UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549

                           FORM 10-QSB

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(Mark one)
[XX]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE 
       SECURITIES EXCHANGE ACT OF 1934

       For the quarterly period ended September 30, 2004

[  ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE 
       EXCHANGE ACT OF 1934

       For the transition period from ___________ to ___________

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                 Commission File Number: 0-26059

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

           Nevada                                  87-0430322
   (State of Incorporation)                   (IRS Employer ID Number)

     10 West 100 South, Suite 610, Salt Lake City, Utah 84101
             (Address of principal executive offices)

                           (801) 532-7851
                   (Issuer's telephone number)

                         Not Applicable.
(Former name, address and fiscal year, 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 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 [XX]  NO 
     
APPLICABLE ONLY TO CORPORATE ISSUERS: State the number of shares outstanding
of each of the issuer's classes of common equity: As of the date of this
report, there were 3,598,000 shares of common stock outstanding. 

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




                     COMET TECHNOLOGIES, INC.

       Form 10-QSB for the quarter ended September 30, 2004

                        Table of Contents

Part I - Financial Information                                        Page

         Item 1.  Financial Statements                                   3

         Item 2.  Management's Discussion and 
                  Analysis or Plan of Operation                         10

         Item 3.  Controls and Procedures                               12

Part II - Other Information

         Item 1.  Legal Proceedings                                     12

         Item 2.  Changes in Securities                                 12

         Item 3.  Defaults Upon Senior Securities                       12

         Item 4.  Submission of Matters to a 
                  Vote of Security Holders                              12

         Item 5.  Other Information                                     12

         Item 6.  Exhibits and Reports on Form 8-K                      12

Signatures                                                              13 




                                2






                   PART I-FINANCIAL INFORMATION

                   Item 1-Financial Statements



                     COMET TECHNOLOGIES, INC.
                  (A Development Stage Company)

                       FINANCIAL STATEMENTS
                                   
             September 30, 2004 and December 31, 2003








                                3



                     COMET TECHNOLOGIES, INC.
                  (A Development Stage Company)
                          Balance Sheets
          
                              ASSETS

                                               September 30,    December 31, 
                                                   2004            2003 
                                              -------------- ---------------
                                                (Unaudited)   
CURRENT ASSETS
  Cash                                        $      92,855  $      151,597
                                              -------------- ---------------

   Total Current Assets                              92,855         151,597
                                              -------------- ---------------

   TOTAL ASSETS                               $      92,855  $      151,597
                                              ============== ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

  Account payable                             $       1,775  $            -
  Payable - related parties                          51,795          30,000
                                              -------------- ---------------

   Total Current Liabilities                         53,570          30,000
                                              -------------- ---------------

   TOTAL LIABILITIES                                 53,570          30,000
                                              -------------- ---------------
STOCKHOLDERS' EQUITY

  Common stock: 20,000,000 shares authorized
   of $0.001 par value, 3,598,000 shares 
   issued and outstanding                             3,598           3,598
  Additional paid-in capital                        238,561         238,561
  Deficit accumulated during the 
   development stage                               (202,874)       (120,562)
                                              -------------- ---------------

   Total Stockholders' Equity                        39,285         121,597
                                              -------------- ---------------

   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $      92,855  $      151,597
                                              ============== ===============

 

                                 
The accompanying notes are an integral part of these financial statements.
                                 
                                4







                           COMET TECHNOLOGIES, INC.
                         (A Development Stage Company)
                           Statements of Operations
                                  (Unaudited)
        
 
                                                                                       From 
                                                                                       Inception on 
                                          For the                   For the            February 7, 
                                     Three Months Ended         Nine Months Ended      1986 Through
                                       September 30,              September 30,        September 30,
                                    2004          2003          2004          2003     2004 
                               ------------- ------------- ------------- ------------- --------------
                                                                        
REVENUES                       $          -  $          -  $          -  $          -  $           -

EXPENSES

  General and administrative         17,518         6,759        84,429        24,122        351,295
                               ------------- ------------- ------------- ------------- --------------

