UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

Form 10-KSB

(Mark One)

[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACE OF1934

For the fiscal year ended June 30, 2006

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934

For the transition period from ____ to ____

Commission File No. 2-80891-NY

MODERN TECHNOLOGYCORPORATION

(Name of smallbusiness issuer in its charter)

 

| Nevada
11-2620387
(State or other jurisdiction of incorporation or      organization)
(I.R.S. Employer Identification No.)
1420 N. Lamar Blvd., Oxford, M.S.
38655
(Address of principal executive offices)
(Zip Code)
Issuer's Telephone Number: (662) 236-5928

Securities registered under Section 12(b) of the Exchange Act:        None

Securities registered under Section 12(g) of the Exchange Act:        None

Check whether the issuer (1) filed all reports required to be filed bySection 13 or 15(d) of the Exchange Act during the past 12 months (or forshorter 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 [ ]
**Part I****Item 1. Description of Business**
We were incorporated in Nevada in 1982 as a for-profitcorporation. We have never experienced any bankruptcy or similar proceeding. Wehave never by a party to a 'reverse merger' or similar transaction. We haveengaged in business categorically similar to our present line of business sinceinception.

We are engaged in aiding both private and public companies inthe areas of business development, financing, product development, corporatestrategy, corporate image and public relations, product distribution andmarketing, and executive management consulting. We collectively refer tocompanies in which we own an equity position, our majority owned subsidiaries,corporate customers and clients as "portfolio companies". We charge for ourservices in cash or equity in the portfolio company. We may also exchange ourservices for revenue sharing of future sales of products or sharing of proceedsfrom the sale of licenses and technologies owned by our portfolio companies. Weseek to grow through strategic acquisitions in addition to generating incomefrom our services.

We seek to build revenues by a model of continuous growth,strategic acquisitions, and commercialization of nascent technology. We seek toimprove operating efficiencies among our portfolio companies through eliminationof cost redundancies and realized synergy between subsidiaries. We also seek tocommercialize new technology and provide to our portfolio companies andsubsidiaries new product lines, operations infrastructure, and significantintellectual capital.

Our sources of revenue are primarily from:

* Consolidated revenues of      our portfolio companies which we own in majority;

* Management and consulting      fees we may charge our portfolio companies;

* Revenue sharing agreements      we may have with our portfolio companies;

* Royalty and licensing      proceeds from the sale of technology rights we may own in whole or in part      with our portfolio companies;

* Proceeds from the sale of      securities we may own in our portfolio companies;

* Proceeds from the interest      and payment of debt we may hold in our portfolio companies; and

* Proceeds from the      conversion of debt we may hold in our portfolio companies into marketable      securities and subsequent sale of same.

 
**OUR PORTFOLIO COMPANIES

Sound City**
We presently own 51% of Sound City with an option to acquirethe remaining 49%. The option is valid through December 31, 2009, and can beexercised for $3,500,000, which is payable in cash, stock or a combination ofcash or stock. Sound City, Inc. is a consumer electronics company with customersacross the U.S. Sound City markets audio and video solutions for home and mobileenvironments, including the HD-TV, Plasma TV and LCD TV market segments. As afull service dealer, Sound City provides a wide range of custom homeinstallations addressing numerous applications. With a customer base of over900,000 customers, Sound City is a large electronics mail order companies in theU.S., who distributes its products and solutions through its direct mail and Website channels. Consumers can also find the latest audio, video, car stereo andhome theatre products in Sound City's retail locations, including 12 customshowrooms. Sound City operates a web site at the following address: http://www.soundcity.com.
**DeMarco Energy Systems of America, Inc.**
We are the holder of an outstanding convertible debenture in the amount of$1,500,000 issued by DeMarco Energy Systems of America. The debenture isconvertible into shares of common stock of DeMarco. The convertible debenturesbear interest at 10%, matured on March 25, 2003, and are convertible into sharesof Demarco common stock, at the selling stockholders' option, at the lower of (i)$0.15 or (ii) 60% of the average of the three lowest intraday trading prices forthe common stock on a principal market for the 10 trading days before but notincluding the conversion date. As of May 2, 2005, the $1,500,000 convertibledebenture was convertible into 250,000,000 shares of DeMarco common stock.During the year ended June 30, 2006, we sold these debentures for $500,000 toShield Investments. 

We have no formal agreements with this portfolio companyoutside our being a holder of the convertible debenture, although our chairman,Anthony K. Welch, is also the chairman of DeMarco. We have an informal agreementto assist them where practicable to further their plans and efforts, althoughthere are no written agreements to this effect and we are not obligated toperform any services for them.

DeMarco Energy's primary mission is to provide energyefficient technologies to commercial and institutional markets through theapplication of the DeMarco 'Systems' patent. The company owns a systems patentthat was granted on September 3, 1985, known as the Energy Miser System. Thecompany is primarily focusing on providing heating and air conditioning poweredby the thermal properties of managed water systems, which include gray-water,re-use water and potable water systems. DeMarco has exclusive rights to thepatented technology.
**INmarketing Group Inc.**
 

On December 20, 2005 we acquired 51% of the outstanding common stock ofINmarketing Group Inc. (IMG) for $1,000,000 in cash and $1,210,000 in the formof Series B 4% convertible preferred stock of the Company, with an option toacquire the remaining 49%. The option is valid through December 19, 2007.
 
**Selecting Portfolio Companies**
We may purchase an equity position, whether minority ormajority, in various companies from time to time. We offer our services to newcustomers, also referred to as portfolio companies, for cash payment. We mayelect to take equity in the portfolio company as payment for our services.

We also seek to grow our revenues and assets by acquisitions.We seek to obtain a majority equity position in any company we acquire. If weacquire a minority position in a company, we will seek to enter into agreementwith that company whereby we will generate income from our services. If weacquire a minority position in a company, we value that equity using agood-faith estimation of its value based on generally accepted accountingprinciples combined with our internal judgment based on industry and economicfactors not encompassed by traditional accounting principles.

We acquire majority or minority equity positions in portfoliocompanies by purchasing the equity with cash, debt, or purchasing the equity byissuing stock in our company. We may pay for the equity position with acombination of both cash and stock and debt.

When presented with a prospective acquisition, we make agood-faith valuation for the business to be acquired and its future prospects.If the assessment of the prospective acquisition appears to offer a good orreasonable chance to increase our revenues and assets both in the short-term andthe long-term, we will seek to acquire the prospective company.

We find new customers and prospective companies to acquirethrough out network of relationships within the business community.
**Item 2. Description of Property**
We maintain our principal office at 1420 N. Lamar Blvd.,Oxford, Mississippi 38655. Our telephone number at that office is (662) 236-5928and our facsimile number is (662) 236-7663. This space is provided to us at nocharge by Mr. Church, our CFO and Director.  We lease 1500 square feet ofexecutive and administrative offices at 1237 State Rd 30 E, Oxford MS 38655. The lease expires on January 30, 2006. This office space is rented to us for$850 per month by Mr. Welch, our CEO.  We believe that our current office spaceand facilities are sufficient to meet our present needs and do not anticipateany difficulty securing alternative or additional space, as needed, on termsacceptable to us. We maintain a website at www.moderntechnologycorp.com. Theinformation contained on that website is not deemed to be a part of this filing.
**Item 3. Legal Proceedings**
From time to time, we may become involved in various lawsuits and legalproceedings which arise in the ordinary course of business. However, litigationis subject to inherent uncertainties, and an adverse result in these or othermatters may arise from time to time that may harm our business. We are currentlynot aware of any such legal proceedings or claims that we believe will have,individually or in the aggregate, a material adverse affect on our business,financial condition or operating results.
**Item 4. Submission of Matters to a Vote of Security Holders**
None.

 
**Part II

Item 5. Market for Common Equity and Related Stockholder Matters**
In March 2004 and as part of our plan of reorganization and ongoing plan foroperations we applied for listing of our Common Stock on theOver-The-Counter-Bulletin Board. We received approval on July 19th, 2004 andtrade under the symbol MOTG.

Number of Shareholders- 380 shareholders of record as of June 30, 2006.

Dividends:

On March 13, 2004, the Registrant declared a cash dividend of $0.01543 pershare for shareholders of record as of March 14, 2004. Distribution wascompleted the week of March 16, 2004.

During October 2001, the Registrant distributed the 403,000 shares it ownedin Scientio to its shareholders. These 403,000 shares represent a dividend ofequity investment stock of $178,864 for the year ended June 30, 2002. TheRegistrant has registered these shares with the Securities and ExchangeCommission with the intention of distributing these shares to the Registrant'sshareholders in the form of a dividend.

During the year ended June 30, 1999, the Registrant was involved in providingconsulting services to Coral Development Corp. During December 1996, theRegistrant purchased 403,000 shares of Coral Development Corp. ("Coral") for$30,300. The Registrant had registered these shares with the Securities andExchange Commission with the intention of distributing these shares to theRegistrants' shareholders in the form of a dividend. As of June 30, 1999, theRegistrant declared a distribution to its shareholders in the form of all of the403,000 shares of Omnicomm Systems Inc. ("Omnicomm") common stock that theRegistrant owned.

