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, 2000 or

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

For the transition period from               to

Commission file number 2-80891-NY

                     MODERN TECHNOLOGY CORP.

     (Exact Name of Registrant as Specified in its Charter)

Nevada                                  11-2620387

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

           240 Clarkson Ave  Brooklyn, New York 11226

(Address of Principal Executive Office)           (Zip Code)

                          (718)469-3132

      (Registrant's Telephone Number, Including Area Code)


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

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

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

              APPLICABLE ONLY TO CORPORATE ISSUERS

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

                              10Q-1

















                    MODERN TECHNNOLOGY CORP.

                      FINANCIAL STATEMENTS

                         MARCH 31, 2000









                            I N D E X





                                                            Page


ACCOUNTANTS' REVIEW REPORT                                    1


CONSOLIDATED BALANCE SHEETS                                   2


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                3


CONSOLIDATED STATEMENTS OF OPERATIONS                        4-5


CONSOLIDATED STATEMENTS OF CASH FLOWS                         6


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS               7-11










                        ACCOUNTANTS' REVIEW REPORT




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

We have reviewed the consolidated balance sheet of MODERN TECHNOLOGY CORP. as
at March 31, 2000, and the related consolidated statements of operations,
stockholders' equity and cash flows for the nine month periods ended March
31, 2000 and 1999, in accordance with standards established by the American
Institute of Certified Public Accountants.

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

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

We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet as of June 30, 1999, and the
related consolidated statements of operations, stockholders' equity and cash
flows for the year then ended (not presented herein); and in our report dated
August 6, 1999, we expressed an unqualified opinion on those financial
statements.  In our opinion, the information set forth in the accompanying
balance sheet as of June 30, 1999 is fairly stated in all material respects
in relation to the consolidated balance sheet from which it has been derived.



                                        GREENBERG & COMPANY LLC

Springfield, New Jersey
April 23, 2000



                                                         Page 1 of 11
                          MODERN TECHNOLOGY CORP.
                        CONSOLIDATED BALANCE SHEETS

                                                     March 31    June 30
                                                       2000        1999
                                                    (Unaudited)
                                A S S E T S

CURRENT ASSETS
  Cash and Cash Equivalents                         $664,466     $759,898
  Other Current Assets                                 4,948       22,360
                                                     669,414      782,258

EQUIPMENT - At Cost                                   13,500       13,500
  Less:  Accumulated Depreciation                    (10,829)     (10,295)
                                                       2,671        3,205

OTHER ASSETS
  Investments, At Cost                                16,800       16,800
  Note Receivable                                    100,000      100,000
  Deferred Tax                                         2,544          -0-
  Other Assets                                           508          598
                                                     119,852      117,398

TOTAL ASSETS                                        $791,937     $902,861


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

CURRENT LIABILITIES
  Accrued Expenses                                  $ 10,000     $ 47,326
  Income Tax Payable                                     -0-       38,513
    Total Current Liabilities                         10,000       85,839

Minority Interest                                        300          -0-

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                                  284,461      319,846
                                                     781,637      817,022

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY          $791,937     $902,861








See accompanying notes and accountants' review report.


                                                            Page 2 of 11
                          MODERN TECHNOLOGY CORP.
              CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
               FOR THE PERIOD JULY 1, 1998 TO MARCH 31, 2000



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


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

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

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

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

Net Income (Loss)
for the Nine
Months Ended
March 31, 2000
(Unaudited)                                            (35,385)   (35,385)

BALANCES AT
MARCH 31, 2000
(Unaudited)          20,150,000   $2,015   $495,161   $284,461   $781,637















See accompanying notes and accountants' review report.


                                                            Page 3 of 11

                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Three
                                                     Months Ended
                                                       March 31,
                                                    2000       1999


REVENUES

  Interest Income                                 $  9,929   $ 7,189
  Realized Gain on Sale of Trading
   Securities                                          -0-    37,134
                                                     9,929    44,323


EXPENSES

  Officers Salaries                                  1,800     1,800
  General and Administrative Expenses               10,074    46,659
                                                    11,874    48,459


INCOME (LOSS) BEFORE TAXES                          (1,945)   (4,136)

Income Tax Expense (Benefit)                         4,584   (10,509)


NET INCOME (LOSS)                                 $ (6,529)  $ 6,373


NET INCOME (LOSS) PER SHARE
  Basic and Diluted                                  NIL       NIL


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












See accompanying notes and accountants' review report.


                                                      Page 4 of 11
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)

                                                     For The Nine
                                                     Months Ended
                                                       March 31,
                                                    2000       1999


REVENUES

  Interest Income                                 $ 30,941   $ 24,109
  Realized Gain on Securities Sale                     -0-    231,150
                                                    30,941    255,259


EXPENSES

  Officers Salaries                                  5,200     10,775
  General and Administrative Expenses               63,265     67,694
                                                    68,465     78,469


INCOME (LOSS) BEFORE TAXES                         (37,524)   176,790

Income Tax Expense (Benefit)                        (2,139)    47,332


NET INCOME (LOSS)                                 $(35,385)  $129,458


NET INCOME (LOSS) PER SHARE                          NIL       $.01


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














See accompanying notes and accountants' review report.


