SECURITIES AND EXCHANGE COMMISSION
		    Washington, D.C. 20549

			FORM 10-Q
(Mark One)
/X/ Quarterly report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the quarterly period ended March 31, 2001 or

/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Act of 1934

For the transition period from               to

Commission file number 2-80891-NY

		MODERN TECHNOLOGY CORP.

	(Exact Name of Registrant as Specified in its Charter)

Nevada						11-2620387

(State or other jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		  Identification Number)

	P.O. Box 940007, Belle Harbor, New York 11694

(Address of Principal Executive Office)			(Zip Code)

	(718)318-0994

	(Registrant's Telephone Number, Including Area Code)

	240 Clarkson Avenue, Brooklyn, New York 11226

	(Registrant's Former Address)

Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities and Exchange Act of 1934 during the preceding twelve
months or for such shorter period that the Registrant was required
to file such reports, and (2) has been subject to such filing
requirements for the past ninety days.
Yes / X /  No /  /

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

Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the
distribution of securities under a plan confirmed by a court.
Yes /  /   No /  /

	APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.  20,150,000
			10Q-1
















		MODERN TECHNOLOGY CORP.

		FINANCIAL STATEMENTS

		MARCH 31, 2001










	I N D E X





						Page



CONSOLIDATED BALANCE SHEETS			 1


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY	 2


CONSOLIDATED STATEMENTS OF OPERATIONS	 	3-4


CONSOLIDATED STATEMENTS OF CASH FLOWS		 5


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	 6-10


			MODERN TECHNOLOGY CORP.
		      CONSOLIDATED BALANCE SHEETS

						March 31,	June 30,
  						  2001  	  2000
                                               (Unaudited)

	A S S E T S

CURRENT ASSETS
Cash and Cash Equivalents	                 $594,844	$663,250
Other Current Assets	     			     -0-	   5,000
 						  594,844	 668,250

EQUIPMENT - At Cost	                           15,405 	  13,500
Less:  Accumulated Depreciation	 		  (11,731)	 (11,007)
   						    3,674	   2,493

OTHER ASSETS
Investments, At Cost	 			  116,800	  16,800
Investments, At Equity	 			  101,009	     -0-
Note Receivable	    				      -0-	 100,000
Other Assets	   				      443	     563
						  218,252	 117,363

TOTAL ASSETS					 $816,770	$788,106


	L I A B I L I T I E S   A N D   S T O C K H O L D E R S'   E Q U I T Y

CURRENT LIABILITIES
Accrued Expenses				 $  5,000	$ 10,000
Income Tax Payable	   			    8,227	     -0-
  Total Current Liabilities	  		   13,227	  10,000

MINORITY INTEREST	     			      300	     300

STOCKHOLDERS' EQUITY
Common Stock Par Value $.0001
  Authorized:  150,000,000 Shares
  Issued and Outstanding:  20,150,000
    Shares	  				    2,015	   2,015
Paid-In Capital	 				  495,161	 495,161
Retained Earnings				  306,067	 280,630
                                                  803,243	 777,806

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	 $816,770	$788,106










       								 Page 1 of 10


		MODERN TECHNOLOGY CORP.
	CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
	FOR THE PERIOD JULY 1, 1999 TO MARCH 31, 2001



  			Common Stock		    			  Total
  				Par					  Stock-
  		 # of	 	Value	Paid-In		Retained	holders'
  		Shares		$.0001	Capital		Earnings	 Equity


BALANCES AT
JULY 1, 1999	20,150,000	$2,015	$495,161	$319,846	$817,022

Net Income (Loss)
for the Year Ended
June 30, 2000	          	      	        	 (39,216)	 (39,216)

BALANCES AT
JUNE 30, 2000	20,150,000	 2,015	 495,161	 280,630	 777,806

Net Income (Loss)
for the Nine
Months Ended
March 31, 2001	          	      	        	  25,437	  25,437

BALANCES AT
MARCH 31, 2001
(Unaudited)	20,150,000	$2,015	$495,161	$306,067	$803,243



























        						Page 2 of 10


		MODERN TECHNOLOGY CORP.
	CONSOLIDATED STATEMENTS OF OPERATIONS
			(Unaudited)


   					     For The Three
  					      Months Ended
     					        March 31,
  					   2001  	  2000

