584    $        765,956
  Accrued interest payable                      625,143             551,986
  Current portion of notes payable 
   (Note 4)                                     469,525           1,156,014
                                        ---------------    ----------------

     Total Current Liabilities                1,726,252           2,473,956
                                        ---------------    ----------------

LONG-TERM DEBT

  Commission payable (Note 6)                    90,000              90,000
  Notes payable (Note 4)                      3,973,849           1,415,044
                                        ---------------    ----------------

     Total Long-Term Debt                     4,063,849           1,505,044
                                        ---------------    ----------------

     Total Liabilities                        5,790,101           3,979,000
                                        ---------------    ----------------

COMMITMENTS AND CONTINGENCIES (NOTE 8)           -                   -
                                        ---------------    -----------

MINORITY INTEREST (Note 1)                       -                   -
                                        ---------------    -----------

STOCKHOLDERS' EQUITY (NOTE 5)

  Preferred stock,  par value $0.001
   per share:  10,000,000  shares  
   authorized; issued and  outstanding: 
   102,220  and  102,220  Class B shares,
   150,000 and 150,000  Class C shares 
   -0- and -0- Class A shares at September
   30, 1996 and  March 31, 1996, 
   respectively (in order of liquidation
   rights) (See Note 7)                         252                 252

  Common stock, par value $0.001 per 
   share: 125,000,000 shares authorized; 
   issued and outstanding: 36,704,644 and
   36,704,644 shares issued and 33,488,244 
   and 33,488,244 shares outstanding at 
   September 30, 1996 and March 31, 1996, 
   respectively                              36,705              36,705
  Additional paid-in capital             12,747,733          11,910,212
  Accumulated deficit                    (9,353,323)         (8,941,298)
                                    ---------------    ----------------

     Total Stockholders' Equity           3,431,367           3,005,871
                                    ---------------    ----------------

     TOTAL LIABILITIES AND 
      STOCKHOLDERS' EQUITY          $     9,221,468    $      6,984,871
                                    ===============    ================


     The accompanying notes are an integral part of these financial statements


                                                        -5-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
          Consolidated Statements of Operations and Accumulated Deficit
<TABLE>
<CAPTION>


                                        For the Six Months Ended             For the Three Months Ended
                                              September 30,                           September 30,
                                  -------------------------------------------------------------------------
                                         1996                1995               1996               1995
                                  ----------------    ----------------     ---------------    ---------
                                      (Unaudited)         (Unaudited)        (Unaudited)         (Unaudited)
INCOME
<S>                               <C>                 <C>                  <C>                <C>             
  Sales - real estate             $        161,000    $        349,501     $        28,000    $        261,701
                                  ----------------    ----------------     ---------------    ----------------

     Total Income                          161,000             349,501              28,000             261,701
                                  ----------------    ----------------     ---------------    ----------------

COST OF SALES
  Cost of sales - real estate              92,484              279,047              15,902             233,813
                                      -----------            ---------           ---------           ---------

     Total Cost of Sales                    92,484             279,047              15,902             233,813
                                  ----------------    ----------------     ---------------    ----------------

     Gross Profit                           68,516              70,454              12,098              27,888
                                  ----------------    ----------------     ---------------    ----------------

GENERAL AND
 ADMINISTRATIVE
 EXPENSES
  Depreciation and
   amortization                              1,874               1,578                 869                 576
  General expenses                         677,892             332,830             358,769             187,001
                                  ----------------    ----------------     ---------------    ----------------

     Total General and
      Administrative
      Expenses                             679,766             334,408             359,638             187,577
                                  ----------------    ----------------     ---------------    ----------------

     Net Operating (Loss)                 (611,250)           (263,954)           (347,540)           (159,689)
                                  ----------------    ----------------     ---------------    ----------------

OTHER INCOME AND
 (EXPENSES)
  Interest income                           25,228               3,455              23,190              -
  Other income                               9,249              -                    6,343              -
  Gain on sale of assets                   177,778             100,286             (58,805)             71,769
  Interest expense                         (13,030)            (13,886)             (5,950)             (7,317)
                                  ----------------    ----------------     ---------------    ----------------

     Total Other Income
      and (Expenses)                       199,225              89,855             (35,222)             64,452
                                  ----------------    ----------------     ---------------    ----------------