                                                      Page 5 of 11
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF CASH FLOWS
                              (Unaudited)
                                                   For The Nine
                                                   Months Ended
                                                     March 31,
                                                 2000        1999
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                            $(35,385)   $129,458
  Adjustments to Reconcile Net
   Income to Net Cash Provided By
   Operating Activities:
    Realized Gains - Securities                     -0-    (231,150)
    Depreciation and Amortization                   624         -0-
    Changes in Assets and Liabilities:
     (Increase) Decrease in Other
       Current Assets                            17,412         300
     (Increase) Decrease in Deferred
      Registration Costs                            -0-      (4,293)
     (Increase) Decrease in Deferred Tax         (2,544)        -0-
     (Decrease) Increase in Accrued
       Expenses and Taxes                       (37,326)     41,489
     (Decrease) Increase in Income Tax
       Payable                                  (38,513)        -0-
  Net Cash (Used In) Provided By
   Operating Activities                         (95,732)    (64,196)

CASH FLOWS FROM INVESTING ACTIVITIES:
  Sale of Investment                                -0-     239,100
  Purchase of Note Receivable
  Net Cash Provided By (Used In)                    -0-    (100,000)
   Investing Activities                             -0-     139,100

CASH FLOWS FROM FINANCING ACTIVITIES:
  Capital Contribution - Minority Interest          300         -0-
  Net Cash Provided By (Used In)
   Financing Activities                             300         -0-

Net (Decrease) Increase in Cash
  and Cash Equivalents                          (95,432)     74,904

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

CASH AND CASH EQUIVALENTS
  END OF PERIOD                                $664,466    $776,179

Supplemental Disclosures of
  Cash Flow Information
   Cash Paid During Period For:
     Taxes                                     $ 40,405    $  4,000
     Interest                                       -0-         -0-

Disclosure of Information:
  During the six months ended December 31, 1998, the investment in
  Creative Master International was reclassified to marketable
  securities.  The amount carried at cost in investments of $7,950 was
  reclassified to fair value of $201,966 in marketable securities.

See accompanying notes and accountants' review report.

                                                           Page 6 of 11
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                               MARCH 31, 2000
                                (Unaudited)

NOTE 1:   ORGANIZATION AND NATURE OF OPERATIONS

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

NOTE 2:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          ACCOUNTING POLICIES

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

          BASIS OF PRESENTATION

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

          During the quarter ended March 31, 1999, Modern merged Coral with
          Omnicomm Systems, Inc. (Omnicomm).  In the exchange, Modern
          received 403,000 shares of Omnicomm for all of the issued and
          outstanding shares of Coral.

          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, 2000 and June 30,
          1999.  Modern owns 70% of Excess.  Arthur Seidenfeld (Modern's
          president) owns 10% of Excess, Anne Seidenfeld (Arthur's mother and
          secretary/treasurer of Modern) owns 10% of Excess and a relative of
          Mr. Seidenfeld owns 10% of Excess.

          RECLASSIFICATIONS

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

          CASH AND CASH EQUIVALENTS

          Cash equivalents consist of highly liquid, short-term investments
          with maturities of 90 days or less.  The carrying amount reported
          in the accompanying balance sheets approximates fair value.





                                                            Page 7 of 11

                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                              MARCH 31, 2000
                                (Continued)
                                (Unaudited)

          NOTE RECEIVABLE

          During the year ended June 30, 1999 the Company purchased a
          $100,000 convertible note in Omnicomm.  The note carries a 10%
          annual interest rate and is convertible at the Company's option
          into 80,000 shares of Omnicomm common stock.  The note matures in
          2004.

          PROPERTY AND EQUIPMENT

          Renewals and betterments are capitalized; maintenance and repairs
          are expensed as incurred.  Depreciation is calculated using the
          straight line method over the asset's estimated useful life, which
          generally approximates 5 years.

          ESTIMATES IN FINANCIAL STATEMENTS

          The preparation of financial statements in conformity with
          generally accepted accounting principles requires management to
          make estimates and assumptions that affect the reported amounts of
          assets and liabilities at the date of the financial statements and
          the reported amounts of revenues and expenses during the reporting
          period.  Actual results could differ from those estimates.

          INCOME TAXES

          The Company accounts for income taxes in accordance with Statement
          of Financial Accounting Standards ("SFAS") No. 109, "Accounting for
          Income Taxes."  SFAS 109 has as its basic objective the recognition
          of current and deferred income tax assets and liabilities based
          upon all events that have been recognized in the financial
          statements as measured by the provisions of the enacted tax laws.

          Valuation allowances are established when necessary to reduce
          deferred tax assets to the estimated amount to be realized.  Income
          tax expense represents the tax payable for the current period and
          the change during the period in the deferred tax assets and
          liabilities.

