UNITED STATES
                                            SECURITIES AND EXCHANGE COMMISSION
                                                  Washington, D.C.  20549

    
                                                       FORM 10-QSB/A
     


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

(Mark One)
(X)      Quarterly  report  pursuant  to section 13 or 15 (d) of the Securi ties
         Exchange Act of 1934, for the quarterly period ended January 31, 1997.

( )      Transition report pursuant to section 13 or 15 (d) of the
         Securities Exchange Act of 1934, for the transition period from
                       to              .

    
Commission file number 01-17872
     

                          ECHO SPRINGS WATER CO., INC.
        (Exact name of small business issuer as specified in its charter)

New York                                                #16-1433379
(State of Incorporation)                          (I.R.S. Employer ID No.)

           Building 100A, Hackensack Avenue, Kearny, New Jersey 07032
                    (Address of Principal Executive Offices)

                                 (201) 465-5151
                           (Issuer's Telephone Number)

                                       N/A
              (Former name, former address and former fiscal year,
                          if changed since last report)

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 issuer was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.

                                                      Yes   X     No

Indicate the number of shares  outstanding  of each of the  Issuer's  classes of
common stock, as of the latest practicable date.

            Class                    Outstanding at February 28, 1997

    
Common stock, $.0001 par value                              3,507,149 shares
     

Transitional Small Business Disclosure Format   Yes                     No   X


<PAGE>

                                           ECHO SPRINGS WATER CO., INC.

                                                   Index to Form 10-QSB


                                                                        Page
                   Item                                                  Number

PART I.  FINANCIAL INFORMATION                                            3

 Item 1.  Financial Statements:

         Consolidated balance sheets -
         January 31, 1997 and October 31, 1996                            3

         Consolidated statements of operations -
         Three months ended January 31, 1997 and 1996                     4

         Consolidated statements of cash flows -
         Three months ended January 31, 1997 and 1996                     5

         Notes to Consolidated Financial Statements                     6-9

         Management's Discussion and Analysis of Financial
 
       
      Condition and Results of Operations                         10-12
 
    
PART II.          OTHER INFORMATION

    
         Item 1.  Legal Proceedings                                      13
         Item 6.  Exhibits and Reports on Form 8-K                       13

Signatures                                                               14
     











<PAGE>



PART I.  FINANCIAL INFORMATION
ITEM 1.  FINANCIAL STATEMENTS

                                               ECHO SPRINGS WATER CO., INC.

                                                CONSOLIDATED BALANCE SHEET
                                                        (UNAUDITED)

                                                          ASSETS

<TABLE>
<CAPTION>
<S>                                                                                           <C>                   <C>
                                                                                      January 31,           October 31,
                                                                                         1997                   1996
Current Assets:
 Cash                                                                                 $   15,613             $   44,631
 Accounts receivable - net of allowance
  for doubtful accounts of $14,000 in
  1997 and in 1996                                                                       234,191                257,212
 Notes receivable, current portion                                                        26,402                 26,010
 Inventories                                                                              26,845                 34,221
 Prepaid expenses                                                                         76,363                 30,178
                                                                                       ---------              ---------
         Total Current Assets                                                            379,414                392,252

Notes receivable, net of current portion                                                 153,119                159,868

Property, plant and equipment - net                                                    1,240,842              1,278,230

Other assets                                                                             219,160                220,026
                                                                                       ---------              ---------

         TOTAL ASSETS                                                                 $1,992,535             $2,050,376
                                                                                       =========              =========

                                     LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIENCY)

Current Liabilities:
 Current portion of debt                                                              $  572,153             $  552,153
 Debentures                                                                               50,000                 50,000
 Accounts payable and accrued expenses                                                 1,581,407
1,513,582
 Customer deposits                                                                       215,600                213,000
 Unearned revenues                                                                        17,132                 17,677
                                                                                       ---------              ---------
         Total Current Liabilities                                                     2,436,292              2,346,412
                                                                                       ---------              ---------

Shareholders' Equity (Deficiency):
 Common stock, $.0001 par, 75,000,000
    
  shares authorized; issued and
  outstanding 2,907,149 shares
  in 1997 and 1996                                                                           291                    291

 Additional paid-in capital                                                            7,967,725              7,967,725
 Accumulated deficit                                                                  (8,411,773)            (8,264,052)
                                                                                       ---------              ---------
     
         Total Shareholders'
          Equity (Deficiency)                                                           (443,757)              (296,036)
                                                                                       ---------              ---------

         TOTAL LIABILITIES AND SHAREHOLDERS'
          EQUITY (DEFICIENCY)                                                         $1,992,535             $2,050,376
                                                                                       =========              =========


</TABLE>


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

                                                         - 3 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.

