UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-QSB

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

SECURITIES EXCHANGE
ACTS OF 1934

For the quarterly period ended September 30, 2004

Commission File Number 0-16286

ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(Exact name of
registrant as specified in its charter)



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





54 Broad Street, Suite
200B

Red Bank, NJ 07701

(Address of principal
executive offices)



(732) 212-9988

(Registrant's
telephone number, including area code)



Medplus 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 [ ]

As of September 30, 2004, there were 54,645,634 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.

---



FINANCIAL STATEMENTS







ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)





CONDENSED CONSOLIDATED

FINANCIAL STATEMENTS

(UNAUDITED)





SIX MONTHS ENDED
SEPTEMBER 30, 2004 AND 2003

















---

















ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)

SIX MONTHS ENDED
SEPTEMBER 30, 2004 AND 2003





INDEX TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS











CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS



> Balance Sheet as of September
>     30, 2004 (Unaudited)
>     
>     Statements of Operations for the
>     Six Months ended
>     September 30, 2004 and 2003 with
>     Cumulative Totals Since
>     April 1, 2003 (Unaudited)
>     
>     Statements of Cash Flows for the
>     Six Months ended
>     September 30, 2004 and 2003 with
>     Cumulative Totals Since
>     April 1, 2003 (Unaudited)
>     
>     Notes to Condensed Consolidated
>     Financial Statements















---

















|ATLANTIS BUSINESS
    DEVELOPMENT CORPORATION           
|--------------------------------------------------------
|(FORMERLY MEDPLUS
    CORPORATION)                      
|(A DEVELOPMENT
    STAGE COMPANY)                       
|STATEMENTS OF
    OPERATIONS (UNAUDITED)                
|FOR THE SIX MONTHS
    ENDED SEPTEMBER 30, 2004 AND 2003
|WITH CUMULATIVE
    TOTALS SINCE APRIL 1, 2003          

|                                                |                                |  |                              |  | Cumulative                 
|----------------------------------------------- | ------------------------------ |  | ---------------------------- |  | ---------------------------
|                                                |                                |  |                              |  | Totals Since               
|                                                |                                |  |                              |  | April 1, 2003              
|                                                | 2004                           |  | 2003                         |  | (See Note 1)               
|                                                |                                |  |                              |  |                            
|REVENUES                                        | $              
    253,666    |  | $                    
    -  |  | $             
    253,666 
|                                                |                                |  |                              |  |                            
|COST OF SALES                                   | 77,585                         |  | -                            |  | 77,585                     
|                                                |                                |  |                              |  |                            
|GROSS PROFIT                                    | 176,081                        |  | -                            |  | 176,081                    
|                                                |                                |  |                              |  |                            
|                                                |                                |  |                              |  |                            
|OPERATING EXPENSES                              |                                |  |                              |  |                            
|COMPENSATION                                    | 103,319                        |  | 20,000                       |  | 123,794                    
|PROFESSIONAL
    FEES                           | 805,581                        |  | 31,750                       |  | 841,611                    
|OTHER                                           | 7,545                          |  | 22,771                       |  | 30,981                     
|GENERAL AND
    ADMINISTRATIVE EXPENSES         | 48,775                         |  | -                            |  | 48,775                     
|OFFICE RENT AND
    EXPENSES                    | 24,206                         |  | 4,500                        |  | 50,073                     
|TRAVEL AND MEALS
    EXPENSES                   | 12,346                         |  | 3,203                        |  | 17,812                     
|CONTRACT
    SERVICES                           | -                              |  | -                            |  | 49,435                     
|STOCKHOLDER
    RELATIONS                       | -                              |  | -                            |  | 10,183                     
|                                                |                                |  |                              |  |                            
|TOTAL OPERATING
    EXPENSES                    | 1,001,772                      |  | 82,224                       |  | 1,172,664                  
|                                                |                                |  |                              |  |                            
|INCOME (LOSS) BEFORE OTHER INCOME
    (EXPENSE) | (825,691)                      |  | (82,224)                     |  | (996,583)                  
|                                                |                                |  |                              |  |                            
|OTHER INCOME (EXPENSE)                          |                                |  |                              |  |                            
|UNREALIZED LOSS
    ON INVESTMENT SECURITIES    | (55,193)                       |  | -                            |  | (55,193)                   
|REALIZED LOSS ON
    INVESMENT SECURITIES       | (6,303)                        |  | -                            |  | (6,303)                    
|BENEFICIAL
    INTEREST EXPENSE                 | (4,500)                        |  | -                            |  | (4,500)                    
|                                                |                                |  |                              |  |                            
|TOTAL OTHER
    INCOME (EXPENSE)                | (65,996)                       |  | -                            |  | (65,996)                   
|                                                |                                |  |                              |  |                            
|NET LOSS BEFORE
    PROVISION FROM INCOME TAXES | $           
    (891,687)     |  | $           
    (82,224)    |  | $        
    (1,062,579)  
|PROVISION FOR INCOME TAXES                      | -                              |  | -                            |  | -                          
|                                                |                                |  |                              |  |                            
|NET LOSS APPLICABLE TO COMMON
    SHARES        | $           
      (891,687)   |  | $           
      (82,224)  |  | $        
      (1,062,579)
|                                                |                                |  |                              |  |                            
|EARNINGS PER
    SHARE                          |                                |  |                              |  |                            
|PER BASIC AND
    DILUTED SHARES                | $               
      (0.031) |  | $             
      (0.017) |  | -                          
|                                                |                                |  |                              |  |                            
|WEIGHTED AVERAGE NUMBER OF COMMON
    SHARES    | 28,237,993                     |  | 4,762,300                    |  |                            



