|  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 |
|------------------|----------|

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|                                                                                                                                      |  PAGE NO. |
|-------------------------------------------------------------------------------------------------------------------------------------------|----------------|
|  Part 1. Financial Information                                                                                                       |           |
|                                                                                                                                      |           |
|  Item 1. Consolidated Financial              Statement (unaudited)                                                                   |           |
|                                                                                                                                      |           |
|  Consolidated                Balance Sheet - September 30, 2005                                                                      |  3        |
|                                                                                                                                      |           |
|  Consolidated                Statement of Operations For the six months ended September 30,                2005, and 2004  |  4        |
|                                                                                                                                      |           |
|  Consolidated                Statement of Cash Flows For the six months ended September 30,                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       |

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|  ASSETS                                                                                                                                                                                    |                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|
|                                                                                                                                                                                            |                              |
|  CURRENT ASSETS:                                                                                                                                                                           |                              |
| Cash                  and cash equivalents                                                                                                                                                      |  $122,259                    |
|  Accounts                  receivable, net of allowance for doubtful accounts                  of $5,700                                                                                   |  298,938                     |
|  Inventories                                                                                                                                                                               | 304,355                           |
|  Prepaid                  expenses and other current assets                                                                                                                                |   4,119                 |
|  Total                  current assets                                                                                                                                                     | 709,671                           |
|                                                                                                                                                                                            |                              |
|  PROPERTY, PLANT AND EQUIPMENT, net                                                                                                                                                        |  1,600,093                   |
|                                                                                                                                                                                            |                              |
|  OTHER                ASSETS, NET                                                                                                                                                          |  22,353                      |
|                                                                                                                                                                                            |  $2,352,117                  |
|                                                                                                                                                                                            |                              |
|  LIABILITIES                  AND STOCKHOLDER'S                  EQUITY                                                                                                                    |                              |
| CURRENT                  LIABILITIES:                                                                                                                                                           |                              |
|  Current                  maturities of long-term debt                                                                                                                                     |                    $ 159,957 |
|  Accounts                  payable and accrued expenses                                                                                                                                    |  231,589                     |
|  Total                  current liabilities                                                                                                                                                |  391,546                     |
|                                                                                                                                                                                            |                              |
|  LONG - TERM DEBT:                                                                                                                                                                         |                              |
|  Long-term                  obligations, net of current maturities                                                                                                                         |  1,818,746                   |
|  Security                  deposits                                                                                                                                                        |  59,644                      |
|  Total                  long - term debt                                                                                                                                                   |  1,878,390                   |
|                                                                                                                                                                                            |                              |
|  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                                                                                                                                                      |  (2,335,130)                 |
|                                                                                                                                                                                            |  92,012                      |
|                                                                                                                                                                                            |                              |
|  Less                  treasury stock, at cost, 74,316 shares                                                                                                                              |  (9,831)                     |
|  Total                  stockholders' equity                                                                                                                                               |  82,181                      |
|                                                                                                                                                                                            |   $2,352,117            |

