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 20, 2005
                                                        (October 17, 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 3.02.  UNREGISTERED SALES OF EQUITY SECURITIES

On October 17, 2005, Composite Technology Corporation (the "Company") issued
2,000,000 shares of its common stock to one accredited investor upon the
conversion of $3,100,000 of principal of Convertible Debentures at a conversion
price of $1.55 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 recipient took its 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. In addition, there
was no general solicitation or advertising for the acquisition of these
securities.


<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: October 20, 2005                          By: /s/ Benton H. Wilcoxon
                                                  ------------------------------
                                                  Chief Executive Officer
{"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": "051147260"}, "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 20, 2005
                                                        (October 17, 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 3.02.  UNREGISTERED SALES OF EQUITY SECURITIES

On October 17, 2005, Composite Technology Corporation (the "Company") issued
2,000,000 shares of its common stock to one accredited investor upon the
conversion of $3,100,000 of principal of Convertible Debentures at a conversion
price of $1.55 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 recipient took its 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. In addition, there
was no general solicitation or advertising for the acquisition of these
securities.
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 20, 2005                          By: /s/ Benton H. Wilcoxon
                                                  ------------------------------
                                                  Chief Executive Officer