FORM 10-QSB

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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

For the quarterly period ended March 31, 1998

Commission file number 1-12178

InnoVet, Inc.
(Exact name of small business issuer as specified in its charter)

 Florida	
(State or other jurisdiction of
incorporation or organization)

P.O. Box 145
Winter Park, Florida
(Address of principal executive offices)

59-2699441
(I.R.S. Employer Identification No.)

32790
(Zip Code)

None
(Issuer's telephone number, including area code)

Check whether the issuer (1) filed all reports to be filed by Section 13 or
15(d) of the Exchange Act 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___


State the number of shares outstanding of each of the issuer's classes of common
equity, as of  the latest practicable date:  Common Stock, $0.001 Par Value;
18,656,881 shares outstanding as of September 3, 1998.

INDEX

INNOVET, INC.

PART I. FINANCIAL INFORMATION         								Page

Item 1.  Financial Statements (Unaudited)

	Balance Sheets 
		 March 31, 1998 and December 31, 1997					    4
		
	Statements of Operations 					   
		Three months ended March 31, 1998 and 1997    5

	Statement of Stockholders' Equity					    
		Three months ended March 31, 1998    					    6

	Statements of Cash Flows
		Three months ended March 31, 1998 and 1997    7

	Notes to Consolidated Condensed Financial
  Statements                            				    8

Item 2.  Management's Discussion and Analysis of Financial Condition and		    8
	  Results of Operations                        8 

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings								              9
Item 2.  Changes in Securities								          9
Item 3.  Defaults upon Senior Securities						  9
Item 4.  Submission of Matters to a Vote of
         Securities Holders			             	    9
Item 5.  Other Information								              9
Item 6.  Exhibits and Reports on Form 8-K						 9

SIGNATURES		                                   10

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

INNOVET, INC.				
				
BALANCE SHEETS				
(Unaudited)				
				
           ASSETS			         	March 31,		December 31,
							                       1998	 		   1997 
Current assets				
	Cash and cash equivalents		 	$ 20,908	 	$ 44,500 
		Total current assets			       20,908     44,500 
			Total assets	 	           	$ 20,908	 	$ 44,500 
								
			 	LIABILITIES AND STOCKHOLDERS' EQUITY			
				
Current liabilities				
	Accounts payable			         	$ 18,360  	$ 40,670 
	Loans from stockholder		       65,000     65,000 
	Accrued interest	           	   6,550      4,974 
		Total current liabilities	  	 89,910    110,644 
				
Stockholders' equity				
	Common stock, $.001 par value,
 100,000,000 shares authorized;
 18,656,881 shares issued at
 March 31, 1998 and at
 December 31, 1997             18,657      18,657 
	Capital in excess of par
 value             	 	     18,856,654  18,856,654 
	Capital representing stock
 grants                     5,514,990   5,514,990 
	Accumulated deficit		    (24,459,303)(24,456,445)
      		                  			 (69,002)    (66,144)
		Total liabilities and
 stockholders' equity	 				  $ 20,908   	$ 44,500 
				

The accompanying notes are an integral part of these statements.				


INNOVET, INC.					
					
STATEMENTS OF OPERATIONS					
(Unaudited)					
					
                                      								Three Months Ended	
								                                          March 31,	
					   			                                     1998    		1997 
					
Revenues					
	Sales                       		 				         $     -   $      -   
						                                             -          -   
Costs and expenses					
	Selling, general and administrative expenses		1,282 	  	18,930 
	Depreciation expense		                	           -   		   379 
	Interest expense					                         1,576        245 
								                                       2,858   		19,554 
	Loss from operations before income taxes	    (2,858)   (19,554)
					
Provision for income taxes  			                    -          -   
					
	Net loss                        		 			     $ (2,858) $ (19,554)
					
	Net loss per share		                 		    $  (0.00) $   (0.00)
					
Weighted average shares	    			           18,656,881  18,656,881 
					
The accompanying notes are an integral part of these statements.					

INNOVET, INC.						
						
STATEMENT OF STOCKHOLDERS' EQUITY						
(Unaudited)						
						
				               Capital in	   Capital		                        	Total
	   Common Stock 		Excess of	  Representing    Accumulated    	Stockholders'
	  Shares	 Amount 	Par Value	  Stock Grants 	     Deficit	        	Equity
						
Balance, January 1, 1998
18,656,881 $18,657 $18,856,654  $5,514,990 	   $ (24,456,445)   $(66,144)
						
Net loss  -  -         -              -               (2,858)     (2,858)
Balance, March 31, 1998
18,656,881  18,657  18,856,654   5,514,990    	  (24,459,303)    (69,002)

The accompanying notes are an integral part of these statements.						


INNOVET, INC.							
							
