SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

             [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                  For the Quarterly Period Ended January 31, 1999

             [ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                    For the Transition Period from _________

                         Commission File Number: 2-68701

                          Techscience Industries, Inc.

                 (Name of small business issuer in its charter)

                    Delaware                        22-2298015
                    --------                        ----------
          (State or other jurisdiction of        (I.R.S.  Employer 
           incorporation or organization)        Identification No.)

          3 Rockaway Place, Parsippany, New Jersey      07054
          ----------------------------------------      -----
          (Address of principal executive offices)    (Zip Code)

                     Issuer's telephone number(973)-263-8951


Check  whether the issuer (1) 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 [ ]   NO  [X]


Check  whether the issuer has filed all  documents  and  reports  required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the  distribution  of
securities under a plan confirmed by the Court.

                     YES [ ]   NO  [X]


State the  number of shares of each of the  issuer's  classes  of common  equity
outstanding at the latest practicable date:  1,600,000 shares of Common Stock as
of May , 1999.

Transitional Small Business Disclosure Format (check one):

                     YES [ ]   NO  [X]


<PAGE>

                          TECHSCIENCE INDUSTRIES, INC.

                                   FORM 10-QSB

                                      INDEX



PART I - FINANCIAL INFORMATION                                        PAGE

Item 1.  Unaudited Financial Statements:                                3

Item 2.  Management's Discussion and Analysis of
           Financial Condition and Results of Operations               10


PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                              11

         Signatures                                                    11

                                       2
<PAGE>

PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                TECHSCIENCE INDUSTRIES INC.
               (A Development Stage Company)

                      BALANCE SHEETS

                                January 31,   October 31,
                                  1999           1998
                                  ----           ----

                               (UNAUDITED)

              ASSETS


                                       3

<PAGE>

<TABLE>
<CAPTION>

TECHSCIENCE INDUSTRIES
STATEMENT OF CASHFLOWS

                                                          -----------------------------------
                                                          JANUARY 31, 1999   JANUARY 31, 1998
                                                          -----------------------------------
<S>                                                       <C>                     <C>         
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net  (Loss)                                          $          --           $       (45)
     Adjustments to reconcile net  (loss) to net cash
     provided by (used for) operating activities

     Increase in accounts payable                         $          --           $        --


Cash Provided By (Used For) Operating Activities          $          --           $       (45)
                                                          -----------------------------------

     NET INCREASE IN CASH                                 $          --           $       (45)

CASH, BEGINNING OF PERIOD                                 $       2,214           $     2,304
                                                          -----------------------------------
CASH, END OF PERIOD                                       $       2,214           $     2,259
                                                          ===================================
</TABLE>

                                       4

<PAGE>

<TABLE>
<CAPTION>

TECHSCIENCE INDUSTRIES
BALANCE SHEET


                                                         -------------------------------------
                                                         January 31, 1999     October 31, 1998
                                                         -------------------------------------
<S>                                                      <C>                    <C>        
ASSETS

Cash and cash equivalents                                $     2,214            $     2,214

                                                         -------------------------------------
Total Assets                                             $     2,214            $     2,214
                                                         =====================================
LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES

Accounts payable and accrued expenses                    $    10,082            $    10,082

                                                         -------------------------------------
Total Liabilities                                             10,082                 10,082
                                                         -------------------------------------
STOCKHOLDERS' EQUITY
  Capital stock                                               16,000                 16,000
  Capital in excess of par                                 1,261,310              1,261,310
  (Accumulated deficit)                                   (1,285,178)            (1,285,178)
                                                         -------------------------------------
Total Stockholders' Equity                                    (7,868)                (7,868)
                                                         -------------------------------------
Total Liabilities and Stockholders' Equity               $     2,214            $     2,214
                                                         =====================================
</TABLE>

                                       5

<PAGE>

<TABLE>
<CAPTION>
TECHSCIENCE INDUSTRIES
STATEMENT OF OPERATIONS



                                                               FOR THE THREE MONTHS ENDED
                                                         -------------------------------------
                                                         January 31, 1999     January 31, 1998
                                                         -------------------------------------
<S>                                                             <C>                  <C>      
REVENUE                                                                --                   --

                                                         -------------------------------------

OPERATING EXPENSES:

BANK CHARGES                                                           --                45.00


                                                         -------------------------------------
     TOTAL OPERATING EXPENSES                                          --                45.00


NET (LOSS)                                                             --               (45.00)
                                                         =====================================

