UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



Form 10-Q



QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACTS OF 1934



For the quarterly period ended September 30, 2007



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 | (I.R.S. Employer      
|Incorporation or Organization)  | Identification Number)



6302 Mesedge Drive

Colorado Springs, CO 80919

(Address of principal executive offices)



(719) 598-2469

(Registrant's telephone number, including area code)



ATLANTIS BUSINESS DEVELOMENT CORPORATION

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



Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, on a non-accelerated filer.  See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act.  (Check One)



Large accelerated filer [  ]

Accelerated filer [  ]

Non-accelerated filer [X]



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



As of November 14, 2007 there were 105,055,200 shares of the registrant's Common Stock, par value $.001 per share, outstanding.



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 2003 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.



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FINANCIAL STATEMENTS

































ATLANTIS BUSINESS DEVELOPMENT CORPORATION



CONDENSED FINANCIAL STATEMENTS



SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)







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INDEX TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)









CONDENSED FINANCIAL STATEMENTS:







Condensed Balance Sheets as of September 30, 2007 (Unaudited)

And December 31, 2006 (Audited)

3



Condensed Statements of Operations for the Nine Months

and Three Months Ended September 30, 2007 and 2006 (Unaudited)

4



Condensed Statements of Cash Flows for the Nine Months Ended

September 30, 2007 and 2006  (Unaudited)

5



Notes to the Condensed Financial Statements  (Unaudited)

6-18











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|                                                             |  |  |  |                          |                          |                     |                    
|------------------------------------------------------------ |  |  |  | ------------------------ | ------------------------ | ------------------- | -------------------
|ATLANTIS BUSINESS DEVELOPMENT CORPORATION                   
|CONDENSED BALANCE SHEETS                                    
|                                                            
|                                                             |  |  |  |                          |                          |                     |                    
|ASSETS                                                      
|                                                             |  |  |  |                          |                          |                     | (Restated)         
|                                                             |  |  |  |                          | September 30,            |                     | December 31,       
|                                                             |  |  |  |                          | 2007                     |                     | 2006               
|                                                             |  |  |  |                          | (Unaudited)              |                     | (Audited)          
|                                                             |  |  |  |                          |                          |                     |                    
|CURRENT ASSETS                                               |  |  |  |                          |                          |                     |                    
|Cash and cash equivalents                                    |  |  |  |                          | $                    394 |                     | $             5,939
|                                                             |  |  |  |                          |                          |                     |                    
|TOTAL ASSETS                                                 |  |  |  |                          | $                    394 |                     | $             5,939
|                                                             |  |  |  |                          |                          |                     |                    
|                                                             |  |  |  |                          |                          |                     |                    
|                                                             |  |  |  |                          |                          |                     |                    
|                                                             |  |  |  |                          |                          |                     |                    
|                                                             |  |  |  |                          |                          |                     |                    
|LIABILITIES AND STOCKHOLDERS' (DEFICIT)                     
|                                                             |  |  |  |                          |                          |                     |                    
|CURRENT LIABILITIES                                          |  |  |  |                          |                          |                     |                    
|Accounts payable and accrued expenses                        |  |  |  | $               15,000   |                          | $           18,112 
|                                                             |  |  |  |                          |                          |                     |                    
|Total Liabilities                                            |  |  |  |                          | 15,000                   |                     | 18,112             
|                                                             |  |  |  |                          |                          |                     |                    
|STOCKHOLDERS' (DEFICIT)                                      |  |  |  |                          |                          |                    
|Common stock, $.001 par value, authorized 200,000,000        |  |  |  |                          |                         
|shares at  September 30, 2007 and December 31, 2006, 449,052 |  |  |  |                         
|and 754,491 shares issued and outstanding                    |  |  |  | 449                      |                          | 754                
|Additional paid-in capital                                   |  |  |  |                          | 3,112,823                |                     | 2,340,869          
|Subscription receivable                                      |  |  |  |                          | (95,000)                 |                     | -                  
|Accumulated deficit                                          |  |  |  |                          | (3,032,878)              |                     | (2,353,796)        
|                                                             |  |  |  |                          |                          |                     |                    
|Total Stockholders' (Deficit)                                |  |  |  | (14,606)                 |                          | (12,173)           
|                                                             |  |  |  |                          |                          |                     |                    
|TOTAL LIABILITIES AND                                        |  |  |  |                          |                          |                    
|STOCKHOLDERS' (DEFICIT)                                      |  |  |  | $                    394 |                          | $             5,939
|                                                             |  |  |  |                          |                          |                     |                    

