| NEVADA                                           |   | 88-0395816                                            |
|--------------------------------------------------|--------|-------------------------------------------------------|
| (STATE                  OR OTHER JURISDICTION OF |   | (I.R.S.                  EMPLOYER IDENTIFICATION NO.) |
| INCORPORATION                  OR ORGANIZATION)  |   |                                                  |

| 109                  N. POST OAK LANE, SUITE 422, HOUSTON, TEXAS 77024 |
|------------------------------------------------------------------------|
| (ADDRESS                  OF PRINCIPAL EXECUTIVE OFFICES)              |

| (713)                  621-4310              |
|----------------------------------------------|
| (ISSUER'S                  TELEPHONE NUMBER) |

| NOT                  APPLICABLE                                                                                     |
|---------------------------------------------------------------------------------------------------------------------|
| (FORMER                  NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,IF                  CHANGED SINCE LAST REPORT) |

----

| PART                  I. Financial Information                                                                                              | 1      |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                        |   |
| Item                  1.    Consolidated Financial Statements                                                                | 1      |
| Consolidated                  Balance Sheet as of April 30, 2005                                                                            | 1      |
| Consolidated                  Statements of Operations for the three months ended April 30, 2005                  and                  2004 | 2      |
| Consolidated                  Statements of Cash Flows for the three months ended April 30, 2005                  and                  2004 | 3      |
| Notes                  to the Consolidated Financial Statements                                                                             | 4      |
|                                                                                                                                        |   |
| Item                  2.    Management's Discussion and Analysis                  or Plan of                  Operation      | 5      |
|                                                                                                                                        |   |
| Item                  3.    Controls and Procedures                                                                          | 7      |
|                                                                                                                                        |   |
| PART                  II. Other Information                                                                                                 | 8      |
|                                                                                                                                        |   |
| Item                  1.    Legal Proceedings                                                                                | 8      |
|                                                                                                                                        |   |
| Item                  2.    Changes in Securities                                                                            | 8      |
|                                                                                                                                        |   |
| Item                  3.    Defaults on Senior Securities                                                                    | 8      |
|                                                                                                                                        |   |
| Item                  4.    Submission of Matters to a Vote of Security                  Holders                             | 8      |
|                                                                                                                                        |   |
| Item                  5.    Other Information                                                                                | 8      |
|                                                                                                                                        |   |
| Item                  6.    Exhibits and Reports on Form 8- K                                                                | 9      |
|                                                                                                                                        |   |
| Signatures                                                                                                                                  | 10     |

----

|                                                                                                                                               |   | April                    30, |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|-------------|
|                                                                                                                                               |   | 2005                         |        |
| Assets                                                                                                                                             |   |                         |        |   |
|                                                                                                                                               |   |                         |        |   |
| Current                    assets:                                                                                                                 |   |                         |        |   |
| Cash                    and equivalents                                                                                                            |   | $                            | 31,590      |   |
| Total                    current assets                                                                                                            |   |                         | 31,590      |   |
|                                                                                                                                               |   |                         |        |   |
| Fixed                    assets, net                                                                                                               |   |                         | 1,954       |   |
|                                                                                                                                               |   |                         |        |   |
| Patents                                                                                                                                            |   |                         | 17,500      |   |
| Total                    assets                                                                                                                    |   | $                            | 51,044      |   |
|                                                                                                                                               |   |                         |        |   |
|                                                                                                                                               |   |                         |        |   |
| Liabilities                    and Stockholders' (Deficit)                                                                                         |   |                         |        |   |
|                                                                                                                                               |   |                         |        |   |
| Current                    liabilities:                                                                                                            |   |                         |        |   |
| Accounts                    payable                                                                                                                |   | $                            | 176,539     |   |
| Loans                    payable                                                                                                                   |   |                         | 49,000      |   |
| Total                    current liabilities                                                                                                       |   |                         | 225,539     |   |
|                                                                                                                                               |   |                         |        |   |
| Long-term                    debt                                                                                                                  |   |                         |        |   |
| Convertible                    debentures                                                                                                          |   |                         | 132,757     |   |
|                                                                                                                                               |   |                         |        |   |
| Total                    liabilities                                                                                                               |   |                         | 358,296     |   |
|                                                                                                                                               |   |                         |        |   |
| Stockholders'                    (deficit):                                                                                                        |   |                         |        |   |
| Preferred                      stock, $0.01 par value, 1,000,000 shares authorized,                      none issued or outstanding                |   |                         |        |   |
| Common                      stock, $0.001 par value, 750,000,000 shares authorized,                      129,924,358 shares issued and outstanding |   |                         | 129,924     |   |
| Additional                    paid-in capital                                                                                                      |   |                         | 11,368,112  |   |
| (Deficit)                    accumulated during development stage                                                                                  |   |                         | (11,805,288 | ) |
|                                                                                                                                               |   |                         |        |   |
| Total                    stockholders' (deficit)                                                                                                   |   |                         | (307,252    | ) |
| Total                    liabilities and stockholders' (deficit)                                                                                   |   | $                            | 51,044      |   |
|                                                                                                                                               |   |                         |        |   |
| The                    accompany notes are an integral part of these financial                    statements                                       |