  Net (Loss) Before
   Income Tax                             (412,025)           (174,099)           (382,762)            (95,237)
  Less: Provisions for
   (Income Tax)                             -                   -                   -                   -
                                  ----------------    ----------------     ---------------    -----------

NET (LOSS)                        $       (412,025)   $       (174,099)    $      (382,762)   $        (95,237)
                                  ----------------    ----------------     ---------------    ----------------

</TABLE>

   The accompanying notes are an integral part of these financial statements


                                                        -6-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
    Consolidated Statements of Operations and Accumulated Deficit (Continued)

<TABLE>
<CAPTION>

                                        For the Six Months Ended           For the Three Months Ended
                                               September 30,                        September 30,
                                  -------------------------------------------------------------------------
                                         1996                1995               1996               1995
                                  ----------------    ----------------     ---------------    ---------
                                      (Unaudited)         (Unaudited)        (Unaudited)         (Unaudited)

<S>                               <C>                 <C>                  <C>                <C>              
NET (LOSS)                        $       (412,025)   $       (174,099)    $      (382,762)   $        (95,237)

BEGINNING
 ACCUMULATED DEFICIT                    (8,941,298)         (5,155,153)         (8,970,561)         (5,234,015)
                                  ----------------    ----------------     ---------------    ----------------

ENDING
 ACCUMULATED DEFICIT              $     (9,353,323)   $     (5,329,252)    $    (9,353,323)   $     (5,329,252)
                                  ================    ================     ===============    ================

EARNINGS (LOSS)
 PER SHARE                        $          (0.01)   $          (0.00)    $         (0.01)   $          (0.00)
                                  ================    ================     ===============    ================

WEIGHTED AVERAGE
 NUMBER OF SHARES
 OUTSTANDING                            33,488,244          33,488,244          33,488,244          33,488,244
                                  ================    ================     ===============    ================
</TABLE>


   The accompanying notes are an integral part of these financial statements


                                                        -7-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                      Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>

                                     For the Six Months Ended              For the Three Months Ended
                                           September 30,                            September 30,
                                  -------------------------------------------------------------------------
                                         1996                1995               1996               1995
                                  ----------------    ----------------     ---------------    ---------
                                      (Unaudited)         (Unaudited)        (Unaudited)         (Unaudited)
OPERATING ACTIVITIES
<S>                               <C>                 <C>                  <C>                <C>              
  Net loss                        $       (412,025)   $       (174,099)    $      (382,762)   $        (95,237)
  Adjustments to Reconcile
   Net Income to Net Cash
    Provided by Operating
    Activities:
  Depreciation and
   amortization                              1,874               1,578                 869                 576
  Decrease in inventory                     74,045             211,620              12,691             169,260
  (Increase) in accounts
   receivable                               (4,625)             77,125              14,000              49,283
  Increase in accounts
   payable and other
   current liabilities                    (246,990)            (59,284)             53,068             133,741
  Decrease (Increase) in
   other current assets                     97,143             208,816              58,024             (59,284)
                                  ----------------    ----------------     ---------------    ----------------

     Net Cash Provided
      (Used) by Operating
      Activities                          (490,578)            265,756            (244,110)            198,339
                                  ----------------    ----------------     ---------------    ----------------

INVESTING ACTIVITIES
  Purchase of property
   and equipment                            (5,988)             -                   (5,988)             -
  Investment in land                    (1,302,606)           (400,614)           (888,767)            (87,096)
                                  ----------------    ----------------     ---------------    ----------------

     Net Cash Provided
      (Used) by Investing
      Activities                        (1,308,594)           (400,614)           (894,755)            (87,096)
                                  ----------------    ----------------     ---------------    ----------------

FINANCING ACTIVITIES
  Stock offering costs                    (209,000)             -                 (109,000)             -
  Common stock of
   subsidiary issued for cash            1,007,402             168,383               7,402              -
  Long-term borrowings                   2,558,805              -                  558,805              -
  Payment on long-term
   debt                                   (500,714)             (9,891)           (472,546)            (90,515)
  Borrowings from related
   parties                                  -                   20,347              -                   -
                                  ----------------    ----------------     ---------------    -----------

     Net Cash Provided
      (Used) by Financing
      Activities                  $      2,856,493    $        178,839     $       (15,339)   $        (90,515)
                                  ----------------    ----------------     ---------------    ----------------
</TABLE>

     The accompanying notes are an integral part of these financial statements


                                                        -8-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                Consolidated Statements of Cash Flows (Continued)
<TABLE>
<CAPTION>


