<PAGE>

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

                            FORM 10-QSB


     (Mark One)

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

     For the quarterly period ended  January 31, 1997

      o  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)



(972) 733-3005
          (Issuer's Telephone Number, Including Area Code)


      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.
x  Yes    o  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.
o  Yes    o  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>

                            ADINA, INC.
                   (a development stage company)

                   PART I.  FINANCIAL INFORMATION

                      CONDENSED BALANCE SHEETS

                            (Unaudited)

                               ASSETS

<TABLE>
<S>
<C>                                      <C>
                                  January 31, 1997   April 30, 1996

  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.

<PAGE>

                            ADINA, INC.
                   (a development stage company)

                      STATEMENTS OF OPERATION

                            (Unaudited)


</TABLE>
<TABLE>
<S>
<C>                                         <C>

                                           Nine Months Ended
                                                 January 31,


1997                                                             1996


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.

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                            ADINA, INC.
                   (a development stage company)

                     STATEMENTS OF CASH FLOWS

</TABLE>
<TABLE>
<S>                                                 <C>                                                       <C>
                                      Nine Months   Nine Months
                                        Ended          Ended
                                  January  31, 1997           January
31, 1996
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.

<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, 1996.


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 10, 1997



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