<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2001

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

        FOR THE TRANSITION PERIOD FROM ______________ TO ________________

                         COMMISSION FILE NUMBER: 0-24857

                             POWER TECHNOLOGY, INC.
                     (EXACT NAME OF SMALL BUSINESS ISSUER AS
                            SPECIFIED IN ITS CHARTER)

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


                  1000 W. BONANZA ROAD, LAS VEGAS, NEVADA 89106
                  ---------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (702) 382-3385
                           ---------------------------
                           (ISSUER'S TELEPHONE NUMBER)


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



                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

         CHECK WHETHER THE REGISTRANT FILED ALL DOCUMENTS AND REPORTS REQUIRED
TO BE FILED BY SECTION 12, 13 OR 15(d) OF THE EXCHANGE ACT AFTER THE
DISTRIBUTION OF SECURITIES UNDER A PLAN CONFIRMED BY A COURT. YES    NO
                                                                 ---    ---

                      APPLICABLE ONLY TO CORPORATE ISSUERS

         STATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES
OF COMMON EQUITY, AS OF THE LAST PRACTICABLE DATE: 23,301,830 SHARES.

TRANSITIONAL SMALL BUSINESS DISCLOSURE FORMAT (CHECK ONE): YES     NO X
                                                              ---    ---



<PAGE>



                                ITS NETWORKS INC.

                                      INDEX

<Table>
<S>                                                                                                   <C>
PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements:

                  Consolidated Balance Sheets as of October 31, 2001(unaudited)
                  and January 31, 2001 ............................................................... 3

                  Consolidated Statements of Operations for the nine
                  months ended October 31, 2001 and 2000 ............................................. 4

                  Consolidated Statements of Cash Flows for the nine
                  months ended October 31, 2001 and 2000 ............................................. 5

Item 2.  Management's Discussion and Analysis or Plan of Operations .................................. 8

PART II. OTHER INFORMATION

Item 1. Legal Proceedings ............................................................................ 9

Item 2. Changes in Securities ........................................................................ 9

Item 3. Defaults on Senior Securities ................................................................ 9

Item 4. Submission of Matters to a Vote of Security Holders .......................................... 9

Item 5. Other Information ............................................................................ 9

Item 6. Exhibits and Reports on Form 8-K ............................................................. 9

                  Signatures .........................................................................12
</Table>



                                       2
<PAGE>


Item 1. Consolidated Financial Statements.

                             POWER TECHNOLOGY, INC.
                           CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>
                                                                                OCTOBER 31,       JANUARY 31,
                                                                                   2001               2001
                                                                               -------------     -------------
ASSETS                                                                          (unaudited)

<S>                                                                            <C>               <C>
Current assets:
    Cash and equivalents                                                       $      35,140     $      25,301
    Employee advances                                                                  1,000                --
    Due from related party                                                           127,000                --
    Accounts receivable                                                                   --             4,811
                                                                               -------------     -------------
      Total current assets                                                           163,140            30,112
                                                                               -------------     -------------

Fixed assets, net                                                                     13,527            12,323
                                                                               -------------     -------------
Other assets:
    Prepaid expenses                                                                  20,000            20,000
    Patents                                                                           78,500            78,500
                                                                               -------------     -------------
                                                                               $     275,167     $     140,935
                                                                               =============     =============
LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Accounts payable - trade                                                   $     133,758     $      11,382
    Advances from MikroDri                                                            25,000            45,279
    Accrued expenses                                                                      --            10,200
    Loan payable - related party                                                     503,745           240,723
                                                                               -------------     -------------
      Total current liabilities                                                      662,503           307,584
                                                                               -------------     -------------
Convertible debentures                                                               600,760           600,760
                                                                               -------------     -------------
                                                                                   1,263,263           908,344
                                                                               -------------     -------------
Stockholders' (deficit):
    Common stock, $0.001 par value, 50,000,000
      shares authorized, 21,951,050 and 19,027,500 shares
      issued and outstanding as of 10/31/01 and 1/31/01, respectively                 21,951            19,028
    Additional paid-in capital                                                     4,666,750         2,722,563
    (Deficit) accumulated during development stage                                (5,676,797)       (3,509,000)
                                                                               -------------     -------------
                                                                                    (988,096)         (767,409)
                                                                               -------------     -------------
                                                                               $     275,167     $     140,935
                                                                               =============     =============
</Table>


   The Accompanying Notes are an Intregal Part of These Financial Statements.


