SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-KSB

(Mark one)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
    1934 [FEE REQUIRED]

      For the fiscal year ended SEPTEMBER 30, 1997

                                       OR

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934 [NO FEE REQUIRED]

    For the transition period from_______________________to____________________

                          Commission File No. 33-26828

                              WINDSOR CAPITAL CORP.
                 ----------------------------------------------
                 (Name of Small Business Issuer in its Charter)

           DELAWARE                                   58-1921737
(State or Other Jurisdiction of                      (IRS Employer
Incorporation or Organization)                     Identification No.)

1111 Kane Concourse, Suite 505
BAY HARBOUR ISLANDS, FLORIDA                                 33154
(Address of Principal Executive Offices)                    (Zip Code)

         Issuer's Telephone Number, Including Area Code: (305) 864-3255

              Securities registered under Section 12(b) of the Act:

                                                     Name of Each Exchange
Title of Each Class                                    on Which Registered

          NONE                                                   NONE
------------------------                             ---------------------

              Securities registered under Section 12(g) of the Act:

                                      NONE
                                ----------------
                                (Title of Class)

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 [ ]

Check if disclosure of delinquent filers in response to Item 405 of Regulation
S-B is not contained in this form, and no disclosure will be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ ] 

Issuer's revenues for its most recent fiscal year are $44,044.

The aggregate market value of the common stock held by non-affiliates of the
registrant, computed by reference to the last known bid quotation for the common
stock, is $ N/A

The number of shares outstanding of the issuer's common stock ,$.001 par value
per share, as of December 1, 1997 is 5,525,000.


<PAGE>



                                     PART I

ITEM 1. DESCRIPTION OF BUSINESS

        Windsor Capital Corp. (the "Company") was organized under the laws of
the State of Delaware on June 24, 1988 by International Asset Management Group,
Inc. ("IAMG"), the promoter and parent of the Company, for the purpose of
providing a vehicle to raise capital and seek business opportunities. The
Company completed an initial public offering of its securities in June 1989,
raising net proceeds of approximately $220,000. Subsequent to the public
offering, due to adverse events in the business of IAMG, the Company did not
actively engage in its business. During 1993, the Company's current management
and board of directors (collectively "Management") determined to again commence
activities in furtherance of the Company's contemplated business objectives.
Management thereafter retained new counsel and accountants and took steps to
bring the Company into compliance with its reporting obligations under Section
15(d) under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Since 1993, the Company has been seeking new business opportunities. No
businesses have been acquired through this date.

        The Company's business plan is to seek to acquire one or more potential
businesses that may, in the opinion of Management, warrant the Company's
involvement. The Company recognizes that, as a result of its limited financial,
managerial and other resources, the number of suitable potential businesses that
may be available to it may be extremely limited. The Company's principal
business objective will be to seek long-term growth potential in the businesses
in which it participates. In seeking to attain its business objectives, the
Company will not restrict its search to any particular industry. Management's
discretion is unrestricted, and the Company may participate in any business
whatsoever that may, in the opinion of Management, meet the business objectives
discussed herein. It is emphasized that such business objectives are extremely
general and are not intended to be restrictive upon the discretion of
Management. At the present time, the Company has not chosen the particular area
of business in which it proposes to engage and has not conducted any market
studies with respect to any business, property, or industry. Further, any
business acquired by the Company may be in its preliminary or development stage,
or may be a company with a matured business. No decisions have been made with
respect to the stage of development of businesses to be sought for acquisition.

        The Company may purchase or otherwise acquire assets in order to
establish a business or may purchase existing businesses. It may also make any
investments in businesses which are deemed by the Board of Directors to be in
the best interest of the Company. The Company at present has not determined
which specific businesses or assets it may acquire. Further, the Company has not
decided upon any particular industry in which to make an investment or acquire a
business. Management will investigate any business which the Company may
consider as a potential acquisition target. Management will make all decisions
regarding the businesses or assets which may be acquired, except to the extent
that state law requires such investments to be brought


<PAGE>



to the Company's stockholders for approval. The Company may, but is not
obligated to, engage consultants with expertise or knowledge in a particular
industry to advise it with regard to any proposed acquisitions. Such consultants
may be independent or may be affiliates of the Company and IAMG. At this date,
the Company has not engaged any consultants.

        It can be expected that the analysis of potential business endeavors
will be undertaken by or under the supervision of Management. Management is
comprised of individuals of varying business experiences and Management is
relying on its own business judgment in formulating decisions as to the types of
businesses that the Company may acquire or in which the Company may participate.
It is quite possible that Management will not have business experience or
expertise in the type of business engaged in by the company ultimately acquired.
When making decisions, Management will consider, among other things, those
factors described below, which are merely illustrative of the types of factors
that Management may consider in evaluating a potential acquisition.
Nevertheless, the consideration of these or other factors by Management in
determining whether to invest in a particular business or acquire particular
assets does not mean that Management will have any experience or expertise in
the business or industry chosen.

