UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549
                            
                                 FORM 10-QSB 
[x]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
              THE SECURITIES EXCHANGE ACT OF 1934
              For the quarter ended  - March 31, 1998
                                        OR
[ ]           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 0-28772
                              SLOAN ELECTRONICS, INC.
               (Name of Small Business Issuer in its charter)

                Delaware                                  35-1990559
    (State or other jurisdiction of                    (I.R.S. Employer
     incorporation or organization)                  Identification Number)
     
     2527 Monterey St., Sarasota, Florida                      34231
     (Address of principal executive offices)                (Zip Code)

     Registrant's telephone number, including area code: (941) 925-2286

          MAS Acquisition I Corp, 1710 E Division St, Evansville IN 47711
(Former name, former address and former fiscal year if changed since last 
report)

     Indicate by check mark whether the Registrant (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 Registrant was required to file such reports), 
and  (2) has  been subject to such filing requirements for the past 90 
days.     YES [x] NO [ ]
             
     As of March 31, 1998, the Registrant has outstanding 9,412,939 
shares of Common Stock, $.001 par value.

                   Documents Incorporated by Reference
        1. Form 8-K/A, filed with the Securities and Exchange 
Commission on March 18, 1998.
        2. Form 10-KSB/A, filed with the Securities and Exchange 
Commission on April 7, 1998
        3. Form 8-K/A, filed with the Securities and Exchange 
Commission on April 20, 1998.
<PAGE>  

THIS QUARTERLY REPORT CONTAINS STATEMENTS WHICH CONSTITUTE 
FORWARDLOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES 
LITIGATION REFORM ACT OF 1995. THESE STATEMENTS APPEAR IN A NUMBER OF 
PLACES IN THIS QUARTERLY REPORT AND INCLUDE STATEMENTS REGARDING THE 
INTENT, BELIEF OR CURRENT EXPECTATIONS OF THE COMPANY, WITH RESPECT TO 
(I)THE COMPANY'S PRODUCT DEVELOPMENT AND FINANCING PLANS, (II) TRENDS 
AFFECTING THE COMPANY'S FINANCIAL CONDITION OR RESULTS OF OPERATIONS, 
(III)THE IMPACT OF COMPETITION AND (IV)THE EXPANSION OF CERTAIN 
OPERATIONS. ANY SUCH FORWARD-LOOKING STATEMENTS ARE NOT GUARANTEES OF 
FUTURE PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES, AND ACTUAL 
RESULTS MAY DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING 
STATEMENTS AS A RESULT OF VARIOUS FACTORS.

                           Sloan Electronics, Inc.
                                Form 10-QSB 
              Quarterly Report, period ended March 31, 1998
<TABLE>
<CAPTION>
                                        INDEX
                                                     page number
PART I             Financial Information
<S>                                                  <C>
Item 1.    Financial Statements

Accountants' Compilation Report                      2

Balance Sheets                                       3

Statements Of Operations                             4

Statement Of Changes In Stockholders' Equity         5

Statements Of Cash Flows                             6

Notes to Financial Statements                        8

Item 2.   Management's discussion and analysis of
   financial conditions and results of operations.   9         

Part II.  Other Information
</TABLE>
<PAGE>





May 5, 1998



TO BOARD OF DIRECTORS
Sloan Electronics, Inc.
Sarasota, Florida


        

We have compiled the accompanying balance sheets of Sloan Electronics, 
Inc., as of March 31, 1998 and December 31, 1997, the related 
statement of changes in stockholders' equity for the periods then 
ended, and the statements of operations and cash flows for the three 
month periods ended March 31, 1998 and 1997, in accordance with 
Statements on Standards for Accounting and Review Services issued by 
the American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial 
statements information that is the representation of management.  We 
have not audited or reviewed the accompanying financial statements 
and, accordingly, do not express an opinion or any other form of 
assurance on them.

Management has elected to omit substantially all of the disclosures 
required by generally accepted accounting principles.  If the omitted 
disclosures were included in the financial statements, they might 
influence the user's conclusions about the Company's financial 
position, results of operations, and cash flows.  Accordingly, these 
financial statements are not designed for those who are not informed 
about such matters.

Bobbitt, Pittenger & Company, P.A.


Certified Public Accountants








<PAGE>
Part I Financial Information
Item 1. Financial Statements


                      SLOAN ELECTRONICS, INC.