                                                                               3
<PAGE>



                             POWER TECHNOLOGY, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
          FOR THE THREE AND NINE MONTHS ENDED OCTOBER 31, 2001 AND 2000
         AND FOR THE PERIOD JUNE 3, 1996 (INCEPTION) TO OCTOBER 31, 2001


<Table>
<Caption>
                                                 THREE MONTHS ENDED                 NINE MONTHS ENDED              JUNE 3, 1996
                                                     OCTOBER 31,                       OCTOBER 31,                (INCEPTION) TO
                                          --------------------------------   ---------------------------------     OCTOBER 31,
                                              2001               2000             2001               2000              2001
                                          --------------    --------------   --------------     --------------    --------------
<S>                                       <C>               <C>              <C>                <C>               <C>
Revenue                                   $           --    $           --   $           --     $           --    $        1,663
                                          --------------    --------------   --------------     --------------    --------------
Expenses:
   General and administrative expenses           108,296           446,617          215,613            594,204         2,755,039
   Research and development                       95,844            93,314          195,521            188,169         1,140,353
   Consulting fees                               562,604                --        1,753,040                 --         1,753,040
   Depreciation and amortization                   1,244                --            4,363                 --            12,392
                                          --------------    --------------   --------------     --------------    --------------
     Total expenses                              767,988           539,931        2,168,537            782,373         5,660,824
                                          --------------    --------------   --------------     --------------    --------------
Other income/(expense):
   Interest expense                                   --                --               --                 --           (16,469)
   Interest income                                   166                --              749                 --               749
   Gain (loss) on sale of assets                      --                --               --                 --            (1,916)
                                          --------------    --------------   --------------     --------------    --------------
     Total other income                              166                --              749                 --           (17,636)
                                          --------------    --------------   --------------     --------------    --------------

Net (loss)                                $     (767,822)   $     (539,931)  $   (2,167,788)    $     (782,373)   $   (5,676,797)
                                          ==============    ==============   ==============     ==============    ==============

Weighted average number of
   common shares outstanding                  21,035,550        16,817,500       21,035,550         16,817,500        21,035,550
                                          ==============    ==============   ==============     ==============    ==============

Net (loss) per share                      $        (0.04)   $        (0.03)  $        (0.10)    $        (0.05)   $        (0.27)
                                          ==============    ==============   ==============     ==============    ==============
</Table>



   The Accompanying Notes are an Intregal Part of These Financial Statements.

                                                                               4
<PAGE>




                             POWER TECHNOLOGY, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
               FOR THE NINE MONTHS ENDED OCTOBER 31, 2001 AND 2000
         AND FOR THE PERIOD JUNE 3, 1996 (INCEPTION) TO OCTOBER 31, 2001

