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 June 30, 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 
		 June 30, 1998 and December 31, 1997					       4
		
	Statements of Operations 					   
		Six months ended June 30, 1998 and 1997					    5
		Three months ended June 30, 1998 and 1997			    6

	Statement of Stockholders' Equity					    
		Six months ended June 30, 1998					        	    7

	Statements of Cash Flows
		Six months ended June 30, 1998 and 1997					    8

	Notes to Financial Statements				         			    9

Item 2.  Management's Discussion and Analysis of
         Financial Condition and Results of
         Operations                               9

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings								               11
Item 2.  Changes in Securities								           11
Item 3.  Defaults upon Senior Securities						   11
Item 4.  Submission of Matters to a Vote of
         Securities Holders	                			  11
Item 5.  Other Information								               11
Item 6.  Exhibits and Reports on Form 8-K						  11

SIGNATURES	                    								          12

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.


INNOVET, INC.				
				
BALANCE SHEETS				
(Unaudited)				
				
<TABLE>
<CAPTION>

	ASSETS                                            	June 30,		December 31,
		                                                     1998        		1997 
<S>                                                <C>          <C>
Current assets				
	Cash and cash equivalents	                        $ 15,108 		   $ 44,500 
	Total current assets	                               15,108      		44,500 
				
	Total assets	                                     $ 15,108 		   $ 44,500 
				
	LIABILITIES AND STOCKHOLDERS' EQUITY			
				
Current liabilities				
	Accounts payable	                                 $ 13,360 		  $ 40,670 
	Loans from stockholder	                             65,000       65,000 
	Accrued interest	                                    8,126        4,974 
	Total current liabilities	                          86,486    		110,644 
				
Stockholders' equity				
	Common stock, $.001 par value, 100,000,000 shares
 authorized; 18,656,881 shares issued at June 30,
 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	                           (24,461,679) (24,456,445)
	                                        	          (71,378)     (66,144)
	Total liabilities and stockholders' equity	       $ 15,108   	 $ 44,500 
</TABLE>
			
				
The accompanying notes are an integral part of these statements.				

INNOVET, INC.					
					
STATEMENTS OF OPERATIONS					
(Unaudited)					
<TABLE>
<CAPTION>
                                                     				Six Months Ended	
	                                                         			June 30,	
		                                                       1998  		    1997 
<S>			                                                 <C>         <C> 		
Revenues					
	Sales		                                               $    -     	$    -   
			                                                         -           -   
Costs and expenses					
	Selling, general and administrative expenses         		2,082    		46,822 
	Depreciation expense		                                     -       		546 
	Interest expense		                                     3,152       9,321 
			                                                     5,234    		56,689 
	Loss from operations before income taxes		            (5,234)  		(56,689)
					
Provision for income taxes		             	                  -           -   
					
	Net loss		                                          $ (5,234)		$ (56,689)
					
	Net loss per share		                                $  (0.00) 	$   (0.00)
					
Weighted average shares			                         18,656,881  18,656,881 
</TABLE>
					
The accompanying notes are an integral part of these statements.					

INNOVET, INC.					
					
STATEMENTS OF OPERATIONS					
(Unaudited)					
<TABLE>
<CAPTION>
					
                                                   				Three Months Ended	
				                                                          June 30,	
			                                                    1998        		1997 
<S>                                                  <C> 					     <C>
Revenues					
	Sales		                                             $    -   		   $    -   
			                                                       -             -   
Costs and expenses					
	Selling, general and administrative expenses	         	800      		27,647 
	Depreciation expense		                                   -         		167 
	Interest expense                                   		1,576         9,076 
			                                                   2,376      		36,890 
	Loss from operations before income taxes	          	(2,376)    		(36,890)
					
Provision for income taxes			                             -             -   
					
	Net loss		                                        $ (2,376)		  $ (36,890)
					
	Net loss per share		                              $  (0.00) 		 $   (0.00)
					
Weighted average shares                    			   18,656,881    18,656,881 
</TABLE>
					
The accompanying notes are an integral part of these statements.					


INNOVET, INC.						
						