                                           CONSOLIDATED STATEMENT OF OPERATIONS

                                          FOR THE THREE MONTHS ENDED JANUARY 31,
                                                        (UNAUDITED)
<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                                    1997                        1996
                                                                                    ----                        ----

Revenues:
 Gross sales                                                                 $    444,476                 $   525,612
 Credits and allowances                                                            (2,652)                     (4,319)
 Freight out                                                                       (8,949)                    (12,051)
 Other income                                                                        (134)                      4,145
                                                                               ----------                  ----------

                                                                                 432,741                     513,387
                                                                               ----------                  ----------

Costs and Expenses:
 Cost of sales                                                                    188,795                     219,661
 Selling, general and
  administrative                                                                  373,834                     361,369
 Interest                                                                          17,474                      57,358
 Amortization of other assets                                                       1,219                       1,219
 Loss (gain) on sale of assets                                                       (860)                     (1,200)
                                                                               ----------                  ----------
         Total Costs and Expenses                                                 580,462                     638,407
                                                                               ----------                  ----------

Net loss                                                                      $  (147,721)                $  (125,020)
                                                                               ==========                  ==========

Net loss per share                                                            $      (.05)                $      (.08)
                                                                               ==========                  ==========

    
Weighted average shares outstanding                                             2,907,149                   1,659,996
                                                                               ==========                  ==========
     




</TABLE>



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



                                                         - 4 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.



                                           CONSOLIDATED STATEMENT OF CASH FLOWS

                                          FOR THE THREE MONTHS ENDED JANUARY 31,
                                                        (UNAUDITED)

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


                                                                                         1997                1996
                                                                                         ----                ----

Operating Activities:
 Net loss                                                                            $(147,721)          $(125,020)
 Adjustments to reconcile net loss to
  net cash used by
  operating activities:
  Depreciation and amortization                                                         39,869              37,667
  Loss (gain) on sale of assets                                                           (860)             (1,200)
  Provision for doubtful accounts                                                                          (10,000)
  Changes in assets and liabilities -
   Accounts receivable                                                                  23,021               2,551
   Inventories                                                                           7,376               4,637
   Prepaid expenses                                                                    (46,185)            (66,923)
   Other assets                                                                           (353)               (531)
   Accounts payable and accrued
    expenses                                                                            67,825              77,601
   Customer deposits                                                                              2,600      8,100
   Unearned revenues                                                                      (545)            (23,602)
                                                                                      --------            --------
         Net Cash Used by
          Operating Activities                                                         (54,973)            (96,720)
                                                                                      --------            --------

Investing Activities:
 Capital expenditures                                                                   (1,262)            (13,668)
 Collections on notes receivable                                                         6,357               5,037
 Proceeds from sale of assets                                                              860               1,200
                                                                                      --------            --------
         Net Cash Provided (Used) by
          Investing Activities                                                           5,955              (7,431)
                                                                                      --------            --------

Financing Activities:

Increase in installment debt                                                           20,000              75,000
 Repayment of installment debt                                                                             (22,742)
                                                                                      --------            --------
         Net Cash Provided by
      Financing Activities                                                              20,000              52,258
                                                                                      --------            --------

Net decrease in cash                                                                   (29,018)            (51,893)

Cash - beginning                                                                        44,631              57,224
                                                                                      --------            --------
CASH - ENDING                                                                        $  15,613           $   5,331
                                                                                   ========            ========

SUPPLEMENTAL INFORMATION:
 Interest paid                                                                       $     927           $   1,262
</TABLE>


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

                                                         - 5 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)



NOTE 1 -          SIGNIFICANT ACCOUNTING POLICIES
                  -------------------------------

                  BASIS OF PRESENTATION
                  The interim  consolidated  financial  statements  are prepared
                  pursuant to the requirements for reporting on Form 10-QSB. The
                  October 31, 1996  balance  sheet data was derived from audited
                  consolidated   financial  statements  and  together  with  the
                  interim  consolidated  financial  statements and notes thereto
                  should be read in conjunction with the consolidated  financial
                  statements and notes  included in the Company's  latest annual
                  report on Form  10-KSB/A.  In the opinion of  management,  the
                  interim   consolidated   financial   statements   reflect  all
                  adjustments of a normal recurring nature neces sary for a fair
                  statement  of the results for  interim  peri ods.  The current
                  period results of operations are not necessarily indicative of
                  results which  ultimately will be reported for the full fiscal
                  year.