                                       For the Six Months Ended              For the Three Months Ended 
                                              September 30,                           September 30,
                                  -------------------------------------------------------------------------
                                         1996                1995               1996               1995
                                  ----------------    ----------------     ---------------    ---------
                                      (Unaudited)         (Unaudited)        (Unaudited)         (Unaudited)

<S>                             <C>                 <C>                   <C>                <C> 
Increase in Cash and
 Cash Equivalents                 $      1,057,321    $         43,981     $    (1,154,204)   $         20,728

Cash and Cash Equivalents,
 Beginning of Period                       790,744              16,994           3,002,269              40,247
                                  ----------------    ----------------     ---------------    ----------------

Cash and Cash Equivalents,
 End of Period                    $      1,848,065    $         60,975     $     1,848,065    $         60,975
                                  ================    ================     ===============    ================

Cash Paid For:
  Interest                        $         13,030    $         14,971     $         5,950    $          7,317
  Income Taxes                              -                   -                   -                   -

</TABLE>

 The accompanying notes are an integral part of these financial statements
                                                       -9-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

             a. Organization

             Leasing Technology  Incorporated (the Company) was formed as a Utah
             corporation on March 31, 1983 for the purpose of leasing equipment.
             The Company has  significantly  increased its investing  activities
             which include startup companies,  real estate  development,  and/or
             other  projects.  Operations  include related and non related party
             transactions.

             b. Property and Equipment

             Property  and  equipment  are  recorded  at cost.  When  assets are
             retired or otherwise disposed of, the cost and related  accumulated
             depreciation are removed from the accounts,  and any resulting gain
             or loss is reflected in income for the period.

             The costs of  maintenance  and  repairs  are  charged  to income as
             incurred.  Renewals and betterments are capitalized and depreciated
             over their estimated useful lives.

             c. Depreciation

             Depreciation  is computed using the  declining-balance  method over
             the estimated useful life of the assets (usually three years).

             d. Earnings (Loss) Per Share

             Earnings  (loss) per common share is computed based on the weighted
             average  number of common  shares  outstanding  during  the  period
             (there are no common stock equivalents).

             e. Income Taxes

             Income taxes consist of Federal Income and State  Franchise  taxes.
             The Company has elected a March 31 fiscal year-end.

             The  Company  accounts  for  income  taxes under  the provisions of
             Statement of Financial Accounting Standards No.109  (SFAS No. 109),
             "Accounting for Income Taxes."

             f. Cash and Cash Equivalents

             The Company considers all highly liquid investments with a maturity
             of three months or less when purchased to be cash equivalents.




                                      -10-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 1 -     SIGNIFICANT ACCOUNTING POLICIES (Continued)

             g. Estimates

             Management  uses estimates and  assumptions in preparing  financial
             statements.  Those  estimates and  assumptions  affect the reported
             amounts of assets and  liabilities,  the  disclosure of commitments
             and contingencies, and the reported revenues and expenses.

             h. Concentrations of Risk

             The Company  maintains  its cash in bank  deposit  accounts at high
             credit quality financial institutions.  The balances, at times, may
             exceed  federally  insured limits.  At March 31, 1996 and September
             30, 1996, the Company  exceeded the insured limit by  approximately
             $584,380 and $1,548,065, respectively.

             The Company  builds and develops real property in Southern Utah. In
             the normal course of business the Company extends secured credit to
             its customers.

             i. Principles of Consolidation

             The accompanying  consolidated financial statements include Leasing
             Technology  Incorporated  and its subsidiary,  Golf Ventures,  Inc.
             (GVI).  During the year ended March 31, 1994,  the Company  reduced
             ownership  in its  subsidiary  TKI, to the point where it no longer
             has control,  therefore,  its investment is accounted for under the
             equity  method.  Due to  losses  of TKI,  the  investment  has been
             reduced to $0.