 

Item 6. Management's Discussion and Analysis of Results of Operations.

General

The following information should be read in conjunction with the ConsolidatedAudited Financial Statements and Notes thereto and other information set forthin this report.

Forward-Looking Statements

Statements contained in this Form 10-K that are not historical fact are"forward looking statements". These statements can often be identified by theuse of forward-looking terminology such as "estimate", "project", "believe","expect", "may", "will", "should", "intends", or "anticipates" or the negativethereof or other variations thereon or comparable terminology, or by discussionsof strategy that involve risks and uncertainties. We wish to caution the readerthat these forward-looking statements, such as statements relating to timing,costs and of the acquisition of, or investments in, existing business, therevenue or profitability levels of such businesses, and other matters containedin this Form 10-K regarding matters that are not historical facts, are onlypredictions.

No assurance can be given that plans for the future will be consummated orthat the future results indicated, whether expressed or implied, will beachieved. While sometimes presented with numerical specificity, these plans andprojections and other forward-looking statements are based upon a variety ofassumptions, which we consider reasonable, but which nevertheless may not berealized. Because of the number and range of the assumptions underlying ourprojections and forward-looking statements, many of which are subject tosignificant uncertainties and contingencies that are beyond our reasonablecontrol, some of the assumptions inevitably will not materialize, andunanticipated events and circumstances may occur subsequent to the date of thisForm 10-KSB. Therefore, our actual experience and results achieved during theperiod covered by any particular projections or forward-looking statements maydiffer substantially from those projected.

Consequently, the inclusion of projections and other forward-lookingstatements should not be regarded as a representation by us or any other personthat these plans will be consummated or that estimates and projections will berealized, and actual results may vary materially. There can be no assurance thatany of these expectations will be realized or that any of the forward-lookingstatements contained herein will prove to be accurate. The Company does notundertake any obligation to update or revise any forward-looking statement madeby it or on its behalf, whether as a result of new information, future events orotherwise.

Overview

We were incorporated in Nevada in 1982 as a for-profitcorporation. We have never experienced any bankruptcy or similar proceeding. Wehave never by a party to a 'reverse merger' or similar transaction. We haveengaged in business categorically similar to our present line of business sinceinception.

We are engaged in aiding both private and public companies inthe areas of business development, financing, product development, corporatestrategy, corporate image and public relations, product distribution andmarketing, and executive management consulting. We collectively refer tocompanies in which we own an equity position, our majority owned subsidiaries,corporate customers and clients as "portfolio companies". We charge for ourservices in cash or equity in the portfolio company. We may also exchange ourservices for revenue sharing of future sales of products or sharing of proceedsfrom the sale of licenses and technologies owned by our portfolio companies. Weseek to grow through strategic acquisitions in addition to generating incomefrom our services.

We seek to build revenues by a model continuous growth,strategic acquisitions, and commercialization of nascent technology. We seek toimprove operating efficiencies among our portfolio companies through eliminationof cost redundancies and realized synergy between subsidiaries. We also seek tocommercialize new technology and provide to our portfolio companies andsubsidiaries new product lines, operations infrastructure, and significantintellectual capital.

Our sources of revenue are primarily from:

* Consolidated revenues of      our portfolio companies which we own in majority;

* Management and consulting      fees we may charge our portfolio companies;

* Revenue sharing agreements      we may have with our portfolio companies;

* Royalty and licensing      proceeds from the sale of technology rights we may own in whole or in part      with our portfolio companies;

* Proceeds from the sale of      securities we may own in our portfolio companies;

* Proceeds from the interest      and payment of debt we may hold in our portfolio companies; and

* Proceeds from the      conversion of debt we may hold in our portfolio companies into marketable      securities and subsequent sale of same.

In March 2004 and as part of our plan of reorganization and ongoing plan foroperations we applied for listing of our Common Stock on theOver-The-Counter-Bulletin Board. We received approval on July 19th, 2004 andtrade under the symbol MODC.

On July 31, 2004 as part of our plan of reorganization and ongoing plan foroperations we affected a reverse split of the Company's common stock on a 1 for15 basis. On May 15, 2006 we affected a reverse split of the Company's commonstock on a 1 for 20 basis.
**Results of Operations**
During the fiscal year ended June 30, 2006 we generated revenues of$11,472,254 versus $3,078,145 for the fiscal year ended June 30, 2005. Grossmargin for the fiscal year ended June 30, 2006 was $1,145,264 versus $816,933for the fiscal year ended June 30, 2005. The increase in sales of $8,394,109 andgross margin of $328,331 during the year ended June 30, 2006, respectively,can be attributed mainly to the acquisition of INmarketing Group Inc. (IMG) onDecember 20, 2005.  During the year ended June 30, 2006, the company'sinventory was reduced by $1,323,417 as a result of obsolescence.  

In comparing fiscal year expense items for fiscal year 2006 with fiscal year2005 items, the Registrant experienced increases in both operating andnonoperating expenses primarily due to the acquisitions of Sound City and IMG.Sound City was acquired on January 24, 2005 and IMG was acquired on December 20,2005. Therefore, the expenses for Sound City were included in the full fiscalyear of 2006 whereas they were only included for approximately six months duringfiscal 2005. The expenses for IMG were only included in fiscal 2006 forapproximately six months versus zero for fiscal 2005. 

Non-operating expenses (income)

The decrease in interest income during fiscal 2006 of $58,356 is the resultof the sale of the Demarco convertible debenture. Since it is was sold duringfiscal 2006, no interest income was recorded during fiscal 2006. The increase ininterest expense of $193,865 is due mainly to higher debt levels during fiscal2006 and noncash interest expense of approximately $44,000related to thewarrants issued. The loss on the sale of the Demarco loan is due to the sale ofour investment for a note receivable of $500,000 from Shield Investments. Thegoodwill impairment of $2,126,983 is the result of our analysis of our SoundCity's business and cash flows and our conclusion that the goodwill was totallyimpaired, resulting in the complete write off of goodwill related to Sound City.

Preferred stock dividends deemed decreased by $132,802 during fiscal 2006 asour convertible debt issuances during fiscal 2006 were mainly not "in themoney", resulting in much lower deemed dividends. 

Preferred stock dividends in arrears increased by $53,170 during fiscal 2006as our series A preferred stock was outstanding for the entire year.

During the fiscal years ended June 30, 2006 and 2005, we generated net lossesof $6,543,342 and $1,123,816, respectively. The increase in net loss isattributable to the expenses associated with acquisitions and related costs.

Liquidity and Capital Resources

At June 30, 2005, the Registrant's total assets amounted to $6,861,170 ascompared with $31,827 at June 30, 2004. The change can be attributable to theacquisition of Sound City and related operations. During the fiscal year endedJune 30, 2005, we have experienced negative cash flows and have relied primarilyon the Registrant's cash balances to fund our operations. We are not currentlybound by any long or short-term agreements for the purchase or lease of capitalexpenditures. 

Our ability to continue in existence is dependent on our having sufficientfinancial resources to cover operating expenses. We believe we have enough cashand equivalents to cover operations for the next twelve month period.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements and related disclosures in conformitywith accounting principles generally accepted in the United States requiresmanagement to make judgments, assumptions and estimates that affect the amountsreported. Note 2 of Notes to the Consolidated

Financial Statements describes the significant accounting policies used inthe preparation of the consolidated financial statements. Certain of thesesignificant accounting policies are considered to be critical accountingpolicies, as defined below.

A critical accounting policy is defined as one that is both material to thepresentation of our financial statements and requires management to makedifficult, subjective or complex judgments that could have a material effect onour financial condition and results of operations. Specifically, criticalaccounting estimates have the following attributes: 1) we are

required to make assumptions about matters that are highly uncertain at thetime of the estimate; and 2) different estimates we could reasonably have used,or changes in the estimate that are reasonably likely to occur, would have amaterial effect on our financial condition or results of

operations.

Estimates and assumptions about future events and their effects cannot bedetermined with certainty. We base our estimates on historical experience and onvarious other assumptions believed to be applicable and reasonable under thecircumstances. These estimates may change as new events occur, as additionalinformation is obtained and as our operating environment changes. These changeshave historically been minor and have been included in the consolidatedfinancial statements as soon as they became known. In addition, our Managementis periodically faced with uncertainties, the outcomes of which are not withinour control and will not be known for prolonged periods of time.

Based on a critical assessment of its accounting policies and the underlyingjudgments and uncertainties affecting the application of those policies, ourManagement believes that our consolidated financial statements are fairly statedin accordance with accounting principles

generally accepted in the United States (GAAP), and present a meaningfulpresentation of our financial condition and results of operations. 

Our Management believes that the following are our critical accountingpolicies:

ESTIMATES IN FINANCIAL STATEMENTS

The preparation of financial statements in conformity with generally acceptedaccounting principles requires management to make estimates and assumptions thataffect the reported amounts of assets and liabilities at the date of thefinancial statements and the reported amounts of revenues and expenses duringthe reporting period. Actual results could differ from those estimates.

