UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2008

¨	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from to

Commission File Number 0-16286

Atlantis Technology Group

(Exact name of registrant as specified in its charter)

Nevada		95-4082020
(State or other jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

100 NE 80th Terrace, Miami, Florida 33138

(Address of principal executive offices)

702-988-1227

(Registrant's telephone number, including area code)

ATLANTIS BUSINESS DEVELOMENT CORPORATION

(Former name, former address, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

The number of shares outstanding of the Registrant’s common stock as of May 19, 2008 was 315,165,600.

FORWARD LOOKING STATEMENTS

Some of the information presented in this quarterly report constitutes forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about management's expectations for fiscal year 2008 and beyond, are forward looking statements and involve various risks and uncertainties. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge, there can be no assurance that actual results will not differ materially from the Company's expectations. Factors that could cause the actual results to differ materially from expectations are discussed in the Company's Annual Report on Form 10-K and in other filings with the Securities and Exchange Commission.

FINANCIAL STATEMENTS

ATLANTIS TECHNOLOGY GROUP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

ATLANTIS TECHNOLOGY GROUP

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

	Page(s)

Condensed Consolidated Balance Sheet as of March 31, 2008 (Unaudited) and December 31, 2007 (Audited)	3

Condensed Consolidated Statements of Operations for the three months ended March 31, 2008 (Unaudited) and 2007- Restated (Unaudited)	4

Condensed Consolidated Statements of Cash Flows the three months ended March 31, 2008 (Unaudited) and 2007- Restated (Unaudited)	5

Notes to the Condensed Consolidated Financial Statements	6 – 20

ATLANTIS TECHNOLOGY GROUP

CONDENSED CONSOLIDATED BALANCE SHEET - (UNAUDITED)

March 31, 2008

	(Unaudited)			(Audited)
	March 31, 2008			December 31,2007
ASSETS

CURRENT ASSETS
Cash	$	1,363		$	1,441

TOTAL ASSETS	$	1,363		$	1,441

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	65,840		$	65,840

Total Liabilities		65,840			65,840

STOCKHOLDERS' (DEFICIT)

Preferred stock A, $.001 par value, authorized 1,000,000 shares at March 31, 2008 and December 31, 2007, no shares issued		-
Preferred stock B, $.001 par value, authorized 1,000,000 shares at March 31, 2008 and December 31, 2007, no shares issued		-
Common stock, $.001 par value, authorized 500,000,000 shares at March 31, 2008 and December 31, 2007 and 315,165,600 shares issued and outstanding		315,166			315,166
Deposit		(2,500,000	)		(2,500,000	)
Subscription receivable		(76,800	)		(79,300	)
Additional paid-in capital		5,506,180			5,506,180
Accumulated deficit		(3,309,023	)		(3,306,445	)

Total Stockholders' Deficit		(64,477	)		(64,399	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	1,363		$	1,441

The accompanying notes to the condensed consolidated financial statements are an integral part of these statements.

ATLANTIS TECHNOLOGY GROUP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

				(Restated)
	Three Months			Three Months
	ended March 31,			ended March 31,
	2008			2007

REVENUE:

Sales	$	-		$	-

Total revenue		-			-

COST OF SALES		-			-

GROSS PROFIT		-			-

OPERATING EXPENSES:
Compensation and Consulting		2,500			33,135
Professional fees and other		-			26,000
General and administrative expenses		78			47,328

Total operating expenses		2,578			106,463

NET LOSS BEFORE PROVISION FOR INCOME TAXES		(2,578	)		(106,463	)

Provision for income taxes		-			-

NET LOSS APPLICABLE TO COMMON SHARES	$	(2,578	)	$	(106,463	)

NET LOSS PER BASIC AND DILUTED SHARES	$	(0.00	)	$	(0.06	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		315,165,600			1,845,989

The accompanying notes to the condensed consolidated financial statements are an integral part of these statements.

