SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-QSB

(Mark one)
[X] Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
    Act of 1934

    For the quarterly period ended September 30, 2005

[ ] Transition Report Under Section 13 or 15(d) of the Securities Exchange
    Act of 1934

    For the transition period from ______________ to _____________
--------------------------------------------------------------------------------
                         Commission File Number: 0-19276


                           Parallel Technologies, Inc.
        (Exact name of small business issuer as specified in its charter)

        Nevada                                                 13-3140715
(State of incorporation)                                (IRS Employer ID Number)

                  211 West Wall Street, Midland, TX 79701-4556
                    (Address of principal executive offices)

                                 (432) 682-1761
                           (Issuer's telephone number)
--------------------------------------------------------------------------------
Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 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 90 days. YES [X] NO [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity as of the latest practicable date: November 8, 2005: 39,243,659

Transitional Small Business Disclosure Format (check one): YES [ ] NO [X]
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

              Form 10-QSB for the Quarter ended September 30, 2005

                                Table of Contents


                                                                            Page
                                                                            ----
PART I - FINANCIAL INFORMATION

  Item 1 Financial Statements                                                 3

  Item 2 Management's Discussion and Analysis or Plan of Operation           11

  Item 3 Controls and Procedures                                             13

PART II - OTHER INFORMATION

  Item 1 Legal Proceedings                                                   14

  Item 2 Unregistered Sales of Equity Securities and Use of Proceeds         14

  Item 3 Defaults Upon Senior Securities                                     14

  Item 4 Submission of Matters to a Vote of Security Holders                 14

  Item 5 Other Information                                                   14

  Item 6 Exhibits                                                            14

SIGNATURES                                                                   15

                                       2
<PAGE>
                                     PART I

ITEM 1 - FINANCIAL STATEMENTS

                           PARALLEL TECHNOLOGIES, INC.
                                 BALANCE SHEETS
                           September 30, 2005 and 2004

                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                 September 30,          September 30,
                                                                     2005                   2004
                                                                 ------------           ------------
<S>                                                              <C>                    <C>
                                     ASSETS

CURRENT ASSETS
  Cash on hand and in bank                                       $     47,424           $     54,105
                                                                 ------------           ------------

      TOTAL CURRENT ASSETS                                             47,424                 54,105
                                                                 ------------           ------------

TOTAL ASSETS                                                     $     47,424           $     54,105
                                                                 ============           ============

                 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)

LIABILITIES
CURRENT LIABILITIES
  Accounts payable - trade                                       $         --           $         --
                                                                 ------------           ------------

        TOTAL CURRENT LIABILITIES                                          --                     --
                                                                 ------------           ------------

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY (DEFICIT)
  Common stock - $0.006 par value
    100,000,000 shares authorized
    39,243,659 shares issued and outstanding, respectively            235,462                235,462
   Additional paid-in capital                                      11,897,662             11,897,662
   Accumulated deficit                                            (12,085,700)           (12,079,019)
                                                                 ------------           ------------

      TOTAL SHAREHOLDERS' EQUITY (DEFICIT)                             47,424                 54,105
                                                                 ------------           ------------

      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                 $     47,424           $     54,105
                                                                 ============           ============
</TABLE>

   The financial information presented herein has been prepared by management
           without audit by independent certified public accountants.
   The accompanying notes are an integral part of these financial statements.

                                       3
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.
                 STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
             Nine and Three months ended September 30, 2005 and 2004

<TABLE>
<CAPTION>
                                              Nine months       Nine months       Three months      Three months
                                                 ended             ended             ended             ended
                                              September 30,     September 30,     September 30,     September 30,
                                                  2005              2004              2005              2004
                                              -----------       -----------       -----------       -----------
<S>                                           <C>               <C>               <C>               <C>
REVENUES                                      $        --       $        --       $        --       $        --
                                              -----------       -----------       -----------       -----------
EXPENSES
  General and administrative expenses               5,743            44,431             2,853             5,583
                                              -----------       -----------       -----------       -----------

      Total operating expenses                      5,743            44,431             2,853             5,583
                                              -----------       -----------       -----------       -----------

LOSS FROM CONTINUING OPERATIONS
 BEFORE PROVISION FOR INCOME TAXES                 (5,743)          (44,431)           (2,853)           (5,583)

OTHER INCOME
  Interest income                                     759                35               308                --
                                              -----------       -----------       -----------       -----------

LOSS BEFORE PROVISION FOR INCOME TAXES             (4,984)          (44,396)           (2,545)           (5,583)

PROVISION FOR INCOME TAXES                             --                --                --                --
                                              -----------       -----------       -----------       -----------