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





---



|ATLANTIS BUSINESS
    DEVELOPMENT CORPORATION
|---------------------------------------------
|(FORMERLY MEDPLUS
    CORPORATION)           
|(A DEVELOPMENT
    STAGE CORPORATION)        
|BALANCE SHEET                                
|SEPTEMBER 30, 2004
    (UNAUDITED)           



|                                                          |  |  |                                |                                  |                               | 2004     
|--------------------------------------------------------- |  |  | ------------------------------ | -------------------------------- | ----------------------------- | ---------
|ASSETS                                                    |  |  |                                |                                  |                               |          
|Cash and cash
    equivalents                             |  |  |                                | $                  
    26,942  
|Investments at
    cost                                   |  |  |                                |                                  | 63,400                       
|Marketable
    securities                                 |  |  |                                |                                  | 11,244                       
|Fixed assets -
    net                                    |  |  |                                |                                  | 196,120                      
|Goodwill                                                  |  |  |                                |                                  |                               | 3,770,000
|Subscription
    receivable                               |  |  |                                |                                  | 290,000                      
|Deposit                                                   |  |  |                                |                                  |                               | 500      
|                                                          |  |  |                                |                                  |                               |          
|Total Assets                                              |  |  |                                |                                  | $            
      4,358,206
|                                                          |  |  |                                |                                  |                               |          
|                                                          |  |  |                                |                                  |                               |          
|LIABILITIES AND STOCKHOLDERS'
    EQUITY                  |  |  |                               
|Accounts payable
    and accrued expenses                 |  |  | $                
    67,511  
|Accrued payroll
    taxes                                 |  |  |                                |                                  | 288,156                      
|Note payable                                              |  |  |                                |                                  | 126,600                      
|                                                          |  |  |                                |                                  |                               |          
|Total
    Liabilities                                     |  |  |                                |                                  | 482,267                      
|                                                          |  |  |                                |                                  |                               |          
|                                                          |  |  |                                |                                  |                               |          
|STOCKHOLDERS' EQUITY                                      |  |  |                                |                                 
|Common stock,
    $.001 par value, authorized 200,000,000 |  | 
|shares at
    September 30, 2004 and 54,645,634           |  |  |                               
|shares issued
    and outstanding                         |  |  |                                | 54,646                          
|Additional
    paid-in capital                            |  |  |                                |                                  | 5,424,520                    
|Deficit
    accumulated during development stage          |  |  | (1,603,227)                   
|Total
    Stockholders' Equity                            |  |  |                                | 3,875,939                       
|                                                          |  |  |                                |                                  |                               |          
|Total
    Liabilities and Stockholders' Equity            |  |  | $             
      4,358,206
|                                                          |  |  |                                |                                  |                               |          
|Net Asset (Loss) Value Per Share                          |  |  |                                | $                 
      (0.071)