          YEAR 2000 COMPLIANCE

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





                                                               Page 8 of 11

                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                              MARCH 31, 2000
                                (Continued)
                                (Unaudited)

          SPINOFF OF OMNICOMM SYSTEMS INC INVESTMENT

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

NOTE 3:   MARKETABLE SECURITIES

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

NOTE 4:   INVESTMENT IN EQUITY SECURITIES (At Cost)

          Investments in Non Marketable Equity Securities consist of the
          following:
                                             March 31,  June 30,
                                               2000       1999
               Investment in 72 million
               restricted shares in
               Daine Industries, Inc.        $15,900    $15,900

               Investments in other
               restricted securities             900        900

                                             $16,800    $16,800







                                                            Page 9 of 11
                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                               MARCH 31, 2000
                                (Continued)
                                (Unaudited)

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

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

NOTE 5:   INCOME TAXES

          The provision for income taxes is comprised of the following:

                                            3/31/00  3/31/99
            Current                         $   405  $47,332
            Deferred                         (2,544)     -0-
                                            $(2,139) $47,332

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

                                            3/31/00  3/31/99
          Current:
            Expected statutory amount       $   -0-  $46,732
            State income taxes, net
             of federal benefit                 405      600
                                                405   47,332
          Deferred:
            Net operating loss               (2,544)     -0-
          Income tax expense
            (benefit)                       $(2,139) $47,332

          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 March 31, 2000 relate
          principally to Excess, the Company's 70% owned subsidiary.  The tax
          benefits relating to Excess are fully reserved due to Excess's lack
          of history and losses.  The remaining deferred tax asset relates to
          Modern's NOL for the nine months ended March 31, 2000.

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

                                            3/31/00  6/30/99
          Deferred tax assets:
            Net operating loss
             carry forwards                 $7,404   $-0-
            Valuation allowance             (4,860)   -0-
            Net deferred tax assets         $2,544   $-0-




                                                              Page 10 of 11

                          MODERN TECHNOLOGY CORP.
              NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                              MARCH 31, 2000
                                (Continued)
                                (Unaudited)

NOTE 6:   POSTRETIREMENT BENEFITS

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

NOTE 7:   RELATED PARTY TRANSACTIONS

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

NOTE 8:   INTERIM FINANCIAL REPORTING

          The unaudited financial statements of the Company for the period
          July 1, 1999 to March 31, 2000 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.

          During the nine months ended March 31, 2000, the Registrant had a
net loss of $35,385 as compared with net income of $129,458 during the nine
months ended March 31, 1999.  For the nine months ended March 31, 2000, total
revenues amounted to $30,941, as compared with total revenues of $255,259
generated during the nine months ended March 31, 1999.  Expenses for the nine
months ended March 31, 2000 amounted to $68,465, as compared with total
expenses of $78,469 for the nine months ended March 31, 1999.  During the
nine months ended March 31, 1999, the Registrant generated gains from the
sale of Creative Master Intl shares amounting to $231,150 which resulted in
the gain for the nine month period mentioned in 1999.  The loss generated
during the nine months ended March 31, 2000 can be attributed to expenses
related to the Registrant's subsidiary, Excess Materials Inc.  General and
administrative expenses for the nine months ended March 31, 2000 can also be
attributed to the activities of Excess Materials Inc.

          During the nine months ended March 31, 2000, the Registrant's
treasurer-secretary, Anne Seidenfeld, received a salary of $5,200.  During
the nine months ended March 31, 1999, she received a salary of $5,400.  The
Registrant's president, Arthur Seidenfeld received a salary of $5,375 for the
nine months ended March 31, 1999; he received no salary for the nine months
ended March 31, 2000.  The cash and cash equivalent balances along with
holdings of U.S. Treasury Obligations of the Company as of March 31, 2000 and
June 30, 1999 were $664,466 and $759,898 respectively.

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

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

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

          During February 1999, the Registrant purchased a $100,000
convertible note in Omnicomm.  The note carries a 10% interest rate and is
convertible at the Registrant's option into 80,000 shares of Omnicomm
(exercisable at $1.25 each).  A private placement of notes of Omnicomm was
completed raising approximately $800,000.  A majority of the noteholders can
demand registration of the shares accompanying these notes.  The notes mature
on June 30, 2004.  Omnicomm announced the closing of a private placement of
Preferred Convertible shares totaling $4.1 million.  Omnicomm will use the
capital to fund global market development and technology
investment/acquisition.

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

                        Part 2.  Other Information


Item 1.   Legal Proceedings.  None.


Item 2.   Changes in Securities.  None.


Item 3.   Defaults upon Senior Securities.  None.


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


Item 5.   Other Materially Important Events.  None.


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


                                SIGNATURES

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


                          MODERN TECHNOLOGY CORP.


                         By: Arthur J. Seidenfeld
                      President, Chief Executive and
                          Chief Financial Officer
                               May 11, 2000