SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

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

For the quarterly period ended March 31, 1997 or

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

For the transition period from               to 

Commission file number 2-80891-NY

                     MODERN TECHNOLOGY CORP.
                                                                  
     (Exact Name of Registrant as Specified in its Charter)

Nevada                                  11-2620387
                                                                  
(State or other jurisdiction of         (I.R.S. Employer
Incorporation or Organization)            Identification Number)

             240 Clarkson Avenue, Brooklyn, NY 11226
                                                                  
(Address of Principal Executive Office)           (Zip Code)

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


                                                                  
      (Former Name, Former Address and Former Fiscal Year,
                  If Changed Since Last Report)

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

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

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

              APPLICABLE ONLY TO CORPORATE ISSUERS

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













                     MODERN TECHNOLOGY CORP.

                      FINANCIAL STATEMENTS

                         MARCH 31, 1997






                            I N D E X




                                                            Page



INDEPENDENT ACCOUNTANTS' REVIEW REPORT                        1


CONSOLIDATED BALANCE SHEETS                                   2


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                3


CONSOLIDATED STATEMENTS OF OPERATIONS                        4-5


CONSOLIDATED STATEMENTS OF CASH FLOWS                         6


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS               7-10










             INDEPENDENT ACCOUNTANTS' REVIEW REPORT




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

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

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

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

We have previously audited, in accordance with generally accepted
auditing standards, the balance sheet as of June 30, 1996, and the
related statements of operations, stockholders' equity and cash
flows for the year then ended (not presented herein); and in our
report dated September 12, 1996, 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, 1996 is fairly stated in all material respects in relation to
the balance sheet from which it has been derived.



                                   GREENBERG & COMPANY, LLC

Springfield, New Jersey
April 24, 1997

                                                       Page 1 of 10

                        MODERN TECHNOLOGY CORP.
                      CONSOLIDATED BALANCE SHEETS


                                      March 31, 1997
                                        (Unaudited)    June 30, 1996


                              A S S E T S


CURRENT ASSETS
  Cash and Cash Equivalents              $631,301         $616,268
  Due from Securities Sale                 32,000              -0-
  Receivable - Affiliate                      800              -0-
    Total Current Assets                  664,101          616,268

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


OTHER ASSETS 
  Investments, At Cost                     49,770           74,770
  Investments, At Equity                   16,005           16,005
  Loan Receivable - Affiliate                 -0-           11,400
  Deferred Registration Costs              12,650              -0-
  Other Assets                                300              -0-
    Total Other Assets                     78,725          102,175

TOTAL ASSETS                             $742,826         $718,443

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


CURRENT LIABILITIES
  Accrued Expenses and Taxes             $  5,992         $  2,349
    Total Current Liabilities               5,992            2,349

STOCKHOLDERS' EQUITY
  Common Stock Par Value $.0001
    Authorized:  150,000,000
    Shares Issued and Outstanding:
    20,150,000 Shares                       2,015            2,015
  Paid-In Capital in Excess of Par        495,161          495,161
  Retained Earnings                       239,658          218,918
    Total Stockholders' Equity            736,834          716,094

TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $742,826         $718,443


  
Subject to the comments contained in the Accountants' Review Report.


                                                          Page 2 of 10

                          MODERN TECHNOLOGY CORP.
              CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
               FOR THE PERIOD JULY 1, 1994 TO MARCH 31, 1997



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



BALANCES AT
JULY 1, 1994        20,150,000   $2,015   $495,161   $237,013   $734,189

Net (Loss) for 
the Year Ended
June 30, 1995                                         (14,375)   (14,375)

BALANCES AT
JUNE 30, 1995       20,150,000    2,015    495,161    222,638    719,814

Net (Loss) for
the Year Ended
June 30, 1996                                          (3,720)    (3,720)

BALANCES AT
JUNE 30, 1996
(Audited)           20,150,000    2,015    495,161    218,918    716,094

Net Income for the
Nine Months Ended
March 31, 1997                                         20,740     20,740


BALANCES AT
MARCH 31, 1997
(Unaudited)         20,150,000   $ 2,015  $495,161   $239,658   $736,834















Subject to the comments contained in the Accountants' Review Report.


