SECURITIES & EXCHANGE COMMISSION
                          Washington, D. C. 20549

                                FORM 10-QSB



                QUARTER REPORT UNDER SECTION 13 OR 15(D)
                 OF THE SECURITIES EXCHANGE ACT OF 1934
                               (Unaudited)


For the Quarter Ended
November 30, 1995                                Commission File No. 0-5141


                      PRINCETON AMERICAN CORPORATION
          (Exact name of registrant as specified in its charter)


          Nevada                             22-1848644     

(State or other jurisdiction of                         (IRS Employer Iden-
incorporation or organization)                           tification Number)
          


          2222 East Camelback Road, Suite 200, Phoenix, AZ 85016
                 (Address of principal executive offices)            


                              (602) 954 2600
           (Registrant's telephone number, including area code)

-----------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report.)

Indicate by check mark whether the Registrant (l) 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( )

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by
this report.
                                16,312,317





              PRINCETON AMERICAN CORPORATION AND SUBSIDIARIES

           NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                             November 30, 1995
                                (Unaudited)




NOTE 1--BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial
statements have been prepared in accordance with generally
accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Rule 10-01 of
Regulation SB.  Accordingly, they do not include all of the
information and footnotes required by generally accepted
accounting principles for complete financial statements.  In the
opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation
have been included.  Operating results for the three month period
ended November 30, 1995 are not necessarily indicative of the
results that may be expected for the year ended May 31, 1996. For
further information refer to the consolidated financial
statements and footnotes thereto included in the Company's annual
report on Form 10-KSB for the year ended May 31, 1995.






















                                    




                 MANAGEMENT'S DISCUSSION AND ANALYSIS OF 
               FINANCIAL CONDITION AND RESULTS OF OPERATION

                   THREE MONTHS ENDED NOVEMBER 30, 1995



Operating Results

During fiscal quarter ended November 30, 1995 the Company had two
primary sources of revenue:  Rental income from its commercial
real estate division and sales income from its personal care
products division.

The Company's rental revenues increased 233% from $57,739in the
second quarter of fiscal year 1995 to $137,081 in the second
quarter of fiscal year 1996, primarily as the result of
successful completion of leasing in the Company's headquarters
building and increased leasing in the second office building, at
substantial rate increases.  Rental income costs for the quarter
increased 213% to $123,329 from $57,862 in the second quarter of
fiscal year 1995 due to the expenses and commissions associated
with the leasing of the additional space.  The headquarters
office  building is 100% leased with annual revenue of $484,557
while the second building is 50% leased with gross annual revenue
of $180,000.  Due to the favorable demand for office space in the
Phoenix market and the location of the Company's properties
management believes that full leasing of these properties will be
achieved during the current fiscal year and occupancy can be
maintained for the foreseeable future.

Operations in the Personal Care Division resulted in an increase
in sales of 1,111% from $2,260 in the quarter ended November 30,
1994 to $25,127 in the current quarter ended November 30, 1995. 
This resulted from the startup of GSK Products in the second
quarter of 1995 and the subsequent start up of Biosome Products,
Inc. during the second quarter of 1996.  Sales for this division
have been slower than expected but are increasing steadily as
redeveloped and packaged products have become available for
distribution.  Costs of sales increased 567% to $22,063 in the
current quarter compared to $3,886 in the similar quarter of
fiscal year 1995.  The G & A expenses for the division also
increased 379% from $10,630 in fiscal year 1995 to $40,356 in the
current quarter of fiscal year 1996.  Both of these expense
increases are the result of expenses incurred as the result of
necessary redesign and repackaging of products acquired from the
purchase of the Gary Gerard line of professional hair care
products.  Management is presently engaged in aggressive
marketing efforts which have resulted in appointment of five
regional distributors for the Gary Gerard products and shipment
of the products is now underway.  Although no assurance can be
made that sales results will be successful or that future profits
will result, it is believed by management that its efforts will
produce positive results for the Company.

Total costs and expenses from operations increased by 41.3% during
the quarter over the similar period in fiscal 1995 primarily as the
result of the increased expenses for the acquisition of leases and
the design and manufacture of the hair care products.

Overall loss per share for the quarter improved by 71.1% from
(.048) per share for the fiscal quarter ended November 30, 1994 to
(.028) per share for the current quarter.  This is primarily caused
by the one time charge to earnings made in the second quarter of
fiscal 1994 for losses on sale of securities of $280,811.

Management continues to pursue viable cost cutting measures;
however, the expenses necessary for the continued expansion and
growth of the personal care products division will continue to
impair earnings until sufficient sales volumes are reached for
breakeven or profits.,  Management expects improved results in this
area each fiscal quarter based upon its previously discussed
activities.

Liquidity and Capital Resources

The Company's current ratio (current assets divided by current
liabilities) decreased marginally from 1.29 of current liabilities
to 1 of current assets at May 31, 1995 to 1.36 of current
liabilities to 1 of current assets at November 30,1995. Current
assets increased to $744,418 for November 30, 1995 from $635,761 as
of May 31, 1995.  These changes were the result primarily of an
increase in inventory of personal care products and prepaid
expenses associated with the redesign and build up of inventory for
distribution.  Much of this inventory has been shipped in the
current quarter and will be reflected in subsequent reporting
periods.  The current liabilities increased from $822,756 at May
31, 19956 to $1,015,963 in the quarter ended November 30, 1995,
primarily due to an increase in current accrued expenses, increases
associated with lease acquisitions, and inventory build ups.  The
Company also expenses approximately $250,000 for promotional
advertising and public relations efforts.

The loss for the quarter of $455,312 is represented primarily by
the Company spending $180,000 for advertising and public relations,
accrued salaries of $116,000, legal and accounting expenses of
$112,000 and $52,000 of lease and other miscellaneous G & A
expenses.  

An adjustment of current liabilities was made in the first quarter
to long term debt of $367,000 based upon management's analysis of
two obligations of the Company which are determined to not be
payable during the current fiscal year.

The Company's current portion of long term debt was reduced by the
Company refinancing the office building for $230,000 and the
adjustment referred to previously.

The Company issued its shares for $155,689 of its advertising and
public relations services during the quarter and anticipates
issuing its shares for certain services and cash as ad mechanism
for funding its future operations  Additionally, the Company is
endeavoring to obtain long term permanent financing for its office
building which will generate an additional $1,000,000 or more for
operations.  However, these financings are dependent upon the
market value of the Company's common stock and real estate assets
and until completion of these financings no assurance can be made
of their completion.

The Company presently owns stocks of various publicly traded
companies which can be sold in the open market to provide working
and expansion capital.

On December 4, 1995 subsequent to the period of this report the
Company declared a reverse split of its shares of 1 shares of new
stock for each 10 shares owned.  This action was deemed by the
directors of the Company to be necessary to maintain its listing on
the NASDAQ stock market.  As the result of this action the Company
would have 1,631,232 shares outstanding as of that date.

The Company is actively engaged in the pursuit of additional
sources of funding although no assurance can be given that these
sources will in fact result in funding, management believes tat
they will continue to generate sufficient operating capital to
enable the Company to continue to pursue its objectives.
<PAGE>
                               FORM 10-QSB
                                    
                   PRINCETON AMERICAN CORPORATION     
                FOR THE SIX MONTHS ENDED NOVEMBER 3, 1995









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.


PRINCETON ELECTRONIC PRODUCTS, INC.



DALE E. EYMAN, Chairman, CEO
(Signature)

January 11, 1996