----

**Power        Technology, Inc.**

**(a        Development Stage        Company)**

**Consolidated        Statements of        Operations**

**For        the three months ended April 30, 2005 and        2004 and for the period June 3, 1996 (inception) to April 30,        2005**

**(Unaudited)**

|                                                                                                                   |   |                                          |        |                              |   | June                    3, 1996 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|-----------------------------------|--------|---------------------------------|--------|
|                                                                                                                   |   | For                    the three months ended |        | (inception)                    to |   |
|                                                                                                                   |   | April                    30, 2005             |        | April                    30,      |   |
|                                                                                                                   |   | 2005                                          |        | 2004                              |   | 2005                            |   |
|                                                                                                                   |   |                                          |        |                              |   |                            |   |
| Consulting                    Revenue                                                                                  |   | $                                             | --          |                              | $      | --                              |   | $ | 26,663 |   |
|                                                                                                                   |   |                                          |        |                              |   |                            |   |   |   |   |
| Expenses:                                                                                                              |   |                                          |        |                              |   |                            |   |   |   |   |
| General                    administrative expenses                                                                     |   |                                          | 76,968      |                              |   | 40,095                          |   |   | 3,061,340 |   |
| Research                    & development-related party                                                            |   |                                          | --          |                              |   |                            |   |   | 1,350,083 |   |
| Research                    & development                                                                          |   |                                          | 5,774       |                              |   |                            |   |   | 8,369 |   |
| Consulting                    fee                                                                                      |   |                                          | --          |                              |   | 97,500                          |   |   | 203,171 |   |
| Stock-based                      executive compensation and reimbursed expenses                                        |   |                                          | 9,000       |                              |   |                            |   |   | 918,895 |   |
| Stock-based                    consulting fee                                                                          |   |                                          | 108,050     |                              |   |                            |   |   | 897,730 |   |
| Stock-based                    consulting-related party                                                                |   |                                          | --          |                              |   | 22,500                          |   |   | 4,665,022 |   |
| Stock-based                    patent legal fees                                                                       |   |                                          | --          |                              |   |                            |   |   | 20,250 |   |
| Stock                    based patent litigation fees                                                                  |   |                                          |        |                              |   |                            |   |   | 152,000 |   |
| Loss                    from impairment of related party advances                                                      |   |                                          |        |                              |   |                            |   |   | 127,000 |   |
| Depreciation                    and amortization                                                                       |   |                                          | 2,146       |                              |   | 1,040                           |   |   | 32,023 |   |
|                                                                                                                   |   |                                          | 201,938     |                              |   | 161,135                         |   |   | 11,435,883 |   |
| Other                    income (expenses)                                                                             |   |                                          |        |                              |   |                            |   |   |   |   |
| Interest                    expense-related party                                                                      |   |                                          |        |                              |   | --                              |   |   | (22,006 | ) |
| Interest                    expense                                                                                    |   |                                          | (6,095      | )                                 |   | (6,258                          | )      |   | (134,694 | ) |
| Financing                    fees                                                                                      |   |                                          | (74,105     | )                                 |   |                            |   |   | (183,231 | ) |
| Impairment                    of long lived assets                                                                     |   |                                          |        |                              |   |                            |   |   | (55,000 | ) |
| Interest                    income                                                                                     |   |                                          |        |                              |   | --                              |   |   | 779 |   |
| Loss                    on foreign currency                                                                            |   |                                          | --          |                              |   | --                              |   |   | (1,916 | ) |
| Net                    (loss)                                                                                          |   | $                                             | (282,138    | )                                 | $      | (167,393                        | )      | $ | (11,805,288 | ) |
| Weighted                      average number of common shares outstanding-basic                      and fully diluted |   |                                          | 128,424,489 |                              |   | 46,020,738                      |   |   |   |   |
| Net                    (loss) per share-basic and fully diluted                                                        |   | $                                             | (0.00       | )                                 | $      | (0.00                           | )      |   |   |   |

