UNITED
      STATES


SECURITIES
      AND EXCHANGE COMMISSION


Washington,
      D.C. 20549




**FORM
      10-Q**





( Mark
      One)


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





For
      the
      quarterly period ended: March 31, 2008




 ̈
            TRANSITION
                REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
                ACT





For
      the
      transition period from  to





Commission
      File Number 0-16286





**Atlantis
      Technology Group**


(Exact
      name of registrant as specified in its charter)





Nevada
            
            95-4082020(State
                or other jurisdiction of Incorporation or
              Organization)
            
            (I.R.S.
                Employer Identification Number)





100
      NE
      80th Terrace, Miami, Florida  33138


(Address
      of principal executive offices)





702-988-1227


(Registrant's
      telephone number, including area code)





ATLANTIS
      BUSINESS DEVELOMENT CORPORATION


(Former
      name, former address, if changed since last report)





Check
      whether the issuer (1) filed all reports required to be filed by
      Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
      such shorter period that the registrant was required to file such reports),
      and
      (2) has been subject to such filing requirements for the past 90
      days.    Yes  o    No x





Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, a non-accelerated filer, or a smaller reporting company.
      See
      the definitions of “large accelerated filer,” “accelerated filer” and “smaller
      reporting company” in Rule 12b-2 of the Exchange Act. (Check one):




Large
                accelerated filer  o
            
            Accelerated
                filer  o
            
            Non-accelerated
                filer  o
            
            Smaller reporting company  x





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).    Yes x No  ̈





The
      number of shares outstanding of the Registrant’s common stock as of May 19,
      2008 was 315,165,600.





**FORWARD
      LOOKING STATEMENTS**





Some
      of
      the information presented in this quarterly report constitutes forward-looking
      statements within the meaning of the private Securities Litigation Reform Act
      of
      1995. Statements that are not historical facts, including statements about
      management's expectations for fiscal year 2008 and beyond, are forward looking
      statements and involve various risks and uncertainties. Although the Company
      believes that its expectations are based on reasonable assumptions within the
      bounds of its knowledge, there can be no assurance that actual results will
      not
      differ materially from the Company's expectations. Factors that could cause
      the
      actual results to differ materially from expectations are discussed in the
      Company's Annual Report on Form 10-K and in other filings with the Securities
      and Exchange Commission.





**FINANCIAL
      STATEMENTS**








**ATLANTIS
      TECHNOLOGY GROUP**





**CONDENSED
      CONSOLIDATED FINANCIAL STATEMENTS**





**MARCH
      31, 2008 AND 2007**










**ATLANTIS
      TECHNOLOGY GROUP**


**CONDENSED
      CONSOLIDATED FINANCIAL STATEMENTS**


**MARCH
      31, 2008 AND 2007**





**INDEX
      TO CONDENSED**  **CONSOLIDATED
      FINANCIAL STATEMENTS**





**Page(s)**Condensed
                Consolidated Balance Sheet as of March 31, 2008 (Unaudited) and December
                31, 2007 (Audited)
            3Condensed
                Consolidated Statements of Operations for the three months ended
                March 31,
                2008 (Unaudited) and 2007- Restated (Unaudited)
            4Condensed
                Consolidated Statements of Cash Flows the three months ended March
                31,
                2008 (Unaudited) and 2007- Restated (Unaudited)
            5Notes
                to the Condensed Consolidated Financial Statements
            6 – 20








**ATLANTIS
      TECHNOLOGY GROUP**


**CONDENSED
      CONSOLIDATED BALANCE SHEET - (UNAUDITED)**


**March
      31, 2008**


**(Unaudited)**
              
              **(Audited)****March 31, 2008**
              
              **December 31,2007****ASSETS****CURRENT
                  ASSETS**Cash
              
              $
              1,363
              
              $
              1,441**TOTAL
                  ASSETS**
              
              $
              1,363
              
              $
              1,441**LIABILITIES
                  AND STOCKHOLDERS' DEFICIT****CURRENT
                  LIABILITIES**Accounts
                  payable and accrued expenses
              
              $
              65,840
              
              $
              65,840**Total
                  Liabilities**
              
              
              65,840
              
              
              65,840**STOCKHOLDERS'
                  (DEFICIT)**Preferred
                  stock A, $.001 par value, authorized 1,000,000 shares at March
                  31, 2008
                  and December 31, 2007, no shares issued
              
              
              -Preferred
                  stock B, $.001 par value, authorized 1,000,000 shares at March
                  31, 2008
                  and December 31, 2007, no shares issued
              
              
              -Common
                  stock, $.001 par value, authorized 500,000,000 shares at March
                  31, 2008
                  and December 31, 2007 and 315,165,600 shares issued and
                  outstanding
              
