UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

(Mark One)

XX                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES AND EXCHANGE ACT OF 1934
                  For the quarterly period ended March 31, 2002
                                       OR
-----             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES AND EXCHANGE ACT OF 1934

                         Commission File Number 0-22291


                     COMMODORE SEPARATION TECHNOLOGIES, INC.
                     ---------------------------------------
             (Exact name of Registrant as specified in its charter)


           DELAWARE                                       11-3299195
           --------                                       ----------
(State or other jurisdiction of                (I.R.S. Employer Identification
 incorporation or organization)                             Number)

    150 East 58th Street, Suite 3238
        New York, New York                                   10155
    --------------------------------                         -----
(Address of Principal Executive Offices)                   (Zip Code)


        Registrant's telephone number, including area code (212) 308-5800
                                                            -------------


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or such shorter  period that the registrant
was  required  to file such  reports),  and (2) has been  subject to such filing
requirements for the past 90 days. YES X      NO


         Number of shares of common  stock  outstanding  at May 6, 2002  (latest
practicable date):

                       Issued and Outstanding: 11,732,640
                                               ----------


<PAGE>

                         PART I - FINANCIAL INFORMATION

ITEM 1:  Financial Statements
         --------------------

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

                            CONDENSED BALANCE SHEETS

                  (Dollars in Thousands, Except Per Share Data)


                                                      March 31,    December 31,
                                                         2002          2001
                                                      ---------    ------------
                                                     (unaudited)

ASSETS

Cash and cash equivalents                             $       4    $       11
                                                      ---------    ----------


          TOTAL CURRENT ASSETS                                4            11

Property and equipment ,net                                   -             -
Intangible assets, net                                        -             -
                                                      ---------    ----------

          TOTAL ASSETS                                $       4    $       11
                                                      =========    ==========


                                       2
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES INC.

                            CONDENSED BALANCE SHEETS

                  (Dollars in Thousands, Except Per Share Data)

                                                     March 31,    December 31,
                                                         2002          2001
                                                      ---------    ------------
                                                     (unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable                                    $     293    $      296
  Accrued expenses                                          134           134
  Deposits                                                   53            53
  Due to related parties                                  1,220         1,215
  Accrued dividends                                       2,204         2,069
                                                      ---------    ----------

                  TOTAL CURRENT LIABILITIES               3,904         3,767

Commitments and contingencies                                 -             -

Stockholders' Equity:
  Preferred stock, Series A, $.001 par
    value, authorized 750,000, issued and
    outstanding 518,600                                       1             1
  Preferred stock, Series B, $.001 par
    value, authorized 4,000, issued and
    outstanding 3,570                                         -             -
  Common stock, par value $.01 per share
    authorized 50,000,000 and shares
    issued and outstanding 11,732,640                        12            12
  Additional paid in capital                              9,515         9,650
  Accumulated deficit                                   (13,428)      (13,419)
                                                      ---------    ----------

                  TOTAL STOCKHOLDERS' EQUITY             (3,900)       (3,756)
                                                      ---------    ----------

                  TOTAL LIABILITIES AND
                  STOCKHOLDERS' EQUITY                $       4    $       11
                                                      =========    ==========



                  See notes to condensed financial statements.

                                       3
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

                  (Dollars in Thousands, Except Per Share Data)

                                                                Cumulative
                                                               Amounts From
                                                               Nov, 15, 1995
                                           Three months ended    (Date of
                                                March 31,       Inception) to
                                            2002        2001   March 31, 2002
                                            ----        ----   --------------
                                                (unaudited)

CONTRACT REVENUES                        $       -    $       -    $      403

COSTS AND EXPENSES
  Cost of sales                                  -            -           648
  Research and development                       -            -         3,603
  General and administrative                     9            5         4,491
  Impairment of inventory                        -            -           519
  Impairment of property and equipment           -            -           513
  Impairment of intangible assets                -            -           175
  Depreciation and amortization                  -            -         1,402
  Corporate overhead expenses                    -            -         2,145
  Sales and marketing                            -            -           728
  Licensing fees                                 -            -            50
                                         ---------    ---------    ----------

         Total costs and expenses                9            5        14,274
                                         ---------    ---------    ----------

                                                (9)          (5)      (13,871)

Other income                                     -            -            27
Interest income                                  -            2           430
Interest expense                                 -            -           (14)
                                         ---------    ---------    ----------

NET LOSS                                 $      (9)   $      (3)   $  (13,428)
                                         =========    =========    ==========

NET LOSS PER SHARE  (Based on
  weighted average shares of
  11,733,000 and 11,597,000)*            $       -    $       -



         * Common stock  equivalents  are not included in the net loss per share
calculation since they are antidilutive.



                  See notes to condensed financial statements.

