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, 1999 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 TECHNNOLOGY CORP.

                      FINANCIAL STATEMENTS

                       SEPTEMBER 30, 1999









                            I N D E X





                                                            Page


ACCOUNTANTS' REVIEW REPORT                                    1


CONSOLIDATED BALANCE SHEETS                                   2


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                3


CONSOLIDATED STATEMENTS OF OPERATIONS                         4


CONSOLIDATED STATEMENTS OF CASH FLOWS                         5


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS               6-10










                        ACCOUNTANTS' REVIEW REPORT




Board of Directors and Stockholders
MODERN TECHNOLOGY CORP.
Belle Harbor, New York

We have reviewed the consolidated balance sheet of MODERN TECHNOLOGY CORP. as
at September 30, 1999, and the related consolidated statements of operations,
stockholders' equity and cash flows for the three month periods ended
September 30, 1999 and 1998, 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, 1999, 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 6, 1999, 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, 1999 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
October 21, 1999



                                                         Page 1 of 10
                          MODERN TECHNOLOGY CORP.
                        CONSOLIDATED BALANCE SHEETS

                                                     Sept. 30    June 30
                                                       1999        1999
                                                    (Unaudited)
                                A S S E T S

CURRENT ASSETS
  Cash and Cash Equivalents                         $672,935     $759,898
  Other Current Assets                                15,048       22,360
                                                     687,983      782,258

EQUIPMENT - At Cost                                   13,500       13,500
  Less:  Accumulated Depreciation                    (10,473)     (10,295)
                                                       3,027        3,205

OTHER ASSETS
  Investments, At Cost                                16,800       16,800
  Note Receivable                                    100,000      100,000
  Deferred Tax                                           366          -0-
  Other Assets                                           598          598
                                                     117,764      117,398

TOTAL ASSETS                                        $808,774     $902,861


  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                                  $ 13,200     $ 47,326
  Income Tax Payable                                     -0-       38,513
    Total Current Liabilities                         13,200       85,839

STOCKHOLDERS' EQUITY
  Common Stock Par Value $.0001
    Authorized:  150,000,000 Shares
    Issued and Outstanding:  20,150,000
      Shares                                           2,315        2,015
  Paid-In Capital                                    495,161      495,161
  Retained Earnings                                  298,098      319,846
                                                     795,574      817,022

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $808,774     $902,861










See accompanying notes and accountants' review report.


                                                            Page 2 of 10
                          MODERN TECHNOLOGY CORP.
              CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
             FOR THE PERIOD JULY 1, 1998 TO SEPTEMBER 30, 1999



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


BALANCES AT
JULY 1, 1998         20,150,000   $2,015   $495,161   $247,041   $744,217

Dividend distribution
of Omnicomm Systems
Inc stock to Modern
Technology
stockholders                                           (30,300)   (30,300)

Net Income for
the Year Ended
June 30, 1999                                          103,105    103,105

BALANCES AT
JUNE 30, 1999
(Audited)            20,150,000    2,015    495,161    319,846    817,022

Capital Contribution                 300                              300

Net Income (Loss)
for the Three
Months Ended
Sept. 30, 1999                                         (21,748)   (21,748)

BALANCES AT
SEPT. 30, 1999
(Unaudited)          20,150,000   $2,315   $495,161   $298,098   $795,574















See accompanying notes and accountants' review report.


                                                            Page 3 of 10
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Three
                                                     Months Ended
                                                     September 30,
                                                    1999       1998


REVENUES

  Interest Income                                 $  8,942   $ 9,642
                                                     8,942     9,642


EXPENSES

  Officers Salaries                                  1,600     1,200
  General and Administrative Expenses               29,051    10,905
                                                    30,651    12,105


INCOME (LOSS) BEFORE TAXES                         (21,709)   (2,463)

Income Tax Expense                                      39     1,383


NET INCOME (LOSS)                                 $(21,748)  $(3,846)


NET INCOME (LOSS) PER SHARE                          NIL       NIL


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
















See accompanying notes and accountants' review report.