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







---





|ATLANTIS BUSINESS
    DEVELOPMENT CORPORATION           
|--------------------------------------------------------
|(FORMERLY MEDPLUS
    CORPORATION)                      
|( A DEVELOPMENT
    STAGE CORPORATION)                  
|CONDENSED
    STATEMENTS OF CASH FLOWS                  
|FOR THE SIX MONTHS
    ENDED SEPTEMBER 30, 2004 AND 2003
|WITH CUMULATIVE
    TOTALS SINCE APRIL 1, 2003          

|                                                                    |        |                       |   |                         |   | Cumulative                                     
|------------------------------------------------------------------- | ------ | --------------------- | - | ----------------------- | - | -----------------------------------------------
|                                                                    |        |                       |   |                         |   | Totals Since                                   
|                                                                    |        |                       |   |                         |   | April 1, 2003                                  
|                                                                    |        | 2004                  |   | 2003                    |   | (See Note 1)                                   
|                                                                    |        |                       |   |                         |   |                                                
|CASH FLOWS FROM OPERATING
    ACTIVITIES                            |        |                       |   |                         |   |                                                
|Net loss                                                            |        | $     
    (891,687)  |   | $      
    (82,224)    |   | $                         
    (1,062,579)     
|                                                                    |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|Adjustments to reconcile net loss
    to net cash                   |        |                       |   |                         |   |                                                
|used in
    operating activities:                                   |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|Unrealized loss
    on investment securities                        |        | 55,193                |   | -                       |   | 55,193                                         
|Depreciation                                                        |        | 7,545                 |   | -                       |   | 7,880                                          
|Beneficial
    interest expense                                     |        | 4,500                 |   | -                       |   | 4,500                                          
|Common stock
    issued for director fees and related expenses      |        | 694,099               |   | -                       |   | 694,099                                        
|Investment
    received from sale of product                        |        | (72,720)              |   | -                       |   | (72,720)                                       
|                                                                    |        |                       |   |                         |   |                                                
|Changes in assets and
    liabilities:                              |        |                       |   |                         |   |                                                
|Other
    liabilities                                               |        | -                     |   | -                       |   | 101                                            
|Other assets                                                        |        | (500)                 |   | -                       |   | (500)                                          
|Accounts payable
    and accrued expenses                           |        | 21,965                |   | 12,224                  |   | 66,742                                         
|Accrued payroll
    taxes                                           |        | 223                   |   | -                       |   | 223                                            
|Total
    Adjustments                                               |        | 710,305               |   | 12,224                  |   | 755,518                                        
|Net cash used in
    operating activities                           |        | (181,382)             |   | (70,000)                |   | (307,061)                                      
|                                                                    |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|CASH FLOWS FROM INVESTING
    ACTIVITIES                            |        |                       |   |                         |   |                                                
|Acquisition of
    property                                         |        | -                     |   | -                       |   | (4,000)                                        
|Increase in
    investment                                          |        | (40,900)              |   | -                       |   | (63,400)                                       
|Realized loss on
    investment securities                          |        | 6,303                 |   | -                       |   | 6,303                                          
|Net cash used in
    investing activities                           |        | (34,597)              |   | -                       |   | (61,097)                                       
|                                                                    |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|CASH FLOWS FROM FINANCING
    ACTIVITIES                            |        |                       |   |                         |   |                                                
|Short-term debt
    - advances                                      |        | -                     |   | -                       |   | 105,000                                        
|Stock issued for
    cash                                           |        | 98,500                |   | -                       |   | 163,500                                        
|Issuance of note                                                    |        | 126,600               |   | 70,000                  |   | 126,600                                        
|Net cash
    provided by financing activity                         |        | 225,100               |   | 70,000                  |   | 395,100                                        
|                                                                    |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|NET INCREASE IN CASH AND CASH
    EQUIVALENTS                       |        | 9,121                 |   | -                       |   | 26,942                                         
|                                                                    |        |                       |   |                         |   |                                                
|CASH AND CASH EQUIVALENTS -
    BEGINNING OF PERIOD                 | 17,821 |                       | - |                         | -
|                                                                    |        |                       |   |                         |   |                                                
|CASH AND CASH EQUIVALENTS - END
    OF PERIOD                       |        | $       
      26,942 |   | $              
      - |   | $                                 
      26,942
|                                                                    |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|SUPPLEMENTAL SCHEDULE OF NONCASH
    ACTIVITY:                      |        |                       |   |                         |   |                                                
|                                                                    |        |                       |   |                         |   |                                                
|Issuance of common stock for
    director fees and related expenses |        | $     
      694,099  |   | $              
    -   |   | $                               
      694,099 
|                                                                    |        |                       |   |                         |   |                                                
|Investment received from sale of
    product                        |        | $      
      72,720  |   | $              
      - |   | $                                 
      72,720

