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 December 31, 1997 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)

           240 Clarkson Ave  Brooklyn, New York 11226
                                                                  
(Address of Principal Executive Office)           (Zip Code)

                          (718)469-3132
                                                                  
      (Registrant's Telephone Number, Including Area Code)

     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

                        DECEMBER 31, 1997






                            I N D E X




                                                            Page



INDEPENDENT ACCOUNTANTS' REVIEW REPORT                        1


CONSOLIDATED BALANCE SHEETS                                   2


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                3


CONSOLIDATED STATEMENTS OF OPERATIONS                         4-5


CONSOLIDATED STATEMENTS OF CASH FLOWS                         6


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS               7-12






                INDEPENDENT ACCOUNTANTS' REVIEW REPORT




To the Board of Directors and Stockholders
MODERN TECHNOLOGY CORP.
Brooklyn, New York  

We have reviewed the consolidated balance sheets of MODERN TECHNOLOGY
CORP. as at December 31, 1997, and the related consolidated statements
of operations, stockholders' equity and cash flows for the six month
periods ended December 31, 1997 and 1996, in accordance with standards
established by the American Institute of Certified Public Accountants.

A review of interim financial information consists principally of
obtaining an understanding of the system for the preparation of interim
financial information, applying analytical review procedures to
financial data, and making inquiries of persons responsible for
financial and accounting matters.  It is substantially less in scope
than an examination in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole.  Accordingly, we do
not express such an opinion.

Based on our review, we are not aware of any material modifications that
should be made to the consolidated financial statements for them to be
in conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet as of June 30, 1997,
and the related consolidated statements of operations, stockholders'
equity and cash flows for the year then ended (not presented herein);
and in our report dated August 15, 1997, we expressed an unqualified
opinion on those financial statements.  In our opinion, the information
set forth in the accompanying balance sheet as of June 30, 1997 is
fairly stated in all material respects in relation to the consolidated
balance sheet from which it has been derived.



                                   GREENBERG & COMPANY, LLC

Springfield, New Jersey
January 22, 1998





                                                     Page 1 of 12
                        MODERN TECHNOLOGY CORP.
                      CONSOLIDATED BALANCE SHEETS

                                      Dec. 31, 1997
                                        (Unaudited)    June 30, 1997


                              A S S E T S


CURRENT ASSETS
  Cash and Cash Equivalents              $704,324         $647,886
    Total Current Assets                  704,324          647,886

EQUIPMENT - At Cost                         9,939            9,939
  Less:  Accumulated Depreciation           9,939            9,939
                                              -0-              -0-


OTHER ASSETS 
  Investments, At Cost                     24,750           49,770
  Investments, At Equity                      -0-              -0-
  Loan Receivable - Affiliate                 -0-              -0-
  Deferred Tax Asset                        7,375            7,375
  Deferred Registration Costs              26,007           25,907
  Other Assets                                300              300
    Total Other Assets                     58,432           83,352


TOTAL ASSETS                             $762,756         $731,238


                                   
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 and Taxes             $ 18,775         $  3,219
    Total Current Liabilities              18,775            3,219

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 in Excess of Par        495,161          495,161
  Retained Earnings                       246,805          230,843
    Total Stockholders' Equity            743,981          728,019


TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $762,756         $731,238
  


See Independent Accountants' Review Report.

                                                          Page 2 of 12

                     MODERN TECHNOLOGY CORP.
         CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
        FOR THE PERIOD JULY 1, 1996 TO DECEMBER 31, 1997



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





BALANCES AT
JULY 1, 1996   20,150,000   $2,015   $495,161   $218,918   $716,094

Net Income for
the year ended 
June 30, 1997                                     11,925     11,925

BALANCES AT
JUNE 30, 1997
(Audited)      20,150,000     2,015   495,161    230,843    728,019

Net Income
for the six
months ended 
Dec. 31, 1997                                     15,962     15,962


BALANCES AT 
DECEMBER 31, 1997
(Unaudited)    20,150,000   $ 2,015  $495,161   $246,805   $743,981


















See Independent Accountants' Review Report.