NET LOSS                                           (4,984)          (44,396)           (2,545)           (5,583)

OTHER COMPREHENSIVE INCOME                             --                --                --                --
                                              -----------       -----------       -----------       -----------

COMPREHENSIVE LOSS                            $    (4,984)      $   (44,396)      $    (2,545)      $    (5,583)
                                              ===========       ===========       ===========       ===========
Earnings per share of common stock
 outstanding computed on net loss -
 basic and fully diluted                              nil               nil               nil               nil
                                              ===========       ===========       ===========       ===========
Weighted-average number of shares
 outstanding - basic and fully diluted         39,243,659        32,674,316        39,243,659        39,243,659
                                              ===========       ===========       ===========       ===========
</TABLE>

   The financial information presented herein has been prepared by management
           without audit by independent certified public accountants.
   The accompanying notes are an integral part of these financial statements.

                                       4
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.
                            STATEMENTS OF CASH FLOWS
                  Nine months ended September 30, 2005 and 2004

<TABLE>
<CAPTION>
                                                                  Nine months         Nine months
                                                                     ended               ended
                                                                  September 30,       September 30,
                                                                      2005                2004
                                                                   ---------           ---------
<S>                                                                <C>                 <C>
CASH FLOWS FROM OPERATING ACTIVITIES
   Net income (loss) for the period                                $  (4,984)          $ (44,395)
   Adjustments to reconcile net loss
    to net cash provided by operating activities
      Increase (Decrease) in
        Accounts payable - trade                                          --             (21,500)
                                                                   ---------           ---------

NET CASH USED IN OPERATING ACTIVITIES                                 (4,984)            (65,895)
                                                                   ---------           ---------

CASH FLOWS FROM INVESTING ACTIVITIES                                      --                  --
                                                                   ---------           ---------

CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds from sale of common stock                                     --             120,000
                                                                   ---------           ---------

INCREASE (DECREASE) IN CASH                                           (4,984)             54,105

Cash at beginning of period                                           52,408                  --
                                                                   ---------           ---------

CASH AT END OF PERIOD                                              $  47,424           $  54,105
                                                                   =========           =========

SUPPLEMENTAL DISCLOSURE OF INTEREST AND INCOME TAXES PAID
   Interest paid for the year                                      $      --           $      --
                                                                   =========           =========
   Income taxes paid for the year                                  $      --           $      --
                                                                   =========           =========
</TABLE>


   The financial information presented herein has been prepared by management
           without audit by independent certified public accountants.
   The accompanying notes are an integral part of these financial statements.

                                       5
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

                          NOTES TO FINANCIAL STATEMENTS


NOTE A - ORGANIZATION AND DESCRIPTION OF BUSINESS

Parallel Technologies,  Inc. (Company) was originally incorporated on October 6,
1982 under the laws of the State of Nevada as M, Inc. The Company was  initially
formed  as a  "blank  check"  entity  for  the  purpose  of  seeking  a  merger,
acquisition or other business  combination  transaction  with a privately  owned
entity seeking to become a publicly-owned entity.

On June 3, 1991,  the Company  consummated a business  combination  transaction,
pursuant to an Agreement  and Plan of  Reorganization  (Agreement)  with Graphex
Imaging  Systems,   Inc.   whereby  Graphex  Imaging  Systems,   Inc.  became  a
wholly-owned  subsidiary of the Company.  Concurrent with this transaction,  the
Company changed its corporate name to Parallel Technologies, Inc.

During 1995,  this  activity  ceased to operate and the Company  disposed of all
assets, liabilities and operating activities related to Graphex Imaging Systems,
Inc. The Company has had no  operations,  assets or  liabilities  since the year
ended December 31, 1995.

NOTE B - PREPARATION OF FINANCIAL STATEMENTS

The  Company  follows  the  accrual  basis  of  accounting  in  accordance  with
accounting principles generally accepted in the United States of America and has
a year-end of December 31.

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States of America requires  management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  and disclosure of contingent  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.

Management further acknowledges that it is solely responsible for adopting sound
accounting  practices,   establishing  and  maintaining  a  system  of  internal
accounting  control and preventing and detecting  fraud. The Company's system of
internal  accounting  control is designed to assure,  among other items, that 1)
recorded  transactions  are valid; 2) valid  transactions  are recorded;  and 3)
transactions  are  recorded in the proper  period in a timely  manner to produce
financial  statements which present fairly the financial  condition,  results of
operations  and cash  flows of the  Company  for the  respective  periods  being
presented

During interim periods, the Company follows the accounting policies set forth in
its annual  audited  financial  statements  filed with the U. S.  Securities and
Exchange  Commission on its General Form for Registration of Securities of Small
Business  Issuers Under Section 12(b) or (g) of the  Securities  Exchange Act of
1934 on Form 10-SB, initially filed on March 15, 2005. The information presented
within  these  interim  financial  statements  may not include  all  disclosures
required by generally accepted accounting  principles and the users of financial
information  provided for interim  periods should refer to the annual  financial
information and footnotes when reviewing the interim financial results presented
herein.

