SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C. 20549

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

For the quarterly period ended December 31, 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

                             DECEMBER 31, 2001












                      I N D E X





	                                         Page


CONSOLIDATED BALANCE SHEETS	                  1


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY	  2


CONSOLIDATED STATEMENTS OF OPERATIONS	         3-4


CONSOLIDATED STATEMENTS OF CASH FLOWS	          5


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	 6-11




































                    MODERN TECHNOLOGY CORP.
                  CONSOLIDATED BALANCE SHEETS

                                          Dec. 31,	June 30,
                                            2001	  2001
					----------	--------
                                        (Unaudited)

                           A S S E T S
                           -----------
CURRENT ASSETS
	Cash and Cash Equivalents	$  391,720	$472,617
	Investments, Trading Securities	   525,873	     -0-
	Other Current Assets	             4,325 	     -0-
					----------	--------
		                           921,918	 472,617
					----------	--------

EQUIPMENT - At Cost			    15,660	  15,405
	Less:  Accumulated Depreciation	   (12,551)	 (12,005)
					----------	--------
					     3,109	   3,400
					----------	--------

OTHER ASSETS
	Investments, At Cost		   102,331	 116,800
	Investments, at Equity		       -0-	  26,508
	Other Assets			     9,658	     443
	Goodwill, net			       -0-	 139,406
	Deferred Income Tax		    22,212	     -0-
					----------	--------
					   134,201	 283,157
					----------	--------

TOTAL ASSETS				$1,059,228	$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		$    5,792	$  5,500
	Income Tax Payable		       -0-	   3,564
	Deferred Income Tax		   234,299	     -0-
					----------	--------
	  Total Current Liabilities	   240,091	   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		   321,661	 252,634
					----------	--------
					   818,837	 749,810
					----------	--------
TOTAL LIABILITIES AND
	STOCKHOLDERS' EQUITY		$1,059,228	$759,174
					==========	========



See accompanying summary of accounting policies and notes to financial
statements.
		                                   Page 1 of 11






                          MODERN TECHNOLOGY CORP.
               CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
              FOR THE PERIOD JULY 1, 2000 TO DECEMBER 31, 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 Six
Months Ended
December 31, 2001                                 247,891   247,891

Dividend of Equity
Investment Stock                                 (178,864) (178,864)
                   ----------  ------  --------  --------  --------

BALANCE AT
DECEMBER 31, 2001  20,150,000  $2,015  $495,161  $321,661  $818,837
(Unaudited)        ==========  ======  ========  ========  ========

















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

					         Page 2 of 11









                          MODERN TECHNOLOGY CORP.
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                                (UNAUDITED)

                                                For The Three Months
                                                 Ended December 31,
                                              ------------------------
                                               2001              2000
                                               ----              ----
REVENUES
     Interest Income                        $     2,117    $    11,944
     Realized Gains-Trading Securities           14,343            -0-
     Unrealized Gains-Trading Securities        511,782            -0-
                                             ----------     ----------
                                                528,242         11,944
                                             ----------     ----------
EXPENSES
     Officers' Salaries                           8,300          6,300
     Realized Loss - Trading Securities             -0-          8,631
     General and Administrative Expenses         27,741         11,839
                                             ----------     ----------
                                                 36,041         26,770
                                             ----------     ----------

INCOME (LOSS) BEFORE TAXES                      492,201        (14,826)

     Income Tax Expense (Benefit)               213,043         (5,139)
                                             ----------     ----------

NET INCOME (LOSS)                           $   279,158    $    (9,687)
                                             ==========     ==========
INCOME (LOSS) PER SHARE - BASIC
  AND DILUTED                               $       .01            NIL
                                             ==========     ==========
NUMBER OF WEIGHTED AVERAGE SHARES
 OUTSTANDING - BASIC AND DILUTED             20,150,000     20,150,000
                                             ==========     ==========















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

			                                Page 3 of 11


                          MODERN TECHNOLOGY CORP.
                   CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (UNAUDITED)