        In analyzing a prospective business, Management will consider such
factors as available technical, financial, and managerial resources; working
capital and other financial requirements; such business' history of operations,
if any, and prospects for the future; the nature of present and expected
competition; the quality and experience of management that may be available and
the depth of that management; the potential for further research, development,
or exploration; risk factors; the potential for growth and expansion; the
potential for profit; the perceived public recognition or acceptance of such
business' products, services, and trade or service marks; and its name
identification.

        In connection with any acquisition, Management expects to meet
personally with the management of the target, visit the target's business
operation, check references of the target's management and key personnel and
conduct other reasonable due diligence, to the extent that the Company's limited
resources and Management's technical expertise, if any, permit. Also, the
Company will likely engage lawyers, accountants and other professionals to
assist it in due diligence. Generally, Management will analyze all available
information and make a determination based upon a composite of available facts,
without reliance upon a single factor as controlling.

        The Company does not have a timetable for locating and investigating
specific business proposals. Further, even after a business is located, the
investigation, negotiation, drafting and execution of relevant agreements,
disclosure documents and other instruments will require substantial additional
time, effort and attention on the part of Management, attorneys, accountants and
others, and result in costs associated therewith to be borne by the Company. The
time that these subsequent steps will take and the costs associated therewith
also cannot be estimated. If a decision is made not to participate in a specific
business endeavor, the costs theretofore incurred in the related investigation
might not be recoverable. Furthermore, even if an agreement were

                                        2
<PAGE>



reached for participation in a specific business, the failure to consummate that
transaction might result in the loss to the Company of the related costs
incurred.

        Of the various methods and forms by which the Company may structure a
transaction in acquiring another business, Management is likely to use one of
the following forms: (I) a merger or consolidation of the acquired corporation
into or with the Company; (ii) a merger or consolidation of the acquired
corporation into or with a subsidiary of the Company organized to facilitate the
acquisition (a subsidiary merger) or a merger or consolidation of such a
subsidiary into or with the acquired corporation (a reverse subsidiary merger);
(iii) an acquisition of all or a controlling amount of the stock of the acquired
corporation; or (iv) an acquisition of the assets of a business by the Company
or a subsidiary organized for such purpose. If a merger or consolidation
transaction involving the Company is used, the Company will most likely be the
surviving corporation.

        It is likely that the consideration used by the Company to acquire a
business will consist of shares of authorized but unissued common and preferred
stock, although the Company may use cash and/or debt. In many cases, the owners
or shareholders of such business will obtain an amount of shares sufficient to
enable such individuals to control the Company. If the Company were to issue
substantial additional securities in any acquisition, such issuances might have
an adverse effect on any trading markets for the Company's common stock that may
develop in the future. Further, the capital structure of the Company may change
as a result of any acquisition, exposing the Company's shareholders to a greater
risk of loss of their investment than they presently have.

        Whether the Company's shareholders will have a right, as a matter of
Delaware law, to approve or disapprove of any proposed transaction will depend
upon the form of the transaction chosen by Management. Because a transaction
requiring shareholder approval gives Management less flexibility than one as to
which only the approval of the Company's board of directors is required, the
Company is more likely to choose a form of acquisition under which a shareholder
vote is not required. With or without a shareholder vote, Management, in
approving a transaction, may not violate its fiduciary duties to the Company or
its shareholders.

        Federal income tax considerations may have an impact on the manner in
which any proposed acquisition is structured. For example, if the Company uses
Common Stock or other voting securities to acquire stock or assets of the
acquired business, the Company may have to issue a significant amount of such
securities, as opposed to cash or debt, because of certain requirements imposed
by the provisions of the Internal Revenue Code of 1986 for obtaining bene ficial
tax consequences associated with certain types of reorganizations. Accordingly,
the proportional interests of the present shareholders of the Company prior to
such transaction or reorganization may be substantially less than the
proportional interest of such shareholders in the reorganized entity.

                                        3
<PAGE>



        Any acquisition by the Company may be deemed for accounting purposes to
be a "reverse acquisition" for tax and accounting purposes. Under the reverse
acquisition rules, the Company may not be able to offset future income against
non-capital expenses and deductions incurred up to the acquisition. Further, for
accounting purposes, if an acquisition is deemed to be a reverse acquisition,
the financial statements of the acquired entity will become the historical
financial statements of the Company.

        Further, companies subject to section 13 or 15(d) of the Exchange Act
must furnish certain information about significant acquisitions, including
certified financial statement for the company or companies acquired covering
one, two or three years, depending upon the relative size of the acquisition.
Thus, the Company will need to consider as a factor in determining whether to
complete any particular acquisition, whether the required financial statements
of the to-be-acquired entity are available or can be obtained within the time
frames established by the Exchange Act.

        Further, the Company has not engaged and does not intend to engage,
either on its own or through subsidiaries, in the business of (1) investing,
reinvesting, or trading in securities as its primary business, or (2) of issuing
face-amount certificates of the installment type. The Company does not intend to
seek authority to pursue any business opportunity or transaction which would
render the Company an "investment company" as the term is defined in the
Investment Company Act of 1940, as amended. See, however, "Management's
Discussion and Analysis of Financial Condition and Results of Operations."