In the opinion of management,  the accompanying  interim  financial  statements,
prepared in  accordance  with the U. S.  Securities  and  Exchange  Commission's
instructions   for  Form  10-QSB,   are   unaudited  and  contain  all  material
adjustments,  consisting  only of  normal  recurring  adjustments  necessary  to
present fairly the financial condition,  results of operations and cash flows of
the Company for the respective  interim  periods  presented.  The current period
results of operations are not necessarily indicative of results which ultimately
will be reported for the full fiscal year ending December 31, 2005.

                                       6
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE C - GOING CONCERN UNCERTAINTY

The Company  was  originally  formed in 1982 for the purpose of entering  into a
business  combination  transaction  with a privately  owned  company  seeking to
become a  publicly-owned  entity.  In 1991,  the Company  consummated a business
combination transaction and this endeavor was unsuccessful.  The Company has had
no operations, assets or liabilities since 1995.

The  Company's  continued  existence is  dependent  upon its ability to generate
sufficient cash flows from operations to support its daily operations as well as
provide sufficient resources to retire existing liabilities and obligations on a
timely basis.

The Company  anticipates  offering future sales of equity  securities.  However,
there is no assurance that the Company will be able to obtain additional funding
through the sales of additional  equity  securities  or, that such  funding,  if
available, will be obtained on terms favorable to or affordable by the Company.

If no additional  operating  capital is received  during the next twelve months,
the  Company  will be  forced  to rely on  existing  cash in the  bank  and upon
additional  funds  loaned  by  management  and/or  significant  stockholders  to
preserve the integrity of the corporate  entity at this time. In the event,  the
Company  is  unable to  acquire  advances  from  management  and/or  significant
stockholders, the Company's ongoing operations would be negatively impacted.

It  is  the  intent  of  management  and  significant  stockholders  to  provide
sufficient  working  capital  necessary to support and preserve the integrity of
the corporate entity.  However, no formal commitments or arrangements to advance
or loan funds to the Company or repay any such advances or loans exist. There is
no legal obligation for either management or significant stockholders to provide
additional future funding.

While the Company is of the opinion that good faith  estimates of the  Company's
ability to secure additional  capital in the future to reach our goals have been
made, there is no guarantee that the Company will receive  sufficient funding to
sustain operations or implement any future business plan steps.


NOTE D - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. Cash and cash equivalents

     For  Statement of Cash Flows  purposes,  the Company  considers all cash on
     hand  and  in  banks,  certificates  of  deposit  and  other  highly-liquid
     investments with maturities of three months or less, when purchased,  to be
     cash and cash equivalents.

2. Income Taxes

     The Company uses the asset and liability  method of  accounting  for income
     taxes. At September 30, 2005 and 2004, respectively, the deferred tax asset
     and deferred  tax  liability  accounts,  as recorded  when  material to the
     financial  statements,  are entirely  the result of temporary  differences.
     Temporary  differences  represent  differences in the recognition of assets
     and  liabilities  for  tax  and  financial  reporting  purposes,  primarily
     accumulated depreciation and amortization,  allowance for doubtful accounts
     and vacation accruals.

     As of September  30, 2005 and 2004,  the deferred tax asset  related to the
     Company's net operating loss  carryforward  is fully  reserved.  Due to the
     provisions  of Internal  Revenue  Code Section 338, the Company may have no
     net operating loss carryforwards available to offset financial statement or
     tax  return  taxable  income in future  periods  as a result of a change in
     control   involving  50  percentage  points  or  more  of  the  issued  and
     outstanding securities of the Company.

                                       7
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE D - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

3. Earnings (loss) per share

     Basic  earnings  (loss) per share is computed  by  dividing  the net income
     (loss) available to common shareholders by the  weighted-average  number of
     common shares  outstanding  during the respective  period  presented in our
     accompanying financial statements.  Fully diluted earnings (loss) per share
     is  computed  similar  to basic  income  (loss) per share  except  that the
     denominator is increased to include the number of common stock  equivalents
     (primarily outstanding options and warrants).