                                                For The Six Months
                                                Ended December 31,
                                             -------------------------
                                               2001              2000
                                               ----              ----
REVENUES
     Interest Income                         $    5,502    $    20,945
     Realized Gains-Trading Securities           14,343         50,126
     Unrealized Gains-Trading Securities        511,782         24,188
                                             ----------     ----------
                                                531,627         95,259
                                             ----------     ----------

EXPENSES

     Officers' Salaries                          16,395          8,100
     Realized Loss - Trading Securities             -0-          8,631
     General and Administrative Expenses         37,638         23,062
     Goodwill Amortization                       15,279            -0-
                                             ----------     ----------
                                                 69,312         39,793
                                             ----------     ----------

INCOME (LOSS) BEFORE TAXES                      462,315         55,466

     Income Tax Expense                         214,424         17,125
                                             ----------     ----------

NET INCOME (LOSS)                           $   247,891    $    38,341
                                             ==========     ==========
INCOME (LOSS) PER SHARE - BASIC
  AND DILUTED                               $       .01            NIL
                                             ==========     ==========
NUMBER OF WEIGHTED AVERAGE SHARES
 OUTSTANDING - BASIC AND DILUTED             20,150,000     20,150,000
                                             ==========     ==========






















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

			                               Page 4 of 11


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

                                                 For The Six Months
                                                 Ended December 31,
                                             -------------------------
                                                2001            2000
                                                ----            ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)                            $  247,891       $ 38,341
Adjustments to Reconcile Net Income
 to Net Cash Provided By
 Operating Activities:
   Realized Gain on Investment                  (14,343)       (50,126)
   Realized Loss                                    -0-          8,631
   Unrealized Gains                            (511,782)       (24,188)
   Depreciation & Amortization                   15,946            451
   Changes in Assets and Liabilities:
   Decrease (Increase) in Other Current
    Assets                                       (4,325)         5,000
   (Increase) Decrease in Other Assets           (9,335)            60
   (Increase) Decrease in Deferred Tax Asset    (22,212)           -0-
   (Decrease) Increase Accrued
     Expenses                                       292            -0-
   (Decrease) Increase in Income Tax
     Payable                                     (3,564)        17,125
   (Decrease) Income in Deferred Income Tax
     Liability                                  234,299            -0-
                                             ----------     ----------
Net Cash Provided By (Used In)
  Operating Activities                          (67,133)        (4,706)
                                             ----------     ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Sale of Investment                 14,721        165,683
Purchase of Equipment                              (255)        (1,905)
Purchase of Investment at Equity                (28,230)       101,009)
                                             ----------     ----------
Net Cash Provided By (Used In)
  Investing Activities                          (13,764)        62,769
                                             ----------     ----------
Net (Decrease) Increase in Cash
  and Cash Equivalents                          (80,897)        58,063

Cash and Cash Equivalents,
  Beginning of Period                           472,617        663,250
                                             ----------     ----------
CASH AND CASH EQUIVALENTS,
  END OF PERIOD                               $ 391,720       $721,313
                                             ==========     ==========

Supplemental Disclosures Of Cash Flow Information
 Cash Paid During The Period For:
  Taxes                                       $   1,301       $    -0-
  Interest                                    $     -0-       $    -0-

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

Dividend of Equity Investment Stock           $ 178,864       $    -0-


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

                                                           Page 5 of 11




                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 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 6 of 11

                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 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 December
	31, 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 six months ended December 31, 2001 and 2000
	was $-0-, and $2,345, respectively.




				                      Page 7 of 11


                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 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 December 31, 2001 and June 30, 2001, the Company had
        deposits in various financial institutions totaling a bank
        balance of $400,911 and $592,796, respectively.  Of the bank
        balance, up to $3,332 and $4,127 was covered by federal
        depository insurance.  The remaining balance was uninsured
        and uncollateralized.  At times during the six months ended
        December 31, 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.

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.

