SECURITIES AND EXCHANGE COMMISSION
                                WASHINGTON, D.C.  20549
      
      
      
                                      FORM 10-QSB
      
      
                  [X]  QUARTERLY REPORT   OR   [  ] TRANSITION REPORT
                         PURSUANT TO SECTION 13 OR 15(d) OF THE
                            SECURITIES EXCHANGE ACT OF 1934
      
      
                        For the Quarter Ended March 31, 1998            
                               Commission File No. 33-18461
      
      
                                 JET SET LIFE USA, INC.
                 (Exact Name of Registrant as Specified in its Charter)
      
      
                         Delaware                          75-2195575
             (State or other jurisdiction of            (I.R.S. Employer
              incorporation or organization)           Identification No.)
      
      
             21935 Van Buren, Suite 4,   Grand Terrace, California    92313
                (Address of principal executive offices)          (Zip Code)
      
      
                                     (909) 783-1800
                  (Registrant's telephone number, including area code)
      
                             2060 Chicago Avenue, Suite B-3
                              Riverside, California 92507
                                    (Former Address)
      
      
     Indicate by check mark whether the registrant (1) has filed all reports
     required to be filed by Sections 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
      
     As of October 6, 1998, there were 66,126,792 shares of common stock
     outstanding.
      
     PART I
      
     ITEM 1.  FINANCIAL STATEMENTS:
      
                        JET SET LIFE USA, INC. AND SUBSIDIARIES
                          CONDENSED CONSOLIDATED BALANCE SHEETS
                                       (UNAUDITED)
     
       
                                         ASSETS
                                                        March 31,  June 30,
                                                          1998       1997
                                                        ---------  ---------
     Total Current Assets
       Cash                                             $     589  $  10,322
       Accounts receivable                                 75,176     25,858
       Inventory                                          151,320    140,837
                                                        ---------  ---------
        Total Current Assets                              227,085    177,017
                                                        ---------  ---------
     Property and Equipment
       Machinery and equipment                             56,657     58,803
       Computer equipment and software                     75,754     77,822
       Furniture and fixtures                               4,776      4,776
       Leasehold improvements                              12,528     12,528
                                                        ---------  ---------
        Total Property and Equipment                      149,715    153,929
     
       Less:  Accumulated Depreciation                    (88,094)   (71,116)
                                                        ---------  ---------
          Net Property and Equipment                       61,621     82,813
                                                        ---------  ---------
     Other Assets
       Deposits                                             1,000      1,000
       Organization costs net of accumulated 
         amortization of $4,363 and $2,578                  7,537      9,322
                                                        ---------  ---------
        Total Other Assets                                  8,537     10,322
                                                        ---------  ---------
     Total Assets                                       $ 297,243  $ 270,152
                                                        ---------  ---------
     
     See the accompanying notes to the condensed consolidated financial
      statements. 
     
     
                        JET SET LIFE USA, INC. AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
                                      (UNAUDITED)
     
       
     
                         LIABILITIES AND STOCKHOLDERS' DEFICIT
       
                                                        March 31,  June 30,
                                                          1998       1997
                                                       ----------  ---------
     Current Liabilities
       Accounts payable                                $  209,282  $ 181,975
       Accrued liabilities                                141,367    133,305
       Note payable - related party                       523,718    344,186
       Notes payable - current portion                    112,195     20,702
                                                       ----------  ---------
        Total Current Liabilities                         986,562    680,168
                                                       ----------  ---------
     Contingent Liabilities
     
     Stockholders' Deficit
       Common stock - $0.0001 par value; 100,000,000
          shares authorized; 66,126,792 shares issued
          and outstanding                                   6,613      6,613
       Additional paid-in capital                         500,740    500,740
       Accumulated deficit                              
                                                       (1,196,672)  (917,122)
       Foreign currency translation adjustment                  -       (247)
                                                       ----------  ---------
        Total Stockholders' Deficit                      (689,319)  (410,016)
                                                       ----------  ---------
        Total Liabilities and Stockholders' Deficit    $  297,243  $ 270,152
                                                       ==========  =========
     
       See the accompanying notes to the condensed consolidated financial
       statements.


