Item 2. Properties.
As of June 30, 1998, the Registrant owned no property. The Registrant utilizes some space in the offices of Lite King Corp., an affiliated company.
Item 3.
Item 3. Legal Proceedings.
None
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
None
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholders Matters.
During the past three fiscal years there was no market for the shares of the Registrant.
Number of Shareholders - 372 shareholders of record of 9/23/98.
Dividends - None paid.
Item 6.
Item 6. Selected Financial Data
for the Year ended June 30, 1998 1997 1996 1995 1994
Total Revenues $102,991 $72,985 $40,449 $40,708 $31,278 Operating Income (Loss) 28,160 6,388 (2,709) (14,375) (10,694) Net Income (Loss) 16,198 11,925 (3,720) (14,375) (10,694) Net Income (Loss) per share NIL NIL NIL NIL NIL Total Assets 752,417 731,238 718,443 721,014 735,389 Long Term Debt -0- -0- -0- -0- -0- Dividends -0- -0- -0- -0- -0-
Item 7.
Item 7. Management's Discussion and Analysis of Results of Operations.
The Registrant had net income after taxes of $16,198 for the year ended June 30, 1998. Net income after taxes for the year ended June 30, 1997 amounted to $11,925.
Fiscal year 1998 revenues and income was influenced by interest income, management income and gains from the sale of securities. During fiscal year 1998, the revenues amounted to $102,991 as compared with fiscal year 1997 revenes of $72,985. Operating expenses rose in fiscal year 1998 as compared with the comparative fiscal year 1997 figure. The net income figure for fiscal year 1998 was principally due to the sale of securities (Delta Three and Havenwood Corp. shares).
The Registrant received monthly management fees of $3,200 from Davin for the fiscal year ended June 30, 1998. The Registrant provided administrative, clerical, bookkeeping and other services to Davin. The agreement was terminated December 31, 1997. At June 30, 1998, the Registrant owned 50,100 restricted shares of Creative Master International Inc. (formerly Davin Enterprises Inc.), at a cost of $7,950, representing less than 1% of the total shares of Creative outstanding. Davin Enterprises Inc. merged with Creative Master International Inc. in December 1997.
During December 1996 the Retistrant purchased 403,000 shares of Coral Development Corp. for $30,300. The Registrant has registered these shares with the Securities and Exchange Commission with the intention to distribute those shares to the Registrant's shareholders in the form of a dividend. This distribution can only be made after a merger agreement with a private company is signed and at least 80% of the Registrant's shareholders approve such merger. In July 1998 Coral merged with Omnicomm Systems Inc. a computer software company. No assurance can be given that a merger agreement with OmniComm Systems Inc. will be completed and that at least 80% of the shareholders of the Registrant will approve such merger agreement.
The Company purchased an investment in TTR Inc., a 10% promissory note in the amount of $25,000 with warrants for 4,000 shares exercisable at $.01 at the time of a TTR initial public offering. TTR Inc. incorporated for the purpose of designing, developing, and marketing computer software products. During the quarter ended March 31, 1997, TTR completed its initial public offering and repaid the note with interest. The Company also exercised its warrants and realized a gain of $29,940 in the year ended June 30, 1997.
The Company purchased 25,000 shares of Delta Three Inc. for $25,000. Delta Three, Inc. is a telecommunications provider using Internet technology for voice transmission. This investment was sold during the year ended June 30, 1998.
During the year ended June 30, 1997 the Registrant recognized a complete loss on its investment and loan to Soft Sail Wind Power Inc. (Soft Sail). At the present time the Registrant does not believe Soft Sail will be able to repay its debt to the Company and has therefore considered its debt and equity investment in Soft Sail to be worthless. The loss on the loan was $11,400 and the loss in fiscal year 1997 on its equity investment was $16,005.