        The Company is not engaged and does not intend to engage, in the
business of advising others for compensation, either directly or through
publications or writings, as to the value of securities or as to the
advisability of investing in, purchasing, or selling securities; nor is it, nor
will it be, part of the Company's regular business to issue or promulgate for
compensation analyses or reports concerning securities. Additionally, the
Company does not intend (I) to pursue any course of business that would render
it an "investment adviser" under the Investment Advisers Act of 1940, as
amended; or (ii) to acquire a company that is a broker-dealer of investment
securities or commodities or a company affiliated with such a broker-dealer.

COMPETITION

        There are inherent difficulties for any new company seeking to enter an
established field. With regard to the business of the Company, namely the
acquisition of a business or assets, these difficulties are compounded since
there are numerous other companies which are more experienced, better
established and better financed than the Company. Additionally, many of
competitors have personnel experienced in locating and operating businesses.
Further, any business acquired by the Company will compete with the competitors
in its industry, many of whom will likely be better capitalized than the Company
with more experienced management. A company such as the Company, with limited
resources, is at a serious disadvantage in this regard.

                                        4
<PAGE>



EMPLOYEES

        The Company has had no employees since its inception. Its administrative
and regulatory compliance functions are presently performed by Management on a
part-time basis and by part-time secretarial and clerical help, at no cost to
the Company. Any business that the Company may organize or acquire will have its
own employees.

ITEM 2. DESCRIPTION OF PROPERTY

        The Company maintains its principal executive offices at 1111 Kane
Concourse, Suite 505, Bay Harbour Islands, Florida 33154. It leases this office
from an affiliate of the Company, at no charge to the Company.

        Since its inception, the Company has not owned or leased any equipment
or property. Any equipment or property which the Company will acquire in the
future will depend upon the industry within which the Company commences business
operations and the businesses or assets which the Company purchases. Such
equipment may be owned or leased by the Company.

ITEM 3. LEGAL PROCEEDINGS

        The Company is not involved in any legal proceedings.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

        No matters were submitted to a vote of security holders during the
period from inception through this date.









                                        5
<PAGE>



                                     PART II

ITEM 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

        The Company's Common Stock and Class A Warrants have been quoted from
time to time on the OTC bulletin board and by the National Quotations Bureau.
The Company believes that only sporadic trading of its securities has occurred
since its public offering and does not believe that any established trading
market presently exists for the Common Stock or the Class A Warrants.

        During 1996, the Company issued 25,000 shares for services.

        As of December 1, 1997 the Company had approximately 30 record holders
of its Common Stock.

DIVIDENDS

        The Company has never paid any dividends on its Common Stock and does
not anticipate paying cash dividends on its Common Stock in the foreseeable
future. All available capital will be utilized to acquire a business or assets.

ITEM 6. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

SELECTED FINANCIAL DATA

        THE FOLLOWING TABLE SETS FORTH THE SELECTED FINANCIAL DATA FOR THE
COMPANY FOR THE PERIOD INDICATED AND SHOULD BE READ IN CONJUNCTION WITH THE
FINANCIAL STATEMENTS AND NOTES APPEARING ELSEWHERE IN THIS ANNUAL REPORT ON FORM
10-KSB:
<TABLE>
<CAPTION>

                                                                  SEPTEMBER 30,
                                    --------------------------------------------------------------------
                                           1993           1994           1995           1996        1997
                                           ----           ----           ----           ----        ----
<S>                                     <C>            <C>            <C>            <C>         <C>    
Selected Data from
  Statement of Operations:

      Revenue                           $61,362        $59,141        $39,578        $39,578     $44,044

      Net Income (Loss)                  51,655        (52,712)        14,303        133,931     128,616

      Net Income (Loss) per share            .0           (.01)          .003           .023        .023

      Cash Dividends                       None           None           None           None        None




                                        6
<PAGE>



                                                                 SEPTEMBER 30,
                                   --------------------------------------------------------------------
                                         1993          1994            1995           1996         1997
                                         ----          ----            ----           ----         ----
<S>                                  <C>           <C>             <C>            <C>          <C>     
SELECTED BALANCE SHEET DATA:

      Total assets                   $549,729      $380,057        $392,102       $522,368     $648,614

      Total liabilities               129,218        12,258          10,000          6,085        3,715

      Long term debt                        -             -               -              -            -

      Working capital                 420,511       367,799         382,102        516,283      644,899

      Total Stockholder's Equity      420,511       367,799         382,102        516,283      648,614

</TABLE>

RESULTS OF OPERATIONS

        The principal activity of the Company since inception has been to
conserve its assets for use in connection with a business acquisition. To date,
the Company has no understandings, agreements or commitments for the acquisition
of any business.

        For purposes herein, the twelve months ended September 30, 1997 ("Fiscal
1997"), is being compared to the twelve months ended September 30, 1996 ("Fiscal
1996").

        Total revenues were $44,044 for Fiscal 1997, compared to $40,923 for
Fiscal 1996. Total revenues during these years consisted primarily of dividend
income. The Company also had a net unrealized gain on marketable securities of
$89,644 for Fiscal 1997, compared to net unrealized gain in marketable
securities of $99,157 for Fiscal 1996.

