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 September 30, 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                          10155
         New York, New York                                  -----
        -------------------                                (Zip Code)
(Address of Principal Executive Offices)


        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  November 11,  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)


                                                   September 30,   December 31,
                                                      2002            2001
                                                   ------------    ------------
                                                    (unaudited)

ASSETS

Cash and cash equivalents                          $          1    $         11
                                                   ------------    ------------

                  TOTAL CURRENT ASSETS                        1              11

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

          TOTAL ASSETS                             $          1    $         11
                                                   ============    ============

<PAGE>


                     COMMODORE SEPARATION TECHNOLOGIES INC.

                            CONDENSED BALANCE SHEETS

                  (Dollars in Thousands, Except Per Share Data)


                                                   September 30,   December 31,
                                                      2002            2001
                                                   ------------    ------------
                                                    (unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable                                 $        280    $        296
  Accrued expenses                                          134             134
  Deposits                                                   53              53
  Due to related parties                                  1,245           1,215
  Accrued dividends                                       2,474           2,069
                                                   ------------    ------------

                  TOTAL CURRENT LIABILITIES               4,186           3,767

Commitments and contingencies                                 -               -

Stockholders' Deficit:
  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 of 11,732,640                     12              12
  Additional paid in capital                              9,245           9,650
  Accumulated Deficit                                   (13,443)        (13,419)
                                                   ------------    ------------

                  TOTAL STOCKHOLDERS' DEFICIT            (4,185)         (3,756)
                                                   ------------    ------------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT        $          1    $         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      Nine months    (Date of
                                       ended            ended        Inception)
                                      Sept 30,          Sept 30,     to Sept 30,
                                   --------------   --------------- ------------
                                   2002      2001   2002      2001       2002
                                             (unaudited)
REVENUES

  Contract revenues               $    -   $    -  $    -   $     -   $    403

COSTS AND EXPENSES

  Cost of sales                        -        -       -         -        648
  Research and development             -        -       -         -      3,603
  General and administrative           7       62      24        88      4,506
 Impairment of inventory               -        -       -         -        519
  Impairment of property
   and equipment                       -        -       -         -        513
  Impairment of intangibles            -        -       -         -        175
  Depreciation and amortization        -        -       -         -      1,402
  Corporate overhead expenses          -        -       -         -      2,145
  Licensing fee                        -        -       -         -         50
  Sales and marketing expense          -        -       -         -        728
                                  ------   ------  ------   -------   --------
                                       7       62      24        88     14,289
                                  ------   ------  ------   -------   --------
                                      (7)     (62)    (24)      (88)   (13,886)

Other income                           -        -       -         -         27
Interest income                        -        -       -         4        430
Interest expense                       -        -       -         -        (14)
                                  ------   ------  ------   -------   --------

NET LOSS                          $   (7)  $  (62) $  (24)  $   (84)  $(13,443)
                                  ======   ======  ======   =======   ========


NET LOSS PER SHARE  (Based on
 weighted average shares of
 11,733,000 in 2002 and
 11,729,000 and 11,641,000
 2001) *                          $    -   $    -  $    -   $     -



         * 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
                                                       Nine months    (Date of
                                                        ended        Inception)
                                                        Sept 30,     to Sept 30,
                                                      ------------ ------------
                                                    2002      2001       2002
                                                      (unaudited)
OPERATING ACTIVITIES
  Net loss                                        $    (24)  $  (84) $  (13,443)
  Adjustments to reconcile net loss to net
    cash used in operating activities:
      Impairment of inventory                            -        -         519
            Impairment of intangibles                    -        -         175
      Impairment of property and equipment               -        -         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                                 (16)      56         280
      Accrued liabilities                                -        -         134
      Deposits                                           -     (210)         53
                                                  --------   ------  ----------

           NET CASH USED IN OPERATING ACTIVITIES       (40)    (238)    (10,637)
                                                  --------   ------  ----------

INVESTING ACTIVITIES
  Acquisition of intangible assets                       -        -        (213)
  Purchase of property and equipment                     -        -        (403)
  Acquisition of leasehold improvements                  -        -        (210)
  Construction of technical equipment                    -        -      (1,491)
  Liquidation of certificate of deposit                  -      233           -
                                                  --------   ------  ----------

           NET CASH PROVIDED BY
           INVESTING ACTIVITIES                          -      233      (2,317)
                                                  --------   ------  ----------

FINANCING ACTIVITIES
  Borrowings from stockholder                           30       15       2,591
  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                         30       15      12,955
                                                  --------   ------  ----------

INCREASE (DECREASE) IN CASH                            (10)      10           1
Cash at beginning of period                             11        1           -
                                                  --------   ------  ----------

CASH AT END OF PERIOD                             $      1   $   11  $        1
                                                  ========   ======  ==========


                  See notes to condensed financial statements.


