U.S. SECURITIES AND EXCHANGE COMMISSION
                               Washington, DC  20549

                                    FORM 10-QSB

        (Mark One)

           Quarterly report  under  Section 13,  or  15  (d) of  the  Securities
   Exchange Act of 1934

        For the quarterly period ended  January 31, 1996 

          Transition report under Section 13 or 15 (d) of the Exchange Act 

        For the transition period from  to 

        Commission file number          33-19435                                
                                                  
                                    ADINA, INC..
         (Exact Name of Small Business Issuer as Specified in Its Charter)

             Delaware                                     75-2233445            
        (State or Other Jurisdiction of              (I.R.S. Employer
         Incorporation or Organization)               Identification No.)

                   17770 Preston Road, Dallas, Texas   75252
                    (Address of Principal Executive Offices)

                                  (214) 733-3005
                 (Issuer's Telephone Number, Including Area Code)

    (Former Name, Former Address and Former Fiscal Year, if Changed Since Last
   Report)

        Check whether the  issuer: (1) filed all reports required 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 past 90 days.
      Yes       No
                      APPLICABLE ONLY TO ISSUERS INVOLVED IN
                        BANKRUPTCY PROCEEDINGS DURING THE 
                               PRECEDING FIVE YEARS

        Check whether the registrant 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 a court.
      Yes       No

                       APPLICABLE ONLY TO CORPORATE ISSUERS

        State the number of shares  outstanding of each of the issuer's  classes
   of common equity, as of the latest practicable date:  11,250,000
 
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                                    ADINA, INC.
       
                                     I N D E X

                                                        Page No.

   Part I         FINANCIAL INFORMATION:

             Item 1.   Balance Sheets                     2

                       Statements of Operations           3

                       Statements of Cash Flows           4

                       Notes to Financial 
                       Statements (unaudited)             5

             Item 2.   Management's Discussion
                       and Analysis of Financial
                       Condition and Results of
                       Operations                         5

   Part II   OTHER INFORMATION                            6
<PAGE>
<TABLE>

                                    ADINA, INC.
                           (a development stage company)

                          PART I.  FINANCIAL INFORMATION


                             CONDENSED BALANCE SHEETS

                                    (Unaudited)

                                      ASSETS

                                                                       
                                       January 31, 1996   April 30, 1995
 <S>                                         <C>                <C> 
     Cash                                    $    10            $  10 

   Total Assets                              $    10            $  10 

                       LIABILITIES AND STOCKHOLDERS' EQUITY


    Note Payable - Affiliate                  $  540            $ 540 

   Stockholders' Equity:
     Common stock (number of 
     shares authorized 25,000,000,        
     issued and outstanding  
     11,250,000 shares, par value             
    $.001/sh)                                 11,250           11,250 

   Retained earnings (deficit)               (11,780)         (11,780)

   Total Liabilities &
   Stockholders' Equity                      $    10            $  10 


The accompanying notes are an integral part of these financial statements.
</TABLE>
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<TABLE>

                                    ADINA, INC.
                           (a development stage company)

                              STATEMENTS OF OPERATION

                                   (Unaudited) 
                                                   
                                                    
                                                                                                                           
                                    Nine Months Ended
                                         October 31,         
                                  1996                  1995

<S>                                <C>                 <C>
   Income                          $       -           $      -    

   Expenses - General and 
     Administrative                $       -           $      -    

   Net Income (Loss)               $       -           $      -    

   Earnings per common share*              *                  *    

   *(less than $0.001 per 
     share)

   Weighted average number of 
     shares outstanding               11,250,000        11,250,000 


   The accompanying notes are an integral part of these statements.
</TABLE>
<PAGE>
<TABLE>

                                    ADINA, INC.
                           (a development stage company)

                             STATEMENTS OF CASH FLOWS 
                                                                 
                                          Nine Months   Nine Months   
                                            Ended         Ended      
                                     January 31, 1996  January 31, 1995  
   <S>                                    <C>           <C>  
   CASH FLOWS FROM OPERATING 
    ACTIVITIES:

   Cash Received From Customers           $       -      $       -

    Cash Paid to Employees and
     Other Suppliers of Goods
      and Services                                -             - 

   NET CASH PROVIDED (USED) BY
    OPERATING ACTIVITIES                          -              -
    
   NET CASH PROVIDED (USED) BY
    INVESTING ACTIVITIES                          -              -
     
   NET CASH PROVIDED (USED) BY
    FINANCIAL ACTIVITIES                          -              -

   NET INCREASE (DECREASE) IN CASH                -              -
    
   BEGINNING CASH BALANCE                        10             10

   CASH BALANCE AT END OF PERIOD          $      10      $      10


   The accompanying notes are an integral part of these financial statements.
   </TABLE>
   <PAGE>
                           NOTES TO FINANCIAL STATEMENTS
                                    (UNAUDITED)


   Financial Statements

   The  accompanying  unaudited  financial  statements  have  been  prepared  in
   accordance with the instructions to  Form 10-Q and do not include  all of the
   information  and   footnotes  required   by  generally   accepted  accounting
   principles for complete financial statements.

   In the opinion of management, all adjustments (consisting of normal recurring
   accruals) considered  necessary for a  fair presentation have  been included.
   These statements  should be  read in conjunction  with the  audited financial
   statements and notes thereto included  in the Registrant's annual 10-K filing
   for the year ended April 30, 1995.
         
   Item 2.    Management Discussion and Analysis of Financial Condition
              and Results of Operations

   Registrant has no operations  or substantial assets and  intends to seek  out
   and obtain candidates with  which it can merge or whose  operations or assets
   can be  acquired through  the  issuance of  common stock  and possibly  debt.
   Following a  distribution of  its common stock  to the shareholders  of Forme
   Capital, Inc. ("Forme") the Registrant has approximately 1,000 shareholders.

   It  is the  present  expectation of  the  Management  of Registrant  that  in
   connection with  any such merger or acquisition of  operations or assets that
   the  Management of  Registrant will  be  transferred to  the new  controlling
   shareholders.   The Management  of Registrant intends  to negotiate covenants
   with any such company or  controlling shareholders that it/they will maintain
   Registrant's registration with the Securities and Exchange Commission, comply
   with the  terms of its Articles of Incorporation  and Bylaws in all respects,
   maintain  and promote  an orderly  market  in Registrant's  Common Stock  and
   otherwise treat Registrant's shareholders fairly.

   Liquidity and Capital Resources

   Registrant is a development-stage company  and has not conducted any business
   operations  as yet.  The Company's cash resources and liquidity are extremely
   limited.  The Company has no assets to use as collateral to allow the Company
   to borrow, and there is no available external funding source other than Forme
   which has agreed  to provide  up to  $9,200 for expenses  connected with  the
   attempt to find a business combination partner.  If no combination partner is
   found  within twelve  months,  Registrant will  experience  severe cash  flow
   difficulties.  Registrant's  principal needs for  capital are for  Securities
   and Exchange Commission reporting requirements, bookkeeping, and professional
   fees.
  <PAGE>
                           PART II.   OTHER INFORMATION
        
   Item 6.    Exhibits and Reports on Form 8-K


                                       NONE
        

                                    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 thereto duly authorized.



                                           ADINA, INC.
                                           (Registrant)

        
                                           By: /s/ Daniel Wettreich             
                                           DANIEL WETTREICH, PRESIDENT


   Date:  March 14, 1996

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