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 September 30, 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 TECHNNOLOGY CORP.

                       FINANCIAL STATEMENTS

                        SEPTEMBER 30, 2001












                       I N D E X





                                                     Page


CONSOLIDATED BALANCE SHEETS                           1


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY        2


CONSOLIDATED STATEMENTS OF OPERATIONS                 3


CONSOLIDATED STATEMENTS OF CASH FLOWS                 4


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS       5-9































                 MODERN TECHNOLOGY CORP.
              CONSOLIDATED BALANCE SHEETS

                                              Sept. 30,
                                                2001           June 30,
                                             (Unaudited)         2001
                                             -----------      ----------

A S S E T S

CURRENT ASSETS
Cash and Cash Equivalents                       $431,938      $472,617
                                                 -------       -------
                                                 431,938       472,617
                                                 -------       -------

EQUIPMENT - At Cost                               15,660        15,405
Less:  Accumulated Depreciation                  (12,278)      (12,005)
                                                  ------        ------
                                                   3,382         3,400
                                                  ------        ------
OTHER ASSETS
Investments, At Cost                             116,800       116,800
Investments, at Equity                            30,524        26,508
Other Assets                                         298           443
Goodwill, net                                    140,193       139,406
                                                 -------       -------
                                                 287,815       283,157
                                                 -------       -------

TOTAL ASSETS                                    $723,135      $759,174
                                                 =======       =======

      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                                $  3,700      $  5,500
Income Tax Payable                                   592         3,564
                                                 -------        ------
  Total Current Liabilities                        4,292         9,064
                                                 -------        ------
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                                221,367       252,634
                                                 -------       -------
                                                 718,543       749,810
                                                 -------       -------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $723,135      $759,174
                                                 =======       =======


See accompanying summary of accounting policies and notes to financial
statements.
                                                       Page 1 of 9






                 MODERN TECHNOLOGY CORP.
      CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
      FOR THE PERIOD JULY 1, 2000 TO SEPTEMBER 30, 2001



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

BALANCES AT
JULY 1, 2000        20,150,000    $2,015      $495,161     $280,630    $777,806

Net Income (Loss)
for the Year Ended
June 30, 2001                                               (27,996)    (27,996)
                    ----------     -----       -------     --------     -------
BALANCES AT
JUNE 30, 2001       20,150,000     2,015       495,161      252,634     749,810

Net Income (Loss)
for the Three
Months Ended
September 30, 2001                                          (31,267)    (31,267)
                    ----------     ------      --------    --------    --------

BALANCE AT
SEPTEMBER 30, 2001  20,150,000     $2,015      $495,161    $221,367    $718,543
(Unaudited)         ==========     ======      ========    ========    ========

















See accompanying summary of accounting policies and notes to financial
statements.


                                                     Page 2 of 9













                     MODERN TECHNOLOGY CORP.
              CONSOLIDATED STATEMENTS OF OPERATIONS
                           (UNAUDITED)

                                                 For The Three Months
                                                  Ended September 30,
                                                 2001              2000
                                               -------            ------
REVENUES
Interest Income                             $    3,385        $     9,001

Gain on Securities Sales                           -0-             74,314
                                               -------             ------
                                                 3,385             83,315
EXPENSES                                       -------             ------

Officers' Salaries                               8,095              1,800

  General and Administrative
  Expenses                                       9,897             11,223

Goodwill Amortization                           15,279               -0-
                                                ------             ------
                                                33,271             13,023
                                                ------             ------
INCOME (LOSS) BEFORE TAXES                     (29,886)            70,292

Income Tax Expense (Benefit)                     1,381             22,264
                                                ------             ------
NET INCOME (LOSS)                           $  (31,267)       $    48,028
                                               =======             ======
INCOME (LOSS) PER SHARE - BASIC
  AND DILUTED                                     NIL                NIL
                                                 ====               =====
NUMBER OF WEIGHTED AVERAGE
SHARES OUTSTANDING                           20,150,000          20,150,000
                                             ==========          ==========















See accompanying summary of accounting policies and notes to financial
statements.

