FORM 10-QSB - QUARTERLY OR TRANSITIONAL REPORT UNDER
                             SECTION 13 OR 15 (d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                        Quarterly or Transitional Report
                     U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

(Mark One)
[XX] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

         For quarterly period ended October 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: 0-25024       

                            TITAN TECHNOLOGIES, INC.
                     (Exact name of small business issuer as
                            specified in its charter)


             NEW MEXICO                                85-0388759         
  (State or other  jurisdiction  of         (IRS Employer Identification No.)
    incorporation  or  organization

                 3206 Candelaria Road NE. Albuquerque, NM 87107
                    (Address of principal executive offices)

                                 (505) 884-0272
                           (Issuer's telephone number)

                                       N/A
(Former  name,  former  address and former  three-months,  if changed since last
report)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the Securities Exchange Act during the past 12 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 90 days.

Yes [ X ]  No [   ]

The number of shares of the registrant's common stock outstanding as of December
5, 1998 was:

          No Par Value Common              26,780,411


Transitional Small Business Format:  Yes [   ]  No [ X ]  

                                        

                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                    Titan Technologies, Inc. and Subsidiaries
                           CONSOLIDATED BALANCE SHEET
                                October 31, 1998
                                    UNAUDITED

ASSETS

      Current Assets
         Cash ...............................................       $   164,556
         Accounts receivable - stockholder ..................               609
                                                                    -----------
                  Total Current Assets ......................           165,165

      Property and Equipment, at cost
         Furniture and fixtures .............................             5,407
         Machinery ..........................................             7,706
                                                                    -----------
                                                                         13,113

         Less accumulated depreciation ......................             5,841
                                                                    -----------
                  Net property and equipment ................             7,272
                                                                    -----------

                                                                    $   172,437
                                                                    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY

      Current Liabilities
         Accounts payable ...................................       $     3,237
         Other accrued liabilities ..........................             9,108
         Deferred revenue ...................................            39,353
                                                                    -----------
                  Total Current Liabilities .................            51,698


      Stockholders' Equity
         Common stock - no par value; authorized,
         50,000,000 shares; issued and
         outstanding, 26,780,411 shares .....................         1,785,669
         Accumulated deficit ................................        (1,664,930)
                                                                    -----------
                                                                        120,739
                                                                    -----------

                                                                    $   172,437
                                                                    ===========

    The Accompanying Notes Are An Integral Part of These Financial Statements



                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      For the Three Months Ended October 31
                                    UNAUDITED

                                                       1998            1997  
                                                   ------------    ------------
REVENUES

      Other income .............................   $        865    $        859


COSTS AND EXPENSES

      General and administrative ...............         71,703          75,792
      Outside services .........................            834          11,713
      Depreciation and amortization ............            644           1,310
      Interest .................................          3,361           3,360
                                                   ------------    ------------
                                                         76,542          92,175
                                                   ------------    ------------

      Income (loss) before income taxes ........        (75,677)        (91,316)

      Provision for income taxes ...............           --              --   
                                                   ------------    ------------

      Net income (loss) ........................    $ ( 75,677)    $    (91,316)
                                                   ============    ============
      Weighted average common shares
         outstanding, basic and diluted (Note 2)     23,978,400      21,909,237
                                                   ============    ============

Basic and diluted (loss) per common share ......   $       0.00    $       0.00
                                                   ============    ============

    The Accompanying Notes Are An Integral Part of These Financial Statements

                                        

                    Titan Technologies, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                      For the Three Months Ended October 31
                                    UNAUDITED
 
                                                       1998              1997
                                                     ------          --------
Cash flows from operating activities
      Interest received ............................    $     865     $     859
      Cash paid for suppliers and subcontractors ...      (96,875)      (74,892)
      Interest paid ................................       (3,361)       (3,360)
                                                        ---------     ---------
      Net cash provided by (used in)
      operating activities .........................      (99,371)      (77,393)

Cash flows from investing activities
      Acquisition of property and equipment ........         --         (28,624)

Cash flows from financing activities
      Proceeds from sale of common stock ...........      218,500       145,000


      Net increase (decrease) in cash ..............      119,129        38,983
                                                        ---------     ---------

      Cash at beginning of year ....................       45,427         3,125
                                                        ---------     ---------

      Cash at end of period ........................    $ 164,556     $  42,108
                                                        =========     =========

Reconciliation of Net earnings (loss) to
      Cash Provided by (used in)
         Operating Activities
      Net earnings (loss) ..........................    $ (75,677)    $ (91,316)
      Adjustments
      Depreciation and amortization ................          644         1,310
      Changes in assets and liabilities
      (Decrease) increase
         in accounts payable .......................        2,323        11,914
      Increase in interest payable .................        3,361         3,360
      (Decrease) increase in accrued liabilities ...        5,628        (2,661)
      Decrease in stockholders payables ............      (35,650)         --   
                                                        ---------     ---------
      Net cash provided by (used in)
         operating activities ......................    $ (99,371)    $ (77,393)
                                                        =========     =========

Noncash investing and financing activities:
      During the three months ended October  31,1997  certain rights and patents
      with a net book value of  approximately  $75,000 were  transferred  to the
      developer  in  exchange  for notes  payable,  accrued  interest  and other
      liabilities to the developer totaling approximately $238,000.

      During  the three  months  ended  October  31,  1998  stock was  issued in
      exchange for notes payable and accrued interest totaling $140, 224.