EARNINGS PER SHARE                                                    Nil                  Nil
                                                         =====================================

WEIGHTED AVERAGE SHARES OUTSTANDING                             1,600,000            1,600,000
                                                         =====================================
</TABLE>

                                       6

<PAGE>

                          TECHSCIENCE INDUSTRIES, INC.
                          (A Development Stage Company)
                        NOTES TO THE FINANCIAL STATEMENTS
                                   (Unaudited)

                              January 31, 1999

NOTE 1 - BASIS OF PRESENTATION:

The balance sheet at the end of the preceding  fiscal year has been derived from
the audited balance sheet contained in the Registrant's Form 10-KSB for the year
ended October 31, 1998 (the "10-KSB")and is presented for comparative  purposes.
All other financial statements are unaudited. In the opinion of management,  all
adjustments which include only normal recurring adjustments necessary to present
fairly the  financial  position,  results of  operations  and cash flows for all
periods  presented have been made. The results of operations for interim periods
are not necessarily indicative of the operating results for the full year.

Footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with generally  accepted  accounting  principles have been omitted in
accordance  with the  published  rules and  regulations  of the  Securities  and
Exchange  Commission.  These financial  statements should be read in conjunction
with the financial  statements and notes thereto  included in the 10-KSB for the
most recent fiscal year.

Loss per  Share - Loss per  share is based on the  weighted  average  number  of
shares  outstanding during the periods.  The effect of warrants  outstanding and
shares issuable in connection with convertible  debentures is not included since
it would be anti-dilutive.

NOTE 2 - PENDING REORGANIZATION:

As reported in the  Registrant's  Form 8-K Current  Report  dated May , 1999 and
filed  simultaneously with this report, the Registrant entered into an Agreement
and  Plan  of  Reorganization  with  PetPlanet.com,   Inc.,  a  privately  owned
California  corporation ("PPI") on May , 1999 (the "Reorganization  Agreement").
The Reorganization  Agreement contemplated a reverse merger business combination
wherein the Registrant will acquire all of the  outstanding  common stock and/or
options and  warrants of PPI solely in exchange  for an  aggregate  of 7,325,000
authorized but unissued shares of the Registrant's  Common Stock, $.01 par value
per  share (the

                                       7

<PAGE>

"Reorganization  Shares"),  after  which there will be  9,575,000  shares of the
Registrant's Common Stock issued and outstanding (the "Reorganization"),  giving
PRO  FORMA  effect  to the  Reorganization  and the  four for 25  reverse  split
enumerated in Note 3 below.  The  Reorganization  Shares will be issued to PPI's
shareholders,  option and warrant  holders on a pro rata basis at which time PPI
will become a wholly owned  subsidiary of the Registrant.  Following the closing
of the  Reorganization,  it is expected that the name of the Registrant  will be
changed  to PPI and the  Registrant  will  succeed  to the  Internet-  based pet
oriented service business conducted by PPI.

NOTE 3- REVERSE SPLIT

On March 18,  1999,  the  Registrant  filed a  Certificate  of  Amendment to its
Certificate  of  Incorporation  with the  Secretary  of  State  of the  State of
Delaware  implementing  a four for  twenty  five  reverse  split all  issued and
outstanding  shares  of its  common  stock,  $.01 par  value  per (the  "Reverse
Split").  The  Reverse  Split was  adopted by the  holders of a majority  of the
Registrant's  common  stock  after  due  notice to  non-consenting  stockholders
pursuant  to  applicable  Delaware  law.  As a result of the  Reverse  Split all
10,000,000  issued  and  outstanding  shares of common  stock  were  reduced  to
1,600,000  shares.  The  financial  data  reported  herein has been  adjusted to
reflect the Reverse Split.

NOTE 4 - MANAGEMENT'S ACTIONS TO OVERCOME OPERATING AND LIQUIDITY PROBLEMS:

The Registrant's  financial  statements have been presented on the going concern
basis which  contemplates  the  realization  of assets and the  satisfaction  of
liabilities in the normal course of business.  The  Registrant's  viability as a
going concern is dependent upon its ability to consummate the Reorganization and
PPI ability to achieve profitable operations through increased sales and raising
additional financing.