                                                       Page 3 of 9


                        MODERN TECHNOLOGY CORP.
               CONSOLIDATED STATEMENTS OF CASH FLOWS
                               (UNAUDITED)

                                              For The Three Months
                                               Ended September 30,
                                              2001            2000
                                            ------           ------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)                         $ (31,267)        $ 48,028
Adjustments to Reconcile Net Income
to Net Cash Provided By (Used In)
 Operating Activities:
 Depreciation & Amortization                 15,552              178
Gain on Investments                            -0-           (74,314)
Changes in Assets and Liabilities:
Decrease (Increase) in Other Current
Assets                                         -0-             5,000
Decrease (Increase) in Other Assets            145                30
Increase (Decrease) Accrued
  Expenses and Taxes                        (4,772)           13,774
  (Decrease) Increase in Deferred Tax
 Liability                                     -0-             8,035
                                           -------            ------
Net Cash Provided By (Used In)
Operating Activities                       (20,342)              731
                                           -------            ------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures                          (255)              -0-
(Purchase) Sale of Securities                   -0-          109,814
Purchase of Investment                     (20,082)              -0-
                                           -------           -------
Net Cash (Used In) Provided By
Investing Activities                       (20,337)          109,814
                                           -------           -------
Net Increase (Decrease) in Cash
and Cash Equivalents                       (40,679)          110,545
Cash and Cash Equivalents,
Beginning of Year                          472,617           663,250
CASH AND CASH EQUIVALENTS,                 -------          --------
END OF YEAR                              $ 431,938          $773,795
                                           =======           =======
Supplemental Disclosures Of Cash Flow Information
  Cash Paid During The Period For:
    Taxes                                $   1,301          $ 22,264
    Interest                             $     -0-          $    -0-

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



See accompanying summary of accounting policies and notes to financial
statements.

                                                     Page 4 of 9







                MODERN TECHNOLOGY CORP.
      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
       FOR THE THREE MONTHS ENDED SEPTEMBER 30, 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 September 30, 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.












                                                    Page 5 of 9



               MODERN TECHNOLOGY CORP.
      NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
       FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
                    (Unaudited)
                    (Continued)

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
September 30, 2001, the Company holds no Omnicomm common stock.

PROPERTY AND EQUIPMENT

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 three months ended September 30, 2001 and 2000 was $-0-,
and $1,278, respectively.




                                               Page 6 of 9




                  MODERN TECHNOLOGY CORP.
        NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
         FOR THE THREE MONTHS ENDED September 30, 2001
                        (Unaudited)
                        (Continued)

NOTE 3:      CONCENTRATIONS OF CREDIT RISK

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

At September 30, 2001 and June 30, 2001, the Company had deposits
in various financial institutions totaling a bank balance
of$433,121 and $592,796, respectively.  Of the bank balance, up to
$2,947 and $4,127 was covered by federal depository insurance.  The
remaining balance was uninsured and uncollateralized.  At times
during the three months ended September 30, 2001 and year ended
June 30, 2001, 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
$431,938 ad $472,617 at September 30, 2001 and June 30, 2001
respectively.

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:

                              Sept. 30,           June 30,
                                 2001               2001
                              --------            --------
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              100,000

Investments in other
restricted securities              900                  900
                               -------              -------
                              $116,800             $116,800
                               =======              =======


                                                  Page 7 of 9




                  MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
                        (Unaudited)
                        (Continued)


NOTE 6:      INVESTMENT IN EQUITY SECURITIES (At Equity)

Investments in Non Marketable Equity Securities consist of the
following:
                        Sept. 30,         June 30
                         2001              2001
                        ---------         --------
Investment in 20% of
total shares in
Scientio Inc.            $ 30,524         $ 26,508
                          -------           ------
                         $ 30,524         $ 26.508
                          =======           ======
Since Modern owns 20% of Scientio Inc., the investment is accounted
for under the equity method. There were no intercompany
transactions between Modern and Scientio.  Since the net assets of
Scientio were less than Modern's investment, the excess of the
prorata net assets of Scientio was recorded as goodwill of $183,352
and $167,287 at September 30, 2001 and June 30, 2001, respectively.
Goodwill is being amortized over three years using straight line.
Goodwill amortization was $15,279 for the three months ended
September 30, 2001 and $27,881 during the year ended June 30, 2001.
 The following unaudited information is provided for Scientio as of
May 15, 2001, (the most recent information available):

Total assets               $34,543
Total liabilities              $49
(Loss) for the period
Dec. 11, 2000 (inception)
Through May 15, 2001      $(76,569)

NOTE 7:      INCOME TAX EXPENSE (BENEFIT)

The provision for income taxes is comprised of the following:
               9/30/01            9/30/00
               --------           -------
  Current       $1,381            $14,229
  Deferred         -0-              8,035
                ------             ------
                $1,381            $22,264
                ======            =======
The provision for income taxes differs from the amount computed
by applying the statutory federal income rate as follows:
                                 9/30/01      9/30/00
                                 -------      -------
  Expected statutory amount       $  -0-      $ 5,625
  Net operating loss                 -0-         -0-
  Unrealized gains                   -0-        8,035
  State income taxes, net
   of federal benefit              1,381        8,604
                                  ------      -------
                                  $1,381      $22,264
                                  ======      =======



                                                  Page 8 of 9


                       MODERN TECHNOLOGY CORP.
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2001
                             (Unaudited)
                             (Continued)

