SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                            Form 10-Q

/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
      SECURITIES ACT OF 1934

For the quarterly period ended December 31, 1998

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

For the transition period from             to

Commission File number 000-25203

                     CORAL DEVELOPMENT CORP.
                                                                  
     (Exact Name of Registrant as Specified in its Charter)

Delaware                                11-3349762
                                                                  
(State or other jurisdiction of         (I.R.S. Employer
Incorporation or Organization)           Identification Number)

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

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

     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 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. 403,000

                              10Q-1

















                     CORAL DEVELOPMENT CORP.

                      FINANCIAL STATEMENTS

                        DECEMBER 31, 1998








                            I N D E X





                                                            Page


REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT             1


BALANCE SHEETS                                                2


STATEMENT OF STOCKHOLDER'S EQUITY                             3


STATEMENTS OF OPERATIONS                                     4-5


STATEMENTS OF CASH FLOWS                                      6


NOTES TO THE FINANCIAL STATEMENTS                            7-8














        REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT


To the Board of Directors and Stockholders
CORAL DEVELOPMENT CORP.
Brooklyn, New York

We have reviewed the balance sheets of CORAL DEVELOPMENT CORP. (A
Development Stage Enterprise) as of December 31, 1998 and the
related statements of operations, stockholder's equity and cash
flows for the six month periods ended December 31, 1998 and 1997,
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 financial statements for them to be in
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted
auditing standards, the balance sheet as of June 30, 1998, and the
related statements of operations, shareholder's equity and cash
flows for the year then ended (not presented herein); and in our
report dated August 6, 1998, 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, 1998 is
fairly stated in all material respects in relation to the balance
sheet from which it has been derived.



                                   GREENBERG & COMPANY LLC

Springfield, New Jersey
January 21, 1999



                                                    Page 1 of 8
                        CORAL DEVELOPMENT CORP.
                      (A WHOLLY OWNED SUBSIDIARY)
                   (A DEVELOPMENT STAGE ENTERPRISE)
                            BALANCE SHEETS


                                           Dec 31, 1998   June 30,
                                            (Unaudited)     1998  

                                ASSETS


ASSETS

  Current assets - cash                      $   431      $ 1,299
  Deferred registration costs                 48,930       26,007
  Organization expense                           300          300


TOTAL ASSETS                                 $49,661      $27,606


                 LIABILITIES AND STOCKHOLDER'S EQUITY


CURRENT LIABILITIES
Accrued expense                              $ 8,465      $   -0-
Due to parent company                         27,660        6,701
  TOTAL CURRENT LIABILITIES                   36,125        6,701

STOCKHOLDER'S EQUITY 
  Common stock par value $.001
    Authorized: 20,000,000 shares
    Shares Issued and Outstanding:
    403,000 Shares                               403          403
  Additional paid in capital                  29,897       29,897
  (Deficit) accumulated during the
    development stage                        (16,764)      (9,395)
  Total Stockholder's Equity                  13,536       20,905


TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY   $49,661      $27,606












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


                                                          Page 2 of 8
                          CORAL DEVELOPMENT CORP.
                        (A WHOLLY OWNED SUBSIDIARY)
                     (A DEVELOPMENT STAGE ENTERPRISE)
                     STATEMENT OF STOCKHOLDER'S EQUITY
     FOR THE PERIOD NOVEMBER 19, 1996 (INCEPTION) TO DECEMBER 31, 1998


                                                       (Deficit)   
                                 Common               Accumulated  Total
                                  Stock   Additional  During the   Stock-
                        # of    $.001 par  Paid in    Development  holder's
                       Shares     Value    Capital       Stage      Equity 


Initial investment
in capital stock       403,000     $403    $29,897     $    -0-    $30,300

BALANCE AT
DECEMBER 16, 1996      403,000      403     29,897          -0-     30,300

Net (Loss) for the
period                                                     (578)       (578)

BALANCE AT
JUNE 30, 1997
(Audited)              403,000      403     29,897         (578)    29,722

Net (Loss) for
the year ended
June 30, 1998                                            (8,817)    (8,817)

BALANCE AT
JUNE 30, 1998
(Audited)              403,000      403     29,897       (9,395)    20,905

Net (Loss) for the
six months ended
December 31, 1998                                        (7,369)    (7,369)