              
              315,166
              
              
              315,166Deposit
              
              
              (2,500,000
              )
              
              (2,500,000
              )Subscription
                  receivable
              
              
              (76,800
              )
              
              (79,300
              )Additional
                  paid-in capital
              
              
              5,506,180
              
              
              5,506,180Accumulated
                  deficit
              
              
              (3,309,023
              )
              
              (3,306,445
              )**Total
                  Stockholders' Deficit**
              
              
              (64,477
              )
              
              (64,399
              )**TOTAL
                        LIABILITIES AND****STOCKHOLDERS'
                        DEFICIT**
              
              $
              1,363
              
              $
              1,441




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


3





**ATLANTIS
      TECHNOLOGY GROUP**


**CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**





**(Restated)****Three Months**
            
            **Three Months****ended March 31,**
            
            **ended March 31,****2008**
            
            **2007****REVENUE:**Sales
            
            $
            -
            
            $
            -**Total
                revenue**
            
            
            -
            
            
            -**COST
                OF SALES**
            
            
            -
            
            
            -**GROSS
                PROFIT**
            
            
            -
            
            
            -**OPERATING
                EXPENSES:**Compensation
                and Consulting
            
            
            2,500
            
            
            33,135Professional
                fees and other
            
            
            -
            
            
            26,000General
                and administrative expenses
            
            
            78
            
            
            47,328Total
                operating expenses
            
            
            2,578
            
            
            106,463**NET
                LOSS BEFORE PROVISION FOR INCOME TAXES**
            
            
            (2,578
            )
            
            (106,463
            )Provision
                for income taxes
            
            
            -
            
            
            -**NET
                LOSS APPLICABLE TO COMMON SHARES**
            
            $
            (2,578
            )
            $
            (106,463
            )**NET
                LOSS PER BASIC AND DILUTED SHARES**
            
            $
            (0.00
            )
            $
            (0.06
            )**WEIGHTED
                AVERAGE NUMBER OF COMMON SHARES OUTSTANDING**
            
            
            315,165,600
            
            
            1,845,989


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


4





**ATLANTIS
      TECHNOLOGY GROUP**


**CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)**





**(Restated)****Three Months**
            
            **Three Months****ended March 31,**
            
            **ended March 31,****2008**
            
            **2007****CASH
                FLOW FROM OPERATING ACTIVITIES**Net
                Loss
            
            $
            (2,578
            )
            $
            (106,463
            )**Adjustments
                  to reconcile net loss to net cash (used in) operating
                  activities:**
            
            
            -
            
            
            -Changes
                in assets and liabilities:Increase
                (Decrease) in accounts payable and other accrued payables
            
            
            -
            
            
            (400
            )**Net
                cash (used in) operating activities -**
            
            
            (2,578
            )
            
            (106,863
            )**CASH
                FLOWS FROM FINANCING ACTIVITIES:**Stock
                receivable collected
            
            
            2,500
            
            
            -Stock
                issued for cash
            
            
            -
            
            
            137,085**Net
                cash provided by financing activities**
            
            
            2,500
            
            
            137,085**Net
                Increase (decrease) in cash for the period**
            
            
            (78
            )
            
            30,222**Cash
                beginning of period**
            
            
            1,441
            
            
            5,939**Cash
                end of the period**
            
            $
            1,363
            
            $
            36,161**SUPPLEMENTAL
                DISCLOSURE OF CASH FLOW INFORMATION:**Interest
                expense
            
            $
            -
            
            $
            -Income
                taxes paid
            
            $
            -
            
            $
            -


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


5


**ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                1-**
              **ORGANIZATION
                  AND BUSINESS**
 
 The
        condensed unaudited interim financial statements included herein have been
        prepared by Atlantis Technology Group (the “Company”), pursuant to the rules and
        regulations of the Securities and Exchange Commission. The condensed financial
        statements and notes are presented as permitted on Form 10-Q and do not contain
        information included in the Company’s annual consolidated statements and notes.
        For further information, these financial statements and related notes should
        be
        read in conjunction with the Company’s audited financial statements for the
        period ended December 31, 2007 and the accompanying notes thereto. Certain
        information and footnote disclosures normally included in financial statements
        prepared in accordance with accounting principles generally accepted in the
        United States of America have been condensed or omitted pursuant to such
        rules
        and regulations, although the Company believes that the disclosures are adequate
        to make information presented not misleading. The result of the three months
        ended March 31, 2008 and 2007 may not be indicative of the results for the
        entire year.
 