                                                                Page 3 of 10

                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Nine
                                                     Months Ended
                                                       March  31,    
                                                    1997       1996  


REVENUES

  Interest Income                                 $26,029    $23,468
  Management Income                                 7,200      7,200
  Gain on Sale of Securities                       29,940        -0-
                                                   63,169     30,668
  

EXPENSES

  Officers Salaries                                 5,400      5,400
  General and Administrative Expenses              22,517     23,393
  Bad Debt                                         11,400        -0-
                                                   39,317     28,793
  

INCOME BEFORE TAXES                                23,852      1,875 

Income Tax Expense (Benefit)(Note 3)                3,112     (1,097)


NET INCOME                                        $20,740    $ 2,972 


NET INCOME PER SHARE                                NIL        NIL  


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













Subject to the comments contained in the Accountants' Review Report.


                                                          Page 4 of 10

                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Three
                                                     Months Ended
                                                       March 31,     
                                                    1997       1996  


REVENUES

  Interest Income                                 $11,476    $ 7,040
  Management Income                                 2,400      2,400
  Gain on Sale of Securities                       29,940        -0-
                                                   43,816      9,440
  

EXPENSES

  Officers Salaries                                 1,800      1,800
  General and Administrative Expenses               8,926      7,750
  Bad Debt                                         11,400        -0-
                                                   22,126      9,550
  

INCOME (LOSS) BEFORE TAXES                         21,690       (110)

Income Tax Expense (Benefit)(Note 3)                2,674        (89)


NET INCOME (LOSS)                                 $19,016    $   (21)


NET INCOME (LOSS) PER SHARE                         NIL        NIL  


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













Subject to the comments contained in the Accountants' Review Report.


                                                          Page 5 of 10

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


                                                   For The Nine
                                                   Months Ended
                                                     March 31,      
                                                 1997        1996   


CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                            $ 20,740    $  2,972
  Adjustments to Reconcile Net
   Income to Net Cash Provided By
   Operating Activities:
    Changes in Assets and Liabilities:
     (Increase) Decrease in Due from
      Securities Sale                           (32,000)        -0-
     (Increase) Decrease in Receivable
      - Affiliate                                  (800)        -0-
     (Increase) Decrease in Other Assets           (300)        -0-
     (Decrease) Increase in Accrued
       Expenses                                   3,643       1,011

  Net Cash Provided By (Used In)
   Operating Activities                          (8,717)      3,983

CASH FLOWS FROM INVESTING ACTIVITIES:
  Sale of Investment                             25,000         -0-
  Deferred Registration Costs - Subsidiary      (12,650)        -0-
  Loans to Affiliate                                -0-     (11,400)
  Bad Debt - Loan to Affiliate                   11,400         -0-

  Net Cash Provided By (Used In)
   Investing Activities                          23,750     (11,400)

Net (Decrease) Increase in Cash
  and Cash Equivalents                           15,033      (7,417)

Cash and Cash Equivalents,
  Beginning of Period                           616,268     645,753

CASH AND CASH EQUIVALENTS
  END OF PERIOD                                $631,301    $638,336


Supplemental Disclosures of 
  Cash Flow Information
   Cash Paid During Period For:
     Taxes                                     $   523     $    143
     Interest                                       -0-         -0-


Subject to the comments contained in the Accountants' Review Report.


                                                           Page 6 of 10

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            FOR THE NINE MONTHS ENDED MARCH 31, 1997
                           (Unaudited)

NOTE 1:   ORGANIZATION AND NATURE OF OPERATIONS

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

NOTE 2:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          ACCOUNTING POLICIES

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

          BASIS OF PRESENTATION

          The accompanying consolidated financial statements
          include the accounts of its wholly owned subsidiary Coral
          Development Corp (Coral).  Modern invested $30,300 in
          Coral during the quarter ended December 31, 1996.

