U. S. Securities and Exchange Commission
                                   Washington, D. C. 20549


                                         FORM 10-QSB


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

        For the quarterly period ended September 30, 1997

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934

         For the transition period from                to
                                        --------------    ------------------


                              Commission File No. 0-21853


                                  SEAFOODS PLUS, LTD
                        (Name of Small Business Issuer in its Charter)


                    UTAH                               87-0413539
      (State or Other Jurisdiction of            (I.R.S. Employer I.D. No.)
       incorporation or organization)


                                5525 South 900 East, Suite 110
                                  Salt Lake City, Utah 84117
                           (Address of Principal Executive Offices)

                           Issuer's Telephone Number: (801)262-8844


     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.

(1)  Yes   X    No             (2)  Yes  X    No
         ----     ----                  ----         ----
<PAGE>

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

None; not applicable.

     APPLICABLE  ONLY  TO  CORPORATE  ISSUERS  Indicate  the  number  of  shares
outstanding  of each of the  Registrant's  classes  of common  stock,  as of the
latest practicable date:

                               September 30, 1997

                                    200,012



PART I - FINANCIAL INFORMATION

Item 1.Financial Statements.

     The Financial  Statements of the Registrant  required to be filed with this
10-QSB  Quarterly  Report  were  prepared  by  management  and  commence  on the
following page,  together with related Notes. In the opinion of management,  the
Financial Statements fairly present the financial condition of the Registrant.
<PAGE>

<TABLE>
<CAPTION>
                               SEAFOODS PLUS, LTD.
                                 BALANCE SHEETS
                    September 30, 1997 and December 31, 1996

                                                                9/30/97            12/31/96
                                                             ---------------    ---------------
                                                                [Unaudited]
<S>                                                       <C>                <C>      
ASSETS

     Assets
          Cash                                             $            586   $            653

TOTAL ASSETS                                               $            586   $            653
                                                             ===============    ===============

                              LIABILITIES & EQUITY

LIABILITIES

     Current Liabilities
          Accounts Payable                                 $            401   $            401
          Loans from stockholders                                     7,777              4,236
          Income taxes payable                                            0                100
                                                             ---------------    ---------------
     Total Current Liabilities                                        8,178              4,737

                                                             ---------------    ---------------
TOTAL LIABILITIES                                                     8,178              4,737

EQUITY
          Capital Stock - 50,000,000 shares authorized at             2,000              2,000
            $0.001 par; 2,000,012 post-split shares issued
            and outstanding
          Paid-in Capital                                            37,327             37,327
          Accumulated Deficit                                       (46,919)           (43,411)
                                                             ---------------    ---------------
TOTAL EQUITY                                                         (7,592)            (4,084)

                                                             ---------------    ---------------
TOTAL LIABILITIES & EQUITY                                 $            586   $            653
                                                             ===============    ===============

</TABLE>


     NOTE TO FINANCIAL  STATEMENTS:  Interim  financial  statements  reflect all
adjustments  which  are,  in the  opinion  of  management,  necessary  to a fair
statement  of the results for the periods.  The December 31, 1996 balance  sheet
has been derived from the audited financial statements.  These interim financial
statements  conform with the requirements for interim  financial  statements and
consequently do not include all the disclosures  normally  required by generally
accepted accounting principles.

<PAGE>
<TABLE>
<CAPTION>
                               SEAFOODS PLUS, LTD.
                            STATEMENTS OF CASH FLOWS
                           September 30, 1997 and 1996

                                                     Three Months   Three Months     Nine Months   Nine Months    For the Period
                                                       Ended            Ended            Ended        Ended     from Reactivation to
                                                      9/30/97          9/30/96          9/30/97      9/30/96          9/30/97
                                                   --------------   --------------   -------------- -----------  ------------------
                                                    [Unaudited]      [Unaudited]      [Unaudited]   [Unaudited]     [Unaudited]

<S>                                             <C>               <C>              <C>              <C>          <C>     
Cash Flows Used For Operating Activities
------------------------------------------------
  Net Loss                                       $          (243) $        (1,956) $        (3,508) $   (4,191)  $         (16,889)
  Adjustments to reconcile net loss to net cash
    used in operating activities:
    Decrease in accounts payable                               0                0                0           0                (200)
    Increase/(Decrease) in franchise taxes payable             0                0                0           0                 401
                                                   --------------   --------------   --------------   -------------    -------------
      Net Cash Used For Operating Activities     $          (243) $        (1,956) $        (3,508) $   (4,191)  $         (16,688)
                                                   ==============   ==============   ==============   =============    =============