     Common  stock  equivalents  represent  the  dilutive  effect of the assumed
     exercise of the outstanding stock options and warrants,  using the treasury
     stock method, at either the beginning of the respective period presented or
     the date of  issuance,  whichever  is later,  and only if the common  stock
     equivalents  are  considered  dilutive  based upon the Company's net income
     (loss) position at the calculation date.

     At September 30, 2005 and 2004, and subsequent thereto,  the Company had no
     outstanding common stock equivalents.

NOTE E - FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amount of cash,  accounts  receivable,  accounts  payable and notes
payable, as applicable,  approximates fair value due to the short term nature of
these items  and/or the current  interest  rates  payable in relation to current
market conditions.

Interest  rate risk is the risk  that the  Company's  earnings  are  subject  to
fluctuations  in interest  rates on either  investments  or on debt and is fully
dependent  upon  the  volatility  of  these  rates.  The  Company  does  not use
derivative instruments to moderate its exposure to interest rate risk, if any.

Financial  risk  is  the  risk  that  the  Company's  earnings  are  subject  to
fluctuations in interest rates or foreign exchange rates and are fully dependent
upon the  volatility  of  these  rates.  The  company  does  not use  derivative
instruments to moderate its exposure to financial risk, if any.


NOTE F - INCOME TAXES

The  components  of income  tax  (benefit)  expense  for each of the nine  month
periods ended September 30, 2005 and 2004, are as follows:

                                            Nine months           Nine months
                                               ended                 ended
                                            September 30,         September 30,
                                                2005                  2004
                                              -------               -------
     Federal:
       Current                                $    --               $    --
       Deferred                                    --                    --
                                              -------               -------
                                                   --                    --
                                              -------               -------
     State:
       Current                                     --                    --
       Deferred                                    --                    --
                                              -------               -------
                                                   --                    --
                                              -------               -------
       Total                                  $    --               $    --
                                              =======               =======

                                       8
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE F - INCOME TAXES - CONTINUED

As a result of an April 2004  change in  control,  the Company has a nominal net
operating loss  carryforwards  of  approximately  $49,300 for Federal income tax
purposes.  The amount and  availability of any net operating loss  carryforwards
may be subject to limitations  set forth by the Internal  Revenue Code.  Factors
such as the number of shares  ultimately  issued  within a three year  look-back
period;  whether there is a deemed more than 50 percent  change in control;  the
applicable  long-term tax exempt bond rate;  continuity of historical  business;
and  subsequent  income of the Company all enter into the annual  computation of
allowable annual utilization of the carryforwards.

The  Company's  income tax expense  (benefit) for each of the nine month periods
ended  September  30, 2005 and 2004,  respectively,  differed from the statutory
federal rate of 34 percent as follows:

                                                     Nine months   Nine months
                                                        ended         ended
                                                     September 30, September 30,
                                                         2005          2004
                                                       --------      --------

Statutory rate applied to income before income taxes   $ (1,700)     $(15,100)
Increase (decrease) in income taxes resulting from:
  State income taxes                                         --            --
  Other, including reserve for deferred tax asset
   and application of net operating loss carryforward     1,700        15,100
                                                       --------      --------

      Income tax expense                               $     --      $     --
                                                       ========      ========

Temporary  differences,  consisting primarily of statutory deferrals of expenses
for organizational costs and statutory  differences in the depreciable lives for
property and equipment, between the financial statement carrying amounts and tax
bases of assets and liabilities give rise to deferred tax assets and liabilities
as of September 30, 2005 and 2004, respectively:

                                                   September 30,   September 30,
                                                       2005            2004
                                                     --------        --------

Deferred tax assets, reflecting the April
 2004 change in control
   Net operating loss carryforwards                  $ 16,700        $ 15,100
   Less valuation allowance                           (16,700)        (15,100)
                                                     --------        --------
                                                     $     --        $     --
   Net Deferred Tax Asset                            ========        ========

During the nine month periods ended  September 30, 2005 and 2004,  respectively,
the reserve for the deferred current tax asset increased by approximately $1,700
and $15,100, respectively.

NOTE G - COMMON STOCK TRANSACTIONS

On February 23, 2004, the Company sold  20,000,000  shares of restricted  common
stock at $0.006  per  share  for  gross  proceeds  of  $120,000,  pursuant  to a
subscription  agreement,  to Glenn A. Little,  who became the Company's  current
Chief Executive Officer.  The Company relied upon Section 4(2) of The Securities
Act of 1933, as amended,  for an exemption from registration of these shares and
no underwriter was used in this  transaction.  As a result of this  transaction,
Glenn A. Little became the Company's controlling shareholder,  owning 20,000,000
shares of the  39,243,659  issued  and  outstanding  shares of the  Registrant's
common stock, or approximately  50.96%, at the close of business on February 23,
2004. This transaction  closed, and the Company received,  the proceeds on March
31, 2004.

