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


                                    FORM 8-K


              Current Report Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 23, 2005

                        COMPOSITE TECHNOLOGY CORPORATION
             (Exact name of registrant as specified in its charter)

           Nevada                  000-10999                59-2025386
           ------                  ---------                ----------
(State or other jurisdiction (Commission File Number)     (IRS Employer
      of incorporation)                                 Identification No.)

                                2026 McGaw Avenue
                                Irvine, CA 92614
          (Address of principal executive offices, including zip code)

Registrant's telephone number, including area code:  (949) 428-8500

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written  communications  pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))
<PAGE>

Item 1.01  Entry into a Material Definitive Agreement

      On September 23, 2005,  Composite  Technology  Corporation (the "Company")
entered into a Securities  Purchase  Agreement  (the  "Agreement"),  pursuant to
which  it  agreed  to sell  $6,000,000  aggregate  principal  amount  of  senior
convertible  notes due December  2006 , with an interest rate of 6.0% per annum,
payable quarterly (the "Notes") to certain institutional accredited investors in
a private placement.  The Notes will be convertible into shares of the Company's
common stock at a conversion price of $1.60 per share.

      The institutional  accredited  investors will also receive two tranches of
warrants,  each of which will be exercisable for 562,500 shares of the Company's
common stock.  One such tranche of warrants will have an exercise price of $2.00
per share and the other tranche will have an exercise  price of $1.84 per share.
Both tranches of warrants will have a term of three years. The sale of the Notes
and Warrants is expected to close on or before  September  30, 2005,  subject to
the Bankruptcy Court's approval.  The Court has scheduled a hearing on September
28,  2005 to  consider  entry of an order  granting  approval  for this  private
placement.

      The foregoing  description of the private placement does not purport to be
complete and is qualified in its entirety by reference to the form of Securities
Purchase Agreement,  Senior Convertible Note,  Registration Rights Agreement and
Common Stock Purchase Warrant which are filed as Exhibits to this report and are
incorporated herein by reference.

      On  September  26, 2005,  the Company  issued the press  release  attached
hereto as Exhibit 99.1 regarding the transaction  described in this report.  The
information that is set forth in the Company's press release dated September 26,
2005 is incorporated herein by reference.

Item 3.02  Unregistered Sales of Equity Securities

      Between  August  25th  and  September  23rd,  2005,  Composite  Technology
Corporation  issued  1,089,071  shares of its common  stock to three  accredited
investors  upon  the  conversion  of  $1,819,750  of  principal  of  Convertible
Debentures  at a  conversion  price of $1.67  per  share.  The  Debentures  were
originally  issued in August 2004 and had been carried on the Company's  balance
sheet as long term debt prior to the  conversion.  The  Company  relied upon the
exemption from  registration as set forth in Section 4 (2) of the Securities Act
for the issuance of these  securities.  The recipients took their securities for
investment purposes without a view to distribution and had access to information
concerning the Company and its business prospects, as required by the Securities
Act of 1933,  as amended.  In  addition,  there was no general  solicitation  or
advertising for the acquisition of these securities.

Item 9.01 Financial Statements and Exhibits

      (d)   Exhibits

      10.1  Securities  Purchase  Agreement  including  form of the  Convertible
            Note,  Registration  Rights  Agreement and the Common Stock Purchase
            Warrant.

      99.1  Press Release of Composite Technology  Corporation,  dated September
            26, 2005
<PAGE>

                                    SIGNATURE

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

                                            COMPOSITE TECHNOLOGY CORPORATION
                                                     (Registrant)


Date: September 26, 2005                    By: /s/ Benton H Wilcoxon
                                                --------------------------------
                                                Chief Executive Officer
<PAGE>

                                  EXHIBIT INDEX

Exhibit Number    Description of Exhibit

     10.1         Securities   Purchase   Agreement   including   form   of  the
                  Convertible Note, Registration Rights Agreement and the Common
                  Stock Purchase Warrant.

