<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, 2000

         [  ]  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)



                  100 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: 18,876,805
SHARES.

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

<PAGE>

Item 1.
                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                           Consolidated Balance Sheets

<TABLE>
<CAPTION>

ASSETS

                                                                October 31,         January 31,
                                                                   2000                2000
                                                               (Unaudited)           (Audited)
                                                            ------------------ --------------------
<S>              <C>                                        <C>                <C>
                 Current Assets
                     Cash                                        $    131,716         $     76,015
                     Accounts receivable                                1,000                    -
                                                            ------------------ --------------------
                 Total current assets                                 132,716               76,015

                 Property & Equipment, Net (Note 3)                    20,199               12,831
                                                            ------------------ --------------------

                 Other Assets
                     Prepaid expenses                                  20,000               20,000
                     Organizational costs (Note 1)                      1,250                5,000
                     Patents (Note 8)                                  78,500               65,000
                                                            ------------------ --------------------
                                                                       99,750               90,000
                                                            ------------------ --------------------

                                                                 $    252,665         $    178,846
                                                            ================== ====================


LIABILITIES AND STOCKHOLDERS' EQUITY

                Current Liabilities
                    Accounts payable - trade                     $          -         $      5,184
                    Advances from MicroDri (Note 6)                    73,417               86,067
                    Accrued expenses                                   10,200               16,469
                    Loan payable (Note 6)                             165,036              110,000
                                                             ------------------- -------------------
                Total current liabilities                             248,653              217,720

                     Convertible debt (Note 7)                        600,760               65,515
                                                             ------------------ --------------------

                                                                      849,413              283,235

                Common stock, $.001 par value;
                25,000,000 shares authorized;
                17,972,500 and 16,817,500 shares
                issued and outstanding as of
                10/31/00 and 1/31/00, respectively                     17,973               16,818
                Additional paid-in capital                          2,257,178            1,659,458
                Deficit accumulated during the
                development stage                                  (2,871,899)          (1,800,665)
                Prior period adjustment (Note 8)                            -               20,000
                                                             ------------------- -------------------
                                                                     (596,748)            (104,389)
                                                             ------------------- -------------------

                                                                 $    252,665         $    178,846
                                                             =================== ===================
</TABLE>



<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                      Consolidated Statements of Operations

<TABLE>
<CAPTION>
                                                                   Nine months ended  Nine months ended
                                                                      October 31,        October 31,
                                                                         2000                1999
                                                                      (Unaudited)        (Unaudited)
                                                                   ------------------ -------------------
<S>                                                                <C>                <C>
           Revenues                                                      $         -         $         -
           Expenses
               General & Administrative                                      797,519             705,859
               Research & Development                                        293,715              84,599
                                                                   ------------------ -------------------

           Net Operating Loss                                             (1,091,234)           (790,458)
                                                                   ------------------ -------------------


           Net loss                                                      $(1,091,234)        $  (790,458)
                                                                   ================== ===================

           Weighted average shares outstanding                            17,972,500          15,783,500
                                                                   ================== ===================

           Loss per share                                                $      (.06)        $      (.03)
                                                                   ================== ===================
</TABLE>

<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                      Consolidated Statements of Cash Flows

<TABLE>
<CAPTION>
                                                                               Nine months      Nine months
                                                                                  ended            ended
                                                                               October 31,      October 31,
                                                                                   2000             1999
                                                                               (Unaudited)      (Unaudited)
                                                                             ---------------  ---------------
<S>                                                                          <C>              <C>
     CASH FLOWS FROM OPERATING ACTIVITIES
     Net loss                                                                   $(1,091,234)        $(790,458)

     Depreciation and amortization expense                                            1,250             3,750
     (Increase) decrease in accounts receivable                                      (1,000)            3,500
     Increase (decrease) in accounts payable                                         (5,184)          247,895
     Increase (decrease) in accrued expenses                                         (6,269)                -
                                                           ---------------------------------- -----------------
     NET CASH USED BY OPERATING ACTIVITIES                                       (1,102,437)         (535,313)
                                                           ---------------------------------- -----------------
     CASH FLOWS FROM INVESTING ACTIVITIES
     Purchase of Equipment                                                           (2,057)           (3,719)
     Cash paid for patent                                                           (13,500)                -
     Advances from (repayments to)  MicroDri                                        (12,650)                -
     Issuance of convertible debt                                                   535,245                 -
     Loan payable - related party                                                    52,225                 -
                                                           ---------------------------------- -----------------
     NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES                               559,263            (3,719)
                                                           ---------------------------------- -----------------
     CASH FLOWS FROM FINANCING ACTIVITIES
     Cash from issuance of stock                                                    598,875           619,549
                                                           ---------------------------------- -----------------
     NET CASH PROVIDED BY FINANCING ACTIVITIES                                      598,875           619,549
                                                           ---------------------------------- -----------------
     INCREASE IN CASH                                                                55,701            80,517
     Cash at Beginning of Period                                                     76,015            60,499
                                                           ---------------------------------- -----------------
     Cash at End of Period                                                      $   131,716         $ 141,016
                                                           ================================== =================
     Supplemental Non-Cash Financing Transactions:
     Interest                                                                   $         -         $       -
     Income taxes                                                               $         -         $       -
</TABLE>
<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                   Notes to Consolidated Financial Statements