                                       9
<PAGE>
                           PARALLEL TECHNOLOGIES, INC.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED


NOTE H - SUBSEQUENT EVENT

On or about  November  8,  2005,  Glenn A.  Little  (Little)  and  Dalian  Fushi
Bimetallic Manufacturing Company, Ltd. (Dalian Fushi), a company organized under
the laws of the People's  Republic of China (PRC) and owned and controlled by Li
Fu,  Chunyan  Xu,  Yue Yang,  and Xishan  Yang,  entered  into a Stock  Purchase
Agreement (Stock Purchase Agreement) pursuant to which Little has agreed to sell
to  Dalian  Fushi  his  20,000,000   shares  of  common  stock  of  the  Company
constituting  approximately 50.96% of the Company's outstanding common stock for
$550,000.  The consummation of the Stock Purchase  Agreement will cause a change
of control of the Company.

Simultaneously  with the  consummation  of the  Stock  Purchase  Agreement,  the
Company will enter into a consulting  agreement  with Little to retain  Little's
services as a consultant to provide advice,  information and copies of documents
regarding  the  Company's  historical  records and  operations  to its auditors,
attorneys,  officers and directors. In return for his services, the Company will
issue  him a  warrant  which  shall be  exercisable,  upon the  occurrence  of a
contemplated  reverse merger,  and after a reverse split of the Company's common
stock, into 0.4% of the then-outstanding common stock of the Company.

Further,  as a condition of the Stock Purchase  Agreement,  Little has agreed at
the closing of the Stock  Purchase  Agreement to (a) appoint Li Fu as a Director
of the  Company,  Chairman  of the  Board  and Chief  Executive  Officer  of the
Company,  (b) appoint Yue Yang and John D. Kuhns as  directors  of the  Company,
subject to the filing and  dissemination of a Schedule 14f-1, and (c) submit his
resignation as a Director and officer,  subject to the filing and  dissemination
of a Schedule 14f-1. As a result thereof,  immediately  after the closing of the
Stock Purchase Agreement, Messrs. Fu and Little will constitute the entire Board
of Directors of the Company.

Dalian Fushi is a corporation  organized under the laws of the Peoples  Republic
of China ("PRC") which manufactures and sells in China copper clad aluminum wire
and  copper  clad  steel  wire.  Simultaneously  with the  closing  of the Stock
Purchase  Agreement,  the Company expects to complete a series of  transactions,
contemplated  pursuant to a nonbinding letter of intent between Dalian Fushi and
certain potential  investors,  to effect, or have substantially the effect of, a
reverse  merger of the Company with Dalian  Fushi.  Dalian Fushi and the Company
are in the  process  of  negotiating  with  these  certain  potential  investors
regarding the  structure and  consummation  of these  transactions.  The Company
expects that in connection with these contemplated transactions there will be up
to four additional persons elected to the Board of Directors of the Company.



                (Remainder of this page left blank intentionally)

                                       10
<PAGE>
PART I - ITEM 2

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS

(1) CAUTION REGARDING FORWARD-LOOKING INFORMATION

Certain  statements  contained  in this  quarterly  filing,  including,  without
limitation, statements containing the words "believes", "anticipates", "expects"
and  words  of  similar  import,  constitute  forward-looking  statements.  Such
forward-looking  statements  involve known and unknown risks,  uncertainties and
other factors that may cause the actual results,  performance or achievements of
the Company,  or industry  results,  to be materially  different from any future
results,   performance   or   achievements   expressed   or   implied   by  such
forward-looking statements.

Such factors include, among others, the following:  international,  national and
local general economic and market conditions:  demographic  changes; the ability
of the Company to sustain,  manage or  forecast  its growth;  the ability of the
Company to successfully make and integrate acquisitions;  raw material costs and
availability;  new product  development and  introduction;  existing  government
regulations  and  changes  in,  or  the  failure  to  comply  with,   government
regulations;  adverse publicity;  competition; the loss of significant customers
or suppliers;  fluctuations  and  difficulty in forecasting  operating  results;
changes in business strategy or development  plans;  business  disruptions;  the
ability  to attract  and  retain  qualified  personnel;  the  ability to protect
technology; and other factors referenced in this and previous filings.

Given  these  uncertainties,  readers  of this Form  10-QSB  and  investors  are
cautioned not to place undue reliance on such  forward-looking  statements.  The
Company  disclaims  any  obligation  to update any such  factors or to  publicly
announce the result of any  revisions to any of the  forward-looking  statements
contained herein to reflect future events or developments.