                         BALANCE SHEETS
<TABLE>
<CAPTION>





                                          March  31,           Dec. 31
                                             1998                1997      
ASSETS
<S>                                        <C>               <C>
CURRENT ASSETS
Cash and cash equivalents                   $24,388           $ 3,936
Accounts receivable                          52,765            89,732
Inventory                                     5,151            10,151
Prepaid expenses & other current assets       8,562
Due from officer                             33,565            33,565
                                            _______          ________
TOTAL CURRENT ASSETS                        124,431           137,384

PROPERTY AND EQUIPMENT  
Computer equipment                            4,638             3,735

Less accumulated depreciation                (2,031)           (1,848)
                                           ________           _______        
                                              2,607             1,887
OTHER ASSETS AND INTANGIBLES
Research and development, (less accumulated
amortization of $23,094 and $21,315)         47,956            49,735
Deferred offering costs, (less of $23,164  
and accumulated amortization of $21,385)     35,886            49,897
                                            _______            ______
                                             83,842            99,632

                                           $ 210,880        $ 238,903
                                           =========        =========

</TABLE>





See accountants' compilation report and notes to financial statements.
<PAGE>

<TABLE>
<CAPTION>
                                          March 31,       Dec.31,
                                             1998          1997

LIABILITIES AND PARTNERS' CAPITAL
<S>                                    <C>        <C>      <C>       <C>
CURRENT LIABILITIES
Accounts payable                       $ 102,301          $ 124,586
Accrued expenses                          21,530             21,530
                                        _________           _______  
TOTAL CURRENT LIABILITIES                         123,831            146,116 

OTHER LIABILITIES       
Interest payable                          43,050             36,384
Due to stockholders                      160,000            160,000
Due to other                              15,000             15,000
                                          ______            _______
TOTAL OTHER LIABILITIES                           218,050            211,384
                                                  _______            _______
TOTAL LIABILITIES                                 341,881            357,500 

STOCKHOLDERS' EQUITY
Preferred stock, $.001 par value
20,000,000 shares authorized    
none issued or outstanding
Common stock, $.001 par value,
80,000,000 shares authorized, 
9,412,389 shares issued and outstanding  279,017            278,792
Paid-in capital                          230,717            165,942
Retained earnings (deficit)             (640,735)          (563,331)
                                         ________           _______

TOTAL STOCKHOLDERS' EQUITY                       (131,001)          (118,597)
                                                  ________           _______ 
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY        $ 210,880          $ 238,903
                                                 ==========        =========






















</TABLE>
<PAGE>


                      SLOAN ELECTRONICS, INC.

                     STATEMENTS OF OPERATIONS
                    FOR THE THREE MONTHS ENDED


<TABLE>
<CAPTION>

                                                March 31,        
                                         1998              1997
<S>                                      <C>            <C>
REVENUE                                 $ 13,854        $27,732          

COST OF GOODS SOLD                         4,846         16,117         
                                          ______         ______
GROSS PROFIT                               9,008         11,615

EXPENSES
Selling                                       67          5,893
General and administrative                86,345         61,498
                                         _______          _____
                                          86,412         67,391

NET LOSS                                $(77,404)       $(55,776)
                                        =========       ========
NET LOSS PER COMMON SHARE             $  (.009)       $  (.006)
                               

</TABLE>


See accountants' compilation report and notes to financial statements.

<PAGE>
              
                         SLOAN ELECTRONICS, INC.

             STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>

                      
                Common Stock        Paid-in       Retained        
                Shares    Amount    Capital       Earnings   Total
<S>           <C>        <C>         <C>       <C>           <C>
BALANCE,
Dec 31, 1997  9,187,389  $278,792    $165,942  $(563,331)    $(118,597)

                      
SALE OF COMMON 
STOCK           225,000       225      64,775                 65,000


NET LOSS                                         (77,404)     (77,404)
              _______      ______     ______     ________     ________

BALANCE,
Mar 31, 1998 9,412,389   $279,017   $230,717    $(640,735)  $(131,001)

</TABLE>











See accountants' compilation report and notes to financial statements.


<PAGE>
                        SLOAN ELECTRONICS, INC.

                       STATEMENTS OF CASH FLOWS
                      FOR THE THREE MONTHS ENDED 
<TABLE>
<CAPTION>
                                               March 31,             
                                           1998        1997

CASH FLOWS USED BY OPERATING ACTIVITIES
<S>                                     <C>             <C>
NET LOSS                                $(77,404)       $( 55,776)

ADJUSTMENTS TO RECONCILE NET LOSS TO
NET CASH USED BY OPERATING ACTIVITIES
Depreciation and amortization              3,741
Decrease in accounts receivable           36,967         (13,236) 
Decrease in inventory                      5,000
Decrease in prepaid expenses               3,670
Decrease in accounts payable             (22,285)         36,895 
Increase in interest payable               6,666              
                                          _______ 
NET CASH USED BY OPERATING ACTIVITIES     (43,645)        (32,117)                  
                                          _______         _______

CASH FLOWS USED BY INVESTING ACTIVITIES
Purchase of property and equipment           (903)                
                                          _______
CASH FLOWS FROM FINANCING ACTIVITIES
Sale of common stock                       65,000           8,500        
                                          _______         ________

NET CASH PROVIDED BY FINANCING ACTIVITIES  65,000                   
                                          _______                

NET INCREASE IN CASH AND CASH EQUIVALENTS  20,452         (23,617) 

CASH AND CASH EQUIVALENTS,
 beginning of year                          3,936          25,867    

CASH AND CASH EQUIVALENTS,
 end of year                             $ 24,388       $   2,250    
                                          ========         ======
SUPPLEMENTAL DISCLOSURE:
Non cash financing activities:
Issuance of common stock for services   $                 $ 8,500
                                         =========        =======
Interest paid                            $    562         $          
                                          ========
</TABLE>
See accountants' compilation report and notes to financial statements.