                                                         Page 3 of 12
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Three
                                                     Months Ended
                                                      December 31,   
                                                    1997       1996  


REVENUES

  Interest Income                                 $  9,928   $ 6,888
  Management Income                                  1,600     2,400
                                                    11,528     9,288
  

EXPENSES

  Officers Salaries                                  3,100     1,800
  General and Administrative Expenses               23,976     6,167
                                                    27,076     7,967
  

INCOME (LOSS) INCOME BEFORE TAXES                  (15,548)    1,321

Income Tax Expense                                   1,181       274


NET INCOME (LOSS)                                 $(16,729)  $ 1,047


NET INCOME (LOSS) PER SHARE                         NIL        NIL  


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















See Independent Accountants' Review Report.


                                                         Page 4 of 12
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Six
                                                     Months Ended
                                                      December 31,   
                                                    1997       1996  


REVENUES

  Interest Income                                 $16,340    $14,553
  Management Income                                 3,200      4,800
  Gain on Securities Sale                          67,065        -0-
                                                   86,605     19,353
  

EXPENSES

  Officers Salaries                                20,900      3,600
  General and Administrative Expenses              32,433     13,591
                                                   53,333     17,191
  

INCOME (LOSS) INCOME BEFORE TAXES                  33,272      2,162

Income Tax Expense                                 17,310        438


NET INCOME (LOSS)                                 $15,962    $ 1,724


NET INCOME (LOSS) PER SHARE                         NIL        NIL  


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













See Independent Accountants' Review Report.


                                                         Page 5 of 12
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)



                                                   For The Six
                                                   Months Ended
                                                    December 31,    
                                                 1997        1996   


CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                            $  15,962   $  1,724
  Adjustments to Reconcile Net
   Income to Net Cash Provided By
   Operating Activities:
    Changes in Assets and Liabilities:
     (Increase) Decrease in Other Assets            (100)      (300)
     (Decrease) Increase in Accrued
       Expenses and Taxes                         15,556       (507)

  Net Cash (Used In) Provided By
   Operating Activities                           31,418        917

CASH FLOWS FROM INVESTING ACTIVITIES:
  Sale of Investments                             25,020         -0-

  Net Cash Provided By (Used In)
   Investing Activities                           25,020         -0-

Net (Decrease) Increase in Cash
  and Cash Equivalents                            56,438         917 

Cash and Cash Equivalents,
  Beginning of Period                            647,886     616,268

CASH AND CASH EQUIVALENTS
  END OF PERIOD                                $ 704,324   $ 617,185


Supplemental Disclosures of 
  Cash Flow Information
   Cash Paid During Period For:
     Taxes                                     $   8,113    $   807
     Interest                                       -0-         -0-








See Independent Accountants' Review Report.


                                                           Page 6 of 12

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (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.  Modern's clients are located throughout the world.


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

          The accompanying consolidated financial statements 
          include the accounts of the Company's wholly owned
          subsidiary Coral Development Corp(Coral).  All          
          significant intercompany balances and transactions 
          have been eliminated in consolidation.  Modern invested
          $30,300 in Coral during the quarter ended December 31, 
          1996.

          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.

          ESTIMATES IN FINANCIAL STATEMENTS

          The preparation of the Company's 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.



                                                    Page 7 of 11 

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (Unaudited)
                           (Continued)


          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.

          DEFERRED REGISTRATION COSTS

          As of December 31, 1997, the Company's subsidiary, Coral,
          has incurred deferred registration costs of $26,007
          relating to expenses incurred in connection with the
          Proposed Distribution of Coral's securities.  Upon
          consummation of this Proposed Distribution, the deferred
          registration costs will be charged to equity.  Should the
          Proposed Distribution prove to be unsuccessful, these
          deferred costs, as well as additional expenses to be
          incurred, will be charged to operations.