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



3







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|                                                           |  |                   |  |                    |  |                   |  |                
|---------------------------------------------------------- |  | ----------------- |  | ------------------ |  | ----------------- |  | ---------------
|ATLANTIS BUSINESS DEVELOPMENT CORPORATION                 
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED
|                                                           |  |                   |  |                    |  |                   |  |                
|                                                           |  | NINE MONTHS ENDED |  | THREE MONTHS ENDED
|                                                           |  |                   |  | (Restated)         |  |                   |  | (Restated)     
|                                                           |  | SEPTEMBER 30,     |  | SEPTEMBER 30,     
|                                                           |  | 2007              |  | 2006               |  | 2007              |  | 2006           
|                                                           |  |                   |  |                    |  |                   |  |                
|REVENUE                                                    |  |                   |  |                    |  |                   |  |                
|                                                           |  |                   |  |                    |  |                   |  |                
|Sales                                                      |  | $               - |  | $               -  |  | $               - |  | $             -
|                                                           |  |                   |  |                    |  |                   |  |                
|TOTAL REVENUE                                              |  | -                 |  | -                  |  | -                 |  | -              
|                                                           |  |                   |  |                    |  |                   |  |                
|COST OF SALES                                              |  | -                 |  | -                  |  | -                 |  | -              
|                                                           |  |                   |  |                    |  |                   |  |                
|GROSS PROFIT                                               |  | -                 |  | -                  |  | -                 |  | -              
|                                                           |  |                   |  |                    |  |                   |  |                
|OPERATING EXPENSES                                         |  |                   |  |                    |  |                   |  |                
|Professional fees and other                                |  | 71,288            |  | 28,300             |  | 5,888             |  | 5,000          
|General and administrative expenses                        |  | 62,461            |  | 31,978             |  | 1,561             |  | 14,330         
|Compensation expense                                       |  | 447,833           |  | -                  |  | 360,000           |  | -              
|Consulting expense                                         |  | 97,500            |  | -                  |  | 18,000            |  | -              
|                                                           |  |                   |  |                    |  |                   |  |                
|Total operating expenses                                   |  | 679,082           |  | 60,278             |  | 385,449           |  | 19,330         
|                                                           |  |                   |  |                    |  |                   |  |                
|(LOSS) BEFORE PROVISION FOR INCOME TAXES                   |  | (679,082)         |  | (60,278)           |  | (385,449)         |  | (19,330)       
|Provision for income taxes                                 |  | -                 |  | -                  |  | -                 |  | -              
|                                                           |  |                   |  |                    |  |                   |  |                
|NET (LOSS)                                                 |  | $ (679,082)       |  | $   (60,278)       |  | $ (385,449)       |  | $(19,330)      
|                                                           |  |                   |  |                    |  |                   |  |                
|Net (Loss) per share, Basic and Diluted                    |  | $       (2.73)    |  | $       (0.65)     |  | $       (0.96)    |  | $    (0.11)    
|                                                           |  |                   |  |                    |  |                   |  |                
|WEIGHTED AVERAGE NUMBER OF                                 |  |                   |  |                    |  |                   |  |                
|COMMON SHARES OUTSTANDING                                  |  | 248,975           |  | 93,196             |  | 400,661           |  | 176,176        
|                                                           |  |                   |  |                    |  |                   |  |                