<PAGE>

                   SLOAN ELECTRONICS, INC.

                NOTES TO FINANCIAL STATEMENTS
             FOR THE PERIOD ENDED MARCH 31, 1998 



NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Sloan Electronics, Inc. was incorporated in the state of Florida in 
July, 1993.

The Corporation designs, manufactures and markets electronics 
monitoring equipment primarily for the criminal justice industry and 
the long term health care industry.

On November 18, 1997 an agreement of merger between MAS Acquisition I 
Corp., a Delaware corporation, incorporated July, 1996, and Sloan 
Electronics, Inc., a Florida corporation, was made and entered into.  
The two corporations merged into a single corporation, in which the 
Florida corporation ceased to exist, however the name of Sloan 
Electronics, Inc. will remain for the merge.  The outstanding shares 
of the Florida corporation were converted as follows:

One (1) share of Florida corporation into 2.31 shares of the Delaware 
corporation.

Use of Estimates

The preparation of financial statements in conformity with generally 
accepted accounting principles requires management to make estimates 
and assumptions that affect the reported amounts of assets and 
liabilities and disclosure of contingent assets and liabilities at the 
date of the financial statements and the reported amounts of revenues 
and expenses during the reporting period.  Actual results could differ 
from those estimates.

Accounts Receivable

As of March 31, 1998, all amounts in accounts receivable are 
considered collectible and no allowance for doubtful accounts has been 
recorded.

Property, Plant and Equipment

Property, plant, and equipment are recorded at cost.  Depreciation and 
amortization are computed using straight-line and accelerated methods.  
The company expenses maintenance and repairs as the costs are incurred.




Income Taxes

When Sloan Electronics was incorporated, it was formed as a subchapter 
S corporation.  As of July 1996, the Board of Directors voted to 
rescind its S election and is now a regular C corporation.  When the 
merger occurred, the Delaware Corporation remained, and therefore, 
will be filing its tax returns under the Federal ID number of the 
Delaware Corporation.
<PAGE>
                      SLOAN ELECTRONICS, INC.

                  NOTES TO FINANCIAL STATEMENTS




NOTE B - PARTNERS' CAPITAL

For the period ended March 31, 1998, (after the merger), there was 
100,000,000 shares of stock authorized; (80,000,000 common shares and 
20,000,000 preferred shares).  Of these shares, there were 9,252,389 
shares of common stock and 0 shares of preferred stock issued and 
outstanding.  The common stock of the Sloan shareholders of 3,561,000 
shares were converted into 8,227,070 shares of the merged company.  
The original shareholders of MAS Acquisition I Corp. retained 10% of 
the shares outstanding at the merge date of 9,141,189 for a total of 
914,119.  Prior to the merger, MAS Acquisition I Corp. gifted 100 
shares each to 31 non-U.S. persons for a total of 3,100 shares.  MAS 
Financial Corp. transferred 45,551 shares to two individuals for a 
total of 91,102 shares leaving MAS Financial Corp. with a total of 
819,917 shares.  This transaction was done solely by MAS Financial 
Corp. and does not affect Sloan Electronics, Inc. and is provided 
solely for information purposes only.


NOTE C - RELATED PARTIES

There have been no related party transactions, or any other 
transactions or relationships required to be disclosed pursuant to 
Item 404 of Regulation S-B.


NOTE D - COMMITMENTS AND CONTINGENCIES

As of March 31, 1998, there are no liens, judgements or claims against 
the corporation.




<PAGE>
       
Part I.  Item 2. Description of business and management's discussion

GENERAL

Sloan Electronics, Inc. (the "Company") designs, manufacturers and
markets electronic monitoring equipment primarily for the criminal
justice industry and the long-term health care industry. The Company
markets its house arrest monitoring equipment through its in-house
marketing department, and currently distributes its products
through national service providers. The Company's medical division 
has distribution agreements with Response USA, a distributor of 
personal emergency response systems and with King Alarm, a security 
product distributor.

The Company's revenue consist primarily from product sales. Based
on a written agreement, the Company will receive recurring payments 
from Response USA based on a percentage of their service revenue. 
During first quarter of 1998 the Company has not yet generated any 
revenue from recurring payments.

MAS Acquisition I Corp. (the "Company"), was incorporated on
July 31, 1996 in the State of Delaware, to engage in any lawful
corporate undertaking, including, but not limited to, selected
mergers and acquisitions. On December 5, 1997, pursuant to the
terms of an Agreement of Merger (the "Agreement") between the
Company and Sloan Electronics, Inc. ("Sloan"), Sloan has merged
into the Company and the Company has changed its name to
Sloan Electronics, Inc. Pursuant to the terms of the merger
Agreement, 3,561,500 shares of Common Stock of Sloan was
converted into 8,227,070 shares of Common Stock of the Company
at the conversion rate of 2.31. In addition, the Company
has accepted the return of, and cancelled, 7,680,083 shares
of Common Stock issued to MAS Financial Corp. and issued
91,102 shares of Common Stock as finder's fee, which was
paid by MAS Financial Corp.