<Table>
<Caption>
                                                               NINE MONTHS ENDED             JUNE 3, 1996
                                                                  OCTOBER 31,               (INCEPTION) TO
                                                        -------------------------------      OCTOBER 31,
                                                            2001              2000               2001
                                                        -------------     -------------     -------------
<S>                                                     <C>               <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss)                                              $  (2,167,788)    $    (782,373)       (5,676,797)
    Depreciation and amortization                               4,363             2,500            12,392
    Stock issued for services                               1,729,496                --         2,846,995
    Stock issued to acquire patents                                --                --           (20,000)
Adjustments to reconcile net (loss) to net cash
     provided (used) by operating
    activities:
    (Increase) in employee advances                            (1,000)               --            (1,000)
    (Increase) in due from related party                     (127,000)               --          (127,000)
    Decrease (Increase) in accounts receivable                  4,801            (1,000)               --
    (Increase) in prepaid expenses                                 --                --           (20,000)
    Increase (decrease) in accounts payable                   122,376            (5,184)          133,758
    Increase (decrease) in accrued expenses                   (10,200)          535,245                --
                                                        -------------     -------------     -------------
Net cash (used) by operating activities                      (444,952)         (250,812)       (2,851,652)
                                                        -------------     -------------     -------------
CASH FLOWS FROM INVESTING ACTIVITIES
    Proceeds from loans - related party                       238,773            57,511           499,492
    Transfer (to) from MikroDri                               (20,279)          (33,064)           25,000
    Purchase of equipment                                      (2,353)           (5,311)          (21,667)
    Patent acquisition                                             --           (13,500)          (58,500)
                                                        -------------     -------------     -------------
Net cash provided by investing activities                     216,141             5,636           444,325
                                                        -------------     -------------     -------------
CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from convertible debentures                           --                --           600,760
    Issuance of capital stock                                 238,650           403,750         1,841,707
                                                        -------------     -------------     -------------
Net cash provided by financing activities                     238,650           403,750         2,442,467
                                                        -------------     -------------     -------------
Net increase in cash                                            9,839           158,574            35,140
Cash - beginning                                               25,301            76,015                --
                                                        -------------     -------------     -------------
Cash - ending                                           $      35,140     $     234,589     $      35,140
                                                        =============     =============     =============
Supplemental disclosures:
    Interest paid                                       $          --     $          --     $          --
                                                        =============     =============     =============
    Income taxes paid                                   $          --     $          --     $          --
                                                        =============     =============     =============
    Non-cash invsting and financing activities:
      Number of shares issued for services                  2,694,245                --         4,432,745
                                                        =============     =============     =============
      Number of shares issued for debt conversion                  --                --         1,034,000
                                                        =============     =============     =============
      Number of shares issued to acquire patents                   --                --           200,000
                                                        =============     =============     =============
</Table>



   The Accompanying Notes are an Intregal Part of These Financial Statements.

                                                                               5
<PAGE>


                             POWER TECHNOLOGY, INC.
                          (A DEVELOPMENT STAGE COMPANY)
                                      NOTES

NOTE 1 - BASIS OF PRESENTATION AND ABILITY TO CONTINUE AS A GOING CONCERN

The consolidated interim financial statements included herein, presented in
accordance with United States generally accepted accounting principles and
stated in US dollars, have been prepared by the Company, without audit, pursuant
to the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles 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.

These statements reflect all adjustments, consisting of normal recurring
adjustments, which, in the opinion of management, are necessary for fair
presentation of the information contained therein. It is suggested that these
consolidated interim financial statements be read in conjunction with the
financial statements of the Company for the year ended January 31, 2001 and
notes thereto included in the Company's Form 10-KSB annual report. The Company
follows the same accounting policies in the preparation of interim reports.

Results of operations for the interim periods are not indicative of annual
results.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern which contemplates the recoverability
of assets and the satisfaction of liabilities in the normal course of business.
As noted above, the Company is in the development stage and, accordingly, has
not yet generated revenues from operations. Since its inception, the Company has
been engaged substantially in financing activities and developing its product
line, incurring substantial costs and expenses. As a result, the Company
incurred net losses of $4,944,115 during the period June 3, 1996 to October 31,
2001. In addition, the Company's development activities since inception have
been financially sustained by debt and capital contributions from its affiliates
and others.

The ability of the Company to continue as a going concern is dependent upon its
ability to raise additional capital from the sale of common stock and,
ultimately, the achievement of significant operating revenues. The accompanying
financial statements do not include any adjustments that might be required
should the Company be unable to recover the value of its assets or satisfy its
liabilities.

NOTE 2 - FIXED ASSETS

The Company acquired office equipment totaling $4,527 during the nine months
ended October 31, 2001.