                  BUSINESS
                  Echo Springs  Water Co.,  Inc.  ("the  Company"),  through its
                  subsidiaries,  is engaged  principally in the  distribution of
                  bottled water and allied  products.  The Company bottles water
                  from its own  natural  springs  in  Burlington,  NY for direct
                  distribution and sale to business and residential customers as
                  well as for wholesale to supermarkets  and other bottled water
                  distributors.

                  REVENUE RECOGNITION
                  Revenue  from  equipment  rental  is  recognized  based on the
                  period in which it is earned and unearned revenue is re corded
                  for the portion billed in advance. Revenues from product sales
                  are recognized upon shipment to the wholesal er or delivery to
                  the customer, as applicable.

                  LOSS PER SHARE

                  Net loss per share is based upon the weighted  average  number
                  of shares  outstanding  during each period.  All share and per
                  share amounts give effect to a 1-for-25 reverse stock split in
                  October, 1996.


                                                         - 6 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)


NOTE 2 -          INVENTORIES
                  -----------

                  Inventories  are  valued at the lower of cost or market on the
                  first-in,  first-out basis and at October 31, 1996 and January
                  31, 1997 consist of the following:

                                                  January              October
                                                   31, 1997            31, 1996

Bottles                                           $ 2,168             $ 1,722
Product held for sale                              12,672              16,415
Supplies                                           12,005              16,084
                                                  ------              ------
                                                  $26,845             $34,221
                                                   ======              ======

NOTE 3 -          PROPERTY, PLANT AND EQUIPMENT
                  -----------------------------

                  Property,  plant  and  equipment  are  recorded  at  cost  and
                  depreciated  by the  straight-line  method over the  estimated
                  economic  useful  lives of the various  asset groups of 5 - 40
                  years and consist of the following:
                                                  January               October
                                                  31, 1997             31, 1996

Land                                            $  150,000           $  150,000
Buildings and improvements                         362,298              362,298
Water coolers, bottles and
      brewers                                      918,730              918,730
Machinery and equipment                            335,068              335,069
Vehicles                                            60,850               60,850
Furniture and fixtures                             128,391              127,128
                                                 ---------            ---------
                                                 1,955,337            1,954,075

        Less: accumulated depreciation
          and amortization                         714,495              675,845
                                                ---------            ---------
                                                $1,240,842           $1,278,230
                                                =========            =========


                                                        - 7 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)

NOTE 4 -          OTHER ASSETS
                  ------------

                  Other  assets at October  31,  1996 and  January  31, 1997 are
                  comprised of the following:

                                                 January             October
                                                 31, 1997            31, 1996
                  Water rights                   $205,000            $205,000
                  Accumulated amortization         34,748              33,529
                                                   -------             -------
                       Net deferred charges       170,252             171,471

                  Security deposits                30,890              30,537
                  Deferred public offering costs   18,018              18,018
                                                   -------             -------

                                                  $219,160            $220,026
                                                  =======             =======


NOTE 5 -          INDEBTEDNESS
                  ------------
   
 
                  The  Company  is  currently  in default  as to  principal  and
                  interest  on its  debt  and  debentures  except  for  advances
                  payable to  stockholder  of  $282,153  at October 31, 1996 and
                  $302,153 at January 31, 1997.  Although the debt is in default
                  and therefore  currently due, the debtholders  have informally
                  agreed to wait for payment  until  completion  of the proposed
                  public offering. (See Note 7).
 