        The Company had net income of $128,616 for Fiscal 1997, compared to net
income of $133,931 for Fiscal 1996. Operating expenses for Fiscal 1997 were
$2,144, compared to $5,064 for Fiscal 1996.

FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

        The Company's cash at hand was $826 at September 30, 1997, compared to
$2,257 at September 30, 1996. Working capital, including cash on hand, was
$644,899 at September 30, 1997, compared to $516,283 at September 30, 1996. The
Company presently has no material commitments which would affect its liquidity.

        The Company will likely use its available working capital in connection
with the acquisition of a business or assets, or for working capital in
connection with any business acquired. It is quite possible that any
acquisition, to the extent funded in whole or in part in cash, will require
additional funding. Further, it is likely that the capital requirements of any
business acquired will require additional financing. Any such additional
financing may be obtained through loans, issuance of additional securities, or
through other financing arrangements to be funded concurrent

                                        7
<PAGE>



with the acquisition. There can be no assurance that any such financing will be
available when it is required or, even if it is available, that it will be
available on terms acceptable to the Company.

        Substantially all of the Company's funds are held in high income money
market funds. If these funds do not qualify as a "cash item" under the
Investment Company Act of 1940 (the "Investment Company Act"), the Company may
be deemed to be an "investment company" under the Investment Company Act. The
Company believes that it is not an "investment company" under the Investment
Company Act, since it is not in the business of investing, reinvesting, or
trading in securities as its primary business and it has fewer than 100
shareholders. However, the Securities and Exchange Commission may disagree with
this position and assert that the Company is an "investment company." If the
Company is deemed to be an "investment company," it would be obligated to
register under the Investment Company Act and there can be no assurance that the
Company would be able to meet the qualifications of the Investment Company Act.
If the Company were obligated to be registered under the Investment Company Act
and it were not able to do so, it would most likely have to be liquidated.

ITEM 7. FINANCIAL STATEMENTS

        See Index to Financial Statements in Item 13 which is included in Part
III of this report.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
        FINANCIAL DISCLOSURE

        None.



                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE
        WITH SECTION 16(A) OF THE EXCHANGE ACT

        The following table sets forth certain information with respect to the
executive officers and directors of the Company.

NAME                             AGE                  POSITION
----                             ---                  --------

Robert M. Leopold                 71                  President and Director
Hershel Krasnow                   74                  Director
Steven Gordon                     59                  Treasurer
Dolores Cipparone                 67                  Secretary

        Robert M. Leopold and Hershel Krasnow each serve as directors of IAMG.
See "Item 11. Security Ownership of Certain Beneficial Owners and Management."

                                        8
<PAGE>



        Directors are elected at the annual meeting of stockholders and hold
office until the following annual meeting and until their successors are elected
and qualified. All officers serve at the discretion of the Board of Directors.

        Robert Leopold is, and has been for more than the last five years, the
president of Huguenot Associates, Inc., a management consulting company which is
a wholly-owned subsidiary of IAMG. Mr. Leopold has served as a director of IAMG
since May 1983. He also served as a consultant to Insituform Technologies, Inc.
("ITI"), a company engaged in the business of the rehabilitation, improvement
and construction of underground pipe by a variety of trenchless technologies.
Between 1982 and October 1996, Mr. Leopold held various senior management and
consulting positions with entities which are now part of ITI. In addition, Mr.
Leopold is a director of Dental Services of America, Inc. (formerly Campbell
Capital, Inc.), Standard Security Life Insurance Company of New York, a wholly
owned subsidiary of Independence Holding Company, Infodata Systems, Inc. and
H.E.R.C. Products Incorporated.

        Hershel Krasnow has been a senior vice president of the investment
banking firm of Josephthal, Lyon & Ross from 1990 to February 1997. Since March
1997 he has been Senior Vice President of First Security Investments Inc., a
registered broker/dealer. From August 1989 through March 1990, Mr. Krasnow was
an executive vice president of the investment banking firm of Castleton Rhodes,
Inc. From October 1988 until August 1989, he was an executive vice president of
Robyns Capital Corp., an investment banking firm. From May 1988 until October
1988, Mr. Krasnow was an executive vice president of Hibbard Brown & Company,
Inc., an investment banking firm. From January 1987 until May 1988, Mr. Krasnow
was an executive vice president of Philips, Appel & Walden, Inc., an investment
banking firm. From 1978 until January 1987, Mr. Krasnow was an executive vice
president of Rooney Pace, Inc., an investment banking firm. He is a director of
several private companies and currently serves as a director of IAMG.

        Steven Gordon has been the president and a financial analyst of S & S
Financial Consulting, a financial consulting firm, since September 1991. He has
also been treasurer of Campbell Capital Corp. (a/k/a Dental Services of America,
Inc.) and of IAMG since April 1992. Previously, from July 1990 to August 1991,
Mr. Gordon was the controller of Rotunda Corp., a real estate development
company.

        Dolores Cipparone has been an office manager of Josephthal, Lyon & Ross
since April 1990. Since March 1997 she has been office manager for First
Security Investments. She has been secretary of Campbell Capital Corp. (a/k/a
Dental Services of America, Inc.) and of IAMG since March 1994.