             All significant  intercompany  transactions have been eliminated in
             the  consolidated   financial  statements.   The  only  significant
             intercompany transactions are loans made by the Company to GVI. The
             notes  receivable  on the  books  of the  Company  and the  accrued
             interest  receivable have been eliminated  against the liability on
             the books of the  subsidiaries  and the  related  accrued  interest
             payable.  The  interest  income  accrued  by the  Company  has been
             eliminated against the interest expense accrued by the subsidiary.

             j. Inventories

             Inventories  are  stated at the  lower of cost or market  using the
             first-in, first-out method. Inventories consist of the following:
                                            September 30,          March 31,
                                                1996                 1996

              Real estate held for resale   $  673,965            $ 748,010
                                      ----------------   ------------------

                    Total inventory         $  673,965           $  748,010
                                      ================   ==================



                                      -11-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 1 -     SIGNIFICANT ACCOUNTING POLICIES (Continued)

             k. Income Recognition

             GVI  recognizes  gain on real estate sales in  accordance  with the
             provisions of FASB-66.

             l. Accounts Receivable

             Accounts receivable are shown net of the allowance for bad debts of
             $5,000 at March 31, 1996 and September 30, 1996.

NOTE  2 - COMMON STOCK ISSUED BUT NOT OUTSTANDING

             The Company has issued  3,216,400 shares of common stock which have
             been  offered to the holders of the class "B"  preferred  stock and
             the debentures. The shares have not been accepted by the holders of
             those investments as of the date of the financial statements.

NOTE  3 - INCOME TAXES

             The Company had net  operating  loss  carry-forwards  available  to
             offset future  taxable  income.  The Company has net operating loss
             carry-forwards  of  approximately  $8,500,000  to offset future tax
             liabilities. The loss carry-forwards will begin to expire in 2007.

             Deferred income taxes payable are made up of the estimated  federal
             and state income taxes on items of income and expense  which due to
             temporary  differences  between books and taxes are  deferred.  The
             temporary differences are primarily caused by the use of the equity
             method for reporting investment in subsidiaries.

             The source and  deferred  tax  effect of these  differences  are as
             follows:
                                              September 30,        March 31,
                                                  1996                1996
               Net operating loss carryover
                equity subsidiary *           $  (53,373)        $  (53,373)
                                        ----------------   ------------------

               Deferred income taxes payable  $     -            $     -
                                        ================        =============

     * (Note - no deferred  tax asset is recorded in  accordance  with  F.A.S.B.
109, because it can not be reasonably  determined if the net operating loss will
be useable.)


                                      -12-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 4 -     NOTES PAYABLE

             Notes payable are comprised of the following:
<TABLE>
<CAPTION>

           <S>                                           <C>                    <C>   

                                                           September 30,         March 31,
                                                                1996                1996

             Convertible subordinated debentures,
               due June 30, 1996 bearing interest at        
               12% per annum.  Interest payable
               quarterly, secured by land.                      185,000   $          210,500

             Promissory note payments through August
               15, 2016 at $30,524 per year including
               interest at 10% per annum.                       204,435              204,435

             Promissory note secured by land, bearing
               interest at 9.75%, payable in full including
               accrued interest on June 18, 1997.               913,805              355,000

             Trust deed note secured by land. Interest 
              accrued at 10% per annum, payable  monthly 
              at $5,000 per month  through  January 30, 
              1996 at which time the balance including 
              accrued interest will be due.                      -                   401,366

             Trust deed note payable, secured by land.
              Interest accrued at 8% per annum.  Payable
              $100,000 per year plus the accrued interest
              for that year.                                    359,370              459,370

             Note payable bearing  interest at 13.75%, 
               monthly payments of $331 through February 
               1998, secured by personal property of officers.   7,189                7,452

             Trust deed note, secured by land and 50,000
              shares of the Company's common stock.
              Interest accrued at 15% per annum.  Principal
              and interest due May 31, 1995.                    127,073              211,433
                                                            -----------   ------------------

             Page totals                                    $ 1,796,872   $        1,849,556
                                                            -----------   ------------------

</TABLE>

                                      -13-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 4 -     NOTES PAYABLE (Continued)
                                                       September 30,  March 31,
                                                           1996         1996

             Balance forward                          $  1,796,872  $ 1,849,556

             Promissory note secured by land. 
               Interest accrued at 10% per annum,
               payable in shares of the Company's 
               common stock.  $120,000 plus a percentage
               of  the  proceeds  of  lot  sales  payable
               annually beginning on February 1, 1991  
               through  February 1, 1997 at which time 
               the balance  will be due as a balloon  
               payment.  $2,000 from each Red Hawk lot 
               sale also applies to the note              646,502       721,502

             Trust deed note, dated June 10, 1996, to 
              be repaid after 36 months. The note is  
              secured  by a trust deed on 616 acres of 
              the Red Hawk property. The note bears 
              interest at 10.5% per annum which is 
              payable monthly.                         2,000,000          -
                                                ----------------   -------------