ATLANTIS TECHNOLOGY GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (UNAUDITED)

				(Restated)
	Three Months			Three Months
	ended March 31,			ended March 31,
	2008			2007
CASH FLOW FROM OPERATING ACTIVITIES

Net Loss	$	(2,578	)	$	(106,463	)

Adjustments to reconcile net loss to net cash (used in) operating activities:		-			-

Changes in assets and liabilities:
Increase (Decrease) in accounts payable and other accrued payables		-			(400	)

Net cash (used in) operating activities -		(2,578	)		(106,863	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Stock receivable collected		2,500			-
Stock issued for cash		-			137,085

Net cash provided by financing activities		2,500			137,085

Net Increase (decrease) in cash for the period		(78	)		30,222

Cash beginning of period		1,441			5,939

Cash end of the period	$	1,363		$	36,161

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest expense	$	-		$	-
Income taxes paid	$	-		$	-

The accompanying notes to the condensed consolidated financial statements are an integral part of these statements.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 1-

ORGANIZATION AND BUSINESS

The condensed unaudited interim financial statements included herein have been prepared by Atlantis Technology Group (the “Company”), pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company’s annual consolidated statements and notes. For further information, these financial statements and related notes should be read in conjunction with the Company’s audited financial statements for the period ended December 31, 2007 and the accompanying notes thereto. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make information presented not misleading. The result of the three months ended March 31, 2008 and 2007 may not be indicative of the results for the entire year.

These condensed unaudited financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for the fair presentation of the information contained herein.

The Company was incorporated in the State of Delaware in December 1986 as Vision Technology International. They changed their name in 1992 to Medplus Corporation and in August 2003, changed its name to Atlantis Business Development Corporation. The Company had operated in the health care financing industry. The Company ceased all operations in 1998 and has little or no viable operations since that date. On October 11, 2007, the Company changed its name to Atlantis Technology Group.

On April 20, 2003, the Company's Board of Directors voted to be regulated as a Business Development Company (“BDC”) pursuant to Section 54 of the Investment Company Act of 1940. A Business Development Company is an investment company designed to assist eligible portfolio companies with capital information. The decision to become a Business Development Company was made primarily to better reflect the Company's anticipated future business and developing relationships.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)

The Company elected to withdraw its status as BDC on September 10, 2007.

In January 2005, the Company merged with a Nevada corporation and remained the surviving corporation with a Nevada domicile.

On June 1, 2007, the Company participated in a phone call with the SEC, primarily related to its operations as a BDC and its compliance with the requirements thereto. In response to the SEC’s phone call, the Company conducted a review of its compliance with the 1940 Act and determined that it was not in compliance with the 1940 Act. While the Company believed the BDC model was the right structure for it at the time that it elected such status, it has determined that, going forward, it should, consistent with its current balance sheet and structure, withdraw its election to be regulated as a BDC. The company withdrew it’s status as a BDC in September 2007.

As a result of determining that the Company should withdraw its election to be a regulated BDC, the Company on June 29, 2007 filed a form 14A proxy statement, and on August 16, 2007 an Amended 14A:

To elect all members of the Board of Directors.

To approve Bagell, Josephs, Levine and Company, LLC as the Company’s independent auditors for the coming year.

To approve granting the Board of Directors the authority to elect , at the Board’s discretion, to withdraw the Company’s election to be regulated as a Business Development Company under Section 54 of the Investment Company Act of 1940.

To transact such other business as may properly come before the Special Meeting and any adjournment or postponement thereof.

This special meeting was held September 10, 2007 at the Company’s corporate offices in Colorado.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)

In reviewing its compliance procedures the Company determined that it never appointed a Chief Compliance Officer. In the absence of an active Chief Compliance Officer, there can be no assurance that the compliance rules of the 1940 Act were not violated.

Specifically, the Company determined that it had, among other things: failed to adequately disclose the process of valuing its portfolio securities in 2004 and 2005; issued shares for services and compensation provided to the Company; failed to have a majority of directors that were not interested persons of the Company; conducted transactions with certain affiliates or a related party; and neglected to adopt compliance policies and procedures.

The Company acknowledges that they have not been presenting their financial statements in accordance with the Act of 1940. Specifically, the Company had been recording the activity in 2004 and 2005 of its wholly owned subsidiaries in a consolidated format. There have been no other operating subsidiaries in the Company since September 2005.

The fundamental nature of the BDC is to invest in a portfolio of securities, with the goal of achieving gains on appreciation and dividend income, not that of ownership and management of an operating business, with the goal of generating income from the operations of those businesses.

The Company filed an 8K on June 28, 2007 stating that the Board of Directors determined, based on a recommendation of its independent auditors, that its financial statements for the period ended December 31, 2006, 2005 and 2004 will need to be restated. The Company’s Board of Directors has determined that certain of its disclosures and treatment of certain accounting transactions were not sufficient to comply with auditing and reporting standards under the Investment Company Act of 1940.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 1-

ORGANIZATION AND BUSINESS (CONTINUED)

The Board reviewed the facts surrounding these compliance failures and their implications for the Company. Ultimately, the Board caused the Company to take certain steps to remediate the compliance failures as follows:

Rescinded and cancelled common stock shares issued for services, compensation and transactions with related parties. (See Note 4). The majority of the shares issued for the above were cancelled going back to June 2004.