----

**Power        Technology, Inc.**

**(a        Development Stage        Company)**

**Consolidated        Statements of Cash        Flow**

**For        the three months ended April 30, 2005 and        2004 and for the period June 3, 1996 (inception) to April 30,        2005**

**(Unaudited)**

|                                                                                                                             |   |                                          |     |                              |   | June                    3, 1996 |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|-----------------------------------|--------|---------------------------------|--------|
|                                                                                                                             |   | For                    the three months ended |     | (inception)                    to |   |
|                                                                                                                             |   | April                    30                   |     | April                    30       |   |
|                                                                                                                             |   | 2005                                          |     | 2004                              |   | 2005                            |   |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |
| Cash                    flows from operating activities                                                                          |   |                                          |     |                              |   |                            |   |   |   |   |
| Net                    (loss)                                                                                                    |   | $                                             | (282,138 | )                                 | $      | (167,393                        | )      | $ | (11,805,288 | ) |
| Adjustments to reconcile net (loss) to                          net cash (used) by                          operating activities |   |                                          |     |                              |   |                            |   |   |   |   |
| Depreciation                    and amortization expense                                                                         |   |                                          | 2,146    |                              |   | 1,040                           |   |   | 33,063 |   |
| Impairment                    of long lived assets                                                                               |   |                                          |     |                              |   | --                              |   |   | 55,000 |   |
| Non                    cash expense                                                                                              |   |                                          |     |                              |   | --                              |   |   | -- |   |
| Loss                    from impairment of related party advances                                                                |   |                                          |     |                              |   |                            |   |   | 127,000 |   |
| Amortization                    of debt discount                                                                                 |   |                                          | 59,840   |                              |   | --                              |   |   | 132,757 |   |
| Stock                    issued for executive compensation and expense                    reimbursement                          |   |                                          | --       |                              |   | --                              |   |   | 641,149 |   |
| Stock                    issued for consulting services                                                                          |   |                                          | 127,315  |                              |   | 97,500                          |   |   | 5,557,904 |   |
| Stock                    issued for consulting services-related party                                                            |   |                                          |     |                              |   | 22,500                          |   |   | 212,530 |   |
| Stock                    issued for legal fees-related party                                                                     |   |                                          |     |                              |   | --                              |   |   | 22,500 |   |
| Stock                    issued for patent litigation legal fees                                                                 |   |                                          |     |                              |   | --                              |   |   | 152,000 |   |
| Stock                    issued for interest expense                                                                             |   |                                          |     |                              |   |                            |   |   | 60,123 |   |
| Stock                    issued to acquire patents                                                                               |   |                                          |     |                              |   |                            |   |   | (20,000 | ) |
| Warrants                    issued for consulting fees                                                                           |   |                                          |     |                              |   |                            |   |   | 56,364 |   |
| Decrease                    in employee advance                                                                                  |   |                                          |     |                              |   |                            |   |   | 1,000 |   |
| Increase                    (decrease) in accounts payable                                                                       |   |                                          | 29,466   |                              |   | --                              |   |   | 194,897 |   |
| Net                    cash (used) by operating activity                                                                         |   |                                          | (63,371  | )                                 |   | (46,353                         | )      |   | (4,579,001 | ) |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |
| Cash                    flows from investing activities                                                                          |   |                                          |     |                              |   |                            |   |   |   |   |
