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, 2002 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)

          ------------------------------------------------------
                      (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

                          MARCH 31, 2002




































                            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

                                               March 31      June 30,
                                                 2002         2001
                                             -----------     --------
                                             (Unaudited)
                           A S S E T S
                           -----------
   CURRENT ASSETS
     Cash and Cash Equivalents                 $ 361,873    $ 472,617
     Investments, Trading Securities             189,623          -0-
                                               ---------    ---------
                                                 551,496      472,617
                                               ---------    ---------

   EQUIPMENT - At Cost                            15,660       15,405
     Less:  Accumulated Depreciation             (12,922)     (12,005)
                                               ---------    ---------
                                                   2,738        3,400
                                               ---------    ---------
   OTHER ASSETS
     Investments, At Cost                        172,331      116,800
     Investments, at Equity                          -0-       26,508
     Other Assets                                  4,310          443
     Goodwill, net                                   -0-      139,406
     Deferred Income Tax                           8,228          -0-
                                               ---------    ---------
                                                 184,869      283,157
                                               ---------    ---------

   TOTAL ASSETS                                $ 739,103    $ 759,174
                                               =========    =========

   L I A B I L I T I E S   A N D   S T O C K H O L D E R S'   E Q U I T Y
   ----------------------------------------------------------------------
   CURRENT LIABILITIES
     Accrued Expenses                          $   3,200    $   5,500
     Income Tax Payable                              592        3,564
     Deferred Income Tax                          81,458          -0-
                                               ---------    ---------
       Total Current Liabilities                  85,250        9,064
                                               ---------    ---------

   MINORITY INTEREST                                 -0-          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                           156,677      252,634
                                               ---------    ---------
                                                 653,853      749,810
                                               ---------    ---------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $ 739,103    $ 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 MARCH 31, 2002


                       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 Nine
Months Ended
March 31, 2002
(Unaudited)                                           82,907     82,907

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

BALANCE AT
MARCH 31, 2002
(Unaudited)        20,150,000   $2,015   $495,161   $156,677   $653,853
                   ==========   ======   ========   ========   ========



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 March 31,
                                              -----------------------
                                                 2002         2001
                                                 ----         ----
REVENUES
  Interest Income                             $    1,164   $    9,540
                                              ----------   ----------
                                                   1,164        9,540
                                              ----------   ----------

EXPENSES
  Officers' Salaries                              12,143        8,459
  Realized Loss - Trading Securities              41,231          -0-
  Unrealized Loss - Trading Securities           241,541          -0-
  General and Administrative Expenses              8,990       21,951
                                              ----------   ----------
                                                 303,905       30,410
                                              ----------   ----------

INCOME (LOSS) BEFORE TAXES                      (302,741)     (20,870)
  Income Tax Expense (Benefit)                  (137,757)      (7,966)
                                              ----------   ----------

NET INCOME (LOSS)                             $ (164,984)   $ (12,904)
                                              ==========   ==========
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 Nine Months
                                                    Ended March 31,
                                                  -------------------
                                                   2002         2001
                                                   ----         ----
REVENUES
  Interest Income                              $    6,666   $    30,485
  Realized Gains-Trading Securities                14,343        50,126
  Unrealized Gains-Trading Securities             511,782        24,188
                                               ----------    ----------
                                                  532,791       104,799
                                               ----------    ----------

EXPENSES
  Officers' Salaries                               28,538        16,559
  Realized Loss - Trading Securities               41,231         8,631
  Unrealized Loss - Trading Securities            241,541           -0-
  General and Administrative Expenses              46,628        45,013
  Goodwill Amortization                            15,279           -0-
                                               ----------    ----------
                                                  373,217        70,203
                                               ----------    ----------

INCOME (LOSS) BEFORE TAXES                        159,574        34,596
  Income Tax Expense                               76,667         9,159
                                               ----------    ----------

NET INCOME (LOSS)                              $   82,907   $    25,437
                                               ==========    ==========