             Subtotal                                  4,443,374      2,571,058

             Less current portion                       (469,525)    (1,156,014)
                                                ----------------   ------------

             Long-term portion                  $      3,973,849   $  1,415,044
                                                ================   ============


             Maturities of long-term debt are as follows:

                      March 31,        1996                  $    469,525
                                       1997                     1,147,677
                                       1998                       233,219
                                       1999                     2,196,884
                                       2000                       145,936
                                       Thereafter                 250,133
                                                             ------------
                                                       $        4,443,374
                                                       ==================



                                      -14-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 5 - STATEMENTS OF STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
                                                                                                                            Total
                                             Common Stock      Preferred Stock        Additional                           Stock-
                                        Shares                 Shares                  Paid-in         Accumulated         holders'
                                       (in 000s)    Amount    (in 000s)   Amount        Capital          Deficit            Equity
                                       ---------   -------    ---------   ------     --------------    ---------------   -----------

<S>                                     <C>      <C>            <C>     <C>          <C>               <C>              <C>       
 Balance, March 31, 1995                 36,705    $ 36,705       252    $    252    $  7,679,394       $(5,155,153)    $ 2,561,198

 Capital contributed by stock
  issuances of the subsidiary               -          -           -           -        4,230,818             -           4,230,818

 Net (loss)                                 -          -           -           -             -           (3,786,145)     (3,786,145)
                                       --------    --------    -------   --------     ------------      -----------      ----------

 Balance, March 31, 1996                 36,705      36,705       252         252      11,910,212        (8,941,298)      3,005,871

 Capital contributed by stock
  issuances of the subsidiary                -         -           -           -          837,521             -             837,521

 Net (loss)                                  -         -           -           -             -             (412,025)       (412,025)
                                       --------   --------    -------    --------    ------------       -----------     -----------

 Balance, June 30, 1996                  36,705   $ 36,705       252     $    252    $ 12,747,733       $(9,353,323)    $ 3,431,367
                                       ========   ========   =======     ========    ============       ===========     ===========

</TABLE>


                                      -15-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 6 - LAND HELD FOR DEVELOPMENT

             On March 30, 1990 the Company  purchased 486 acres from Karl Stucki
             and the Stucki  Family Trust for  $3,004,356,  and on July 31, 1990
             the Company  purchased 130 acres from Dynamic American  Corporation
             for $610,000  which makes up the Red Hawk real estate  development.
             On December 28, 1992, this real estate  development,  together with
             Cotton  Manor/Cotton  Acres was transferred to Golf Ventures,  Inc.
             (GVI) in  exchange  for 654,746  (post-split)  shares of GVI common
             stock.  The Red Hawk land (616 acres) is undeveloped,  and in order
             for GVI to realize its investment,  adequate financing will need to
             be obtained.

             The purchase price was comprised as follows:

                   Cash                                   $         49,356
                   Assumption of commission obligation              90,000
                   Trust deed note:
                     Stucki Income Trust                         2,865,000
                         Total                            $      3,004,356
                                                          ================

            The purchase of the  property is recorded on a "cash basis"  whereby
            the cost in the financial statements reflects only the cash invested
            in the land and debts  assumed from the seller.  The trust deed note
            is  excluded  because  of  the  uncertainty  of  obtaining  adequate
            development financing.  The principal paid on the trust deed note is
            added to the cost when it is paid.

            For the year ended March 31, 1996 the Company  capitalized  $514,687
            in construction period interest costs. The costs of the land is less
            than the estimated net realizable value of the land.

NOTE 7 - PREFERRED STOCK

            The shareholders of the Company have authorized 10,000,000 shares of
            preferred  stock  with a par  value  of  $0.001.  The  terms  of the
            preferred  stock are to be  determined  when  issued by the board of
            directors of the Company.

            CLASS A:

            There are no Class A preferred shares presently outstanding.

            CLASS B:

            Each share of Class "B"  preferred  stock may,  at the option of the
            holder  thereof any time on or before March 31,  1995,  be converted
            into shares of the Company's  common stock,  none of the shares were
            converted.