INCOME TAXES

The Company accounts for income taxes in accordance with Statement ofFinancial Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes."SFAS 109 has as its basic objective the recognition of current and deferredincome tax assets and liabilities based upon all events that have beenrecognized in the financial statements as measured by the provisions of theenacted tax laws. Valuation allowances are established when necessary to reducedeferred tax assets to the estimated amount to be realized. Income tax expenserepresents the tax payable for the current period and the change during theperiod in the deferred tax assets and liabilities.
**Item 7. Financial Statements**
See page F-1
**Item 8. Changes in and Disagreements with Accountants on Accounting andFinancial Disclosure**
On September 6, 2006, Greenberg & Company LLC resigned as our auditors. OnSeptember 29, 2006, the company engaged Lawrence Scharfman & Co., CPA PC to audit itsfinancial statements for the years ended June 30, 2006 and 2005. There were nodisagreements with our previous auditor, Greenberg & Company LLC, on accountingand financial disclosure
**Controls and Procedures**
Based on their evaluation as of a date within 90 days of the filing date ofthis Annual Report on Form 10-KSB, the Company's principal executive officer andprincipal financial officer have concluded that the Company's disclosurecontrols and procedures as defined in Rules 13a-14(c) and 15d-14(c) under theSecurities Exchange Act of 1934 (the Exchange Act) are effective to ensure thatinformation required to be disclosed by the Company in reports that it files orsubmits under the Exchange Act is recorded, processed, summarized and reportedwithin the time periods specified in Securities and Exchange Commission rulesand forms.

There were no significant changes in the Company's internal controls or inother factors that could significantly affect these controls subsequent to thedate of their evaluation and up to the filing date of this Annual Report on Form10-KSB. There were no significant deficiencies or material weaknesses, andtherefore there were no corrective actions taken. It should be noted that anysystem of controls, however well designed and operated, can provide onlyreasonable, and not absolute, assurance that the objectives of the system aremet. In addition, the design of any control system is based in part upon certainassumptions about the likelihood of future events. Because of these and otherinherent limitations of control systems, there can be no assurance that anydesign will succeed in achieving its stated goals under all potential futureconditions, regardless of how remote.
**Part III

Item 9. Directors, Executive Officers, Promoters and Control Persons;Compliance with Section 16(a) of the Exchange Act**
The executive officers and directors of the Registrant are as follows:
NameAgeTitleTerm ExpiresAnthony Welch37President, CEO CFO and DirectorNext Annual MeetingRobert Church *45CFO and DirectorNext Annual Meeting
Anthony Welch and Robert Church were elected to their designated offices onMarch 15, 2004.

* Robert Church resigned as CFO on June 12, 2006.
**ANTHONY K. WELCH. 

Mr. Welch has been our Chief Executive Officer and Chairmansince March 15, 2004. From October 1999 to October 2003, Mr. Welch was thefounder of, and served as Director and Executive Vice President and consultantto IPVoice Communications, Inc. (currently called NewMarket Technology, Inc. andtrading on the OTCBB under the symbol "NMKT"). From April 2002 to April 2004,Mr. Welch through his professional advisory firm, Maxim Advisors, LLC and in apersonal capacity, advised various corporate and private clients on mergers,acquisitions, public listing processes, financing, and strategic consulting. Mr.Welch attended the University of Mississippi school of Electrical Engineeringfrom 1986 to 1988. He holds a NASD Series 65 License [Uniform Investment AdvisorLaw]. Mr. Welch is completing his second-year as a law student in the JurisDoctor program at Concord School of Law.
**Robert Church**
Prior five years of professional activities: Owner/Partner of Church-Devoe,PLLC, a professional accountancy firm.

Mr. Church hold a BBA in Accountancy from the University of Mississippireceived in 1980.

He holds the following certifications:

Certified Public Accountant      (Texas and Mississippi) (CPA)

Certified Financial Planner (CFP)

Personal Financial Specialist (AICPA)

Qualified Financial Planner (IAQFP)

Certified Fraud Examiner (CFE)

Certified Divorce Planner (CDP)

Certified Divorce Specialist      (CDS)

Certified Divorce Financial      Analyst (CDFA)

Certified Valuation Analyst (CVA)

Chartered Business      Administrator (CBA)

Certified Financial Consultant      (CFC)

Chartered Trust and Estate      Planner (CTEP)

Chartered Financial Management      Analyst (CFMA)

Certified HealthCare Business      Consultant (CHBC)

Certified Healthcare Consultant      (CHC)

Diplomate American College of      Forensic Examiners (DABFE)

Diplomate American College of      Forensic Accountants (DABFA)

Fellow Institute of Financial      Consultants (FIFC)

Certified Forensic Consultant      (expected 12/04) (CFC)

Certified Forensic Accountant      (expected 12/04) (Cr.FA)

 
**Professional Associations:

American Institute of CPA's 

Mississippi Society of CPA's

American College of Forensic      Examiners

American College of Forensic      Accountants

Financial Planning Association

National Association of      Certified Valuation Analysts

Association of Certified Fraud      Examiners

Institute of Financial      Consultants

American Academy of Financial      Management

Institute of Certified      Professional Business Consultants

American Association of      Healthcare Consultants

College of Divorce Specialists

Institute of Certified      Healthcare Business Consultants

MENSA

Institute of Certified Divorce      Planners

Financial Divorce Association

 

Code of Ethics: At this time, the Company has not adopted a Code ofEthics.
**Item 10. Executive Compensation**
During the fiscal years ended June 30, management compensation was asfollows: 

                                               2006                    2005

Anthony K. Welch                $297,200            $91,100

Robert Church                      $ 99,750             $43,315
**Item 11. Security Ownership of Certain Beneficial Owners and Management andRelated Stockholder Matters**
a. The following are known to Registrant to be beneficial owners of 5% ormore of the Registrant's common stock.

Title of Class of Common Stock
Name of BeneficialAmount & Nature ofPercentageOwner Beneficial Ownershipof ClassAnthony Welch  1420 N. Lamar Blvd  Oxford, MS 38655825,00022.5%   All Officers and  Directors as a Group (3)825,00022.5%
b. The shares owned by management are as follows:

Common Stock.
Name of Beneficial Amount & Nature of PercentageOwnerBeneficial Ownershipof ClassAnthony Welch  1420 N. Lamar Blvd  Oxford, MS38655825,00022.5%   Robert Church  1420 N. Lamar Blvd  Oxford, MS 3865500%**Item 12. Certain Relationships and Related Transactions**
Our principal office at 1420 N. Lamar Blvd., Oxford, Mississippi 38655 isprovided to us at no charge by Mr. Church, our CFO and Director.  We lease 1,500square feet of executive and administrative offices at 1237 State Rd 30 E,Oxford MS 38655, for $850 per month from Mr. Welch, our CEO.  

On January 24, 2005, we utilized $1.5 million of financing we received fromfour institutional investors to purchase a $1.5 million convertible debenture inDeMarco Energy Systems of America, Inc. Anthony K. Welch, our Chief ExecutiveOfficer and majority shareholder, is the Chief Executive Officer and Chairman ofthe Board of Directors of DeMarco Energy Systems.

We have no policy regarding entering into transactions withaffiliated parties.
**Item 13. Exhibits and Reports on Form 8-K**
Exhibits
**Exhibit No.****Document****Location**Exhibit 31.1Section 302 of the Sarbanes-Oxley Act of 2002    Certification of Anthony Welch, CEO and CFOIncludedExhibit 32.1Section 906 of the Sarbanes-Oxley Act of 2002    Certification of Anthony Welch, CEO and CFOIncluded
Reports on Form 8-K: The following reports were filed on Form 8-K duringthe last quarter of the fiscal year ended June 30, 2005:

Current Report filed April 11, 2005, Item 9.01
**Item 14. Principal Accountant Fees and Services**
                                                               2006                2005

Audit Fees:                            $103,000         $62,800

Audit-Related Fees:               $0

Tax Fees:                              $0

All Other Fees:                      $0
**SIGNATURES**
In accordance with Section 13 or 15(d) of the Exchange Act, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 
**MODERN                        TECHNOLOGY CORP**
 

***/s/                        Anthony Welch                                       ***

Anthony                        Welch, Chairman, CEO and CFO

 

In accordance with the Exchange Act, this report has been signed below by thefollowing persons on behalf of the registrant and in the capacities and on thedates indicated.

