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): October 14, 2005 (October 13,
2005)

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

<TABLE>
<CAPTION>
<S>                                                <C> <C>                               <C>
            Nevada                                 000-10999                             59-2025386
            ------                                 ----------                            ----------
(State or other jurisdiction of             (Commission File Number)         (IRS Employer Identification No.)
        incorporation)
</TABLE>

                                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

$6 MILLION FINANCING CLOSED

On October 14, 2005, the $6 million financing closed in accordance with the
Securities Purchase Agreement entered into by the Registrant and certain
institutional accredited investors on September 23, 2005, as amended on October
3, 2005 and on October 7, 2005 (the Securities Purchase Agreement along with all
amendments referred to herein as the "Securities Purchase Agreement") pursuant
to which it sold $6,000,000 aggregate principal amount of senior convertible
notes due January 2007, with an interest rate of 6.0% per annum, payable
quarterly (the "Notes") to certain institutional accredited investors in a
private placement. The Notes are convertible into shares of the Registrant's
common stock at a conversion price of $1.55 per share.

The institutional accredited investors also received warrants to purchase, in
the aggregate, 580,645 shares of the Registrant's common stock at an exercise
price of $1.78 per share and warrants to purchase, in the aggregate, 580,645
shares of the Registrant's common stock at an exercise price of $1.94 per share
(the "Warrants"). All Warrants have a term of three years.

The foregoing descriptions of the private placement of the Notes and Warrants do
not purport to be complete and are qualified in their entirety by reference to:
(i) the form of Securities Purchase Agreement, Senior Convertible Note,
Registration Rights Agreement and Common Stock Purchase Warrant which are
attached as exhibits to a Current Report on Form 8K filed by the Registrant on
September 26, 2005; (ii) the form of Amendment to Securities Purchase Agreement
and form of Senior Convertible Note which are attached as exhibits to a Current
Report on Form 8K filed by the Registrant on October 4, 2005; and (iii) the form
of Second Amendment to Securities Purchase Agreement which is attached as an
exhibit to a Current Report on Form 8K filed by the Registrant on October 13,
2005 and are all incorporated herein by reference.

On October 14, 2005, the Registrant issued the press release attached hereto as
Exhibit 99.1 regarding the closing of the transaction described in this report.
The information that is set forth in the Registrant's press release dated
October 14, 2005 is incorporated herein by reference.

Lane Capital Markets ("LCM") acted as the Registrant's exclusive placement agent
and financial advisor in connection with the placement of the Notes and
Warrants. In consideration for LCM's services, LCM received a fee payable by the
issuance of 232,258 shares of the Registrant's restricted common stock. In
addition, LCM received warrants to purchase 96,774 shares of the Registrant's
common stock at an exercise price of $1.78 per share and warrants to purchase
96,774 shares of the Registrant's common stock at an exercise price of $1.94 per
share. All such warrants have a term of three years.

The securities issued in the private placement have not been registered under
the Securities Act of 1933, as amended, and until so registered, the securities
may not be offered or sold in the United States absent registration or
availability of an applicable exemption from registration. The Registrant is
seeking Bankruptcy Court approval for the issuance of freely transferable common
stock pursuant to Section 1145 of the Bankruptcy Code upon conversion of the
Notes and the exercise of the Warrants. Pursuant to the terms of the Securities
Purchase Agreement, as amended, the Registrant is obligated to enter into a
Registration Rights Agreement which will require the Registrant to prepare and
file with the Securities and Exchange Commission a registration statement for
the purpose of registering under the Securities Act of 1933 all of the shares of
the Registrant's common stock issuable upon conversion of the Notes as well as
the shares of common stock issuable upon exercise of the Warrants to the extent
any such shares cannot be issued as freely transferable common stock pursuant to
Section 1145 of the Bankruptcy Code. Such determination will be made by the
Bankruptcy Court at the hearing to consider confirmation of the Registrant's
plan of reorganization currently scheduled for October 24, 2005.

<PAGE>

This report is not an offer to sell securities of Composite Technology
Corporation and any opportunity to participate in the private placement was
available to a very limited group of investors.

