|  TECHNOLOGY                GENERAL                CORPORATION                       |
|------------------------------------------------------------------------------------------|
|  (Exact                name of Small Business Issuer in                its charter) |

|  New                  Jersey                                                                | 22-1694294                                       |
|--------------------------------------------------------------------------------------------------|-------------------------------------------------------|
|  (State                  or jurisdiction of incorporation                  or organization) | (I.R.S.                  Employer Identification No.) |

|  12                  Cork Hill Road, Franklin, New Jersey                   |  07416                       |
|----------------------------------------------------------------------------------|-----------------------------------|
|  (Address                  of principal executive                  offices) |  (Zip                  Code) |

|  Yes X |  No |
|------------------|----------|

----

|                                                                                                                                      |  PAGE NO. |
|-------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|  Part 1. Financial Information                                                                                                       |           |
|                                                                                                                                      |           |
|  Item 1. Consolidated Financial              Statement (unaudited)                                                                   |           |
|                                                                                                                                      |           |
|  Consolidated                Balance Sheet - December 31, 2005                                                                       |  3        |
|                                                                                                                                      |           |
|  Consolidated                Statement of Operations For the nine months ended December 31,                2005, and 2004  |  4        |
|                                                                                                                                      |           |
|  Consolidated                Statement of Cash Flows For the nine months ended December 31,                2005 and 2004   |  5        |
|                                                                                                                                      |           |
|  Notes                to Consolidated Financial Statements                                                                           |  6        |
|                                                                                                                                      |           |
|  Item              2. Management's Discussion and Analysis of Financial Condition and              Results              of Operation |  7-9      |
|                                                                                                                                      |           |
|  Signatures                                                                                                                          |  10       |

----

|  ASSETS                                                                                                                                                                                    |   |   |       |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|
|                                                                                                                                                                                            |   |   |       |   |
|  CURRENT                ASSETS:                                                                                                                                                            |   |   |       |   |
| Cash                  and cash equivalents                                                                                                                                                      |   | $      | 177,314    |   |
|  Accounts                  receivable, net of allowance for doubtful accounts                  of $5,700                                                                                   |   |   | 165,883    |   |
|  Inventories                                                                                                                                                                               |   |   | 291,193    |   |
|  Prepaid                  expenses and other current                  assets                                                                                                               |   |   | 4,119      |   |
|  Total                  current assets                                                                                                                                                     |   |   | 638,509    |   |
|                                                                                                                                                                                            |   |   |            |   |
|  PROPERTY,                PLANT AND EQUIPMENT, net                                                                                                                                         |   |   | 1,579,990  |   |
|                                                                                                                                                                                            |   |   |            |   |
|  OTHER                ASSETS, NET                                                                                                                                                          |   |   | 73,951     |   |
|                                                                                                                                                                                            |   | $      | 2,292,450  |   |
|                                                                                                                                                                                            |   |   |            |   |
|  LIABILITIES                  AND STOCKHOLDER'S                  EQUITY                                                                                                                    |   |   |       |   |
| CURRENT                  LIABILITIES:                                                                                                                                                           |   |   |            |   |
|  Current                  maturities of long-term                  debt                                                                                                                    |   | $      | 171,926    |   |
|  Accounts                  payable and accrued expenses                                                                                                                                    |   |   | 177,839    |   |
|  Total                  current liabilities                                                                                                                                                |   |   | 349,765    |   |
|                                                                                                                                                                                            |   |   |            |   |
|  LONG                - TERM DEBT:                                                                                                                                                          |   |   |            |   |
|  Long-term                  obligations, net of current                  maturities                                                                                                        |   |   | 1,791,787  |   |
|  Security                  deposits                                                                                                                                                        |   |   | 59,644     |   |
|  Total                  long - term debt                                                                                                                                                   |   |   | 1,851,431  |   |
|                                                                                                                                                                                            |   |   |            |   |
|  STOCKHOLDERS'                EQUITY:                                                                                                                                                      |   |   |            |   |
|  Common                  stock, $.001 par value, authorized                  30,000,000 shares, issued 5,886,228 shares, outstanding                  5,811,912 shares                     |   |   | 5,886      |   |
|  Class                  A common stock, $.001 par value, 1/10th vote per share, authorized                  15,000,000 shares, issued and outstanding                  131,839 shares |   |   | 132        |   |
|  Capital                  in excess of par                  value                                                                                                                          |   |   | 2,421,124  |   |
|  Accumulated                  deficit                                                                                                                                                      |   |   | (2,326,057 | )      |
|                                                                                                                                                                                            |   |   | 101,085    |   |
|                                                                                                                                                                                            |   |   |            |   |
|  Less                  treasury stock, at cost, 74,316 shares                                                                                                                              |   |   | (9,831     | )      |
|  Total                  stockholders' equity                                                                                                                                               |   |   | 91,254     |   |
|                                                                                                                                                                                            |   | $      | 2,292,450  |   |

