SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     Amended
                                 Form 10-QSB/A-1
(Mark One)

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

                    For the Quarter Ended September 30, 1995

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

           For the transition period from ____________ to ____________

                         Commission file number: 0-15224

                       ADVANCE DISPLAY TECHNOLOGIES, INC.
                      -------------------------------------
                     (Exact name of small business issuer as
                            specified in its charter)

             COLORADO                                   84-0969445
        ----------------------                     ----------------------
       (State of incorporation)                   (IRS Employer ID number)


                1251 South Huron, Unit C, Denver, Colorado 80223
                -------------------------------------------------
               (Address of principle executive offices) (Zip Code)


                                 (303) 733-5339
                 ----------------------------------------------
                (Issuer's telephone number, including area code)



Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 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 September 30, 1995,  3,834,055  common  shares,  $.001 par value per share
were outstanding.

           Transitional Small Business Disclosure Format (check one):

                             YES               NO   X
                                  -----           -----

<PAGE>



                       ADVANCE DISPLAY TECHNOLOGIES, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.

     The accompanying  unaudited interim consolidated  financial statements have
been  prepared in  accordance  with the  instructions  to Form 10-QSB and do not
include  all 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.  The results of operations
for any interim period are not necessarily  indicative of results for the entire
fiscal year. These  statements  should be read in conjunction with the financial
statements  and  related  notes  included  in the  Company's  Annual  Report  to
Shareholders on Form 10-KSB for the year ended June 30, 1995.

Note 2.

     The consolidated  financial  statements include the accounts of Video View,
Inc., a subsidiary which the Company owns 100 percent of the voting stock. Video
View, Inc. has been inactive since 1991.

Note 3.

     In December  1993,  the Company  organized a limited  partnership,  Display
Optics,  Ltd.  (the  "Partnership"  or "DOL"),  to obtain  capital  to  continue
development of the fiber optic video technology and other related display screen
technology. The Company acts as a general partner and the Partnership is managed
by Display Group,  LLC. The Company conducts  substantially  all of its business
through the Partnership. The Company accounts for its relationship with DOL as a
research  and  development  partnership  which  requires  the  Company to record
certain  expenses  incurred by DOL as expenses of the Company and a liability to
the investors.

Note 4.

     The Company has restated  net income for the quarter  ended  September  30,
1994,  deficit  accumulated  during the  development  stage,  investment in DOL,
common stock and additional paid-in capital as a result of certain  transactions
and adjustments  described in the notes to the financial statements contained in
the  Company's  annual  report on Form 10-KSB for the fiscal year ended June 30,
1995.


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<PAGE>



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

General
-------

     In December  1993,  the Company  organized a limited  partnership,  Display
Optics, Ltd. (the  "Partnership"),  to obtain capital to continue development of
the fiber optic video  technology and related  display screen  technology and to
manufacture and market the display screen products world-wide.  The Company acts
as a general partner and the  Partnership is managed by Display Group,  LLC. The
Company conducts substantially all of its business through the Partnership.  For
accounting  purposes,  the  Company  accounts  for  its  relationship  with  the
Partnership  as a  research  and  development  partnership.  The  investors  are
entitled to preferential  payment from available cash flows from the Partnership
which would reduce the research and development liability of the Company.

     In  February  1995,  the  Partnership  agreed to borrow  $275,000  from the
managing  partner  and  secured by the assets of the  Partnership,  for  working
capital.  In  conjunction  with the  loans  the  Company  entered  into  certain
agreements  with the  investors.  At September  30, 1995,  the  Partnership  had
borrowed  $273,127  under  the  agreement  and  had  additional   borrowings  of
approximately  $153,750 from the managing partner and affiliates.  The loans are
convertible to partnership  units which may then be converted into common shares
of the Company.

     The patents and technology formerly owned by the Company and transferred to
the Partnership in connection with the initial  capitalization  are subject to a
security interest in favor of a commercial lender and another entity. Management
believes that a security  interest arose while the patents and  technology  were
owned by the third party. The assets of the commercial  lender were subsequently
acquired by the Resolution Trust Corporation (RTC) as receiver, resulting in the
RTC maintaining the security  interest in these patents and technology  together
with the debt which the  technology  secured.  Management  does not  believe any
action was ever  commenced  to  foreclose  or  otherwise  enforce  the  security
interest.  In December,  1995, the managing partner of the Partnership  acquired
the  security  interest in these  patents and  technology  as  collateral  for a
debenture securing the underlying note which was also acquired from the RTC. The
Company  believes such security  interest will  ultimately be contributed to the
Partnership for additional  consideration.  The patents and technology continued
to serve as collateral to the note in the principal amount of $2,175,000,  which
debenture and underlying note were in default.

     The Company has restated  net income for the quarter  ended  September  30,
1994, deficit  accumulated during the development stage,  investment in the DOL,
common stock and additional paid-in capital as a result of certain  transactions
and adjustments  described in the notes to the financial statements contained in
the  Company's  annual  report on Form 10-KSB for the fiscal year ended June 30,
1995.