     Total Expenses                  17,518         6,759        84,429        24,122        351,295
                               ------------- ------------- ------------- ------------- --------------

LOSS FROM OPERATIONS                (17,518)       (6,759)      (84,429)      (24,122)      (351,295)
                               ------------- ------------- ------------- ------------- --------------
OTHER INCOME (LOSS)
  Dividend income                         -             -             -             -          5,493
  Interest income                        77           294           297         1,106        147,758
  Reimbursement for Fees                  -             -         1,820             -          1,820
  Unrealized loss from 
    marketable securities                 -             -             -             -         (6,650)
                               ------------- ------------- ------------- ------------- --------------

     Total Other Income (Loss)           77           294         2,117         1,106        148,421
                               ------------- ------------- ------------- ------------- --------------

NET LOSS                       $    (17,441) $     (6,465) $    (82,312) $    (23,016) $    (202,874)
                               ============= ============= ============= ============= ==============

BASIC LOSS PER SHARE           $      (0.00) $      (0.00) $      (0.02) $      (0.00)
                               ============= ============= ============= =============
WEIGHTED AVERAGE NUMBER 
 OF SHARES OUTSTANDING            3,598,000     3,598,000     3,598,000     3,598,000
                               ============= ============= ============= =============



  The accompanying notes are an integral part of these financial statements.

                                       5



                     COMET TECHNOLOGIES, INC.                    
                  (A Development Stage Company)
                Statements of Stockholders' Equity
  From Inception on February 7, 1986 through September 30, 2004

                                                                    Deficit 
                                                                  Accumulated
                                 Common Stock         Additional    During
                           -------------------------   Paid-In    Development
                              Shares       Amount      Capital       Stage  
                           ------------- ----------- ----------- -------------
Balance at Inception on 
 February 7, 1986                      - $        -  $        -  $          -

Issuance of 1,098,000 
 shares  of common stock 
 to officers, directors 
 and other individuals 
 for $0.023 per share on
 February 7, 1986              1,098,000      1,098      23,902             -

Public offering of the 
 Company's common stock        2,500,000      2,500     247,500             -

Deferred offering costs 
 offset against capital 
 in excess of par value                -          -     (32,841)            -

Net loss from inception on 
 February 7, 1986 through 
 December 31, 1997                     -          -           -       (41,568)
                           ------------- ----------- ----------- -------------

Balance, December 31, 1997     3,598,000      3,598     238,561       (41,568)

Net loss for the year 
 ended December 31, 1998               -          -           -        (1,761)
                           ------------- ----------- ----------- -------------

Balance, December 31, 1998     3,598,000      3,598     238,561       (43,329)

Net income for the year 
 ended December 31, 1999               -          -           -           145
                           ------------- ----------- ----------- -------------

Balance, December 31, 1999     3,598,000      3,598     238,561       (43,184)

Net loss for the year 
 ended December 31, 2000               -          -           -        (1,803)
                           ------------- ----------- ----------- -------------

Balance, December 31, 2000     3,598,000      3,598     238,561       (44,987)

Net loss for the year 
 ended December 31, 2001               -          -           -        (7,412)
                           ------------- ----------- ----------- -------------

Balance, December 31, 2001     3,598,000 $    3,598  $  238,561  $    (52,399)
                           ------------- ----------- ----------- -------------

The accompanying notes are an integral part of these financial statements.