----

|                                                              |   | Three                Months EndedDecember                31 |    | Nine                Months EndedDecember                31 |   |
|-------------------------------------------------------------------|--------|-------------------------------------------------------------|---------|------------------------------------------------------------|--------|
|                                                              |   |   2005                                            |    |   2004                                           |   |  2005 |   |  2004 |   |
|                                                              |   |                                                        |    |                                                       |   |   |   |   |   |
|  REVENUES:                                                   |   |                                                        |    |                                                       |   |   |   |   |   |
|  Product                sales                                |   | $                                                           | 281,213 |                                                       | $      | 344,139 |   | $ | 903,109 |   | $ | 835,863 |   |
|  Rentals                                                     |   |                                                        | 220,418 |                                                       |   | 230,589 |   |   | 658,668 |   |   | 693,436 |   |
|                                                              |   |                                                        | 501,631 |                                                       |   | 574,728 |   |   | 1,561,777 |   |   | 1,529,299 |   |
|                                                              |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|  COSTS              AND EXPENSES:                            |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|  Cost                of product sales                        |   |                                                        | 153,668 |                                                       |   | 221,872 |   |   | 494,806 |   |   | 539,234 |   |
|  Cost                of rentals                              |   |                                                        | 97,721  |                                                       |   | 109,853 |   |   | 278,920 |   |   | 301,438 |   |
|  Selling,                general and administrative expenses |   |                                                        | 249,263 |                                                       |   | 259,171 |   |   | 747,976 |   |   | 795,734 |   |
|                                                              |   |                                                        | 500,652 |                                                       |   | 590,896 |   |   | 1,521,702 |   |   | 1,636,406 |   |
|                                                              |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|  INCOME              (LOSS) FROM OPERATIONS                  |   |                                                        | 979     |                                                       |   | (16,168 | ) |   | 40,075 |   |   | (107,107 | ) |
|                                                              |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|  OTHER              INCOME (EXPENSE):                        |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|  Interest                expense                             |   |                                                        | (5,340  | )                                                          |   | (1,320 | ) |   | (5,583 | ) |   | (1,908 | ) |
|  Interest                and Dividend Income                 |   |                                                        | 33      |                                                       |   | 70 |   |   | 233 |   |   | 389 |   |
|  Miscellaneous                Income (expense)               |   |                                                        | (1,771  | )                                                          |   | (6,239 | ) |   | (4,470 | ) |   | (5,435 | ) |
|  EPA                and DEP settlement                       |   |                                                        | -       |                                                       |   | - |   |   | (154,422 | ) |   | - |   |
| Insurance                Recovery                                 |   |                                                        | 15,173  |                                                       |   | - |   |   | 15,173 |   |   | - |   |
|                                                              |   |                                                        | 8,095   |                                                       |   | (7,489 | ) |   | (149,069 | ) |   | (6,954 | ) |
|                                                              |   |                                                        |    |                                                       |   |   |   |   |   |   |   |  |   |
|                NET INCOME (LOSS) BEFORE INCOME TAXES         |   |                                                        | 9,074   |                                                       |   | (23,657 | ) |   | (108,994 | ) |   | (114,061 | ) |
|  INCOME              TAXES                                   |   |                                                        | -       |                                                       |   | - |   |   | - |   |   | 250 |   |
|  NET              INCOME (LOSS)                         |   | $                                                           | 9,074   |                                                       | $      | (23,657 | ) |   | (108,994 | ) | $ | (114,311 | ) |

