lsmod returns nothing on my embedded device

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http://unix.stackexchange.com – I have put a vendor supplied embedded Linux installation (called X-Linux) onto a hardware device. I ran lsmod to see what modules are loaded and nothing at all is shown. Also there is no /proc/modules directory on the system. What does this mean? Does it mean that no drivers are loaded to communicate with the rest of the devices on the board (ethernet, serial etc?). I don't see how this can be as I have been able to configure the static IP of the board and am able to successfull ftpget files from my desktop development machine. I really am unsure about what is going on and about the stability (HowTos)