    The Accompanying Notes Are An Integral Part of These Financial Statements

                                        

                    Titan Technologies, Inc. and Subsidiaries
                          NOTES TO FINANCIAL STATEMENTS
                   For the Three Months Ended October 31, 1998


1)  NOTES TO FINANCIAL STATEMENTS

The balance sheet at October 31, 1998, and the statements of operations and cash
flow for the three  months  ended  October 31, 1998 and 1997 have been  prepared
without audit. In the opinion of management,  all adjustments,  including normal
recurring  adjustments  necessary  to  present  fairly the  financial  position,
results of operations and cash flows,  have been made.  Certain  information and
footnote  disclosures  normally  included in  financial  statements  prepared in
accordance with generally accepted accounting  principles have been condensed or
omitted. It is suggested that these financial  statements be read in conjunction
with the Company's audited financial statements at July 31, 1998. The results of
operations  for the three  months  ended  October 31,  1998 are not  necessarily
indicative of operating results for the full year.

2)  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Net income  (loss) per common share is  calculated  using the  weighted  average
number of share outstanding during each period.

3)  ISSUANCE OF COMMON STOCK

In August  1997 the Company  sold  580,000  shares of common  stock for which it
received $145,000.

During the three months ended October 31, 1998 the Company sold 2,185,000 shares
of common stock for which it received $218,500.

On October 20, 1998 the Company  settled a lawsuit and the parties agreed to the
following:  (a) 1,000,000 shares of stock  previously  issued for sale in Europe
would be returned to the Company;  (b) a creditor canceled the obligation of the
Company in exchange for 2,500,000  shares of the Company's  stock.  The debt and
accrued interest totaled $140,224.

4)  LOSS PER SHARE

Loss per common share is computed  using the weighted  average  number of common
shares outstanding during the period. The Company adopted Statement of Financial
Accounting  Standards  No. 128,  "Earnings  Per Share " during the quarter ended
January 31,  1998.  Since the Company has only  common  stock  outstanding,  the
adoption of this standard had no significant  effect on the Company's  financial
statements.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Results of Operations

During the three  months ended  October 31,  1998,  the Company had no licensing
revenue.  During the year ended July 31, 1996 the Company granted tire recycling
license rights for Europe, Australia, New Zealand and South Africa to a company.
As a result of certain acts by  the  principals of that company, the  Registrant
exercised its right to terminate the license  agreement.  Other persons who have
been assisting the licensee in establishing  its plant in Austria have expressed
their desire to continue  with the project under a new license.  The  Registrant
has, in principle,  agreed with that proposal,  but no new license agreement has
yet been  negotiated.  No plants are scheduled for  construction  at October 31,
1998. As a result of these activities by management  general and  administrative
expenses  decreased $4,089 to $71,703 and outside services  decreased $10,879 to
$834 for the three months ended October 31, 1998 as compared to the three months
ended October 31, 1997.

Financial Condition

The Company's  liquidity increased in the three months ended October 31, 1998 as
cash increased by $119,129 since July 31, 1998. Operations used $99,371 compared
to the same period of the prior year in which operations used $77,393.

Year 2000 Issue

Many  existing  computer  programs use only two digits to identify a year in the
date field (i.e.  12/31/97).  These programs were designed and developed without
considering the impact of the upcoming change in the century.  If not corrected,
many computer  applications  could fail or create erroneous results by or at the
Year 2000 (the "Year 2000 Issue").

The Company  has  addressed the Year 2000 Issue  relating to its  business,  its
operations   (including  operating  systems)  and  its  relationships  with  its
customers, suppliers  and other  constituents.  All  computer  software  used to
process the  Company's  financial,  accounting  and  reporting  information  are
presently  compliant in this issue.  The Company has no  significant  electronic
interaction  with its  customers,  suppliers,  creditors  or  financial  service
organizations.  Management does not expect that the Year 2000 Issue, or the cost
of  addressing  it will have a material  impact on its  business,  operations or
financial condition. However, management intends to review, on an ongoing basis,
whether there are any changes in anticipated  costs,  problems or  uncertainties
associated with the Year 2000 Issue.


                           PART II. OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

The only legal proceedings to which the Registrant is a party to or of which any
of its property is subject to, or is pending or known to be contemplated are the
following:

1.       Recently  the  Company  received  a demand  for  money  and a threat of
         litigation from a law firm in California representing a client claiming
         that  through  a  contract  with  Don  Won  Company,   Inc.,  a  Korean
         corporation,  he is  entitled  to a fee  resulting  from  the sale of a
         TRTM-60  plant to  purchasers  in  Taiwan.  The  Company  has asked for
         additional clarification but has not yet received a response.

The  Company  knows of no other  legal  proceedings  pending  or  threatened  or
judgement against any director or officer of the Registrant in their capacity as
such.

ITEM 2.  CHANGES IN SECURITIES

NONE

ITEM 3.  DEFAULTS IN SENIOR SECURITIES

NONE

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

NONE

ITEM 5.  OTHER INFORMATION

NONE

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)  There are no exhibits required by Item 601 of Regulation S-K

         (b)  Reports on  Form 8-K.  State whether any reports on Form  8-K have
been filed during the quarter for  which this report is filed, listing the items
reported, any financial statements filed, and the dates of any such reports.

NONE


                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the Registrant
has caused this report to be signed on its behalf by the undersigned,  thereunto
duly authorized.

         TITAN TECHNOLOGIES, INC. AND SUBSIDIARIES




December 7, 1998  Ronald L. Wilder                   
                  -----------------------------------------------------
                  Ronald L. Wilder, President, Chief Executive Officer,
                   Chief Financial Officer and Chief Accounting Officer.