----

|                                                                                                                                        |   | Nine                Months EndedDecember                31  |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------|
|                                                                                                                                        |   |                                                             | 2005 |   |   | 2004 |   |
|                                                                                                                                        |   |                                                             |   |   |   |   |   |
|  CASH              FLOWS FROM OPERATING              ACTIVITIES:                                                                       |   |                                                             |   |   |   |   |   |
|  Net                income (loss)                                                                                                      |   | $                                                                | (108,994 | ) | $ | (114,311 | ) |
|  Adjustment                to reconcile net loss to                net cash provided by (used                in) operating activities: |   |                                                             |   |   |   |  |   |
|  Depreciation                and amortization                                                                                          |   |                                                             | 60,555 |   |   | 73,947 |   |
|  Increase                (decrease) in cash attributable to changes                in operating assets and liabilities:                |   |                                                             |   |   |   |  |   |
|  Accounts                receivable                                                                                                    |   |                                                             | 110,605 |   |   | (30,528 | ) |
|  Inventories                                                                                                                           |   |                                                             | (49,661 | ) |   | 35,016 |   |
|  Prepaid                expenses and other current assets                                                                              |   |                                                             | 6,497 |   |   | 10,412 |   |
|  Other                assets                                                                                                           |   |                                                             | (47,571 | ) |   | 6,911 |   |
|  Accounts                payable and accrued                expenses                                                                   |   |                                                             | (79,567 | ) |   | 15,835 |   |
|  Security                deposits                                                                                                      |   |                                                             | (3,582 | ) |   | (7,445 | ) |
|                                                                                                                                        |   |                                                             |   |   |   |  |   |
|  NET              CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:                                                                     |   |                                                             | (111,718 | ) |   | (10,163 | ) |
|                                                                                                                                        |   |                                                             |   |   |   |  |   |
|  NET              CASH PROVIDED BY (USED IN) INVESTING              ACTIVITIES:                                                        |   |                                                             |   |   |   |  |   |
|  Underapreciated                cost of property sold                                                                             |   |                                                             | 154,422 |   |   | - |   |
|  Purchase                of equipment                                                                                                  |   |                                                             | (258 | ) |   | (122,744 | ) |
|                                                                                                                                        |   |                                                             | 154,164 |   |   | (122,744 | ) |
|  CASH              FLOWS FROM FINANCING              ACTIVITIES:                                                                       |   |                                                             |   |   |   |  |   |
|  Principal                payments on long-term debt                                                                                   |   |                                                             | (24,038 | ) |   | (77,800 | ) |
|  Increase                in long-term debt                                                                                             |   |                                                             | - |   |   | 154,250 |   |
|  NET              CASH USED IN FINANCING              ACTIVITIES                                                                       |   |                                                             | (24,038 | ) |   | 76,450 |   |
|                                                                                                                                        |   |                                                             |   |   |   |  |   |
|  INCREASE              (DECREASE) IN CASH AND CASH              EQUIVALENTS                                                            |   |                                                             | 18,408 |   |   | (56,457 | ) |
|                                                                                                                                        |   |                                                             |   |   |   |  |   |
|  CASH              AND CASH EQUIVALENTS, beginning              of period                                                              |   |                                                             | 158,906 |   |   | 215,528 |   |
|                                                                                                                                        |   |                                                             |   |   |   |  |   |
|  CASH              AND CASH EQUIVALENTS, end of              period                                                                    |   | $                                                                | 177,314 |   | $ | 159,071 |   |