 These
        condensed unaudited financial statements reflect all adjustments, consisting
        of
        normal recurring adjustments, which in the opinion of management are necessary
        for the fair presentation of the information contained herein.
  The
        Company was incorporated in the State of Delaware in December 1986 as Vision
        Technology International. They changed their name in 1992 to Medplus Corporation
        and in August 2003, changed its name to Atlantis Business Development
        Corporation. The Company had operated in the health care financing industry.
        The
        Company ceased all operations in 1998 and has little or no viable operations
        since that date. On October 11, 2007, the Company changed its name to Atlantis
        Technology Group.
  On
        April
        20, 2003, the Company's Board of Directors voted to be regulated as a Business
        Development Company (“BDC”) pursuant to Section 54 of the Investment Company Act
        of 1940. A Business Development Company is an investment company designed
        to
        assist eligible portfolio companies with capital information. The decision
        to
        become a Business Development Company was made primarily to better reflect
        the
        Company's anticipated future business and developing relationships.
  6
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                1-**
              **ORGANIZATION
                  AND BUSINESS (CONTINUED)**
  The
        Company elected to withdraw its status as BDC on September 10,
        2007.
  In
        January 2005, the Company merged with a Nevada corporation and remained the
        surviving corporation with a Nevada domicile.
  On
        June
        1, 2007, the Company participated in a phone call with the SEC, primarily
        related to its operations as a BDC and its compliance with the requirements
        thereto. In response to the SEC’s phone call, the Company conducted a review of
        its compliance with the 1940 Act and determined that it was not in compliance
        with the 1940 Act. While the Company believed the BDC model was the right
        structure for it at the time that it elected such status, it has determined
        that, going forward, it should, consistent with its current balance sheet
        and
        structure, withdraw its election to be regulated as a BDC. The company withdrew
        it’s status as a BDC in September 2007.
 
 As
        a
        result of determining that the Company should withdraw its election to be
        a
        regulated BDC, the Company on June 29, 2007 filed a form 14A proxy statement,
        and on August 16, 2007 an Amended 14A:
 
 1.
              To
                  elect all members of the Board of
                  Directors.
 
 2.
              To
                  approve Bagell, Josephs, Levine and Company, LLC as the Company’s
                  independent auditors for the coming
                  year.
 
 3.
              To
                  approve granting the Board of Directors the authority to elect
                  , at the
                  Board’s discretion, to withdraw the Company’s election to be regulated as
                  a Business Development Company under Section 54 of the Investment
                  Company
                  Act of 1940.
 
 4.
              To
                  transact such other business as may properly come before the Special
                  Meeting and any adjournment or postponement
                  thereof.
 
 This
        special meeting was held September 10, 2007 at the Company’s corporate offices
        in Colorado.
  7
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                1-**
              **ORGANIZATION
                  AND BUSINESS
                  (CONTINUED)**
 
 The
        withdrawal of the Company’s election to be regulated as a BDC under the 1940 Act
        will result in a significant change in the Company‘s required method of
        accounting. BDC financial statement presentation and accounting utilizes
        the
        value method of accounting used by investment companies, which allows BDC’s to
        recognize their income and value their investments at market value as opposed
        to
        historical cost. In addition, majority-owned subsidiaries are not consolidated;
        rather, investments in those subsidiaries are reflected on the balance sheet
        as
        an investment in a majority-owned portfolio company at fair value. The election
        to withdraw was approved.
 
 In
        reviewing its compliance procedures the Company determined that it never
        appointed a Chief Compliance Officer. In the absence of an active Chief
        Compliance Officer, there can be no assurance that the compliance rules of
        the
        1940 Act were not violated.
 
 Specifically,
        the Company determined that it had, among other things: failed to adequately
        disclose the process of valuing its portfolio securities in 2004 and 2005;
        issued shares for services and compensation provided to the Company; failed
        to
        have a majority of directors that were not interested persons of the Company;
        conducted transactions with certain affiliates or a related party; and neglected
        to adopt compliance policies and procedures.
 
 The
        Company acknowledges that they have not been presenting their financial
        statements in accordance with the Act of 1940. Specifically, the Company
        had
        been recording the activity in 2004 and 2005 of its wholly owned subsidiaries
        in
        a consolidated format. There have been no other operating subsidiaries in
        the
        Company since September 2005.
 
 The
        fundamental nature of the BDC is to invest in a portfolio of securities,
        with
        the goal of achieving gains on appreciation and dividend income, not that
        of
        ownership and management of an operating business, with the goal of generating
        income from the operations of those businesses.
 
 The
        Company filed an 8K on June 28, 2007 stating that the Board of Directors
        determined, based on a recommendation of its independent auditors, that its
        financial statements for the period ended December 31, 2006, 2005 and 2004
        will
        need to be restated. The Company’s Board of Directors has determined that
        certain of its disclosures and treatment of certain accounting transactions
        were
        not sufficient to comply with auditing and reporting standards under the
        Investment Company Act of 1940.
 