                                6




                     COMET TECHNOLOGIES, INC.
                  (A Development Stage Company)
         Statements of Stockholders' Equity (Continued) 
  From Inception on February 7, 1986 through September 30, 2004

                                                                    Deficit 
                                                                  Accumulated
                                 Common Stock         Additional    During
                           -------------------------   Paid-In    Development
                              Shares       Amount      Capital       Stage  
                           ------------- ----------- ----------- -------------

Balance, December 31, 2001     3,598,000 $    3,598  $  238,561  $    (52,399)

Net loss for the year 
 ended December 31, 2002               -          -           -       (28,074)
                           ------------- ----------- ----------- -------------

Balance, December 31, 2002     3,598,000      3,598     238,561       (80,473)

Net loss for the year 
 ended December 31, 2003               -          -           -       (40,089)
                           ------------- ----------- ----------- -------------

Balance, December 31, 2003     3,598,000      3,598     238,561      (120,562)

Net loss for the nine months 
 ended September 30, 2004 
 (unaudited)                           -          -           -       (82,312)
                           ------------- ----------- ----------- -------------
Balance, September 30, 2004
 (unaudited)                   3,598,000 $    3,598  $  238,561  $   (202,874)
                           ============= =========== =========== =============



The accompanying notes are an integral part of these financial statements.

                                7





                       COMET TECHNOLOGIES, INC.
                     (A Development Stage Company)
                       Statements of Cash Flows
                              (Unaudited)
 
                                                                          From 
                                                                          Inception on   
                                                                          February 7,   
                                              For the Nine Months Ended   1986 through  
                                                   September 30,          September 30, 
                                                2004            2003      2004         
                                            -------------- -------------- --------------
                                                                 
CASH FLOWS FROM OPERATING ACTIVITIES:

  Loss from operations                      $     (82,312) $     (23,016) $    (202,874)
  Adjustments to reconcile net loss to 
   net cash used by operating activities:
     Amortization                                       -              -            301 
  Change in operating assets and liabilities:
     Increase in taxes payable                          -              -            300
     Increase (decrease) in accounts payable
       and payable - related parties               23,570              -         53,269 
                                            -------------- -------------- --------------

       Net Cash used by Operating Activities      (58,742)       (23,016)      (149,004)
                                            -------------- -------------- --------------

CASH FLOWS FROM INVESTING ACTIVITIES                    -              -              -    
                                            -------------- -------------- --------------
CASH FLOWS FROM FINANCING ACTIVITIES

  Organizational costs                                  -              -           (300)
  Net stock offering proceeds                           -              -        242,159
                                            -------------- -------------- --------------
       Net Cash Provided by Financing  
         Activities                                     -              -        241,859
                                            -------------- -------------- --------------

NET INCREASE (DECREASE) IN CASH                   (58,742)       (23,016)        92,855

CASH AT BEGINNING OF PERIOD                       151,597        176,686              -    
                                            -------------- -------------- --------------

CASH AT END OF PERIOD                       $      92,855  $     153,670  $      92,855
                                            ============== ============== ==============
CASH PAID FOR:

   Taxes                                    $           -  $           -  $           -
   Interest                                 $           -  $           -  $           -




The accompanying notes are an integral part of these financial statements.

                                   8





                     COMET TECHNOLOGIES, INC.
                  (A Development Stage Company)
                Notes to the Financial Statements
             September 30, 2004 and December 31, 2003

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by the Company
without audit.  In the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows for all periods presented have
been made.

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.  It
is suggested that these condensed financial statements be read in conjunction
with the financial statements and notes thereto included in the Company's
December 31, 2003 audited financial statements.  The results of operations for
the period ended September 30, 2004 are not necessarily indicative of the
operating results for the full year.

NOTE 2 - RELATED PARTY TRANSACTION

As of September 30, 2004, the Company owed $51,795 to related parties for
unpaid services rendered to the Company. 

NOTE 3 -  MATERIAL EVENTS

On January 19, 2004 the Company entered into a Stock Exchange Agreement with
Town House Land Limited, (Town House) an entity organized in China.  If
consummated, the Company would authorize a 1 for 3 reverse split of its
outstanding stock and then issue 18,390,000 post-split shares to acquire Town
House.  Also, a majority of the current officers and directors of the Company
will resign and be replaced by officers and directors of Town House.  