At June 30, 1998 the Registrant's total assets amounted to $752,417 and as compared with $731,238 for total assets at June 30, 1997. At June 30, 1998, stockholders' equity amounted to $744,217, as compared with $728,019 at June 30, 1997.
Item 8.
Item 8. Financial Statements.
Attached.
Item 9.
Item 9. Changes In and Disagreement With Accountants on Accounting and Financial Disclosure.
None. Year 2000 Issue
The Company has evaluated the impact of the Year 2000 issue on the business and does not expect to incur significant costs with Year 2000 compliance. The Company believes that all software and hardware requirements to enable it to cope with the Year 2000 issue have been or are being currently implemented. However, there can be no assurance that unanticipated costs may arise in implementing these requirements.
PART III
Item 10.
Item 10. Directors and Executive Officers.
The executive officers and directors of the Registrant are as follows:
Name Age Title Term Expires
Arthur Seidenfeld 47 President and Next Annual Director Meeting Anne Seidenfeld 85 Treasurer, Secretary Next Annual and Director Meeting Gerald Kaufman 57 Director Next Annual Meeting
Each of the above named individuals has served the Registrant in the capacity indicated since its formation on July 27, 1982 (with the exception of Anne Seidenfeld who became a director of the Registrant on March 31, 1989 and treasurer on December 17, 1989 and Gerald Kaufman who became a director in 1990.
Arthur Seidenfeld, has been president and a director of the Registrant since its formation. Mr. Seidenfeld was awarded a B.S. Degree in Accounting from New York University in 1972 and a M.B.A. Degree in Finance in 1978 from Pace University.
He is also president and director of Daine Industries, Inc., a publicly traded company which through its wholly owned subsidiary, Lite King Corp, is engaged in the manufacture of wiring devices. He was also president and director of Davin Enterprises, Inc. (a publicly traded company that went public in Sept. 1987) from 1987 until December 1997 when Davin merged with Creative Masters International Inc., a manufacturer of replica cars. From July 1994 until April 1997, he was also treasurer-secretary of Soft Sail Wind Power Inc., a newly established company engaged in wind energy research and development activities. Since December 1996, he has been president and director of Coral Development Corp., a public company which signed a merger agreement in July 1998 with Omnicomm Systems Inc., a company in the computer software field.
Anne Seidenfeld, Treasurer, Secretary and Director, received her diploma from Washington Irving High School, New York City, in 1931. Mrs. Seidenfeld is the Treasurer, Secretary and Director of Daine Industries, Inc. and Coral Development Corp and was Treasurer, Secretary and Director of Davin Enterprises Inc. from 1987 until December 1997.
Gerald Kaufman, Director, has been a practicing attorney for over twenty five years. He has served as a director of the Registrant, along with being a director of Daine Industries Inc. since November 1990. He has also been a director of American Mayflower Life Insurance Co. since 1973.
Arthur Seidenfeld is the son of Anne Seidenfeld.
Item 11.
Item 11. Management-Remuneration and Transactions.
During the fiscal year ended June 30, 1998, management salaries were as follows:
Anne Seidenfeld - Treasurer-Secretary $7,200 Arthur Seidenfeld - President $17,300
Anne Seidenfeld, the Company's treasurer and secretary, pursuant to an oral agreement with the Company earned $7,200 as an annual salary effective through June 30, 1998.
PART IV
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
a. The following are known to Registrant to be beneficial owners of 5% or more of the Registrant's common stock.
Title of Class Common Stock
Name of Beneficial Owner Amount & Nature of Percentage Beneficial Ownership of Class
Arthur Seidenfeld 461 Beach 124 Street Belle Harbor, New York 9,654,820 47.9%
Anne Seidenfeld 461 Beach 124 Street Belle Harbor, New York 2,426,500 12.0%
All Officers and Directors as a Group (3) 12,081,320 59.9% b. The shares owned by management are as follows:
Common Stock.