                                                     Page 8 of 12
                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 3:   INVESTMENT IN EQUITY SECURITIES (At Cost)

          Investments in Non-Marketable Equity Securities consist
          of the following:
                                        Dec. 31,   June 30,
                                          1997       1996   
          Investment in 25,000 Shares
          of Delta Three, Inc.          $    -0-   $25,000

          Investment in TTR Inc. 
          10% Promissory Note                -0-    25,000

          Investment in 72 million
          restricted shares in
          Daine Industries, Inc.         15,900     15,900

          Investment in 501,000
          restricted shares in
          Davin Enterprises, Inc.         7,950      7,950

          Investments in other
          restricted securities             900        920

                                        $24,750    $74,770

          The Company purchased 72 million shares of Daine
          Industries, Inc. stock at a cost of $15,900.  This
          represents 29% of the total outstanding shares of common
          stock.

          The Company purchased 501,000 (adjusted for a one for 100
          reverse split) shares of Davin Enterprises, Inc. at a
          cost of $7,950.  This represents approximately 1% of the
          total outstanding shares of common stock.

          The Company purchased an investment in TTR Inc., a 10%
          promissory note in the amount of $25,000 with warrants
          for 4,000 shares exercisable at $.01 at the time of a TTR
          initial public offering.  TTR Inc. incorporated for the
          purpose of designing, developing, and marketing computer
          software products.  During the quarter ended September
          30, 1997, this investment was sold.

          The Company purchased 25,000 shares of Delta Three Inc.
          for $25,000.  Delta Three, Inc. is a telecommunications
          provider using Internet technology for voice
          transmission. During the quarter ended September 30, 1997
          this investment was sold. 

                                                                 
                                                   Page 9 of 12

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 4:   INVESTMENT IN AFFILIATE (At Equity)

          Investment in Soft Sail Wind Power Inc.
          (representing approximately 36% of the
          outstanding common stock)                

          The summarized unaudited financial information below
          represents the Company's nonsubsidiary affiliate:

          Balance Sheet Data at June 30, 1996:
            Total Assets                           $ 12,656
            Total Liabilities                        11,400
              Net Assets                              1,256
            Company's Equity in Net Assets              452

          Earnings Data at June 30, 1996:
            Net Earnings (Loss)                     (26,350)
            Company's Equity in Net 
              Earnings (Loss)                        (9,486)

          During the year ended June 30, 1997 the Company         
         recognized a complete loss on its investment and loan to 
         Soft Sail.  There is no financial information available  
         since June 30, 1996.  At the present time the Company    
         does not believe Soft Sail will be able to repay its debt 
         to the Company and has therefore considered its debt and 
         equity investment in Soft Sail to be worthless.  The loss 
         in the previous year on the loan was $11,400 and the loss 
         in the previous year on its equity investment was        
         $16,005.




















                                                   Page 10 of 12

                     MODERN TECHNOLOGY CORP.
                NOTES TO THE FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 5:   INCOME TAXES

          The provision for income taxes is comprised of the
          following:
                                        12/31/97   12/31/96
          Current tax expense:
            Federal income tax          $ 4,944    $   113
            State & city tax             12,366        325
                                        $17,310    $   438

          There were no timing differences during the current     
          periods.  Therefore, there was no deferred tax expense  
          during the quarters ended December 31, 1997 and 1996.

          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 net
          operating loss of approximately $25,000 will expire in
          fiscal year June 30, 2012.

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

                                        12/31/97   12/31/96
          Deferred tax assets:
            Net operating loss
              Carry forwards            $ 7,375    $  -0-
          Net deferred tax (assets)     $(7,375)   $  -0-


NOTE 6:   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 or 112.


NOTE 7:   RELATED PARTY TRANSACTIONS

          Davin Enterprises, Inc. (Davin) entered into an oral
          agreement with Modern Technology Corp. providing for the
          partial use of office space for Davin on a month to month
          basis.  The company does not pay rent but pays a fee to
          Modern Technology Corp. for services.  There were no
          outstanding balances between these companies.  The
          agreement terminated December 31, 1997.

                                                    Page 11 of 12
MODERN TECHNOLOGY CORP.
                NOTES TO THE FINANCIAL STATEMENTS
                        DECEMBER 31, 1997
                           (Unaudited)
                           (Continued)


          Arthur Seidenfeld, President and a director of the
          Company, owns 14.5% of the outstanding shares of Daine
          Industries, Inc. and 1% of the outstanding shares of
          Davin Enterprises, Inc.  Anne Seidenfeld, Treasurer,
          Secretary and a director of the Company, owns 12% of the
          outstanding shares of Modern Technology Corp.  Anne
          Seidenfeld is Arthur Seidenfeld's mother.