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







---



ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)



NOTE 1- ORGANIZATION

The condensed consolidated unaudited interim financial statements
        included herein have been prepared, without audit, pursuant to the rules
        and regulations of the Securities and Exchange Commission. The condensed
        consolidated 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. 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 the information presented not
        misleading. It is suggested that these condensed consolidated financial
        statements be read in conjunction with the March 31, 2004 audited
        financial statements and the accompanying notes thereto. While
        management believes the procedures followed in preparing these condensed
        consolidated financial statements are reasonable, the accuracy of the
        amounts are in some respects dependent upon the facts that will exist,
        and procedures that will be accomplished by the Company later in the
        year.

These condensed consolidated unaudited financial statements reflect
        all adjustments, including normal recurring adjustments which, in the
        opinion of management, are necessary to present fairly the consolidated
        operations, changes in permanent stockholders equity (deficit), changes
        in temporary equity and cash flows for the periods presented.

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 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. The decision to become a Business
        Development Company was made primarily to better reflect the Company's
        anticipated future business and developing relationships. The Company
        does not intend to focus its investments in any one industry; but
        intends to carefully screen any and all candidates that appear to have
        superior investment opportunities.

---







ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)



NOTE 1- ORGANIZATION (CONTINUED)

Accordingly, the Company is now a Business Development Company that
        has elected to be regulated 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
        formation.

With this new designation, the Company has decided to offset their
        existing additional paid-in capital to the deficits that had accumulated
        since inception (December 1986). The net result was that the deficits
        accumulated in the development stage were left with a balance of
        $540,643.



NOTE 2- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

> Development Stage Company

Atlantis Business Development Corporation is a development stage
        company. The Company devotes substantially all of its efforts to seek,
        investigate and, if warranted, invest in other companies.

> Use of Estimates

The preparation of financial statements 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.







---









ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)



NOTE 2- SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

(CONTINUED)

Basis of Presentation

The accompanying condensed consolidated financial statements have
        been prepared on a going concern basis, which contemplates the
        realization of assets and the satisfaction of liabilities in the normal
        course of business. The Company has been inactive since 1998. These
        factors indicate that the Company will be unable to continue as a going
        concern. The condensed consolidated financial statements do not include
        any adjustments relating to the recoverability and classification of
        recorded asset amounts or the amounts and classification of liabilities
        that might be necessary should the Company be unable to continue as a
        going concern. The Company's continuation as a going concern is
        dependent upon its ability to generate sufficient cash to meet its
        obligations on a timely basis, to obtain financing as may be required,
        and ultimately to attain successful operations.

Principles of Consolidation

The condensed consolidated financial statements include the accounts
        of the Company and its wholly-owned subsidiary: E-Direct, Inc. E-Direct,
        Inc. was acquired in June 2004.

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, 2004, the Company maintained cash and cash
        equivalent balances at one financial institution which is insured by the
        Federal Deposit Insurance Corporation, whose amounts do not exceed the
        insured limit of $100,000.



---



ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)



NOTE 2- SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

(CONTINUED)

Income Taxes

Deferred income taxes are reported using the liability method.
        Deferred tax assets are recognized for deductible temporary differences
        and deferred tax liabilities are recognized for taxable temporary
        differences. Temporary differences are the differences between the
        reported amounts of assets and liabilities and their tax bases. Deferred
        tax assets are reduced by a valuation allowance when, in the opinion of
        management, it is more likely than not that some portion or all of the
        deferred tax assets will not be realized. Deferred tax assets and
        liabilities are adjusted for the effects of changes in tax laws and
        rates on the date of enactment.