REVENUES

Interest Income				$  9,540	$ 9,929
  					   9,540	  9,929

EXPENSES

Officers Salaries	                   8,459	  1,800
Realized Loss - Trading Securities	     -0-	    -0-
General and Administrative Expenses	  21,951	 10,074
                                          30,410	 11,874

INCOME (LOSS) BEFORE TAXES	         (20,870)	 (1,945)

Income Tax Expense (benefit) 	          (7,966)	  4,584


NET INCOME (LOSS)	                $(12,904)	$(6,529)


NET INCOME (LOSS) PER SHARE	           NIL  	   NIL


NUMBER OF WEIGHTED AVERAGE SHARES
OUTSTANDING                             20,150,000     20,150,000






















                                                   Page 3 of 10


	       MODERN TECHNOLOGY CORP.
	CONSOLIDATED STATEMENTS OF OPERATIONS
	            (Unaudited)


  						 For The Nine
  						 Months Ended
    						  March 31,
 					    2001  	  2000

REVENUES

Interest Income				$ 30,485	$ 30,941
Realized Gains - Trading Securities	  50,126	     -0-
Unrealized Gain - Trading Securities	  24,188	     -0-
 				         104,799	  30,941

EXPENSES

Officers Salaries	                  16,559	   5,200
Realized Loss - Trading Securities	   8,631	     -0-
General and Administrative Expenses	  45,013	  63,265
                                          70,203	  68,465

INCOME (LOSS) BEFORE TAXES	          34,596 	 (37,524)

Income Tax Expense (benefit)	           9,159 	  (2,139)


NET INCOME (LOSS)	                $ 25,437 	$(35,385)


NET INCOME (LOSS) PER SHARE	            NIL   	   NIL


NUMBER OF WEIGHTED AVERAGE SHARES
OUTSTANDING                             20,150,000     20,150,000




















    							Page 4 of 10


		MODERN TECHNOLOGY CORP.
	CONSOLIDATED STATEMENTS OF CASH FLOWS
			(Unaudited)
   						 For The Nine
   						 Months Ended
     						  March 31,
  						  2001  	  2000
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)				$ 25,437	$(35,385)
Adjustments to Reconcile Net
Income to Net Cash Provided By
Operating Activities:
Realized Gain on Investment	 		 (50,126)	     -0-
Realized Loss	  				   8,631	     -0-
Unrealized Gains	 			 (24,188)	     -0-
  Depreciation and Amortization	    		     724	     624
Changes in Assets and Liabilities:
   (Increase) Decrease in Other
  Current Assets	   			   5,000	  17,412
     (Increase) Decrease in Other Assets	     120	     -0-
(Increase) Decrease in Deferred Tax	     	     -0-	  (2,544)
(Decrease) Increase in Accrued
      Expenses and Taxes	  		  (5,000)	 (37,326)
(Decrease) Increase in Income Tax
  Payable	  				   8,227	 (38,513)
Net Cash Provided By (Used In)
Operating Activities	 			 (31,175)	 (95,732)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Sale of Investment	 	 165,683	     -0-
Purchase of Equipment	 			  (1,905)	     -0-
Purchase of Investment at Equity		(201,009)	     -0-
Capital Contribution - Minority Interest	     -0-	     300
Net Cash Provided By (Used In)
Investing Activities	                         (37,231)	     300

Net (Decrease) Increase in Cash
and Cash Equivalents	                         (68,406)	 (95,432)

Cash and Cash Equivalents,
Beginning of Period				 663,250	 759,898

CASH AND CASH EQUIVALENTS
END OF PERIOD					$594,844	$664,466

Supplemental Disclosures of Cash Flow Information
   Cash Paid During Period For:
     	Taxes					$    932	$ 40,405
	Interest				$    -0-	     -0-

Noncash investing and financial transactions
Conversion of notes receivable to
investment					$100,000	$    -0-








      						   Page 5 of 10


		MODERN TECHNOLOGY CORP.
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	FOR THE NINE MONTHS ENDED MARCH 31, 2001
			(Unaudited)

NOTE 1:	ORGANIZATION AND NATURE OF OPERATIONS

Modern Technology Corp. (Modern) is a Nevada corporation.  Modern
is engaged in aiding prospective clients in obtaining financing and
in providing managerial services to client companies.  Modern's
office is located in New York.