                          JET SET LIFE USA, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                        (UNAUDITED)
    <TABLE>
    <CAPTION>
                                        For the Three Months    For the Nine Months
                                          Ended March 31,         Ended March 31,
                                       ----------------------  ---------------------
                                          1998        1997        1998       1997
                                       ----------  ----------  ---------- ----------
      <S>                             <C>         <C>         <C>        <C>     
       Sales                           $   54,601  $  277,853  $  298,488 $1,005,976
       Cost of Goods Sold                  51,506      73,243     268,121    283,082
                                       ----------  ----------  ----------  ---------

          Gross Profit                      3,095     204,610      30,367    722,894
                                       ----------  ----------  ----------  ---------
       Operating Expenses     
        General and administrative
         expense                           42,068     185,495     164,686    551,205
        Sales and marketing                21,572      91,049     101,098    354,771
        Depreciation and amortization       6,895       6,140      20,685     18,402
                                       ----------  ----------  ----------  ---------
          Total Operating Expenses         70,535     282,684     286,469    924,378
                                       ----------  ----------  ----------  ---------

       Loss from Operations               (67,440)    (78,074)   (256,102)  (201,484)

       Interest Expense                     7,816           -      23,447      1,014
                                       ----------  ----------  ----------  ---------

       Net Loss                        $  (75,256) $  (78,074) $ (279,549) $ (202,498)
                                       ==========  ==========  ==========  ==========
       Basic and Diluted Loss
        Per Share                      $    (0.00) $    (0.00) $    (0.00) $    (0.00)
                                       ==========  ==========  ==========  ==========
       Weighted Average Common Shares        
        Used in Per Share 
        Calculation                    66,126,792  58,317,664  66,126,792  58,317,664
                                       ==========  ==========  ==========  ==========
                                                                                 
     </TABLE>      
       See the accompanying notes to the condensed consolidated financial
       statements. 
       
                          JET SET LIFE USA, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                        (UNAUDITED)
       
       
                                                       For the Nine Months 
                                                          Ended March 31,
                                                      ---------------------
                                                         1998       1997
                                                      ----------  ---------
       Cash Flows From Operating Activities
        Net loss                                      $ (279,549) $(202,498)
        Adjustment to reconcile net loss to net cash  
         provided by operating activities:            
          Depreciation and amortization                   20,685     18,402
          Gain on sale of equipment                        2,292          - 
        Changes in certain current assets and liabilities:     
          Accounts receivable                            (49,318)    (5,284)
          Inventory                                      (10,483)    (9,129)
          Accounts payable                                27,306      2,756
          Accrued liabilities                              8,062     33,049
                                                      ----------   --------
        Net Cash Provided By (Used In) 
         Operating Activities                           (281,005)  (162,704)
                                                      ----------  ---------
       Cash Flows From Investing Activities           
        Purchase of equipment                                  -    (19,406)
                                                      ----------  ---------
        Net Cash Used In Investing Activities                  -    (19,406)
                                                      ----------  ---------
       Cash Flows From Financing Activities           
        Proceeds from notes payable to 
         related parties                                 179,532      7,700
        Proceeds from notes payable                       91,493    121,596
        Payments on notes payable                              -     (6,163)
                                                      ----------  ---------
        Net Cash Provided By Financing Activities        271,025    123,133
                                                      ----------  ---------
       Effect of Exchange Rate Changes on Cash               247          - 
                                                      ----------  ---------
       Net Decrease in Cash                               (9,733)   (58,977)
                                                      ----------  ---------
       Cash and Cash Equivalents At Beginning of 
        Period                                            10,322     10,483
        
       Cash and Cash Equivalents (Cash Overdraft) 
          At End of Period                            $      589  $ (48,498)
                                                      ==========  =========
       Supplemental Disclosures of Cash Flow Information:      
        Interest Paid                                 $        -  $   1,014
                                                      ==========  =========
       
       See the accompanying notes to the condensed consolidated financial
        statements. 
       