Name of Beneficial Owner Amount & Nature of Percentage Beneficial Ownership of Class
Arthur Seidenfeld 9,654,820 47.9% Anne Seidenfeld 2,426,500 12.0%
Item 13.
Item 13. Certain Relationships and Related Transactions:
For the year ended June 30, 1998, the Registrant received management fees from Davin Enterprises, Inc. amounting to $3,200. Arthur Seidenfeld, President and a director of the Registrant owns 44,063 of the outstanding shares of Davin Enterprises, Inc. Anne Seidenfeld, Treasurer-Secretary and a director of the Registrant owns 5,470 of the outstanding shares of Davin Enterprises, Inc. Davin Enterprises Inc.'s name was changed to Creative Master International Inc. after Creative Master Inc. merged with Davin Enterprises Inc.
MODERN TECHNOLOGY CORP. INDEX TO FINANCIAL STATEMENTS AND SCHEDULES FILED WITH THE ANNUAL REPORT OF THE COMPANY ON FORM 10-K
ITEM 14
ITEM 14 - EXHIBITS
Financial Statements and Schedules and Reports on Form 8-K.
ACCOUNTANT'S REPORT BALANCE SHEET AS OF JUNE 30, 1998 AND JUNE 30, 1997 STATEMENT OF STOCKHOLDERS' EQUITY FOR THE PERIOD JULY 1, 1995 TO JUNE 30, 1998 STATEMENT OF OPERATIONS FOR THE YEARS ENDED JUNE 30, 1998, 1997 AND STATEMENT OF CASH FLOWS FOR THE YEARS ENDED JUNE 30, 1998, 1997 AND NOTES TO FINANCIAL STATEMENTS
Other schedules not submitted are omitted, because the information is included elsewhere in the financial statements or the notes thereto, or the conditions requiring the filing of these schedules are not applicable.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) of the Securities Act of 1934 by Registrant which have not registered securities pursuant to Section 12 of the Securities Act of 1934.
a) No annual report or proxy material has been sent to security holders. When such report or proxy materials are furnished to securities holders subsequent to the filing of this report, copies shall be furnished to the Commission when sent to securities holders.
MODERN TECHNNOLOGY CORP.
FINANCIAL STATEMENTS
JUNE 30, 1998 AND 1997
I N D E X
Page
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS 1
CONSOLIDATED BALANCE SHEETS 2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY 3
CONSOLIDATED STATEMENTS OF OPERATIONS 4
CONSOLIDATED STATEMENTS OF CASH FLOWS 5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 6-10
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Board of Directors and Stockholders MODERN TECHNOLOGY CORP. Belle Harbor, New York 11694
We have audited the accompanying consolidated balance sheets of MODERN TECHNOLOGY CORP. as at June 30, 1998 and 1997 and the related consolidated statements of operations and stockholders' equity and cash flows for each of the three years in the period ended June 30, 1998. These financial statements are the responsibility of the company's management. Our responsibility is to express an opinion on these financial statements based upon our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audits provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements enumerated above present fairly, in all material respects, the consolidated financial position of MODERN TECHNOLOGY CORP. at June 30, 1998 and 1997, and the consolidated results of its operations and cash flows for the three years in the period ended June 30, 1998, in conformity with generally accepted accounting principles.
GREENBERG & COMPANY LLC
Springfield, New Jersey August 6, 1998
Page 1 of 10 MODERN TECHNOLOGY CORP. CONSOLIDATED BALANCE SHEETS
June 30, 1998 1997
A S S E T S
CURRENT ASSETS Cash and Cash Equivalents $701,275 $647,886
EQUIPMENT - At Cost 9,939 9,939 Less: Accumulated Depreciation 9,939 9,939 -0- -0-
OTHER ASSETS Investments, At Cost 24,750 49,770 Deferred Tax Asset -0- 7,375 Deferred Registration Costs 26,007 25,907 Other Assets 385 300 51,142 83,352
TOTAL ASSETS $752,417 $731,238
L I A B I L I T I E S A N D S T O C K H O L D E R S' E Q U I T Y
CURRENT LIABILITIES Accrued Expenses and Taxes $ 8,200 $ 3,219
STOCKHOLDERS' EQUITY Common Stock Par Value $.0001 Authorized: 150,000,000 Shares Issued and Outstanding: 20,150,000 Shares 2,015 2,015 Paid-In Capital 495,161 495,161 Retained Earnings 247,041 230,843 744,217 728,019
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $752,417 $731,238
The accompanying notes are an integral part of these financial statements.