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

     For the quarter ended September 30, 1995, the Company  reported net loss of
$177,536  as compared  to net loss of  $159,114  for the same fiscal  quarter of
1994. There were no sales of the Company's products to report for either period.
Management  believes  the lack of sales of products has been  attributed  to the
inadequacies or cost  inefficiencies  of projection  systems.  In addition,  the


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<PAGE>

Company's  abilities  to  adequately  develop and market its  products  has been
severely  limited  over  the past  several  years  due to the  lack of  adequate
operating capital. As a result of the formation of the Partnership,  significant
engineering  developments have been accomplished which the Company believes will
substantially improve the projection aspect of the system, as well as refine the
fiber optic screen and other display screen technologies. The Company hopes that
additional  capital  will be  raised  from the  sale of  partnership  units  for
continued  development  and aggressive  marketing of the display screen products
through the Partnership.

     The increase in net loss for the quarter ended  September 30, 1995 from the
same  quarter of the prior  fiscal year is  primarily  due to an increase in G&A
expenses  partially offset by a reduction in R&D expenses,  royalty revenues and
interest income.  The increase in G&A expenses primarily relates to 1) increased
interest  expense on  outstanding  debt,  2) increased  rent and  utilities  for
additional  space,  3)  increased  salaries,  consulting,  accounting  and legal
expenses for day to day operations, completing the Company's filings required by
regulatory agencies, and preserving and protecting the Company's technology. The
reduction in R&D expenses is primarily due to less work  contracted  out for the
quarter ended  September  30, 1995 than during the quarter  ended  September 30,
1994.  Royalty  revenue and interest  income  decreased for the quarter for 1995
from 1994 by $4,430 and $2,000, respectively.  The Company continued development
of its technologies  through the partnership  during the first fiscal quarter of
1996.  Approximately  $58,000 was  expended by the  partnership  on research and
development during the quarter.

     Management of the Company is presently unable to predict with any degree of
certainty  when, if ever, the Company might obtain  revenues from the commercial
sale of  products  through  the  Partnership.  Such  revenue is  dependent  upon
continued  refinement of the display screen  technologies and raising additional
working  capital.  The  Partnership  hopes to finalize the  prototype  and begin
manufacturing  the  product  for sale,  initially  to the large  display  screen
markets, in 1996.


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

     The Company has been totally dependent on the ability of the Partnership to
obtain  capital to fund  operations for nearly two years and expects to continue
to be in the  foreseeable  future.  At September 30, 1995, the Company  reported
negative  net worth of  $234,258  and  negative  working  capital  of  $124,376.
Additional  capital  will be required  for  administrative  expenses,  continued
development of the product,  including completion of a prototype,  manufacturing
start up costs  and  marketing  the  product.  The  Partnership  hopes to obtain
additional  capital  from the sale of  Partnership  units under the  Partnership
Agreement or  additional  loans from the managing  partner or limited  partners.
Management of the Company  believes the partners  continued  willingness to fund
the Partnership is dependent upon  acceptance of:  completed  prototype  stages;
continued development schedules; a marketing plan; and, other factors.

     The Company's continued existence is dependent upon its ability to: perfect
the  Partnership's  interest in the technology and develop the technology into a
commercially  viable product;  successfully assist the Partnership to market the
product;  obtain  additional  sources of funding  through  outside  financing or
equity  investments;   and  achieve  and  maintain  profitable  operations.  The
Company's  efforts  will  continue to be focused on further  development  of the
projection  system and  screen,  and on  raising  additional  capital.  Although


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<PAGE>



management believes it will be able to achieve these objectives, there can be no
assurance that the Company or the Partnership will be able to obtain  additional
capital or sell its products on terms and conditions satisfactory to the Company
and the Partnership.

     In  conjunction  with  formation  of the  Partnership,  the Company sold an
aggregate of 2,991,474 shares of Series B preferred stock.  Qualified  investors
executed an  agreement  to acquire the Series B  preferred  stock for  aggregate
consideration  of $350,000,  or $.117 per share.  As of September 30, 1995,  all
amounts due the Company under the Agreement had been received. Proceeds from the
issuance of the Series B preferred  stock were  advanced to and disbursed by the
Partnership.  These funds have been used for  organizational  and administrative
costs of the  Partnership,  preparation  and filing of the Company's  annual and
quarterly reports and other general and administrative  expenses of the Company,
and on continued research and development of the fiber optic screen,  projection
and other related display screen  technologies.  Amounts paid by the Partnership
for Company  expenses  reduce  advances due the Company by the  Partnership.  At
September 30, 1995,  the balance of advances due the Company by the  Partnership
was approximately  $248,000.  For financial reporting purposes, the advances due
the Company by the  Partnership  are offset by the liability due the Partnership
under the research and development arrangement.

     Cash flows from financing  activities for the quarters ended  September 30,
1995 and 1994 consisted entirely of the increase in the research and development
liability  of  $144,560  and  $138,491,  respectively.  Total  cash  flows  from
financing  activities for both 1995 and 1994 were used  completely for operating
activities.




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<PAGE>



                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report on Form  10-QSB/A-1 to  be signed on its behalf by the undersigned,
thereunto duly authorized.


                                          ADVANCE DISPLAY TECHNOLOGIES, INC.
                                          (Registrant)



Date: May 19, 1997                                           /S/ Darrell D. Avey
      ------------                        -------------------------------------
                                                                 Darrell D. Avey
                                                           Chairman of the Board
                                                             Corporate Secretary
                                                  Acting Chief Financial Officer


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