***/s/                        Anthony Welch                                                               ***

Anthony                        Welch, President,  Chairman, CEO and CFO

Dated:                        October 24, 2006

***Financial Statements***

 
**INDEPENDENT AUDITORS' REPORT****MODERN TECHNOLOGY CORP****C/O ANTHONY K WELCH****1420 N LAMAR BLVD OXFORD M.S.****THE BOARD OF DIRECTORS AND STOCKHOLDERS**We have audited the Balance Sheet of Modern    Technology Corp and subsidiariesas of June 30,2006 and the related statements of    operations, stockholders equity(deficit) and cash flows for the twelve    months ended June 30.2006.These statements are the responsibility of    Company's Management.Our responsibility is to express an opinion on    these financial statements based upon our audit.We conducted our audit in accordance with    standards of the Public CompanyAccounting Oversight Board (United States) .    Those standards require that we plan and perform the audit to obtain reasonable    assurance about whether the financialstatements are free of material misstatements.    An audit include examining,on a test basis , evidence supporting the    amounts and disclosures in the financialstatements.An audit also includes assessing the    accounting principles used and signif- icant estimates made by management, as well as    evaluating the overall financialstatement presentation. We believe thtat our    audit provides a reasonable basis for our     opinion.The company has had difficulty in generating    sufficient cash flow to meet its obligations,and is dependent on management's ability to    develop profitable operations. These factors, among others may raise substantial    doubt about their ability to continue as a going concern.In our opinion, the financial statements    referred to above present fairly, in all materialrespects the financial position of Modern    Technology Corp. at June 30,2006and the results of its operations and cash flows    for the year then ended inconformity with generally accepted accounting    principles.***Lawrence Scharfman CPA***October 25,2006
 

 

 

 

 

NOTE 1: ORGANIZATION AND NATURE OF OPERATIONS

Modern Technology Corp (Modern) is a Nevada Corporation. 

We are engaged in aiding both private and public companies in the areas ofbusiness development, financing, product development, corporate strategy,corporate image and public relations, product distribution and marketing, andexecutive management consulting. We collectively refer to companies in which weown an equity position, our majority owned subsidiaries, corporate customers andclients as "portfolio companies". We charge for our services in cash or equityin the portfolio company. We may also exchange our services for revenue sharingof future sales of products or sharing of proceeds from the sale of licenses andtechnologies owned by our portfolio companies. We seek to grow through strategicacquisitions in addition to generating income from our services.

We seek to build revenues by a model continuous growth, strategicacquisitions, and commercialization of nascent technology. We seek to improveoperating efficiencies among our portfolio companies through elimination of costredundancies and realized synergy between subsidiaries. We also seek tocommercialize new technology and provide to our portfolio companies andsubsidiaries new product lines, operations infrastructure, and significantintellectual capital.

Modern's office was located in New York, but has been relocated toMississippi, with its administrative offices being located in Jackson,Mississippi. 

NOTE 2:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ACCOUNTING POLICIES

Modern Technology Corp's accounting policies conform to U. S. generallyaccepted accounting principles. Significant policies followed are describedbelow. 

The consolidated financial statements include the accounts of the company andall of its subsidiaries in which a controlling interest is maintained. Allconsolidated financial statements have been prepared in United States Dollars.

On January 24, 2005, the Company purchased 51% of Sound City for $2,000,000with an option to acquire the remaining 49%. The option is valid throughDecember 31, 2009, and can be exercised for $3,500,000, which is payable incash, stock or a combination of cash or stock. During the year ending June 30,2005, the Company filed current reports on Form 8-K, containing additional proforma, historical financials and other exhibits. 

The financial statements reflect various purchase price allocations.  Inaccordance with SFAS No. 141, Business Combinations ("SFAS No. 141"), the totalpurchase price was allocated to the tangible and intangible assets of Sound Citybased upon their estimated fair values at the acquisition date with the excesspurchase price allocated to goodwill. The purchase accounting adjustments madeare based upon currently available information.  Accordingly, the actualadjustment recorded in connection with the final purchase price allocation maybe updated according to SFAS No. 141, and any such changes may be material.

Sound City accounts were properly included in the consolidated financialstatements since the acquisition date of January 24, 2005.

On December 20, 2005, the Company purchased 51% of INmarketing Group for$1,000,000 in cash and $1,210,000 in the form of Series B Convertible stock ofthe Company, with an option to acquire the remaining 49%. The option is validthrough December 19, 2007. 

In accordance with SFAS No. 141, Business Combinations ("SFAS No. 141"), thetotal purchase price was allocated to the tangible and intangible assets ofINmarketing Group based upon their estimated fair values at the acquisition datewith the excess purchase price allocated to goodwill. The purchase accountingadjustments made are based upon currently available information. Accordingly, the actual adjustment recorded in connection with the finalpurchase price allocation may be updated according to SFAS No. 141, and any suchchanges may be material.

INmarketing Group accounts for the period January 1, 2006 through June 30,2006 were properly included in the consolidated financial statements for theyear ended June 30, 2006. 

STOCK BASED COMPENSATION

The Company has adopted the provisions of SFAS No. 123, "Accounting forStock-Based Compensation." In accordance with SFAS No. 123, Modern has electedthe disclosure-only provisions related to employee stock options and follows theintrinsic value method in Accounting Principals Board Opinion (APB) No. 25 inaccounting for stock options issued to employees. Under APB No. 25, compensationexpense, if any, is recognized as the difference between the exercise price andthe fair value of the common stock on the measurement date, which is typicallythe date of grant, and is recognized over the service period, which is typicallythe vesting period.

RECLASSIFICATIONS

Certain items from prior periods within the financial statements have beenreclassified to conform to current period classifications.     

CASH AND CASH EQUIVALENTS

Cash Equivalents consist of highly liquid, short-term investments withoriginal maturities of 90 days or less. The carrying amount reported in theaccompanying balance sheets approximates fair value.

INVENTORY

Inventory is stated at the lower of cost (first-in, first-out) or market (netrealized value) and consists principally of finished goods. During the yearended June 30, 2006, the Company has written down its inventory by $1,323,417 toreflect obsolescence.

PROPERTY AND EQUIPMENT

Property and equipment are recorded at cost. Depreciation of property andequipment is provided using straight-line and accelerated methods. The estimateduseful lives are as follows:

                                                                   Years

Furniture, fixtures and equipment          5 - 7

Transportation equipment                       5

Leasehold improvements                        8 - 10

Buildings                                                   39

Expenditures for major renewals and betterment that extend the useful livesof property and equipment are capitalized. Expenditures for maintenance andrepairs are charged to expense as incurred.

Depreciation expense for the years ended June 30, 2006 and 2005 was $23,734and $11,795, respectively.

ESTIMATES IN FINANCIAL STATEMENTS

The preparation of financial statements in conformity with U. S. generallyaccepted accounting principals requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities at thedate of the financial statements and the reported amounts of revenues andexpenses during the reporting period. Actual results could differ from thoseestimates.

INCOME TAXES

The company accounts for income taxes in accordance with Statement ofFinancial Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes"SFAS 109 has as its basic objective the recognition of current and deferredincome tax assets and liabilities based upon all events that may have beenrecognized in the financial statements as measured by the provisions of theenacted tax laws. 

Valuation allowances are established when necessary to reduce deferred taxassets to the estimated amount to be realized. Income tax expense represents thetax payable for the current period and the change during the period in thedeferred tax assets and liabilities.

IMPACT OF NEW ACCOUNTING STANDARDS 

In December 2003, the FASB issued Interpretation No. 46R, "Consolidation ofVariable Interest Entities" (revised December 2003) - an interpretation of ARBNo. 51.  A variable interest entity ("VIE") is one where the contractual orownership interest in an entity change with changes in the entity's net assetvalue. This interpretation requires the consolidation of a VIE by the primarybeneficiary, and also requires disclosure about VIEs where an enterprise has asignificant variable interest but is not the primary beneficiary. Sound Cityleases a facility from a Limited Liability Company ("LCC") owned by the minorityshareholders.  The term of this lease is 10 years, commencing on July 1,2004 and ending June 30, 2014. Under FIN 46R, the LLC was a VIE at June 30, 2005and the Company had consolidated the LLC in its consolidated financialstatements.  The Company has decided to spin off its Sound City subsidiaryand has not consolidated this subsidiary at June 30, 2006.

In April 2003, the FASB issued SFAS No. 149 "Amendment of Statement 133 onDerivative Instruments and Hedging Activities." SFAS 149 establishes accountingand reporting standards for derivative instruments and for hedging activities.This statement is effective for contracts entered into or modified after June30, 2003. The adoption of SFAS No. 149 did not have a material effect on theCompany's financial position or results from operations.

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain FinancialInstruments with Characteristics of Both Liabilities and Equity." SFAS 150changes the accounting for certain financial instruments that, under previousguidance, were accounted for as equity. This statement is effective forfinancial instruments entered into or modified after May 31, 2003 and otherwiseis effective at the beginning of the first interim period beginning afterSeptember 15, 2003. The adoption of SFAS No. 150 did not have a material effecton the Company's financial position or results from operations.

In December 2003, the SEC issued Staff Accounting Bulletin ("SAB") No. 104,"Revenue Recognition," which codifies, revises, and rescinds certain sections ofSAB No. 101, "Revenue Recognition," in order to make this interpretive guidanceconsistent with current authoritative accounting and auditing guidance and SECrules and regulations. The changes in SAB No. 104 did not have a material impacton the Company's financial position or results of operations. 