    

NOTE 6 -          INCOME TAXES
                  ------------

    
                  The Company  files a  consolidated  federal  income tax return
                  with its  subsidiaries.  At October 31,  1996,  the  estimated
                  maximum amount of net operating loss carryforward available to
                  reduce  future  taxable  income is  approximately  $8,200,000,
                  expiring  from 2004 through  2010.  Deferred tax benefits from
                  the use of net operating loss  carryforwards  of approximately
                  $2,780,000 are offset by a  corresponding  amount of valuation
                  allowance  since it is more  likely  than not that all or some
                  portion of the deferred tax asset will not be realized.
 
    

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.

             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
                                   (UNAUDITED)

NOTE 7 -          GOING CONCERN
                  -------------
   
 
                  The Company  sustained  losses of $228,571  (before  extraordi
                  nary gain) for the  fiscal  year ended  October  31,  1996 and
                  $147,721  for the three months  ended  January 31,  1997.  The
                  Company had deficit net worths of $296,036 at October 31, 1996
                  and $443,757 at January 31, 1997. In addition, the Company was
                  in default on principal and interest payments on a substantial
                  portion of its debt.  These  facts  raise sub  stantial  doubt
                  about the  Company's  ability to continue as a going  concern.
                  Considerations  which tend to mitigate  the  question of going
                  concern  include  management's  successful  efforts in raising
                  funds through private  placements,  the ability to renegotiate
                  and restructure long-term financing with major creditors, past
                  and present  efforts to convert debt to equity and the ability
<PAGE>

                 to acquire, restructure and develop the bottled water business
                  which  it  believes   will  be  able  to  achieve   profitable
                  operations.   In  June,   1996,   the  Company   entered  into
                  negotiations  to  consummate  a public  offering  with minimum
                  gross  proceeds  of  approximately  $4,000,000.   The  Company
                  intends  to use a  portion  of the  proceeds  of the  proposed
                  public  offering  to seek  and  consum  mate  acquisitions  of
                  companies in the bottled water and allied  products  business.
                  No assurance  can be given that the Company will be successful
                  in identifying  potential  acquisitions or, if made, that such
                  acquisitions will have a beneficial effect on the Company. The
                  Company has no cur rent  agreement  to acquire any business or
                  property,  or  intent  to  acquire  any  specific  busines  or
                  property.  The Company  believes  that these  factors  provide
                  meaningful evidence as to the Company's ability to continue in
                  opera  tion for the next  fiscal  year and  support  the going
                  concern   presentation   in  the   accompanying   consolidated
                  financial  statements in favor of the liquidation basis. There
                  can be no assurance, however, that management will continue to
                  be able to raise  sufficient  capital or convert existing debt
                  to equity or to achieve profitable operations going forward.
 
    
NOTE 8 -  SUBSEQUENT EVENTS

                  In February,  1997,  the Company  sold  600,000  shares of its
                  common  stock in private  transactions  at $1.00 per share for
                  aggregate gross proceeds of $600,000.

                                                         - 9 -

<PAGE>



                          ECHO SPRINGS WATER CO., INC.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

          FOR THE THREE MONTHS ENDED JANUARY 31, 1997 COMPARED WITH THE

                       THREE MONTHS ENDED JANUARY 31, 1996


Net revenues  decreased  $80,646  (15.7%) to $432,741 for the three months ended
January 31, 1997  ("1997")  from $513,387 for the three months ended January 31,
1996  ("1996").  The $81,136  decrease in gross sales was due  primarily to four
factors.  The 2.5-gallon sales fell by approximately  $5,000 as this low-margin,
low-volume  product line was  discontinued in July,  1996. Sales of one gallons,
another low-margin product, decreased by approximately $16,000, largely due to a
discon tinuance of service to one supermarket customer. Sales of allied products
fell by  approximately  $21,000  due to reduced  emphasis  on this lower  volume
aspect of the business,  primarily as a result of the reduction in the sales and
marketing staff. The fourth contributing factor was a deliberate  discontinuance
of service to  marginal  custom ers as  determined  from a  customer-by-customer
review in setting up the new corporate  computer system.  The small improvements
in credits and  allowances  and freight out were largely offset by reduced gains
on unclaimed or lost customer deposits.

Cost of sales for 1997 was  $188,795  (42.5%  of gross  sales)  as  compared  to
$219,661  (41.8% of gross sales) for 1996.  This small  percentage  increase was
caused  primarily by an  approximately  $29,000 decrease in the equipment rental
portion of gross sales as a result of the discon tinuance of service to marginal
customers.