                                                      Page 4 of 10
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)

                                                   For The Three
                                                   Months Ended
                                                   September 30,
                                                 1999        1998

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                            $(21,748)   $ (3,846)
  Adjustments to Reconcile Net
   Income to Net Cash Provided By
   Operating Activities:
    Depreciation                                    178         -0-
    Changes in Assets and Liabilities:
     (Increase) Decrease in Other
       Current Assets                             7,312         -0-
     (Increase) Decrease in Deferred Tax           (366)        -0-
     (Decrease) Increase in Accrued
       Expenses and Taxes                       (34,126)      1,800
     (Decrease) Increase in Income Tax
       Payable                                  (38,513)        -0-

  Net Cash (Used In) Provided By
   Operating Activities                         (87,263)     (2,046)

CASH FLOWS FROM FINANCING ACTIVITIES:
  Capital Contribution                              300         -0-

  Net Cash Provided By (Used In)
   Financing Activities                             300         -0-

Net (Decrease) Increase in Cash
  and Cash Equivalents                          (86,963)     (2,046)

Cash and Cash Equivalents,
  Beginning of Period                           759,898     701,275

CASH AND CASH EQUIVALENTS
  END OF PERIOD                                $672,935    $699,229

Supplemental Disclosures of
  Cash Flow Information
   Cash Paid During Period For:
     Taxes                                     $    405    $  1,383
     Interest                                       -0-         -0-







See accompanying notes and accountants' review report.


                                                           Page 5 of 10
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                (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

          The accompanying consolidated financial statements include the
          accounts of the Company's wholly owned subsidiary Coral Development
          Corp (Coral) through the period ended December 31, 1998.  (See
          Spinoff of Omnicomm Systems Inc. Investment.)  All significant
          intercompany balances and transactions have been eliminated in
          consolidation.  Modern invested $30,300 in Coral during the quarter
          ended December 31, 1996.

          During the quarter ended March 31, 1999, Modern merged Coral with
          Omnicomm Systems, Inc. (Omnicomm).  In the exchange, Modern
          received 403,000 shares of Omnicomm for all of the issued and
          outstanding shares of Coral.  Since Modern now owns less than 50%
          of Omnicomm and does not exercise any significant control, the
          investment is now accounted for at cost.

          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, 1999 and June
          30, 1999.  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 6 of 10
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                (Continued)
                                (Unaudited)

          NOTE RECEIVABLE

          During the year ended June 30, 1999 the Company purchased a
          $100,000 convertible note in 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.

          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.

          YEAR 2000 COMPLIANCE

          The Company has evaluated the impact of the Year 2000 issue on the
          business and does not expect to incur significant costs with Year
          2000 compliance.  The Company believes that all software and
          hardware requirements to enable it to cope with the Year 2000 issue
          have been or are being currently implemented.  However, there can
          be no assurance that unanticipated costs may arise in implementing
          these requirements.






                                                               Page 7 of 10
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                (Continued)
                                (Unaudited)

          SPINOFF OF OMNICOMM SYSTEMS INC INVESTMENT

          As of June 30, 1999, Modern declared a distribution to its
          shareholders in the form of all the 403,000 shares of Omnicomm
          Systems Inc (Omnicomm) common stock that Modern owns.  During the
          quarter ended March 31, 1999, Modern merged Coral (Modern's 100%
          owned subsidiary) with Omnicomm.  In the exchange, Modern received
          403,000 common shares of Omnicomm for all of the issued and
          outstanding shares of Coral.  This represented approximately 30% of
          the issued and outstanding common shares of Omnicomm at that time.
          Modern subsequently declared a distribution of the 403,000 common
          shares of Omnicomm to Modern shareholders on a pro rata basis to
          their Modern shareholdings.  Omnicomm was a privately held computer
          systems integrator and software development company.  Modern
          recognized no gain or loss on the distribution of the Omnicomm
          shares.  The distribution does not qualify for tax-free treatment
          under Internal Revenue Section 355.  Therefore, the shareholders of
          Modern will receive the Omnicomm shares as a taxable dividend.  The
          dollar amount of the dividend is $30,300, the amount of Modern's
          investment in Coral.

NOTE 3:   MARKETABLE SECURITIES

          During the quarter ended December 31, 1998, the  investment in
          Creative Master International Inc. (CMST) (formerly Davin
          Enterprises, Inc.) of 37,575 shares was relcassified to a trading
          security in accordance with Financial Accounting Standard (FAS)
          115.  CMST shares were listed on the NASD National Market on
          December 30, 1998.  The cost of these shares was $7,950.  During
          the quarter ended March 31, 1999, the entire investment was sold.
          The total realized gain was $231,150.

