SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

(Mark One)
(X)      QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED DECEMBER 31, 1995.

(   )    TRANSITION  REPORT  PURSUANT  TO  SECTION  13 OR 15 (d) OF THE
         SECURITIES  EXCHANGE  ACT OF 1934  FOR THE TRANSITION PERIOD FROM
                            TO

Commission File No. 01-18304

                            VIP GLOBAL CAPITAL, INC.
        (Exact name of small business issuer as specified in its charter)

                 Colorado                             84-1096009
     (State or other jurisdiction                  (I.R.S. Employer
   of incorporation or organization)             Identification Number)

     11250 East 40th Ave., Denver, CO                     80239
  (Address of principal executive offices)              (Zip Code)

                                 (303) 371-8400
                           (Issuer's telephone number)

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 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  December  31,  1995 the  issuer  had  4,530,060  shares of  common  stock
outstanding.


<PAGE>


                            VIP GLOBAL CAPITAL, INC.
                                   FORM 10-QSB
                                      INDEX



Part I.  Financial Information


Item 1.  Financial Statements (Unaudited)                         Page Number

         Condensed Statement of
         Operations for the three                                      3
         months ended December 31, 1995.

         Condensed Balance Sheets
         as of December 31, 1995 and                                   4
         September 30, 1995.

         Note to Financial Statements                                  6


Item 2.  Management's Discussion and
         Analysis of Financial Condition                               6
         and Results of Operations


Part II. Other Information and Signatures                              9

                                       2


<PAGE>


Part I.           Financial Information

Item 1.           Financial Statements



                            VIP GLOBAL CAPITAL, INC.
                                AND SUBSIDIARIES
                        CONDENSED CONSOLIDATED STATEMENT
                                  OF OPERATIONS
                                   (UNAUDITED)

                                                      Three Months Ended
                                                         December 31

                                                    1995              1994
                                                    ----              ----


Sales                                           $ 4,277,451       $ 5,734,382

Cost of Goods Sold                                3,782,654         3,372,693

Selling, general and administrative expenses      1,033,457         1,925,848

Other income and (expense)                                0           108,353

      Net income (loss) BIDT                       (538,660)          544,193

Interest Expense                                    223,702           197,628

                                                    292,590           246,049
                                               ------------------------------
      Total IDT                                     516,292           443,678
                                               ------------------------------
Net Income (loss)                               $(1,054,952)       $  100,516
                                               ==============================

Loss per share of common stock                        (0.23)             0.03





The  accompanying  notes are an integral  part of these  condensed
consolidated financial statements.

                                       3


<PAGE>


                    VIP GLOBAL CAPITAL, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

                                     ASSETS

                                               December 31       September 30
                                                  1995               1995
                                                  ----               ----
Current Assets:
    Cash                                      $   (93,466)     $    154,043
      Cash, restricted                            150,000           150,000
Notes Receivable:                                                   300,000
Accounts Receivable:
      Trade, net of allowance                   2,296,334         2,473,492
      Accounts receivable, other                 (108,696)            4,112
    Inventories                                 1,746,591         1,645,883

    Prepaid expenses and other                     49,429            63,514
      Total Current Assets                      4,040,192         4,791,044

Fixed Assets:
    Machinery, furn, fix & equipment            8,579,625         6,641,488
    Less accumulated depreciation              (1,729,558)       (1,557,022)
Other Assets
  Intangible assets, net of
   accumulated amortization                     2,143,735         2,158,938
  Deposits                                         46,676            98,676
  Deferred Offering Costs                          54,898            70,834
  Deferred Refinancing Costs                       85,681           100,478
  Other                                            32,857            47,857
Total other assets                              2,363,847         2,476,783

Total Assets                                  $13,254,106       $12,352,293







The  accompanying  notes are an integral  part of these  condensed
consolidated financial statements.

                                       4


<PAGE>


                    VIP GLOBAL CAPITAL, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                   December 31     September 30
                                                      1995             1995
                                                      ----             ----

Current Liabilities:                              $               $
    Accounts payable                                2,691,114        2,617,577
    Other accrued expenses                            495,576          675,051
    Current portion of long-term debt                 713,982          684,508
    Notes Payable                                     985,555          852,326
    Bank Overdrafts                                         0          385,966
    Advanced deposits on Sales                              0          156,339
        Total current liabilities                   4,886,227        5,371,767

Long-term debt, net of current portion above        5,494,364        3,687,445

Due to affiliated companies                           782,878          692,783

Convertible Debentures                              1,036,815        1,036,815

        Total liabilities                          12,200,284       10,788,810

Stockholders' equity
    Preferred stock, authorized 10 million
    shares @ $.001 par value per share
    Series B & C, issued & outstanding                     77               76
    73,399 shares.    

    Common Stock, authorized 100 million
    shares @ $.001 par value per share
    issued & outstanding 4,530,060 shares               4,371            1,987

    Additional paid in capital                      5,322,129        4,779,221
    Retained earnings (deficit)                    (4,272,755)      (3,217,802)
         Total stockholders' equity                 1,053,822        1,563,483
    Total liabilities & stockholders' equity       13,254,106       12,352,292

The  accompanying  notes are an integral  part of these  condensed
consolidated financial statements.