Restating its financial statements.

Filed a proxy to withdraw from a BDC status. The election was approved September 10, 2007.

The Company has informed the SEC Staff of these steps. However, these efforts may not fully cure all of the 1940 Act compliance deficiencies currently affecting the Company and it is unclear how those deficiencies will impact the Company in the future. The Company’s significant compliance and remediation costs, in terms of both time and dollars, have operated as an encumbrance on the Company’s resources.

The Company’s violations of the 1940 Act may cause the Company to incur certain liabilities. Such liabilities cannot be estimated by management as of this time, but may include regulatory enforcement actions. However, such liabilities, if incurred, could have a significant impact on the Company’s ability to continue as a going concern.

The Company made an offer of settlement with The Securities and Exchange Commission in February 2008 (see note10).

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 2-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The preparation of financial statement in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all highly liquid debt instruments and other short-term investments with an initial maturity of three months or less to be cash or cash equivalents.

At March 31, 2008, The Company maintained cash and cash equivalent balances at a financial institution that is insured by the Federal Deposit Insurance Corporation, whose amounts do not exceed the insured limit of $100,000.

Fair Value of Financial Instruments

The carrying amounts reported in the balance sheet for cash and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial statements.

Investments – Valuation

The Company values its investments at fair value. The Company’s only investment is a percentage of a private company. The Company determines fair value to be the amount for which an investment could be exchanged in an orderly disposition over a reasonable period of time between willing parties other than in a forced on liquidation sale. At March 31, 2008 and 2007 the Company held 34% ownership of a private start up company. The fair market value as determined by the Board of Directors to be zero.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 2-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Income Taxes

The Company has adopted the provisions of Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes. The Company accounts for income taxes pursuant to the provisions of the Financial Accounting Standards Board Statement No. 109, Accounting for Income Taxes, which requires an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the carrying amounts and the tax basis of assets and liabilities.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany transactions have been eliminated in consolidation.

The Company has the following inactive subsidiaries:

Atlantis Media Group

Atlantis Communications Group

Atlantis Energy Corporation

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 2-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Earnings (loss) per Common Share

Basic earnings (loss) per share is calculated by dividing net income attributable to common stockholders by the weighted average number of outstanding common shares during the year. Basic earnings per share exclude any dilutive effects of options, warrants and other stock-based compensation, which are included in diluted earnings per share. There are no common stock equivalents outstanding.

The following is a reconciliation of the computation for basic and diluted EPS for the years ended March 31, 2008 and 2007:

	2008			Restated 2007

Net Loss	$	(2,578	)	$	(106,463	)

Weighted average common shares outstanding (Basic)		315,165,600			1,845,989

Weighted average common stock equivalents

Stock Options		-			-
Warrants		-			-

Weighted average common shares outstanding (Diluted)		315,165,600			1,845,989

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 2-

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Reclassifications

Certain amounts for the three months ended March 31, 2007 have been reclassified to conform to the presentation of the March 31, 2008 amounts. The reclassifications have no effect on the net loss for the period ended March 31, 2007.

NOTE 3-

INVESTMENTS

The Company in September 2006 incorporated a Nevada wholly owned subsidiary named Eftas Inc. The Company on or about April 12, 2007 transferred 66% of the company to an unrelated company. Since it could not finish the project, the Company felt that retaining a 34% ownership was more beneficial to its shareholders as they didn’t have the resources to develop the company. EFTAS (Employment for the Annual Services) is a company dedicated to assist military personnel seek jobs through an electronic website.

List of Investments

Eftas, Inc.	Common shares held		Percentage Owned			Cost		Fair Value

		23,800,000		34	%		Internally developed before transfer	$	-0-

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 4-

STOCKHOLDERS' (DEFICIT)

On March 31, 2008 and December 31, 2007 the Company has 500,000,000 shares of common stock authorized at a par value of $.001, and 315,165,600 shares issued and outstanding, respectively.

On October 11, 2007 the Company has authorized the creation of Series A and Series B preferred stock, designate and irrevocably reserve one million of the Company’s total authorized capital for both, with a par value of $.001.