Item 3.02.  Unregistered Sales of Equity Securities

On October 14, 2005, the Registrant issued $6,000,000 aggregate principal amount
of senior convertible notes due January 2007, 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 Registrant's common stock at a conversion price of $1.55 per share. On
October 14, 2005, the Registrant also issued such institutional accredited
investors warrants to purchase, in the aggregate, 580,645 shares of the
Registrant's common stock at an exercise price of $1.78 and warrants to
purchase, in the aggregate, 580,645 shares of the Registrant's common stock at
an exercise price of $1.94 per share. All warrants have a term of three years.
We relied upon the exemption from registration as set forth in Section 4(2) of
the Securities Act of 1933 and Rule 506 under Regulation D 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
Registrant and its business prospects, as required by the Securities Act. In
addition, there was no general solicitation or advertising for the acquisition
of these securities.

On October 14, 2005, the Registrant issued 232,258 shares of the Registrant's
restricted common stock to Lane Capital Markets ("LCM") as payment for providing
services as placement agent for the Registrant. In addition, the Registrant also
issued to LCM warrants to purchase 96,774 shares of the Registrant's common
stock at an exercise price of $1.78 and warrants to purchase 96,774 shares of
the Registrant's common stock at an exercise price of $1.94 per share. All such
warrants have a term of three years. The Registrant relied upon the exemption
from registration as set forth in Section 4(2) of the Securities Act of 1933 and
Rule 506 under Regulation D 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 Registrant and its business prospects,
as required by the Securities Act. In addition, there was no general
solicitation or advertising for the acquisition of these securities.

Item 8.01 Other Events
<PAGE>

On October 13, 2005, the Registrant agreed, pursuant to a request from Judge
John E. Ryan of the US Bankruptcy Court, to continue the hearing date for
confirmation of the Registrant's plan of reorganization which was originally
scheduled for October 17, 2005 to October 24, 2005.

Item 9.01 Financial Statements and Exhibits

         (d) Exhibits

99.1     Press Release of Composite Technology Corporation, dated October 14,
         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: October 14, 2005                      By: /s/ Benton H Wilcoxon
                                                --------------------------------
                                                Benton H Wilcoxon
                                                Chief Executive Officer

<PAGE>

                                  EXHIBIT INDEX

Exhibit Number    Description of Exhibit
--------------    ----------------------

99.1              Press Release of Composite Technology Corporation, dated
                  October 14, 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": "051139425"}, "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): October 14, 2005 (October 13,
2005)

                        COMPOSITE TECHNOLOGY CORPORATION
             (Exact name of registrant as specified in its charter)
Nevada                                 000-10999                             59-2025386
            ------                                 ----------                            ----------
(State or other jurisdiction of             (Commission File Number)         (IRS Employer Identification No.)
        incorporation)
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

$6 MILLION FINANCING CLOSED

On October 14, 2005, the $6 million financing closed in accordance with the
Securities Purchase Agreement entered into by the Registrant and certain
institutional accredited investors on September 23, 2005, as amended on October
3, 2005 and on October 7, 2005 (the Securities Purchase Agreement along with all
amendments referred to herein as the "Securities Purchase Agreement") pursuant
to which it sold $6,000,000 aggregate principal amount of senior convertible
notes due January 2007, with an interest rate of 6.0% per annum, payable
quarterly (the "Notes") to certain institutional accredited investors in a
private placement. The Notes are convertible into shares of the Registrant's
common stock at a conversion price of $1.55 per share.

The institutional accredited investors also received warrants to purchase, in
the aggregate, 580,645 shares of the Registrant's common stock at an exercise
price of $1.78 per share and warrants to purchase, in the aggregate, 580,645
shares of the Registrant's common stock at an exercise price of $1.94 per share
(the "Warrants"). All Warrants have a term of three years.

The foregoing descriptions of the private placement of the Notes and Warrants do
not purport to be complete and are qualified in their entirety by reference to:
(i) the form of Securities Purchase Agreement, Senior Convertible Note,
Registration Rights Agreement and Common Stock Purchase Warrant which are
attached as exhibits to a Current Report on Form 8K filed by the Registrant on
September 26, 2005; (ii) the form of Amendment to Securities Purchase Agreement
and form of Senior Convertible Note which are attached as exhibits to a Current
Report on Form 8K filed by the Registrant on October 4, 2005; and (iii) the form
of Second Amendment to Securities Purchase Agreement which is attached as an
exhibit to a Current Report on Form 8K filed by the Registrant on October 13,
2005 and are all incorporated herein by reference.