| Purchase                    of equipment                                                                                         |   |                                          | --       |                              |   | --                              |   |   | (24,763 | ) |
| Patent                    acquisition                                                                                            |   |                                          | --       |                              |   | --                              |   |   | (58,500 | ) |
| Net                    cash (used) by investing activities                                                                       |   |                                          | --       |                              |   | --                              |   |   | (83,263 | ) |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |
| Cash                    flows from financing activities                                                                          |   |                                          |     |                              |   |                            |   |   |   |   |
| Proceeds                    from short-term notes payable                                                                        |   |                                          | --       |                              |   | --                              |   |   | 80,086 |   |
| Proceeds                    from loans                                                                                           |   |                                          | --       |                              |   | --                              |   |   | 49,000 |   |
| Proceeds                    (payments) on loans-related party                                                                    |   |                                          | --       |                              |   | 46,198                          |   |   | 237,280 |   |
| Proceeds                    from convertible debentures                                                                          |   |                                          | --       |                              |   | --                              |   |   | 1,300,010 |   |
| Issuance                    of common stock                                                                                      |   |                                          | 50,000   |                              |   | --                              |   |   | 3,027,478 |   |
| Net                    cash provided by financing activities                                                                     |   |                                          | 50,000   |                              |   | 46,198                          |   |   | 4,693,854 |   |
| Net                    increase (decrease) in cash                                                                               |   |                                          | (13,371  | )                                 |   | (155                            | )      |   | 31,590 |   |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |
| Cash                    and equivalents-beginning                                                                                |   |                                          | 44,961   |                              |   | 213                             |   |   | -- |   |
| Cash                    and equivalents-ending                                                                                   |   | $                                             | 31,590   |                              | $      | 58                              |   | $ | 31,590 |   |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |
| Supplemental                    disclosures                                                                                      |   |                                          |     |                              |   |                            |   |   |   |   |
| Interest                    paid                                                                                                 |   | $                                             | --       |                              | $      | --                              |   | $ | -- |   |
| Income                    taxes paid                                                                                             |   | $                                             | --       |                              | $      | --                              |   | $ | -- |   |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |
| Non-cash                    investing and financing activities                                                                   |   |                                          |     |                              |   |                            |   |   |   |   |
| Value                    of shares issued for note payable and interest expense                                                  |   | $                                             | --       |                              | $      | --                              |   | $ | 335,890 |   |
| Value                    of shares issued for debt conversion                                                                    |   | $                                             | --       |                              | $      | --                              |   | $ | 1,627,300 |   |
| Value                    of shares issued to acquire patents                                                                     |   | $                                             | --       |                              | $      | --                              |   | $ | 20,000 |   |
|                                                                                                                             |   |                                          |     |                              |   |                            |   |   |   |   |

----

| Gross                    proceeds from notes                 |   | $      | 500,000  |   |
|--------------------------------------------------------------|--------|--------|----------|--------|
| Less:                    Loan Costs                          |   |   | (75,000  | )      |
| Less:                    Relative fairl value of warrants    |   |   | (173,411 | )      |
| Less:                    Beneficial conversion feature       |   |   | (251,589 | )      |
| Add:                    Amortization of discounts            |   |   | 132,757  |   |
| Carrying                    value of notes at April 30, 2005 |   | $      | 132,757  |   |
|                                                         |   |   |     |   |