                                9



Item 2 - Management's Discussion and Analysis or Plan of Operation

(1)  Caution Regarding Forward-Looking Information

     When used in this report, the words "may," "will," "expect,"
"anticipate," "continue," "estimate," "project," "intend," and similar
expressions are intended to identify forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 regarding events, conditions, and financial
trends that may affect the Company's future plans of operations, business
strategy, operating results, and financial position.  Persons reviewing this
report are cautioned that any forward-looking statements are not guarantees of
future performance and are subject to risks and uncertainties and that actual
results may differ materially from those included within the forward-looking
statements as a result of various factors.  These risks and uncertainties,
many of which are beyond our control, include (i) the sufficiency of existing
capital resources and the Company's ability to raise additional capital to
fund cash requirements for future operations; (ii) volatility of the stock
market; and (iii) general economic conditions.  Although the Company believes
the expectations reflected in these forward-looking statements are reasonable,
such expectations may prove to be incorrect.

(2)  Plan of Operation

     The Company has been not been engaged in business operations, and has had
no revenue from operations during the quarter ended September 30, 2004.  

     The Company has entered into an Exchange Agreement with Town House Land
Limited ("Town House"), a company organized in the Hong Kong Special
Administrative Region in The People's Republic of China ("PRC") and the
shareholders of Town House.  The Company expects this transaction to close in
December, 2004.  The Company has filed with the U.S. Securities and Exchange
Commission ("SEC"), a 14C Information Statement concerning this transaction
which is currently under review.  This proposed transaction, and the business
of Town House, are described in detail in the Company's Annual Report on Form
10-KSB for the fiscal year ended December 31, 2003 and the Company's 14C
Information Statement filed with the U.S. Securities and Exchange Commission
on May 19, 2004.  If the Exchange Agreement is consummated, the business of
the Registrant will be conducted through its then subsidiary, Town House,
which will, in turn, conduct its business through its subsidiary, Wuhan
Pacific Real Estate Industry Development Company Limited ("Wuhan Pacific"), a
foreign enterprise organized in Hubei Province in The People's Republic of
China ("PRC").  According to documentation provided by Town House, Wuhan
Pacific is one of the first privately-owned property developers in Wuhan City
and is one of the largest property developers in Wuhan City, based on a list
of top 100 property development enterprises in Wuhan City in terms of Gross
Floor Area ("GFA") sold in 2002 published by the Wuhan Statistics Bureau.  It
engages principally in the development and sale of high quality private
residential properties catering to the mass residential property market in
Wuhan City.  Wuhan Pacific also engages in other ancillary property related
services such as property sales planning and underwriting, construction
supervisory and real estate agency services.

     Wuhan Pacific's portfolio of properties under development are currently
all located in Wuhan City and target different segments within the mass
residential property market, including young white collar employees, middle to
senior managers in enterprises, entrepreneurs and families with young
children.  These upwardly mobile people represent the emerging middle class in
Wuhan City and are a growing source of demand in the mass residential property
market.  

                                10


     Wuhan Pacific aims to further solidify its position in Wuhan City, and
plans to also expand its focus on property business in Shanghai.  Wuhan
Pacific also indicates that it will pursue quality business opportunities in
other fast growing cities in China such as Yi Chang, if market conditions are
appropriate.    There is no assurance that the operations of the Company will
be successful.

(3)  Results of Operations

     Except for efforts to complete the stock exchange under the Stock
Exchange Agreement with Town House, described, above, the Company had no
operations during the quarter ended September 30, 2004.  As of September 30,
2004, the Company had cash of $92,855, liabilities of $53,570, and no other
liquid assets or resources.  It is expected that substantially all of the
Company's cash assets will be expended in connection with the Town House
Acquisition described above.  

     The Company has not experienced any material changes in results of
operation, except for additional expenses incurred in connection with the
transaction with Town House, described above.  The Company had no revenue from
continuing operations and incurred expenses during the three month and nine
month periods ended September 30, 2004, of $17,518 and $84,429, respectively,
in accounting, legal, consulting and other general and administrative
expenses, as compared to $6,759 and $24,122 in expenses for the three month
and nine month periods ended September 30, 2003.  These expenses were incurred
principally in connection with its efforts to consummate the Town House
transaction, and, to a much lesser extent, to cover expenses of preparing and
filing required reports. 

