SECURITIES AND EXCHANGE COMMISSION

                                             WASHINGTON, D.C. 20549

                                                   FORM 10-QSB


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

For Quarter Ended                                         Commission File Number
December 31, 1995                                                       0-24380


                                        WOODLAKE VILLAGE ASSOCIATES, INC.
           (Exact Name of Registrant as specified in its Charter)


            Delaware                                     33-0601502
(State or other Jurisdiction of                   I.R.S. Employer Identi-
Incorporation or Organization                      fication No.)

       1500 Quail Street, Suite 550, Newport Beach, California 92660
(Address of Principal Executive Offices)                     (Zip Code)

                                                 (714) 660-1500
                        (Registrant's Telephone Number, including Area Code)




         Indicate by check mark whether the Registrant (i) 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 (of for such shorter period that the Registrant was required to file such
reports) and (ii) has been subject to such filing  requirements  for the past 90
days.

                                          Yes    X           No

         Indicate  the  number of  shares  outstanding  of each of the  issuer's
classes of Common Stock, as of the latest practicable date.

Common Stock, $.001 par value                                           424,600
Title of Class                                    Number of Shares outstanding
                                                           at December 31, 1995
No exhibits included.

                                                        1

<PAGE>


<TABLE>
<CAPTION>

                        WOODLAKE VILLAGE ASSOCIATES, INC.
                      (A Company in the Development Stage)

                                 BALANCE SHEETS


                                     ASSETS

                                                                                            March 31,       December 31,
                                                                                              1995              1995


<S>                                                                                                <C>               <C>
CURRENT ASSETS - CASH                                                                             -0-               -0-
              OTHER ASSETS
                     Organization costs, net of accumulated
                     amortization of $102 and $195 (Note 1)                                       109                69

              TOTAL ASSETS                                                                  $     109         $      69



                      LIABILITIES AND STOCKHOLDERS' EQUITY



CURRENT LIABILITIES - Accounts payable                                                      $     216         $     261

STOCKHOLDERS' EQUITY
Preferred Stock, $.001 par value; 1,000,000 shares
  authorized; no shares issued and outstanding

Common Stock, $.001 par value; 20,000,000 shares
  authorized; 424,600 and 400,000 shares issued and outstanding                                   425               425

Additional paid-in Capital                                                                        821               821

Accumulated deficit during the development stage                                              (1,353)           (1,438)


              TOTAL STOCKHOLDERS' EQUITY                                                        (107)             (192)



TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY                                                  $     109         $      69
</TABLE>

                                 See accompanying Notes to Financial Statements



                                                                   2

<PAGE>


<TABLE>
<CAPTION>

                        WOODLAKE VILLAGE ASSOCIATES, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF OPERATIONS


                                                                                                                        CUMULATIVE
                                                                    FOR THE                         FOR THE                   FROM
                                                                  NINE MONTHS                        THREE                INCEPTION
                                                                     ENDED                       MONTHS ENDED        (JUNE 11, 1992)
                                                                 DECEMBER 31,                    DECEMBER 31,          TO SEPTEMBER
                                                             1995            1994            1995           1994           30, 1995



<S>                                                     <C>              <C>            <C>             <C>       <C>    <C>
REVENUES                                                $        -0-     $       -0-     $        -0-    $        -0-     $     -0-

OPERATING EXPENSES

    General and Administrative                                    45             810               15                        1,243
    Amortization                                                  40              42               13              14          195
TOTAL OPERATING EXPENSES                                          85             852               28              14        1,438


NET (LOSS)                                              $       (85)     $     (852)     $       (28)    $       (14)     $ (1,438)

NET (LOSS) PER SHARE                                    $      (Nil)     $     (Nil)     $      (Nil)    $      (Nil)


WEIGHTED AVERAGE NUMBER
 OF SHARES OUTSTANDING                                       424,600         424,600          424,600         400,000

</TABLE>


                                 See accompanying Notes to Financial Statements



                                                                   3

<PAGE>


<TABLE>
<CAPTION>

                        WOODLAKE VILLAGE ASSOCIATES, INC.
                      (A Company in the Development Stage)

                            STATEMENTS OF CASH FLOWS


                                                                                                                         CUMULATIVE
                                                                    FOR THE                         FOR THE                   FROM
                                                                  NINE MONTHS                        THREE                INCEPTION
                                                                     ENDED                       MONTHS ENDED        (JUNE 11, 1992)
                                                                 DECEMBER 31,                    DECEMBER 31,          TO SEPTEMBER
                                                             1995            1994            1995           1994           30, 1995

CASH FLOWS FROM OPERATING
ACTIVITIES

<S>                                                     <C>              <C>             <C>             <C>              <C>
    Net (Loss)                                          $       (85)     $     (852)     $       (28)    $       (14)     $  (1,438)

    Add item not requiring the
       use of cash-Amortization                                   40              42               13              14           195

       Increase (decrease) in accounts
       payable                                                    45              48               15                           261



    Net cash flows from operating
       activities                                                              (762)                                          (982)

    CASH FLOWS INVESTING ACTIVITIES
      Organizational Costs                                                                                                    (264)

    CASH FLOWS FROM FINANCING
    ACTIVITIES
       Contribution to Capital                                                                                                  500
       Sale of Common Stock                                                                                                     746


       Net Cash flows from financing
         activities                                                                                                           1,246

NET INCREASE (DECREASE) IN CASH                                                (762)

CASH BALANCE AT BEGINNING OF PERIOD                                                   762

CASH BALANCE AT END OF PERIOD                           $                $               $               $                $

</TABLE>

                                 See accompanying Notes to Financial Statements



                                                                   4

<PAGE>



                                         WOODLAKE VILLAGE ASSOCIATES, INC.
                                       (A Company in the Development Stage)

                                      NOTES TO CONDENSED FINANCIAL STATEMENTS
                                                    (UNAUDITED)
                                                 DECEMBER 31, 1994


1.       Comments

         The accompanying financial statements are unaudited, but in the opinion
         of the management of the Company,  contain all adjustments,  consisting
         of only normal  recurring  accruals,  necessary  to present  fairly the
         financial  position at December 31, 1995, the results of operations for
         the three and nine months  ended  December  31, 1995 and 1994,  and the
         cash flows for the three and nine months  ended  December  31, 1995 and
         1994.

         Reference is made to the Company's Form 10-KSB for the year ended March
         31, 1994.  The results of operations for the nine months ended December
         31, 1995 are not necessarily indicative of the results of operations to
         be expected for the full fiscal year ending March 31, 1996.

Item 2.          MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
 AND FINANCIAL
                 CONDITION

         The Company has limited working capital and no activities.


                                            PART II.  OTHER INFORMATION

Item 1.          LEGAL PROCEEDINGS  -  None

Item 2.          CHANGES IN SECURITIES - None

Item 3.          DEFAULTS UPON SENIOR SECURITIES - None

Item 4.          SUBMISSION OF MATTER TO A VOTE OF SECURITY HOLDERS - None

Item 5.          OTHER INFORMATION - None

Item 6.          EXHIBITS AND REPORTS ON FORM 8-K

         Exhibits--None

         Reports on Form 8-K--None.


                                                         5

<PAGE>



                                                    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 thereunto duly authorized.


                                          WOODLAKE VILLAGE ASSOCIATES, INC.



Date:     January 31, 1996                                   By: /s/ Jehu Hand
                                                                   Jehu Hand,
                                                President and Chief Financial
                                              Officer (chief financial officer
                                                and accounting officer and duly
                                                             authorized officer)