PRODUCTS

The Company offers a full range of electronic monitoring 
equipment for the criminal justice system's house arrest corrections 
programs and for the medical industry's long-term health care 
providers. The Company strikes a balance between its ability 
to provide solid, state-of-the-art, high-quality products and its
ability to retail these products at the lower end of the industry's
pricing spectrum.

<PAGE>

The concept behind the Company's product line is that each product is 
able to stand alone, without after-market equipment such as door 
sensors or additional custom wiring, yet each product is integratable 
with anumber of pre-existing computer software programs.  This 
philosophyof integration makes the Company's SEI Alert products and 
Wander Watch products more attractive to institutional consumers.

The SEI Alert 24 Single Offender Based System.  A tamper-proof
transmitter is custom-fitted and attached to an offender's ankle.
This anklet is waterproof and designed to be worn at all times.
A home-based receiver is placed in a central location within a 
residence, and a range setting is selected.  In the event that the
anklet is removed, or that the person wearing it strays outside
the predetermined range, the event is recorded, time and date 
stamped, and sent to an outside monitoring station within 60
seconds' time.  The current industry average time window is over
8 minutes.

The SEI Alert 24 Half-Way House Multi-Residence System.  Each 
person paroled to a half-way house is fitted with an anklet 
transmitter.  The receiver then monitors the movements of each 
client within the pre-determined parameter of the half-way house 
and records any and all violations.  This system can work as a 
stand-alone measure with the current data sent via a telephone
line to monitoring station, or can also work as an in-house 
employee monitoring station.  The system is designed to monitor
from 1 to 50 offenders.

The SEI Alert 24 Drive-By Transmitter Detector.  This device is 
designed for use by parole officers, probation officers or
security officers.  This mobile surveillance system allows an
officer to check up on a house arrest client simply by driving
past this person's residence, work place or school.  The system
detects and displays the ID of a particular offender by 
interfacing with that person's anklet transmitter.  The receiver 
unit time an date stamps the information collected, and it can
also upload this information to a central computer.

The SEI Alert 24 Chain Gang / Work Release Departure Alert
System. Each inmate is fitted with an anklet transmitter.
A single guard mans the portable programmable receiver unit
which alerts the officer in the event that an offender, or
group of offenders, leaves the general area.  A prototype of
this unit is currently in the circuit board layout house.

<PAGE>

The Wander Watch Single Patient System.  A custom fitted,
tamper-proof anklet is attached to a patient's leg.  It is 
completely waterproof and designed to be worn at all times, 
including bathing and swimming.  The micro-transmitter in
the anklet sends a coded silent radio signal to the home
receiver, which in turn measures the strength of those signals
and calculates the distance the patient is from the base unit.
An alarm will sound when the patient travels beyond the 
selected range or if the anklet is removed.

The Wander Watch Multi-Patient Wander Alert System.  
A computer-based system specifically designed for placement
within a medical facility, the Multi-Patient Alert System
is able to notify a care giver in the event of a patient
departure from a long-term healthcare facility.  It was
originally configured to monitor the movements of 1 to 25
patients.  Unlike most wander alert systems installed in a
medical facility, the Wander Watch system stands alone and
does not require custom electrical wiring, installation of
door sensors or the use of door barrier detection equipment.

Fleet Watch Alert 24. This radio frequency reporting system
allows a company to passively keep tract of its fleet vehicle
traffic. Every time a fleet vehicle drives onto or off the 
company property, the event is date and time stamped
automatically. This enables a company to keep track of 
employee hours, vehicle use and vehicle status instantly.
The Fleet Watch computerized base unit is fully integratable
with other computer software, allowing the unit to generate
vehicle status reports on demand. No longer is it
necessary for a company to assign an employee the duty of 
physically counting each vehicle on the lot.

Nurse Call Alert 24. A wireless nurse call system with a 500
resident capacity, which can be installed in less than 30 minutes.
This system utilizes fail-safe technology, provides coverage
of any sized facility, outputs usage reports and provides for 
a complete audit trail. The system's advanced features include
an automatic signal check, low battery reporting and an optional
range extender. The system can function as a nurses' call
network or it can complement an optional paging system to
direct staff to medical emergencies in a more timely and 
efficient manner. This system is currently undergoing field
trials with a prospective customer.

<PAGE>

The SEI Alert 24 Automated Check In System. A kiosk for the
criminal justice industry to facilitate the "day reporting"
of criminals on probation or parole. Client is verified using
hand print technology, listens to a specific message from the
parole officer and replies using a telephone handset and tone
pad. The system can collect restitution money and issues a 
receipt to the offender showing check in details and payments.
The system interfaces with a computer that can generate various
reports. As a case management tool it assists a parole officer
in managing the growing number of inmates released into
supervision programs. It is currently in filed trial in 
Washington state for the Department of Corrections. The
Company is pursuing license agreements with several prospective
customers.