NOTE 1 - Summary Of Significant Accounting Policies

         a.   Organization

                  The Company was incorporated under the name of Zeppelin
         Production Corporation on June 3, 1996 under the laws of the State of
         Nevada. The Company was organized to provide aerial photography and
         advertising promotion through the use of helium filled remote control
         blimps, however, operations were never secured.

                  Pursuant to a plan of reorganization and acquisition agreement
         dated February 15, 1998, the Company acquired PowerTek Technology, Inc.
         (PowerTek) and changed its name to Power Technology, Inc. Because the
         management and operations of PowerTek became the management and
         operations of Zeppelin, this business combination has been recorded as
         a reverse acquisition.

                  PowerTek was incorporated under the laws of the State of
         Nevada on January 19, 1996. The Company was organized primarily for the
         purpose of developing an advanced battery technology for use in the
         growing electric car industry. As of the date of these statements, the
         Company has been able to advance the battery technology to a proof of
         principle stage and is currently seeking additional capital to finance
         the development of the technology to a preliminary prototype stage.

         b.   Recognition of Revenue

                  The Company recognizes income and expense on the accrual basis
         of accounting.

         c.   Earnings (Loss) Per Share

                  The computation of earnings per share of common stock is based
         on the weighted average number of shares outstanding at the date of the
         financial statements.

         d.   Cash and Cash Equivalents

                  The Company considers all highly liquid investments with
         maturities of three months or less to be cash equivalents.

         e.   Provision for Income Taxes

                  No provision for income taxes have been recorded due to net
         operating loss carry-forwards totaling approximately $2,871,899 that
         will be offset against future taxable income. These NOL carry-forwards
         will begin to expire in the year 2012. No tax benefit has been reported
         in the financial statements because the Company believes there is a 50%
         or greater chance the carryforward will expire unused.

<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                   Notes to Consolidated Financial Statements

NOTE 1 - Summary Of Significant Accounting Policies (continued)

         f.   Principles of Consolidation

                  These financial statements include the books of Power
         Technology, Inc (formerly Zeppelin) and its wholly owned subsidiary
         PowerTek Technologies, Inc. All intercompany transactions and balances
         have been eliminated in the consolidation.

         g.   Use of Estimates in the Preparation of Financial Statements

                  The preparation of financial statements in conformity with
         generally accepted accounting principles requires management to make
         estimates and assumptions that affect reported amounts of assets and
         liabilities, disclosure of contingent assets and liabilities at the
         date of the financial statements and expenses during the reporting
         period. In these financial statements, assets, liabilities and expenses
         involve extensive reliance on management's estimates. Actual results
         could differ from those estimates.

         h.   Organizational Costs

                  Organizational costs are amortized over a period of 60 months.
         Amortization expense for the year ended December 31, 1999 is $2,500.

NOTE 2 - Going Concern

                  The accompanying financial statements have been prepared
         assuming that the Company will continue as a going concern. The Company
         has had recurring operating losses for the past several years and is
         dependent upon financing to continue operations. The financial
         statements do not include any adjustments that might result from the
         outcome of this uncertainty. It is the intent of management to obtain
         additional working capital and a profitable level of operations.


NOTE 3 - Property and Equipment

         Property and equipment consists of the following at October 31, 2000
and January 31, 2000:

<TABLE>
<CAPTION>
                                                October 31,     January 31,
                                                   2000            2000
                                              ---------------- --------------
<S>                                           <C>              <C>
             Office equipment                       $  18,141      $  10,773
             Manufacturing equipment                    4,076          4,076
             Leasehold improvements                     2,164          2,164
                                              ---------------- --------------

             Accumulated depreciation                  (4,182)        (4,182)
                                              ---------------- --------------

             Net property & equipment               $  20,199      $  12,831
                                              ================ ==============
</TABLE>

         Depreciation expense for the period ended October 31, 2000 and January
31, 2000 is $0 and $2,272, respectively.