Depreciation expense for the nine months ended October 31, 2001, is $4,363.

NOTE 3 - RELATED PARTY TRANSACTIONS

The Company had $25,000 of research and development fees advanced by MicroDri,
L.P., a related entity with common shareholders and management, as of October
31, 2001. The Company will continue to perform research and development
procedures, which will be invoiced against the fee advancements.

Various related entities loaned the Company approximately $503,745 during the
nine months ended October 31, 2001. The notes are due on demand, and the balance
is non-interest bearing.

The Company rents a facility in Las Vegas, Nevada from Bonanza West Properties,
a partnership 50% owned by Alvin A. Snaper, a director and Vice President of the
Company. Rents for the nine months ended October 31, 2001, totaled approximately
$18,000.




                                       6
<PAGE>



The Company paid a management fee in the amount of $30,000 to No. 90 Corporate
Ventures, a company owned by Lee Balak, the Company's president.

NOTE 4 - STOCKHOLDERS' EQUITY

During the nine months ended October 31, 2001, the Company issued 2,694,245
shares of its common stock to various individuals for consulting services valued
at $1,729,496.

NOTE 5 - COMMITMENTS

On August 20, 2001, the Company's Board of Directors resolved to sell 1,334,285
shares of its common stock at $0.35 per share, in reliance on Regulation S of
the Securities Act of 1933, to Mr. Walter Fischer, president and director of
Gartner Trans, for equity fund raising. In addition to the shares, the Company
also approved the issuance of a warrant to Mr. Fischer to purchase 667,142
shares of the Company's common stock at $0.50 per share for a period of two
years.

The Company entered into an agreement to issue 950,000 shares of its common
stock to Mr. Jaime Vega for satisfaction of $344,515 in expenses and service
fees incurred as a consultant for the Company. As of October 31, 2001, Mr. Vega
has received 400,000 shares of the Company's common stock. The additional
550,000 shares will be issued after the Company's next Annual Shareholders'
Meeting.

On October 25, 2001, the Company entered into a "Non-Exclusive,
Non-Circumvention" Product Development and Financing Agreement ("Agreement")
with LABA Investments, Ltd., an Ontario, Canada company ("LABA"). Pursuant to
the Agreement, the Company shall issue 25,000 shares of its free trading common
stock and 25,000 shares of restricted common stock, plus out of pocket expenses.
The Company may also issue an additional 30,000 shares of free trading common
stock upon the successful manufacturing development and utilization of the
Company's battery technology. The Company has also agreed to pay LABA a
placement fee payable in cash (calculated at 8% of the gross equity offering
funds and/or government assistance funds received by the Company from LABA's
efforts) plus "Cashless" warrants equal to 5% of the total stock issued pursuant
to LABA's efforts. The Company has also agreed to pay LABA 8% of the gross
revenues generated from sales contracts, licensing or royalty contracts, and/or
joint ventures obtained from LABA's efforts.

NOTE 6 - SUBSEQUENT EVENTS

On November 1, 2001, the Company entered into a Consulting Agreement
("Agreement") with Battery Consultation Services ("Consultant"), represented by
Dr. Basanta K. Mahato, for technical assistance in the ongoing development of
the Company's battery prototypes. The Agreement begins November 1, 2001, and
continues for a minimum of three months, with an option to continue the
Agreement upon favorable results. As consideration for the Agreement, the
Company shall pay Consultant a monthly retainer of $4,000, payable in the
Company's common stock at the fair market value determined at the end of each
month during the term of the Agreement. The Company also agreed to issue 80,000
shares of its common stock to Consultant for the purchase of an advanced battery
paste formula which can be integrated with the Company's patented technology.
Upon the successful commercialization of the jointly developed battery, the
Company has agreed to issue $110,000 of restricted common stock valued at the
closing fair market value.



                                       7
<PAGE>



ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.