        Since the Company's Common Stock is not registered under Section 12 of
the Exchange Act, its officers and directors are not required to file reports
under Section 16 of the Exchange Act.

                                        9
<PAGE>



ITEM 10. EXECUTIVE COMPENSATION

        No officer or director of the Company has received, or accrued any right
to receive, any cash compensation since the Company's inception. None of the
officers and directors of the Company presently devotes a substantial portion of
their time to the Company's affairs.

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

        The following table sets forth certain information regarding the
beneficial ownership of the Company's Common Stock as of September 30, 1997 by
each director, executive officer and any person known to the Company to own
beneficially more than 5% of the Company's Common Stock and by the directors and
executive officers as a group. Certain officers and directors of the Company may
be deemed beneficial owners of Company securities by virtue of their ownership
of IAMG securities. See "IAMG Securities" below.

NAME AND ADDRESS                        SHARES OF COMMON STOCK        PERCENT
OF BENEFICIAL OWNER                     BENEFICIALLY OWNED (1)       OWNED (2)
-------------------                     ----------------------       ---------

International Asset                           5,000,000 (3)            90.91%
Management Group, Inc.
  1101 96th Street
  Miami, Florida

Hershel Krasnow                                  - 0 -                   -
  1111 Kane Concourse, Suite 501
  Bay Harbour Islands, Florida

Robert M. Leopold                                - 0 -                   -
  1890 Palmer Avenue
  Larchmont, New York

Steven Gordon                                    - 0 -                   -
  2120 N.E. 208th Street
  North Miami Beach, Florida

Dolores Cipparone                                - 0 -                   -
  1111 Kane Concourse, Suite 501
  Bay Harbour Islands, Florida



                                       10
<PAGE>



NAME AND ADDRESS                        SHARES OF COMMON STOCK        PERCENT
OF BENEFICIAL OWNER                     BENEFICIALLY OWNED (1)       OWNED (2)
-------------------                     ----------------------       ---------

All officers and directors                       - 0 -                   -
  as a group (4 persons)

-------------------

     (1)   All common stock is directly owned and the sole investment and voting
           powers are held by the party named.

     (2)   Based upon 5,525,000 shares of common stock outstanding.

     (3)   Does not include 5,000,000 shares of Common Stock issuable upon
           exercise of a like number of warrants. Each warrant entitles the
           holder to purchase one share of common stock at $1.00 per share until
           April 10, 1998.

IAMG SECURITIES

        The following directors of IAMG and all persons who own beneficially
five percent or more of IAMG's common stock, by virtue of shares of common stock
they own in IAMG, may be deemed to be beneficial owners of common stock in the
Company. The information in the table is as of December 1, 1997.

                                          AMOUNT AND NATURE
                                            OF BENEFICIAL
                                          OWNERSHIP OF IAMG          COMMON
NAME AND ADDRESS OF OWNER                 COMMON STOCK (1)          STOCK (2)
-------------------------                 ----------------          ---------

Hershel Krasnow                                2,813 (3)                *%

Robert M. Leopold                            659,360 (4)              8.2%

Richard J. Tucker                            500,000 (5)              6.2%


----------------------
* Less than 1%

(1)  Except as set forth herein, all common stock is directly owned and the sole
     investment and voting powers are held by the person named.

(2)  Based upon 8,009,084 shares of common stock outstanding.


                                       11
<PAGE>



(3)  Mr. Krasnow's wife, Claire Krasnow, owns 278,288 shares of IAMG's common
     Stock (3.5%). Mr. Krasnow disclaims beneficial ownership of the shares of
     IAMG common stock owned by his wife.

(4)  Does not include 70,515 shares of common stock owned by Mr. Leopold's wife.
     Mr. Leopold does not have voting power of such securities and disclaims
     beneficial ownership thereof.

(5)  Mr. Tucker is the former president of IAMG. During the fourth quarter of
     1995, IAMG sued Mr. Tucker seeking cancellation of his shares and for
     damages. Mr. Tucker previously owned 1,127,920 shares of IAMG's common
     stock. In January 1997, this matter was settled. In connection with the
     settlement, Mr. Tucker agreed to return 627,920 shares of IAMG common stock
     for cancellation. These shares are now in the process of being canceled.

ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

        The Company was incorporated in the State of Delaware on June 24, 1989.
In January 1989, the Company issued 5,000,000 shares of Common Stock and
5,000,000 warrants to IAMG, its then sole stockholder, for $125,000, or $.025
per share. The warrants are exercisable at $1.00 per share until April 10, 1996.
No value was given to the warrants. All directors of the Company are also
stockholders and directors of IAMG.

        The Company presently uses the office and facilities of an affiliated
person, located at 1111 Kane Concourse, Suite 505, Bay Harbour Islands, Florida,
at no charge.

        The Company has in the past paid brokerage commissions to a brokerage
firm in which Mr. Krasnow is an employee. The Company believes that the
commissions which were paid were no greater than those which would have been
paid to an unaffiliated third party.