Stock Transactions for March 31, 2007- retroactively restated for stock splits

The Company issued 28,680,000 retroactively restated shares of its stock for cash totaling $137,085.

Stock splits for 2007

The Board of Directors on May 29, 2007 voted to effectuate a 100 to1 reverse stock split.

The Board of Directors on October 23, 2007 voted to effectuate a 1 to 100 forward stock split.

The Board of Directors on November 28, 2007 voted to effectuate a 1 to 3 forward stock split.

Stock Transactions for March 31, 2008

There were no stock issuances for the three months ended March 31, 2008.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 5-

STOCKHOLDERS’ (DEFICIT) (CONTINUED)

The following transactions were rescinded and the stock cancelled accordingly in August 2007. The financial statements have been retroactively restated to reflect the cancellations of those transactions.

2004

In June 2004, the Company issued 5,700 retroactively restated shares to an officer for the purchase of a related company. The value was $3,970,000

In November 2004 the Company issued 15,000 retroactively restated shares to an officer for compensation. The value was $575,000.

2005

In March 2005 the Company issued 20,000 retroactively restated shares to an officer in a related party transaction acquiring equipment. The value was $700,000.

2006

In January 2006 shares were issued to a director and for an acquisition that did not occur. There were 20,500 retroactively restated shares at a value of $1,520,500.

In August 2006 the Company issued 90,000 retroactively restated shares to an officer for compensation. The value was $2,370,000.

There may be other shares that the Company is attempting to recover from previous issuances.

NOTE 6-

STOCK ISSUANCE FOR DEPOSITS

The Company issued 150,000,000 retroactively restated shares for a deposit on new Business Ventures valued at $2,500,000.The stock has been returned but not cancelled. The Transfer agent is owed money, and when the outstanding balance is satisfied all the cancellations will be made, as the companies are not going forward with the ventures.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 7-

PROVISION FOR INCOME TAXES

The Company did not provide for income taxes for the years ended March 31, 2008 and 2007. Additionally, the Company established a valuation allowance equal to the full amount of the deferred tax assets due to the uncertainty of the utilization of the operating losses in future periods.

At March 31, 2008 and 2007 the deferred tax assets consists of the following:

	2008			2007

Deferred taxes due to net effects of operating loss carryforwards	$	993,000		$	741,000

Less: Valuation Allowance		(993,000	)		(741,000	)

Net deferred tax asset	$	-		$	-

At March 31, 2008 and 2007, the Company had federal net operating loss carryforwards in the approximate amounts of $3,310,000 and $2,470,000 available to offset future taxable income. The Company established valuation allowances equal to the full amount of the deferred tax assets due to the uncertainty of the utilization of the operating losses in future periods.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 7-

GOING CONCERN

As reflected in the financial statements, the Company had no investment income as a BDC and is subject to certain contingencies as discussed in Notes 1 and 8 which could have a material impact on the Companies financial condition and operations.

The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise capital and going forward, generate revenues and cash flow. The Company withdrew as a BDC and will not be raising money through Form 1-E. The financial statements included in this report do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. There matters raise substantial doubt about the Company’s ability to continue as a going concern.

The time required for the Company to become profitable is highly uncertain, and we cannot assure that we will achieve or sustain profitability or generate sufficient cash flow from operations to execute a new business plan. If required, our ability to obtain additional financing from other sources also depends on many factors beyond our control, including the state of the capital markets and the prospects for our business. The necessary additional financing may not be available to us or may be available only on terms that would result in further dilution to the current owners of our common stock.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 8-

CONTINGENCY AND UNCERTAINTIES

As previously discussed in Note 1, the Company received a phone call from the SEC, primarily related to its operations as a BDC and its compliance with the requirements thereto. In response to the SEC’s call, the Company conducted a review of its compliance with the 1940 Act and determined that it was not in compliance with the 1940 Act. While the Company believed the BDC model was the right structure for it at the time that it elected such status, it has determined that, going forward, it should, consistent with its current balance sheet and structure, withdraw its election to be regulated as a BDC.

The withdrawal of the Company’s election to be regulated as a BDC under the 1940 Act will result in a significant change in the Company‘s required method of accounting. BDC financial statement presentation and accounting utilizes the value method of accounting used by investment companies, which allows BDCs to recognize income and value their investments at market value as opposed to historical cost. In addition, majority-owned subsidiaries are not consolidated. The Company accounts for these subsidiaries as investments on the balance sheet at fair value. The Company may face certain contingent liabilities as a result of potential actions by the SEC or others against the Company. As of the date of this report, management could not reasonable estimate such contingent liabilities, if any. The outcome of the above matter could have a significant impact on our ability to continue as a going concern. The Company withdrew as a BDC on September 10, 2007.