On October 14, 2005, the Registrant issued the press release attached hereto as
Exhibit 99.1 regarding the closing of the transaction described in this report.
The information that is set forth in the Registrant's press release dated
October 14, 2005 is incorporated herein by reference.

Lane Capital Markets ("LCM") acted as the Registrant's exclusive placement agent
and financial advisor in connection with the placement of the Notes and
Warrants. In consideration for LCM's services, LCM received a fee payable by the
issuance of 232,258 shares of the Registrant's restricted common stock. In
addition, LCM received warrants to purchase 96,774 shares of the Registrant's
common stock at an exercise price of $1.78 per share and warrants to purchase
96,774 shares of the Registrant's common stock at an exercise price of $1.94 per
share. All such warrants have a term of three years.

The securities issued in the private placement have not been registered under
the Securities Act of 1933, as amended, and until so registered, the securities
may not be offered or sold in the United States absent registration or
availability of an applicable exemption from registration. The Registrant is
seeking Bankruptcy Court approval for the issuance of freely transferable common
stock pursuant to Section 1145 of the Bankruptcy Code upon conversion of the
Notes and the exercise of the Warrants. Pursuant to the terms of the Securities
Purchase Agreement, as amended, the Registrant is obligated to enter into a
Registration Rights Agreement which will require the Registrant to prepare and
file with the Securities and Exchange Commission a registration statement for
the purpose of registering under the Securities Act of 1933 all of the shares of
the Registrant's common stock issuable upon conversion of the Notes as well as
the shares of common stock issuable upon exercise of the Warrants to the extent
any such shares cannot be issued as freely transferable common stock pursuant to
Section 1145 of the Bankruptcy Code. Such determination will be made by the
Bankruptcy Court at the hearing to consider confirmation of the Registrant's
plan of reorganization currently scheduled for October 24, 2005.
This report is not an offer to sell securities of Composite Technology
Corporation and any opportunity to participate in the private placement was
available to a very limited group of investors.

Item 3.02.  Unregistered Sales of Equity Securities

On October 14, 2005, the Registrant issued $6,000,000 aggregate principal amount
of senior convertible notes due January 2007, 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 Registrant's common stock at a conversion price of $1.55 per share. On
October 14, 2005, the Registrant also issued such institutional accredited
investors warrants to purchase, in the aggregate, 580,645 shares of the
Registrant's common stock at an exercise price of $1.78 and warrants to
purchase, in the aggregate, 580,645 shares of the Registrant's common stock at
an exercise price of $1.94 per share. All warrants have a term of three years.
We relied upon the exemption from registration as set forth in Section 4(2) of
the Securities Act of 1933 and Rule 506 under Regulation D 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
Registrant and its business prospects, as required by the Securities Act. In
addition, there was no general solicitation or advertising for the acquisition
of these securities.

On October 14, 2005, the Registrant issued 232,258 shares of the Registrant's
restricted common stock to Lane Capital Markets ("LCM") as payment for providing
services as placement agent for the Registrant. In addition, the Registrant also
issued to LCM warrants to purchase 96,774 shares of the Registrant's common
stock at an exercise price of $1.78 and warrants to purchase 96,774 shares of
the Registrant's common stock at an exercise price of $1.94 per share. All such
warrants have a term of three years. The Registrant relied upon the exemption
from registration as set forth in Section 4(2) of the Securities Act of 1933 and
Rule 506 under Regulation D 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 Registrant and its business prospects,
as required by the Securities Act. In addition, there was no general
solicitation or advertising for the acquisition of these securities.

Item 8.01 Other Events
On October 13, 2005, the Registrant agreed, pursuant to a request from Judge
John E. Ryan of the US Bankruptcy Court, to continue the hearing date for
confirmation of the Registrant's plan of reorganization which was originally
scheduled for October 17, 2005 to October 24, 2005.

Item 9.01 Financial Statements and Exhibits

         (d) Exhibits

99.1     Press Release of Composite Technology Corporation, dated October 14,
         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: October 14, 2005                      By: /s/ Benton H Wilcoxon
                                                --------------------------------
                                                Benton H Wilcoxon
                                                Chief Executive Officer
EXHIBIT INDEX

Exhibit Number    Description of Exhibit
--------------    ----------------------

99.1              Press Release of Composite Technology Corporation, dated
                  October 14, 2005