 8
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                1-**
              **ORGANIZATION
                  AND BUSINESS
                  (CONTINUED)**
 
 The
        Board
        reviewed the facts surrounding these compliance failures and their implications
        for the Company. Ultimately, the Board caused the Company to take certain
        steps
        to remediate the compliance failures as follows:
 
 1.
              Rescinded
                  and cancelled common stock shares issued for services, compensation
                  and
                  transactions with related parties. (See Note 4). The majority of
                  the
                  shares issued for the above were cancelled going back to June
                  2004.
 
 2.
              Restating
                  its financial statements.
 
 3.
              Filed
                  a proxy to withdraw from a BDC status. The election was approved
                  September
                  10, 2007.
 
 The
        Company has informed the SEC Staff of these steps. However, these efforts
        may
        not fully cure all of the 1940 Act compliance deficiencies currently affecting
        the Company and it is unclear how those deficiencies will impact the Company
        in
        the future. The Company’s significant compliance and remediation costs, in terms
        of both time and dollars, have operated as an encumbrance on the Company’s
        resources.
  The
        Company’s violations of the 1940 Act may cause the Company to incur certain
        liabilities. Such liabilities cannot be estimated by management as of this
        time,
        but may include regulatory enforcement actions. However, such liabilities,
        if
        incurred, could have a significant impact on the Company’s ability to continue
        as a going concern.
  The
        Company made an offer of settlement with The Securities and Exchange Commission
        in February 2008 (see note10).
  9
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                2-**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING
                  POLICIES**
 
 **Use
        of Estimates**
 
 The
        preparation of financial statement in conformity with accounting principles
        generally accepted in the United States of America 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.
 
 **Cash
        and Cash Equivalents**
 
 The
        Company considers all highly liquid debt instruments and other short-term
        investments with an initial maturity of three months or less to be cash or
        cash
        equivalents.
 
 At
        March
        31, 2008, The Company maintained cash and cash equivalent balances at a
        financial institution that is insured by the Federal Deposit Insurance
        Corporation, whose amounts do not exceed the insured limit of
        $100,000.
 
 **Fair
        Value of Financial Instruments**
 
 The
        carrying amounts reported in the balance sheet for cash and accrued expenses
        approximate fair value because of the immediate or short-term maturity of
        these
        financial statements.
 
 **Investments –
        Valuation**
 
 The
        Company values its investments at fair value. The Company’s only investment is a
        percentage of a private company. The Company determines fair value to be
        the
        amount for which an investment could be exchanged in an orderly disposition
        over
        a reasonable period of time between willing parties other than in a forced
        on
        liquidation sale. At March 31, 2008 and 2007 the Company held 34% ownership
        of a
        private start up company. The fair market value as determined by the Board
        of
        Directors to be zero.
  10
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                2-**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES
                  (CONTINUED)**
 
 **Income
        Taxes**
 
 The
        Company has adopted the provisions of Financial Accounting Standards Board
        Statement No. 109, Accounting for Income Taxes. The Company accounts for
        income
        taxes pursuant to the provisions of the Financial Accounting Standards Board
        Statement No. 109, Accounting for Income Taxes, which requires an asset and
        liability approach to calculating deferred income taxes. The asset and liability
        approach requires the recognition of deferred tax liabilities and assets
        for the
        expected future tax consequences of temporary differences between the carrying
        amounts and the tax basis of assets and liabilities.
 
 **Principles
        of Consolidation**
 
 The
        condensed consolidated financial statements include the accounts of the Company
        and its subsidiaries. All material intercompany transactions have been
        eliminated in consolidation.
 
 The
        Company has the following inactive subsidiaries:
 
 1.
              Atlantis
                  Media Group
 2.
              Atlantis
                  Communications Group
 3.
              Atlantis
                  Energy Corporation
 
 11
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
  **NOTE
                2-**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES
                  (CONTINUED)**
  **Earnings
        (loss) per Common Share**
 
 Basic
        earnings (loss) per share is calculated by dividing net income attributable
        to
        common stockholders by the weighted average number of outstanding common
        shares
        during the year.  Basic earnings per share exclude any dilutive effects of
        options, warrants and other stock-based compensation, which are included
        in
        diluted earnings per share. There are no common stock equivalents
        outstanding.
 