INDUSTRY BACKGROUND

The Corrections Industry.  The Justice Department's Bureau of 
Justice Statistics confirmed in its midyear report that the 
number of state and federal prison inmates grew by a record
89,707 during the previous 12 month period ending June 30,
1995.  This is the largest annual increase in history and is
equivalent to adding 1,725 new beds to the nation's prison
system each week.

The United States currently locks up a greater share of its
residents than any other nation.  As of June 30, 1995, there
were 1,004,608 state prison inmates, up 9.1%, and 99,466
federal inmates, up 6.1%.  The annual average increase in the 
prison population since 1980 has been 8.7% per year.

The Criminal Justice System regards house arrest as an 
acceptable alternative to incarceration for its nonviolent 
segment of the prison population, and as a better way to 
monitor violent criminals once they are paroled to a half-way
house facility.  

The Medical Industry.  A patient's compulsive desire to 
wander about is a symptom of dementia, which often 
accompanies Alzheimer's Disease.  Biologically, this is
caused by physical changes in the brain.  Oftentimes the
patient acts out of routine, such as the repetitive action
of getting ready to leave for work every day.  Sometimes
the patient just feels tense or trapped and wants to 
escape his environment.  Until recently, standard medical
practice was to heavily sedate these patients, or to 
restrain a patient to a chair or bed to keep them from 
wandering.  Today, hospitals and institutions maintain
separate facilities to enable them to better deal with
patients who demonstrate a compulsive desire to wander
about.
<PAGE>

The Company believes that the long-term healthcare segment 
of the medical industry is growing at an ever increasing 
rate. The Company also believes that the home-care
segment of the healthcare market is growing at a steady
rate. The Wander Watch Alert 24 Single Patient System
is specifically designed to meet the needs of the more
than 3 million Alzheimer's patients and patients with
related medical disorders, who are cared for at home.

BUSINESS STRATEGY

The Company's business strategy is based on establishing
a market share within the criminal justice house arrest industry
and within the healthcare industry. By Incorporating
better, more cost-effective technology into its SEI Alert
24 product line and its Wander Watch products, the Company
believes that its products are among the best currently
available in these two industries.

Management has defined the Company's role as that of primarily
a research, development and manufacturing entity. Management
plans to continue to market directly to consumers within
the criminal justice industry, while relying on distributors
such as KingAlarm and Response USA to market its Wander
Watch healthcare product line.

High-Quality Image. The Company believes that within the house 
arrest industry, the Company has built a reputation for developing 
and manufacturing one of the best, cost-effective and user-friendly
systems on the market.

The Wander Watch products and the SEI Alert 24 products reflect
the Company's commitment to quality. The Company pursues the highest
standards in its design, component selection, assembly and
appearance of its products. The Company recognizes that product
dependability and reliability are highly significant to the Company's
continued success. Therefore, quality control plays an important
role in the Company's business strategy.

Focus on Private Residence. The Wander Watch product line and the
SEI Alert 24 product lines are both specifically designed to be
used in a private home, apartment or townhouse. Ease-of-use
and stand-alone features inherent to both products give the
Company a competitive advantage in these areas.

<PAGE>

The Wander Watch Single Patient System is both affordable and easy
to install. The receiver unit plugs into a standard outlet.
Unlike most competitive products, this is all that is required
to install and operate the products; doors do not need to be
wired with sensors. There are no wires or barriers associated
with the products. This stand-alone concept runs contrary to the
current industry thinking. Management believes that this concept
is one of the reasons that makes the Company's product line
more attractive to the consumers.

Customer Service and Support. Sloan Electronics believes that its
relationship with its dealers and its consumers has contributed
significantly to its past success and should continue to
enhance its future prospects. The Company's ability to upgrade its
equipment in the field not only gives the Company a competitive
advantage within the industry, but also allows it to focus on up-
selling and upgrading its product line.

PRODUCT DESIGN AND DEVELOPMENT 

The Company is continuously engaging in electronic component
research, design, experimentation and development, all of which
are essential to maintaining a competitive advantage in the
market place. The overall product development is managed and
directed by Paul Sloan, President of the Company. In addition,
on project-by-project basis, a product development team is
assembled from personnel within the Company and may include
personnel outside the Company as well.

The Company's product development team is responsible for
developing working designs of all approved product concepts
using computer-aided design systems, and for coordinating
all modeling and initial prototyping. The in-house testing
department evaluates all prototypes. The Company then creates
the full documentation to build its products and designs all
of its circuitry artwork. Complete product specifications and
blue-printed product designs are then sent to Kimchuk Inc.,
which prints the circuit-boards, assembles, tests, performs 
quality control inspections to rigid standards, packages
and finally drop-ships the Company's products to its
distributors or directly to its customers.