----

| The                  Company (in March 2003) has settled a complaint brought by the                  USEPA and                  NJDEP relating to toxic chemical contamination at a former manufacturing                  site. Under terms of the Consent Decree, the Company agreed to                  pay                  the EPA and NJDEP a combined total of $600,000. The Company has                  previously                  disbursed $320,000, leaving a balance of $280,000 comprised of                  $246,087                  principal and $33,913 interest. These amounts will be paid in three                  annual                  installments; two at $100,000 each due March 2006 and March 2007                  and the                  final installment of $80,000 is due March 2008. The $280,000 is                  reflected                  on the Balance Sheet as short-term debt of $100,000 and long-term                  obligations $180,000. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| The                  Consent Decree also stipulated that the EPA and NJDEP would receive                  the net proceeds from the sale of the company’s three Superfund site                  properties. As of December 31, 2005, one site consisting of 8.33                  acres of                  land was sold in November 2004 for the contract sales price of                  $90,000 and                  a second parcel consisting of land and building was sold for a                  contract                  sales price of $400,000 in April 2005, leaving one property remaining                  consisting of 8+ acres.                                                                                                                                                                                                                                                                                                                                            |

----

|  Item 2 | MANAGEMENT'S              DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND              RESULTS OF OPERATIONS |
|--------------|----------------------------------------------------------------------------------------------------------------|

| For                the nine-month period ended December 31, 2005, Technology General                Corporation and subsidiary  had consolidated revenues of $1,561,777                and                net loss of $108,994. Technology General Corporation, operating                individually                as a holding company managing the various operating segments, does                not generate significant revenue other than allocating management                expenses                to the operating entities and leasing space to four tenants.                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Clawson                Machine manufactures a full line of ice crushing and ice shaving                equipment for the food service and related industries. The popular                Hail                Queen and Princess Chipper ice crushers are specified as "standard                equipment" in many major restaurant chains. The patented In-line                crusher                that inserts between a commercial ice cuber and storage bin, maximizes                the                functionality of the standard cuber without increasing floor space                usage.                The In-Line crusher will crush cubes to one side of a storage bin                or                bypass cubes to the other side depending on demand. All three units                are                NSF (National Sanitary Foundation) listed, a requirement for food                handling                equipment in most states. The In-line crusher is also UL                recognized. |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Clawson                also manufactures ice shaving equipment for block cubes including                several models specifically designed for snow cones used in the amusement                industries. These models include shaved ice storage areas, cup and                syrup                dispensers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Sales                are direct to end use customers and through an extensive network                of restaurant equipment distributors. An aggressive advertising,                trade                show and internet program has historically proven successful. The                continuation of this program along with new innovative product design                projects additional growth.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Eclipse                Systems carries a diversified product line. The paint spray products                are                the oldest of the Eclipse lines. In addition to the heavy duty industrial                Gat spray gun, Eclipse carries a complete line of siphon, pressure                and                gravity feed guns in both standard and HVLP models.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Additionally,                Eclipse manufactures a full line of portable and fixed position mixers                for                all industries. Standard models are available in air or electric                drive                with gear reduction models in the larger sizes. With an extensive                parts                inventory, Eclipse is able to produce made-to-order mixers at a cost                and                turn-around time of the standard models. Specialty alloys, elastomers                and                coatings are available to meet any demanding application. Typical                uses are                found in the chemical, plating, paint, printing, food and pharmaceutical                industries.                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Eclipse                has recently expanded its' capabilities to include the ancillary                equipment associated with the mixing and spraying industries.                 Current                capabilities include the design and manufacturing of instrumentation                and control systems available in stand alone and integrated                designs.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| Item 2 | MANAGEMENT'S              DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND              RESULTS OF OPERATIONS  (CONTINUED) |
|--------|----------------------------------------------------------------------------------------------------------------------------------|

----

----

|  Date: May 4, 2006                                                                                                           |  TECHNOLOGY GENERAL                CORPORATION |
|-----------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------|
|                                                                                                                              |                                                |
|                                                                                                                              |                                                |
|  BY: /s/Charles                J. Fletcher                                                                              |                                                |
|  Charles                J. FletcherPresident,                  Chief Executive OfficerChairman                  of the Board |                                                |
|                                                                                                                              |                                                |
|                                                                                                                              |                                                |
|  BY: /s/Helen                S. Fletcher                                                                                |                                                |
|  Helen                S. FletcherSecretary/Treasurer                                                                         |                                                |

----