Selling,  general and administrative  expenses were $373,834 in 1997 as compared
to $361,369 in 1996. A reduction in the sales and  marketing  staff in an effort
to better  concentrate  on the  current  customer  base  resulted  in an overall
savings  of  approximately  $12,000.   However,  delivery  and  warehouse  costs
increased approximately $6,000,  primarily as a result of increased truck rental
costs due to a larger number of rental vehicles in the corporate fleet, in order
to improve  the  timeliness  of product  deliveries,  combined  with a 50% truck
rental price increase in May, 1996. Further, general and administrative expenses
rose by  approximately  $18,000.  A small increase in adminis  trative staff and
expenses accounted for approximately  $6,000. The investor relation costs of the
debt-to-equity  conversion  and the  reverse  stock  split  amounted  to another
approximately  $6,000 and the final factor was  increased  business  development
costs of approximately $6,000 to investigate new potential business investments.

Interest expense decreased from $57,358 in 1997 to $17,474 in 1996, primarily as
a result of the October, 1996 debt-to-equity  conversion.  Amortization of other
assets of $1,219 in 1997 and 1996 related to the amortization of water rights.

The net loss for 1997  increased by $22,701 from $125,020 in 1996 to $147,721 in
1997.

                                                         - 10 -

<PAGE>




                          ECHO SPRINGS WATER CO., INC.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                         LIQUIDITY AND CAPITAL RESOURCES

The Company's  primary sources of liquidity have been cash generated from sales,
issuance of common stock, debentures,  and installment debt, and borrowings from
its officers.

During the three  months  ended  January  31,  1997 and 1996,  the  Company  had
negative  cash  flows  from   operating   activities  of  $54,973  and  $96,720,
respectively.  Investing  activities provided cash of $5,955 in 1997,  primarily
from collections on notes receivable, and used cash of $7,431 in 1996, primarily
for the  acquisition  of property  and  equipment.  The Company has financed its
operating and investing  activities  during these periods  primarily through the
issuance of installment debt.

At January 31, 1997, the Company had a working capital deficiency of $2,056,878.
Short-term credit sources are limited to trade credit on purchases and services.
The report issued by the Company's  accoun tants that  accompanies the Company's
Consolidated  Financial  Statements  for the year ended  October 31, 1996 states
that there is a substantial  doubt about the Company's  ability to continue as a
going concern.

    
As indicated in Note 5 to the accompanying  Consolidated  Financial  Statements,
certain of the  Company's  indebtedness  is in default.  Although the debt is in
default and therefore  currently due, the debtholders have informally  agreed to
wait for payment until comple tion of the proposed public offering noted below.
 
    
Considerations  which tend to mitigate  the  question of going  concern  include
management's successful efforts in raising funds through private placements, the
ability to renegotiate and restructure long-term financing with major creditors,
past and present  efforts to convert  debt to equity and the ability to acquire,
restructure  and develop the bottled  water  business  which it believes will be
able to achieve profitable operations.

    
In June,  1996,  the Company  entered into  negotiations  to consummate a public
offering with minimum gross proceeds of approximately $4,000,000.  Such offering
is expected  to take place  during  Fiscal  1997.  The Company  intends to use a
portion of the proceeds of the proposed  public  offering to seek and consummate
acquisitions of companies in the bottled water and allied products business.  No
assurance  can be given that the  Company  will be  successful  in identi  fying
potential  acquisitions  or,  if  made,  that  such  acquisitions  will  have  a
beneficial  effect on the  Company.  The  Company  has no current  agreement  to
acquire any business or property,  or intent to acquire any specific business or
property.
 
    
The Company  believes that these factors provide  meaningful  evidence as to the
Company's  ability to continue in operation for the next fiscal year and support
the  going  concern  presentation  in the  accompanying  Consolidated  Financial
Statements  in  favor  of the  liquidation  basis.  There  can be no  assurance,
however, that management will continue to be able to raise sufficient capital or
convert  existing  debt to  equity or to  achieve  profitable  operations  going
forward.

    
The Company has no plans or commitments for capital expenditures during the next
twelve months other than the ordinary equipment  purchases which are expected to
be funded with additional installment debt. The Company is close to settling its
prior years'  unpaid  payroll  taxes and,  upon  agreement,  intends to pay such
amounts from additional borrowings.
 