                      JET SET LIFE USA, INC. AND SUBSIDIARIES
             NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
       
       
       NOTE 1--INTERIM CONDENSED FINANCIAL STATEMENTS 
       
       The interim accompanying condensed financial statements have
       been prepared by the Company, and are not audited. All
       adjustments necessary for fair presentation have been
       included, and consist only of normal recurring adjustments.
       These financial statements are condensed and, therefore, do
       not include all disclosures normally required by generally
       accepted accounting principles. These statements should be
       read in conjunction with the Company's annual financial
       statements included in the Company's Annual Report on Form
       10-KSB. The financial position and results of operations
       presented in the accompanying financial statements are not
       necessarily indicative of the results to be generated for
       the remainder of the year.
       


NOTE 2--BASIC AND DILUTED LOSS PER SHARE

The Company adopted SFAS No. 128, "Earnings per Share', during the quarter 
ended December 31, 1997. The new standard revises the manner in which 
earnings per share is calculated, but did not have any impact on the 
Company's previously reported loss per share. Net loss is divided by 
the weighted average number of common shares outstanding during the 
period to calculate basic loss per share. Diluted loss per share is
calculated to give effect to stock warrants; however, during periods
when the Company has losses, the effect of 7,200,000 stock warrants were
excluded from the calculation as they would have decreased diluted loss
per share.

NOTE 3--CONTINGENCIES AND COMMITMENTS

A third party has made a claim against the Company and its president alleging
to have made payments to Visioneering International, a trust controlled by
the Company's president ("Visioneering"), in exchange for 700,000 shares of
free-trading common stock of the Company, but that the common stock was not
received in full by the third party. The president of the Company made an
effort to settle the claim by offering to transfer 750,000 shares of 
restricted common stock of the Company to the third party; however, the 
third party rejected the offer and has demanded the transaction from the
Company and/or its president in the amount of $95,000. The Company asserts
that the transaction was between the third party and the Company's President
or Visioneering and not the Company. The Company's ultimate liability in
the matter cannot now be determined because of the considerable uncertainties
that exist as to how the liability, if one materializes, will be allocated
between the parties. Therefore, it is possible that a loss within the range
of $70,000 and $100,000 may exist; however, based on facts currently 
available, management believes that the disposition of the matter will not
have a materially adverse effect on the future results of operations or the
financial position of the Company. 

Legal counsel has advised the Company that there are various judgments entered 
against the Company for failure to make payment which total approximately 
$24,000 and which have been included as liabilities in the accompanying 
financial statements. The Company is in the process of negotiating settlement 
of these claims.
       

     ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
               CONDITION AND RESULTS OF OPERATIONS.
      
     The Company sells an oil additive and a fuel saving device named the
     Triple Charger through its subsidiaries.
      
     For the three months ended March 31, 1998, the Company had sales of
     $54,601 and a net loss of $75,256 compared to sales of $277,853 and a
     net loss of $78,074 for the three months ended December 31, 1996
     net loss of $49,733 for the three months ended December 31, 1996. For
     the nine months ended March 31, 1997, the Company had sales of
     $298,488 and a net loss of $279,549 compared to sales of $1,005,976 and
     a net loss of $202,498 for the nine months ended December 31, 1996 due
     to a change in the Company's product line.
     
     Commencing in the 1st quarter of 1997, sales took a sharp drop and have
     continued to decline after the introduction of our new oil additive,
     "Oil Extreme".  This revolutionary new oil technology uses calcium
     carbonate to form a tribochemical film which fills the asperities or
     microscopic hills and valleys found in all metal surfaces.
     
     Oil Extreme replaced a former product, Oil Charger, which used
     chlorinated paraffins to form the tribochemical film.  Although Oil
     Charger produced better mileage, acceleration, and horsepower, there
     were harmful side effects caused by the chlorinated paraffins. 
     Chlorinated paraffins produce hydrochloric acid when heated in an
     engine, and when they react with ZDDP, which is found in all motor oil
     additive packages, sludge is formed.  The result is a corrosive and
     environmentally unfriendly combination.
     