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|                                                              | Three                Months EndedSeptember                30 |                            | Six                Months EndedSeptember                30 |
|-------------------------------------------------------------------|--------------------------------------------------------------|---------------------------------|------------------------------------------------------------|
|                                                              |   2005                                             |   2004                |                                                       |  2005 |  2004 |
|                                                              |                                                         |                            |                                                       |   |   |
|  REVENUES:                                                   |                                                         |                            |                                                       |   |   |
|  Product                sales                                |  $321,683                                               |  $212,908                  |                                                       |  $621,896 |  $491,724 |
|  Rentals                                                     |  219,248                                                |  236,966                   |                                                       |  438,250 |  462,847 |
|                                                              |  540,931                                                |  449,874                   |                                                       |  1,060,146 |  954,571 |
|                                                              |                                                         |                            |                                                       |   |   |
|  COSTS              AND EXPENSES:                            |                                                         |                            |                                                       |   |   |
|  Cost                of product sales                        |  175,822                                                |  136,354                   |                                                       |  341,138 |   317,362 |
|  Cost                of rentals                              |  85,083                                                 |  94,683                    |                                                       |  181,199 |  191,585 |
|  Selling,                general and administrative expenses |  253,491                                                |  262,476                   |                                                       |  498,713 |  536,563 |
|                                                              |  514,396                                                |  493,513                   |                                                       |  1,021,050 |  1,045,510 |
|                                                              |                                                         |                            |                                                       |   |   |
|  INCOME              (LOSS) FROM OPERATIONS                  |  26,535                                                 |  (43,639)                  |                                                       |  39,096 |   (90,939) |
|                                                              |                                                         |                            |                                                       |   |   |
|  OTHER              INCOME (EXPENSE):                        |                                                         |                            |                                                       |   |   |
|  Interest                expense                             |  (107)                                                  |  (152)                     |                                                       |  (243) |  (588) |
|  Interest                and Dividend Income                 |  139                                                    |  240                       |                                                       |  200 |  319 |
|  Miscellaneous                income (expense)               |  5,621                                                  |  513                       |                                                       |  (2,699) |  804 |
|  EPA                and DEP settlement                       |  -                                                      | -                               |                                                       |   (154,422) |  - |
|                                                              |  5,653                                                  |  601                       |                                                       |  (157,164) | 535 |
|                                                              |                                                         |                            |                                                       |   |   |
|                NET INCOME (LOSS) BEFORE INCOME TAXES         |  32,188                                                 |  (43,038)                  |                                                       |   (118,068) |  (90,404) |
|  INCOME              TAXES                                   |  -                                                      |  250                       |                                                       |  - |  250 |
|  NET              INCOME (LOSS)                         |  $                32,188                                |  $                (43,288) |                                                       |  (118,068) |                   $ (90,654) |

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|                                                                                                                                        | Six                Months EndedSeptember                30 |
|---------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|
|                                                                                                                                        |  2005                                                 |  2004 |
|                                                                                                                                        |                                                       |   |
|  CASH FLOWS FROM OPERATING              ACTIVITIES:                                                                                    |                                                       |   |
|  Net                income (loss)                                                                                                      |   $                (118,068)                     |   $                (90,654) |
|  Adjustment                to reconcile net loss to                net cash provided by (used                in) operating activities: |                                                       |   |
|  Depreciation                and amortization                                                                                          |  40,370                                               |                  49,298 |
|  Increase                (decrease) in cash attributable to changes                in operating assets and liabilities:                |                                                       |   |
|  Accounts                receivable                                                                                                    |  (22,450)                                             |  22,609 |
|  Inventories                                                                                                                           |  (62,823)                                             |  15,223 |
|  Prepaid                expenses and other current assets                                                                              |  6,497                                                |  11,200 |
|  Other                assets                                                                                                           |  4,027                                                |  4,171 |
|  Accounts                payable and accrued expenses                                                                                  |   (25,817)                                       |  53,117 |
|  Security                deposits                                                                                                      |  (3,582)                                              | (5,000) |
|                                                                                                                                        |                                                       |   |
|  NET              CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:                                                                     |                  (181,846)                            |  59,964 |
|                                                                                                                                        |                                                       |   |
|  NET CASH PROVIDED BY (USED IN)              INVESTING ACTIVITIES:                                                                     |                                                       |   |
|  Underapreciated                cost of property sold                                                                             |  154,422                                              |  - |
|  Purchase                of                equipment                                                                                   |  (175)                                                |  (121,897) |
|                                                                                                                                        |  154,247                                              | (121,897) |
|  CASH FLOWS FROM FINANCING              ACTIVITIES:                                                                                    |                                                       |   |
|  Principal                payments on long-term debt                                                                                   |  (29,048)                                             |  (57,067) |
|  Increase                in long-term debt                                                                                             |  20,000                                               | 46,500 |
|  NET              CASH USED IN FINANCING ACTIVITIES                                                                                    |  (9,048)                                              |   (10,567) |
|                                                                                                                                        |                                                       |   |
|  INCREASE              (DECREASE) IN CASH AND CASH              EQUIVALENTS                                                            |  (36,647)                                             |   (72,500) |
|                                                                                                                                        |                                                       |   |
|  CASH              AND CASH EQUIVALENTS, beginning              of period                                                              |  158,906                                              |  215,528 |
|                                                                                                                                        |                                                       |   |
|  CASH              AND CASH EQUIVALENTS, end of period                                                                                 |   $122,259                                       |  $143,028 |

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|  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 September 30, 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.                                                                                                                                                                                                                                                                                |