REVENUE RECOGNITION

The Company generally recognizes revenue upon shipment when thecollect-ability of the resulting receivable is reasonably assured. The Companyallows credit for products returned within its policy terms. Such returns areestimated and an allowance for product returns is recorded at the time of sale,as necessary.

Revenues associated with rewards programs are recorded when the customer isentitled to utilize such rewards. The Company simultaneously records the costsof these rewards. Rewards can be used by customers for one year. After one year,unused rewards are recorded as revenue.

IMPAIRMENT OF LONG-LIVED ASSETS

The company regularly reviews long-lived assets for indicators of impairment.Management's judgments regarding the existence of impairment indicators arebased on performance. Future events could cause management to conclude thatimpairment indicators exist and that the value of long-lived assets is impaired.When events or circumstances indicate that the carrying amount of an asset maynot be recoverable, the fair value of the asset is compared to its carryingvalue. Impairment losses are measured as the amount by which the carrying valueof an asset exceeds its estimated fair value.

ADVERTISING

Advertising costs are expensed as incurred. Advertising expense for the yearsended June 30, 2006 and 2005 was $63,037 and $25,872, respectively.

SHIPPING AND HANDLING COSTS

Amounts billed to customers for shipping costs resulting from a salestransaction are included in Revenues, while costs incurred by the Company forshipping and handling are included in cost of goods sold.

NOTE 3:  CONCENTRATIONS OF CREDIT RISK

The Company's financial instruments that are exposed to concentrations ofcredit risk consist primarily of cash. The Company does not require collateralor other security to support customer receivables of rewards programs. Theexposure to credit risk associated with the nonperformance of customers infulfilling their contractual obligations can be directly impacted by a declinein economic or industry conditions, which could impair the customer's ability tosatisfy its obligations. Credit procedures have been established wherebydetailed analyses are performed to control the granting of credit to high-riskcustomers of rewards programs.

NOTE 4:  MARKETABLE SECURITIES

During the year ended June 30, 2003, the investment in 117,250 shares ofcommon stock of MediCor Ltd. was considered a trading security in accordancewith SFAS No. 115, "Accounting for Certain Investments in Debt and EquitySecurities ("SFAS No. 115")" MediCor Ltd. shares are traded on the NASDover-the-counter bulletin board system. The cost of these shares is $82,520. TheCompany sold all the shares of MediCor Ltd. As of March 31, 2004, the Companyrecognized $41,714 realized gain. As of March 31, 2004, the Company hadliquidated all of its marketable securities or written off all securities deemedworthless. During May 2004, Mr. Welch, CEO and President, contributed $57,677 ofmarketable securities investment pursuant to Modern's plan for reorganization.

On January 24, 2005, the Company entered into a Purchase Agreement whereby wepurchased a $1,500,000 DeMarco Convertible Debenture. The Company follows SFASNo. 115 and has considered these securities to be trading securities. During thequarter ended September 30, 2005 the Company converted approximately $11,000 ofDeMarco Convertible Debenture into 3,200,000 shares of DeMarco common stock. OnJanuary 24, 2006 we sold these debentures to Shield Investments, Inc. for apurchase price of $500,000, payable in a promissory note bearing 5% annualinterest and a term of 5 years.

NOTE 5:  INVESTMENT EQUITY SECURITIES (AT COST) 

As of June 30, 2004, the Company wrote off $1,431 of Daine Common Stockinvestment of 360,000 restricted shares to realized loss when Daine declaredbankruptcy. As of June 30, 2004, all shares of Pharmavet were returned andcancelled. The costs of these shares ($5,000) were credited against DeferredRegistration costs. The Company has established a valuation allowance of$100,000 against its investment in Interactive Medicine Inc. to reflect theuncertainty of the fair market value of the investment. The net investment valuein Interactive Medicine Inc. is zero as of June 30, 2006.

NOTE 6:  STOCK BASED COMPENSATION 

During the 12 months ended June 30, 2005, the Company issued 2,067,000 sharesof Modern Technology Corp. Common Stock for legal and consulting servicesrendered or to be rendered in the coming year. During the year ended June 30,2006, the Company issued 598,250 shares of common stock for various consultingservices. The amount expensed for the year ended June 30, 2006 and 2005 was$617,433 and $91,473 respectively, as a result of all deferred compensationplans. All stock based compensation is accounted for in accordance with SFAS No.123. 

NOTE 7:  INCOME TAX EXPENSE (BENEFIT)

The provision for income taxes is comprised of the following:

                                                               06/30/06                 06/30/05

         Current                                               $5,540                     $-0-

         Deferred                                              -0-                           -0-

                                                                       $-0-                         $-0-

 

The provision for income taxes differs form the amount computed by applyingthe statutory federal income rate as follows:

 

                                                                              06/30/06                 06/30/05

 

Expected statutory amount                                       $ 5,540                        $ -0-

Net operating loss                                                        -0-                               -0-

State income taxes, net

Of federal benefit                                                          -0-                                -0-

                                                                                      $ 5,540                         $ -0-

Deferred income taxes reflect the net tax effects of temporary differencesbetween the carrying amounts of assets and liabilities or financial reportingpurposes and amounts used for income tax purposes and the impact of availablenet operating loss carryforwards.

The tax effects of significanttemporary differences, which comprise the deferred tax assets, are as follows:

 

                                                        06/30/2006                    6/30/05

Deferred tax assets:

       Net operating loss

       Carryforwards                     $ 2,317,635                     $293,231

       Gross deferred tax assets      2,317,635                       293,231

       Valuation allowance             2,317,635                      (293,231)

             Net deferred tax assets $ ----0----                         $----0---- 

 

The net operating loss of approximately $6,229,940 begins to expire in theyear ended June 30, 2025. The tax benefits have been fully reserved due to alack of consistent operating profitability and substantial losses.

NOTE 8: POSTRETIREMENT BENEFITS

The Company does not maintain any employee benefits currently. The Companydoes not maintain a plan for any Postretirement employee benefits; therefore, noprovision was made under FAS's 106 and 112.

NOTE 9: RELATED PARTY TRANSACTIONS

Robert Church, our previous CFO, is also a Partner of Church, Devoe &Associates to which we expensed $99,750 and $43,315 in accounting fees paidduring the years ended June 30, 2006 and 2005, respectively.  

Our principal office at 1420 N. Lamar Blvd., Oxford, Mississippi 38655 wasprovided to us at no charge by Mr. Church, our previous CFO and Director.  Welease 1,500 square feet of executive and administrative offices at 1237 State Rd30 E, Oxford MS 38655, for $850 per month from Mr. Welch, our CEO and currentCFO. Under the terms of this lease, we are responsible for payment of allutilities furnished to the premises, as well as expenses for maintenance andrepairs. During the year ended June 30, 2006, we paid Mr. Welch $8,500 for thislease.

During the year ended June 30, 2006, we expensed $297,200 in consulting feesto Anthony Welch.

On January 24, 2005, we utilized $1.5 million of financing we received fromfour institutional investors to purchase a $1.5 million convertible debenture inDeMarco Energy Systems of America, Inc. Anthony K. Welch, our Chief ExecutiveOfficer and majority shareholder, is the Chief Executive Officer and Chairman ofthe Board of Directors of DeMarco Energy Systems.

Sound City leases a facility from its shareholders. The lease expires June30, 2014. Sound City is responsible for taxes and other expenses on an annualbasis.

Rent expense under this related party lease for the years ended June 30, 2006and 2005 totaled $143,748 and $72,000, respectively. Future minimum annual rentpayable to the minority shareholders of our Sound City Inc subsidiary is asfollows:

2006                                           192,000

2007                                           197,760

2008                                           203,693

2009                                           209,804

Thereafter                              1,147,292

                                             $ 1,950,549

At June 30, 2006, Sound City had a Demand Promissory Note (the "Note")payable to its shareholders in the amount of $ 1,117,215. The note is unsecured,subordinated, non-interest bearing and is payable upon demand. Sound City alsohad loans payable to related parties in the amount of $91,314. These loans areunsecured, subordinated, non-interest bearing and are payable demand. The loanspayable to related parties are classified as non-current in the Balance Sheet atJune 30, 2006, because repayment is not anticipated during the next year.

In the normal course of business, Sound City purchases from, and sells toSammans Electronics Inc (Sammans). Sammans is owned by a relative of SoundCity's shareholders. For the years ended June 30, 2006 and 2005, purchases fromSammans totaled $19,151 and $9,986, and sales to Sammans totaled $61,954 and$47,893, respectively. 

Pursuant to the stock sale agreement dated January 24, 2005, Sound Cityentered into an employment agreement with Kamel Yassin, President andShareholder of Sound City, for a $200,000 annual salary for a five-year term.