NOTE 2:	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ACCOUNTING POLICIES

Modern Technology Corp.'s accounting policies conform to generally
accepted accounting principles.  Significant policies followed are
described below.

BASIS OF PRESENTATION

In April 1999 the Company formed a subsidiary named Excess
Materials Inc. (Excess).  Excess accounts are included in the
consolidated financial statements at March 31, 2001 and June 30,
2000.  Modern owns 70% of Excess.  Arthur Seidenfeld (Modern's
president) owns 10% of Excess, Anne Seidenfeld (Arthur's mother and
secretary/treasurer of Modern) owns 10% of Excess and a relative of
Mr. Seidenfeld owns 10% of Excess.

RECLASSIFICATIONS

Certain items from prior periods within the financial statements
have been reclassified to conform to current period
classifications.

CASH AND CASH EQUIVALENTS

Cash equivalents consist of highly liquid, short-term investments
with maturities of 90 days or less.  The carrying amount reported
in the accompanying balance sheets approximates fair value.

NOTE RECEIVABLE

During the year ended June 30, 1999 the Company purchased a
$100,000 convertible note in Omnicomm Systems, Inc. (Omnicomm).
The note carries a 10% annual interest rate and is convertible at
the Company's option into 80,000 shares of Omnicomm common stock.
The note matures in 2004.

During the three months ended September 30, 2000, the Company
exercised its right to convert the $100,000 convertible note in
Omnicomm to 80,000 shares of Omnicomm common stock.  The Company
sold all of Omnicomm common stock.  As of March 31, 2001, the
Company holds no Omnicomm common stock.





 					  Page 6 of 10


		MODERN TECHNOLOGY CORP.
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	FOR THE NINE MONTHS ENDED MARCH 31, 2001
		(Unaudited)
		(Continued)

PROPERTY AND EQUIPMENT, At Cost

Renewals and betterments are capitalized; maintenance and repairs
are expensed as incurred.  Depreciation is calculated using the
straight line method over the asset's estimated useful life, which
generally approximates 5 years.

ESTIMATES IN FINANCIAL STATEMENTS

The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting
period.  Actual results could differ from those estimates.

INCOME TAXES

The Company accounts for income taxes in accordance with Statement
of Financial Accounting Standards ("SFAS") No. 109, "Accounting for
Income Taxes."  SFAS 109 has as its basic objective the recognition
of current and deferred income tax assets and liabilities based
upon all events that have been recognized in the financial
statements as measured by the provisions of the enacted tax laws.

Valuation allowances are established when necessary to reduce
deferred tax assets to the estimated amount to be realized.  Income
tax expense represents the tax payable for the current period and
the change during the period in the deferred tax assets and
liabilities.

ADVERTISING

Advertising costs are expensed as incurred.  Advertising expense
for the nine months ended March 31, 2001 and 2000 was $2,345 and $-
0-, respectively.

NOTE 3:	CONCENTRATIONS OF CREDIT RISK

The Company's financial instruments that are exposed to
concentrations of credit risk consist primarily of cash.

At March 31, 2001 and June 30, 2000, the Company had deposits in
various financial institutions totaling a bank balance of $696,608
and $663,250, respectively.  Of the bank balance, up to $100,296
and $1,889 was covered by federal depository insurance.  The
remaining balance was uninsured and uncollateralized.  At times
during the year and at March 31, 2001 and June 30, 2000, the
Company had funds on deposit with banks that were uninsured and
uncollateralized, as a result, funds are at risk of loss.  The
Company has not experienced any losses in such accounts and
believes they are not exposed to any significant credit risk on
cash and cash equivalents.  The carrying amount of these deposits
in the accompanying financial statements was $594,844 and $663,250
at March 31, 2001 and June 30, 2000 respectively.

						Page 7 of 10


		MODERN TECHNOLOGY CORP.
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	FOR THE NINE MONTHS ENDED MARCH 31, 2001
		(Unaudited)
		(Continued)

NOTE 4:	MARKETABLE SECURITIES

During the quarter ended September 30, 2000, the  investment in
Omnicomm Systems, Inc. of 32,250 shares was considered a trading
security in accordance with Financial Accounting Standard (FAS)115.
 Omnicomm shares are traded on the NASD over the counter bulletin
board system.  The cost of these shares was $40,312.  During the
quarter ended September 30, 2000, the total unrealized gain was
$24,188.  During the quarter ended December 31, 2000, Modern sold
the remaining shares of Omnicomm.

