SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q


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


For the quarter ended June 30, 1997                Commission File No. 0-27480
                      -------------                                    -------

                           LAHAINA ACQUISITIONS, INC.
                           --------------------------
             (Exact name of registrant as specified in its charter)

         Colorado                                        84-1325695
         --------                                        ----------
(State of Incorporation)                      (IRS Employer Identification No.)


     5459 S. Iris Street, Littleton, Colorado              80123
     ----------------------------------------              -----
     (Address of principal executive office)             (Zip Code)


       Registrant's telephone number, including area code: (303) 986-6923
                                                           -------------- 

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 such shorter period that the registrant was required
to file such reports),  and (2) has been subject to such filing requirements for
the past 30 days.

Yes   X      No
     ---        ---
  
The number of shares outstanding of registrant's  Common Stock, no par value per
share, as of June 30, 1997 was 996,500.





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                                     PART I


ITEM 1.           FINANCIAL STATEMENTS













                            LAHAINA ACQUISITIONS, INC

                            INTERIM OPERATING RESULTS
                                   (unaudited)













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                           Lahaina Acquisitions, Inc.
                                  BALANCE SHEET

                                     ASSETS


                                                        June 30,   September 30,
                                                          1997          1996
                                                      (Unaudited)      
                                                      -----------  -------------
Organization costs                                       $   600        $   600
                                                         =======        =======


                      LIABILITIES AND STOCKHOLDERS EQUITY

Liabilities

  Loan payable to officer/shareholders                     2,503          2,982
                                                         -------        -------
                                                           2,503          2,982

Stockholders equity
  Common stock, 800,000,000
   shares authorized no par value;
   996,500 shares issued and
   outstanding (Note A)                                      300            300

  Preferred stock, 10,000,000
   authorized, no par value                                  -0-            -0-

  Paid in capital                                            300            300

  Accumulated deficit                                     (2,503)        (2,982)
                                                         -------        -------

    Total                                                $   600        $   600
                                                         =======        =======




See accompanying notes to the financial statements.








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                           Lahaina Acquisitions, Inc.
                             STATEMENT OF CASH FLOWS
                                   (Unaudited)


                                                      Nine Months Ended June 30,
                                                        1997             1996
                                                        ----             ----

Cash flows from operations:
  Net income (loss)                                   $   479           $(2,982)
                                                      -------           -------


Net cash (used) from
 operating activities:                                $   479           $(2,982)
                                                      =======           =======

Cash flows from investing
 activities:                                          $   -0-           $ -0-
                                                      -------           -------

Net cash (used) by
 investing activities:                                $   -0-           $ -0-
                                                      =======           =======

Cash flows from financing activities:
  Loan - officer/shareholders                         $ 4,211           $ 2,982
  Loan from officer - forgiven                        $(4,690)          $   -0-
                                                      -------           -------

Net cash (used) by financing
  activities:                                         $  (479)          $(2,982)
                                                      =======           =======

Beginning cash balance                                    -0-               -0-

Ending cash balance                                       -0-               -0-





See accompanying notes to the financial statements.










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                           Lahaina Acquisitions, Inc.
                             STATEMENT OF OPERATIONS
                                   (Unaudited)


                                        Three Months             Nine Months
                                       Ended June 30,           Ended June 30,
                                       1997      1996           1997      1996
                                     -----------------         ----------------

Revenues
  Income from relief of
   indebtedness                      $ 4,690       -0-         $ 4,690      -0-

Expenses
  Legal and accounting fees               45     2,532           1,305    2,982
  Stock Transfers                      1,921       -0-           2,369      -0-
  Printing                               537       -0-             537      -0-
                                     -------    ------         -------   ------

Net Income (Loss)                    $ 2,187    (2,532)            479   (2,982)
                                     =======    ======         =======   ======


See accompanying notes to the financial statements.


























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                           LAHAINA ACQUISITIONS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 1997

Note A - Summary of Significant Accounting Policies

ORGANIZATION

Lahaina  Acquisitions,  Inc.  was  incorporated  under  the laws of the State of
Colorado in April 1989. The Company is in the  development  stage and has had no
operations.

The Company is in the development stage as more fully defined in Statement No. 7
of the Financial  Accounting  Standards  Board.  The Company intends to actively
seek, locate,  evaluate,  structure and complete mergers with or acquisitions of
private companies, partnerships or sole proprietorships.

In September  1989, the Company filed a  Registration  Statement with the United
States  Securities  and Exchange  Commission  to register  100,000  Units of its
securities sold to Coyote Acquisitions,  Inc. Each Unit consists of one share of
Common Stock,  five A Warrants and five B Warrants.  In April 1991,  the Company
canceled the 100,000 Units of its securities issued to Coyote Acquisitions, Inc.
since the Securities and Exchange  Commission  failed to clear the  Registration
Statement.

In May 1991, the Company  distributed  496,500 Units of its securities under the
provisions of Regulation D, Rule 504 on a pro rata basis to the  shareholders of
St. Joseph Corp. Each Unit consists of:

   1 Share of common no par stock
   2 Class A common stock purchase warrants
   2 Class B common stock purchase warrants

Each Class A warrant  entitles  the holder to purchase one share of common stock
at $1.00 per share.

Each Class B warrant  entitles  the holder to purchase one share of common stock
at $1.50 per share.

These common stock  purchase  warrants  expire May 10, 1999. The Company has the
right to redeem the warrant upon 30 days written notice at $.0001 per share.

On May 27, 1997,  certain  shareholders  agreed to the  cancellation  of 800,000
Class A and Class B warrants owned directly and  beneficially  by them,  leaving
193,000 Class A and Class B warrants outstanding.

Professional  fees of $450 were  incurred in December 1995 for the audit for the
years ending  September 30, 1995,  1994, 1993, 1992, 1991 and 1990. This expense
was paid by the President of the Company.


<PAGE>

Legal and additional  accounting fees totaling $2,532 were incurred during March
through  June,  1996 and were paid by the  President of the Company.  Additional
legal and accounting  fees and stock transfer fees totaling $1,708 were incurred
during  November  1996 through March 1997 and were also paid by the President of
the Company.  In May 1997 the President  forgave the accumulated loan payable to
him totaling $4,690, and the Company has recognized that amount as income.

In May and June 1997, other  shareholders of the Company paid for stock transfer
fees and other expenses of the Company totaling $2,503.


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

Results of Operations - Inception (April 5, 1989) through June 30, 1997.

      The registrant is considered to be in the development  stage as defined in
Statement of Financial  Accounting Standards No. 7 There have been no operations
since incorporation.

Liquidity and Capital Resources.

      The registrant has no cash as of June 30, 1997.

      There  have  been no  material  changes  in the  Registrant's  results  of
operations,  since  filing  its Form  10-K  with  the  Securities  and  Exchange
Commission  on  December  27,  1996.  Said Form 10-K is  incorporated  herein by
reference.












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                                   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 hereunto duly authorized.


                                                  LAHAINA ACQUISITIONS, INC.
                                                  --------------------------
                                                      (the "Registrant")


Date: October 1, 1997                             By: /s/ Graham Cooper
     --------------------                            ---------------------------
                                                      Graham Cooper, President
















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                                  EXHIBIT INDEX

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

27                         Financial Data Schedule