        The business of the Company raises potential conflicts of interest
between the Company and its officers and directors. The Company has been formed
for the purpose of locating a suitable business opportunity in which to
participate. The officers and directors of the Company, who do not devote their
full time to the Company, are engaged in various other business activities. From
time to time, in the course of such activities, they may become aware of
investment and business opportunities and may be faced with the issue of whether
to bring such opportunities to the attention of the Company or its affiliates
for its participation.

        Generally, officers and directors of Delaware corporations are required
to bring business opportunities to the corporation if the corporation could
financially undertake the opportunity, the opportunity is within the
corporation's line of business, and it would not be fair to the corporation and
its shareholders for the opportunity not to be brought to the corporation.
Because the business

                                       12
<PAGE>



of the Company is to locate suitable business ventures, Management may be
required to bring such opportunities to the Company. Potential conflicts may
arise in the determinations by Management as to whether these potential business
opportunities are within the financial capability and business plans of the
Company.

        Management will insure that all officers and directors are aware of the
relevant sections of the Delaware General Corporation Law regarding conflicts of
interest and their obligations to the Company in connection therewith. Any
remuneration payable to a member of Management in connection with a transaction
referred to the Company by such person will be determined based upon the size of
the business, the risk reward ratio of the business to the Company, and the time
and effort expended by that individual with regard to that business.

ITEM 13. EXHIBITS, LISTS AND REPORTS ON FORM 8-K

FINANCIAL STATEMENTS

        The following financial statements of the Company are included in this
report:

                                                                         PAGE
                                                                         ----

a. Independent Auditor's Report......................................... F-2

b. Balance Sheet at September 30, 1997 and 1996......................... F-3

c. Statement of Operations for the three
    years ended September 30, 1997...................................... F-4

d. Statement of Changes in Stockholders' Equity for the three
    years ended September 30, 1997...................................... F-5

e. Statement of Cash Flows for the three years ended
September 30, 1997...................................................... F-6

f. Notes to Financial Statements........................................ F-7






                                       13
<PAGE>




FORM 8-K

        None filed during last quarter.

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE EXCHANGE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE EXCHANGE ACT

        No annual report or proxy material has been sent to security holders,
nor are such materials anticipated to be sent, with the exception of this Annual
Report on Form 10-KSB.



















                                       14
<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.


                                           WINDSOR CAPITAL CORP.


Date:      December 5, 1997                By: /S/ ROBERT M. LEOPOLD
                                              ----------------------
                                                Robert M. Leopold, President

        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 dates indicated.

SIGNATURE                        TITLE                      DATE
---------                        -----                      ----


 /S/ROBERT M. LEOPOLD           President/Chief             December 5, 1997
---------------------------     Executive Officer/
Robert M. Leopold               Director


 /S/ STEVEN GORDON              Treasurer/Chief             December 5, 1997
---------------------------     Financial and
Steven Gordon                   Accounting Officer


 /S/ HERSHEL KRASNOW            Director                    December 5, 1997
---------------------------
Hershel Krasnow
















                                       15
<PAGE>












                              WINDSOR CAPITAL CORP.
                              FINANCIAL STATEMENTS
                        SEPTEMBER 30, 1997, 1996 and 1995























                                      F-1
<PAGE>



                          INDEPENDENT AUDITOR'S REPORT

To the Board of Directors
Windsor Capital Corp.

I have audited the accompanying balance sheet of Windsor Capital Corp. as of
September 30, 1997 and 1996 and the related statements of operations, changes in
stockholders' equity, and cash flows for the two years ended September 30, 1997.
These financial statements are the responsibility of the Company's management.
My responsibility is to express an opinion on these financial statements based
on my audit.

I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
I believe that my audits provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Windsor Capital Corp. as of
September 30, 1997 and 1996 and the results of its operations and its cash flows
for the two years ended September 30, 1997, in conformity with generally
accepted accounting principles.

The statement of operations, changes in stockholders' equity and of cash flows
for the year ended September 30, 1996 was audited by another independent
certified public accountant.




/s/ HARVEY JUDKOWITZ, C.P.A.


Miami, Florida
November 4, 1997














                                      F-2
<PAGE>



                              WINDSOR CAPITAL CORP.
                                  BALANCE SHEET
                           SEPTEMBER 30, 1997 AND 1996

                                     ASSETS

                                                 1997        1996

Current assets
     Cash and cash equivalents                 $   826      $ 2,254
     Mutual Funds - Income Funds,
       Including unrealized gains of
       $ 127,673 and $ 92,710                  647,788      520,114
                                             ---------    ---------

             Total current assets            $ 648,614    $ 522,368
                                             =========    =========




                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities
     Accounts payable and accrued expenses   $     787    $   5,000
     Income taxes payable                        2,928        1,085
                                             ---------    ---------
             Total current liabilities           3,715        6,085
                                             ---------    ---------

Contingency

Stockholders' equity
  Preferred stock, $.01 par value
    Authorized 10,000,000 shares;
    none issued or outstanding                      -            -
  Common stock, $.001 par value
    Authorized 25,000,000 shares
    5,525,000 shares issued and
    outstanding