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



4







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|                                                           |                    |           |                     |          |                    
|---------------------------------------------------------- | ------------------ | --------- | ------------------- | -------- | -------------------
|ATLANTIS BUSINESS DEVELOPMENT CORPORATION                 
|CONDENSED STATEMENTS OF CASH FLOWS - (UNAUDITED)          
|                                                           |                    |           |                     |          |                    
|                                                           |                    |           |                     |          |                    
|                                                           |                    |           |                     |          |                    
|                                                           |                    |           | NINE MONTHS ENDED  
|                                                           |                    |           |                     |          | (Restated)         
|                                                           |                    |           | September 30,       |          | September 30,      
|                                                           |                    |           | 2007                |          | 2006               
|CASH FLOW FROM OPERATING ACTIVITIES                        |                    |           |                    
|                                                           |                    |           |                     |          |                    
|Net (loss)                                                 |                    |           | $      (679,082)    |          | $        (60,278)  
|                                                           |                    |           |                     |          |                    
|Adjustments to reconcile net (loss) to net cash            |                    |           |                    
|used in operating activities:                              |                    |           |                     |         
|Issuance of common stock for compensation                  | 360,000            |           | -                  
|                                                           |                    |           |                     |          |                    
|Changes in assets and liabilities:                         |                    |           |                     |         
|(Decrease) in accounts payable and other accrued payables  | (3,112)            |           | -                  
|                                                           |                    |           |                     |          |                    
|Net cash (used in) operating activities                    |                    | (322,194) |                     | (60,278)
|                                                           |                    |           |                     |          |                    
|                                                           |                    |           |                     |          |                    
|CASH FLOWS FROM FINANCING ACTIVITIES:                      |                    |           |                    
|                                                           |                    |           |                     |          |                    
|Stock issued for cash                                      |                    |           | 316,649             |          | 83,580             
|Advances                                                   |                    |           | -                   |          | (23,400)           
|                                                           |                    |           |                     |          |                    
|Net cash provided by financing activities                  | 316,649            |           | 60,180             
|                                                           |                    |           |                     |          |                    
|Net (decrease) in cash and cash equivalents for the period | (5,545)            |           | (98)               
|                                                           |                    |           |                     |          |                    
|Cash and cash equivalents, beginning of period             | 5,939              |           | 273                
|                                                           |                    |           |                     |          |                    
|Cash and cash equivalents, end of the period               | $              394 |           | $              175 
|                                                           |                    |           |                     |          |                    
|SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:          |                    |           |                    
|                                                           |                    |           |                     |          |                    
|Interest expense                                           |                    |           | $                 - |          | $                 -
|Income taxes paid                                          |                    |           | $                 - |          | $                 -
|                                                           |                    |           |                     |          |                    







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



5







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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)





NOTE 1-

ORGANIZATION AND BUSINESS



The condensed unaudited interim financial statements included herein have been prepared by Atlantis Business Development Corporation (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-QSB 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, 2006 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 nine months ended September 30, 2007 and 2006 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 had little or no viable operations since that date.



On April 20, 2003, the Companys Board of Directors voted to be regulated as a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940.  A Business Development Company (BDC) is an investment company designed to assist eligible portfolio companies with capital formation.  The decision to become a Business Development Company was made primarily to better reflect the Companys anticipated future business and developing relationships. The BDC election was withdrawn September 10, 2007.





6



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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)



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.



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.



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.



7



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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)



Accordingly, and after careful consideration of the 1940 Act requirements applicable to BDCs, an evaluation of the Companys ability to operate as a going concern in an investment company regulatory environment, the cost of 1940 Act compliance needs and a thorough assessment of the Companys current business model, the Board determined that continuation as a BDC is not in the best interests of the Company and its shareholders at the present time.  Further, were the Company to remain a BDC, the Company would be required to substantially change its business model to meet the definition of an investment company.



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 has 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



8



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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)



Company Act of 1940. Therefore, the Company has undertaken to revise its disclosure controls and procedures and is in the process of taking steps to restate

its financial statements for the years ended December 31, 2004, December 31, 2005 and December 31, 2006, and the quarterly financial statements for the interim period up until March 31, 2007.  The Company will file amended reports on Form 10K and 10Q for the periods effected since December 31, 2004.



The Company is in the process of de-consolidating its previously held subsidiaries from 2004 and 2005 and restating its financial statements.  The Company, after September 16, 2005, had spun off its last operating subsidiary and thus had discontinued the practice of consolidation of subsidiaries after the December 31, 2005 year end.



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 5).  The majority of the shares issued for the above were cancelled going back to June 2004.



2.

Begun to work on 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.



9





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



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 September 30, 2007, 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.

















10





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)





NOTE 2-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



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 September 30, 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. There were no investments held at September 30, 2006.



Reclassifications



Certain amounts for the period ended September 2006 have been reclassified to conform to the presentation of the September 30, 2007 amounts.



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

Percentage

Eftas, Inc.