<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                   Notes to Consolidated Financial Statements

NOTE 4 - Capitalization

                  Prior to the reverse acquisition of Power Technology, Inc.
         (formerly Zepplin Production Corp.) and PowerTek Technology, Inc.
         (PowerTek) the Company authorized 2,500,000 shares at a par value of
         $.01 and had 2,500,000 issued and outstanding. The par value in these
         financial statements have been retroactively restated to show the new
         par value $0.001.

                  In the reverse acquisition, the 2,500,000 shares of PowerTek
         were exchanged for 5,000,000 shares of Power Technology, Inc. (formerly
         Zepplin Production Corp.). The total number of post-acquisition shares
         authorized are 25,000,000 at a par value of $.001. Total number of
         post-acquisition shares issued and outstanding were 5,300,000 shares.

                  During June 1998, the Company issued 200,000 shares of Common
         Stock for patents valued at $20,000.

                  During November 1998, the Company issued 134,700 shares of
         Common Stock in exchange for services valued at $134,700.

                  On December 22, 1999, the Company issued 1,034,000 shares of
         restricted Common Stock at $.25 per share to Mr. Lee A. Balak, the
         President and a director of the Company, in exchange for cancellation
         of a $258,500 note, including accrued interest.

                  During the year ended January 31, 1999, the Company issued
         6,900,000 shares of Common Stock for cash of $690,000.

                  During the year ended January 31, 2000, the Company issued
         2,900,000 shares of Common Stock for cash of $290,000.

                  During the year ended January 31, 2000, the Company issued
         548,800 shares of Common Stock in exchange for services valued at
         $329,550.

                  During the nine months ended October 31, 2000, the Company
         issued 1,155,000 of Common Stock for cash in the amount of $598,875.

                  On December 7, 2000, the Company amended its Articles of
         Incorporation to increase the number of authorized shares of Common
         Stock from 25,000,000 shares to 100,000,000 shares, and to establish
         a new class of 1,000,000 shares of preferred stock, $.01 par value.

NOTE 5 - Development Stage Company

                  The Company is a development stage company as defined in
         Financial Accounting Standards Board Statement No. 7. It is
         concentrating substantially all of its efforts in raising capital in
         order to generate significant operations.

NOTE 6 - Accounts and Loans Payable - Related Party

                  The Company had $65,515 of research and development fees paid
         for by a majority shareholder. The balance was non-interest bearing
         through January 31, 1999. For the year ended January 31, 2000, the
         balance was interest bearing at 10% per annum. The Company intends to
         repay the balance within one year.

<PAGE>

                             POWER TECHNOLOGY, INC.
                         (A Development Stage Company)
                   Notes to Consolidated Financial Statements

NOTE 6 - Accounts and Loans Payable - Related Party (continued)

                  The Company had $73,417 of research and development fees
         advanced by MicroDri, L.P., a related entity with common shareholders
         and management. The Company will continue to perform research and
         development procedures which will be invoiced against the fee
         advancements.

                  Mr. Lee A. Balak, the President and a director of the Company,
         loaned and advanced approximately $258,500 to the Company as of
         December 22, 1999, for research and development fees. The research and
         development fees were paid by the Company to consultants, including
         Neo-Dyne Research, Inc. ("Neo-Dyne"), a research and development
         company owned by Alvin A. Snaper, also a director, Vice President,
         Secretary and Treasurer of the Company. Consultants and Neo-Dyne have
         conducted substantially all of the research and development activities
         regarding the principal products of the Company, including its
         batteries, pipeline connection technology, and its allow sensor
         technology. On December 22, 1999, the Company authorized the issuance
         of 1,034,000 shares of restricted Common Stock at $.25 per share to Mr.
         Balak in exchange for the cancellation of the $258,500 debt, including
         accrued interest.

                  Mr. Lee A. Balak, the President and a director of the Company,
         loaned $110,000 to the Company. The note is due on demand, and the
         balance is non-interest bearing through January 31, 2000.

                  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 year ended 1/31/00
         totaled approximately $24,000.

NOTE 7 - Series A Convertible Notes

                  The Company has issued $600,000 of its Series A Convertible
         Notes (the "Notes"). The Notes are convertible into the Common Stock of
         the Company at $.50 per share for a total of 1,200,000 shares of Common
         Stock upon full conversion, with interest at the rate of 10% per annum
         payable in Common Stock of the Company at $.50 per share.