                                                 5,525        5,525
 Additional paid in capital                    339,725      339,725
 Retained earnings                             299,649      171,033
                                             ---------    ---------
                                               644,899      516,283
                                             ---------    ---------

                                             $ 648,614    $ 522,368
                                             =========    =========








         The accompanying notes are an integral part of these financial
                                   statements

                                      F-3
<PAGE>



                              WINDSOR CAPITAL CORP.
                             STATEMENT OF OPERATIONS
             FOR THE YEARS ENDING SEPTEMBER 30, 1997, 1996 AND 1995

                                      1997        1996          1995
                                      ----        ----          ----


Revenue
   Interest income                        $     10   $      25    $     36
   Dividend income                          44,034      40,898      39,542
                                          --------   ---------    --------

                                            44,044      40,923      39,578
                                          --------   ---------    --------


Operating expense
    Professional fees                          600         547      11,720
    State and local taxes                      842           0           0
       Other                                   702       4,517       3,234
                                          --------   ---------    --------
                                             2,144       5,064      14,954
                                          --------   ---------    --------

                                            41,900      35,859      24,624
                                          --------   ---------    --------

Other income (expense)
   Interest expense on margin
      accounts                             --          --          (311)
   Gain (loss) on sale of
       marketable securities                 8,440        (518)    (78,435)
   Change in unrealized loss
       on marketable securities             81,204      99,675      68,425
                                          --------   ---------    --------
                                            89,644      99,157     (10,321)
                                          --------   ---------    --------

Income (loss) before income taxes          131,544     135,016      14,303

Provision for income taxes                   2,928       1,085        --
                                          --------   ---------    --------

Net income (loss)                         $128,616   $ 133,931    $ 14,303
                                          ========   =========    ========

Earnings (loss) per common share          $   .023   $    .023    $   .003
                                          ========   =========    ========







         The accompanying notes are an integral part of these financial
                                   statements


                                      F-4
<PAGE>



                              WINDSOR CAPITAL CORP.
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
             FOR THE YEARS ENDING SEPTEMBER 30, 1997, 1996 AND 1995

                      COMMON       COMMON         PAID-IN        RETAINED  
                       STOCK       STOCK         CAPITAL        EARNINGS  
                     ---------   ---------        --------        -------  
                     ( SHARES)   PAR VALUE                                 
                     ---------   ---------        --------        -------  
Balance,
September 30, 1994   5,500,000     $5,500         $339,500        $22,799  

Net income                                                         14,303  
                     ---------     ------         --------        -------  
Balance
September 30, 1995   5,500,000      5,500          339,500         37,102  
                                                                           
Sale of stock           25,000         25              225                 
                                                                           
Net income                                                        133,931  
                     ---------     ------         --------        -------  
Balance                                                                    
September 30, 1996   5,525,000      5,525          339,725        171,033  
                                                                           
Net income                                                        128,616  
                     ---------     ------         --------        -------  
Balance,                                                                   
September 30, 1997   5,525,000     $5,525         $339,725       $299,649  
                     =========     ======         ========        =======  
















         The accompanying notes are an integral part of these financial
                                   statements.



                                      F-5
<PAGE>



                              WINDSOR CAPITAL CORP
                             STATEMENT OF CASH FLOWS
             FOR THE YEARS ENDING SEPTEMBER 30, 1997, 1996 AND 1995

                                         1996        1995        1994
                                         ----        ----        ----

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                             $ 128,616      133,931    $ 14,303
                                       ---------    ---------    --------
Adjustments to reconcile
net income to net cash provided
by operating activates
   Increase (decrease) in
      accounts payable                    (2,370)      (3,915)     (2,258)
                                       ---------    ---------    --------
NET CASH PROVIDED BY (USED FOR)
     OPERATING ACTIVITIES                126,246      130,016      12,045
                                       ---------    ---------    --------

CASH FLOWS USED FOR INVESTING
     ACTIVITIES
     (Increase) decrease in
          marketable securities         (127,674)    (144,587)        737
                                       ---------    ---------    --------
NET CASH USED FOR
     INVESTING ACTIVITIES               (127,674)    (144,587)        737
                                       ---------    ---------    --------
CASH FROM FINANCING ACTIVITIES
    Sale of common stock                                  250
                                                    ---------
NET CASH PROVIDED BY FINANCING
    ACTIVITIES                                            250
                                                    ---------

NET INCREASE (DECREASE) IN CASH           (1,428)     (14,321)     12,782

CASH AT BEGINNING OF YEAR                  2,254       16,575       3,793
                                       ---------    ---------    --------

CASH AT END OF YEAR                    $     826    $   2,254    $ 16,575
                                       =========    =========    ========

SUPPLEMENTAL DISCLOSURES
Interest and dividends collected       $  44,044    $  40,898    $ 39,141
                                       ---------    ---------    --------
Interest paid                          $     -      $     -      $    311
                                       ---------    ---------    --------






         The accompanying notes are an integral part of these financial
                                   statements

                                      F-6
<PAGE>



                              WINDSOR CAPITAL CORP.
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED SEPTEMBER 30, 1997, 1996 and 1995

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BUSINESS ACTIVITY

Windsor Capital Corp. (the Company) is a Delaware corporation organized on June
24, 1988, and is owned 90.91% by International Asset Management Group,
Inc.(IAMG). The Company intends to seek potential business ventures. The
Company's management intends to be involved in the acquisition of assets to
establish businesses for the Company. Present management of the Company does not
expect to become involved as management in the acquired businesses and will hire
presently unidentified individuals as management for the ventures.