        During the quarter ended December 31, 2001, the investment in
        701,071 shares of common stock of Lite King Corp. (LKC) was
        considered a trading security in accordance with Financial
        Accounting Standard (FAS) 115.  LKC shares are traded on the
        NASD over the counter bulletin board system.  The cost of
        these shares is $14,021.  During the quarter ended December
        31, 2001, 18,900 shares of LKC stock were sold generating a
        realized gain of $14,343.  The total unrealized gain on LKC
        stock was $511,782 at December 31, 2001.

NOTE 5:	INVESTMENT IN EQUITY SECURITIES (At Cost)

        Investments in Non Marketable Equity Securities consist of
        the following:
                                          December 30,   June 30,
                                             2001          2001
                                           -------       -------
             Investment in 360,000
             restricted shares in
             Daine Industries, Inc.       $  1,431      $ 15,900

             Investment in 5% of
             total shares in Interactive
             Medicine Inc.                 100,000       100,000

             Investments in other
             restricted securities             900           900
                                           -------       -------
                                          $102,331      $116,800
                                           =======       =======

			                             Page 8 of 11






                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 2001
                                 (Unaudited)
                                 (Continued)


NOTE 6:	INVESTMENT IN EQUITY SECURITIES (At Equity)

        Investments in Non Marketable Equity Securities consist of
        the following:
                                          June 30
                                            2001
                                          -------
                Investment in 20% of
                total shares in
                Scientio Inc.            $ 26,508
                                          -------
                                         $ 26,508
                                          =======

        Since Modern owned 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
        was being amortized over three years using straight line.
        Goodwill amortization was $15,279 for the six months ended
        December 31, 2001 and $27,881 during the year ended June 30,
        2001.

        During the first week of October 2001, the stock of Scientio
        Inc. was distributed to the shareholders of Modern as a
        taxable dividend.  The total dividend was $178,864.  Modern
        did not recognize any gain or loss on the distribution of
        Scientio Inc stock.  As of December 31, 2001 Modern owned no
        stock in Scientio Inc. and has a $9,420 loan receivable from
        Scientio Inc. which is included in other assets at December
        31, 2001.


NOTE 7:	INCOME TAX EXPENSE (BENEFIT)

        The provision for income taxes is comprised of the following:
                                          12/31/01      12/30/00
                                          --------      --------
	  Current                         $  2,337      $ 17,125
	  Deferred                         212,087           -0-
                                          --------      --------
                                          $214,424      $ 17,125
                                          ========      ========

        The provision for income taxes differs from the amount
        computed by applying the statutory federal income rate as
        follows:
                                          12/31/01	12/31/00
                                          --------      --------
	  Expected statutory amount       $    -0-      $ 10,131
	  Net operating loss               (22,212)          -0-
	  Unrealized gains                 234,299           -0-
	  State income taxes, net
	   of federal benefit                2,337         6,994
                                          --------      --------
                                          $214,424      $ 17,125
                                          ========      ========

			                          Page 9 of 11

                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 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 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 deferred tax assets at December 31, 2001 relate to the
        loss generated for tax purposes by Excess and Modern.  The
        loss generated by Excess has been fully reserved in the
        valuation allowance.  The tax effect of significant temporary
        differences, which comprise the deferred tax assets and
        liabilities are as follows:

                                           12/31/2001  6/30/2001
                                           ----------  ---------
        Deferred tax assets:
          Net operating loss carryforwards  $  43,212  $  18,000
          Amortization of Intangibles             -0-      8,412
          Investment loss                         -0-      4,620
                                           ----------  ---------
            Gross deferred tax assets          43,212     31,032
        Valuation allowance                   (21,000)   (31,032)
                                           ----------  ---------
          Net deferred tax assets           $  22,212  $     -0-
                                           ==========  =========
        Deferred tax liabilities:
          Investment gain                   $ 234,299  $     -0-
                                           ==========  =========

        The accumulated net operating loss of Excess of approximately
        $46,000 expires in the year ended June 30, 2021.  The tax
        benefit has been fully reserved due to a lack of consistent
        operating profitability. The current net operating loss of
        Modern of approximately $48,000 expires in the year ended
        June 30, 2022.  The deferred tax liability incurred from the
        investment gain is due to the recognition in the financial
        statements of the unrealized gain on LKC stock pursuant to
        FAS 115.