 The
        following is a reconciliation of the computation for basic and diluted EPS
        for
        the years ended March
        31,
        2008 and
        2007:
 
 2008
              
              Restated
                2007Net
                  Loss
              
              $
              (2,578
              )
              $
              (106,463
              )Weighted
                  average common shares outstanding (Basic)
              
              
              315,165,600
              
              
              1,845,989Weighted
                  average common stock equivalentsStock
                  Options
              
              
              -
              
              
              -Warrants
              
              
              -
              
              
              -Weighted
                  average common shares outstanding (Diluted)
              
              
              315,165,600
              
              
              1,845,989
 
 12
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
  **NOTE
                2-**
              **SUMMARY
                  OF SIGNIFICANT ACCOUNTING POLICIES
                  (CONTINUED)**
  **Reclassifications**
  Certain
        amounts for the three months ended March 31, 2007 have been reclassified
        to
        conform to the presentation of the March 31, 2008 amounts. The reclassifications
        have no effect on the net loss for the period ended March 31, 2007.
 
 **NOTE
                3-**
              **INVESTMENTS**
 
 The
        Company in September 2006 incorporated a Nevada wholly owned subsidiary named
        Eftas Inc. The Company on or about April 12, 2007 transferred 66% of the
        company
        to an unrelated company. Since it could not finish the project, the Company
        felt
        that retaining a 34% ownership was more beneficial to its shareholders as
        they
        didn’t have the resources to develop the company. EFTAS (Employment for the
        Annual Services) is a company dedicated to assist military personnel seek
        jobs
        through an electronic website.
 
 **List
        of Investments**
  Eftas, Inc.
              
              Common shares held
              
              Percentage
                Owned
              
              Cost
              
              Fair Value23,800,000
              
              
              34
              %
              
              Internally
                  developed before transfer
              
              $
              -0-
 
 13
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
  **NOTE
                4-**
              **STOCKHOLDERS'
                  (DEFICIT)**
  On
        March
        31, 2008 and December 31, 2007 the Company has 500,000,000 shares of common
        stock authorized at a par value of $.001, and 315,165,600 shares issued and
        outstanding, respectively.
  On
        October 11, 2007 the Company has authorized the creation of Series A and
        Series
        B preferred stock, designate and irrevocably reserve one million of the
        Company’s total authorized capital for both, with a par value of
        $.001.
  **Stock
        Transactions for March 31, 2007- retroactively restated for stock
        splits**
 
 The
        Company issued 28,680,000 retroactively restated shares of its stock for
        cash
        totaling $137,085.
 
 **Stock
        splits for 2007**
 
 The
        Board
        of Directors on May 29, 2007 voted to effectuate a 100 to1 reverse stock
        split.
 
 The
        Board
        of Directors on October 23, 2007 voted to effectuate a 1 to 100 forward stock
        split.
 
 The
        Board
        of Directors on November 28, 2007 voted to effectuate a 1 to 3 forward stock
        split.
 
 **Stock
        Transactions for March 31, 2008**
  There
        were no stock issuances for the three months ended March 31, 2008.
  14
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
  **NOTE
                5-**
              **STOCKHOLDERS’
                  (DEFICIT) (CONTINUED)**
  The
        following transactions were rescinded and the stock cancelled accordingly
        in
        August 2007. The financial statements have been retroactively restated to
        reflect the cancellations of those transactions.
 
 **2004**
 In
        June
        2004, the Company issued 5,700 retroactively restated shares to an officer
        for
        the purchase of a related company. The value was $3,970,000
 
 In
        November 2004 the Company issued 15,000 retroactively restated shares to
        an
        officer for compensation. The value was $575,000.
 
 **2005**
 In
        March
        2005 the Company issued 20,000 retroactively restated shares to an officer
        in a
        related party transaction acquiring equipment. The value was
        $700,000.
 
 **2006**
 In
        January 2006 shares were issued to a director and for an acquisition that
        did
        not occur. There were 20,500 retroactively restated shares at a value of
        $1,520,500.
 
 In
        August
        2006 the Company issued 90,000 retroactively restated shares to an officer
        for
        compensation. The value was $2,370,000.
 
 There
        may
        be other shares that the Company is attempting to recover from previous
        issuances.
  **NOTE
                6-**
              **STOCK
                  ISSUANCE FOR DEPOSITS******
 
 The
        Company issued 150,000,000 retroactively restated shares for a deposit on
        new
        Business Ventures valued at $2,500,000.The stock has been returned but not
        cancelled. The Transfer agent is owed money, and when the outstanding balance
        is
        satisfied all the cancellations will be made, as the companies are not going
        forward with the ventures.
 