     Chlorinated paraffins are not used in legitimate motor or racing oils. 
     However, they are used by many additive companies because they produce
     immediate results with a low cost.  Almost all additive companies use
     chlorinated paraffins, however, this fact is generally not addressed in
     promotional material.
     
     Our direct sales force is made up of mostly part-time independent sales
     people, and given their dedication to the former product, some initial
     difficulties were experienced with the introduction of Oil Extreme
     which ultimately affected sales.  In an effort to compensate for this
     drop in sales, we have produced presentation books, slides, videos,
     brochures, and have further introduced a program where we give each
     distributor $10,000.00 in free Oil Extreme if they attend a training
     school and pass a written test.  Some distributors have now had the
     opportunity of testing Oil Extreme for themselves and are convinced
     that the product is as good as Oil Charger if not better.  Other
     distributers have not yet become convinced that this change is for the
     better.  As a result, sales have continued to decrease.
     
     With the introduction of Oil Extreme, the Company feels that it will
     eventually be in a much stronger position than before.  It is
     anticipated that because of the unique way in which the tribochemical
     film reduces friction and wear, Oil Extreme will ultimately be the
     biggest seller in our product line, especially in light of the fact
     that dynamometer readings indicate that any vehicle will achieve an
     increase in horsepower after using Oil Extreme.
     
     We are undertaking the following actions to increase awareness and sales:
          
          1. JSLT is embarking on a program of dynamometer testing which
          will prove Oil Extreme produces horsepower.
          
          2. JSLT is introducing a synthetic racing oil with the calcium
          carbonate technology already in the oil.  This makes us a
          legitimate oil company and not just an additive producer.
          
          3. We are starting a concentrated push to reach the automotive
          performance market.  This includes; auto racing, motorcycle
          racing, snowmobile racing, truck racing, drag racing, hot rods,
          and custom cars.  It is not uncommon for even very small engine
          shops, and race car and motorcycle builders to have a dynamometer
          in their shops.  These are the individuals who can prove in a few
          minutes that Oil Extreme produces horsepower.  This can shorten
          the test time drastically, and prove Oil Extreme does everything
          we say it does.
          
          4. We plan to introduce Grease Extreme, which also uses the
          calcium carbonate technology.  This extreme pressure grease
          out-performs greases costing several times the cost of Grease 
          Extreme.
          
          5. JSLT plans to attend performance racing industry trade shows,
          to introduce Oil Extreme to the performance market, and to give
          samples to anyone willing to test the product on their
          dynamometers.  We also plan to attend performance industry shows
          internationally as funds permit.
          
          6. JSLT plans a limited advertising campaign in conjunction with
          articles showing that both Oil Extreme concentrate and Oil Extreme
          Synthetic Racing oil out-performs every "top" synthetic racing oil
          in the world.
          
          7. JSLT plans to supply Oil Extreme to a variety of top race teams.
     
          8.  JSLT plans to start press release campaign introducing Oil
          Extreme to the approximately 140 motorcycle and automotive
          magazines in the US.
          
     All of the above programs should give us the reputation as being a
     legitimate oil company, with legitimate new oil technology.
     
     THE TRIPLE CHARGER
     
     JSLT is currently in negotiations with the Engineering and
     Thermodynamics Department of Strathclyde University in Glasgow,
     Scotland, to undertake a two to three year study on fuel ionization
     using the Triple Charger as the ionizing device.  They are very
     interested in the Triple Charger technology and have stated that it is
     the most advanced fuel saving device they know of.
     
     Very little has ever been published by scientific journals about fuel
     ionization.  It is their intention to first assign a graduate student
     working on a masters degree to set up the engine test procedures for
     this study.  They also intend to submit applications for funding the
     multi-year study to several United Kingdom organizations interested in
     technology designed to reduce pollution and use of fossil fuels.  It is
     proposed that JSLT provide products, technical guidance, and 10% of the
     funding.  All information from these studies will be the property of
     JSLT, and will allow JSLT to further refine the Triple Charger and
     other fuel saving and emission reducing technologies.
     