GENERAL

         Power Technology, Inc. (the "Company), a Nevada corporation, was
incorporated on June 3, 1996. However the Company did not conduct any
significant operations until March 1998 when it acquired all of the issued and
outstanding capital stock and assets of PowerTek Technology Corporation, Inc.
(formerly called Power Technology, Inc.) which is presently a wholly-owned
subsidiary of the Company. The Company changed its corporate name from "Zepplin
Production Corp." to Power Technology, Inc. during March 1998 to reflect the
change in the purposes and nature of its business.

         The Company is a research and development company. It is presently
engaged in research and development activities regarding: (1) batteries for the
automotive and electric car industries, (2) electronic sensors, and (3) pipeline
connection technology.

RESULTS OF OPERATIONS

         The following table sets forth certain operating information regarding
the Company:


<Table>
<Caption>
                                                   NINE MONTHS ENDED
                                                      OCTOBER 31
                                            -------------------------------
                                                2001               2000
                                            -------------     -------------
                                                    (unaudited)
<S>                                         <C>               <C>
Revenues                                    $         -0-     $         -0-

General and administrative expenses         $     215,613     $     594,204

Research and Development                    $     195,521     $     188,169

Consulting fees                             $   1,753,040     $         -0-

Net income (loss)                           $  (2,167,788)    $    (782,373)

Net income (loss) per share                 $        (.10)    $        (.05)
</Table>


Nine months ended October 31, 2001 compared with nine months ended October 31,
2000

         REVENUES. The Company had no revenues during the first nine months of
2001 and 2000, and is in the development stage.

         GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative
expenses decreased approximately 64% to $215,613 in the nine month period ended
October 31, 2001, from $594,204 in 2000. This decrease is principally
attributable to a decrease in its research and development activities.

         RESEARCH AND DEVELOPMENT COSTS. Research and development costs
increased approximately 4% during the first nine months of fiscal 2001 to
$95,521, compared $188,169 in the first nine months of 2000.

         ACCOUNTS PAYABLE - RELATED PARTY. Accounts payable to a related party
increased 109% from $240,723 at October 31, 2000, to $503,745 at October 31,
2001. This increase arose from additional cash loans to the Company by an
affiliated company owned by Lee A. Balak, a director and President of the
Company which were expended primarily for research and development fees and
costs.

         CONSULTING FEES. Fees paid to consultants to the Company increased from
$ 0 during the nine month period ended October 31, 2000, to $1,753,040 during
the nine month period ended October 31, 2001. These fees were paid primarily by
the issuance of common stock of the Company as compensation for services.

         RESULTS OF OPERATIONS. The net loss of the Company increased to
$2,167,788 during the nine month period ended October 31, 2001, as compared with
a loss of $782,373 during the same period of 2000, an increase of approximately
177%, and was due primarily to the increase in its research and development
activities and lack of revenues.




                                       8
<PAGE>




CAPITAL EXPENDITURES, CAPITAL RESOURCES AND LIQUIDITY

         The following summary table (unaudited) presents comparative cash flows
of the Company for the periods indicated.


<Table>
<Caption>
                                                           NINE MONTHS ENDED
                                                              OCTOBER 31
                                                      ---------------------------
                                                         2001             2000
                                                      -----------     -----------
<S>                                                   <C>             <C>
Net cash used in operating activities                 $  (444,952)    $  (250,812)

Net cash provided by investing activities             $   216,141     $     5,636

Net cash provided by financing activities             $   238,650     $   403,750
</Table>


         CAPITAL EXPENDITURES. The Company incurred capital expenditures of
$4,527 for office equipment, office furniture or other fixed assets during the
nine month period ended October 31, 2001.

         LIQUIDITY AND CAPITAL RESOURCES. The Company's capital resources have
historically been provided by the sale of its Common Stock, conversion of notes,
the exercise of warrants and options, and by short term loans.

         The Company intends to raise additional capital through an offering of
its Common Stock or other securities to provide additional working capital to
fund future operations.