ACCOUNTING METHOD

The Company prepares its financial statements on the accrual basis of
accounting. Under this method of accounting, revenue is recognized when earned
rather than when received, and expenses are recognized when incurred rather than
when paid.

CASH AND CASH EQUIVALENTS

For purposes of the statement of cash flows, the Company considers all temporary
cash investments purchased with a maturity of three months or less to be cash
equivalents.

MARKETABLE SECURITIES/MUTUAL FUNDS - INCOME FUNDS

Marketable securities and the investment in mutual "income" funds are stated at
the lower of aggregate cost or market and consist of common and preferred
stocks. Dividends and interest are accrued when earned.

Unrealized losses on current marketable securities are charges to income.
Realized gains or losses are determined on the specific identification method
and are reflected in income.

INCOME TAXES

The Company is included in the consolidated Federal income tax returns filed by
IAMG. The Company will pay IAMG its applicable income tax liability, computed on
a separate return basis before surtax exemption.

Effective October 1, 1993, the Company adopted Statement of Financial Accounting
Standard No. 109, "Accounting for Income Taxes", which requires an asset and
liability approach to financial accounting and reporting for income taxes. There
was no cumulative effect on the Company's financial statements due to the
adoption of this standard.













                                      F-7
<PAGE>



                              WINDSOR CAPITAL CORP.
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED SEPTEMBER 30, 1997, 1996 AND 1995

NOTE 2 - STOCKHOLDERS' EQUITY

COMMON STOCK AND WARRANTS

On January 17, 1989, IAMG purchased 5,000,000 shares of $.001 par value common
stock for $125,000 or $.025 per share. The purchase price included one common
stock warrant for each share purchased, entitling the holder to purchase one
share of common stock at an exercise price of $1.00 until April 9, 1997. On
March 15, 1997 the Board of Directors of the Company extended this date until
April 10, 1998.

In June 1989, the Company successfully completed a public offering of 500,000
units (Units), each Unit consisting of one share of common stock and one Class A
Warrant. Each Class A Warrant entitled the holder to purchase one share of
common stock and one Class B Warrant at an exercise price of $.50 for a period
of one year commencing April 10, 1989. On March 15, 1997, the Board of Directors
extended the expiration date of the warrants until April 10, 1998. The Class A
Warrants will be redeemable by the company under certain circumstances. The
Class B Warrants will be redeemable, when issued, by the Company under certain
circumstances. Of the remaining unissued shares, an aggregate of 6,000,000
shares of common stock are reserved for issuance upon the exercise of warrants
that are outstanding or as yet unissued.

PREFERRED STOCK

The Company has 10,000,000 shares of authorized preferred stock, par value of
$.01 per share, none of which are outstanding. The preferred stock is issuable
in series, each of which may vary, as determined by the Board of Directors, as
to the designation and number of shares in such series, the voting power of the
holders thereof, the dividend rate, redemption terms and prices, the voluntary
and involuntary liquidation preferences and the conversion rights and sinking
fund requirements, if any, of such series. Each series shall consist of such
number of shares as shall be stated and expressed in such resolution or
resolutions providing for the issuance of the stock of such series. All shares
of any one series of preferred stock shall be alike in every particular.
















                                      F-8
<PAGE>



                              WINDSOR CAPITAL CORP.
                          NOTES TO FINANCIAL STATEMENTS
              FOR THE YEARS ENDED SEPTEMBER 30, 1997, 1996 AND 1995

NOTE 3 - RELATED PARTY TRANSACTIONS

The Company presently uses the office and facilities of an affiliated company at
no charge. All directors of the Company are also stockholders and directors of
IAMG.

A member of the Board of Directors is an employee of the stock brokerage firm
through which the Company does its securities transactions. Consequently, this
member earns a portion of the commissions generated by the stock transactions.
However, the amount of commissions charged to the Company is less than the
standard rate of commission.

The business of the Company raises potential conflicts of interest between the
Company and its officers and directors. The Company has been formed for the
purpose of locating suitable business opportunities in which to participate. The
officers and directors of the Company, who will not devote full time to the
Company, are engaged in various other business activities. From time to time, in
the course of such activities, they may become aware of investment and business
opportunities and may be faced with the issue of whether or not to bring such
opportunities to the attention of the Company or its affiliates for its
participation.

NOTE 4 - CHANGE IN NAME

During the month of June 1995, the Company changed its name to Innovative Health
Systems, Inc., in contemplation of a merger. The name was changed back again to
Windsor Capital Corporation when the merger failed to materialize.















                                      F-9
<PAGE>


                                 EXHIBIT INDEX


EXHIBIT
NUMBER                  DESCTIPTION
-------                 -----------

  27             Financial Data Schedule