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 September 30, 2001 and
June 30, 2001 relate to Excess, the Company's 70% owned
subsidiary,and the timing differences resulting from the Company's
investment accounted for under the equity method.  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:

                                   9/30/01              6/30/01
                                   -------              -------
Deferred tax assets:
  Net operating loss
   carry forwards                   $27,500             $18,000
  Amortization of Intangibles        13,022               8,412
  Investment loss                     4,620               4,620
                                     ------              ------
    Gross deferred tax assets        45,142              31,032
Valuation allowance                 (45,142)            (31,032)
                                     ------              ------
  Net deferred tax assets           $   -0-            $   -0-
                                     ======              ======
The accumulated net operating loss of approximately $55,000 expires
in the year ended June 30, 2021.  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 ow
14.5% of the outstanding shares of Daine Industries, Inc.  Anne
Seidenfeld, Treasurer, Secretary and a director of the Company, ns
approximately 8% of the outstanding shares of Daine Industries,
Inc.  Anne Seidenfeld is Arthur Seidenfeld's mother.  There were no
related party transactions.

NOTE 10:      INTERIM FINANCIAL REPORTING

The unaudited financial statements of the Company for the period
July 1, 2001 to September 30, 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 9 of 9










      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.

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.  Management of the Registrant plans to close down the
operations of Excess Materials and liquidate the Company in the near
future.

During the three months ended September 30, 2001, the
Registrant had net a loss of $31,267 as compared with net income of
$48,028 for the three months ended September 30, 2000.  For the three
months ended September 30, 2001, the Registrant had total revenues of
$3,385 as compared with revenues of $83,315 for the three month period
ended September 30, 2000.

The net loss for the three months ended September 30, 2001 can
be attributed to the following: Officers' salaries of $8,095, general and
administrative expenses of $9,897 and goodwill amortization of $15,279 in
connection with the Registrant's 20% ownership interest in Scientio, Inc.,
along with income tax expense of $1,381 offset by revenues from interest
income of $3,385 which resulted in the loss.


For the three month period ended September 30, 2000, the
Registrant generated revenues from the sale of securities (Omnicomm
Systems, Inc. shares) amounting to $74,314 and interest income of $9,001
(total revenues of $83,315).  Expenses amounted to officers' salaries of
$1,800, general and administrative expenses of $11,223 and income tax
expense of $22,264.



















General and administrative expenses can be attributed primarily
to legal and accounting fees.

During the three months ended September 30, 2001, the
Registrant's president, Arthur Seidenfeld received a salary of $6,295;
during the three months ended September 30, 2000, he did not receive a
salary.  Anne Seidenfeld, the Registrant's treasurer-secretary received a
salary of $1,800 for the three months ended September 30, 2001 and $1,800
for the three months ended September 30, 2000.  The cash and cash
equivalent balances along with holdings of U.S. treasury Obligations of
the Registrant as of September 30, 2001 and June 30, 2001 were $431,938
and $472,617, 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 located in Coconut Grove, Florida.  The Company
provides software for assisting in the preparation of clinical trial
submissions.  During February 1999, the Registrant purchased a $100,000
convertible note in Omnicomm.  The note carried a 10% interest rate and
was 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.  The Company converted its $100,000 note into 80,000 shares
of Omnicomm.  As of March 31, 2001, the Registrant sold all 80,000 shares
of Omnicomm.
























The Registrant signed an agreement on December 8, 2000 to
invest $238,500 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 in the datamining field based on
an XML format.  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 September 30, 2001.

As part of the agreement, Scientio has registered the shares
owned by the Registrant under the Securities Act, for distribution and
trading.  The registration statement was declared effective on September
24, 2001.  The Registrant's 403,000 shares of Scientio was distributed in
October 2001 to the Registrant's shareholders on the basis of 1 share of
Scientio for each 50 shares of the Registrant held as of the record date.
 The Registrant covered registration costs and expenses in connection
with the preparation and filing of the registration statement of the
Scientio shares (amounting to approximately $50,000).  This $50,000
expenditure is included in the $238,500 investment discussed in the
earlier paragraph.

The investment of $188,500 by the Registrant (not including the
$50,000 expenditure for registration of the distribution of its shares in
Scientio) 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 Rule packages are targeted to software developers
as they relate to the field of data mining.  Scientio also will provide
its technology for use in other software products which want to integrate
datamining in the XML format. As of September 30, 2001, the Registrant
has invested $188,500 in Scientio Inc.  No assurances can be given that
Scientio's XML software products will be successfully received by software
developers worldwide or that its technology will be integrated into non
Scientio software products.

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 shares of Lite King.  An application has been
filed for the listing of Lite King's shares for trading on the OTC
Bulletin Board.  No assurance can be given that this listing will be
approved and that the shares will be trading in the near future.

      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
                        November 5, 2001