STATEMENT OF STOCKHOLDERS' EQUITY						
(Unaudited)						
<TABLE>
<CAPTION>						
			                      Capital in     	Capital                        Total
	    Common Stock	       Excess of	   Representing   Accumulated   Stockholders'
	Shares	      Amount     Par Value	   Stock Grants     Deficit 	       Equity
<C>					       <C>	       <C>           <C>           <C>             <C> 
Balance, January 1, 1998
18,656,881 	 $ 18,657 	 $ 18,856,654 	 $ 5,514,990 	 $(24,456,445)	 $ (66,144)
						
Net loss -          -              -             -         (5,234)     (5,234)

Balance, June 30, 1998
18,656,881 	   18,657	    18,856,654     5,514,990    (24,461,679)    (71,378)
</TABLE>
						
The accompanying notes are an integral part of these statements.						


INNOVET, INC.							
							
STATEMENTS OF CASH FLOWS							
(Unaudited)							
<TABLE>
<CAPTION>
							
                                                     					Six Months Ended		
					                                                         June 30,		
  			                                                     1998      		1997 
<S>                                                     <C>        <C>
Cash flows from operating activities:							
	Net loss				                                         $ (5,234)  $ (56,689)
	Adjustments to reconcile net loss to net						
	 cash used in operating activities:						
		Depreciation expense			                                    -         546 
		Gain on sale of equipment			                               -        (400)
		Changes in operating assets and liabilities:					
			(Increase)decrease in prepaid expenses		                  -         747 
			Increase(decrease) in accounts payable		            (27,310)          -   
			Increase(decrease) in accrued expenses		              3,152       9,321 
				Net cash used for operating activities	            (29,392)    (46,475)
							
Cash flows from investing activities:							
	Sale of property, plant and equipment	  			                 -         500 
				Net cash used for investing activities	                  -         500 
							
Cash flows from financing activities:							
	Proceeds from director/officer/shareholder loans		          -      50,000 
				Net cash provided by financing activities	               -      50,000 
							
							
Increase (decrease) in cash and cash equivalents	      (29,392)      4,025 
							
Cash and cash equivalents, beginning of period				      44,500      77,159 
							
Cash and cash equivalents, end of period					         $ 15,108 		 $ 81,184 
							
							
Supplemental disclosures of cash flow information							
	Cash paid during the year:						
		Interest			                                         $      - 		 $      -   
</TABLE>
					
The accompanying notes are an integral part of these statements.							

INNOVET, INC.

NOTES TO FINANCIAL STATEMENTS

June 30, 1998

NOTE A - BASIS OF PREPARATION

	The Balance Sheets at June 30, 1998 and December 31, 1997 and the related
Statements of Operations for the three months and six months ended June 30,
1998 and 1997, Statement of Stockholders' Equity for the six months ended
June 30, 1998 and Statements of Cash Flows for the six months ended June 30,
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, result 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 six months ended
June 30, 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.

	(1) Three months ending June 30.  Revenues.  The Company had no revenues in
the quarter ended June 30, 1998 and also for the same period in 1997.
	
	Selling, general and administrative expenses.  Selling, general and
administrative expenses decreased $26,847 or 97% in 1998 compared to the
second quarter of 1997.  The only expense incurred in the second quarter
1998 was $800 for the stock transfer agent.

	Depreciation expense.  Depreciation expense decreased $167 or 100% as the
remaining assets are fully depreciated.

	Interest expense.  Interest expense decreased $7,500 in the second quarter
1998 compared to the same quarter last year.  The 1997 interest expense of
$9,076 included $7,500 or one-half of the loan fees incurred for the Oakes,
Fitzwilliams and Co. Limited loan to the Company.

	(2) Six months ending June 30.  Revenues.  The Company had no revenues for
the six months ended June 30, 1998 and also for the same period in 1997.

	Selling, general and administrative expenses.  Selling, general and
administrative expenses decreased $44,740 or 96% in 1998 compared to the
same period in 1997.  The main expense incurred in the first six months of
1998 was $2,000 for the stock transfer agent.

	Depreciation expense.  Depreciation expense decreased $546 or 100% as the
remaining assets are fully depreciated.
	
	Interest expense.  Interest expense decreased $6,169 or 66% in 1998 compared
to the same six months last year.  The 1997 interest expense of $9,321
included $7,500 or one-half of the loan fees incurred for the Oakes,
Fitzwilliams and Co. Limited loan to the Company.

	 (b)	Liquidity.

	At June 30, 1998, the Company had $15,108 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 for the six months ended June 30, 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