     99.1         Press  Release  of  Composite  Technology  Corporation,  dated
                  September 26, 2005
{"company-data": {"conformed-name": "COMPOSITE TECHNOLOGY CORP", "cik": "0000317477", "assigned-sic": "3600", "irs-number": "592025386", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-10999", "film-number": "051101973"}, "business-address": {"street1": "2026 MCGRAW AVE", "city": "IRVINE", "state": "CA", "zip": "92614", "phone": "(949) 428-8500"}, "mail-address": {"street1": "2026 MCGRAW AVE", "city": "IRVINE", "state": "CA", "zip": "92614"}, "former-company": [{"former-conformed-name": "ELDORADO FINANCIAL GROUP INC", "date-changed": "20000606"}, {"former-conformed-name": "ELDORADO GOLD & EXPLORATION INC", "date-changed": "19870202"}]}
UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             -----------------------

                                    FORM 8-K

              Current Report Pursuant to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  September 23, 2005

                        COMPOSITE TECHNOLOGY CORPORATION
             (Exact name of registrant as specified in its charter)

           Nevada                  000-10999                59-2025386
           ------                  ---------                ----------
(State or other jurisdiction (Commission File Number)     (IRS Employer
      of incorporation)                                 Identification No.)

                                2026 McGaw Avenue
                                Irvine, CA 92614
          (Address of principal executive offices, including zip code)

Registrant's telephone number, including area code:  (949) 428-8500

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|   Written  communications  pursuant to Rule 425 under the Securities Act (17
      CFR 230.425)

|_|   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)

|_|   Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
      Exchange Act (17 CFR 240.14d-2(b))

|_|   Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
      Exchange Act (17 CFR 240.13e-4(c))
Item 1.01  Entry into a Material Definitive Agreement

      On September 23, 2005,  Composite  Technology  Corporation (the "Company")
entered into a Securities  Purchase  Agreement  (the  "Agreement"),  pursuant to
which  it  agreed  to sell  $6,000,000  aggregate  principal  amount  of  senior
convertible  notes due December  2006 , with an interest rate of 6.0% per annum,
payable quarterly (the "Notes") to certain institutional accredited investors in
a private placement.  The Notes will be convertible into shares of the Company's
common stock at a conversion price of $1.60 per share.

      The institutional  accredited  investors will also receive two tranches of
warrants,  each of which will be exercisable for 562,500 shares of the Company's
common stock.  One such tranche of warrants will have an exercise price of $2.00
per share and the other tranche will have an exercise  price of $1.84 per share.
Both tranches of warrants will have a term of three years. The sale of the Notes
and Warrants is expected to close on or before  September  30, 2005,  subject to
the Bankruptcy Court's approval.  The Court has scheduled a hearing on September
28,  2005 to  consider  entry of an order  granting  approval  for this  private
placement.

      The foregoing  description of the private placement does not purport to be
complete and is qualified in its entirety by reference to the form of Securities
Purchase Agreement,  Senior Convertible Note,  Registration Rights Agreement and
Common Stock Purchase Warrant which are filed as Exhibits to this report and are
incorporated herein by reference.

      On  September  26, 2005,  the Company  issued the press  release  attached
hereto as Exhibit 99.1 regarding the transaction  described in this report.  The
information that is set forth in the Company's press release dated September 26,
2005 is incorporated herein by reference.

Item 3.02  Unregistered Sales of Equity Securities

      Between  August  25th  and  September  23rd,  2005,  Composite  Technology
Corporation  issued  1,089,071  shares of its common  stock to three  accredited
investors  upon  the  conversion  of  $1,819,750  of  principal  of  Convertible
Debentures  at a  conversion  price of $1.67  per  share.  The  Debentures  were
originally  issued in August 2004 and had been carried on the Company's  balance
sheet as long term debt prior to the  conversion.  The  Company  relied upon the
exemption from  registration as set forth in Section 4 (2) of the Securities Act
for the issuance of these  securities.  The recipients took their securities for
investment purposes without a view to distribution and had access to information
concerning the Company and its business prospects, as required by the Securities
Act of 1933,  as amended.  In  addition,  there was no general  solicitation  or
advertising for the acquisition of these securities.

Item 9.01 Financial Statements and Exhibits

      (d)   Exhibits

      10.1  Securities  Purchase  Agreement  including  form of the  Convertible
            Note,  Registration  Rights  Agreement and the Common Stock Purchase
            Warrant.

      99.1  Press Release of Composite Technology  Corporation,  dated September
            26, 2005
SIGNATURE

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

                                            COMPOSITE TECHNOLOGY CORPORATION
                                                     (Registrant)

Date: September 26, 2005                    By: /s/ Benton H Wilcoxon
                                                --------------------------------
                                                Chief Executive Officer
EXHIBIT INDEX

Exhibit Number    Description of Exhibit

     10.1         Securities   Purchase   Agreement   including   form   of  the
                  Convertible Note, Registration Rights Agreement and the Common
                  Stock Purchase Warrant.

     99.1         Press  Release  of  Composite  Technology  Corporation,  dated
                  September 26, 2005