(2) GENERAL

Parallel Technologies,  Inc. (Company) was originally incorporated on October 6,
1982 under the laws of the State of Nevada as M, Inc. The Company was  initially
formed  as a  "blank  check"  entity  for  the  purpose  of  seeking  a  merger,
acquisition or other business  combination  transaction  with a privately  owned
entity seeking to become a publicly-owned  entity.  From October 6, 1982 through
June 3, 1991, the Company was not engaged in any business activity.

The  Company  completed  a public  offering  of its common  stock  pursuant to a
Registration  Statement on Form S-18 prior to March 31, 1983. This offering sold
approximately  19,815,000  shares of common stock at a price of $0.01 per share.
The aggregate  proceeds from this offering were  approximately  $198,150 and the
net proceeds were  approximately  $164,413,  after  deducting  certain  expenses
related  thereto.  These  shares  were  offered  directly  by the Company and no
underwriter was used in this transaction.

On June 3, 1991,  the Company  consummated a business  combination  transaction,
pursuant to an Agreement  and Plan of  Reorganization  (Agreement)  with Graphex
Imaging  Systems,   Inc.   whereby  Graphex  Imaging  Systems,   Inc.  became  a
wholly-owned  subsidiary of the Company.  This transaction  involved the Company
issuing approximately 9,750,000 shares of restricted,  unregistered common stock
in exchange  for 100.0% of the issued and  outstanding  common  stock of Graphex
Imaging Systems,  Inc. The full details of the Graphex  transaction is disclosed
in a Current  Report on Form 8-K,  dated June 3, 1991, as previously  filed with
the U. S. Securities and Exchange Commission.

Concurrent  with this  transaction,  the Company  changed its corporate  name to
Parallel Technologies, Inc.

In November 1993, the Company formed a new wholly-owned  subsidiary,  Healthcom,
Inc., a Nevada corporation, to devise, integrate and sell information processing
systems for the  medical/healthcare  industry.  This entity  started  operations
during 1994.

During 1995, the activities of both Graphex Imaging Systems, Inc. and Healthcom,
Inc. ceased to operate and the Company  disposed of all assets,  liabilities and
operating activities related to both entities by December 31, 1995.

The Company has had no operations,  assets or  liabilities  since the year ended
December 31, 1995.

                                       11
<PAGE>
(3) RESULTS OF OPERATIONS

The Company had no revenue for either of the nine or three month  periods  ended
September 30, 2005 and 2004, respectively.

General and  administrative  expenses for the nine month periods ended September
30, 2005 and 2004 were approximately $5,700 and $44,400, respectively.

These expenses for the nine month period ended  September 30,  2005relate to the
costs associated with the maintenance of the Company's common stock registry and
professional  fees  associated  with  maintaining  compliance with the Company's
obligation under the Securities Exchange Act of 1934, as amended (`34 Act).

These expenses for the nine month period ended  September 30, 2005 relate to the
various amounts paid for the reinstatement of the corporate charter in the State
of  Nevada,   transfer  agent  fees  and   professional   fees  related  to  the
aforementioned change in control transaction.

It is anticipated  that future  expenditure  levels will increase as the Company
intends to fully comply with it's periodic reporting requirements.

Earnings per share for the  respective  nine month periods  ended  September 30,
2005 and 2004 was $0.00 and $0.00 based on the  weighted-average  shares  issued
and outstanding at the end of each respective period.

The  Company  does not  expect  to  generate  any  meaningful  revenue  or incur
operating  expenses for purposes  other than  fulfilling  the  obligations  of a
reporting  company  under the  Securities  Exchange Act of 1934 unless and until
such time that the Company's operating subsidiary begins meaningful operations.

At September 30, 2005 and 2004, respectively, the Company had working capital of
approximately $47,424 and $54,104, respectively.

On February 23, 2004, the Company sold  20,000,000  shares of restricted  common
stock at $0.006  per  share  for  gross  proceeds  of  $120,000,  pursuant  to a
subscription  agreement,  to Glenn A. Little,  who became the Company's  current
Chief Executive Officer.  The Company relied upon Section 4(2) of The Securities
Act of 1933, as amended,  for an exemption from registration of these shares and
no underwriter was used in this  transaction.  As a result of this  transaction,
Glenn A. Little became the Company's controlling shareholder,  owning 20,000,000
shares of the  39,243,659  issued  and  outstanding  shares of the  Registrant's
common stock, or approximately  50.96%, at the close of business on February 23,
2004. This transaction  closed, and the Company received,  the proceeds on March
31, 2004.