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.




		                                      Page 10 of 11

                          MODERN TECHNOLOGY CORP.
               NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED DECEMBER 31, 2001
                                 (Unaudited)
                                 (Continued)


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 December 31, 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.

NOTE 11: SUBSEQUENT EVENT

        In January 2002, the Company loaned Scientio Inc. an
        additional $60,000.  On January 25, 2002, the Company
        converted its $70,000 loan receivable into 100,000 common
        shares of Scientio Inc.




























			                        Page 11 of 11




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 six months ended December 31, 2001, the Registrant
had net income of $247,891 as compared with net income of $38,341
for the six months ended December 31, 2000.  For the six months ended
December 31, 2001, the Registrant had total revenues of $531,627 as
compared with revenues of $95,259 for the six month period ended
December 31, 2000.

	The net income for the six months ended December 31, 2001
can be attributed to the following: an unrealized gain reflecting a
market price for the shares the Registrant owns in Lite King Corp,
whose shares began trading on the OTC Bulletin Board during the
quarter ended December 31, 2001; a realized gain from the sale of
shares in Lite King Corp of $14,343 and interest income of $5,502.
During the six monthes ended December 31, 2000 the Registrant's
revenues were attributed to the following items:  realized gain from
the sale of securities (Omnicomm Systems Inc) of $50,126 and an
unrealized gain from trading securities amounting to $24,188
(Omnicomm) and interest income of $20,945.

	From quarter to quarter, the Registrant may show unrealized
gains or losses from changes in the market price for shares it holds
for sale without any actual sale occurring.

	During the six months ended December 31, 2001, expenses
amounted to $69,312 attributable to the following items:  Officers'
salaries of $16,395, general and administrative expenses of $37,638
and goodwill amortization of $15,279 in connection with the
Registrant's 20% ownership interest in Scientio, Inc., along with
income tax expense of $214,424 (related to an unrealized gain-
trading securities).  For the six months ended December 31, 2000,
officers salaries amounted to $8,100, general and administrative
expenses of $23,062, a realized loss from the sale of securities of
$8,631 (Omnicomm) and income tax expense of $17,125.  General and
administrative expenses can be attributed primarily to legal and
accounting fees.

	During the six months ended December 31, 2001, the
Registrant's president, Arthur Seidenfeld received a salary of
$12,795; during the six months ended December 31, 2000, he received a
salary of $4,500.  Anne Seidenfeld, the Registrant's treasurer-
secretary received a salary of $3,600 for the six months ended
December 31, 2001 and 2000.  The cash and cash equivalent balances
along with holdings of U.S. treasury Obligations of the Registrant
as of December 31, 2001 and June 30, 2001 were $391,720 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 were
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.

        During the month of January 2002, Scientio's shares received
clearance for listing on the OTC bulletin board (symbol SCIT).  The
registrant also agreed to loan Scientio up to $75,000 to cover
operational expenses.  On January 25, 2002, the Registrant agreed to
convert $70,000 of the amount loaned to Scientio into 100,000
restricted shares of common stock of Scientio.

	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).

	Lite King's shares are listed for trading on the OTC Bulletin
Board (symbol LKNG).  As of December 31, 2001, the Registrant owned
707,571 shares of Lite King Corp.

				Part 2.  Other Information


Item 1.	Legal Proceedings.  None.


Item 2.	Changes in Securities.  None.


Item 3.	Defaults upon Senior Securities.  None.


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


Item 5.	Other Materially Important Events.  None.


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


                               SIGNATURES

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


                            MODERN TECHNOLOGY CORP.


                               By: Arthur J. Seidenfeld
                          President, Chief Executive and
                              Chief Financial Officer
                                 February 5, 2002