    
                                                         - 11 -

<PAGE>



                          ECHO SPRINGS WATER CO., INC.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS

                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

                         LIQUIDITY AND CAPITAL RESOURCES




The Company's business is subject to seasonal fluctuation, with summer being the
busiest  season and winter the  slowest.  To date,  seasonality  has not had any
material effect on the Company's financial condition or results of operations.

                                                         - 12 -

<PAGE>



                                               ECHO SPRINGS WATER CO., INC.



PART II           OTHER INFORMATION

ITEM 1.           Legal Proceedings

    
                  There have been no new legal  proceedings or material  changes
                  to legal proceedings  during the period from those reported in
                  the  Company's  Form  10-KSB/A for the year ended  October 31,
                  1996.
 
    
ITEM 6.           Exhibits and Reports on Form 8-K

                  a.  Exhibits - Financial Data Schedule

                  b.  Reports on Form 8-K

                                 NONE



                                                         - 13 -

<PAGE>






                                                        SIGNATURES



         Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended,  the issuer has duly  caused  this report to be signed on its behalf by
the undersigned, hereunto duly authorized.

                                               ECHO SPRINGS WATER CO., INC.
                                                         (Issuer)



         By
                  Michael S. Rakusin
                  President


    
Dated: June    , 1997
     

                                                         - 14 -

<PAGE>


                          ECHO SPRINGS WATER CO., INC.

                             FINANCIAL DATA SCHEDULE

                   FOR THE THREE MONTHS ENDED JANUARY 31, 1997





This  schedule  contains  summary  financial   information  extracted  from  the
financial  statements  for the  three  months  ended  January  31,  1997  and is
qualified in its entirety by reference to such financial statements.

<TABLE>
<CAPTION>
<S>     <C>    <C>    <C>    <C>    <C>    <C>


Item #                          Item Description                                                                Amount

5-02(1)                         Cash and cash items                                                           $   15,613
5-02(2)                         Marketable securities                                                             - 0 -
5-02(3)(a)(1)                   Notes and accounts receivable-trade                                               248,191
5-02(4)                         Allowances for doubtful accounts                                                   14,000
5-02(6)                         Inventory                                                                          26,845
5-02(9)                         Total current assets                                                              379,414
5-02(13)                        Property, plant and equipment                                                   1,955,337
5-02(14)                        Accumulated depreciation                                                          714,495
5-02(18)                        Total assets                                                                    1,992,535
5-02(21)                        Total current liabilities                                                       2,436,292
5-02(22)                        Bonds, mortgages and similar debt                                                 - 0 -
5-02(28)                        Preferred stock-mandatory redemption                                              - 0 -
5-02(29)                        Preferred stock-no
                                 mandatory redemption                                                             - 0 -
5-02(30)                        Common stock                                                                          310
5-02(31)                        Other stockholders' equity                                                       (444,067)
5-02(32)                        Total liabilities and
                                 stockholders' equity                                                           1,992,535
5-03(b)(1)(a)                   Net sales of tangible products                                                    432,875
5-03(b)(1)                      Total revenues                                                                    432,741
5-03(b)(2)(a)                   Cost of tangible goods sold                                                       188,795
5-03(b)(2)                      Total costs and expenses applicable
                                 to sales and revenues                                                            188,795
5-03(b)(3)                      Other costs and expenses                                                          - 0 -
5-03(b)(5)                      Provision for doubtful
                                 accounts and notes                                                               - 0 -
5-03(b)(8)                      Interest and amortization
                                 of debt discount                                                                  17,474
5-03(b)(10)                     Income before taxes and
                                 other items                                                                     (147,721)
5-03(b)(11)                     Income tax expense                                                                - 0 -
5-03(b)(14)                     Income/loss continuing operations                                                 - 0 -
5-03(b)(15)                     Discontinued operations                                                           - 0 -
5-03(b)(17)                     Extraordinary items                                                               - 0 -
5-03(b)(18)                     Cumulative effect-changes
                                 in accounting principles                                                         - 0 -
5-03(b)(19)                     Net income or loss                                                               (147,721)
5-03(b)(20)                     Earnings per share-primary                                                          (0.05)
5-03(b)(20)                     Earnings per share-fully diluted                                                  - 0 -

</TABLE>
                                                     - 15 -