NOTE 5:	INVESTMENT IN EQUITY SECURITIES (At Cost)

Investments in Non Marketable Equity Securities consist of the
following:		March 31,	June 30,
 			  2001  	  2000
Investment in 360,000
restricted shares in
Daine Industries, Inc.	 $15,900	$15,900

Investment in 5% of total
shares in Interactive
Medicine Inc	         100,000	  -0-

Investments in other
restricted securities	     900	    900
		        $116,800	$16,800

NOTE 6:	INVESTMENT IN EQUITY SECURITIES (At Equity)

Investments in Non Marketable Equity Securities consist of the
following:

			 March 31	June 30,
 			   2001  	  2000
Investment in 20% of total
shares in Scientio Inc.	  $101,009	 $-0-


Since Modern owns 20% of Scientio Inc. the investment is accounted
for under the equity method.  Operations of Scientio Inc. have not
started and there have been no adjustments for the equity in
earnings or losses in Scientio.

NOTE 7:	INCOME TAX EXPENSE (BENEFIT)

The provision for income taxes is comprised of the following:

		 3/31/01	3/31/00
  Current	  $9,159	$   405
  Deferred	     -0- 	 (2,544)
                  $9,159	$(2,139)



    					Page 8 of 10


		MODERN TECHNOLOGY CORP.
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	FOR THE NINE MONTHS ENDED MARCH 31, 2001
			(Unaudited)
			(Continued)

The provision for income taxes differs from the amount computed by
applying the statutory federal income rate as follows:

			         3/31/01	3/31/00
  Expected statutory amount	  $5,604	 $   -0-
  Net operating loss	             -0- 	  (2,544)
  Unrealized gains	             -0-	     -0-
  State income taxes, net
   of federal benefit	           3,555	     405
                                  $9,159 	 $(2,139)

Deferred income taxes reflect the net tax effects of temporary
differences between the carrying amounts of assets and liabilities
for financial reporting purposes and amounts used for income tax
purposes and the impact of available net operating loss
carryforwards.  The deferred tax assets at March 31, 2001 and June
30, 2000 relate to Excess, the Company's 70% owned subsidiary.
Since the accounts of Excess are not allowed to be consolidated
with Modern for tax purposes and Excess has generated losses since
inception, the deferred tax assets associated with these losses
have been fully reserved in the valuation allowance.

The tax effect of significant temporary differences, which comprise
the deferred tax assets are as follows:

                              3/31/01	          6/30/00
Deferred tax assets:
  Net operating loss
   carry forwards	        $18,000	          $18,000
  Valuation allowance	        (18,000)	  (18,000)
  Net deferred tax (assets)	$   -0-	          $   -0-

The current net operating loss of approximately $39,000, which
emanates from Excess, expires in the year ended June 30, 2020.  The
tax benefit has been fully reserved due to a lack of consistent
operating profitability.

NOTE 8	POSTRETIREMENT BENEFITS

The company does not maintain any employee benefits currently.  The
company does not maintain a plan for any postretirement employee
benefits, therefore, no provision was made under FAS's 106 and 112.

NOTE 9:	RELATED PARTY TRANSACTIONS

Arthur Seidenfeld, President and a director of the Company, owns
14.5% of the outstanding shares of Daine Industries, Inc.  Anne
Seidenfeld, Treasurer, Secretary and a director of the Company,
owns approximately 8% of the outstanding shares of Daine
Industries, Inc.  Anne Seidenfeld is Arthur Seidenfeld's mother.
There were no related party transactions.




                                                Page 9 of 10


	          MODERN TECHNOLOGY CORP.
	NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
	FOR THE NINE MONTHS ENDED MARCH 31, 2001
	               (Unaudited)
	               (Continued)

NOTE 10:	INTERIM FINANCIAL REPORTING

The unaudited financial statements of the Company for the period
July 1, 2000 to March 31, 2001 have been prepared by management
from the books and records of the Company, and reflect, in the
opinion of management, all adjustments necessary for a fair
presentation of the financial position and operations of the
Company as of the period indicated herein, and are of a normal
recurring nature.














































      	 					  Page 10 of 10


	Part 1.  Financial Information

Item 2.	Management's Discussion and Analysis of Financial Condition and
Results of Operations.