Common shares held

Owned

Cost

Fair Value



23,800,000

34%

Internally

$-0-

developed

before

transfer



11





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 4-

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 6 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 that was available to it.  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.



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.



The condensed financial statements do not include any adjustments that might result from the outcome of these uncertainties.



NOTE 5-

STOCKHOLDERS EQUITY (DEFICIT)



On September 30, 2007 the Company has 200,000,000 shares of common stock authorized at a par value of $.001, and 449,052 shares issued and outstanding.



The Company on May 29, 2007 had a reverse stock split of 1 to 300. The prior stock numbers have been retroactively restated to reflect the split.



Additionally, the Company rescinded and cancelled certain stock issuances in August 2007.  The financial statements presented have retroactively taken into account these cancellations.  The cancellations were done as a result of potentially violating Section 23 of the 1940 Act which prohibits issuing shares for services,  or compensation and Section 57 which prohibits related party transactions.



The Company as a result of recovering all the shares issued to a prior officer and rescinding those related party transactions will restate its financial statements.



12





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED





NOTE 5-

STOCKHOLDERS EQUITY (DEFICIT) (CONTINUED)



The following transactions were rescinded and the stock cancelled accordingly:



2004



In June 2004, the Company issued 19,000,000 shares to an officer for the purchase of a related company.  The value was $3,970,000



In November 2004 the Company issued 500,000 shares to an officer for compensation.  The value was $575,000.



2005



In March 2005 the Company issued 2,000,000 shares to an officer in a related party transaction acquiring equipment.  The value was $700,000.



2006



In January 2006 a director was issued 50,000 shares at a value of $20,500 for compensation expense.



In August 2006 the Company issued 9,000,000 shares to an officer for compensation.  The value was $2,370,000.



In August 2006 the Company issued 2,000,000 shares for the acquisition of a company that didnt occur.  The value was $1,500,000.



All common shares indicated above have been shown before any reverse or forward splits.



The net amount of the total shares recovered that were reported in past filings after all reverse and forward splits since 2004 through 2006 was a cancellation of approximately 50,278 shares.



13





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 5-

STOCKHOLDERS EQUITY (DEFICIT) (CONTINUED)

2007



These were issuances for 2007:

In the 1st quarter, The Company issued 26,680,000 shares of its stock for cash totaling $214,780.

In the 2nd quarter, The Company issued 7,150,000 shares of its stock for cash totaling $96,869.

In the 3rd quarter, The Company issued 150,000 shares to an officer valued at $360,000.

There was $5,000 received from subscriptions receivable in the third quarter of 2007.

NOTE 6-

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; rather, investments in those subsidiaries are reflected on the balance sheet as an investment in a majority-owned portfolio company 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.



14





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 7-

RESTATEMENT OF FINANCIAL STATEMENTS



The Company has restated its September 30, 2006 (unaudited) statements of operations to rescind certain stock transactions and the amounts associated with them (See Note 5).



The withdrawal was effective September 10, 2007.





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 7-

RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)





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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 7-

RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)



The Company is presenting a restated balance sheet at December 31, 2006 to account for various common stock issuances that were rescinded and cancelled.  The balance sheet will also reflect the de-consolidation of its former subsidiaries in its deficit.  The effect is as follows:

Note: Shares in December 31, 2006 have been retroactively adjusted for a stock split of 300:1 effective May 29, 2007 and certain stock transactions rescinded (see notes 1 and 5).

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ATLANTIS BUSINESS DEVELOPMENT CORPORATION

NOTES TO CONDENSED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2007 AND 2006 (UNAUDITED)



NOTE 7-

RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)



The Company anticipates filing restated financial statements as reported in an 8K filed on June 28, 2007.  Those restatements will reflect that de-consolidation of the Companys former subsidiaries as well as the rescinding and cancellation of certain stock transactions. The restatements on form 10k for 2005 and 2006 are expected to be filed before December 31, 2007.