Cash Flows Provided by Financing Activities
---------------------------------------------------
    Increase/(Decrease) in loans from shareholders           243            1,362            3,441           2,228            7,777
    Issuance of Common Stock                                   0                0                0               0           10,000
                                                   --------------   --------------   --------------   -------------    ------------

     Net Cash Provided By Financing Activities               243            1,362            3,441           2,228           17,777
                                                   --------------   --------------   --------------   -------------    ------------

     Net Increase In Cash                                      0               (7)             (67)             (7)         (9,416)

     Beginning Cash Balance                                  586            1,221              653           1,221          10,000
                                                   --------------   --------------   --------------   -------------    ------------

     Ending Cash Balance                         $           586  $         1,214  $           586  $        1,214   $         586
                                                   ==============   ==============   ==============   =============    ============

Supplemental Disclosure of Cash Flow Information:
-----------------------------------------------------------------

     Cash paid for the period for income taxes   $             0  $             0  $             0  $            0   $         890

</TABLE>

<PAGE>
<TABLE>
<CAPTION>
                               SEAFOODS PLUS, LTD.
                            STATEMENTS OF OPERATIONS
    For the Three and Nine Month Periods Ending September 30, 1997 and 1996

                                                 Three Months    Three Months    Nine Months     Nine Months       For the Period
                                                   Ended             Ended          Ended           Ended       from Reactivation to
                                                  9/30/97           9/30/96        9/30/97         9/30/96            9/30/97
                                               ---------------   --------------  -------------   -------------  --------------------
                                                [Unaudited]       [Unaudited]    [Unaudited]     [Unaudited]        [Unaudited]
<S>                                          <C>               <C>             <C>             <C>            <C>   
REVENUE
     Income                                  $              0  $             0 $            0  $            0 $                 0
                                               ---------------   --------------  -------------   -------------  ------------------
NET REVENUE                                                 0                0              0               0                   0

OPERATING EXPENSES                                        243            1,956          3,508           4,191              16,689

                                               ---------------   --------------  -------------   -------------  -------------------
LOSS BEFORE INCOME TAX                                   (243)          (1,956)        (3,508)         (4,191)            (16,689)

INCOME TAXES                                                0                0              0               0                 200
                                               ---------------   --------------  -------------   -------------  -------------------

NET INCOME/(LOSS)                            $           (243) $        (1,956)$       (3,508) $       (4,191)$           (16,889)
                                               ===============   ==============  =============   =============  ===================


NET LOSS PER SHARE                           $          (0.01)           (0.01)         (0.01)          (0.01)              (0.01)
                                               ===============   ==============  =============   =============  ===================

WEIGHTED AVERAGE NUMBER OF SHARES
  OUTSTANDING                                       2,000,012        2,000,012      2,000,012       2,000,012            1,406,892
                                               ===============   ==============  =============   =============  ===================
</TABLE>


<PAGE>


Item 2.Management's Discussion and Analysis or Plan of Operation.

Plan of Operation.

     The Company  has not engaged in any  material  operations  since 1988.  The
Company intends to continue to seek out the  acquisition of assets,  property or
business that may be beneficial to the Company and its stockholders.

     The Company's only foreseeable cash requirements  during the next 12 months
will relate to maintaining the Company in good standing in the State of Utah and
keeping its reports  "current"  with the  Securities  and  Exchange  Commission.
Management  does not anticipate  that the Company will have to raise  additional
funds during the next 12 months.

Results of Operations.

     The Company has had no  operations  since on or before  approximatly  1988.
During the  quarterly  period  covered by this Report,  the Company  received no
revenue and incurred nominal expenses.


PART II - OTHER INFORMATION

Item 1.Legal Proceedings.

None; not applicable.

Item 2.Changes in Securities.

None; not applicable.

Item 3.Defaults Upon Senior Securities.

None; not applicable.

Item 4.Submission of Matters to a Vote of Security Holders.
 
None; not applicable.

Item 5.Other Information.

None; not applicable

Item 6.Exhibits and Reports on Form 8-K.
 
(a)Exhibits.*

None; Not Applicable.

(b)Reports on Form 8-K.

None; Not Applicable.

     *A summary of any Exhibit is modified in its  entirety by  reference to the
actual Exhibit.

<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.

                           SEAFOODS PLUS, LTD.



Date:February 17, 1998      By /S/ KATHLEEN L. MORRISON
                            Kathleen L. Morrison, President and Director
 

Date:February 16, 1998      By /S/ TERRY HARDMAN
                            Terry Hardman, Secretary and Director