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

| For                the six-month period ended September 30, 2005, Technology General                Corporation and subsidiary had consolidated revenues of $1,060,145                and                net loss of $118,068. 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

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

| The                  Eclipse and Clawson Divisions operate in combination with each                  other, and                  total sales for the current six-month period amounted to $137,754                  and                  $175,982 respectively, for a total of $313,736. The comparable                  sales for                  the six-month period ending September 30, 2004 were $122,520 for                  Eclipse                  and $130,516 for Clawson for a total of $253,036. The 2005 six-month                  combined sales increased $60,700 compared to the 2004 six-month                  total.                                                                                                                                                                                                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| The                  Precision Metalform Division reported sales for the six-months                  ended                  September 30, 2005 and 2004 of $308,159 and $238,687, an increase                  of                  $69,472. Management anticipates that sales for the balance of the                  year are                  expected to remain stable in the writing instruments and cosmetic                  fields.                  Precision Metalform, along with the Company's other operating divisions,                  has taken positive steps to reduce its general and administration                  overhead, including efforts to reduce inventories to conserve cash                  flow.                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Technology                  General currently is leasing space at its corporate office complex                  to two                  (2) industrial tenants and is leasing residential property to another                  tenant. Total revenues for the current six-month period were $76,093                  and                  for the same period in 2004 were $75,943 resulting in virtually                  no change.                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Transbanc                  International Investors Corporation, a wholly-owned subsidiary,                  is a real                  estate holding company which leases its 115,000 square foot building                  to                  three (3) industrial tenants and three (3) commercial tenants.                  Total                  rental revenue for the six-months ended September 30, 2005 amounted                  to                  $362,156 an increase of $8,701 compared to the six-months ended                  September                  30, 2004. Management anticipates a modest increase in revenue from                  this                  facility resulting from modified leases for an extended period                  of                  time.                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| The                  consolidated net loss of $118,068 for the six months ended September                  30,                  2005 was a result of the Company settlement with the EPA and NJDEP.                  A                  portion of the Consent Decree stipulated that a parcel of property                  be                  sold, the net proceeds accruing to the Federal and State governments.                  This                  transaction resulted in a net loss to the Company of $154,422,                  the                  undepreciated cost of the property (net book value). With the exception                  of                  this extraordinary item which is unrelated to operating activities,                  the                  Company would have shown a modest earnings figure of                  $36,000. |

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|  LIQUIDITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  As                  of September 30, 2005, current assets amounted to $729,671 and                  current                  liabilities totaled $391,546, reflecting a working capital of $338,125                  and                  a current ratio of 1.86 to 1. There was a negative cash flow of                  $36,647                  for the current six-month period due to the net loss of $118,068.                  See net                  income/loss below.                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  RESULTS                OF OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  PRODUCT                  SALES. Technology General Corporation's manufacturing segment generated                  sales of $621,896 for the six-month period ended September 30,                  2005. This                  compares favorably with the six month September 30, 2004 product                  sales                  figure of $491,724, a $130,172 across the board                  increase.                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  RENTAL                  SALES. Total consolidated rental billings for the six-month period                  ended                  September 30, 2005 amounted to $438,250 a decrease of $24,597 over                  the                  same period for September 30, 2004.                                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  GROSS                  MARGIN. The consolidated gross profit margin for the six-months                  ended                  September 30, 2005, was 49 percent.                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  SELLING,                  GENERAL AND ADMINISTRATIVE EXPENSES. These expenses as a percent                  of net                  sales were approximately 47 percent for the six-months ended September                  30,                  2005.                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  INTEREST.                  Total interest expense for the six-months ended September 30, 2005                  amounted to $54,324 of which $54,081 is reflected under "Cost of                  Rentals"                  and the remainder of $243 is shown as a separate line item within                  "Other                  Income (Expense)".                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|  NET                  INCOME/LOSS. The net loss for the six-months ended September 30,                  2005                  amounted to $118,068 which was due mainly to the settlement with                  the EPA                  and NJDEP wherein land and building with an original cost plus                  improvements totaling $465,000 were sold for $400,000, all proceeds                  going                  to the Federal and New Jersey governments. The net loss for the                  comparable                  2004 six month period was                  $90,654. |

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|  Date: March 20, 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                                                                         |                                                |

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