Modern Technology Corp. ("The Registrant") is engaged in aiding
prospective clients in obtaining financing and in providing management
services to client companies.

Presently, the Registrant is seeking out joint venture candidates
and companies for which it can aid in providing financing and managerial
services although no assurances can be given that the Registrant will be
successful in gaining new clients in the near future.

During March 1999, the Registrant established a subsidiary entitled
Excess Materials, Inc. ("Excess Materials").  Excess Materials is an
electronic internet marketplace for corporate buyers and sellers of food
commodities, equipment, metals, industrial supplies, animal hides and textile
items.  Excess Materials will derive revenues from commissions paid by the
seller on completed transactions.  To date Excess Materials is in the
development stage and has not generated any revenues to date.

It offers a business service matching corporate buyers and sellers
only.  It does not handle sales to individual consumers.  Company operations
began in May 1999.  The Registrant owns 70% of the shares of Excess
Materials, and the Registrant's president and treasurer-secretary (Arthur and
Anne Seidenfeld) each own 10% of the shares of Excess Materials.

During the nine months ended March 31, 2001, the Registrant had net
income of $25,437 as compared with a net loss of $35,385 during the nine
months ended March 31, 2000.  For the nine months ended March 31, 2001, total
revenues amounted to $104,799, as compared with total revenues of $30,941
generated during the nine months ended March 31, 2000.  Expenses for the nine
months ended March 31, 2001 amounted to $70,203, as compared with total
expenses of $68,465 for the nine months ended March 31, 2000.  During the
nine months ended March 31, 2001, the Registrant generated gains from the
sale of Omnicomm Systems, Inc. shares amounting to $74,314 which resulted in
the gain for the nine month period mentioned in 2001.  The loss generated
during the nine months ended March 31, 2000 can be attributed to expenses
related to the Registrant's subsidiary, Excess Materials Inc.  General and
administrative expenses for the nine months ended March 31, 2001 can be
attributed primarily to legal and accounting fees.

During the nine months ended March 31, 2001, the Registrant's
treasurer-secretary, Anne Seidenfeld, received a salary of $5,400.  During
the nine months ended March 31, 2000, she received a salary of $5,200.  The
Registrant's president, Arthur Seidenfeld received a salary of $11,159 for
the nine months ended March 31, 2001 and no salary for the nine months ended
 March 31, 2000.  The cash and cash equivalent balances along with holdings
of U.S. Treasury Obligations of the Company as of March 31, 2001 and June 30,
2000 were $594,844 and $663,250 respectively.

Coral Development Corp ("the Company") was incorporated under the
laws of Delaware on November 19, 1996 by Modern Technology Corp (MTC).
During December 1996, the Registrant purchased 403,000 shares of Coral
Development Corp. for $30,300.



  The Company originally completed a "blind pool/blank check" offer
pursuant to Rule 419 by having MTC distribute Company shares as a dividend to
MTC shareholders.  On July 22, 1998 it signed an agreement with OmniComm
Systems Inc. (OmniComm) whereby the Company and OmniComm would merge and the
Company would issue 940,000 shares to the shareholders of OmniComm in
exchange for all their shares (which are all the outstanding shares of
OmniComm).  Due to time limitations the Rule 419 distribution was not
completed.  However, the Company, OmniComm and MTC agreed to merge as planned
and subsequently to distribute the Coral shares as a dividend to MTC
shareholders.  As the Company is no longer a "blind pool/blank check" due to
the combination with OmniComm, this distribution was made without compliance
with Rule 419 but was accompanied by a Form 10-SB filed on December 22, 1998.
 The Company shares owned by MTC were distributed to MTC shareholders on the
basis of one Coral share for each fifty (50) MTC shares.

OmniComm is an information and technology integration company
located in Coconut Grove, Florida.  The Company provides customized,
comprehensive offering of dynamic web and data base applications with its
expertise in designing and configuring networks.