                                      -16-

<PAGE>



                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 7 -     PREFERRED STOCK (Continued)

             CLASS C:

             In  September  1991,  the Company  purchased  the Cotton Manor real
             estate project as follows:
                               Cash                          $     23,601
                               Debt assumed                       431,449
                               Promissory note                  1,387,000
                               Class "C" preferred stock          750,000
                                                               ----------
                                                               $2,592,050

             The Company  delivered to the seller,  150,000 shares of authorized
             but previously  unissued Class "C" preferred  stock,  which for the
             purpose of the agreement  were valued at $5.00 per share or a total
             of  $750,000.  The  shares  of Class  "C"  preferred  stock  may be
             redeemed by the Company at any time prior to September 3, 1997,  by
             the Company  paying to the seller or its assigns,  the sum of $5.50
             cash per share if redeemed  within 12 months from the date  hereof;
             $6.00 cash per share if redeemed  between 12 and 24 months from the
             date  hereof;  and $6.50 if redeemed  between 24 and 36 months from
             the date  hereof;  and $7.00 cash per share if redeemed  between 36
             and 48 months  from the date  hereof;  and $7.50  cash per share if
             redeemed within 48 and 60 months from the date hereof. Prior to the
             Company  redeeming the preferred  shares to be issued to the seller
             hereunder and prior to the 3rd day of September,  1997,  the seller
             will have the right to convert any  remaining  shares of  preferred
             stock into shares of the  Company's  common  stock at the rate of 5
             shares of common stock for each share of preferred stock converted.

NOTE 8 -     COMMITMENTS AND CONTINGENCIES

             Commitments  include  trust deed notes not recorded for  accounting
             purposes  (see Note 6) which the  Company has  committed  to pay to
             acquire the Red Hawk real estate  development.  The  liability  and
             accompanying  asset will be recorded when the Company  resolves the
             uncertainty described in Note 6.
                                                 September 30,        March 31,
                                                     1996              1996
             Stucki Income Trust: $2,865,000 
             of Trust Deed notes secured by land.
             Interest accrued at 10% with monthly 
             payments of $25,000 through May 15, 
             1998.                               $ 2,283,690      $  2,390,725

             Less Current Portion                    (36,867)       (2,390,725)
                                            ----------------   ----------------
             Long-Term Portion                   $ 2,246,823     $         -
                                            ================   ================



                                      -17-

<PAGE>


                         LEASING TECHNOLOGY INCORPORATED
                 Notes to the Consolidated Financial Statements
                      March 31, 1996 and September 30, 1996


NOTE 8 -     COMMITMENTS AND CONTINGENCIES (Continued)

              Maturities of long-term commitments are as follows:

                         1996                 $         36,867
                         1997                           78,830
                         1998                        2,167,993
                         1999                             -
                         2000                             -
                   After 2000                             -
                                                   -----------
                                              $      2,283,690

             On July 19, 1993,  the Company became the subject of a formal order
             of  investigation  captioned "In the Matter of Leasing  Technology,
             Inc." (NY-6027)  issued by the Securities and Exchange  Commission.
             The  order  states  that  the  Commission  deems  certain  acts and
             practices  to be in  possible  violation  of  Section  19(a) of the
             Securities Act of 1933 and Sections  10(b),  13(a) and 15(c) of the
             Securities  Act of 1934,  and various rules  thereunder.  As of the
             date hereof,  the Company is unable to make a  determination  as to
             the extent of the  investigation or to any possible material effect
             that it may have on the Company.

             The Company is leasing its principle place of business  pursuant to
             a 24-month lease for a monthly rental of $2,407. The Company shares
             this office space with GVI.

NOTE 9 - GOING CONCERN

             The accompanying  financial  statements have been prepared assuming
             the Company will continue as a going concern. In order to carry out
             its  operating  plans,  the Company will need to obtain  additional
             funding from outside sources. The Company has received funds from a
             private  placement and plans to continue making private  placements
             of its preferred and common stock.  There is no assurance  that the
             Company will be able to obtain  sufficient funds from other sources
             as needed or that such funds,  if available,  will be obtainable on
             terms  satisfactory  to the  Company.  Management  also  intends to
             renegotiate the terms of its debt for longer  repayment  periods as
             needed.


                                      -18-

<PAGE>

Item 2.  Management's Discussion &  Analysis of Financial  Condition and Results
         of Operations

Results of Operations

         Three Months ended 9/30/96 compared to Three Months ended 9/30/95

         Sales for this  period  decreased  $233,701,  (89%)  from  $261,701  to
$28,000.  The net loss also  increased  from the same period last year $287,525,
(302%) from $95,237 to $287,525.