 15
 
 **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE 7-**
              **PROVISION
                  FOR INCOME TAXES**
  The
        Company did not provide for income taxes for the years ended March 31, 2008
        and
        2007. Additionally, the Company established a valuation allowance equal to
        the
        full amount of the deferred tax assets due to the uncertainty of the utilization
        of the operating losses in future periods.
  At
        March
        31, 2008 and 2007 the deferred tax assets consists of the
        following:
 
 2008
              
              2007Deferred
                  taxes due to net effects of operating loss carryforwards
              
              $
              993,000
              
              $
              741,000Less:
                  Valuation Allowance
              
              
              (993,000
              )
              
              (741,000
              )Net
                  deferred tax asset
              
              $
              -
              
              $
              -
 
 At
        March
        31, 2008 and 2007, the Company had federal net operating loss carryforwards
        in
        the approximate amounts of $3,310,000 and $2,470,000 available to offset
        future
        taxable income. The Company established valuation allowances equal to the
        full
        amount of the deferred tax assets due to the uncertainty of the utilization
        of
        the operating losses in future periods.
 
 16
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE 7-**
              **GOING
                  CONCERN******
 
 As
        reflected in the financial statements, the Company had no investment income
        as a
        BDC and is subject to certain contingencies as discussed in Notes 1 and 8
        which
        could have a material impact on the Companies financial condition and
        operations.
 
 The
        ability of the Company to continue as a going concern is dependent on the
        Company’s ability to raise capital and going forward, generate revenues and cash
        flow. The Company withdrew as a BDC and will not be raising money through
        Form
        1-E. The financial statements included in this report do not include any
        adjustments that might be necessary if the Company is unable to continue
        as a
        going concern. There
        matters raise substantial doubt about the Company’s ability to continue as a
        going concern.
 The
        time
        required for the Company to become profitable is highly uncertain, and we
        cannot
        assure that we will achieve or sustain profitability or generate sufficient
        cash
        flow from operations to execute a new business plan. If required, our ability
        to
        obtain additional financing from other sources also depends on many factors
        beyond our control, including the state of the capital markets and the prospects
        for our business. The necessary additional financing may not be available
        to us
        or may be available only on terms that would result in further dilution to
        the
        current owners of our common stock.
 
 17
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                8-**
              **CONTINGENCY
                  AND UNCERTAINTIES**
 
 As
        previously discussed in Note 1, the Company received a phone call from the
        SEC,
        primarily related to its operations as a BDC and its compliance with the
        requirements thereto. In response to the SEC’s call, the Company conducted a
        review of its compliance with the 1940 Act and determined that it was not
        in
        compliance with the 1940 Act. While the Company believed the BDC model was
        the
        right structure for it at the time that it elected such status, it has
        determined that, going forward, it should, consistent with its current balance
        sheet and structure, withdraw its election to be regulated as a
        BDC.
 
 The
        withdrawal of the Company’s election to be regulated as a BDC under the 1940 Act
        will result in a significant change in the Company‘s required method of
        accounting. BDC financial statement presentation and accounting utilizes
        the
        value method of accounting used by investment companies, which allows BDCs
        to
        recognize income and value their investments at market value as opposed to
        historical cost. In addition, majority-owned subsidiaries are not consolidated.
        The Company accounts for these subsidiaries as investments on the balance
        sheet
        at fair value. The Company may face certain contingent liabilities as a result
        of potential actions by the SEC or others against the Company. As of the
        date of
        this report, management could not reasonable estimate such contingent
        liabilities, if any. The outcome of the above matter could have a significant
        impact on our ability to continue as a going concern. The Company withdrew
        as a
        BDC on September 10, 2007.
 
 *
        The
        Company made an offer of settlement with SEC (see note10).
 
 **NOTE
                9-**
              **RESTATEMENT
                  OF FINANCIAL STATEMENTS**
 
 The
        Company has restated its financial statements for the three months ended
        March
        31, 2007. The Company did not reflect the proper reporting for a Business
        Development Company pursuant to section 54 of the Investment Company Act
        of
        1940. The Company is restating its financial statements to comply with those
        reporting requirements. Moreover, there were transactions that were rescinded
        by
        cancelling common stock for all periods shown in these statements. The financial
        statements have been retroactively restated to remove the cancelled
        transactions.
 
 18
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                9-**
              **RESTATEMENT
                  OF FINANCIAL STATEMENTS
                  (CONTINUED)**
 
 **For 3/31/07**
              
              Originally Filed
                For the quarter
                ended March 31,
                2007
              
              Restated
                For the quarter
                ended March 31,
                2007Assets
              
              $
              36,161
              
              $
              36,161Liabilities
              
              
              9,112
              
              
              17,712Stockholders'
                  Equity
              
              
              27,049
              
              
              18,449Total
                  Liabilities and Stockholders' Equity
              
              $
              36,161
              
              $
              36,161
 
 Originally Filed
                For the quarter
                ended March 31,
                2007
              
              Restated
                For the quarter
                ended March 31,
                2007OPERATING
                  EXPENSES:
              
              $
              1,275,628
              
              $
              106,463(LOSS)
                  FROM OPERATIONS
              
              
              (1,275,628
              )
              
              (106,463
              )NET
                  (LOSS)
              