         At October 31, 2001, the Company had current assets of $163,140 and
current liabilities of $662,503, resulting in a working capital deficit of
$499,363, as compared to a working capital deficit of $277,472 at January 31,
2001.

         Net cash used in operating activities increased approximately 77% to
$444,952 for the nine months ended October 31, 2001, from $250,812 for the nine
months ended October 31, 2000, a difference of $194,140. The increase in net
cash used in operating activities was primarily attributable to research and
development costs regarding its battery technology.

                           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 SECURITY HOLDERS


ITEM 5. OTHER INFORMATION.

                  Not applicable.

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

         (a)      Exhibits.

<Table>
<S>                                                             <C>
(i) Articles of Incorporation of the Registrant                 The Articles of Incorporation are incorporated herein by
                                                                reference to Exhibit 3(i) to the Form 10-SB registration
                                                                statement of the Company (File No. 0-24857)
</Table>




                                       9
<PAGE>


<Table>
<S>                                                             <C>
(ii) Amendment to Articles of Incorporation                     The Amendment to the Articles of Incorporation is
                                                                incorporated herein by reference to Exhibit 3(ii) to the
                                                                Form 10-SB registration statement of the Company (File No.
                                                                0-24857)


(iii) By-Laws of the Registrant                                 The By-Laws are incorporated herein by reference to
                                                                Exhibit 3(iii) to the Form 10-SB registration statement of
                                                                the Company (File No. 0-24857)


10. Material Contracts

         10(a)                                                  Plan of Reorganization and Acquisition dated February 15,
                                                                1998 is incorporated herein by reference to Exhibit 6(a)
                                                                to the Form 10-SB registration statement of the Company
                                                                (File No. 0-24857)

         10(b)                                                  Various consulting agreements with Registrant are
                                                                incorporated herein by reference to the Form S-8
                                                                registration statement (File No. 333-66845) of the
                                                                Company.

         10(c)                                                  Consulting agreement with SeaWay Trading, Inc. dated April
                                                                19, 1999, is incorporated by reference to Exhibit 10(c) to
                                                                the Form 10-KSB annual report of the Company for its
                                                                fiscal year ended January 31, 1999.

         10(d)                                                  Consulting agreement with William McNerney/RevTec dated
                                                                April 1, 1999, is incorporated by reference to Exhibit
                                                                10(d) to the Form 10-KSB annual report of the Company for
                                                                its fiscal year ended January 31, 1999.

         10(e)                                                  Various consulting agreements are incorporated by
                                                                reference to Exhibit 4.1 of the Form S-8 registration
                                                                statement of the Company (File No. 333-66845).

         10(f)                                                  Investment agreement dated April 17, 2000, with Swartz
                                                                Private Equity, L.L.C. is incorporated herein by reference
                                                                to the Form 8-K report of the Company filed on May 23,
                                                                2000.

         10(g)                                                  Registration Rights Agreement with Swartz Private Equity,
                                                                LLC dated April 17,2000 is hereby incorporated by
                                                                reference to Exhibit 10(g) of the Form S-1 registration
                                                                statement of the Company (File No. 333-50220)

         10(h)                                                  Warrant issued to Swartz Private Equity, LLC dated April
                                                                17, 2000, to purchase 49,000 shares of the Common Stock of
                                                                the Company is hereby incorporated by reference to Exhibit
                                                                10(h) of the Form S-1 registration statement of the
                                                                Company (File No. 333-50220).

         10(i)                                                  Form of purchase Warrant(s) to be issued to Swartz Private
                                                                Equity, LLC under terms of Investment Agreement dated
                                                                April 17, 2000 is hereby incorporated by reference to
                                                                Exhibit 10(i) of the Form S-1 registration statement of
                                                                the Company (File No. 333-50220).

         10(j)                                                  Series A Convertible Note in the amount of $75,000 and
                                                                Warrant to purchase 150,000 shares of Common Stock of the
                                                                Company is incorporated by reference to Exhibit 10(a) to
                                                                the Form 10-QSB quarterly report of the Company for the
                                                                period ended April 30, 2000.

