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

                                February 10, 2006
                        ---------------------------------
                                 Date of Report
                        (Date of Earliest Event Reported)

                             Power Technology, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

    Nevada                          0-248671                      88-0395816
---------------                   ------------               -------------------
(State or other                   (Commission                 (I.R.S. Employer
jurisdiction of                   File Number)               Identification No.)
incorporation)

                          109 Post Oak Lane, Suite 422
                              Houston, Texas 77024
                    ----------------------------------------
                    (Address of principal executive offices)

                                  713.621.4310
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
         --------------------------------------------------------------
          (Former name or former address, if changed since last report)

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>

Section 1. Registrant's Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

      On February 10, 2006, Power Technology, Inc. ("Power Technology") entered
into a consulting contract with Timothy J. Connolly ("Connolly") to provide
general business strategic consulting and management advisory services for the
period January 1, 2006 through December 31, 2006. Connolly agreed to provide
three eight hour workdays per month of general management strategic consulting
services, including: advising on corporate structure; advising on marketing and
press releases; developing strategic alliances; advising on and assistance with
negotiating licensing agreements; advising on and assisting with obtaining
patents; implementation of financial systems, structures and controls; retaining
of appropriate executive, legal and accounting personnel for Power Technology;
consulting on matters with the board of directors of Power Technology, including
assisting the board of directors in developing policies and procedures and
assisting the board of directors of Power Technology in mergers, acquisitions,
and other business combinations. Connolly agreed to provide Power Technology
office space, a conference room, telecommunication equipment, secure high speed
internet access, computer equipment, copying equipment, a receptionist and
clerical assistance for Power Technology's use during the term of the agreement
at 109 North Post Oak Place, Suite 422, Houston, Texas 77024. Power Technology
agreed to pay Connolly, the sum of $ 50,000 cash, plus $6,000 per month, paid
quarterly. These monthly payments will be made in cash for a period of 12 months
or, at the option of Power Technology, the fees paid shall be paid in shares of
Power Technology's common stock at the lower of $.06 per share or 80% of the
highest closing bid price per share the common stock of Power Technology, as
reported by Bloomberg, LP, on the day prior to the date the payment is due.
Power Technology agreed to pay Connolly an advisory fee equal to 5% of the total
transaction value of any acquisition, merger, or debt financing which is
consummated during the term of this agreement. Power Technology granted Connolly
fully vested options for the right to purchase on demand, for one year, up to
5,000,000 shares of the common stock of Power Technology at the lower of $.06
per share or 80% of the highest closing bid price per share the common stock of
Power Technology, as reported by Bloomberg, LP, on the day prior to the notice
by Connolly of his intent to exercise his option rights. All the shares and
underlying the options are to be registered by Power Technology upon demand by
Connolly under Form S-8. Connolly will not own more than 4.9% of Power
Technology at any time, unless mutually agreed by Connolly and Power Technology.

<PAGE>

      On February 10, 2006, Power Technology entered into a consulting contract
with Yoshi Yamanashi ("Yamanashi") to provide general business strategic
consulting and management advisory services for the two year period of January
1, 2006 through December 31, 2007. The services to be provided by Yamanashi will
include: advising on and assisting with Power Technology's marketing, sales,
licensing and general business practices in Japan; developing strategic
alliances in Japan; arranging and facilitating communications between Power
Technology and Japanese companies that may wish to purchase, license, or
manufacture Power Technology's products; advising on and assisting with
negotiating licensing agreements; advising on and assisting with retaining of
appropriate legal and accounting personnel for Power Technology in Japan;
advising on and assisting Power Technology with compliance with Japanese
business customs, practices, laws and regulations; and performing such other
duties mutually agreed upon. Power Technology will pay Yamanashi a commission of
10% of the total net licensing fees Power Technology actually receives from
those companies to whom Power Technology is introduced by Yamanashi. Power
Technology will also pay Yamanashi a commission of 5% of the net royalties
actually received by Power Technology from those companies for Power Technology
products manufactured by those companies, for the first three years of the
royalty agreement. Yamanashi shall not seek or accept any commission, payment or
compensation directly or indirectly from any Japanese licensees and companies
with whom Power Technology contracts and Yamanashi sole compensation for
consulting with Power Technology and assisting it in arranging contracts with
Japanese companies will be the consideration paid to Yamanashi by Power
Technology. Yamanashi will pay all of his own out of pocket expenses, including
travel, entertainment, and communications.

Section 9. Financial Statements and Exhibits

      (a)   Financial statements of business acquired: Not applicable

      (b)   Pro forma financial statements: Not applicable

      (c)   Exhibits:

            10.1  Consulting Agreement with Timothy J. Connolly dated February
                  10, 2006.

            10.2  Consulting Agreement with Yashi Yamawashi dated February 10,
                  2006.

<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.

February 16, 2006                               Power Technology, Inc.