The Company believes that investment in product development,
and its relationship with Kimchuk, enables it to reduce
prototype development time substantially. The Management
believes that this shortened lead time enhances the
Company's ability to place new products in distribution,
which strengthens its competitive position. 

<PAGE>

SALES AND MARKETING

The Company's marketing strategy varies based upon each product
line. With regard to the criminal justice house arrest market,
the Company plans to continue aggressively markets its SEI
Alert 24 products to independent service providers and to 
municipalities which monitor and administer their own house
arrest programs. The Company has licensed its Wander Watch
Alert 24 single patient departure alert system for exclusive 
distribution to the long term health care industry to Response 
USA, a major company in the PERS (Personal Emergency Response 
System) industry. Response USA leases Wander Watch Alert 24 
single patient systems on a monthly basis to individual users 
and to home care agencies. The Company has turned over 
distribution of the Wander Watch Alert24 single patient 
departure alert systems for exclusive sales to the security 
industry to KingAlarm, a major independent distributor of 
security and related low voltage products. Marketing strategies 
and distribution decisions concerning other products are 
handled on a product-by-product basis.

SEI Alert 24 Products. The criminal justice house arrest market
is dominated by two manufacturers who, along with retailing
their products, are also contract service providers who compete
in the security industry. These manufacturers have developed
proprietary software which is not currently integratable with
standard, existing security company protocol. Their software
are not as effective or user-friendly as security industry
software. However, these manufacturers look upon this
proprietary software as a way to shut small security companies
out of a lucrative market.

Based on current trends, management believes that within 5
years, 80% of the municipalities who currently monitor their
own house arrest program will get out of the business.
Independent security contractors will be competing directly
against these two manufacturers for service contracts. The
Company is in the position to market its fully integratable 
home incarceration system to these security providers, thus
leveling the playing field within the house arrest industry.

<PAGE>

The Wander Watch Products. The Company views its corporate
role as that of developer, designer and manufacturer. To
that end, the Company has negotiated and signed contracts
with Response USA and King Alarm to distribute its Wander
Alert detection equipment. Response USA leases the
systems to individuals and home care agencies and offers
central station monitoring of the Wander Watch Alert 24
units for an additional monthly fee. The company has a
recurring revenue sharing arrangement with Response USA.
To date, the Company has not received any income from 
recurring monthly fees. Response USA has four regional
offices servicing all 50 states and markets to home care
agencies, hospitals, adult day care facilities, as well as
individuals. Response USA receives payment for the 
Wander Watch system both from end users and various state
and local agencies. Currently reimbursements include
Milwaukee, Pennsylvania, Department of Aging waiver
program, Rhode Island Department of Aging, partial 
reimbursement from local California programs and partial
reimbursement from New York local programs. Reimbursement
is pending in Massachusetts, and Response USA is seeking
other state and local agencies to approve the systems for
reimbursement. There is no assurance that other reimbursements
will be obtained or those in place will continue. Response
USA also receives referrals from the National Alzheimer
Association and participates in their Safe Return program.
King Alarm has name recognition throughout the security 
industry, and is a major supplier for security experts and 
consultants, with ten regional warehouse sales centers. 
King Alarm sponsors over 200 New Horizons technical and sales 
training seminars annually, and hosts the King Alarm Expo, 
a two-day trade exposition annually.

Advertising. The Company advertises in trade publications
specific to the markets it manufacturers products for, and
in journals which test its products and publish company-
by-company product comparisons. The Company is constantly
seeking out innovative ways to build name recognition
within the industries in which it competes, as well as to
create public awareness for its product line.

COMPETITION

The Company competes in a number of niche markets, which
the Company believes will continue to grow.

<PAGE>

House Arrest Market. The Company's competitors within the
criminal justice market include BI Incorporated and Strategic
Technologies, Inc. Although all of the Company's manufacturing
house arrest products base their products on the same
principals, management believes that the Company has 
competitive advantages over its competitors within this 
industry.

1. the SEI Alert 24 product line uses a 900 MHz spread
spectrum radio frequency rather than the standard 300 MHz
frequency. This difference in technology is similar to the
technological differences which exist between cordless
phones. Phones using 900 MHz radio frequencies are far
superior to those less expensive models which experience
interference problems due to the fact that they operate
at 300 MHz frequency.

2. the SEI Alert 24 products have an exclusive low range
setting on the receiver unit, which ensures that house arrest
means house arrest and not neighborhood arrest. With other
systems, an offender could wander the neighborhood and 
still not trip the distance setting on the base unit. The
industry standard low range setting is a 150 foot perimeter.
SEI's low range setting is between 40 and 60 feet.

3. With competitors' equipment, the "window" from the time
an offender steps outside the range setting until he is 
detected as being outside the range setting varies from 
6 to 30 minutes. With some systems, an offender is able 
to leave his residence for that period of time and return 
undetected. The SEI Alert 24 system greatly improves 
performance and offers an exclusive 1 minute radio frequency 
window.