NOTE 4:   INVESTMENT IN EQUITY SECURITIES (At Cost)

          Investments in Non Marketable Equity Securities consist of the
          following:
                                             Sept. 30,  June 30,
                                               1999       1999
               Investment in 72 million
               restricted shares in
               Daine Industries, Inc.        $15,900    $15,900

               Investment in 37,575
               restricted shares in
               Creative Master
               International Inc.
               (formerly Davin
               Enterprises Inc.)                 -0-        -0-

               Investments in other
               restricted securities             900        900

                                             $16,800    $16,800


                                                            Page 8 of 10
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                (Continued)
                                (Unaudited)

          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 50,100 shares of Creative Master
          International Inc. (formerly Davin Enterprises, Inc.) at a cost of
          $7,950.

          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
          March 31, 1997, TTR completed its initial public offering and
          repaid the note with interest.  The Company also exercised its
          warrants and realized a gain of $29,940 in the year ended June 30,
          1997.

          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.  This investment was
          sold during the year ended June 30, 1998.

NOTE 5:   INCOME TAXES

          The provision for income taxes is comprised of the following:

                                            9/30/99  9/30/98
            Current                         $ 405    $1,383
            Deferred                         (366)      -0-
                                            $  39    $1,383

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

                                            9/30/99  9/30/98
            Expected statutory amount       $ -0-    $  800
            Net operating loss               (366)      -0-
            State income taxes, net
             of federal benefit               405       583
                                            $  39    $1,383

          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, 1999
          relate principally to Excess, the Company's 70% owned subsidiary.
          The tax benefits relating to Excess are fully reserved due to
          Excess's lack of history and losses.  The remaining deferred tax
          asset relates to Modern's NOL for the three months ended September
          30, 1999.



                                                              Page 9 of 10
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
          FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1999 AND 1998
                                (Continued)
                                (Unaudited)

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

                                            9/30/99  6/30/99
          Deferred tax assets:
            Net operating loss
             carry forwards                 $3,317   $-0-
            Valuation allowance             (2,951)   -0-
            Net deferred tax (assets)       $  366   $-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 and 112.

NOTE 7:   RELATED PARTY TRANSACTIONS

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































                                                              Page 10 of 10
                      Part 1.  Financial Information

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

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

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

          During March 1999, the Registrant established a subsidiary entitled
Excess Materials, Inc. ("Excess Materials").  Excess Materials is an
electronic internet marketplace for corporate buyers and sellers of food
commodities, equipment, metals, industrial supplies, animal hides and textile
items.  Excess Materials will derive revenues from commissions paid by the
seller on completed transactions.  To date Excess Materials is in the
development stage.

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

          During the three months ended September 30, 1999, the Registrant
had a net loss of $21,748 as compared with net loss of $3,846 during the
three months ended September 30, 1998.  For the three months ended September
30, 1999, total revenues amounted to $8,942, a $700 decrease over revenues
generated during the three months ended September 30, 1998.  Expenses for the
three months ended September 30, 1999 amounted to $30,651, an $18,546
increase over expenses incurred for the three months ended September 30,
1998.  The net loss of $21,748 for the quarter ended September 30, 1999 can
be attributed to expenses related to the Registrant's subsidiary, Excess
Materials Inc.

          During the three months ended September 30, 1999, the Registrant's
treasurer-secretary, Anne Seidenfeld, received a salary of $1,600.  During
the three months ended September 30, 1998, she received a salary of $1,200.

          The cash and cash equivalent balances along with holdings of U.S.
Treasury Obligations of the Company as of September 30, 1999 and June 30,
1999 were $672,935 and $759,898 respectively.

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

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

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

          During February 1999, the Registrant purchased a $100,000
convertible note in Omnicomm.  The note carries a 10% interest rate and is
convertible at the Registrant's option into 80,000 shares of Omnicomm
(exercisable at $1.25 each).  A private placement of notes of Omnicomm was
completed raising approximately $800,000.  A majority of the noteholders can
demand registration of the shares accompanying these notes.  The notes mature
on June 30, 2004.  Omnicomm is presently in the process of a second private
placement to raise up to a maximum of $3 million dollars in additional
funding.

          The Registrant has evaluated the impact of the Year 2000 issue on
the business and does not expect to incur significant costs with Year 2000
compliance.  The Registrant believes that all software and hardware
requirements to enable it to cope with the Year 2000 issue have been or are
being currently implemented.  However, there can be no assurance that
unanticipated costs may arise in implementing these requirements.

                        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 11, 1999