NOTE 5 -CONVERTIBLE NOTES AND CONVERSION OPTION

The Registrant has an option to convert an aggregate of $50,000 of principal due
from PPI pursuant to the March 4, 1999 10% Secured  Convertible  Promissory Note
payable to TSCI by PPI into an aggregate of 100,000  shares of the  Registrant's
common stock,  $.01 par value per share. In addition,  the Registrant has issued
promissory  notes  convertible  into  an  aggregate  of  400,000  shares  of the
Registrant's  common  stock,  $.01 par value per share.  It is expected that all
issued and  outstanding  derrivatives  will be  converted at the closing of the
Reorganization.

NOTE 6-SUBSEQUENT EVENTS

On February 5, 1999,  and pursuant to the terms and conditions of five identical
Accredited Investor Subscription Agreements with non-affiliated  investors,  the
Registrant  consummated a private placement under Rule 506 of Regulation D under

                                       8

<PAGE>

the 33 Act (the "Seed Money Private Offering").  The Seed Money Offering,  which
provided the necessary  funding to implement the  Reorganization,  was comprised
$24,800 principal amount of 30 day convertible promissory notes bearing interest
at 9.6% per annum (the "Notes").  The Notes are convertible into an aggregate of
400,000  authorized but unissued shares of the Registrant's  common stock,  $.01
par value per share at $.062 per share which are  ineligible for public sale for
a period of 30 months from the date of issuance.

Thereafter on February 25, 1999,  and pursuant to a Certificate  of  Restoration
and Revival duly filed with the  Delaware  Secretary  of State,  the  Registrant
reinstated its Certificate of Incorporation in Delaware.

On February 19, 1999,  and pursuant to the terms and conditions of two identical
Accredited Investor Subscription Agreements with non-affiliated  investors,  the
Registrant  consummated a private placement under Rule 506 of Regulation D under
the 33 Act (the  "Bridge Private Offering").  The Bridge Private Offering, which
provided the funding for the Registrant's bridge loan with PPI, was comprised of
$150,000  principal  amount of 10%  promissory  notes (the  "Notes") and 100,000
unregistered  shares of the Registrant's  Common Stock, $.01 par value per share
(the "Bridge  Shares").  The Notes are due and payable on and the Bridge  Shares
are issuable at the closing date of the Reorganization with PPI (the "Closing").

On February  26,  1999,  all of the  Registrant's  directors  and the holders of
approximately  67% of the  issued  and  outstanding  shares of the  Registrant's
common stock, $.01 par value per share,  consented in writing to the adoption of
a number of actions  designed to implement  the  Reorganization  (the  "Majority
Consent").  The Consent, which was adopted pursuant to the permissive provisions
of  Section  228(a) and 228(c) of the  General  Corporation  Law of the State of
Delaware (the "Delaware  Sections"),  was comprised of the authorization  and/or
approval of the following actions: (i) the Reorganization;  (ii) an amendment to
the Registrant's Certificate of Incorporation to effectuate:  (a) an increase in
the number of  authorized  shares of common  stock,  $.01 par value per share to
20,000,000;  (b) a  four  for  twenty-five  reverse  split  of  all  issued  and
outstanding  shares (the  "Reverse  Split");  (c) the creation of an  authorized
class of 2,000,000 "blank check" shares of Preferred  Stock,  $.01 par value per
share;  and (d) a change of the name of the Registrant to  PetPlanet.com,  Inc.;
(iii) a private  placement  under Rule 506 of Regulation D under the  Securities
Act of 1933,  as amended  (the "Act") of an  aggregate  of 400,000  post Reverse
Split  Shares  at $.062 per  Share,  which  Shares  shall be  restricted  for 30
months (the  "Seed  Money  Private  Offering"); (iv) a minimum of 250,000  and a
maximum of 375,000  restricted  and post Reverse Split shares of common stock at
$4.00  per  share  offered  in units of  $25,000;  and (v) an  amendment  to the
Registrant's  1984  Incentive  Stock  Option  Plan  creating  the 1999 Long Term
Incentive  Plan wherein an aggregate of 2,000,000  Post Reverse Split Shares are
reserved for issuance of grants thereunder.