----

|                                                |   | 2005     |        | 2004                         |   |
|-----------------------------------------------------|--------|----------|-------------|------------------------------|--------|
|                                                |   |     |        | Weighted                     |   |   |   | Weighted |   |
|                                                |   |     |        | Average                      |   |   |   | Average |   |
|                                                |   | Warrants |        | Share                  Price |   | Warrants |   | Share                  Price |   |
|                                                |   |     |        |                         |   |   |   |   |   |
| Outstanding                  at beginning of period |   |     | 13,240,000  |                         | $      | 0.12 |   |   | 11,990,000 |   | $ | 0.12 |   |
| Granted                                             |   |     | --          |                         |   | -- |   |   | -- |   |   | -- |   |
| Exercised                                           |   |     | (1,250,000  | )                            |   | 0.04 |   |   | -- |   |   | -- |   |
| Forfeited                                           |   |     | (10,490,000 | )                            |   | 0.12 |   |   | -- |   |   | -- |   |
| Outstanding                  at end of period       |   |     | 1,500,000   |                         | $      | 0.06 |   |   | 11,990,000 |   | $ | 0.12 |   |
|                                                |   |     |        |                         |   |   |   |   |   |   |   |   |   |

|                            |   | Outstanding                |      | Exercisable |   |
|---------------------------------|--------|----------------------------|-----------|-------------|--------|
|                            |   | Number                  of |      | Remaining   |   | Number                  of |   |
| Exercise                  Price |   | Shares                     |      | Life        |   | Shares |   |
| $                  0.06         |   |                       | 1,500,000 |        |   | 1.1                  years |   |   | 1,500,000 |   |
|                            |   |                       |      |        |   |   |   |   |   |   |

----

|                                                                          |   | THREE                  MONTHS ENDED |     | June                  3, 1996   |   |
|-------------------------------------------------------------------------------|--------|-------------------------------------|----------|---------------------------------|--------|
|                                                                          |   | APRIL                  30           |     | (Inception)                  to |   |
|                                                                          |   | 2005                                |     | 2004                            |   | April                  30, 2005 |   |
|                                                                          |   | (unaudited)                         |     |                            |   |
|                                                                          |   |                                |     |                            |   |   |   |
| Revenues                                                                      |   | $                                   | -0-      |                            | $      | -0- |   | $ | 26,663 |   |
| General                  and administrative expenses                          |   | $                                   | 76,968   |                            | $      | 40,095 |   | $ | 3,061,340 |   |
| Research                  and development-related party                       |   | $                                   | -0-      |                            | $      | -0- |   | $ | 1,350,083 |   |
| Research                  and development                                     |   | $                                   | 5,774    |                            | $      | -0- |   | $ | 8,369 |   |
| Consulting                  fee                                               |   | $                                   | -0-      |                            | $      | 97,500 |   | $ | 203,171 |   |
| Stock-based                    executive compensation and reimbursed expenses |   | $                                   | 9,000    |                            | $      | -0- |   | $ | 918,895 |   |
| Stock-based                  consulting fee                                   |   | $                                   | 108,050  |                            | $      | -0- |   | $ | 897,730 |   |
| Stock-based                  consulting - related party                       |   | $                                   | -0-      |                            | $      | 22,500 |   | $ | 4,665,021 |   |
| Interest                  expense                                             |   | $                                   | 6,095    |                            | $      | 6,258 |   | $ | 134,694 |   |
| Financing                  fees                                               |   | $                                   | 74,105   |                            | $      | -0- |   | $ | 183,231 |   |
| Net                  income (loss)                                            |   | $                                   | (282,138 | )                               | $      | (167,393 | ) | $ | (11,805,288 | ) |
| Net                  income (loss) per share                                  |   | $                                   | (0.00    | )                               | $      | (0.00 | ) |   |  |   |