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.

Property and Equipment



Furniture and equipment are stated at cost. Depreciation is provided
        using the straight-line method over the estimated useful lives of the
        assets.

Maintenance and repairs are charged to operations when incurred.
        Betterments and renewals are capitalized. When furniture and equipment
        are sold or otherwise disposed of, the asset accounts and related
        accumulated depreciation accounts are relieved, and any gain or loss is
        included in operations.

The useful lives of furniture and equipment for purposes of computing
        depreciation are:

> Furniture and equipment                                 
>               5-7 years



Depreciation expense for the six months ended September 30, 2004 was $7,545 .



---



ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)





NOTE 2- SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

(CONTINUED)



Goodwill and Other Intangible Assets



In June 2001, the Financial Accounting Standards Board ("FASB")
        issued Statements of Financial Accounting Standards ("SFAS") No. 142 "Goodwill
        and Other Intangible Assets". This Statement addresses financial
        accounting and reporting for acquired goodwill and other intangible
        assets and supercedes APB Opinion No. 17, "Intangible Assets". It
        addresses how intangible assets that are acquired individually or with a
        group of other assets (but not those acquired in a business combination)
        should be accounted for in financial statements upon their acquisition.
        SFAS No. 142 also addresses how goodwill and other intangible assets
        should be accounted for after they have been initially recognized in the
        financial statements. SFAS No. 142 has been considered when determining
        impairment of goodwill in certain transactions.

Advertising Costs

The Company expenses the costs associated with advertising as
        incurred. There were no advertising costs for the six months ended
        September 30, 2004 and 2003, respectively.

Earnings (Loss) Per Share of Common Stock

Historical net income (loss) per common share is computed using the
        weighted average number of common shares outstanding. Diluted earnings
        per shares (EPS) includes additional dilution from common stock
        equivalents, such as stock issuable pursuant to the exercise of stock
        options and warrants. Common stock equivalents were not included in the
        computation of diluted earnings per share when the Company reported a
        loss because to do so would be antidilutive for periods presented.





---





ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)





NOTE 2- SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

(CONTINUED)

> Earnings (Loss) Per Share of Common Stock (Continued)
>         
>         The following is a reconciliation of the computation for basic and
>         diluted EPS:Options and warrants outstanding to purchase stock were not included
>         in the computation of diluted EPS for September 30, 2004 and 2003
>         because inclusion would have been antidilutive. There were no options or
>         warrants outstanding at September 30, 2004 and 2003, respectively.

Reclassifications

Certain reclassifications have been made to prior year captions in
        order to conform to current year presentation.

---





ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)



NOTE 3- STOCKHOLDERS' EQUITY

The Company issued 2,531,780 shares of common stock to an investor
        for $50,000 on June 25, 2003. The Company on September 19, 2003
        rescinded this transaction. The transfer agent on October 17, 2003
        cancelled the stock.

The Board of Directors on July 29, 2003 voted to increase the common
        stock authorized of the Company to 200,000,000 and approved a 1 for 10
        reverse stock split.

The Company issued 20,000,000 shares of stock to convert $203,200 of
        payables and cancel their deferred compensation and employment contracts
        that existed from the prior officers and stockholders. The amount
        retired was agreed upon contractually.

The Company issued 1,075,000 shares of stock for cash of $65,000 and
        the conversion of a note of $105,000 in the fourth quarter of the
        Company's fiscal year.

The Company issued 24,825,000 shares of stock for director fees and
        other related expenses of $646,099 during acquisition of E-Direct, Inc.
        and for the purchase of E-Direct, Inc.'s assets valued at $3,970,000.



The Company issued 266,667 shares of stock for director fees and
        other related expenses of $48,000 in September 2004.

The Company issued 3,716,667 shares of stock for cash of $98,500
        between July and September 2004.







---



ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)





NOTE 4- SUBSCRIPTION RECEIVABLE

Out of the 3,716,667 shares of stock issued for cash between July and
        September 2004, 2,000,000 shares are anticipated to be returned by the directors of the
        Company  . 2,000,000 shares at $.16/share is approximately
        worth $320,000. The Company received $30,000 for these 2,000,000 shares
        in September 2004. Therefore, it is anticipated that $290,000 of stock
        be returned to the Company.