NOTE 8:   INTERIM FINANCIAL REPORTING

          The unaudited financial statements of the Company for the
          period July 1, 1997 to December 31, 1997 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 12 of 12
                     MODERN TECHNOLOGY CORP.
                 Part 1.  Financial Information

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

          Modern Technology Corp. ("The Company") is engaged in
aiding prospective clients in obtaining financing and in providing
management services to client companies.  During the six months
ended December 31, 1997, the Registrant was involved in providing
managerial services to one firm which it aided in obtaining
financing, namely Davin Enterprises, Inc. ("Davin") and received
management fees of $3,200 from Davin.  The agreement with Davin was
terminated on December 31, 1997.

          During the six months ended December 31, 1997, the
Registrant had net income of $15,962 as compared with net income of
$1,724 during the six months ended December 31, 1996.  The increase
in profitability for the comparative periods discussed in the
previous sentence can be attributed to a gain from the sale of
shares of Delta Three Inc. and International Well Control, Inc
(formerly Havenwood Inc.).  During the six months ended December
31, 1997, the Registrant's treasurer-secretary, Anne Seidenfeld
received a salary of $4,200.  During the six months ended December
31, 1997, the Registrant's president, Arthur Seidenfeld, received
a salary of $16,700.

          The cash and cash equivalents balances along with
holdings of U.S. Treasury Obligations of the Company as of December
31, 1997 and June 30, 1997 were $704,324 and $647,886.

          On July 27, 1994, the Registrant signed an agreement to
purchase a 40% ownership interest in a company entitled Soft Sail
Wind Power Inc.  The purpose of Soft Sail Wind Power Inc. will be
to exploit and commercialize wind power.  As of December 31, 1997,
the Registrant owned 404 shares of Soft Sail Wind Power Inc. at a
cost of $40,449 and has loaned Soft Sail Wind Power Inc. $11,400.
As of December 31, 1997, the Registrant has written off its loan
and cost basis in the shares it owns in Soft Sail Wind Power Inc.

          During the quarter ended June 30, 1996, the Registrant
purchased 25,000 shares of Delta Three Inc. for $25,000.  Delta
Three Inc. is an Israeli based telecommunications provider using
Internet technology for voice transmission.  During the quarter
ended September 30, 1997, the Registrant sold its shares of Delta
Three Inc., for $50,000, generating a gain of $25,000.

          During the quarter ended December 31, 1996, the
Registrant established a new subsidiary entitled Coral Development
Corp.(Coral).  In February of 1997 the Registrant filed a
registration statement with the Securities and Exchange(SEC) to
spin off its 100 percent holdings in Coral, representing 403,000
shares, directly to the Registrant's shareholders, in the ratio of
1(one) share of Coral for each 50(fifty) shares of the Registrant
held.

          The transfer of shares will take place after the
registration statement for Coral shares is declared effective by
the SEC and a merger agreement with a privately owned company is
completed.  The registation statement was declared effective by the 
SEC in June of 1997.  No assurances can be given that a merger 
agreement with a privately owned company will be successfully completed.

          On December 30, 1997 Davin announced the closing of its
acquisition of Creative Master Ltd.  Davin acquired 100% of
Creative Master Ltd. in exchange for issuing 48,060,000 restricted
shares of Davin common stock.

          Creative Master Ltd., is a Hong Kong based company that
manufactures premium collectible car replicas sold by such firms as
Danbury Mint, Hallmark and Paul's Model Art.  Its products are sold
both in the U.S. and Europe.  Creative Master has production
facilities in Hong Kong and Dongguan, PRC and employs a workforce
of about 2,500.

          Modern Technology Corp. owns 501,000 shares of common
stock of Davin.

          The Registrant expects that its current balances of cash
and cash equivalents will be sufficient to meet its minimum planned
capital and liquidity needs for the next year.  The Company does
not believe that the impact of inflation on its activities is
significant.




                   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
                        February 12, 1998