          RECLASSIFICATIONS

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

          CASH AND CASH EQUIVALENTS

          Cash equivalents consist of highly liquid, short-term
          investments with maturities of 90 days or less.

          PREPARATION OF FINANCIAL STATEMENTS

          Preparation of the Company's financial statements in
          conformity with generally accepted accounting principles
          requires the use of management's estimates, primarily
          related to the estimates of fair values for its
          investments and depreciable lives of furniture and
          equipment.  Accordingly, actual results could differ from
          those estimates.

          DEFERRED REGISTRATION COSTS

          As of March 31, 1997, the Company's subsidiary, Coral,
          has incurred deferred registration costs of $12,650
          relating to expenses incurred in connection with the
          Proposed Distribution of Coral's securities.  Upon
          consumation of this Proposed Distribution, the deferred
          registration costs will be charged to equity.  Should the
          Proposed Distribution prove to be unsuccessful, these
          deferred costs, as well as additional expenses to be
          incurred, will be charged to operations.

                                                       Page 7 of 10

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            FOR THE NINE MONTHS ENDED MARCH 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 3:   INVESTMENT IN EQUITY SECURITIES (At Cost, Which
          Approximates Market)

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

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

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

          Investment in 50,100,000
          restricted shares in
          Davin Enterprises, Inc.         7,950      7,950

          Investments in other
          restricted securities             920        920

                                        $49,770    $74,770

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

          The Company purchased 50,100,000 shares of Davin
          Enterprises, Inc. at a cost of $7,950.  This represents
          25.8% of the total outstanding shares of common stock.

          The Company purchased an investment in TTR Inc., a 10%
          promissory note in the amount of $25,000 with warrants
          for 4,000 shares exercisable at $.01 at the time of a TTR
          initial public offering.  TTR Inc. incorporated for the
          purpose of designing, developing, and marketing computer
          software products.  During the quarter ended March 31,
          1997, TTR completed its initial public offering and
          repaid the note with interest

          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.  





                                                       Page 8 of 10

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            FOR THE NINE MONTHS ENDED MARCH 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 4:   INVESTMENT IN AFFILIATE (At Equity)

          Investment in Soft Sail Wind Power Inc.
          (representing approximately 36% of the
          outstanding common stock)                $ 16,005

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

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

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


NOTE 5:   INCOME TAXES

          The Company has accrued taxes on an income tax basis in
          prior periods in accordance with APB opinion No. 11. 
          Effective 1993 the Company adopted FAS 109 for reporting
          income taxes.  This did not result in any material
          changes from prior periods.

          There were no differences between book and tax income. 
          Income taxes are accrued at statutory income tax rates.

                                         3/31/97    3/31/96
          Current tax expense:
            Federal income tax            $2,606   $   383
            State & city income tax          506       682
                                           3,112     1,065
          Net operating loss (NOL)
            carryback (refunds)              -0-    (2,162)
          Net tax expense (benefit)       $3,112   $(1,097)


NOTE 6:   POSTRETIREMENT BENEFITS

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





                                                     Page 9 of 10

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
            FOR THE NINE MONTHS ENDED MARCH 31, 1997
                           (Unaudited)
                           (Continued)


NOTE 7:   RELATED PARTY TRANSACTIONS

          Davin Enterprises, Inc. (Davin) entered into an oral
          agreement with Modern Technology Corp. providing for the
          partial use of office space for Davin on a month to month
          basis.  The company does not pay rent but pays a fee to
          Modern Technology Corp. for services.  There was an $800
          receivable from Davin at March 31, 1997.

          Arthur Seidenfeld, President and a director of the
          Company, owns 14.5% of the outstanding shares of Daine
          Industries, Inc. and 29.4% of the outstanding shares of
          Davin Enterprises, Inc.  Anne Seidenfeld, Treasurer,
          Secretary and a director of the Company, owns 12% of the
          outstanding shares of Modern Technology Corp.  Anne
          Seidenfeld is Arthur Seidenfeld's mother.