NOTE 10: LETTER OF AGREEMENT

On March 10, 2004, prior management through its desire and plan to providecontinuing value and future growth to shareholders executed a plan ofreorganization. The Company entered into a Letter of Agreement with currentPresident and CEO, Anthony Welch, wherein the Company's plans for reorganizationand ongoing plans for operations would be realized through the subsequentactions of new management. The terms of this Agreement provided for theappointment of a new Board of Directors, marketable securities to be depositedin the Company's brokerage account, a Reverse split of the Company's CommonStock, an application for OTCBB listing, issuance of shares to Mr. Welch, andongoing acquisitions and business development to pursue growth. 

NOTE 11: OPERATIONS AND LIQUIDITY

The Company has incurred substantial losses in 2006 and 2005. Until such timethat the Company's products and services can be successfully marketed theCompany will continue to need to fulfill working capital requirements throughthe sale of stock and/or the issuance of debt. The inability of the Company tocontinue its operations as a going concern would impact the recoverability andclassification of recorded asset amounts. 

The ability of the company to continue in existence is dependent on itshaving sufficient financial resources to bring products and services to marketfor marketplace acceptance. As a result of its significant losses, negative cashflows from operations, and accumulated deficits for the periods ending June 30,2006, there is doubt about the Company's ability to continue as a going concern.

Management believes that its current available working capital, anticipatedrevenues, further planned reductions in operating expenses, and subsequent salesof stock and/or placement of debt instruments will be sufficient to meet itsprojected expenditures for a period of at least twelve months from June 30,2006. 

NOTE 12: OTHER DEVELOPMENTS

Acquisitions

Sound City

On January 24, 2005, the Company purchased 51% of Sound City for $2,000,000with an option to acquire the remaining 49%. The option is valid throughDecember 31, 2009, and can be exercised for $3,500,000, which is payable incash, stock or a combination of cash or stock. During the year ending June 30,2005, the Company has filed current reports on Form 8-K, containing additionalpro forma, historical financials and other exhibits. 

H-NET Acquisition

On July 10, 2005, Modern Technology Corp. ("MOTG") entered into an AssetPurchase Agreement ("Agreement") with Anton Stephens, Dba H-NET ("Hnet"). Nomaterial relationship exists between the parties, other than in respect of theAgreement. Under the terms of the Agreement, MOTG agreed to purchase all of therights, title and interest in, to certain assets owned by Hnet. In exchange forassets delineated under the Agreement, Hnet received $500,000 payable in theform of 350,000 shares of MOTG restricted common stock and a ConvertibleDebenture in the amount of $400,000 payable to Anton Stephens. This transactionwas filed under a From 8-K on August 2, 2005 and is hereby incorporated byreference.

INmarketing

On December 20, 2005, the Company entered into and completed a Stock PurchaseAgreement (the "Agreement") with David Weiss and Andrew Perlmutter ("Sellers").Under the terms of the agreement, the company purchased 51% of the issued andoutstanding shares of INmarketing Group, Inc. Under the terms of the Agreement,the Company paid to Sellers $1,000,000 in cash and $1,210,000 in the form ofSeries B Convertible Stock of the company. The company purchased 51 shares ofINmarketing, which represents 51% of the issued and outstanding stock, with anoption to purchase the additional 49%. The option to purchase additional sharesof stock expires on December 19, 2007. As a result of the acquisition ofINmarketing Group Inc., the company recorded the following:

The following table summarizes the components of the total purchase price andthe preliminary allocation as of the date of acquisition: 
     Book Value of          Assets Acquired /     Purchase Price     Preliminary     Liabilities Assumed     Adjustments     Fair Value    Cash and cash equivalents      $                    160,271       $                              -         $                    160,271     Accounts receivable                            729,928                                       -                               729,928           Total current assets                            890,199                                       -                               890,199           Property, plant and equipment                              31,706                                       -                                 31,706     Goodwill                                      -                            2,028,619      (a)                         2,028,619     Other long term assets                                5,846                                       -                                   5,846           Total assets      $                    927,751       $                 2,028,619       $                 2,956,372           Accounts payable                            746,372                                       -                               746,372     Shareholders' equity                            181,381                           (181,381)     (a)                                      -                              2,210,000      (a)                         2,210,000                                           -             Total Liabilities and Shareholders' equity      $                    927,751       $                 2,028,619       $                 2,956,372 
 

In accordance with SFAS No. 142, goodwill will not be amortized and will betested for impairment at least annually.

The following adjustments have been reflected in the balance sheet.

(a)    To reflect the purchase price and the elimination of  previous owners' shareholders' equity

 

The following unaudited pro-forma financial information reflects thecondensed consolidated result of operations of the Company as if the acquisitionhad taken place on July 1, 2004. The pro-forma financial information is notnecessarily indicative of the results of operations had the transaction takenbeen effected on July 1, 2004.

                                                                                                                   For the years ended

                                                                                               June 30, 2006                        June 30, 2005

Net sales                                                                            $      16,987,659                        $     13,638,603

Net (loss)                                                                           $       (6,725,517)                                 (849,169)

Diluted (loss) per common share                                   $               (4.33)                      $              (1.27)
**Sound City**
On January 24, 2005, the Company purchased 51% of Sound City for $2,000,000with an option to acquire the remaining 49%. The option is valid throughDecember 31, 2009, and can be exercised for $3,500,000, which is payable incash, stock or a combination of cash or stock. During the quarter ending March31, 2005, the Company has filed a current report on Form 8-K, containingadditional pro forma, historical financials and other exhibits.

The financial statements reflect various purchase price allocations.  Inaccordance with SFAS No. 141, Business Combinations ("SFAS No. 141"), the totalpurchase price was allocated to the tangible and intangible assets of Sound Citybased upon their estimated fair values at the acquisition date with the excesspurchase price allocated to goodwill. The purchase accounting adjustments madeare based upon currently available information.  Accordingly, the actualadjustment recorded in connection with the final purchase price allocation maybe updated according to SFAS No. 141, and any such changes may be material.

The following table summarizes the components of the total purchase price andthe allocation as of the date of acquisition

Book Value of Assets Acquired/Liabilities Assumed 
Purchase Price Adjustments    Fair ValueCash$ 286,530 $ 286,530     Accounts Receivable7,978 7,978     Inventory2,460,801 2,460,801     Other current assets      250      250     Total Current Assets2,755,559 2,755,559 PP&E123,878 123,878     Goodwill- 1,757,498 (a) 1,757,498     Other assets      62,009       -       62,009     Total Assets$               2,941,446 $     1,757,498$            4,698,944     Accounts Payable912,499 912,499     Notes Payable518,429 518,429     Accrued expenses      139,391       139,391 -     Total Current Liabilities1,570,319 1,570,319 -     Shareholders' Loans1,128,625 1,128,625 -     Total Liabilities2,698,944 2,698,944 -     Shareholders' equity      242,502       1,757,498 (a)      2,000,000 -     Total Liabilities and Shareholders' Equity$               2,941,446 $     1,757,498 $            4,698,944 
 

In accordance with SFAS No. 142, Goodwill and Other Intangible Assets ("SFASNo. 142"), goodwill will not be amortized and will be tested for impairment atleast annually.  The amounts contained in the purchase price allocation maychange as additional information becomes available regarding the assets andliabilities acquired.  Any change in the fair value of the net assets willchange the amount of the purchase price allocable to goodwill.

The following adjustments have been reflected in the balance sheet.

(a)    To reflect goodwill.

The following unaudited pro-forma financial information reflects thecondensed consolidated results of operations of the Company as if theacquisition had taken place on July 1, 2004.  The pro-forma financialinformation is not necessarily indicative of the results of operations had thetransaction been effected on July 1, 2004.

                                                                           For the year ended June 30, 2005

Net Sales                                                                        $12,242,487

Net (loss)                                                                              951,278

Diluted (loss) per share                                               $         (1.42)

 

Capital Raise

On August 31, 2005, the Company, pursuant to a Securities Purchase Agreementof the same date, entered into Callable Secured Convertible Notes. Under theterms of the notes, the Company borrowed an aggregate of $1,500,000.00 from theHolders of the Notes. The Notes each bear a Maturity Date of August 31, 2008,with interest accruing on any unpaid principal at 9% per annum from the date theNotes were issued, until due and payable on the Maturity Date. Any unpaidamounts after that date bear an interest of 15% per annum. Interest is payablequarterly and shall commence at December 31, 2005. Holder has the right toconvert any amounts due to Common Stock, at its discretion, at the conversionprice, as set forth under the terms of the Notes. This transaction was filedunder a Form 8-K on September 19, 2005 and is hereby incorporated by reference.The company issued 2,000,000 warrants to purchase common stock as part of theissuance of the Callable Secured Convertible Notes.

On December 16, 2005, the Company, pursuant to a Securities PurchaseAgreement of the same date, entered into Callable Secured Convertible Notes.Under the terms of the notes, the Company borrowed an aggregate of $700,000 fromthe Holders of the notes. The notes each bear a maturity date of December 16,2008, with interest accruing on any unpaid principal at 9% per annum from thedate the Notes were issued, until due and payable on the Maturity date. Anyunpaid amounts after that date earn an interest of 15% per annum. Interest ispayable quarterly and shall commence at December 31, 2005. Holder has the rightto convert any amounts due to Common Stock, at its discretion, at the conversionprice, as set forth under the terms of the Notes.