BALANCE AT
DECEMBER 31, 1998
(Unaudited)            403,000     $403    $29,897     $(16,764)   $13,536











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


                                                       Page 3 of 8
                          CORAL DEVELOPMENT CORP.
                        (A WHOLLY OWNED SUBSIDIARY)
                     (A DEVELOPMENT STAGE ENTERPRISE)
                         STATEMENTS OF OPERATIONS
     FOR THE PERIOD NOVEMBER 19, 1996 (INCEPTION) TO DECEMBER 31, 1998
                                (Unaudited)


                                                              Period from
                              For the Three   For the Three   Nov. 19, 1996
                              Months Ended    Months Ended   (inception) to
                              Dec. 31, 1998   Dec. 31, 1997   Dec. 31, 1998


General and administrative
  expenses                     $(  834)          $(6,319)       $(16,764)


Net (Loss) for the period      $(  834)          $(6,319)       $(16,764)


Net (Loss) per share           $ (0.00)          $ (0.02)       $  (0.04)


Weighted average common
 shares outstanding            403,000           403,000        403,000




























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


                                                                Page 4 of 8
                          CORAL DEVELOPMENT CORP.
                        (A WHOLLY OWNED SUBSIDIARY)
                     (A DEVELOPMENT STAGE ENTERPRISE)
                         STATEMENTS OF OPERATIONS
     FOR THE PERIOD NOVEMBER 19, 1996 (INCEPTION) TO DECEMBER 31, 1998
                                (Unaudited)


                                                            
                                               For the Six   For the Six   
                                              Months Ended  Months Ended   
                                              Dec. 31, 1998 Dec. 31, 1997   



General and administrative
  expenses                                       $(7,369)       $(7,439)


Net (Loss) for the period                        $(7,369)       $(7,439)


Net (Loss) per share                             $ (0.02)       $ (0.02)


Weighted average common
 shares outstanding                              403,000        403,000



























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


                                                                Page 5 of 8
                            CORAL DEVELOPMENT CORP.
                          (A WHOLLY OWNED SUBSIDIARY)
                       (A DEVELOPMENT STAGE ENTERPRISE)
                           STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                                                Cumulative
                                   For the Six   For the Six      Amounts
                                   Months Ended  Months Ended      From
                                   Dec 31, 1998  Dec 31, 1997   Inception 


CASH FLOWS FROM OPERATING ACTIVITIES
Net (Loss)                             $(7,369)     $(7,439)     $(16,764)
Changes In Assets
 (Increase) in Organization Expense        -0-          -0-          (300)
 Increase (Decrease) in Accrued
  Expenses                               8,465        1,500         8,465
   Net Cash Provided By (Used In) 
    Operating Activities                 1,096       (5,939)       (8,599)

CASH FLOWS FROM INVESTING ACTIVITIES       -0-         -0-           -0-


CASH FLOWS FROM FINANCING ACTIVITIES
 Loans from Parent Company              20,959        4,451        27,660
 Common Stock Issuance                     -0-          -0-        30,300
 (Increase) in Deferred Registration
  Costs                                (22,923)        (100)      (48,930)
   Net Cash Provided By (Used In) 
    Financing Activities                (1,964)       4,351         9,030

Net Increase (Decrease) in Cash           (868)      (1,588)          431

Cash, Beginning of Period                1,299        3,515           -0-


CASH, END OF PERIOD                    $   431      $ 1,927      $    431
 

Supplemental Disclosures of Cash Flow Information:

  Cash paid during the period for:
     Taxes                             $   -0-      $   -0-      $   -0-
     Interest                          $   -0-      $   -0-      $   -0-









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


                                                                 Page 6 of 8
                        CORAL DEVELOPMENT CORP.
                      (A WHOLLY OWNED SUBSIDIARY)
                   (A DEVELOPMENT STAGE ENTERPRISE)
                   NOTES TO THE FINANCIAL STATEMENTS
              FOR THE SIX MONTHS ENDED DECEMBER 31, 1998
                              (UNAUDITED)

NOTE 1:   ORGANIZATION AND NATURE OF OPERATIONS

          Coral Development Corp. (CDC) is a Delaware corporation.  CDC
          is in the development stage and has not begun any formal
          operations.  CDC's office is located in New York.  The
          principal purpose of CDC is to find and merge with an
          operating company.  The Company's fiscal year end is June 30.