                                       4
<PAGE>


                     COMMODORE SEPARATION TECHNOLOGIES, INC.
                       CONDENSED STATEMENTS OF CASH FLOWS
                  (Dollars in Thousands, Except Per Share Data)
                                                                Cumulative
                                                               Amounts From
                                                               Nov, 15, 1995
                                           Three months ended    (Date of
                                                March 31,       Inception) to
                                            2002        2001   March 31, 2002
                                            ----        ----   --------------
                                                (unaudited)

OPERATING ACTIVITIES
  Net (loss)                             $      (9)   $      (3)   $  (13,428)
  Adjustments to reconcile net loss to
   cash used in operating activities:
    Inventory impairment                         -            -           519
    Impairment of intangibles                    -            -           175
    Property and equipment impairment            -            -           513
    Depreciation and amortization                -            -         1,402
    Issuance of Common Stock for services        -            -            35
    Gain on troubled debt restructuring          -            -           214
     Changes in assets and liabilities:
        Inventory, net                           -            -          (519)
        Accounts payable                        (3)         (10)          293
        Accrued liabilities                      -            -           134
        Deposits                                 -            -            53
                                         ---------    ---------    ----------
        NET CASH USED IN
        OPERATING ACTIVITIES                   (12)         (13)      (10,609)

INVESTING ACTIVITIES
  Increase in restricted cash                    -           (2)            -
  Acquisition of intangible assets               -            -          (213)
  Purchase of property and equipment             -            -          (403)
  Acquisition of leasehold improvements          -            -          (210)
  Construction of technical equipment            -            -        (1,491)
                                         ---------    ---------    ----------
        NET CASH USED IN
        INVESTING ACTIVITIES                     -            -        (2,317)

FINANCING ACTIVITIES
  Borrowings from stockholder                    5           15         2,566
  Proceeds from sale of common stock
     and warrants                                -            -         6,109
  Proceeds from sale of preferred stock
     and warrants                                -            -         4,978
  Preferred stock dividends                      -            -          (738)
  Collection of subscription receivable          -            -            15
                                         ---------    ---------    ----------

        NET CASH PROVIDED BY FINANCING
        ACTIVITIES                               5           15        12,930

DECREASE IN CASH                                (7)           -             4
  Cash at beginning of period                   11            1             -
                                         ---------    ---------    ----------

CASH AT END OF PERIOD                    $       4    $       1    $        4
                                         =========    =========    ==========


                  See notes to condensed financial statements.

                                       5
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

                                 March 31, 2002


Note A - Basis of Presentation

         The accompanying unaudited condensed financial statements for Commodore
Separation Technologies, Inc. (the "Company") have been prepared in accordance
with generally accepted accounting principles for interim financial information
and with the instructions to Form 10-QSB and Regulation SB. The financial
statement information was derived from unaudited financial statements unless
indicated otherwise. Accordingly, they do not include all of the information and
footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements.

         In the opinion of management, all adjustments (consisting of normal
recurring accruals) considered necessary for a fair presentation have been
included. Operating results for the three month period ended March 31, 2002 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2002.

         The accompanying unaudited condensed consolidated financial statements
should be read in conjunction with the Company's audited financial statements
included in the Company's 10-K annual report dated December 31, 2001.

B - Contingencies

         The Company is currently in negotiation with the bonding company which
issued a performance bond for the Port of Baltimore project. The outcome of this
negotiation cannot be determined at this time.



                                       6
<PAGE>


ITEM 2.  Management's Discussion and Analysis of Financial
         -------------------------------------------------
         Condition and Results of Operation
         ----------------------------------

General
-------

         The Company, organized in November 1995, had since its inception
developed a strategic operating plan, hired personnel to implement its operating
plan, engineered and built commercial scale supported liquid membrane processing
units, conducted on-site demonstrations for potential customers and commenced
operations at its first installations.

         During the period from November 15, 1995 (date of inception) to March
31, 2002, the Company has incurred a net loss of $13,428,000 and anticipates
that it may continue to incur losses for the foreseeable future. The Company
currently has no ongoing operations as of December 31, 2001.

         The Company had developed a limited operating history with the
commencement of its first commercial contracts. In April 2000, the Company was
notified by Maryland Environmental Services ("MES") requesting the removal of
the SLiM equipment from the Port of Baltimore Dundalk Marine Terminal and
Hawkins Point facilities. MES cited the fact that the Company had removed
Chromium VI as per the requirements in the contract, however there remained
trace amounts of Chromium III in the leachate which resulted in the total
chromium consentrations to exceed contract specified amounts. The Company had
made several attempts to remove the trace amounts of Chromium III, including the
use of alternate technologies, however was unable to satisfy MES requirements.
It should be noted that the original samples tested from the leachate solution
did not have Chromium III present and therefore this problem was not foreseen.
As a result, the Company has withdrawn its equipment from the Port of Baltimore
and transferred it, along with its inventory, to a storage facility in
Albuquerque, New Mexico.

         In June 2000, the Company closed its Kennesaw, Georgia facility. As a
result, the Company transferred approximately $228,000 of lab equipment and
furniture and fixtures to Commodore Environmental Services, Inc.
"Environmental", the owner of 87% of the issued and oustanding common stock of
the Company, in exchange for $228,000 of intercompany indebtedness. The
remainder of equipment and inventory was transferred to a storage facility in
Albuquerque, New Mexico. As a result of the closure, all of the employees in the
Georgia facility have found other employment or have been released. The Company
plans to continue to search for applications for its technology.