NOTE 8 - Patents

                  On June 9, 1998, the Company acquired patent number 4,107,997
         issued by the U.S. Patent office in 1978. The Company paid $45,000 and
         100,000 shares of Common Stock valued at $10,000 for the patent. The
         patent is for an alloy sensor which generates a current when in contact
         with water or other aqueous composition.

                  Also during 1998, the Company acquired patent number 5,442,846
         for 100,000 shares of Common Stock valued at $10,000. This patent is a
         procedure and apparatus for cold joining of metallic pipes.

<PAGE>

                             POWER TECHNOLOGY, INC.
                          (A Development Stage Company)
                   Notes to Consolidated Financial Statements

NOTE 9 - Prior Period Adjustment

                  An adjustment in the amount of $20,000 has been recorded on
         the books as of January 31, 2000. The adjustment is due to an
         over-reported shareholders' equity amount in the prior year ended
         January 31, 1999. The entry has been recorded to reduce additional
         paid-in capital and to offset the overstated expense in the prior year.

NOTE 10 - Commitments

                  In connection with the acquisition of patent number 5,442,846,
         the Company is committed to a 3% royalty on gross sales.

NOTE 11 - Subsequent Events

                  The Company entered into an Investment Agreement dated April
             17, 2000 (the "AGREEMENT") with Swartz Private Equity, LLC of
             Roswell, Georgia ("SPE"). The Agreement provides for SPE to commit
             to purchase up to an aggregate of $35,000,000 of the Common Stock
             of he Company, not to exceed 9.9% of the then total issued and
             outstanding shares of Common Stock of the Company, as requested
             from time to time by the Company as its equity capital needs arise
             during the term of the Agreement. Upon written notice from the
             Company, SPE is committed to purchase Common Stock of the Company
             at a purchase price equal to the lesser of the (i) then current
             market price minus $.25, or (ii) 91% of the then current market
             price. Market price is defined to mean the lowest bid price for
             Common Stock on the last business day during a pricing period (the
             date following the notice from the Company and ending on the 20th
             day thereafter). Unless the Company specifically requests SPE to
             purchase its Common Stock by written notification to SPE, SPE has
             no right to acquire any securities of the Company and the Company
             has no obligation to offer and sell its securities to SPE. Under
             the terms of the Agreement, the Company will be issuing to SPE a
             warrant to purchase 490,000 shares of the Common Stock of the
             Company at an exercise price of $.8125 per share, payable in cash
             or in a cashless exercise based upon a formula adjusted by such
             exercise price and the average closing price for five trading days
             prior to the exercise date, (with price reset provisions) during a
             term of five years. The Company will be issuing additional warrants
             to SPE to purchase a number of shares equal to 10% of each purchase
             of shares made by SPE during the term of the Agreement. The shares
             of Common Stock and warrants of the Company to be issued to SPE are
             covered by a Registration Rights Agreement requiring the Company to
             file a registration statement with the U.S. Securities and Exchange
             Commission to register such securities under the Securities Act of
             1933.

<PAGE>


                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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
                                                              ------------------------------------------
                                                                      2000                    1999
                                                              -------------------    -------------------
                                                                             (unaudited)
<S>                                                           <C>                    <C>

Revenues . . . . . . . . . . . . . . . . . . . . . . . . . .   $       -0-            $      -0-

General and administrative expenses. . . . . . . . . . . . .   $    797,519           $   705,859

Research and Development . . . . . . . . . . . . . . . . . .   $    293,715           $    84,599

Net income (loss). . . . . . . . . . . . . . . . . . . . . .   $ (1,091,234)          $  (790,458)

Net income (loss) per share. . . . . . . . . . . . . . . . .   $                      $

</TABLE>

NINE MONTHS ENDED OCTOBER 31, 2000 COMPARED WITH NINE MONTHS ENDED OCTOBER 31,
1999

         REVENUES. The Company had no revenues during the first nine months
of 2000 and 1999, and is in the development stage.

         GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative
expenses increased approximately 13% to $797,519 in the nine month period
ended October 31, 2000, from $705,859 in 1999. This increase is principally
attributable to increased activity in its research and development activities.

         RESEARCH AND DEVELOPMENT COSTS. Research and development costs
increased approximately 347% during the first nine months of fiscal 2000 to
$293,715, compared to the first nine months of 1999 from $84,599.



<PAGE>

         ACCOUNTS PAYABLE - RELATED PARTY. Accounts payable to a related
party increased from $ -0- at October 31, 1999, to $52,225 at October 31,
2000. 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.

