U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                 FORM 10-QSB/A-1
(Mark One)

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

                  For the quarterly period ended June 30, 1998
                                                ---------------

                                       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 1-4530
                                                --------

                                  ASTREX, INC.
        (Exact name of small business issuer as specified in its charter)

           Delaware                                     13-1930803
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                  205 Express Street, Plainview, New York 11803
                    (Address of principal executive offices)

                                 (516) 433-1700
                (Issuer's telephone number, including area code)


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

Check whether the issuer (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 |_|

                      APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date. As of August 7, 1998 common
shares outstanding were 5,659,277.
<PAGE>

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

(A)   Exhibits

<TABLE>
<CAPTION>
Exhibit     Description                                     Previously Filed and Incorporated
-------     -----------                                     by reference or Filed Herewith
                                                            ---------------------------------
<S>         <C>                                             <C>
3 (a)       Certificate  of  Incorporation  of Astrex,      Filed as Exhibit 3(a) to
            Inc., as amended (a Delaware corporation)       the Form 10-QSB of the
                                                            Company for the quarter
                                                            ended September 30, 1997

3 (b)       By-Laws of Astrex, Inc., as amended             Filed as Exhibit 3(b) to
                                                            the Form 10-QSB of the
                                                            Company for the quarter
                                                            ended September 30, 1996

10(a)       ANNEX "A" to the Purchase and Option Agreement  Filed herewith
            between Astrex, Inc., Enigma Energy Company
            and Members dated June 6, 1998

            Purchase and Option Agreement between           Filed as Exhibit 10(a) to
            Astrex, Inc., Enigma Energy Company and         the Form 10-QSB of the
            Members dated June 6, 1998                      Company for the quarter
                                                            ended June 30, 1998

10(b)       Subscription and Stock Purchase Agreement       Filed as Exhibit 10(a) to
            between Astrex, Inc. and John C. and            the Form 10-QSB of the
            Elizabeth S. Loring dated July 15, 1998         Company for the quarter
                                                            ended June 30, 1998

27          Financial Data Schedule                         Filed as Exhibit 10(a) to
                                                            the Form 10-QSB of the
                                                            Company for the quarter
                                                            ended June 30, 1998
</TABLE>

(B)   Reports on Form 8-K:
        None
<PAGE>

                                   SIGNATURES

In accordance with the requirements of Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                        ASTREX, INC.


Date: April 6, 1998                     By: /s/ Michael McGuire
      -------------                         -------------------
                                        Michael McGuire
                                        Director, President and
                                        Chief Executive Officer


                                        By: /s/ Lori A. Sarnataro
                                            ---------------------
                                        Lori A. Sarnataro
                                        Chief Financial Officer