STATEMENTS OF CASH FLOWS							
(Unaudited)							
							
                                              								 Three Months Ended		
								                                                    March 31		
								                                                1998   	   1997 
Cash flows from operating activities:							
	Net loss				 	                                    	$ (2,858)	$ (19,554)
	Adjustments to reconcile net loss to net						
	 cash used in operating activities:						
		Depreciation expense			                                -          379 
		Changes in operating assets and liabilities:					
			(Increase)decrease in prepaid expenses                -          747 
			Increase(decrease) in accounts payable	           (22,310)        -   
			Increase(decrease) in accrued expenses	             1,576        245 
			Net cash used for operating activities            (23,592)   (18,183)
							
Cash flows from investing activities:							
			Net cash used for investing activities                -           -   
							
Cash flows from financing activities:							
			Net cash provided by financing activities             -           -   
							
							
Increase (decrease) in cash and cash equivalents     (23,592)   (18,183)
							
Cash and cash equivalents, beginning of period        44,500     77,159 
							
Cash and cash equivalents, end of period	         		$ 20,908 	 $ 58,976 
							
							
Supplemental disclosures of cash flow information							
	Cash paid during the year:						
		                 Interest			 	                    $   -   		 $   -   
							
							
The accompanying notes are an integral part of these statements.							
     
  
INNOVET, INC.

NOTES TO FINANCIAL STATEMENTS

March 31, 1998


NOTE A - BASIS OF PREPARATION

	The Balance Sheets at March 31, 1998 and December 31, 1997 and the related
Statements of Operations for the three months ended March 31, 1998 and 1997,
Stockholders' Equity for the three months ended March 31, 1998 and Statements of
Cash Flows for the three months ended March 31, 1998 and 1997, have been
prepared in accordance with the instructions for Form 10-QSB and, therefore,
do not include all information and footnotes necessary for a fair
presentation of financial position, results of operations and changes in
financial position in conformity with statements, including the footnotes
thereto in the Company's Annual Report on Form 10-KSB for the year ended
December 31, 1997.  In the opinion of management, all adjustments considered
necessary for a fair presentation of the results of operations for the three
months ended March 31, 1998 have been included.


NOTE B - GOING CONCERN

	The Company has sustained substantial losses from operations in past years
and has a significant accumulated deficit.  The Company has sold off
substantially all of its operating businesses and in 1997 and 1998, the
Company's sole activity was to find a company to merge with or that will
acquire it.  The Company believes that its public shell can be made
attractive if it is able to meet its reporting requirements under the
Exchange Act and maintain its OTC Bulletin Board listing with the National
Association of Securities Dealers, Inc.

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

(a)	Results of Operations.

	The Company had no revenues in the quarter ended March 31, 1998 and also
for the same period in 1997.	
	
	Selling, general and administrative expenses decreased $17,648 or 93% in
1998 compared to the first quarter of 1997.  The main reason for the decrease
was lower professional fees for tax preparation which were incurred in the
first quarter 1997 as compared to none in the quarter ended March 31, 1998.

	Depreciation expense decreased $379 or 100% as the remaining assets are
fully depreciated.

	Interest expense increased in 1998 by $1,331 due to loan from stockholder
that was issued in 1997.  The quarter ended March 31, 1998 includes three
months of interest compared to only fourteen days for the same quarter in 1997.

(b)	Liquidity.

	At March 31, 1998, the Company had $20,908 in cash and cash equivalents.
This is the balance of the proceeds from the $65,000 loan from stockholder
issued in 1997.  The note was due and payable on or before September 30, 1997
with interest at the London InterBank Offered Rate ("LIBOR") plus 4%.
Although the principal and interest on the loan has not been repaid, repayment
has not been demanded.  The Company has the option to repay the principal and
interest by issuing shares of its common stock to the stockholder pursuant to
Regulation S under the Securities Act at a price of $.0025 per share.

	The Company had no revenues in the quarter ended March 31, 1998 or in the
same period last year.  The Company currently has no sources of revenue and
minimal cash.  It is possible that the public shell may be used by an active
entity seeking public company status; however, it is uncertain if or when
such an event will occur.

If such event does not occur within a short period of time, the Company may
liquidate.

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings. 				                             	None
		
Item 2.	Changes in Securities.					                          None

Item 3.	Defaults Upon Senior Securities.			                  None

Item 4.	Submission of Matters to a Vote of Security Holders.	None

Item 5.	Other Information. 					                             None

Item 6.	Exhibits and Reports on Form 8-K. 			                None 

SIGNATURE

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.

                                  						InnoVet, Inc.
						                                  (Registrant)		
	

                              						/s/SCOTT P. CIELEWICH
Date:  September 5, 1998			       Scott P. Cielewich, Executive Vice President
						                             and Chief Financial Officer