         Sales include the sale of real estate from Golf  Ventures  Inc.  During
the  current  period  one lot was sold from the  Cotton  Acres  subdivision  for
$28,000 compared to three  condominiums from Cotton Manor sold for an average of
$84,667 in the prior year.  The cost of the lot sold was $12,691,  45% of sales,
and the average cost of the condominiums  was $56,420,  67% of sales. The volume
of lot sales has been adversely affected by the non-availability of funds needed
to develop new lots. Inventory levels of completed lots remain very low. GVI has
completed building two model townhomes within the Cotton Manor subdivision.  GVI
is considering selling these units to generate funds to continue the development
of both lots and townhomes.

         Total general and administrative expenses increased $172,061 (92%) from
$187,577 last year to $359,638  this year.  The increase is due primarily to the
cost of travel and fees paid for  promotional  services  incurred  for GVI in an
effort to increase awareness and expand the markets for its common stock.

         Management  believes  that the future of the Company will depend on its
ability to find good merger and, or  acquisition  candidates  and the ability of
GVI to find long term financing for its Red Hawk project.

Six Months ended 9/30/96 compared to Six Months ended 9/30/95

         Sales for this period  decreased from the same period in the prior year
$188,501,  (54%) from $349,501 to $161,000.  The net loss also increased for the
same period $237,926, (137%) from $174,099 to $412,025.

         Sales include the sale of real estate from Golf  Ventures  Inc.  During
the current period six lots were sold from the Cotton Acres  subdivision  for an
average of  $26,833  compared  to four lots sold for an  average of $21,950  and
three condominiums from Cotton Manor sold for an average of $84,667 in the prior
year.  The  average  cost of lots sold this year was  $12,341  and total cost of
sales was $92,484,  46% of sales,  compared to the average cost of the lots sold
last year was $11,641 and the average cost of the condominiums was $56,420 for a
combined cost of sales of $215,822, 63% of sales.

                  Total general and administrative  expenses increased $345,358,
103%  from  $345,358  last year to  $679,766  this  year.  The  increase  is due
primarily to the cost of travel and fees paid for promotional  services incurred
for GVI in an effort to increase awareness and expand the markets for its common
stock.  Additionally,  a  $100,000  fee  was  paid  by  GVI  to a  landowner  to
renegotiate the terms of the land purchase.

                                       -19-
<PAGE>


Liquidity and Capital Resources

         At  September  30, 1996,  the Company had total  assets of  $9,221,468,
total  liabilities  of $5,790,101  and total  stockholders  equity of $3,431,367
compared with total assets of  $6,984,871,  total  liabilities of $3,979,000 and
total stockholders equity of $3,005,871 at March 31, 1996. At September 30, 1996
cash increased  $1,057,321,  134% to $1,848,065 from $790,744 on March 31, 1996.
The increase in total assets was due primarily to the cash received by GVI for a
$2,000,000 loan from Miltex Industries,  Geneva, Switzerland (Miltex) during the
first quarter and an additional  $558,000 loan received from Banque SCS, Geneva,
Switzerland  (Banque SCS) during the second  quarter,  capitalized  interest and
payments of $323,464 to Granite  Construction  for the Red Hawk  project.  Total
liabilities at September 30, 1996 increased $1,811,101,  46%, from $3,979,000 at
March 31, 1996 to  $5,790,101.  The increase was due to an increase in long-term
debt of  $2,558,000,  related to loans from Miltex as  described  above,  offset
somewhat by loan paydowns and a reduction in accrued expenses.

         As of  September  30,  1996,  the Company had total  current  assets of
$2,618,808  and total  current  liabilities  of  $1,726,252  which  results in a
current ratio of 1.52:1; compared with a current ratio of 0.75:1 as of March 31,
1996. The current ratio increase was due to the substantial increase in cash, as
explained  above.  Real estate  inventory as of September 30, 1996  decreased by
$74,045  (10%) to $673,965  due  primarily to the sale of six lots in the Cotton
Acres subdivision since March 31, 1996.

         Current  liabilities at September 30, 1996 decreased  $747,704,  (30%),
from March 31, 1996 due  primarily  to a loan payoff of $401,366 and a reduction
in accrued expenses of $134,372,(18%).