NOTE 5- PROVISION FOR INCOME TAXES

The Company did not provide for income taxes in the six months ended
        September 30, 2004 and 2003. 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 September 30, 2004 and 2003, the deferred tax assets consists of
>         the following:

---





ATLANTIS BUSINESS
DEVELOPMENT CORPORATION

(FORMERLY MEDPLUS
CORPORATION)

(A DEVELOPMENT STAGE
COMPANY)

NOTES TO CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS

(CONTINUED)

SEPTEMBER 30, 2004 AND
2003

(UNAUDITED)

NOTE 6- SUBSEQUENT EVENTS

Departure of Directors or Principal Officers, Election of Directs,
        Appointment of Principal Officer:

October 5, 2004:

> - John Figliolini was removed
>         from his position as an officer of Atlantis Business Development Corp.
>         - Brian Zucker resigned from
>         his position as Chairman of the Board of Directors.
>         - Tim DeHerrera was appointed
>         President of the Company by the Board of Directors.
>         - Christopher Dubeau was
>         appointed Chairman of the Board of Directors.

October 26, 2004:

> - Brian Zucker resigned from his position as Chief Financial Officer
>         and Director.

November 2, 2004:

> - Louis Field and Rafael Marte resigned their positions as Directors.

November 3, 2004:

> - Vince Trapasso resigned his position as a director.

Internal Revenue Service Office in Compromise:

The Company has approximately $288,156 recorded as a liability on its
        balance sheet. The Company has settled with the Internal Revenue Service for
        approximately $95,000 and upon payment, the company will reverse the
        remaining liability to Additional Paid in Capital.

---



ITEM 2. MANAGEMENT'S DISCUSSION AND
ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2004 the Company had working capital of ($90,681) compared
to working capital of ($575,256) at September 30, 2003. The working capital
increase was due to the Company's acquisition of E-Direct

The Company's liquidity position is severely strained. Liquidity needs are
currently being met by the issuance of common stock. 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. The
Company's ability to continue operations is dependent upon this business
direction change and it's ability to raise additional equity and/or debt
financing. This and other factors raise substantial doubt as to the Company's
ability to continue as a going concern. Although the Company is actively engaged
in activities with intent to raise equity and/or debt financing in order to meet
its long-term liquidity needs, there can be no assurance that the Company will
be able to consummate the transaction and/or raise the additional financing
necessary for continuing operations.

RESULTS OF OPERATIONS

There was $253,666 in revenue derived from the Company for the six month
period ended September 30, 2004. Similarly there was zero revenue for the six
month period ended September 30, 2003.

There was $1,001,772 Operational Expenses for operations for the six month
period ended September 30, 2004, compared to $82,224 operation expenses for the
six month period ended September 30, 2003. This increase in operational expense
is attributable to non-cash outlay of director's fees of stock.

There were no Sales and Marketing expenses for the six month period
ended September 30, 2004. Similarly there were zero Sales and Marketing expenses
for the six month period ended September 30, 2003.

ITEM 3. Effectiveness of the registrant's disclosure controls and procedures

As of September 30, 2004, 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
six-month period ended September 30, 2004, there were no significant changes to
this system of internal controls or in other factors that could significantly
affect those controls.

PART II

OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES

None

---



ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

On May 20, 2004, a majority of the shareholders of the Company approved by
written consent the Company's 2004 Employee Stock Incentive Plan.

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

> (a) Exhibits
>   31 Rule 13a-41(a)/15d-14(a)
>     Certificates
>     32 Section 1350 Certifications
>   (b) Reports on Form 8-K

On May 20, 2004, the Company filed a current report on Form 8-K announcing
the resignation of its President. The Company filed a current report on Form 8-K
on June 21, 2004, announcing the appointment of 2 new Board members.

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 BUSINESS DEVELOPMENT CORPORATION



Date: November 19, 2004                                    
/s/ Chris Dubeau

Chris Dubeau

CEO



Date: November 19, 2004                                   
/s/ Tim DeHerrera

Tim DeHerrera

President

---