On March 27, 2006, the Company, pursuant to a Securities Purchase Agreementof the same date, entered into Callable Secured Convertible Notes. Under theterms of the notes, the Company borrowed an aggregate of $350,000 from theHolders of the notes. The notes each bear a maturity date of March 27, 2009,with interest accruing on any unpaid principal at 6% per annum from the date thenotes were issued, until due and payable on the Maturity date. Any unpaidamounts after that date earn an interest of 15% per annum. Interest is payablequarterly and shall commence at June 30, 2006. Holder has the right to convertany amounts due to Common Stock, at its discretion, at the conversion price, asset forth under the terms of the Notes. The Company issued 20,000,000 warrantsto purchase common stock as part of the issuance of the Callable SecuredConvertible Notes. 

NOTE 13: COMMON STOCK AND PREFERRED STOCK

Common Stock

March 2004 as part of our plan of reorganization and ongoing plan foroperations we applied for listing of our Common Stock on theOver-The-Counter-Bulletin Board. We received approval on July 19, 2004 and tradeunder the symbol MOTG.

On May 15, 2006 we affected a Reverse Split of the Company's Common Stock ona 1 for 20 Basis. All share and per share amounts have been adjustedretroactively to reflect this change.

Preferred Stock

We are authorized to issue up to 20,000,000 shares of Preferred Stock, parvalue $.0001. 

SERIES A CONVERTIBLE PREFERRED STOCK

To obtain funding for our ongoing operations, we entered into a SecuritiesPurchase Agreement with four accredited investors on January 24, 2005 for thesale of (i) $2,000,000 in secured convertible notes; (ii) 1,500 shares of seriesA convertible preferred stock at $1,000 per share and (iii) warrants to buy3,000,000 shares of our common stock. Each share of series A convertiblepreferred stock is convertible into $1,000 of our common stock, at 85% of theaverage of the three lowest intraday trading prices for the common stock on aprincipal market for the 20 trading days before but not including the conversiondate.

The holders of the series A preferred stock are entitled to receive, when, ifand as declared by the Board of Directors, cumulative dividends in the amount ofsix percent (6%) per annum, payable quarterly in arrears. We are obligated torepurchase the shares of series A convertible preferred stock at 130% of thestated value, plus accrued but unpaid dividends, upon written notice from theholders of a majority of the series A convertible preferred stock upon theoccurrence of any of the following events of default: our failure to issueshares of common stock upon conversion by the holder, our failure to timely filea registration statement or have such registration statement declared effective,the assignment or appointment of a receiver to control a substantial part of ourproperty or business, the commencement of a bankruptcy, insolvency,reorganization or liquidation proceeding against our company or the delisting ofour common stock, if the default is not cured with the specified grace period.

All shares of series A convertible preferred stock issued and outstanding onJanuary 24, 2008 shall automatically convert into shares of our common stock inaccordance with the conversion price calculation.

As of June 30, 2006, there were 1,500 shares issued and outstanding.

SERIES B CONVERTIBLE PREFERRED STOCK

As part of our acquisition of INmarketing Group we agreed to issue to thesellers 1,210,000 shares of Series B convertible preferred stock at $1 pershare. Each share of Series B convertible preferred stock is convertible into anumber of shares of our common stock according to the following calculation: 60%multiplied by the "Market Price" (the average of the three lowest intradaytrading prices for the common stock on a principle market for the 20 tradingdays before but not including the conversion date).

The holders of the Series B convertible preferred stock are entitled toreceive, when, if and as declared by the Board of Directors, cumulativedividends in the amount of four percent (4%) per annum, payable quarterly inarrears. 

As of June 30, 2006, there were 1,210,000 shares issued and outstanding.

NOTE 14: LONG-TERM AND SHORT-TERM DEBT

Long-term debt consists of the following:                                                             June 30, 2006

 Note payable to Valley National Bank

in the original amount of $300,000,

payable in monthly installments of

$5,742.46 including interest at 5.5%.

The loan is secured by the personal

Guarantee of the shareholders and a

mortgage on property owned by the

shareholders. The note will be fully

paid May, 2008.                                                                                                                  $ 124,098

 

Note payable to BMW Financial in the

original amount of $20,741, payable

in monthly installments of $419.53

Including interest at 3.9%. The loanis

secured by transportation equipment.The

note will be fully paid May, 2008.                                                                                     $   9,265

 

Note payable to Renasant Bank in the

Original amount of $38,334, payablein 

Monthly installments of $726.91including

Interest at 4.53% for 48 months. Theloan

is secured by a Modern Certificate ofDeposit

In the amount of $40,000                                                                                                    $ 33,951

                                                                                                                                                167,314

Less: current portion                                                                                                             74,635
Long term non-convertibledebt                                                                                        $92,679
 

Short-term debt due to the sellers ofSound City consists of the following:

Note payable to Kamel Yassin in the

Original amount of $400,000 bearing

Interest at a rate of 5% per annumwill

Be due and payable on December 31,

2006                                                                                                                                       400,000

 

Note payable to Mervet Yassin in the

Original amount of $400,000 bearing

Interest at a rate of 5% per annumwill

Be due and payable on December 31,

2006.                                                                                                                                      400,000
                                                                                                                                             $800,000

                                                                                                                                                                 

NOTE 15: INVENTORY LINE OF CREDIT

As of March 31, 2005, Sound City had a $750,000 Inventory Security Agreementwith GE Capital. Under the Agreement the Company may apply to GE Capital for anextension of credit to purchase inventory. Advances are repaid without interest90 days after the Company receives the funds. Late payments are subject tofinance charges. GE Capital has a security interest in all Company assets. As ofMay 2, 2005 this line of credit has been reduced to $200,000.

NOTE 16: SECURITIES PURCHASE AGREEMENT

On January 24, 2005, the Company entered into a Securities Purchase Agreementwith AJW Offshore, Ltd., AJW Qualified Partners, LLC, AJW Partners, LLC and NewMillennium Capital Partners II, LLC for the sale of (i) $2,000,000 in securedconvertible notes and (ii) warrants to purchase 3,000,000 shares of our commonstock and (iii) entered into a Purchase Agreement whereby we purchased a$1,500,000 DeMarco Convertible Debenture in exchange for 1,500 shares of ourSeries A Convertible Preferred Stock. 

The secured convertible notes bear interest at 8%, mature two years from thedate of issuance, and are convertible into Modern common stock, at theinvestors' option, at the lower of $0.44 or 40% of the average of the threelowest intraday trading prices for the common stock on the Over-The-CounterBulletin Board for the 20 trading days before but not including the conversiondate. The secured convertible notes are secured by the personal guarantee of theshareholder with a collateral of 5.5 million shares of Modern Technology commonstock.

The warrants are exercisable until five years from the date of issuance at apurchase price of $0.40 per share. The investors may exercise the warrants on acashless basis if the shares of common stock underlying the warrants are notthen registered pursuant to an effective registration statement. 

The DeMarco convertible debenture is fully matured and bears interest at arate of 10% per annum with interest payments due quarterly. Modern has theoption to convert any unpaid principal into shares of DeMarco common stock atany time after the original issue date. We sold this debenture on January 24,2006 for a purchase price of $500,000.

 

On August 31, 2005, the Company, pursuant to a Securities Purchase Agreementof the same date, entered into Callable Secured Convertible Notes. Under theterms of the notes, the Company borrowed an aggregate of $1,500,000.00 from theHolders of the Notes. The Notes each bear a Maturity Date of August 31, 2008,with interest accruing on any unpaid principal at 9% per annum from the date theNotes were issued, until due and payable on the Maturity Date. Any unpaidamounts after that date bear an interest of 15% per annum. Interest is payablequarterly and shall commence at December 31, 2005. Holder has the right toconvert any amounts due to Common Stock, at its discretion, at the conversionprice, as set forth under the terms of the Notes. This transaction was filedunder a Form 8-K on September 19, 2005 and is hereby incorporated by reference.The company issued 2,000,000 warrants to purchase common stock as part of theissuance of the Callable Secured Convertible Notes.

On December 16, 2005, the Company, pursuant to a Securities PurchaseAgreement of the same date, entered into Callable Secured Convertible Notes.Under the terms of the notes, the Company borrowed an aggregate of $700,000 fromthe Holders of the notes. The notes each bear a maturity date of December 16,2008, with interest accruing on any unpaid principal at 9% per annum from thedate the Notes were issued, until due and payable on the Maturity date. Anyunpaid amounts after that date earn an interest of 15% per annum. Interest ispayable quarterly and shall commence at December 31, 2005. Holder has the rightto convert any amounts due to Common Stock, at its discretion, at the conversionprice, as set forth under the terms of the Notes.