         10(k)                                                  Series A Convertible Note in the amount of $525,000 and
                                                                Warrant to purchase 1,050,000 shares of Common Stock of
                                                                the Company is incorporated by reference to Exhibit 10(b)
                                                                to the Form 10-QSB quarterly report of the Company for the
                                                                period ended April 30, 2000.
</Table>



                                       10
<PAGE>


<Table>
<S>                                                             <C>
         10(l)                                                  Technology Development and Support Agreement with B.C.
                                                                Research, Inc. dated May 3, 2000 is hereby incorporated by
                                                                reference to Exhibit 10(l) of the Form S-1 registration
                                                                statement of the Company (File No. 333-50220).

         10(m)                                                  Consulting Agreement with Hanover Engineering & Consulting
                                                                Limited dated November 15, 2000, is hereby incorporated by
                                                                reference to Exhibit 10(m) of the Form 10-KSB filed for the year
                                                                ended January 31, 2001.

         10(n)                                                  Letter Agreement with Goodbody International, Inc. -
                                                                Joseph H. Hale, dated January 28, 2000, is hereby
                                                                incorporated by reference to Exhibit 10(n) of the Form
                                                                10-KSB filed for the year ended January 31, 2001.

         10(o)                                                  Contract Agreement with GDH Consultants Ltd. dated
                                                                September 12, 2000, is hereby incorporated by reference to
                                                                Exhibit 10(o) of the Form 10-KSB filed for the year ended
                                                                January 31, 2001.

         10(p)                                                  Memorandum of Intention to Create a Foreign Invested Joint
                                                                Venture Company with the Shuang Deng Group dated February
                                                                2, 2001, is hereby incorporated by reference to Exhibit
                                                                10(p) of the Form 10-KSB filed for the year ended January 31, 2001.

         10(q)                                                  Partnership Agreement with Department of Science and
                                                                Technology Development of Peking University and PU Lead
                                                                Company dated February 15, 2001, is hereby incorporated by
                                                                reference to Exhibit 10(q) of the Form 10-KSB
                                                                filed for the year ended January 31, 2001.

         10(r)                                                  Non-Disclosure/Non-Use Agreement with Bipolar Power
                                                                International and BC Research, Inc. dated March 3, 2001,
                                                                is hereby incorporated by reference to Exhibit 10(m) of
                                                                the Form 10-KSB filed for the year ended January 31, 2001.

         10(s)                                                  2000 Stock Option, SAR and Stock Bonus Plan incorporated
                                                                herein by reference to Exhibit 10 of the Form S-8
                                                                registration statement filed on March 13, 2001.

         10(t)                                                  License Agreement with Gartner Trans d.o.o.

         10(u)                                                  Engagement Agreement with Dr. Basanta K. Mahato dated
                                                                November 1, 2001.

         10(v)                                                  Power Technology, Inc. 2002 Stock Option, SAR and Stock
                                                                Bonus Plan.

11. Statement re: computation of per share
         earnings                                               Reference is made to the Consolidated Statements of
                                                                Operations of the Consolidated Financial Statements which
                                                                are incorporated by reference herein.


21. A description of the subsidiary of the
         Company                                                A description of the subsidiary of the Company is
                                                                incorporated herein by reference to Exhibit 21 of the Form
                                                                S-8 registration statement of the Company (File No.
                                                                333-66845).
</Table>



                                       11
<PAGE>



27. Financial Data Schedule                                     Not Applicable

         (b)      Reports on Form 8-K.

                  No reports on Form 8-K were filed by the Company during the
                  fiscal quarter ended October 31, 2001.




                                   SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                        POWER TECHNOLOGY, INC.


Date: December 17, 2001     By:  /s/ Lee A. Balak
                               ---------------------------------------------
                               Lee A. Balak, President, Chief Financial Officer,
                               and Principal Accounting Officer




                                       12