4. The SEI Alert 24 anklet transmitter is tamper resistant.
No tamper system currently available is 100% tamper proof 
or false alarm proof; however, the SEI Alert 24 system
is the most reliable on the market when it comes to 
false alarms. A false alarm necessitates a physical
inspection of the anklet transmitter by a monitoring officer;
therefore, this fact is viewed as a major selling point
among security providers.

5. The SEI Alert 24 product line has been designed to
allow security companies access to one of the fastest growing
segments of the industry: electronic home incarceration.
The use of abusive pricing policies and proprietary software,
software which makes the security industries central station
equipment incompatible, have worked together to keep small
independent contractors out of the market. Using the Company's
products, these security companies are now able to compete with 
BI Incorporated and Strategic Technologies for municipal 
contracts on an even footing. Unlike other manufacturers, the 
Company does not compete against its customers in the contract 
monitoring business.

<PAGE>

Long-Term Healthcare Market. The Company's competition in this
market includes WanderGuard, Code Alert, Watchmate and 
Secure Care Products. All of these companies utilize proximity
sensing technology, which requires that a patient wearing a
low powered transmitter which sends a weak signal. A receiver
is mounted at each door. When a patient approaches the door,
an alarm sounds and the door magnetically locks. The Company's
Wander Watch Alert 24 technology has a competitive advantage
over the industry's proximity-sensing systems since it 
requires no additional wiring of door sensors and it provides
a higher level of patient security.

1. With competitive products, the transmitter attached to a 
patient has no removal alert (an inherent part of the Wander 
Watch systems). These transmitters are attached with a 
hospital ID type band. Common behavior for an Alzheimer's 
patient, or other patients suffering from dementia, is to 
try to remove everything from their bodies. The Wander Watch 
anklet, if removed, activates an alarm at the receiver unit.

2. Proximity-sensing technology requires the installation of
barriers, door sensors and magnetic locks. Prices per door
range from $2,500 to over $5,000, with the average facility
having anywhere between four and ten doors. Automatic door
locks also create problems with existing fire alarms and
fire regulations, for in the event of a fire, the proximity
technology needs to be deactivated.

3. The Wander Watch system utilize 900 MHz spread spectrum
radio frequency technology, a tamper-resistant anklet
transmitter with a tamper alarm, and sells its products
at a price below that charged by the competition.

The Fleet Watch Alert 24. The Fleet Watch system is another
unique product of the Company. The Company believes that
no other company offers a fully integratable passive
monitoring system for fleet vehicles. This system is able
to generate full vehicle status reports on demand, confirm
employee hours of vehicle operation and continuously 
monitor the comings and goings of fleet vehicles. This
tamper resistant monitoring system installs in less than
30 minutes, ends unapproved vehicle use and provides a
complete audit trail and other necessary usage reports 
for each vehicle in a company's fleet. This unit has
been successfully test on a fleet of concrete trucks.

<PAGE>

The Nurse Call Alert 24. A fully supervised 900 MHz spread
spectrum wireless nurse call system is yet another innovation
by the Company. The Company believes that this system is
among the best wireless security system available, with
unique features such as automatic signal check and low 
battery reporting. With the systems optional range extenders,
any sized facility may be monitored. Another unique 
integratable option is the paging system which assists in 
quicker response times by staff.

MANUFACTURING AND ASSEMBLY

The Company manufacture all of its products in the U. S.
Kimchuk Inc., the Company's primary contract manufacturer
has many years of experience as an electronics manufacturer 
and designer. KimchuK manufacturers over 500 different
products at its four plants located through out the east coast.

The Company's relationship with Kimchuk allows it to reduce
its production costs, to reduce its final testing costs and
to reduce its personnel costs. The Company designs all of 
its products with automatic insertion and automatic testing 
in mind. This attention to detail enables KimchuK to 
manufacture and assemble the Company's products in the
most cost-efficient manner, while maintaining accuracy
in circuit board production and error-free transfer and
component connections.

Product Warranties. The Company supports its products with 
a limited 1-year warranty which covers all defects in
materials or workmanship. the Company will repair or replace
defective units without charge to the consumers for labor
or materials. The Company's service department acts as
liaison between the customer and Kimchuk and works aggressively
to resolve any and all problems a customer may have with
any of its products. The Company has not experienced a
material level of product warranty claims for breakage or
other defects.

FUTURE PRODUCTS

The Company continues to look for new ideas for development
of new products. The Company believes that new products
could represent a substantial new business for the Company.

<PAGE>

GOVERNMENT REGULATION

The Company's facilities are subject to numerous federal,
state and local laws and regulations designed to protect
the environment from waste emissions and hazardous 
substances. The Company is also subject to the Federal
Occupational Safety and Health Act and other laws and
regulations effecting the safety and health of employees
in the administrative and manufacturing areas of its
facilities. The Company believes that is is in compliance
in all material aspects with all applicable environmental
and occupational safety regulations. The Company's radio
frequency anklet transmitter are subject to FCC (Federal
Communications Commission) regulations, as are all
radio frequency devices. The Company has obtained type
approval #HCQ3B6WWT for the anklet transmitter and its
products are in compliance with FCC rules Part 15.