     The Company has realized a net loss for the three and nine months ended
September 30, 2004, of $17,441 and $82,312, respectively, and for the three
and nine months ended September 31, 2003, of $6,465 and $23,016, respectively,
and a net loss since inception of $202,874.

(4)  Liquidity and Capital Resources

     The Company has not experienced a material change in financial condition
over the past year.  At September 30, 2004, the Company had working capital of
approximately $39,285, as compared to $121,597, at December 31, 2003.  This
reduction in working capital is due to costs of maintaining the Company as a
public company, and payments to officers and professionals for efforts in
reviewing business opportunities and in connection with the proposed
transaction with Town House, described above.  Working capital as of both
dates consists of short-term investments, and cash and cash equivalents, less
current liabilities.  Management believes that the Company has sufficient cash
and short-term investments to meet the anticipated needs of the Company's
needs through the completion of the Town House acquisition.  However, there
can be no assurances to that effect, and the Company's working capital may not
be sufficient if the Town House transaction doe not close.  The Company is
dependent upon management and/or significant shareholders to provide
sufficient working capital to preserve the integrity of the corporate entity
during this phase.  It is the intent of management and significant
shareholders to provide sufficient working capital necessary to support and
preserve the integrity of the corporate entity.  

     Although the Company's assets consist of cash and cash equivalents, the
Company has no intent to become, or hold itself out to be, engaged primarily
in the business of investing, reinvesting, or trading in securities. 
Accordingly, the Company does not anticipate being required to register
pursuant to the Investment Company Act of 1940, and expects to be limited 


                                11


in its ability to invest in securities, other than cash equivalents and
government securities, in the aggregate amount of over 40% of its assets. 
There can be no assurance that any investment made by the Company will not
result in losses.  

Item 3 - Controls and Procedures

     As of the end of the period covered by this report, based on an
evaluation of the Company's disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act of 1934)
each of the chief executive officer and the chief financial officer of the
Company has concluded that the Company's disclosure controls and procedures
are effective to ensure that information required to be disclosed by the
Company in its Exchange Act reports is recorded, processed, summarized and
reported within the applicable time periods specified by the SEC's rules and
forms. 
 
     There were no significant changes in the Company's internal controls or
in any other factors which could significantly affect those controls
subsequent to the date of the most recent evaluation of the Company's internal
controls by the Company, including any corrective actions with regard to any
significant deficiencies or material weaknesses. 

                   PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

         None.

Item 2 - Changes in Securities

         None.

Item 3 - Defaults on Senior Securities

         None.

Item 4 - Submission of Matters to a Vote of Security Holders

         During the quarter ended September 30, 2004, the Company held no
regularly scheduled, called or special meetings of shareholders during the
reporting period, nor were any matters submitted to a vote of this Company's
security holders.

Item 5 - Other Information

         None.

Item 6 - Exhibits and Reports on Form 8-K

Exhibit  Description
----------------------------------------------------------------------------
31.1     Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
         2002*
31.2     Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
         2002*
32       Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
         2002**

*  Included herein pursuant to Item 601(b) 31 of Regulation SB.
** Included herein pursuant to Item 601(b) 32 of Regulation SB.


                                12



                            SIGNATURES

     In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.

                                       COMET TECHNOLOGIES, INC.


Date: November 12, 2004                By:  /s/ Richard B. Stuart  
                                          ----------------------------------
                                          Richard B. Stuart, President, CEO
                                          and Principal Executive Officer


Date: November 12, 2004                By:  /s/ Jack M. Gertino  
                                          -----------------------------------
                                          Jack M.Gertino, Secretary/Treasurer,
                                          CFO and Principal Financial Officer





                                13