         The Company has historically  satisfied its cash needs through the sale
of real  estate  in GVI,  the  private  placements  of  securities  and  secured
borrowings.  In June 1996,  GVI  completed an offering  under Section 504 of the
Securities  Act of  1933  (the  "Securities  Act").  Net  proceeds  to GVI  were
$889,424.  Also in June,  GVI  borrowed  $2,000,000  from Miltex and borrowed an
additional  $558,805 from Banque SCS, a  stockholder  of GVI. With this cash GVI
escrowed  sufficient funds to allow Granite to commence  construction on Phase I
of the Red Hawk project in July, 1996.  Through  November,  1996 GVI has paid to
Granite $1,981,613 toward the Phase I improvements.

         The Company has land and debt  payments  due during the current year of
approximately  $600,000 and  liquidity  for the coming year will be dependent on
its ability to secure long- term  financing for the Red Hawk  project,  upon the
cash flow  generated  from the closing of lot sales in Red Hawk,  and from sales
related to Cotton Manor and Cotton Acres projects.  If Red Hawk does not receive
sufficient  financing and the Company should require  additional cash during the
year, the Company intends to meet its obligations  through private  offerings of
common and/or preferred stock for cash and additional borrowings.


<PAGE>



                                     PART II


Item 1.  Legal Proceedings

         On July 19, 1993,  the Company  became the subject of a formal order of
investigation  captioned "In the Matter of Leasing  Technology,  Inc.  (NY-6027)
issued by the  Securities  and  Exchange  Commission.  The order states that the
commission  deems  certain  acts and  practices  to be in possible  violation of
Section 17(a) of the Securities Act of 1933 and Sections 10(b),  13(a) and 15(C)
of the  Securities  Act of 1934,  and various rules  thereunder.  The Company is
unaware  of  the  circumstances   concerning  the  order  entered  against  LTI;
furthermore,  the company has had no  communication  with the SEC regarding this
matter  since 1994,  and  therefore,  cannot make a judgment as to the  possible
effect on the Company of the investigation.

         On July 26,  1994,  the company  was served  with a complaint  entitled
Aksglade, et al. vs. Leasing Technology,  Incorporated, et al., civil number 94C
345S,  filed in the  United  States  District  court for the  District  of Utah,
Central  Division.  On July 22, 1996, the complaint was dismissed with prejudice
as to the Company by an order signed by a judge of the Federal court.

         The  Company  is not a  party  to any  other  material,  pending  legal
proceeding and no such action by, or to the best of its  knowledge,  against the
Company  or  any  of  its  officers  or  directors,  has  been  contemplated  or
threatened.

Item 2.  Changes in Securities

         None.

Item 3.  Defaults Upon Senior Securities

         On June 30, 1996 the Company's 12% Convertible  Subordinated Debentures
matured.  The  principle  value of the  debentures  is $185,000  and the related
accrued  interest is $114,174.  The Company has not yet redeemed the  debentures
and intends to convert the majority of the debentures to common stock.

Item 4.  Submission of Matters to a Vote of Security Holders

         No matters were submitted to a vote of the Company's securities holders
during the quarter ended September 30, 1996.

Item 5.  Other Information

     On October 9,  1996 George H. Badger, President and director of the Company
was arraingned in the U.S. Federal  District Court for the Southern  District on
charges of conspiracy to commit  securities  fraud and criminal  contempt.  Mr.
Badger is cooperating  fully with the U.S. Attorney in the investigation of this
matter.
                                       21

<PAGE>


Item 6.  Exhibits and Reports on Form 8-K

               This Item is not applicable to the Company.
               No Report on form 8-K was filed by the  Company  during the three
              month period ended September 30, 1996.

                                       22

<PAGE>


                                   SIGNATURES


         Pursuant to the  requirements  of Section 13 or 15(d) 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.

                                            LEASING TECHNOLOGY INCORPORATED
                                                      (Registrant)

                                             BY: /s/  George H. Badger
                                                GEORGE H. BADGER, President




Dated:    November 19, 1996

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities and on the date indicated.


   Signature                     Title                             Date 

 /s/ George H. Badger     President, Chief Executive        November 19, 1996
 GEORGE H. BADGER         Officer and  Director 
                          (Principal Executive Officer)

 /s/ Stephen B. Spencer   Secretary/Treasurer and Director  November 19, 1996
 STEPHEN B. SPENCER       (Chief Financial Officer,
                           Chief Accounting Officer and 
                           Controller)