SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB

               Quarterly Report Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934

                For the quarterly period ended: December 31, 1995

                  TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
               ---------------------------------------------------
             (Exact name of registrant as specified in its charter)



   Colorado                       0-13313                      36-3296861
   --------                       -------                      ----------
(State or other                 (Commission                 (IRS Employer
jurisdiction of                 File Number)                Identification No.)
incorporation)



P.O. Box 4197, Englewood, CO                                    80155-4197
----------------------------                                    ----------
(Address of principal executive offices)                        (Zip Code)

Registrant's telephone number, including area code 303-761-8829

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities 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 the  filing
requirements for at least the past 90 days.

                              Yes   X        No   
                                  -----          -----

As of December  31, 1995,  there were  41,733,000  outstanding  shares of common
stock, par value $.0001 outstanding.



<PAGE>



PART 1. FINANCIAL INFORMATION

     ITEM 1. Financial Statements

TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
Condensed Consolidated Balance Sheet


                                                      December 31,
                                                          1995        June 30,
                                                      (Unaudited)      1995
--------------------------------------------------------------------------------
ASSETS

CURRENT ASSETS
 Cash                                                $     2,188    $    47,671
 Accounts receivable                                       6,637         39,963
 Note receivable from related party                         --           30,500
 Inventories                                              28,123         50,000
 Prepaid expenses                                            196          2,950
--------------------------------------------------------------------------------
         Total Current assets                        $    37,144    $   171,084
--------------------------------------------------------------------------------


LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
 Note payable to financial institution               $    22,349    $   138,382
 Accounts payable                                        147,839        144,347
 Accrued expenses                                           --           16,490
--------------------------------------------------------------------------------
  Total current liabilities                              170,188        299,219
--------------------------------------------------------------------------------

STOCKHOLDERS' EQUITY (DEFICIT)
 Common stock, stated value $.001 per share;
  authorized 100,000,000 shares; issued and
   outstanding 41,733,000                                 41,733         41,733
 Additional paid-in capital                              925,124        925,124
 Accumulated deficit                                  (1,099,901)    (1,094,992)
  Total stockholders' (deficit)                         (133,044)      (128,135)

                                                     $    37,144    $   171,084
================================================================================


             The accompanying notes are considered an integral part
                           these financial statements


<PAGE>
<TABLE>
<CAPTION>

TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
Condensed Consolidated Statement of Operations
(Unaudited)

                                    Three Months Ended               Six Months Ended
                                    December 31,                     December 31,
                                    ------------------------         -----------------------------
                                    1995             1994              1995                1994
--------------------------------------------------------------------------------------------------

<S>                             <C>                <C>              <C>                  <C>      
NET SALES                       $     930          $ 220,000        $  15,256            $ 369,453

COST OF SALES                       5,441            158,000           17,142              263,284
--------------------------------------------------------------------------------------------------

GROSS PROFIT                       (4,511)            62,000           (1,886)             106,169

SELLING, GENERAL
AND ADMINISTRATIVE                   (504)            95,360           11,028              197,204
--------------------------------------------------------------------------------------------------

OPERATING LOSS                     (4,007)           (33,360)         (12,914)             (91,035)

OTHER INCOME (EXPENSE)              3,225             (4,300)           8,005               (6,999)
--------------------------------------------------------------------------------------------------

NET LOSS                        $    (782)         $ (37,660)       $  (4,909)           $ (98,034)
---------------------------------------------------------------------------------------------------




</TABLE>



<PAGE>
<TABLE>
<CAPTION>

TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
Consolidated Statement of Cash Flows
(Unaudited)


                                                             Six Months Ended
                                                             December 31,
                                                             ----------------
                                                             1995                       1994
-----------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                          <C>                      <C>       
 Net loss                                                    $  (4,909)               $ (98,034)
 Adjustments to reconcile net income (loss)
  to net cash provided by operating activities:
   Depreciation and amortization                                  --                      2,622
  Changes in operating assets and liabilities:
   Accounts receivable                                          33,326                  (13,648)
   Inventories                                                  21,877                   (6,873)
   Prepaid expenses                                              2,754                   15,866
   Payable and receivable, affiliates                           30,500                   (1,485)
   Accounts payable and accrued liabilities                    (12,998)                  57,070
   Other                                                          --                        (33)
-----------------------------------------------------------------------------------------------

                                                                70,550                  (44,515)

CASH FLOWS FROM FINANCING ACTIVITIES
 Borrowings on note payable                                       --                     45,000
 Principal payments to financial institution                  (116,033)                  (6,314)
-----------------------------------------------------------------------------------------------