On March 27, 2006, the Company, pursuant to a Securities Purchase Agreementof the same date, entered into Callable Secured Convertible Notes. Under theterms of the notes, the Company borrowed an aggregate of $350,000 from theHolders of the notes. The notes each bear a maturity date of March 27, 2009,with interest accruing on any unpaid principal at 6% per annum from the date thenotes were issued, until due and payable on the Maturity date. Any unpaidamounts after that date earn an interest of 15% per annum. Interest is payablequarterly and shall commence at June 30, 2006. Holder has the right to convertany amounts due to Common Stock, at its discretion, at the conversion price, asset forth under the terms of the Notes. The Company issued 20,000,000 warrantsto purchase common stock as part of the issuance of the Callable SecuredConvertible Notes. These warrants were fair valued at $508,000 using the BlackScholes option pricing model using the following variables:

209% volatility, 4.67% risk free rate, $.05 strike price, $.026 stock priceat grant, term of five years.

As a result of the warrant value of $508,000, a discount was applied andinterest expense of $44,067 was amortized during the year ended June 30, 2006using the effective interest method. The remaining balance of the discount of$463,933 was offset against the convertible notes.

NOTE 17: STOCK PURCHASE AGREEMENT 

On January 24, 2005, the Company entered into a Stock Purchase Agreement withSound City, Inc. The agreement is to purchase 51% of the issued and outstandingshares of common stock of Sound City, Inc. for an aggregate purchase price of$2,000,000 and to provide $700,000 in funding to Sound City, Inc. As part of theagreement, the Company also issued promissory notes in the amounts of $400,000each to Kamel Yassin, President of Sound City and Mervet Yassin, CFO of SoundCity. The promissory notes bear interest from the date of issuance at the rateof 5% per annum simple interest. Interest accrued to December 31, 2005 will bepayable in full on December 31, 2005. Thereafter, interest accrued on the unpaidprincipal during the calendar quarter will be payable quarterly on the last dayof each calendar quarter during the term of the note, with the first suchquarterly interest payment being payable on September 30, 2005. The principaland accrued interest will be due and payable on December 31, 2006. 

 

On December 20, 2005, the Company entered into and completed a Stock PurchaseAgreement (the "Agreement") with David Weiss and Andrew Perlmutter ("Sellers").Under the terms of the agreement, the company purchased 51% of the issued andoutstanding shares of INmarketing Group, Inc. Under the terms of the Agreement,the Company paid to Sellers $1,000,000 in cash and $1,210,000 in the form ofSeries B Convertible Preferred Stock of the company. The company received 51shares of INmarketing, which represents 51% of the issued and outstanding stock.The option to purchase an additional amount of shares equally to 49% of theissued and outstanding stock. The option to purchase additional shares of stockexpires December 19, 2007.

NOTE 18: EARNINGS PER SHARE

A reconciliation of weighted average shares outstanding, used to calculatebasic loss per share, to weighted average shares outstanding assuming dilution,used to calculate diluted loss per share for the years ended June 30 follows:

2006
2005
Loss
Shares
Per share
Loss
Shares
Per share
(Numerator)
(Denominator)
amount
(Numerator)
(Denominator)
amountNet Loss before    preferred dividends
$ (6,440,533)$      (941,475)Less: preferred    dividends
(102,709)
(182,341)Basic EPS
$ (6,543,242)
1,552,328$    (4.22)$    (1,123,816)
667,817$    (1.68)Effect of    dilutive securities
- 
-  
- 
-  Diluted EPS$ (6,543,242)
1,552,328 $ (4.22)$ (1,123,816)
667,817 
$ (1.68)
74,976,804 and 9,085,193 common equivalent shares have been excluded from thecomputation of diluted earnings per share for the year ending June 30, 2006 and2005 respectively, because their effect would be anti-dilutive.

NOTE 19: COMMITMENTS AND CONTINGENCIES

Sound City guarantees the mortgage debt of Yassin & Company, LLC, a realestate holding company owned by the stockholders. The amount of outstandingmortgage debt at June 30, 2006 was approximately $363,000.

In addition, Sound City also guarantees the mortgage debt of Kamel Yassin,President and Shareholder of Sound City, and Mervet Yassin, CFO and Shareholderof Sound City, on commercial property owned by them. The amount of theoutstanding mortgage at June 30, 2006 was approximately $124,000.

INmarketing Group leases an office in Mahwah, New Jersey which expires onDecember 31, 2008 under an operating lease. The lease requires additional rentfor certain operating expenses as defined in the lease and is subject to futureminimum annual rental payments of $30,708. In addition, the Company rentsstorage space in a nearby facility on a month to month basis.

Sound City leases a 3,000 square foot building in Newton, NJ. The term of thelease is 5 years, beginning June 1, 2005 and expiring May 31, 2010. The fixedminimum rent is $51,000 annually.

Sound City also leases a 4,470 square foot retail store space with a 494square feet warehouse area in Franklin, NJ. The space is located in a shoppingcenter. The duration of the lease is 5 years and 2 months. It commenced on May1, 2005 and terminates on June 30, 2010. The annual rent for the initial 2months of the lease is 0. Annual rent for the next 30 months is $73,755increasing to $80,460 annually for the last 30 months of the lease. In addition,Sound City pays supplemental rent on taxes, insurance, and repairs andmaintenance on the building. This supplemental rent is based on the percentageof floor space leased in relation to the total rentable floor space of theshopping center.

NOTE 20: ASSET ACQUISITION

 H-NET 

On July 10, 2005, Modern Technology Corp. ("MOTG") entered into an AssetPurchase Agreement ("Agreement") with Anton Stephens, Dba H-NET ("Hnet"). Nomaterial relationship exists between the parties, other than in respect of theAgreement. Under the terms of the Agreement, MOTG agreed to purchase all of therights, title and interest in, to certain assets owned by Hnet. In exchange forassets delineated under the Agreement, consisting of software, Hnet will receive$500,000 payable in the form of 350,000 shares of MOTG restricted common stockand a Convertible Debenture in the amount of $400,000 payable to Anton Stephens.This transaction was filed under a Form 8-K on August 2, 2005 and is herebyincorporated by reference. MOTG has recorded $500,000 as software on the balancesheet at September 30, 2005 as a result of this asset acquisition. It isestimated that the software has a 5-year life and is being amortized ratablyover its estimated useful life. 

H-NET has no revenue at present and is not expected to have any revenue forthe following nine months. It is anticipated that H-NET assets will be fullydeveloped and revenue producing within the next twelve months. 

 

NOTE 21: CONVERTIBLE NOTES 
    Secured convertible notes payable to AJW Offshore, Ltd, AJW    Qualified Partners, LLC, AJW Partners, LLC and New Millennium    Capital Partners II, LLC in the amount of $2,000,000.The    notes were issued with Warrants to purchase 3,000,000     shares of our common stock. The secured conversion notes bear    interest at 8% mature January 24, 2007 and are convertible into    Modern common stock.
$    2,000,000 Less    conversions into common stock
(1,012,809)BALANCE
$       987,191     Secured convertible notes payable to AJW Offshore, Ltd, AJW    Qualified Partners, LLC, AJW Partners, LLC and New Millennium    Capital Partners II, LLC in the amount of $700,000. The securednotes    bear interest at 9% and mature December 16, 2008 and are    convertible into Modern stock
$      700,000     Secured convertible notes payable to AJW Offshore, Ltd, AJW    Qualified Partners, LLC, AJW Partners, LLC and New Millenium    Capital Partners II, LLC in the amount of $1,500,000. The securednotes    bear interest at 9%, mature 8/31/2007 and are convertible into    Modern stock. We issued 2,000,000 warrants as part of the issuance of this    secured convertible note
$   1,500,000    Convertible note payable to Anton Stevens for the purchase of HNET    Software. Interest shall be at a rate of 4% per annum and 
$      400,000 shall be due and    payable pursuant to the conversion rights or, at    the election of MOTG, paid in cash. The note is due upon    demand.Non interest    bearing additional note payable to Anton Stephens for the    purchase of HNET software, payable only in    shares of Modern stock. The note is due
$      100,000upon demand.Secured    convertible notes payable to AJW Partners, AJWQualified, AJW    Offshore, and New Millenium Capital Partnersin the amount of    $350,000. The secured notes bear interestat a rate of 6%,    mature 3/27/09 and are convertible intoModern common    stock. We issued 20,000,000 warrants topurchase common    stock as part of the issuance of these callablesecured    convertible notes
$      350,000    Total Convertible Notes payable at June 30, 2006

    $   4,037,191    Less current portion:
      (2,287,191)    Long term convertible notes payable
      $   1,750,000
 

NOTE 23: GOODWILL

The changes in the carrying amount of goodwill for the year ended June 30,2006 is as follows:

Balance as of June 30, 2005 $2,126,983

Goodwill acquired during the 9 months 819,117

Impairment losses (2,126,983)

Balance as of June 30, 2006 $ 819,117

 

Due to working capital deficiencies and continuing losses, the goodwill ofour Sound City subsidiary appears to be permanently and totally impaired. As aresult, we recognized an impairment charge of $ 2,126,983 during the year endedJune 30, 2006. 

 

 

 

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