         RESULTS OF OPERATIONS. The net loss of the Company increased to
$1,091,234 during the nine month period ended October 31, 2000, as compared
with a loss of $790,458 during the same period of 1999, an increase of
approximately 38%, and was due primarily to the increase in its research and
development activities and lack of revenues.

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
                                                     -----------------------------------------
                                                            2000                    1999
                                                     ------------------       ----------------
<S>                                                  <C>                      <C>

Net cash used in operating activities                 $ (1,102,437)            $ (535,313)

Net cash used in investing activities                 $    559,263             $   (3,719)

Net cash provided by financing activities             $    598,875             $  619,549

</TABLE>

         CAPITAL EXPENDITURES. The Company did not incur any material capital
expenditures for office equipment, office furniture or other fixed assets
during the nine month periods ended October 31, 2000 and 1999, respectively.

         LIQUIDITY AND CAPITAL RESOURCES. The Company's capital resources
have historically been provided by the sale of its Common Stock, 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.

         Power Technology, Inc. (the "Company") entered into an Investment
Agreement dated April 17, 2000 (the "Agreement") with Swartz Private Equity,
L.L.C. of Roswell, Georgia ("SPE").

         The Agreement provides for SPE to commit to purchase up to an
aggregate of $35,000,000 of the Common Stock of the Company, subject to
certain volume limitations and other conditions, as requested from time to
time by the Company as its equity capital needs arise during the term of the
Agreement.

         Upon written notice from the Company, SPE is committed to purchase
Common Stock of the Company at a purchase price equal to the lesser of the
(i) then current market price minus $.25, or (ii) 91% of the then current
market price. Market price is defined to mean the lowest bid price for the
Common Stock on the last business day during a pricing period beginning on
(the date



<PAGE>

following the notice from the Company and ending on the 20th day thereafter).

         Unless the Company specifically requests SPE to purchase its Common
Stock by written notification to SPE, SPE has no right to acquire any
securities of the Company and the Company has no obligation to offer and sell
its securities to SPE.

         Under the terms of the Agreement, the Company will be issuing to SPE
a warrant to purchase 490,000 shares of the Common Stock of the Company at an
exercise price of $.8125 per share, payable in cash or in a cashless exercise
based upon a formula adjusted by such exercise price and the average closing
price for five trading days prior to the exercise date, (with price reset
provisions) during a term of five years. The Company will be issuing
additional warrants to SPE to purchase a number of shares equal to 10% of
each purchase of shares made by SPE during the term of the Agreement.

         The shares of Common Stock and warrants of the Company to be issued
to SPE are covered by a Registration Rights Agreement requiring the Company
to file a registration statement with the U.S. Securities and Exchange
Commission to register such securities under the Securities Act of 1933.

         At October 31, 2000, the Company had current assets of $132,716 and
current liabilities of $849,413, resulting in a working capital deficit of
$716,697, as compared to a working capital deficit of $207,220 at January 31,
2000.

         Net cash used in operating activities increased to $1,102,437 for
the nine months ended October 31, 2000, from $535,313 for the nine months
ended October 31, 1999, a difference of $567,124. The increase in net cash
used in operating activities was primarily attributable to the increase in
its research and development costs regarding its battery technology.

                           PART II - OTHER INFORMATION

ITEM L.  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

         The Company held its Annual Meeting of Shareholders on September 14,
2000, in Las Vegas, Nevada.

         The following persons were elected at the annual meeting to be
directors of the Company:



<PAGE>

Lee A. Balak, Alvin A. Snaper, William E. McNerney, F. Bryson Farrill, and
Hugo P. Pomrehn. The shareholders also approved the following proposals: (1)
the adoption of the Company's 2000 Stock Option, SAR and Stock Bonus Plan;
(2) the amendment to the Articles of Incorporation to increase the authorized
number of shares of Common Stock from 25,000,000 to 100,000,000 shares of
Common Stock and established a new class of 1,000,000 shares of Preferred
Stock; and ratified the selection of G. Brad Beckstead, CPA, as the
independent auditor of the Company for the fiscal year ending January 31,
2001.

ITEM 5.  OTHER INFORMATION.

         Not applicable.

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

         (a)      EXHIBITS.

                  Exhibit No. 27             Financial Data Schedule

         (b)      REPORTS ON FORM 8-K.

                  No reports on Form 8-K were filed by the Company during the
                  fiscal quarter ended October 31, 2000.


                                   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 20, 2000          By:  /s/ Lee A. Balak
                                       --------------------------------------
                                    Lee A. Balak, President, Chief Financial
                                    Officer, and Principal Accounting Officer