It  is  the  intent  of  management  and  significant  stockholders  to  provide
sufficient  working  capital  necessary to support and preserve the integrity of
the  corporate  entity.  However,  there  is  no  legal  obligation  for  either
management or significant  stockholders  to provide  additional  future funding.
Should this pledge fail to provide financing, the Company has not identified any
alternative  sources.  Consequently,   there  is  substantial  doubt  about  the
Company's ability to continue as a going concern.

The  Company's  need for  capital  may  change  dramatically  as a result of any
business  acquisition  or  combination  transaction.  Further,  there  can be no
assurance that the Company would be successful in  consummating  any acquisition
on favorable  terms or that it will be able to  profitably  manage the business,
product, technology or company it acquires.

(4) PLAN OF BUSINESS

On or about  November  8,  2005,  Glenn A.  Little  (Little)  and  Dalian  Fushi
Bimetallic Manufacturing Company, Ltd. (Dalian Fushi), a company organized under
the laws of the People's  Republic of China (PRC) and owned and controlled by Li
Fu,  Chunyan  Xu,  Yue Yang,  and Xishan  Yang,  entered  into a Stock  Purchase
Agreement (Stock Purchase Agreement) pursuant to which Little has agreed to sell
to  Dalian  Fushi  his  20,000,000   shares  of  common  stock  of  the  Company
constituting  approximately 50.96% of the Company's outstanding common stock for
$550,000.  The consummation of the Stock Purchase  Agreement will cause a change
of control of the Company.

                                       12
<PAGE>
Simultaneously  with the  consummation  of the  Stock  Purchase  Agreement,  the
Company will enter into a consulting  agreement  with Little to retain  Little's
services as a consultant to provide advice,  information and copies of documents
regarding  the  Company's  historical  records and  operations  to its auditors,
attorneys,  officers and directors. In return for his services, the Company will
issue  him a  warrant  which  shall be  exercisable,  upon the  occurrence  of a
contemplated  reverse merger,  and after a reverse split of the Company's common
stock, into 0.4% of the then-outstanding common stock of the Company.

Further,  as a condition of the Stock Purchase  Agreement,  Little has agreed at
the closing of the Stock  Purchase  Agreement to (a) appoint Li Fu as a Director
of the  Company,  Chairman  of the  Board  and Chief  Executive  Officer  of the
Company,  (b) appoint Yue Yang and John D. Kuhns as  directors  of the  Company,
subject to the filing and  dissemination of a Schedule 14f-1, and (c) submit his
resignation as a Director and officer,  subject to the filing and  dissemination
of a Schedule 14f-1. As a result thereof,  immediately  after the closing of the
Stock Purchase Agreement, Messrs. Fu and Little will constitute the entire Board
of Directors of the Company.

Dalian Fushi is a corporation  organized under the laws of the Peoples  Republic
of China ("PRC") which manufactures and sells in China copper clad aluminum wire
and  copper  clad  steel  wire.  Simultaneously  with the  closing  of the Stock
Purchase  Agreement,  the Company expects to complete a series of  transactions,
contemplated  pursuant to a nonbinding letter of intent between Dalian Fushi and
certain potential  investors,  to effect, or have substantially the effect of, a
reverse  merger of the Company with Dalian  Fushi.  Dalian Fushi and the Company
are in the  process  of  negotiating  with  these  certain  potential  investors
regarding the  structure and  consummation  of these  transactions.  The Company
expects that in connection with these contemplated transactions there will be up
to four additional persons elected to the Board of Directors of the Company.

(5) LIQUIDITY AND CAPITAL RESOURCES

As of the date of this filing, the Company, for all practical purposes,  remains
dormant  and has  experienced  no  significant  change in  liquidity  or capital
resources or stockholders equity. Through the date of this filing, liquidity and
capital  resources have been maintained  through the sale of common stock and/or
advances from the Company's current controlling shareholder.

As previously mentioned,  the Company is in the process of experiencing a change
in  control  and  anticipates  entering  into and  completing  a reverse  merger
transaction in the near future. Discussions are ongoing with potential investors
and future  liquidity and capital  resource  requirements  will be driven by the
needs of the targeted entity, Dalian Fushi.