              $
              (1,275,628
              )
              $
              (106,463
              )Net
                  loss per share, basic and diluted
              
              $
              (0.14
              )
              $
              (0.06
              )Weighted
                  average number of shares outstanding, basic and diluted
              
              
              9,396,111
              
              
              1,845,989
 
 19
  **ATLANTIS
        TECHNOLOGY GROUP**
 **NOTES
        TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 **MARCH
        31, 2008 AND 2007**
 
 **NOTE
                10-**
              **SETTLEMENT
                  OFFER**
 
 On
        February 11, 2008 The Company executed and submitted pursuant to Rule 240(a)
        of
        the Rules of Practice of the Securities and Exchange Commission (‘Commission”)
        [17 C.F.R § 201.240(a)] an Offer of settlement (“Offer”) in anticipation of
        public administrative and cease-and –desist proceedings to be instituted against
        it by the Commission, pursuant to Section 8A of the Securities Act of 1933
        (“Securities Act”) and Section 9(f) of the Investment Company act of 1940
        (“Investment Securities Act”).
 
 The
        Company expects the offer to be calendared for consideration by the commission
        by June 2008.
 
 In
        determination to accept the Offer, the Commission has considered remedial
        acts
        promptly undertaken by the Company and cooperation afforded the Commission
        staff.
 
 The
        Company consented to the entry of an Order by the Commission imposing the
        following sanctions pursuant to Section 8A pursuant to Section 8A of the
        Securities Act, Section 9(f) of the Investment Company act and Rule 610(c)
        of
        Regulation E:
 
 A.
              Atlantis
                  shall cease and desist from committing or causing any violations
                  and any
                  future violations of section 17(g), 18(d), 23(a), 34(b), and 56(a)
                  of the
                  Investment Company Act and Rules 17g-1 and 38a-1
                  thereunder.
 B.
              The
                  regulation E exemption as to Atlantis be, and hereby is, permanently
                  suspended.
 
 20


**I**  **TEM
      2*****.
       Management's Discussion And Analysis Of Financial Condition And Results Of
      Operations***





**OVERVIEW**





Atlantis
      Technology Group (the “Company” or “we”) was initially incorporated as Vision
      Technology International in Delaware in December 1986 and changed its name
      to
      Medplus Corporation in 1992. In 2003, it changed its name to Atlantis Business
      Development Corporation. The Company is a reporting, publicly traded company
      that trades on the OTC Bulletin Board under the symbol ATNO. In late 1992,
      the
      Company's primary business was patient financing through the Company's
      acquisition of Patient Plus, Lincoln Professional Services Corporation and
      Financial Health Network. In May 1998, the Company drastically reduced its
      patient finance operations and went into a minimum business operation mode
      seeking additional business opportunities. The company has had only nominal
      operations since that time. During fiscal year 2003, Medplus relocated its
      headquarters from Colorado Springs, Colorado to an office in Red Bank, New
      Jersey. During fiscal year 2004 the Company moved its headquarters to Miami,
      Florida.





As
      previously disclosed, the current purpose of the Company is to seek, investigate
      and, if such investigation warrants, merge or acquire an interest in business
      opportunities presented to it by persons or companies who or which desire to
      seek the perceived advantages of a Securities Exchange Act of 1934 registered
      corporation. The Company has no particular acquisitions in mind and has not
      entered into any negotiations regarding such an acquisition, and neither the
      Company's officer and director nor any promoter and affiliate has engaged in
      any
      negotiations with any representatives of the owners of any business or company
      regarding the possibility of a merger or acquisition between the Company and
      such other company.





Pending
      negotiation and consummation of a combination, the Company anticipates that
      it
      will have, aside from carrying on its search for a combination partner, no
      business activities, and, thus, will have no source of revenue. Should the
      Company incur any significant liabilities prior to a combination with a private
      company, it may not be able to satisfy such liabilities as are
      incurred.





**RESULTS
      OF OPERATIONS**





**Three
      Months Ended March 31, 2008 as Compared to Three Months Ended
      March 31, 2007**





*Revenues*





There
      was
      $0.00 in revenue derived from the Company for the three-month period ended
      March
      31, 2008. There was $0.00 revenue for the three month period ended March 31,
      2007.





*Operational
      Expenses*





There
      were $2,578 of expenses for operations for the three-month period ended March
      31, 2008, compared to $106,463 of expenses for operations for the three-month
      period ended March 31, 2007, as restated.





Lower
      expenses primarily reflect the reduction of consulting and professional fees
      due
      to the Company’s lack of operations and transition from a business development
      company.