                                       5

<PAGE>

                            VIP GLOBAL CAPITAL, INC.
                     NOTE TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

         The accompanying  unaudited  condensed  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 310(b)
of Regulation  S-B. They do not include all  information  and notes  required by
generally  accepted  accounting  procedures  for complete  financial  statements
prepared in accordance with generally accepted accounting  principles.  However,
except as noted  herein,  there has been no material  change in the  information
disclosed in the notes to the consolidated  financial statements included in the
Annual Report on Form 10K-SB of VIP Global Capital, Inc. (the "Company") for the
year ended  September 30, 1995. The  disclosures  presented are  sufficient,  in
management's  opinion, to make the interim information presented not misleading.
All adjustments, consisting of normal recurring adjustments, which are necessary
so as to make the interim information not misleading, have been made. Results of
operations  for the three  months ended  December  31, 1995 are not  necessarily
indicative  of results of  operations  that may be expected  for the year ending
September 30, 1996. It is recommended  that this  financial  information be read
with the complete financial  statements  included in the Company's annual report
on Form 10-K for the year ended  September  30, 1995  previously  filed with the
Securities and Exchange Commission.

Item 2.  Management's Discussion and Analysis of Financial
           Condition and Results of Operation.

                              Results of Operations

Sales

         Sales for the period  decreased by  $1,453,931  or 34% to $4,277,451 in
the first quarter of FY 1996 from  $5,734,382 for the  comparable  quarter of FY
1995.  Sales in the  electronic  division  in the first  quarter 96 were 144% of
sales  reported  in the  same  period  last  year.  The  manufacturing  division
experienced a 33% decline in revenue and the Print/Mail group  experienced a 30%
drop in revenues reported for the comparable period last year.


                                       6






<PAGE>


Cost of Goods Sold

         Cost of Goods  increased  by  $409,961  or 11% to  $3,782,654  from the
reported  first  quarter cost of goods sold last year. As a percentage of sales,
Cost of  Goods  Sold  increased  by 29%.  This  increase  can be  attributed  to
competitive pricing pressures, inefficiencies of production, and quality issues.
For  the  print  and  manufacturing   segments,   sales  and  production  volume
inefficiencies  and  product  mix  differences  contributed  to the higher  cost
percentage.

         Management  has  aggressively  looked at direct and indirect  labor and
related  expenses  in  all  areas  of  the  Company.  Through  consolidation  of
operations and  realignment,  many positions have been  eliminated and processes
have been streamlined.  In the Print and Direct Marketing ("PDM") segment of the
business,  comparing  the period  ended  September  30, 1995 to the period ended
January 31, 1996 there has been approximately a 16% reduction in wages, salaries
and  payroll  related  expenses.  It  should  be noted as  well,  that  revenues
increased during this period by 11%.

         Management is taking this same aggressive approach in reducing material
costs,  overhead  costs  and in  improving  quality.  Information  systems  have
improved  reporting  throughout the company and as a result,  controls have been
tightened.

         Management is confident that the reduction in labor costs and tightened
material and overhead  spending will begin to reflect as a reduction of the Cost
of Goods Sold in the second quarter of 1996.

Selling, General and Administrative Expense

         Administrative  and  general  expenses  were  $1,033,458  in the  first
quarter of fiscal year1996,  down $892,390 or 86% from the corresponding quarter
of fiscal year1995. The reduction in selling, administrative and general expense
is  attributed  primarily to reduction in overhead  staff  positions  and in the
consolidation of operations.

Operating Income

         Operating  income in the first quarter  decreased by $1,082,854 or 201%
to ($538,660) from the same quarter last year. This decrease is due primarily to
the increased cost of goods sold noted above.

Interest and Depreciation Expense

         Interest  expense  for the  first  quarter  of  fiscal  year  1996  was
$223,702,  an increase of 12% from the same period last year.  Interest  expense
increased due to increased  utilization of a $5,000,000 revolving line of credit
put into  effect by the  Company in  November  of 1994  through  FINOVA  Capital
Corporation, (formally referred to as GFC Corporation).

                                       7

<PAGE>

Interest and Depreciation Expense (Continued)

         Depreciation and amortization expense increased to $292,590 or 16% from
$246,049  in the  comparable  period  last  year.  This  increase  is  primarily
attributed  to  the   amortization  of  "other  assets"  and  "deferred   costs"
capitalized by the Company in fiscal 1995.  Financing for the "VIPCOMM" building
was finalized in this quarter resulting in higher depreciation as well.

Liquidity and Capital Resources

         During the quarter  ended  December  31, 1995 the Company was  provided
with working capital  primarily from borrowings from its working capital line of
credit, and various other short term borrowings.

Net Profit

         The  Company  realized  a net loss for the  three  month  period  ended
December 31, 1995 of $1,054,952 or approximately ($.23) per share, a decrease of
$1,155,469  or (110%) from a $100,517  profit  during the same period last year.
This  decrease is due  primarily to the decrease in revenues,  deterioration  of
margin and underabsorbtion of fixed overhead in all divisions of the Company.

                                       8



<PAGE>


Part II. Other Information and Signatures


                                   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.


                                           VIP GLOBAL CAPITAL, INC.


                                           By: /S/  TIMOTHY S. VASKO
                                               -------------------------------
                                               Timothy S. Vasko,
                                               Chief Executive Officer




Date: February 27,1995                      By: /S/  MICHAEL J. SCHUCHARD
                                               -------------------------------
                                               Michael J. Schuchard,
                                               Sr. Vice President

                                       9