                                                /s/ Bernard J. Walter
                                                --------------------------------
                                                Bernard J. Walter, President
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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

                                February 10, 2006
                        ---------------------------------
                                 Date of Report
                        (Date of Earliest Event Reported)

                             Power Technology, Inc.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

    Nevada                          0-248671                      88-0395816
---------------                   ------------               -------------------
(State or other                   (Commission                 (I.R.S. Employer
jurisdiction of                   File Number)               Identification No.)
incorporation)

                          109 Post Oak Lane, Suite 422
                              Houston, Texas 77024
                    ----------------------------------------
                    (Address of principal executive offices)

                                  713.621.4310
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

                                       N/A
         --------------------------------------------------------------
          (Former name or former address, if changed since last report)

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))
Section 1. Registrant's Business and Operations

Item 1.01 Entry into a Material Definitive Agreement

      On February 10, 2006, Power Technology, Inc. ("Power Technology") entered
into a consulting contract with Timothy J. Connolly ("Connolly") to provide
general business strategic consulting and management advisory services for the
period January 1, 2006 through December 31, 2006. Connolly agreed to provide
three eight hour workdays per month of general management strategic consulting
services, including: advising on corporate structure; advising on marketing and
press releases; developing strategic alliances; advising on and assistance with
negotiating licensing agreements; advising on and assisting with obtaining
patents; implementation of financial systems, structures and controls; retaining
of appropriate executive, legal and accounting personnel for Power Technology;
consulting on matters with the board of directors of Power Technology, including
assisting the board of directors in developing policies and procedures and
assisting the board of directors of Power Technology in mergers, acquisitions,
and other business combinations. Connolly agreed to provide Power Technology
office space, a conference room, telecommunication equipment, secure high speed
internet access, computer equipment, copying equipment, a receptionist and
clerical assistance for Power Technology's use during the term of the agreement
at 109 North Post Oak Place, Suite 422, Houston, Texas 77024. Power Technology
agreed to pay Connolly, the sum of $ 50,000 cash, plus $6,000 per month, paid
quarterly. These monthly payments will be made in cash for a period of 12 months
or, at the option of Power Technology, the fees paid shall be paid in shares of
Power Technology's common stock at the lower of $.06 per share or 80% of the
highest closing bid price per share the common stock of Power Technology, as
reported by Bloomberg, LP, on the day prior to the date the payment is due.
Power Technology agreed to pay Connolly an advisory fee equal to 5% of the total
transaction value of any acquisition, merger, or debt financing which is
consummated during the term of this agreement. Power Technology granted Connolly
fully vested options for the right to purchase on demand, for one year, up to
5,000,000 shares of the common stock of Power Technology at the lower of $.06
per share or 80% of the highest closing bid price per share the common stock of
Power Technology, as reported by Bloomberg, LP, on the day prior to the notice
by Connolly of his intent to exercise his option rights. All the shares and
underlying the options are to be registered by Power Technology upon demand by
Connolly under Form S-8. Connolly will not own more than 4.9% of Power
Technology at any time, unless mutually agreed by Connolly and Power Technology.
On February 10, 2006, Power Technology entered into a consulting contract
with Yoshi Yamanashi ("Yamanashi") to provide general business strategic
consulting and management advisory services for the two year period of January
1, 2006 through December 31, 2007. The services to be provided by Yamanashi will
include: advising on and assisting with Power Technology's marketing, sales,
licensing and general business practices in Japan; developing strategic
alliances in Japan; arranging and facilitating communications between Power
Technology and Japanese companies that may wish to purchase, license, or
manufacture Power Technology's products; advising on and assisting with
negotiating licensing agreements; advising on and assisting with retaining of
appropriate legal and accounting personnel for Power Technology in Japan;
advising on and assisting Power Technology with compliance with Japanese
business customs, practices, laws and regulations; and performing such other
duties mutually agreed upon. Power Technology will pay Yamanashi a commission of
10% of the total net licensing fees Power Technology actually receives from
those companies to whom Power Technology is introduced by Yamanashi. Power
Technology will also pay Yamanashi a commission of 5% of the net royalties
actually received by Power Technology from those companies for Power Technology
products manufactured by those companies, for the first three years of the
royalty agreement. Yamanashi shall not seek or accept any commission, payment or
compensation directly or indirectly from any Japanese licensees and companies
with whom Power Technology contracts and Yamanashi sole compensation for
consulting with Power Technology and assisting it in arranging contracts with
Japanese companies will be the consideration paid to Yamanashi by Power
Technology. Yamanashi will pay all of his own out of pocket expenses, including
travel, entertainment, and communications.

Section 9. Financial Statements and Exhibits

      (a)   Financial statements of business acquired: Not applicable

      (b)   Pro forma financial statements: Not applicable

      (c)   Exhibits:

            10.1  Consulting Agreement with Timothy J. Connolly dated February
                  10, 2006.

            10.2  Consulting Agreement with Yashi Yamawashi dated February 10,
                  2006.
SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report on Form 8-K to be signed on its behalf by
the undersigned hereunto duly authorized.

February 16, 2006                               Power Technology, Inc.

                                                /s/ Bernard J. Walter
                                                --------------------------------
                                                Bernard J. Walter, President