<PAGE>

              MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        RESULTS OF OPERATIONS AND FINANCIAL CONDITIONS.
                               
     The following discussion should be read in conjunction with 
the information contained in the financial statements of the Company
and the Notes thereto appearing elsewhere herein, and in conjunction 
with the Balance Sheet at December 31, 1997 and Income Statement for 
the year ended December 31, 1997 contained in the Company's Annual 
Report 10-KSB incorporated herein by reference, and is qualified in 
its entirety by reference to such financial statements.


GENERAL

     The Company's financial information for the two years ended 
December 31, 1996 and December 31, 1997, and for the first quarter 
ended March 31, 1998, respectively, reflects the merger of MAS 
Acquisition I Corp. with Sloan Electronics, Inc. on December 5, 1997, 
which affected the Company's business and has a significant impact on 
the Company's results of operations and financial condition.

     As result of an Agreement of Merger (the "Agreement") between the 
Company and Sloan Electronics, Inc. ("Sloan"), Sloan has merged into 
the Company and the Company has changed its name to Sloan 
Electronics, Inc. Pursuant to the terms of the merger Agreement, 
3,561,500 shares of Common Stock of Sloan was converted into 
8,227,070 shares of Common Stock of the Company at the conversion 
rate of 2.31. In addition, the Company has accepted the return 
of, and canceled, 7,680,083 shares of Common Stock issued to MAS 
Financial Corp. and issued 91,102 shares of Common Stock as finder's 
fee, which was paid by MAS Financial Corp.

RESULTS OF OPERATIONS

     A majority of the Company's revenues are derived from sales of 
electronic monitoring devices to the long term health care and 
criminal justice industry. Sales revenues are recognized when 
the products are shipped. 

     Operating revenues decreased by $13,878 (50%) for the quarter 
ended March 31, 1998 as compared to the quarter ended March 31, 1997.  
The decrease is due in part to a major distributor (Response USA) 
taking delivery of  approximately 500 units of WanderWatch Alert 
24 systems in December of 1997 in anticipation of their first 
quarter needs.

     Gross profit for the first quarter of  1998 decreased 22.4%
to $9008 compared to $11,615 for the first quarter of 1997. 
The decrease is due in part to a higher percentage of sales of 
spares and parts, which have a lower markup.

Selling, general and administrative expenses were $86,412 in 
the first quarter of 1998, compared to $67,391 for the first 
quarter of 1997.  This represents an increase of $19,021 
or 28.2%, over selling, general and administrative expenses for
the first quarter of 1997.  The increase is in part due to 
increased insurance costs, interest costs, professional fees, 
commissions, and contract services and expenses involved with 
the merger of  Sloan Electronics Inc. (FL) with MAS 
Acquisition I Corp.,  becoming  Sloan Electronics Inc. (DE). 
Sales and marketing expenses declined from $5893 for the 
quarter ended March 31,1997 to $67 for the first quarter of 
1998, for a decrease of $5,826 or 99%. Sales and marketing 
expenses declined due to the Company's strategy to grow by 
working closely with major distributors who absorb sales and 
marketing costs. General and administrative expenses rose from 
$61,498 for the first quarter of 1997 to $86,345 in the first 
quarter of 1998, representing an increase of $24,847 or 40.4%. 
The increase in general and administrative expenses was caused 
by increased insurance costs, interest costs, professional fees 
and contract services and are in part due to expenses involved 
with the merger of  Sloan Electronics Inc. (FL) with MAS 
Acquisition I Corp., becoming  Sloan Electronics Inc. (DE). 

     The net loss for the quarter ending March 31, 1998 was 
$77,404, or $0.009 per share based on 9,412,389 shares 
outstanding, as compared to a net loss for the first quarter 
of 1997 of $55,776, or $0.006 per share. The net loss 
for the period is primarily attributed to insufficient level 
of revenue generated by the Company.

LIQUIDITY AND CAPITAL RESOURCES.

     Net cash provided from financing activities was $65,000 for the 
quarter ended March 31, 1998, raised through private placement of 
common stock. 

     The Company has no material commitments for capital expenditures 
during the next quarter and believes that its current cash and working 
capital position and future income from operations will be sufficient 
to meet its cash and working capital needs.



<PAGE>


PART II.  OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities

None

Item 3. Defaults.

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
        
   1. Form 8-K/A, filed with the Securities and Exchange Commission
      on March 18, 1998.
   2. Form 8-K/A, filed with the Securities and Exchange Commission
      on April 20, 1998

<PAGE>

                               Signatures
   In accordance with the Exchange Act, the registrant caused this 
report to be signed on its behalf by the undersigned, thereunto duly 
authorized.
                                                    
                                          SLOAN ELECTRONICS, INC.

Dated May 14, 1998
                                             By: /s/ Paul Sloan
                                              Paul Sloan
                                              President and CEO

                                             By: /s/ Larry Provost
                                              Larry Provost
                                              Chairman and CFO