     THE MINI CHARGER
     
     The Mini Charger is one of our products that has largely gone
     unnoticed.  The Mini Charger is basically the same catalytic cartridge
     technology that makes up one part of the Triple Charger.
     
     This catalytic technology is sealed in a metal housing with a wire mesh
     that allows fuel to pass over and around the catalytic metal particles.
      The device is simply dropped into the fuel tank of any small motor. 
     Motorcycles, lawnmowers, weed eaters, outboard motors, water craft, jet
     skis, snowmobiles, and stationary engines all have small capacity fuel
     tanks of 2 to 5 gallons.  One or two Mini Chargers can be dropped into
     the tank and just roll around loose as they ionize the fuel.
     
     More horsepower, fuel mileage, smoother running engines, and less
     emissions are the results of treating the fuel with the Mini Charger. 
     Because the Mini Charger has been largely ignored by our distributors,
     JSLT plans new brochures, promotions to our distributors, and some
     dynamometer testing to prove that the technology works.
     
     TIRE CHARGER
     
     The Tire Charger tire sealant, introduced at the Las Vegas convention
     was received with mixed feelings.  JSLT president, George W. French,
     suffered a fall a few days before the opening of the convention and had
     to be lifted to the stage at Harrah's Hotel due to a broken ankle.  His
     obvious pain put somewhat of a damper on the presentation he made
     introducing the Tire Charger.  Like many new products introduced to
     independent sales, they must try the product for themselves before they
     sell it to their friends or business accounts.
     
     Tire Charger has not resulted in the volume of sales that was
     anticipated due to the Australian manufacturer advising the wrong
     amount of fluid that should be put in each tire.  Some customers are
     having problems with out-of-balance tires because of this over filling.
     
     OUTLOOK
     
     With the introduction of Oil Extreme and its use in conjunction with
     our other products, we expect our sales to start gaining momentum.  Oil
     Extreme and the Triple Charger are two products that truly have
     legitimate commercial potential.  Many commercial customers spend
     several million dollars a year on gasoline, diesel fuel, lubricating
     oil, and grease.  Some of our distributors are reporting potential
     orders of a million dollars or more for a single order.
     
     Some network marketing companies need 100,000 to 1,000,000 people who
     sell or purchase consumer products such as vitamins or soap for their
     own use in order to achieve total company sales in the three to five
     hundred million dollars a year range.  JSLT has the potential to reach
     these sales volumes with far fewer sales people because of the
     potential to acquire large commercial customers.
     
     Unlike most industries, it appears we have no competitors that have
     products that perform like Oil Extreme and the Triple Charger.  Our
     products are unique & revolutionary. 
     
     
      
     PART II
     
     ITEM 1.  LEGAL PROCEEDINGS
          None.
     
     ITEM 2.  CHANGES IN SECURITIES
          None.
      
     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES
          None.
      
     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
          None.
      
     ITEM 5.  OTHER INFORMATION
     
     On June 30, 1996, the Company acquired Jet Set Life Technologies, Inc.,
     a privately held Nevada corporation, ("JSLT") in a business combination
     accounted for as a pooling of interests.
     JSLT became a wholly owned subsidiary of the Company through the
     exchange of 13,369,124 shares of the Company's  common stock for all of
     the outstanding stock of JSLT.  After the transaction the shareholders
     of JSLT owned the majority of stock in the Company and management of
     JSLT became management of the Company.  JSLT was founded and wholly
     owned by George French, who was president, a director and controlling
     shareholder of Company prior to the acquisition and remained so after
     the acquisition.
      
     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
          None.
      
      
     
                                       SIGNATURES
      
          Pursuant to the requirements of the Securities and Exchange Act of
     1934, the registrant has duly caused this report to be signed on its
     behalf by the undersigned, thereunto duly authorized:
      
      
     
     JET SET LIFE USA, INC.
      
      
      
     Date: October 7, 1998                   By: /s/  George French
                                             George French, President