INCOME (LOSS) PER SHARE - BASIC
  AND DILUTED                                         NIL           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 Nine Months
                                                    Ended March 31,
                                                  -------------------
                                                   2002         2001
                                                   ----         ----
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)                              $  82,907    $  25,437
Adjustments to Reconcile Net Income
  to Net Cash Provided By
  Operating Activities:
    Realized Gain on Investment                  (14,343)     (50,126)
    Realized Loss                                 41,231        8,631
    Unrealized Gains                            (511,782)     (24,188)
    Unrealized Loss                              241,541          -0-
    Depreciation & Amortization                   16,316          724
    Changes in Assets and Liabilities:
    Decrease (Increase) in Other Current
      Assets                                         -0-        5,000
    (Increase) Decrease in Other Assets           (4,118)         120
    (Increase) Decrease in Deferred Tax Asset     (8,228)         -0-
    (Decrease) Increase Accrued
      Expenses                                    (2,300)      (5,000)
    (Decrease) Increase in Income Tax
      Payable                                     (2,972)       8,227
    (Decrease) Income in Deferred Income Tax
      Liability                                   81,458          -0-
                                               ---------    ---------
Net Cash Provided By (Used In)
  Operating Activities                           (80,290)     (31,175)
                                               ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Sale of Investment                  68,331      165,683
Purchase of Equipment                               (255)      (1,905)
Purchase of Investment at Equity                 (98,230)    (201,009)
Capital Withdrawn - Minority Interest               (300)         -0-
                                               ---------    ---------
Net Cash Provided By (Used In)
  Investing Activities                           (30,454)     (37,231)
                                               ---------    ---------
Net (Decrease) Increase in Cash
  and Cash Equivalents                          (110,744)     (68,406)

Cash and Cash Equivalents,
  Beginning of Period                            472,617      663,250
                                               ---------    ---------
CASH AND CASH EQUIVALENTS,
  END OF PERIOD                                $ 361,873    $ 594,844
                                               =========    =========
Supplemental Disclosures Of Cash Flow Information
  Cash Paid During The Period For:
    Taxes                                      $   3,440    $     932
    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 NINE MONTHS ENDED MARCH 31, 2002
                             (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 March 31, 2002 and June
            30, 2001.  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.

            Excess was dissolved during March 2002.  All income and
            expenses through dissolution have been incorporated into
            Modern's books.  As of March 31, 2002, $1,425 net assets of
            Excess were transferred to Modern and Modern recognized a $354
            loss upon dissolution.

            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 NINE MONTHS ENDED MARCH 31, 2002
                            (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 March 31, 2002, 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 nine months ended March 31, 2002 and 2001 was
            $-0-, and $2,345, respectively.

                                                              Page 7 of 11






                        MODERN TECHNOLOGY CORP.
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
               FOR THE NINE MONTHS ENDED MARCH 31, 2002
                             (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 March 31, 2002 and June 30, 2001, the Company had deposits
            in various financial institutions totaling a bank balance of
            $360,822 and $592,796, respectively.  Of the bank balance, up
            to $6,934 and $4,127 was covered by federal depository
            insurance.  The remaining balance was uninsured and
            uncollateralized.  At times during the nine months ended March
            31, 2002 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.  During the quarter
            ended March 31, 2002, 126,456 shares of LKC stock were sold
            generating a realized loss of $41,231.  Due to a decline in
            LKC stock price as of March 31, 2002, $241,541 was recognized
            as an unrealized loss.

                                                              Page 8 of 11





                        MODERN TECHNOLOGY CORP.
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
               FOR THE NINE MONTHS ENDED MARCH 31, 2002
                             (Unaudited)
                             (Continued)

NOTE 5:     INVESTMENT IN EQUITY SECURITIES (At Cost)

            Investments in Non Marketable Equity Securities consist of the
            following:
                                                 March 31,    June 30,
                                                   2002        2001
                                                 ---------   ---------
                 Investment in 360,000
                 restricted shares in
                 Daine Industries, Inc.          $   1,431   $  15,900

                 Investment in 100,000
                 Restricted shares in
                 Scientio Inc.                   $  70,000         -0-

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

                 Investments in other
                 restricted securities                 900         900
                                                 ---------   ---------
                                                 $ 172,331   $ 116,800
                                                 =========   =========

NOTE 6:     INVESTMENT IN EQUITY SECURITIES (At Equity)

            Investments in Non Marketable Equity Securities consist of the
            following:
                                                       June 30
                                                         2001
                                                       --------
                 Investment in 20% 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 March 31, 2002 Modern owned 100,000
            restricted shares in Scientio Inc. and has a $4,310 loan
            receivable from Scientio Inc. which is included in other
            assets at March 31, 2002.

