SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

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

For the quarterly period ended September 30, 1997 or

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

For the transition period from               to 

Commission file number 2-80891-NY

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

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

                240 Clarkson Ave  Brooklyn, New York 11226
                                                                  
(Address of Principal Executive Office)                (Zip Code)

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

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

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

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

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

                   APPLICABLE ONLY TO CORPORATE ISSUERS

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

                                   10Q-1













                          MODERN TECHNOLOGY CORP.

                           FINANCIAL STATEMENTS

                            SEPTEMBER 30, 1997






                                 I N D E X




                                                                 Page



ACCOUNTANTS' REVIEW REPORT                                         1


CONSOLIDATED BALANCE SHEETS                                        2


CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY                     3


CONSOLIDATED STATEMENTS OF OPERATIONS                              4


CONSOLIDATED STATEMENTS OF CASH FLOWS                              5


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS                  6-11






                        ACCOUNTANTS' REVIEW REPORT




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

We have reviewed the consolidated balance sheets of MODERN
TECHNOLOGY CORP. as at September 30, 1997, and the related
consolidated statements of operations, stockholders' equity and
cash flows for the three month periods ended September 30, 1997 and
1996, in accordance with standards established by the American
Institute of Certified Public Accountants.

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

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

We have previously audited, in accordance with generally accepted
auditing standards, the consolidated balance sheet as of June 30,
1997, 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 15, 1997, 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, 1997 is fairly stated in all material respects
in relation to the consolidated balance sheet from which it has
been derived.



                                        GREENBERG & COMPANY, LLC

Springfield, New Jersey
October 29, 1997


                                                          Page 1 of 11
                        MODERN TECHNOLOGY CORP.
                      CONSOLIDATED BALANCE SHEETS

                                      Sept. 30, 1997
                                        (Unaudited)    June 30, 1997


                              A S S E T S


CURRENT ASSETS
  Cash and Cash Equivalents              $713,982         $647,886
  Income Tax Receivable                     7,378              -0-
    Total Current Assets                  721,360          647,886

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


OTHER ASSETS 
  Investments, At Cost                     24,750           49,770
  Investments, At Equity                       -0-              -0-
  Loan Receivable - Affiliate                  -0-              -0-
  Deferred Tax Asset                        7,375            7,375
  Deferred Registration Costs              26,007           25,907
  Other Assets                                300              300
    Total Other Assets                     58,432           83,352


TOTAL ASSETS                             $779,792         $731,238


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


CURRENT LIABILITIES
  Accrued Expenses and Taxes             $ 19,082         $  3,219
    Total Current Liabilities              19,082            3,219

STOCKHOLDERS' EQUITY
  Common Stock Par Value $.0001
    Authorized:  150,000,000
    Shares Issued and Outstanding:
    20,150,000 Shares                       2,015            2,015
  Paid-In Capital in Excess of Par        495,161          495,161
  Retained Earnings                       263,534          230,843
    Total Stockholders' Equity            760,710          728,019


TOTAL LIABILITIES AND
  STOCKHOLDERS' EQUITY                   $779,792         $731,238
  

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

                                                          Page 2 of 11
                                                          
                     MODERN TECHNOLOGY CORP.
         CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
        FOR THE PERIOD JULY 1, 1996 TO SEPTEMBER 30, 1997



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





BALANCES AT
JULY 1, 1996   20,150,000   $2,015   $495,161   $218,918   $716,094

Net Income(Loss) 
for the year ended 
June 30, 1997                                     11,925     11,925

BALANCES AT
JUNE 30, 1997
(Audited)      20,150,000   $ 2,015  $495,161   $230,843   $728,019

Net Income
(Loss) for
the Three
Months ended 
Sept. 30, 1997                                    32,691     32,691

BALANCES AT 
SEPTEMBER 30, 1997
(Unaudited)    20,150,000   $ 2,015  $495,161   $263,534   $760,710


















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


                                                         Page 3 of 11
                        MODERN TECHNOLOGY CORP.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                              (Unaudited)



                                                     For The Three
                                                     Months Ended
                                                     September 30,   
                                                    1997       1996  


REVENUES

  Interest Income                                 $ 6,412    $ 7,665
  Management Income                                 1,600      2,400
  Gain on Securities Sale                          67,065         -0-
                                                   75,077     10,065
  

EXPENSES

  Officers Salaries                                17,800      1,800
  General and Administrative Expenses               8,457      7,424
                                                   26,257      9,224
  