                                       9

<PAGE>

On March 4, 1999,  and pursuant to the terms and  conditions of a written Bridge
Loan Agreement with PPI (the "Bridge  Agreement"),  the Registrant  advanced the
sum of $150,000 to PPI in order to fund PPI's  operations in anticipation of the
closing of the Reorganization (the "Bridge Loan"). The Bridge Loan was evidenced
by a 10%  secured,  convertible  promissory  note  due  at  the  closing  of the
Reorganization  (the "Bridge Note").  The Bridge Agreement  provided that in the
event the  Reorganization  does not close on or before May 15, 1999, the term of
the Bridge  Agreement  shall be  automatically  extended  to the  earlier of the
closing date of the first equity or debt financing consummated by PPI or October
1, 1999.  The Bridge Note was secured by a  continuing  first lien and  security
interest in and to: (i) such number of authorized  but unissued  shares of PPI's
common  stock,  no par value per  share,  as shall,  when added to the number of
issued and  outstanding  shares,  shall equal  fifty one (51%)  percent of PPI's
total issued and  outstanding  common stock  capitalization;  (ii) the right and
title to PPI's PetPlanet.com domain name, website,  website software and any and
all copyrights,  trademarks,  servicemarks owned by PPI or acquired by PPI after
the date of the  Bridge  Agreement;  and (iii) any and all  inventory,  accounts
receivable or other tangible or intangible assets acquired by PPI after the date
of the Bridge Agreement.

On March 12, 1999, the Registrant, fulfilling its obligations under the Delaware
Sections,   caused  Notice  of  Consent  to  Action  by  Majority   Shareholders
(comprising  the  Majority  Consent)  together  with  a  President's  letter  to
Shareholders  (the  "Statutory   Notice")  to  be  mailed  to  the  Registrant's
shareholders  and all  broker  dealers  holding  shares  for the  benefit of the
Registrant's  shareholders.  The Statutory Notice was accompanied by a Notice of
the Reverse Split, a transmittal  form, a substitute  Form W-9 and  instructions
for the transmittal form.

On March 18,  1999,  the  Registrant  filed a  Certificate  of  Amendment to its
Certificate  of  Incorporation  to be filed with the  secretary  of State of the
State of Delaware implementing the Reverse Split.

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

PLAN OF OPERATION.

The  Registrant's  plan of action for the three months  ended  January 31, 1999,
during which period no revenues from operations were generated,  was to complete
the process of bring itself current in its periodic reporting  obligations under
the  Securities  Exchange  Act of 1934(the  "34 Act"),  preparing  for an annual
meeting of its  stockholders as required by the New Jersey Business  Corporation
Act, and preparing for the filing of a Form 10-SB Registration  Statement with a
view towards  registering its Common Stock under Section 12(g) of the 34 Act. In
furtherance  of its  principal  plan of  operations,  the  Registrant  sought to
continue to pursue and close the  Reorganization  with PPI. It was expected that
the  Registrant  would be

                                       10

<PAGE>

able to  implement  its plan of  operations  without the  raising of  additional
capital.  It  was  similarly  expected  that  the  aforesaid  $25,000  would  be
sufficient capital to satisfy the Registrant's  capital  requirements during the
period up to and including May 15, 1999 that management  estimated it would take
to  bring  the   Registrant   current   under  the  34  Act  and  to  close  the
Reorganization.  During the three months ended January 31, 1999,  the Registrant
did not: (i) expend any funds on product research or development;  (ii) purchase
or plan to purchase any plant or equipment;  (iii) have any employees other than
its part time executive officers and directors.

YEAR 2000 ISSUE

The  Registrant  does not have any computer  systems that need to be reviewed to
identify the systems  that could be affected by the "Year 2000" issue.  The Year
2000 problem is the result of computer  programs  being written using two digits
rather  than  four  digits  to  define  the  year.   Any   programs   that  have
time-sensitive  software may recognize a date using "00" as the year 1900 rather
than  the  year  2000.   This   could   result  in  major   system   failure  or
miscalculations. The Registrant is unaware of whether or not PPI has conducted a
comprehensive  review of its computer systems to identify the systems that could
be affected by the "Year 2000" issue. The Registrant is unaware whether the Year
2000  problem  will  pose  significant  operational  problems  for PPI after the
closing of the Reorganization.  Accordingly,  there can be no assurance that the
systems of other  companies on which PPI's  systems may rely,  if any, also will
be timely converted or that any such failure to convert by another company would
not have an adverse effect on PPI's systems.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)      Exhibits required by Item 601 of Regulation S-B

         Exhibit 27-Financial Data Schedule

(b)      Reports on Form 8-K

         No reports on Form 8-K were filed during the quarter  ended January 31,
         1999.

                                   SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


Dated: May 13, 1999                      Techscience Industries, Inc.


                                         By:  /s/ JAMES T. WOLL
                                              ----------------------------------
                                                  James T. Woll, President


                                       11