                                                              Page 9 of 11








                        MODERN TECHNOLOGY CORP.
            NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
               FOR THE NINE MONTHS ENDED MARCH 31, 2002
                             (Unaudited)
                             (Continued)

NOTE 7:     INCOME TAX EXPENSE (BENEFIT)

            The provision for income taxes is comprised of the following:
                                              3/31/02     3/31/01
                                              -------     -------
                 Current                     $  3,440    $  9,159
                 Deferred                      73,230         -0-
                                             --------    --------
                                             $ 76,670    $  9,159
                                             ========    ========
            The provision for income taxes differs from the amount
            computed by applying the statutory federal income rate as
            follows:
                                              3/31/02     3/31/01
                                              -------     -------
                 Expected statutory amount   $    -0-    $  5,604
                 Net operating loss            (8,228)        -0-
                 Unrealized gains              81,458         -0-
                 State income taxes, net
                   of federal benefit           3,440       3,555
                                             --------    --------
                                             $ 76,670    $  9,159
                                             ========    ========

            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 March 31, 2002 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:

                                                3/31/02     6/30/01
                                                -------     -------
            Deferred tax assets:
            Net operating loss carryforwards   $ 26,228   $  18,000
            Amortization of Intangibles           8,412       8,412
            Investment loss                       4,620       4,620
                                               --------   ---------
            Gross deferred tax assets            39,260      31,032
            Valuation allowance                 (31,032)    (31,032)
                                               --------   ---------
            Net deferred tax assets               8,228   $     -0-
                                               ========   =========
            Deferred tax liabilities:
            Investment gain                    $ 81,458   $     -0-
                                               ========   =========


                                                             Page 10 of 11






                       MODERN TECHNOLOGY CORP.
           NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
              FOR THE NINE MONTHS ENDED MARCH 31, 2002
                           (Unaudited)
                           (Continued)

            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 $187,000 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.

NOTE 9:     RELATED PARTY TRANSACTIONS

            Arthur Seidenfeld, President and a director of the Company,
            owns  47.9% of the outstanding shares of Modern Technology
            Corp.  Anne Seidenfeld, Treasurer, Secretary and a director of
            the Company, owns approximately 12% of the outstanding shares
            of Modern Technology Corp.  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 March 31, 2002 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 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.  Excess Materials Inc. was dissolved during March 2002.  As of
March 31, 2002, $1,425 net assets of Excess were transferred to the
Registrant and the Registrant recognized a $354 loss upon dissolution.
All income and expenses through dissolution of Excess Materials Inc. have
been incorporated into the Registrant's books.

     During the nine months ended March 31, 2002, the Registrant had net
income of $82,907 as compared with net income of $25,437 for the nine
months ended March 31, 2001.  For the nine months ended March 31, 2002,
the Registrant had total revenues of $532,791 as compared with revenues of
$104,799 for the nine month period ended March 31, 2001.

     The net income for the nine months ended March 31, 2002 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 $6,666.  During the nine months ended March 31,
2001 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 $30,485.

     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 nine months ended March 31, 2002, expenses amounted to
$373,217 attributable to the following items:  Officers' salaries of
$28,538, general and administrative expenses of $46,628, unrealized Loss-
Trading Securities $241,541 and goodwill amortization of $15,279 in
connection with the Registrant's 20% ownership interest in Scientio, Inc.,
along with income tax expense of $76,667 (related to an unrealized gain-
trading securities).  For the nine months ended March 31, 2001, officers
salaries amounted to $16,559, general and administrative expenses of
$45,013, a realized loss from the sale of securities of $8,631 (Omnicomm)
and income tax expense of $9,159.  General and administrative expenses can
be attributed primarily to legal and accounting fees.

     During the nine months ended March 31, 2002, the Registrant's
president, Arthur Seidenfeld received a salary of $23,138; during the nine
months ended March 31, 2001, he received a salary of $11,159.  Anne
Seidenfeld, the Registrant's treasurer-secretary received a salary of
$5,400 for the nine months ended March 31, 2002 and 2001.  The cash and
cash equivalent balances along with holdings of U.S. treasury Obligations
of the Registrant as of March 31, 2002 and June 30, 2001 were $361,873 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).

     During the quarter ended March 31, 2002, the Registrant purchased
100,000 restricted shares of Scientio, Inc. for $70,000 (70 cents per
share).  The Registrant's president also purchased 21,300 shares of
Scientio, Inc. for $15,000 (approximately 70 cents per share).  During the
month of May 2002, the Registrant purchased an additional 17,250 shares of
Scientio, Inc. for $12,075 (including the conversion of a $4,310 loan on
the Registrant's books as of March 31, 2002), at a cost of 70 cents per
share.

     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 March 31, 2002, the Registrant owned 566,615 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
                              May 6, 2002