INCOME (LOSS) INCOME BEFORE TAXES                  48,820        841

Income Tax Expense (Note 5)                        16,129        164


NET INCOME (LOSS)                                 $32,691    $   677


NET INCOME (LOSS) PER SHARE                         NIL        NIL  


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













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


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



                                                   For The Three
                                                   Months Ended
                                                   September 30,    
                                                 1997        1996   


CASH FLOWS FROM OPERATING ACTIVITIES:
  Net Income (Loss)                            $  32,691   $    677
  Adjustments to Reconcile Net
   Income to Net Cash Provided By
   Operating Activities:
    Changes in Assets and Liabilities:
     (Increase) Decrease in Income Tax
       Receivable                                 (7,378)       -0-    
   (Increase) Decrease in Deferred 
       Registration Costs                           (100)       -0-
     (Decrease) Increase in Accrued
       Expenses and Taxes                         15,863       (781)

  Net Cash (Used In) Provided By
   Operating Activities                           41,076       (104)
CASH FLOWS FROM INVESTING ACTIVITIES:
  Loans to Affiliate                                -0-          -0-
  Sale of Investments                             25,020         -0-

  Net Cash Provided By (Used In)
   Investing Activities                           25,020         -0-

Net (Decrease) Increase in Cash
  and Cash Equivalents                            66,096        (104)

Cash and Cash Equivalents,
  Beginning of Period                            647,886     616,268

CASH AND CASH EQUIVALENTS
  END OF PERIOD                                $ 713,982   $ 616,164


Supplemental Disclosures of 
  Cash Flow Information
   Cash Paid During Period For:
     Taxes                                     $   8,113    $   807
     Interest                                       -0-         -0-



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


                                               Page 5 of 11



                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)


NOTE 1:   ORGANIZATION AND NATURE OF OPERATIONS

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


NOTE 2:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          ACCOUNTING POLICIES

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

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

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

          CASH AND CASH EQUIVALENTS

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

          ESTIMATES IN FINANCIAL STATEMENTS

          The preparation of the Company's 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.

                                                    Page 6 of 11 


                  MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)
                           (Continued)





          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.

          DEFERRED REGISTRATION COSTS

          As of September 30, 1997, the Company's subsidiary,
          Coral, has incurred deferred registration costs of
          $26,007 relating to expenses incurred in connection with
          the Proposed Distribution of Coral's securities.  Upon
          consummation of this Proposed Distribution, the deferred
          registration costs will be charged to equity.  Should the
          Proposed Distribution prove to be unsuccessful, these
          deferred costs, as well as additional expenses to be
          incurred, will be charged to operations.

NOTE 3:   INVESTMENT IN EQUITY SECURITIES (At Cost)

          Investments in Non-Marketable Equity Securities consist
          of the following:















                                                     Page 7 of 11


                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)
                           (Continued)


                                        Sept. 30,  June 30,
                                          1997       1996   
          Investment in 25,000 Shares
          of Delta Three, Inc.          $    -0-   $25,000

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

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

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

          Investments in other
          restricted securities             900        920

                                        $24,750    $74,770



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

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

          The Company purchased an investment in TTR Inc., a 10%
          promissory note in the amount of $25,000 with warrants
          for 4,000 shares exercisable at $.01 at the time of a TTR
          initial public offering.  TTR Inc. incorporated for the
          purpose of designing, developing, and marketing computer
          software products.  During the quarter ended September
          30, 1997, this investment was sold.

          The Company purchased 25,000 shares of Delta Three Inc.
          for $25,000.  Delta Three, Inc. is a telecommunications
          provider using Internet technology for voice
          transmission. During the quarter ended September 30, 1997
          this investment was sold. 




                                                                 
                                                   Page 8 of 11  

                     MODERN TECHNOLOGY CORP.
         NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)
                           (Continued)


NOTE 4:   INVESTMENT IN AFFILIATE (At Equity)

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

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

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

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

          During the year ended June 30, 1997 the Company         
         recognized a complete loss on its investment and loan to 
         Soft Sail.  There is no financial information available  
         since June 30, 1996.  At the present time the Company    
         does not believe Soft Sail will be able to repay its debt 
         to the Company and has therefore considered its debt and 
         equity investment in Soft Sail to be worthless.  The loss 
         in the previous year on the loan was $11,400 and the loss 
         in the previous year on its equity investment was        
         $16,005.




