                                                              (116,033)                  38,686

NET INCREASE (DECREASE) IN CASH                                (45,483)                  (5,829)

CASH - BEGINNING OF PERIOD                                      47,671                   18,395
-----------------------------------------------------------------------------------------------

CASH - END OF PERIOD                                         $   2,188                $  12,566
-----------------------------------------------------------------------------------------------

SUPPLEMENTAL DISCLOSURES OF CASH
 FLOW INFORMATION

  Cash paid for interest                                     $    --                  $   2,716

  Inventory received as part of vendor
  settlement agreement                                       $    --                      4,967



</TABLE>






<PAGE>
<TABLE>
<CAPTION>


TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
Condensed Consolidated Statement of Changes in Stockholders' Equity (Deficit)


                                                                      
                                         Common Stock          Additional
                                  ---------------------------   Paid-in          Accumulated
                                    Shares           Amount     Capital           Deficit          Total
-----------------------------------------------------------------------------------------------------------
<S>            <C>                <C>                <C>        <C>            <C>              <C>       
Balances, July 1, 1995            41,733,000         $41,733    $925,124       $(1,094,992)     $(128,135)

 Net loss (unaudited)                    --              --          --             (4,909)        (4,909)
-----------------------------------------------------------------------------------------------------------

Balances, December 31, 1995
(unaudited)                       41,733,000         $41,733    $925,124       $(1,099,901)     $(133,044)
===========================================================================================================
</TABLE>



TELECONFERENCING SYSTEMS INTERNATIONAL, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)


Note A - General

Teleconferencing Systems International, Inc. (the "Company") was incorporated in
Colorado on December 19,  1983.  Activities  of the Company  since June 30, 1995
have  been  primarily   liquidation  of  operating   assets  and  settlement  of
obligations  to creditors  and  employees as  previously  reported in its Annual
Report filed on Form 10-KSB for the year ended June 30, 1995.

The accompanying  unaudited condensed financial statements have been prepared in
accordance  with the  instructions  to Form 10-QSB and do not include all of the
information and notes required by generally accepted  accounting  principles for
complete  financial  statements.  In the  opinion of  management,  all  material
adjustments,   consisting  of  only  normal  recurring  adjustments   considered
necessary for a fair presentation,  have been included.  These statements should
be read in conjunction with the financial  statements and notes thereto included
in the Company's Form 10-KSB for the year ended June 30, 1995.

The results of operations for the three months ended December 31, 1995, are note
necessarily indicative of the results for the remainder of fiscal 1996.

Note B - Earnings (Loss) Per Share

Earnings  (loss)  per share of  common  stock are  computed  using the  weighted
average number of shares outstanding during each period.





<PAGE>



ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results
of Operations.

Results of Operations
---------------------

     The Company's active  operations had ceased on June 30, 1995,  however some
minimal  activity  continued in collecting  accounts  receivable and making some
creditors payments.

     For the quarter ended  December 31, 1995, the Company had net sales of $930
with a cost of sales of  $5,441,  and  gross  profit of  ($4,511).  For the same
period in 1994, the net sales were $220,000 with a cost of sales of $158,000 for
a gross profit of $62,000.

     In quarter ended December 31, 1995, the Company  incurred ($504) in general
and  administrative  for an  operating  loss of ($4,007).  The Company  received
$3,225 in other income which reduced the net loss to ($782) for the period.  The
operating results for the same period in 1994 were $95,360 in selling,  general,
and  administrative  expenses which produced an operating loss of ($33,360).  An
additional  ($4,300)  expense,  when combined with the operating loss totalled a
net loss of ($37,660) for the December 31, 1994 quarter.

Liquidity and Capital Resources
-------------------------------

     The Company had nominal cash capital at the end of the period.  The Company
will be  forced  to  either  borrow  against  or  sell  assets  or make  private
placements of stock in order to fund any operations.  No assurance  exists as to
the ability to make private placements of stock.

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 matters to a vote of security holders - None.
Item 5.  Other information - None.
Item 6.  Exhibits and reports on Form 8-K

          (a)  The following are filed as Exhibits to this Quarterly Report. The
               numbers refer to the Exhibit Table of Item 601 of Regulation S-K:
               None.

          (b)  Reports on Form 8-K filed during the three months ended  December
               31, 1995. (incorporated by reference): None.




<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 of the
undersigned thereunto duly authorized.

Dated: August 28, 1997

                                    TELECONFERENCING SYSTEMS INTERNATIONAL, INC.


                                    by: /s/ Keith Shwayder
                                        ----------------------------------------
                                            President