* The Company made an offer of settlement with SEC (see note10).

NOTE 9-

RESTATEMENT OF FINANCIAL STATEMENTS

The Company has restated its financial statements for the three months ended March 31, 2007. The Company did not reflect the proper reporting for a Business Development Company pursuant to section 54 of the Investment Company Act of 1940. The Company is restating its financial statements to comply with those reporting requirements. Moreover, there were transactions that were rescinded by cancelling common stock for all periods shown in these statements. The financial statements have been retroactively restated to remove the cancelled transactions.

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 9-

RESTATEMENT OF FINANCIAL STATEMENTS (CONTINUED)

For 3/31/07	Originally Filed For the quarter ended March 31, 2007		Restated For the quarter ended March 31, 2007

Assets	$	36,161	$	36,161

Liabilities		9,112		17,712

Stockholders' Equity		27,049		18,449

Total Liabilities and Stockholders' Equity	$	36,161	$	36,161

	Originally Filed For the quarter ended March 31, 2007			Restated For the quarter ended March 31, 2007

OPERATING EXPENSES:	$	1,275,628		$	106,463

(LOSS) FROM OPERATIONS		(1,275,628	)		(106,463	)

NET (LOSS)	$	(1,275,628	)	$	(106,463	)

Net loss per share, basic and diluted	$	(0.14	)	$	(0.06	)

Weighted average number of shares outstanding, basic and diluted		9,396,111			1,845,989

ATLANTIS TECHNOLOGY GROUP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008 AND 2007

NOTE 10-

SETTLEMENT OFFER

On February 11, 2008 The Company executed and submitted pursuant to Rule 240(a) of the Rules of Practice of the Securities and Exchange Commission (‘Commission”) [17 C.F.R § 201.240(a)] an Offer of settlement (“Offer”) in anticipation of public administrative and cease-and –desist proceedings to be instituted against it by the Commission, pursuant to Section 8A of the Securities Act of 1933 (“Securities Act”) and Section 9(f) of the Investment Company act of 1940 (“Investment Securities Act”).

The Company expects the offer to be calendared for consideration by the commission by June 2008.

In determination to accept the Offer, the Commission has considered remedial acts promptly undertaken by the Company and cooperation afforded the Commission staff.

The Company consented to the entry of an Order by the Commission imposing the following sanctions pursuant to Section 8A pursuant to Section 8A of the Securities Act, Section 9(f) of the Investment Company act and Rule 610(c) of Regulation E:

Atlantis shall cease and desist from committing or causing any violations and any future violations of section 17(g), 18(d), 23(a), 34(b), and 56(a) of the Investment Company Act and Rules 17g-1 and 38a-1 thereunder.

The regulation E exemption as to Atlantis be, and hereby is, permanently suspended.

I TEM 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations

OVERVIEW

Atlantis Technology Group (the “Company” or “we”) was initially incorporated as Vision Technology International in Delaware in December 1986 and changed its name to Medplus Corporation in 1992. In 2003, it changed its name to Atlantis Business Development Corporation. The Company is a reporting, publicly traded company that trades on the OTC Bulletin Board under the symbol ATNO. In late 1992, the Company's primary business was patient financing through the Company's acquisition of Patient Plus, Lincoln Professional Services Corporation and Financial Health Network. In May 1998, the Company drastically reduced its patient finance operations and went into a minimum business operation mode seeking additional business opportunities. The company has had only nominal operations since that time. During fiscal year 2003, Medplus relocated its headquarters from Colorado Springs, Colorado to an office in Red Bank, New Jersey. During fiscal year 2004 the Company moved its headquarters to Miami, Florida.

As previously disclosed, the current purpose of the Company is to seek, investigate and, if such investigation warrants, merge or acquire an interest in business opportunities presented to it by persons or companies who or which desire to seek the perceived advantages of a Securities Exchange Act of 1934 registered corporation. The Company has no particular acquisitions in mind and has not entered into any negotiations regarding such an acquisition, and neither the Company's officer and director nor any promoter and affiliate has engaged in any negotiations with any representatives of the owners of any business or company regarding the possibility of a merger or acquisition between the Company and such other company.