                                                   Page 9 of 11  


                     MODERN TECHNOLOGY CORP.
                NOTES TO THE FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)
                           (Continued)


NOTE 5:   INCOME TAXES

          The provision for income taxes is comprised of the
          following:
                                        9/30/97    9/30/96
          Current tax expense:
            Federal income tax          $5,966     $     8
            State & city income tax     10,163         156
                                        16,129         164

          There were no timing differences during the current     
          periods.  Therefore, there was no deferred tax expense  
          during the quarters ended September 30, 1997 and 1996.

          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 net
          operating loss of approximately $25,000 will expire in
          fiscal year June 30, 2012.

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

                                        9/30/97    9/30/96
          Deferred tax assets:
            Net operating loss
              Carry forwards            $ 7,375    $  -0-
          Net deferred tax (assets)     $(7,375)   $  -0-


NOTE 6:   POSTRETIREMENT BENEFITS

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


NOTE 7:   RELATED PARTY TRANSACTIONS

          Davin Enterprises, Inc. (Davin) entered into an oral
          agreement with Modern Technology Corp. providing for the
          partial use of office space for Davin on a month to month
          basis.  The company does not pay rent but pays a fee to
          Modern Technology Corp. for services.  There were no
          outstanding balances between these companies.


                                                    Page 10 of 11



                     MODERN TECHNOLOGY CORP.
                NOTES TO THE FINANCIAL STATEMENTS
                       SEPTEMBER 30, 1997
                           (Unaudited)
                           (Continued)





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



NOTE 8:   INTERIM FINANCIAL REPORTING

          The unaudited financial statements of the Company for the
          period July 1, 1997 to September 30, 1997 have been
          prepared by management from the books and records of the
          Company, and reflect, in the opinion of management, all
          adjustments necessary for a fair presentation of the
          financial position and operations of the Company as of
          the period indicated herein, and are of a normal
          recurring nature.



























                                                    Page 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 Company") is engaged in
aiding prospective clients in obtaining financing and in providing
management services to client companies.  During the three months
ended September 30, 1997, the Registrant was involved in providing
managerial services to one firm which it aided in obtaining
financing, namely Davin Enterprises, Inc. ("Davin") and received
management fees of $1,600 from Davin.

          During the three months ended September 30, 1997, the
Registrant had net income of $32,691 as compared with net income of
$677 during the three months ended September 30, 1996.  The
increase in profitability for the comparative periods discussed in
the previous sentence can be attributed to a gain from the sale of
shares of Delta Three Inc. and International Well Control,
Inc(formerly Havenwood Inc.).  During the three months ended
September 30, 1997 and 1996, the Registrant's treasurer-secretary,
Anne Seidenfeld received a salary of $1,800.  During the three
months ended September 30, 1997, the Registrant's president, Arthur
Seidenfeld, received a salary of $16,000.

          The cash and cash equivalents balances along with
holdings of U.S. Treasury Obligations of the Company as of
September 30, 1997 and June 30, 1997 were $713,982 and $647,886.

          On July 27, 1994, the Registrant signed an agreement to
purchase a 40% ownership interest in a company entitled Soft Sail
Wind Power Inc.  The purpose of Soft Sail Wind Power Inc. will be
to exploit and commercialize wind power.  As of September 30, 1997,
the Registrant owned 404 shares of Soft Sail Wind Power Inc. at a
cost of $40,449 and has loaned Soft Sail Wind Power Inc. $11,400.
As of September 30, 1997, the Registrant has written off its loan
and cost basis in the shares it owns in Soft Sail Wind Power Inc.

          During the quarter ended June 30, 1996, the Registrant
purchased 25,000 shares of Delta Three Inc. for $25,000.  Delta
Three Inc. is an Israeli based telecommunications provider using
Internet technology for voice transmission.  During the quarter
ended September 30, 1997, the Registrant sold its shares of Delta
Three Inc., for $50,000, generating a gain of $25,000.

          During the quarter ended December 31, 1996, the
Registrant established a new subsidiary entitled Coral Development
Corp.(Coral).  In February of 1997 the Registrant filed a
registration statement with the Securities and Exchange(SEC) to
spin off its 100 percent holdings in Coral, representing 403,000
shares, directly to the Registrant's shareholders, in the ratio of
1(one) share of Coral for each 50(fifty) shares of the Registrant
held.

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


privately owned company will be successfully completed.

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




                   Part 2.  Other Information


Item 1.   Legal Proceedings.  None.


Item 2.   Changes in Securities.  None.


Item 3.   Defaults upon Senior Securities.  None.


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


Item 5.   Other Materially Important Events.  None.


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



                           SIGNATURES


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


                     MODERN TECHNOLOGY CORP.


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