NOTE 8-

SUBSEQUENT EVENTS



On October 11, 2007, the Company changed its name to Atlantis Technology Group.  On October 12, 2007, the Company executed a 100:1 forward split of the Companys common stock.  The Board also authorized the creation of Series A and Series B preferred stock.  The Company on October 22, 2007 signed a letter of intent to purchase a 12.5% interest in Technology Holding Company Intervision Network.  The Company has 45 days to perform due diligence.  On October 25, 2007 the Company signed a letter of intent to purchase a 25% equity interest in a real estate media company.  The Company has 45 days to perform its due diligence.  In October 2007 the Company incorporated three Nevada corporations that are wholly-owned.  The Companies are Atlantis Media Group, Atlantis Communications Group and Atlantis Energy Corporation that will be used for various ventures.



Finally, on November 8, 2007 the Company committed to a three for one stock split effective November 21, 2007.





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ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS



LIQUIDITY AND CAPITAL RESOURCES



At September 30, 2007, the Company had working capital of $(14,606).



RESULTS OF OPERATIONS



There was $0.00 in revenue derived from the Company for the three-month period ended September 30, 2007. There was $0 revenue for the three month period ended September 30, 2006.  There was $0.00 in revenue derived from the Company for the nine-month period ended September 30, 2007. There was $0 revenue for the nine month period ended September 30, 2006.



There was $385,449 Operational Expenses for operations for the three-month period ended September 30, 2007, compared to $19,330 in operating expenses for the three-month period ended September 30, 2006, as restated.  There was $679,082 Operational Expenses for operations for the nine-month period ended September 30, 2007, compared to $60,278 in operating expenses for the nine-month period ended September 30, 2006, as restated.





There were no Sales and Marketing expenses for the three month period ended September 30, 2007, or September 30, 2006.



Off Balance Sheet Transactions



The Company had no off-balance sheet transactions.





ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.



We are exposed to market risks in the ordinary course of our business. These risks include primarily interest rate risks.



Interest Rate Risk.We have borrowing arrangements with variable rates of interest. There are no amounts outstanding at March 31, 2007 under such arrangements. We also maintain cash in highly liquid investment vehicles including money market accounts, which bear interest at variable overnight or short term rates. Variable interest rate investment and debt exposes us to differences in future cash flows resulting from changes in market interest rates.  We do not believe that our current debt exposes the Company to interest rate risks will significantly affect future net earnings.



Foreign Currency Risk.We have no foreign currency risks related to our revenue and operating expenses denominated in currencies other than the U.S. dollar. We do not believe movements in the foreign currencies in which we transact will significantly affect future net earnings.



Derivatives. We do not use derivative financial instruments.



ITEM 4.  Controls and Procedures



As of the end of the period covered by this report, the Company carried out an evaluation of the effectiveness of the Company's disclosure controls and procedures (as defined by Rule 13a-14(c) under the Securities Exchange Act of 1934) under the supervision and with the participation of the Company's chief executive officer and chief financial officer. Based on and as of the date of such evaluation, the aforementioned officers have concluded that the Company's disclosure controls and procedures were effective.



The Company also maintains a system of internal accounting controls that is designed to provide assurance that assets are safeguarded and that transactions are executed in accordance with management's authorization and properly recorded. This system is continually reviewed and is augmented by written policies and procedures, the careful selection and training of qualified personnel and an internal audit program to monitor its effectiveness. During the three-month period ended September 30, 2007, there were no significant changes to this system of internal controls or in other factors that could significantly affect those controls.





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PART II

OTHER INFORMATION



ITEM 1. LEGAL PROCEEDINGS



None



ITEM 1A.  RISK FACTORS

We are subject to various risks which may materially harm our business, financial condition and results of operations. You should carefully consider the risks and uncertainties described below and the other information in this filing before deciding to purchase our common stock. If any of these risks or uncertainties actually occur, our business, financial condition or operating results could be materially harmed. In that case, the trading price of our common stock could decline and you could lose all or part of your investment.

RISKS RELATED TO OUR BUSINESS

We Have Historically Lost Money and Losses May Continue in the Future

We have historically lost money. As of the fiscal year ended December 31, 2006,we have had accumulated deficits, as restated, of  $2,353,796 and we sustained losses of $188,428, as restated. Future losses are likely to occur. Accordingly, we may experience significant liquidity and cash flow problems if we are not able to raise additional capital as needed and on acceptable terms. No assurances can be given that we will be successful in reaching or maintaining profitable operations.

