Form 10-QSB
                                        SECURITIES AND EXCHANGE COMMISSION
                                              Washington, D.C. 20549

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

         For the quarterly period ended March 31,1997

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 33-42070

               OLYMPUS VENTURES, INC.
(Exact name of Registrant as specified in its charter)

State of Washington                                91-1552419
(State of other jurisdiction of                  (I.R.S. Employer
incorporation or organization)                Identification No.)

                  3418 N. Ocean Blvd.
              Fort Lauderdale, Florida 33308
          (Address of principal executive offices)

Registrant's telephone number, including area code: 954-565-9292
               --------------------------------

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  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  outstanding of the  Registrant's  Common Stock,  par value
$0.0001 per share at May 15, 1997 was 2,571,081 shares.


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                                                      PART I

Item 1.           Financial Statements.

Attached

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

Liquidity and Sources of Capital

The  Registrant's  cash was zero at March 31, 1997  compared to $17,870.00 as of
March 31, 1996. The decrease was due to reducing  accumulated  accrued  expenses
from previous year.

The  management  has  negotiated  the  necessary  operating  funds  to  reduce a
significant  portion of the past debt and allow its  subsidiaries to run without
interruption.  Both offshore  factories are realizing positive cash flow at this
time and are expected to continue throughout 1997.

Management  is still  negotiating  manufacturing  lines of credit to enable  its
manufacturing subsidiaries to increase its production in the ensuing year.

During the third quarter, operating capital was acquired from several sources:

         1.       Manufacturing and contract work at the subsidiaries.
         2.       Financing negotiated by Management.

There has been no significant changes in the liquidity during the past quarter.

Results of Operations

The Company had revenues in the third  quarter of fiscal year 1996 in the amount
of $241,049.00 compared to $519,679.00 in the third quarter of fiscal year 1995,
the  Company  had to  recover in  Nicaragua  due to the  elimination  of a major
contract lost in the end of the second quarter.  Benefits from this loss of work
will be noticed in the fourth  quarter as new contracts with better profits were
entered into.

                             PART II

Item 1.           Legal Proceedings.

Neither  the  Company  nor  its  subsidiaries  were  subject  to any  new  legal
proceedings during the reporting period.


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Item 2.           Change in Securities.

No  constituent  instrument  defining  the  right of the  holder of any class of
registered  securities of the Registrant have been materially modified. No right
evidenced by any class of registered  securities have been materially limited or
qualified by the issuance or modification of any other class of securities.

Item 3.           Default Upon Senior Securities.

There have been no material  default in the payment of  principal,  interest,  a
sinking or purchase fund  installment,  or any other material  default not cured
within thirty days, with respect to any indebtedness of the registrant or any of
its significant  subsidiaries exceeding five percent (5%) of the total assets of
the Registrant and its consolidated subsidiaries.

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

No matter were submitted to a vote of Security holders during the period covered
by this Form 10-QB.

Item 5.           Other Information.

None.

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

None.


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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 thereto duly authorized.


                           Dated this 15th day of May 1997.

                               OLYMPUS VENTURES, INC.
                               ( the "Registrant")


                               By: /s/ Gary R.Morgan
                               Gary R Morgan
                               Chief Executive Officer


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