Page 2 of 10 MODERN TECHNOLOGY CORP. CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY FOR THE PERIOD JULY 1, 1995 TO JUNE 30, 1998
Total Par Retained Stock- # of Value Paid-In Earnings holders' Shares $.0001 Capital (Deficit) Equity
BALANCES AT JULY 1, 1995 20,150,000 $2,015 $495,161 $222,638 $719,814
Net Income (Loss) for the Year Ended June 30, 1996 (3,720) (3,720)
BALANCES AT JUNE 30, 1996 20,150,000 2,015 495,161 218,918 716,094
Net Income (Loss) for the Year Ended June 30, 1997 11,925 11,925
BALANCES AT JUNE 30, 1997 20,150,000 2,015 495,161 230,843 728,019
Net Income (Loss) for the Year Ended June 30, 1998 16,198 16,198
BALANCES AT JUNE 30, 1998 20,150,000 $2,015 $495,161 $247,041 $744,217
The accompanying notes are an integral part of these financial statements.
Page 3 of 10 MODERN TECHNOLOGY CORP. CONSOLIDATED STATEMENTS OF OPERATIONS
For The Years Ended June 30, 1998 1997 1996
REVENUES
Interest Income $ 32,726 $33,445 $30,849
Management Income 3,200 9,600 9,600
Gain on Securities Sales 67,065 29,940 -0-
102,991 72,985 40,449
EXPENSES
Officers' Salaries 24,500 7,200 7,200
General and Administrative Expenses 50,331 31,992 26,472
(Loss) on Worthlessness of Affiliate -0- (27,405) -0-
Equity in (Loss) of Affiliated Company -0- -0- (9,486) 74,831 66,597 43,158
INCOME (LOSS) BEFORE TAXES 28,160 6,388 (2,709)
OTHER EXPENSES & TAXES
Income Tax (Expense) Benefit 11,962 5,537 (1,011)
NET INCOME (LOSS) $ 16,198 $11,925 $(3,720)
INCOME (LOSS) PER SHARE NIL NIL NIL
NUMBER OF WEIGHTED AVERAGE SHARES OUTSTANDING 20,150,000 20,150,000 20,150,000
The accompanying notes are an integral part of these financial statements.
Page 4 of 10 MODERN TECHNOLOGY CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended June 30, 1998 1997 1996
CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) $ 16,198 $ 11,925 $ (3,720) Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: Changes in Assets and Liabilities: Decrease (Increase) In Deferred Taxes 7,375 (7,375) -0- Decrease (Increase) in Deferred Registration Costs (100) (25,907) -0- Decrease (Increase) in Other Assets (85) (300) -0- Increase (Decrease) Accrued Expenses and Taxes 4,981 870 1,149
Net Cash Provided By (Used In) Operating Activities 28,369 (20,787) (2,571)
CASH FLOWS FROM INVESTING ACTIVITIES: Write Down of Investments and Loan -0- 27,405 9,486 Purchase (Sale) of Securities 25,020 25,000 (25,000) Loan - Affiliate -0- -0- (11,400) Net Cash (Used In) Provided By Investing Activities 25,020 52,405 (26,914)
Net Increase (Decrease) in Cash and Cash Equivalents 53,389 31,618 (29,485)
Cash and Cash Equivalents, Beginning of Year 647,886 616,268 645,753
CASH AND CASH EQUIVALENTS, END OF YEAR $701,275 $647,886 $616,268
Supplemental Disclosures Of Cash Flow Information
Cash Paid During The Period For: Taxes $ 2,806 $ 623 $ -0- Interest $ -0- $ -0- $ -0-
The accompanying notes are an integral part of these financial statements.