NOTE 8:   INTERIM FINANCIAL REPORTING

          The unaudited financial statements of the Company for the
          period July 1, 1996 to March 31, 1997 have been prepared
          by management from the books and records of the Company,
          and reflect, in the opinion of management, all
          adjustments necessary for a fair presentation of the
          financial position and operations of the Company as of
          the period indicated herein, and are of a normal
          recurring nature.
























                                                     Page 10 of 10

                     MODERN TECHNOLOGY CORP.
                 Part 1.  Financial Information

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

          Modern Technology Corp. ("The Company") is engaged in
aiding prospective clients in obtaining financing and in providing
management services to client companies.  During the nine months
ended March 31, 1997, the Registrant was involved in providing
managerial services to one firm which it aided in obtaining
financing, namely Davin Enterprises, Inc. ("Davin") and received
management fees of $7,200 from Davin.

          During the nine months ended March 31, 1997, the
Registrant had net income of $20,740 as compared with net income of
$2,972 during the nine months ended March 31, 1996.  The increase
in profitability for the comparative periods discussed in the
previous sentence can be attributed to a gain from the sale of
shares of TTR Inc. and interest earned on a note repaid by TTR Inc.
offset by a writeoff of a loan to Soft Sail Wind Power Inc.. 
During the nine months ended March 31, 1997 and 1996, the
Registrant's treasurer-secretary, Anne Seidenfeld received a salary
of $5,400.

          The cash and cash equivalents balances along with
holdings of U.S. Treasury Obligations of the Company as of March
31, 1997 and June 30, 1996 were $631,301 and $616,268.

          On July 27, 1994, the Registrant signed an agreement to
purchase a 40% ownership interest in a company entitled Soft Sail
Wind Power Inc.  The purpose of Soft Sail Wind Power Inc. will be
to exploit and commercialize wind power.  As of December 31, 1996,
the Registrant owned 404 shares of Soft Sail Wind Power Inc. at a
cost of $40,449 and has loaned Soft Sail Wind Power Inc. $11,400. 
As of March 31, 1997, the Registrant has written off its loan 
with Soft Sail Wind Power Inc.

          During the quarter ended March 31, 1995, the Registrant
purchased one unit in TTR Inc. in the amount of $25,000, consisting
of a 10% promissory note and warrants to purchase 4,000 shares of
common stock.  During the quarter ended March 31, 1997, TTR repaid
its note to the Registrant with interest amounting to $5,000.  The
Registrant exercised warrants to purchase 4,000 shares of TTR Inc.
costing $60 and sold the accompanying shares for $30,000,
generating a gain of $29,940.

          During the quarter ended June 30, 1996, the Registrant
purchased 25,000 shares of Delta Three Inc. for $25,000.  Delta
Three Inc. is an Israeli based telecommunications provider using
Internet technology for voice transmission.
          During the quarter ended December 31, 1996, the
Registrant established a new subsidiary entitled Coral Development
Corp. (Coral Dev.).  In February 1997, the Registrant filed a
registration statement with the Securities and Exchange Commission
("SEC") to spin off its 100% holdings in Coral Dev. representing
403,000 shares, directly to the Registrant's shareholders, in the
ratio of 1 share of Coral Dev. for each 50 shares of the Registrant
held.

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

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

                   Part 2.  Other Information


Item 1.   Legal Proceedings.  None.


Item 2.   Changes in Securities.  None.


Item 3.   Defaults upon Senior Securities.  None.


Item 4.   Submission of Matters to a Vote of Security Holders. 
          None.


Item 5.   Other Materially Important Events.  None.


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


                           SIGNATURES


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


                     MODERN TECHNOLOGY CORP.


                   By:                        
                       Arthur J. Seidenfeld
                 President, Chief Executive and
                     Chief Financial Officer
                          May 12, 1997