Pending negotiation and consummation of a combination, the Company anticipates that it will have, aside from carrying on its search for a combination partner, no business activities, and, thus, will have no source of revenue. Should the Company incur any significant liabilities prior to a combination with a private company, it may not be able to satisfy such liabilities as are incurred.

RESULTS OF OPERATIONS

Three Months Ended March 31, 2008 as Compared to Three Months Ended March 31, 2007

Revenues

There was $0.00 in revenue derived from the Company for the three-month period ended March 31, 2008. There was $0.00 revenue for the three month period ended March 31, 2007.

Operational Expenses

There were $2,578 of expenses for operations for the three-month period ended March 31, 2008, compared to $106,463 of expenses for operations for the three-month period ended March 31, 2007, as restated.

Lower expenses primarily reflect the reduction of consulting and professional fees due to the Company’s lack of operations and transition from a business development company.

There was a net loss before provisions for income taxes of $2,578 for the three-month period ended March 31, 2008, compared to a net loss of $106,463 for the three-month period ended March 31, 2007, as restated

Lower losses primarily reflect the reduction of consulting and professional fees due to the Company’s lack of operations and transition from a business development company.

There were no Sales and Marketing expenses for the three month period ended March 31, 2008.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2008, the Company had working capital deficit of $64,477.

Management believes that cash expected to be generated from operations and current cash reserves will not be sufficient to meet our capital expenditures and working capital needs. Our future liquidity and cash requirements will depend on a wide range of factors, including the level of business in existing operations, expansion of facilities and possible acquisitions. In particular, if cash flows from operations are not sufficient, we may have to sell our equity or debt securities or seek additional financing through other means. We cannot assure you that such raising of capital or seeking of additional financing will be available in amounts and on terms acceptable to us.

Going Concern

We have experienced significant losses for the period from inception to March 31, 2008 aggregating $3,309,023. In addition, we had no significant revenue producing operations at 12/31/07 or March 31, 2008.

Our ability to continue as a going concern is contingent upon our ability to implement our business plan and to attain profitable operations and secure financing. In addition, our ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered by entrance into established markets and the competitive environment in which we operate.

We are pursuing equity financing for our operations. Failure to secure such financing or to raise additional capital or borrow additional funds may result in our depleting available funds and not being able pay our obligations.

OFF BALANCE SHEET RISK

The Company had no off-balance sheet transactions.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Currently the Company has no assets under management and is not subject to market risk.

ITEM 4. Controls and Procedures

An evaluation was performed under the supervision and with the participation of Atlantis Technology Group management, including the CEO and Principal Financial Officer of the effectiveness of the design and operation of Atlantis Technology Group disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended). Based on that evaluation, Atlantis Technology Group management, including the CEO and Principal Financial Officer, concluded that Atlantis Technology Group disclosure controls and procedures were effective as of the end of the period covered by this report. There have been no changes in Atlantis Technology Group internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended) that occurred during Atlantis Technology Group most recent quarter that has materially affected, or is reasonably likely to materially affect, Atlantis Technology Group internal control over financial reporting.

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there is only reasonable assurance that Atlantis Technology Group controls will succeed in achieving their stated goals under all potential future conditions.

The Company had material weaknesses identified at December 31, 2007.

The Company was practically inactive for the March 31, 2008 period.

PART II

OTHER INFORMATION

Item 1. Legal Proceedings

The Company has filed an offer of settlement in anticipation of a public administrative lease and desist order by the Securities and Exchange Commission.

We know of no other material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any subsidiary, involved as a plaintiff or defendant in any material proceeding or pending litigation.

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

None

Item 3. Defaults Upon Senior Securities

None

Item 4. Submission Of Matters To A Vote Of Securities Holders

No matters were submitted to a vote of shareholders during the first quarter of the fiscal year ended March 31, 2008.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibits

	31	.1		Section 302 Certification of Chief Executive Officer and Principal Financial Officer, Principal Accounting Officer
	32	.1		Section 906 Certification of Chief Executive Officer and Principal Financial Officer, Principal Accounting Officer

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ATLANTIS TECHNOLOGY GROUP

Date: May 20, 2008
	By: /s/ Christopher M. Dubeau
	Christopher M. Dubeau, Chief Executive Officer
	and Principal Financial Officer, Principal Accounting Officer

ATLANTIS TECHNOLOGY GROUP 10-Q