During February 1999, the Registrant purchased a $100,000
convertible note in Omnicomm.  The note carries a 10% interest rate and is
convertible at the Registrant's option into 80,000 shares of Omnicomm
(exercisable at $1.25 each).  A private placement of notes of Omnicomm was
completed raising approximately $800,000.  A majority of the noteholders can
demand registration of the shares accompanying these notes.  The notes mature
on June 30, 2004.  Omnicomm announced the closing of a private placement of
Preferred Convertible shares totaling $4.1 million.  Omnicomm will use the
capital to fund global market development and technology
investment/acquisition.  The note was converted into 80,000 shares of
Omnicomm.  As of March 31, 2001, the Registrant sold all 80,000 shares of
Omnicomm.

The Registrant has signed an agreement on December 8, 2000 to
invest $188,500 in exchange for 403,000 shares of Scientio Inc.,
("Scientio") a United Kingdom based development stage company engaged in
developing a line of software products (XML products).  The shares received
by the Registrant represents a 20% ownership interest in Scientio.  Scientio
is a newly formed U.S. company established in the state of Delaware with
operations conducted in the United Kingdom.  Scientio has not generated any
revenues from its inception (in December 2000) through March 31, 2001.

As part of the agreement, Scientio intends to register the shares
owned by the Registrant under the Securities Act, for distribution and
trading.  Upon the effective date of the proposed Registration Statement, the
Registrant intends to distribute its 403,000 share position in Scientio to
its shareholders in a transaction similar to the Omnicomm distribution
discussed earlier in this management's discussion.  The Registrant will cover
registration costs and expenses in connection with the preparation and filing
of the proposed registration statement of the Scientio shares.

The investment of $188,500 by the Registrant will be used by
Scientio to complete and test its initial XML software products and enable
Scientio to begin a marketing program.  The proposed XML Miner and XML Rule
products are targeted to software developers as they relate to the field of
data mining.  Through March 31, 2001, the Registrant has invested $101,009
with the remaining $87,491 to be paid within 4-6 months of the date of the
agreement.  No assurances can be given that Scientio's XML software products
will be successfully received by software developers worldwide.





The Registrant has signed an agreement on March 19, 2001 to invest
$100,000 - in exchange for 790,604 shares of Interactive Medicine, Inc.
("Interactive"), a Florida based development stage company engaged in the
healthcare Internet business. Interactive aggregates medical opinion leaders,
physician peer groups, shared content and commerce into specific web based
communities, each a Healthcare Channel. With its proprietary technology,
consisting of a set of Internet-based connectivity tools and solutions, it
hopes to become one of the premier medical specialty networks used by doctors
and other healthcare providers. For its most recent fiscal year, Interactive
generated revenues of $90,925 with a net loss of $420,969. The 790,604 shares
of Interactive held by the Registrant represents a 5% ownership interest in
Interactive.

As part of the agreement, Interactive intends to register the
shares owned by the Registrant under the Securities Act, for distribution and
trading. Upon the effective date of the proposed Registration Statement, the
Registrant intends to distribute its 790,604 share position in Interactive to
its shareholders in a transaction similar to the Omnicomm distribution and
the Scientio distribution discussed earlier in this management's discussion.
The $100,000 the Registrant has invested in Interactive will be used by
Interactive to cover registration costs and expenses in connection with the
preparation and filing of the proposed registration statement of the
Interactive shares, with any funds not spent for registration procedures to
be used by Interactive for working capital purposes.

There is a clause in the agreement with Interactive which takes
effect after 1 year of the filing of a registration statement. If the
registration statement is not declared effective within one year of its
filing management of Interactive has the right to terminate the agreement,
receive back the 790,604 shares held by the Registrant and return the
$100,000 - invested by the Registrant.

On March 9,2001, Lite King Corp ("Lite King") through a wholly
owned subsidiary acquired all of the assets and subsidiaries of National
Cabling Services, Inc. (National Cabling"). At the completion of the merger,
shareholders of National Cabling received 5,149,029 shares of Lite King. Upon
signing the merger agreement, the officers and directors of Lite King
resigned (the same officers and directors of the Registrant), and were
replaced by officers and directors of National Cabling. National Cabling's
principal business activity is the design and installation of cabling for
computer networks (fiberoptic). The Registrant owns 719,971 share of Lite
King.






















	Part 2.  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.  None.


Item 5.	Other Materially Important Events.  None.


Item 6.	Exhibits and Reports on Form 8-K.  None.


	SIGNATURES

Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


	MODERN TECHNOLOGY CORP.


	By: Arthur J.  Seidenfeld
	President, Chief Executive and
	Chief Financial Officer
	May 5, 2001