We Will Need to Raise Additional Capital to Finance Operations

Our operations have relied almost entirely on external financing to fund our operations. Such financing has historically come from a combination of borrowings from and sale of common stock and convertible debentures to third parties. We will need to raise additional capital to fund our anticipated operating expenses and future expansion. Among other things, external financing will be required to cover our operating costs. We cannot assure you that financing whether from external sources or related parties will be available if needed or on favorable terms. The sale of our common stock to raise capital may cause dilution to our existing shareholders. Our inability to obtain adequate financing will result in the need to curtail business operations. Any of these events would be materially harmful to our business and may result in a lower stock price.

Our Common Stock May Be Affected By Limited Trading Volume and May Fluctuate Significantly

Prior to this offering, there has been a limited public market for our common stock and there can be no assurance that an active trading market for our common stock will develop. As a result, this could adversely affect our shareholders' ability to sell our common stock in short time periods, or possibly at all. Our common stock has experienced, and is likely to experience in the future, significant price and volume fluctuations which could adversely affect the market price of our common stock without regard to our operating performance. In addition, we believe that factors such as quarterly fluctuations in our financial results and changes in the overall economy or the condition of the financial markets could cause the price of our common stock to fluctuate substantially.

Our Common Stock is Deemed to be "Penny Stock," Which May Make it More Difficult For Investors to Resell Their Shares Due to Suitability Requirements

Our common stock is deemed to be "penny stock" as that term is defined in Rule 3a51-1 promulgated under the Securities Exchange Act of 1934. Penny stocks are stock:

With a price of less than $5.00 per share;

That are not traded on a "recognized" national exchange;

Whose prices are not quoted on the NASDAQ automated quotation system (NASDAQ listed stock must still have a price of not less than $5.00 per share); or

In issuers with net tangible assets less than $2.0 million (if the issuer has been in continuous operation for at least three years) or $5.0 million (if in continuous operation for less than three years), or with average revenues of less than $6.0 million for the last three years.

Broker-dealers dealing in penny stocks are required to provide potential investors with a document disclosing the risks of penny stocks. Moreover, broker-dealers are required to determine whether an investment in a penny stock is a suitable investment for a prospective investor. These requirements may reduce the potential market for our common stock by reducing the number of potential investors. This may make it more difficult for investors in our common stock to sell shares to third parties or to otherwise dispose of them. This could cause our stock price to decline.

We Could Fail to Retain or Attract Key Personnel

Our future success depends, in significant part, on the continued services of our officers and directors. We cannot assure you that we would be able to find an appropriate replacement for any of our key personnel. Any loss or interruption of our key personnel's services could adversely affect our ability to develop our business plan. We do not presently maintain key-man life insurance policies on any of our officers or directors.

Nevada Law and Our Charter May Inhibit a Takeover of Our Company That Stockholders May Consider Favorable

Provisions of Nevada law, such as its business combination statute, may have the effect of delaying, deferring or preventing a change in control of our company. As a result, these provisions could limit the price some investors might be willing to pay in the future for shares of our common stock.

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



The Company held a special meeting of shareholders on September 10, 2007. Of the 299,052 issued and outstanding shares of the Company's common stock, 187,033 were present or voted their shares by proxy. A quorum having been met, the following items were voted upon and passed:



1. The following directors were elected to serve until the next annual meeting:

|                |         |         |        
|--------------- | ------- | ------- | -------
|Director        | For     | Against | Abstain
|Tim DeHerrera   | 185,771 | 924     | 338    
|Gerald Jacoby   | 186,606 | 83      | 344    
|Frederick Ganem | 186,606 | 83      | 344    

2. Bagell, Josephs, Levine & Company, LLC was appointed as the Company's independent auditors for the coming year. Shares voted in favor: 187,025; shares voted against: 4; shares abstained: 4.

3. The Board of Directors recommendation to withdraw the Company's election to be treated as a business development company was approved. Shares voted in favor: 185,570; shares voted against: 339; shares abstained: 1,124.



ITEM 5. OTHER INFORMATION

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. The Company is aware that this situation may, in the future, create a potential conflict of interest. Please see the Company's Current Report on Form 8K as filed with the SEC on June 28, 2007.

ITEM 6. EXHIBITS



Exhibits

31

Rule 13a-41(a)/15d-14(a) Certificates

32

Section 1350 Certifications







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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: November  14, 2007

/s/ Tim DeHerrera

Tim DeHerrera

CEO









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