Page 5 of 10 MODERN TECHNOLOGY CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 1998 AND 1997
NOTE 1: ORGANIZATION AND NATURE OF OPERATIONS
Modern Technology Corp. (Modern) is a Nevada corporation. Modern is engaged in aiding prospective clients in obtaining financing and in providing managerial services to client companies. Modern's office is located in New York.
NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ACCOUNTING POLICIES
Modern Technology Corp.'s accounting policies conform to generally accepted accounting principles. Significant policies followed are described below.
BASIS OF PRESENTATION
The accompanying consolidated financial statements include the accounts of its wholly owned subsidiary Coral Development Corp (Coral). All significant intercompany balances and transactions have been eliminated in consolidation. Modern invested $30,300 in Coral during the quarter ended December 31, 1996.
RECLASSIFICATIONS
Certain items from prior periods within the financial statements have been reclassified to conform to current period classifications.
CASH AND CASH EQUIVALENTS
Cash equivalents consist of highly liquid, short-term investments with maturities of 90 days or less. The carrying amount reported in the accompanying balance sheets approximates fair value.
ESTIMATES IN FINANCIAL STATEMENTS
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
INCOME TAXES
The Company accounts for income taxes in accordance with Statement of Financial Accounting Standards ("SFAS") No. 109, "Accounting for Income Taxes." SFAS 109 has as its basic objective the recognition of current and deferred income tax assets and liabilities based upon all events that have been recognized in the financial statements as measured by the provisions of the enacted tax laws. Page 6 of 10 MODERN TECHNOLOGY CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 1998 AND 1997 (Continued)
Valuation allowances are established when necessary to reduce deferred tax assets to the estimated amount to be realized. Income tax expense represents the tax payable for the current period and the change during the period in the deferred tax assets and liabilities.
DEFERRED REGISTRATION COSTS
As of June 30, 1998, the Company's subsidiary, Coral, has incurred deferred registration costs of $26,007 relating to expenses incurred in connection with the Proposed Distribution of Coral's securities. Upon consumation of this Proposed Distribution, the deferred registration costs will be charged to equity. Should the Proposed Distribution prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations.
YEAR 2000 COMPLIANCE
The Company has evaluated the impact of the Year 2000 issue on the business and does not expect to incur significant costs with Year 2000 compliance. The Company believes that all software and hardware requirements to enable it to cope with the Year 2000 issue have been or are being currently implemented. However, there can be no assurance that unanticipated costs may arise in implementing these requirements.
NOTE 3: INVESTMENT IN EQUITY SECURITIES (At Cost)
Investments in Non Marketable Equity Securities consist of the following: June 30, June 30, 1998 1997 Investment in 25,000 Shares of Delta Three, Inc. $ -0- $25,000
Investment in 72 million restricted shares in Daine Industries, Inc. 15,900 15,900
Investment in 50,100 restricted shares in Creative Master International Inc. (formerly Davin Enterprises Inc.) 7,950 7,950
Investments in other restricted securities 900 920
$24,750 $49,770
Page 7 of 10 MODERN TECHNOLOGY CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 1998 AND 1997 (Continued)
The Company purchased 72 million shares of Daine Industries, Inc. stock at a cost of $15,900. This represents 29% of the total outstanding shares of common stock.
The Company purchased 50,100 shares of Creative Master International Inc. (formerly Davin Enterprises, Inc.) at a cost of $7,950.