There
      was
      a net loss before provisions for income taxes of $2,578 for the three-month
      period ended March 31, 2008, compared to a net loss of $106,463 for the
      three-month period ended March 31, 2007, as restated





Lower
      losses primarily reflect the reduction of consulting and professional fees
      due
      to the Company’s lack of operations and transition from a business development
      company.





There
      were no Sales and Marketing expenses for the three month period ended March
      31,
      2008.





**LIQUIDITY
      AND CAPITAL RESOURCES**





At
      March
      31, 2008, the Company had working capital deficit of $64,477.





Management
      believes that cash expected to be generated from operations and current cash
      reserves will not be sufficient to meet our capital expenditures and working
      capital needs. Our future liquidity and cash requirements will depend on a
      wide
      range of factors, including the level of business in existing operations,
      expansion of facilities and possible acquisitions. In particular, if cash flows
      from operations are not sufficient, we may have to sell our equity or debt
      securities or seek additional financing through other means. We cannot assure
      you that such raising of capital or seeking of additional financing will be
      available in amounts and on terms acceptable to us.





*Going
      Concern*





We
      have
      experienced significant losses for the period from inception to March 31, 2008
      aggregating $3,309,023. In addition, we had no significant revenue producing
      operations at 12/31/07 or March 31, 2008.








Our
      ability to continue as a going concern is contingent upon our ability to
      implement our business plan and to attain profitable operations and secure
      financing. In addition, our ability to continue as a going concern must be
      considered in light of the problems, expenses and complications frequently
      encountered by entrance into established markets and the competitive environment
      in which we operate.





We
      are
      pursuing equity financing for our operations. Failure to secure such financing
      or to raise additional capital or borrow additional funds may result in our
      depleting available funds and not being able pay our obligations.





**OFF
      BALANCE SHEET RISK**





The
      Company had no off-balance sheet transactions.





***ITEM
      3. Quantitative and Qualitative Disclosures About Market
      Risk.***





Currently
      the Company has no assets under management and is not subject to market risk.





***ITEM
      4.  Controls and Procedures***





An
      evaluation was performed under the supervision and with the participation of
      Atlantis Technology Group management, including the CEO and Principal
      Financial Officer of the effectiveness of the design and operation of
      Atlantis Technology Group disclosure controls and procedures (as defined in
      Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as
      amended). Based on that evaluation, Atlantis Technology Group management,
      including the CEO and Principal Financial Officer, concluded that Atlantis
      Technology Group disclosure controls and procedures were effective as of
      the end of the period covered by this report. There have been no changes
      in Atlantis Technology Group internal control over financial reporting (as
      defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act
      of
      1934, as amended) that occurred during Atlantis Technology Group most recent
      quarter that has materially affected, or is reasonably likely to materially
      affect, Atlantis Technology Group internal control over financial reporting.




It
      should
      be noted that any system of controls, however well designed and operated, can
      provide only reasonable, and not absolute, assurance that the objectives of
      the
      system are met. In addition, the design of any control system is based in part
      upon certain assumptions about the likelihood of future events. Because of
      these
      and other inherent limitations of control systems, there is only reasonable
      assurance that Atlantis Technology Group controls will succeed in achieving
      their stated goals under all potential future conditions.




The
      Company had material weaknesses identified at
      December 31, 2007.




The
      Company was practically inactive for the March 31,
      2008 period.





PART
      II


OTHER
      INFORMATION


***Item
      1. Legal Proceedings***





The
      Company has filed an offer of settlement in anticipation of a public
      administrative lease and desist order by the Securities and Exchange
      Commission.





We
      know
      of no other material, active, pending or threatened proceeding against us
      or our subsidiaries, nor are we, or any subsidiary, involved as a
      plaintiff or defendant in any material proceeding or pending
      litigation.





***Item
      2. Unregistered Sales Of Equity Securities And Use Of
      Proceeds***





None




***Item
      3. Defaults Upon Senior Securities***





None




***Item
      4. Submission Of Matters To A Vote Of Securities
      Holders***





No
      matters were submitted to a vote of shareholders during the first quarter of
      the
      fiscal year ended March 31, 2008.





***Item
      5. Other Information***





None.





***Item
      6. Exhibits***





Exhibits





31
            .1
            
            Section 302
                Certification of Chief Executive Officer and Principal Financial
                Officer,
                Principal Accounting Officer32
            .1
            
            Section 906
                Certification of Chief Executive Officer and Principal Financial
                Officer,
                Principal Accounting Officer








***Signatures***





Pursuant
      to the requirements of the Securities and Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the undersigned
      thereunto duly authorized.




**ATLANTIS
                  TECHNOLOGY GROUP**Date:
                  May 20, 2008By: /s/
                  Christopher M. DubeauChristopher
                  M. Dubeau, Chief Executive Officerand
                  Principal Financial Officer, Principal Accounting
                  Officer