          On December 10, 1996 Modern Technology Corp. (Modern), the
          parent company of Coral Development Corp., purchased 403,000
          shares of the company for $30,300.  The shares of the Company
          were registered on June 6, 1997 with the Securities and
          Exchange Commission.  The intention of Modern is to distribute
          those shares to Modern's stockholders in the form of a
          dividend.

NOTE 2:   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          ACCOUNTING POLICIES

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

          ESTIMATES IN FINANCIAL STATEMENTS

          The preparation of the 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 and disclosure of contingent
          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.

NOTE 3:   INCOME TAXES

          The Company follows Statement of Financial Accounting
          Standards No. 109 (FAS 109), "Accounting for Income Taxes." 
          FAS 109 is an asset and liability approach that requires the
          recognition of deferred tax assets and liabilities for the
          expected future tax consequences of events that have been
          recognized in the Company's financial statements or tax
          returns.  The Company has net operating loss carry forwards of
          approximately $16,000 available to reduce any future income
          taxes.  The tax benefit of these losses, approximately $5,600,
          has been offset by a valuation allowance due to the
          uncertainty of its realization.


                                                          Page 7 of 8
                        CORAL DEVELOPMENT CORP.
                      (A WHOLLY OWNED SUBSIDIARY)
                   (A DEVELOPMENT STAGE ENTERPRISE)
                   NOTES TO THE FINANCIAL STATEMENTS
              FOR THE SIX MONTHS ENDED DECEMBER 31, 1998
                              (UNAUDITED)


NOTE 4:   DEFERRED REGISTRATION COSTS

          As of December 31, 1998, the Company has incurred deferred
          registration costs of $48,930 relating to expenses incurred in
          connection with the Proposed Distribution (see Note 1).  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 5:   INTERIM FINANCIAL REPORTING

          The unaudited financial statements of the Company for the
          period July 1, 1998 to December 31, 1998 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 8 of 8
                    PART 1.  Financial Information

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

          Coral Development Corp. ("the Company") was incorporated under
the laws of Delaware on November 19, 1996 by Modern Technology Corp
(MTC).  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).  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 may be made without compliance with Rule 419 but will be
accompanied by a Form 10-SB filed on December 22, 1998.  The Company
shares owned by MTC will be distributed to MTC shareholders on the basis
of one Coral share for each fifty (50) MTC shares.

          All references to the description of business will actually be
to OmniComm's business to date as Coral has not conducted any business
to date other than to organize and seek an acquisition candidate.

Business Overview

          OmniComm is an information and technology integration company
located in Coconut Grove, Florida.  The Company provides customized,
integrated solutions for its customers' networking needs by combining a
comprehensive offering of dynamic web and data base applications with
its expertise in designing and configuring networks.

          From date of inception (March 4, 1997) to July 26, 1998,
OmniComm Systems, Inc. (formerly known as The Premisys Group, Inc.) was
a systems integrator:  a provider of services and products designed to
build, manage and enhance computer network infrastructures, local and
wide area, for businesses.

          On July 26, 1998 the Company, through its wholly owned
subsidiary OmniCommerce Systems, Inc. acquired all of the issued and
outstanding shares of Education Navigator, Inc. a Florida corporation. 
OmniCommerce provides the technical and business know how to integrate
existing legacy hardware networks and data into applications for e-
commerce, extranets, intranets, virtual private networks (VPN's) and
private networks.

          For the nine month period ending September 30, 1998, the
Company (OmniComm) had a gross profit of $504,014 on revenues of
$1,382,192 and a net loss of $2,065.  The net loss is primarily
attributed to the acquisition of Education Navigator.

          For the three months ended December 31, 1998 the Registrant
generated a net loss of $834.  For the three months ended December 31,
1997 the Registrant generated a net loss of $6,319.  At December 31,
1998 the Registrant had total assets of $48,661, consisting of cash of
$431, deferred registration costs of $48,930 and organization expense of
$300.  There were liabilities of $36,125 and stockholders' equity of
$13,536.

          No salaries have been paid to the officers and directors of
the Registrant since inception.

Year 2000 Compliance

          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 Senion 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.

                        CORAL DEVELOPMENT CORP.


                                          
                      By:  Arthur Seidenfeld
                    President, Chief Executive and
                        Chief Financial Officer
                           February 11, 1999