----

|                                                        |   | THREE                  MONTHS ENDED |    |
|-------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                        |   | APRIL                  30,          |    |
|                                                        |   | 2005                                |    | 2004 |   |
|                                                        |   | (Unaudited)                         |    |
|                                                        |   |                                |    |   |   |
| Net                  cash used in operating activities      |   | $                                   | (63,371 | ) | $ | (46,353 | ) |
| Proceeds                  (payments) on loans-related party |   | $                                   | -0-     |   | $ | 46,198 |   |
| Net                  cash provided by financing activities  |   | $                                   | 50,000  |   | $ | -0- |   |

----

| ITEM                  1. | LEGAL                  PROCEEDINGS |
|--------------------------|------------------------------------|
|                     |                               |
|                     | None.                              |

| ITEM                  2. | CHANGES                  IN SECURITIES |
|--------------------------|----------------------------------------|

| ITEM                  3. | DEFAULTS                  UPON SENIOR SECURITIES |
|--------------------------|--------------------------------------------------|
|                     |                                             |
|                     | None                                             |

| ITEM                  4. | SUBMISSION                  OF MATTERS TO A VOTE OF SECURITY HOLDERS |
|--------------------------|----------------------------------------------------------------------|
|                     |                                                                 |
|                     | None                                                                 |

| ITEM                  5. | OTHER                  INFORMATION |
|--------------------------|------------------------------------|
|                     |                               |
|                     | Not                applicable.     |

----

| ITEM                  6. | EXHIBITS                  AND REPORTS ON FORM 8-K. |
|--------------------------|----------------------------------------------------|

|   | (a) | Exhibits. |
|--------|-----|-----------|

|   | 10.1                          | Registration                  Rights Agreement with Cornell Capital Partners, L.P. dated May                  10, 2005,                  is incorporated herein by reference to Exhibit 10.2 to the Company's                  Form                  8-Kcurrent report filed on May 10, 2005.                                    |
|--------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | 10.2                          | Escrow                  Agreement with Cornell Capital Partners, L.P. dated May 10, 2005,                  is                  incorporated herein by reference to Exhibit 10.3 to the Company's                  Form 8-K                  current report filed on May 10, 2005.                                                |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | 10.3                          | Placement                  Agent Agreement with Cornell Capital Partners, L.P. dated May 10,                  2005, is                  incorporated herein by reference to Exhibit 10.4 to the Company's                  Form 8-K                  current report filed on May 10, 2005.                                       |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | 10.4                          | Amended                  and Restated 5% Secured Convertible Debenture dated May 10, 2005                  and due                  on November 19, 2006, is incorporated herein by reference to Exhibit                  10.5                  to the Company's Form 8-K current report filed on May 10,                  2005. |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | 10.5                          | Termination                  Agreement with Cornell Capital Partners, LP is incorporated herein                  by                  reference to Exhibit 10.6 to the Company's Form 8-K current report                  filed                  on May 10, 2005.                                                                 |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | 10.6                          | Amendment                  to Investment Rights Agreement with Cornell Capital Partners, LP                  is                  incorporated herein by reference to Exhibit 10.7 to the Company's                  Form 8-K                  current report filed on May 10, 2005                                               |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | Exhibit                  31.1 | Certification                  Pursuant to 18 U.S.C. ss.1350 as Adopted Pursuant to Section 906                  of the                  Sarbanes-Oxley Act of 2002                                                                                                                                                              |
|   |                          |                                                                                                                                                                                                                                                                                                                             |
|   | Exhibit                  32.1 | Certification                                                                                                                                                                                                                                                                                                                    |

|  | (b) | Reports                  on Form 8-K. |
|--|-----|---------------------------------------|

----

|                                      |                                                                                                                        |                                        |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------|
|                                      | **POWER                  TECHNOLOGY, INC.**                                                                                 |
|                                 |                                                                                                                   |                                   |
| Date: June                  20, 2005 | By:                                                                                                               | /s/ Bernard                  J. Walter |
|                                      |                                                                                                                             |
|                                      | Bernard                    J. Walter, President, Chief Financial Officerand Principal Accounting                    Officer |

----