The Company purchased an investment in TTR Inc., a 10% promissory note in the amount of $25,000 with warrants for 4,000 shares exercisable at $.01 at the time of a TTR initial public offering. TTR Inc. incorporated for the purpose of designing, developing, and marketing computer software products. During the quarter ended March 31, 1997, TTR completed its initial public offering and repaid the note with interest. The Company also exercised its warrants and realized a gain of $29,940 in the year ended June 30, 1997.
The Company purchased 25,000 shares of Delta Three Inc. for $25,000. Delta Three, Inc. is a telecommunications provider using Internet technology for voice transmission. This investment was sold during the year ended June 30, 1998.
NOTE 4: INVESTMENT IN AFFILIATE
Investment in Soft Sail Wind Power Inc. (Soft Sail) (representing approximately 36% of the outstanding common stock).
The summarized unaudited financial information below represents the Company's nonsubsidiary affiliate:
Balance Sheet Data at June 30, 1996 Total Assets $12,656 Total Liabilities 11,400 Net Assets 1,256 Company's Equity in Net Assets 452
Earnings Data Net Earnings (Loss) (26,350) Company's Equity in Net Earnings (Loss) (9,486)
During the year ended June 30, 1997 the Company recognized a complete loss on its investment and loan to Soft Sail. There is no financial information available since June 30, 1996. At the present time the Company does not believe Soft Sail will be able to repay its debt to the Company and has therefore considered its debt and equity investment in Soft Sail to be worthless. The loss on the loan was $11,400 and the loss on its equity investment was $16,005. Both of these losses were recognized during the year ended June 30, 1997.
Page 8 of 10 MODERN TECHNOLOGY CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 1998 AND 1997 (Continued)
NOTE 5: INCOME TAXES
The provision for income taxes is comprised of the following: 6/30/98 6/30/97 6/30/96 Current $ 4,587 $ 1,838 $1,011 Deferred 7,375 (7,375) -0- $11,962 $(5,537) $1,011
The provision for income taxes differs from the amount computed by applying the statutory federal income rate as follows: 6/30/98 6/30/97 6/30/96 Expected statutory amount $ 3,200 $ 781 $1,011 Net operating loss 7,375 (7,375) -0- State income taxes, net of federal benefit 1,387 1,057 -0- $11,962 $(5,537) $1,011
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes and the impact of available net operating loss carryforwards. The net operating loss, of Coral, of approximately $9,000 will expire in fiscal year June 30, 2013. The related tax asset of $1,323 has been fully reserved since it is highly uncertain if Coral will realize this benefit.
The tax effect of significant temporary differences, which comprise the deferred tax assets are as follows:
6/30/98 6/30/97 6/30/96 Deferred tax assets: Net operating loss carry forwards $1,323 $ 7,375 $-0- Valuation allowance (1,323) -0- -0- Net deferred tax (assets) $ -0- $(7,375) $-0-
NOTE 6: POSTRETIREMENT BENEFITS
The company does not maintain any employee benefits currently. The company does not maintain a plan for any postretirement employee benefits, therefore, no provision was made under FAS's 106 and 112.
Page 9 of 10 MODERN TECHNOLOGY CORP. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 1998 AND 1997 (Continued)
NOTE 7: RELATED PARTY TRANSACTIONS
Arthur Seidenfeld, President and a director of the Company, owns 14.5% of the outstanding shares of Daine Industries, Inc. Anne Seidenfeld, Treasurer, Secretary and a director of the Company, owns approximately 8% of the outstanding shares of Daine Industries, Inc. Anne Seidenfeld is Arthur Seidenfeld's mother. There were no related party transactions.
Page 10 of 10
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MODERN TECHNOLOGY CORP.
By Arthur J. Seidenfeld President, Principal Executive Officer and Principal Financial Officer Dated: September 23, 1998
Pursuant to the requirements of the Securities Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.
Name Title Date
Arthur Seidenfeld President and Director September 23, 1998
Anne Seidenfeld Treasurer, Secretary September 23, 1998 and Director
Gerald Kaufman Director September 23, 1998