ITEM 3 - CONTROLS AND PROCEDURES

As required by Rule 13a-15 under the Exchange  Act,  within the 90 days prior to
the filing date of this report,  the Company  carried out an  evaluation  of the
effectiveness of the design and operation of the Company's  disclosure  controls
and  procedures.  This evaluation was carried out under the supervision and with
the  participation  of  the  Company's   management,   including  the  Company's
President,  Chief  Executive  and  Chief  Financial  Officer.  Based  upon  that
evaluation, the Company's President, Chief Executive and Chief Financial Officer
concluded that the Company's  disclosure  controls and procedures are effective.
There have been no significant  changes in the Company's internal controls or in
other factors,  which could significantly affect internal controls subsequent to
the date the Company carried out its evaluation.

Disclosure  controls and procedures are controls and other  procedures  that are
designed to ensure that information  required to be disclosed in Company reports
filed or submitted under the Exchange Act is recorded, processed, summarized and
reported,  within the time  periods  specified  in the  Securities  and Exchange
Commission's  rules and  forms.  Disclosure  controls  and  procedures  include,
without limitation,  controls and procedures designed to ensure that information
required to be  disclosed  in Company  reports  filed under the  Exchange Act is
accumulated  and  communicated  to  management,  including the  Company's  Chief
Executive and Chief Financial Officer as appropriate,  to allow timely decisions
regarding required disclosure.

                (Remainder of this page left blank intentionally)

                                       13
<PAGE>
                          PART II - OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

None

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3 - DEFAULTS ON SENIOR SECURITIES

None

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The  Company  has held no  regularly  scheduled,  called or special  meetings of
shareholders during the reporting period.

ITEM 5 - OTHER INFORMATION

On or about  November  8,  2005,  Glenn A.  Little  (Little)  and  Dalian  Fushi
Bimetallic Manufacturing Company, Ltd. (Dalian Fushi), a company organized under
the laws of the People's  Republic of China (PRC) and owned and controlled by Li
Fu,  Chunyan  Xu,  Yue Yang,  and Xishan  Yang,  entered  into a Stock  Purchase
Agreement (Stock Purchase Agreement) pursuant to which Little has agreed to sell
to  Dalian  Fushi  his  20,000,000   shares  of  common  stock  of  the  Company
constituting  approximately 50.96% of the Company's outstanding common stock for
$550,000.  The consummation of the Stock Purchase  Agreement will cause a change
of control of the Company.

Simultaneously  with the  consummation  of the  Stock  Purchase  Agreement,  the
Company will enter into a consulting  agreement  with Little to retain  Little's
services as a consultant to provide advice,  information and copies of documents
regarding  the  Company's  historical  records and  operations  to its auditors,
attorneys,  officers and directors. In return for his services, the Company will
issue  him a  warrant  which  shall be  exercisable,  upon the  occurrence  of a
contemplated  reverse merger,  and after a reverse split of the Company's common
stock, into 0.4% of the then-outstanding common stock of the Company.

Further,  as a condition of the Stock Purchase  Agreement,  Little has agreed at
the closing of the Stock  Purchase  Agreement to (a) appoint Li Fu as a Director
of the  Company,  Chairman  of the  Board  and Chief  Executive  Officer  of the
Company,  (b) appoint Yue Yang and John D. Kuhns as  directors  of the  Company,
subject to the filing and  dissemination of a Schedule 14f-1, and (c) submit his
resignation as a Director and officer,  subject to the filing and  dissemination
of a Schedule 14f-1. As a result thereof,  immediately  after the closing of the
Stock Purchase Agreement, Messrs. Fu and Little will constitute the entire Board
of Directors of the Company.

Dalian Fushi is a corporation  organized under the laws of the Peoples  Republic
of China ("PRC") which manufactures and sells in China copper clad aluminum wire
and  copper  clad  steel  wire.  Simultaneously  with the  closing  of the Stock
Purchase  Agreement,  the Company expects to complete a series of  transactions,
contemplated  pursuant to a nonbinding letter of intent between Dalian Fushi and
certain potential  investors,  to effect, or have substantially the effect of, a
reverse  merger of the Company with Dalian  Fushi.  Dalian Fushi and the Company
are in the  process  of  negotiating  with  these  certain  potential  investors
regarding the  structure and  consummation  of these  transactions.  The Company
expects that in connection with these contemplated transactions there will be up
to four additional persons elected to the Board of Directors of the Company.None

ITEM 6 - EXHIBITS

Exhibits
--------
31.1 Certification pursuant to Section 302 of Sarbanes-Oxley Act of 2002
32.1 Certification pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

                                       14
<PAGE>
                                   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.

                                            PARALLEL TECHNOLOGIES, INC.


Dated: November 9, 2005                     /s/ Glenn A. Little
       ----------------                     ------------------------------------
                                                                 Glenn A. Little
                                              President, Chief Executive Officer
                                            Chief Financial Officer and Director

                                       15