         As a result of the closure, the Company has recorded a reserve for
inventory obsolesence of $519,000, an impairment reserve on long lived assets of
$428,000 and a write off of leasehold improvements of $85,000 in 2000. The
write-offs include patents and completed technologies.

                                       7
<PAGE>

Results from Operations
-----------------------

         There were no revenues for the quarter ended March 31, 2002 or 2001, as
the equipment is in storage.

         For the three months ended March 31, 2002, the Company had
miscellaneous general and administrative expenses of $9,000. There were no other
expenses incurred by the Company. General and adminstrative expenses were $5,000
for the three months ended March 31, 2001.

         The Company had a net loss of $9,000 for the three-month period ended
March 31, 2002 as compared to a net loss of $5,000 for the three-month period
ended March 31, 2001.

Liquidity and Capital Resources
-------------------------------

         The Company has a working capital deficit of $3,900,000 on March 31,
2002 as compared to a working capital deficit of $3,756,000 at the beginning of
the year. The decrease in working capital is primarily attributable to the net
loss incurred during the first quarter of 2002 and accrued dividends.

         The Company continues to be dependent upon financing through outside
sources. There can be no assurance that such financing will be available or, if
available, that it will be on terms satisfactory to the Company. In the event
such external financing is not available on terms acceptable to the Company, the
Company may be able to obtain interim financing from Environmental. There can be
no assurances, however, that the Company will be able to obtain any financing
from Environmental.

Net Operating Losses
--------------------

         At March 31, 2002, the Company had tax loss carryforwards of
approximately $13,400,000. The amount of and ultimate realization of benefit
from the net operating loss for income tax purposes is dependant, in part, upon
the tax laws in effect, future earnings of the Company, and other future events,
the effects of which cannot be determined. A change in ownership of the Company
may reduce the amount of loss allowable. These net operating carryforwards begin
to expire in 2011. A full valuation allowance has been established because of
the uncertainty about whether the Company will realize the benefit of net
operating losses.

                                       8
<PAGE>

Forward-Looking Statements
--------------------------

         Certain matters discussed in this Annual Report are "forward-looking
statements" intended to qualify for the safe harbors from liability established
by Section 27A of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). These forward-looking statements
can generally be identified as such because the context of the statement will
include words such as the Company "believes," "anticipates," "expects" or words
of similar import. Similarly, statements that describe the Company's future
plans, objectives or goals are also forward-looking statements. Such statements
may address future events and conditions concerning, among other things the
Company's results of operations and financial condition; the consummation of
acquisition and financing transactions and the effect thereof on the Company's
business; capital expenditures; litigation; regulatory matters; and the
Company's plans and objective for future operations and expansion. Any such
forward-looking statements would be subject to the risks and uncertainties that
could cause actual results of operations, financial condition, acquisitions,
financing transactions, operations, expenditures, expansion and other events to
differ materially from those expressed or implied in such forward-looking
statements. Any such forward-looking statements would be subject to a number of
assumptions regarding, among other things, future economic, competitive and
market conditions generally. Such assumptions would be based on facts and
conditions as they exist at the time such statements are made as well as
predictions as to future facts and conditions, the accurate prediction of which
may be difficult and involve the assessment of events beyond the Company's
control. Furthermore, the Company's business is subject to a number of risks
that would affect any such forward-looking statements. These risks and
uncertainties include, but are not limited to, the ability of the Company to
commercialize its technology; product demand and industry pricing; the ability
of the Company to commercialize its technology; product demand and industry
pricing; the ability of the Company to obtain patent protectionfor its
technology; developments in environmental legislation and regulation; the
ability of the Company to obtain future financing on favorable terms; and other
circumstances affecting anticipated revenue and costs. These risks and
uncertainties could cause actual results of the Company to differ materially
from those projected or implied by such forward-looking statements.



                                       9
<PAGE>
                           PART II - OTHER INFORMATION

ITEM 1.           Legal Proceedings

         There have been no material legal proceedings to which the Company is a
party which have not been disclosed in previous filings with the Securities and
Exchange Commission. There are no material developments to be reported in any
previously reported legal proceeding.

ITEM 6.           Exhibits and Reports on From 8-K

                           Exhibits - None

                           Reports on Form 8-K - None





                                       10
<PAGE>

                                   SIGNATURES


         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 thereunto duly authorized.




                                         COMMODORE SEPARATION TECHNOLOGIES, INC.
                                         (Registrant)



                                         By  /s/  Andrew P. Oddi
                                         ---------------------------------------
                                         Andrew P. Oddi - Vice President

                                         (As both a duly authorized
                                         Officer of the Registrant
                                         and the Chief Accounting
                                         Officer of the Registrant)




Date:   May 6, 2002



                                       11
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