                                       5
<PAGE>


                     COMMODORE SEPARATION TECHNOLOGIES, INC.

               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

                                  Sept 30, 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 accounting principles generally accepted in the United States of America
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 and nine month periods ended
September 30, 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, has 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
September 30, 2002, the Company has incurred a net loss of $13,443,000 and
anticipates that it will continue to incur losses for the foreseeable future as
it develops a new strategy. 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. The Company is in the process of selling and disposing
of its equipment and inventory.

         In June 2000, the Company closed its Kennesaw, Georgia facility. The
Company plans to continue to search for applications for its technology.



                                       7
<PAGE>


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

         There were no revenues for the quarter ended September 30, 2002 or
September 30, 2001, as the equipment is in storage.

         General and administrative expenses for the three months ended
September 30, 2002 were $7,000 as compared to $62,000 for the three month period
ended September 30, 2001. General and administrative expenses for the nine month
period ended September 30, 2002 were $24,000 as compared to $88,000 for the nine
months ended September 30, 2001.

         The Company had a net loss of $24,000 for the nine month period ended
September 30, 2002 as compared to a net loss of $84,000 for the nine month
period ended September 30, 2001.


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

         The Company has a working capital deficit of $4,185,000 on September
30, 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 nine months 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 Commodore Environmental
Services, Inc. ("Environmental") which owns 85% of the Common Stock of the
Company. There can be no assurances, however, that the Company will be able to
obtain any financing from Environmental.

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

         At September 30, 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,


                                       8
<PAGE>

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.

Controls and Procedures
-----------------------

         1. Evaluation of disclosure controls and procedures.

         Bentley Blum who serves as Commodore  Separation  Technologies,  Inc.'s
chief  executive  officer and Andrew P. Oddi who serves as Commodore  Separation
Technologies, Inc.'s chief financial officer, after evaluating the effectiveness
of Commodore  Separation  Technologies,  Inc.'s internal controls and procedures
(as defined in Exchange Act Rules 13a-14(c) and 15d-14(c) as of a date within 90
days of the filing date of the quarterly  report (the Evaluation Date) concluded
that  as of the  Evaluation  Date,  Commodore  Separation  Technologies,  Inc.'s
internal  controls and  procedures  were  adequate and  effective to ensure that
material information relating to Commodore Separation  Technologies,  Inc. would
be made known to them by others within those entities,  particularly  during the
period in which this quarterly report was being prepared.

         2. Changes in internal controls.

         There were no significant changes in Commodore Separation Technologies,
Inc.'s  internal  controls or in other factors that could  significantly  affect
Commodore  Separation  Technologies,  Inc.'s disclosure  controls and procedures
subsequent to the Evaluation Date, nor any significant  deficiencies or material
weaknesses  in such  disclosure  controls and  procedures  requiring  corrective
actions. As a result, no corrective actions were taken.

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

         Certain matters discussed in this Quarterly 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 obtain patent protection for 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 Form 8-K

                  (a) Exhibits

                  Exhibit 99.1 - Certification Pursuant to 18 U.S.C. Section
                  1350 as adopted pursuant to Section 906 of the Sarbanes -
                  Oxley Act of 2002

                  Exhibit 99.2 - Certification Pursuant to 18 U.S.C. Section
                  1350 as adopted pursuant to Section 906 of the Sarbanes -
                  Oxley Act of 2002


                  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:   November 11, 2002



                                       11
<PAGE>


                    CERTIFICATION OF CHIEF EXECUTIVE OFFICER


         I, Bentley Blum, certify that:

         1. I have  reviewed this  quarterly  report on Form 10-QSB of Commodore
Separation Technologies, Inc.;

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects  the  financial  condition,  results  of  operations  and cash flows of
Commodore Separation Technologies, Inc. as of, and for, the periods presented in
this quarterly report.

         4. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I are responsible for establishing and maintaining  disclosure  controls and
procedures  (as defined in Exchange Act Rules  13a-14 and 15d-14) for  Commodore
Separation Technologies, Inc. and have:

              (a) designed  such  disclosure  controls and  procedures to ensure
         that   material    information   relating   to   Commodore   Separation
         Technologies,  Inc., including its consolidated  subsidiaries,  is made
         known to us by others within those  entities,  particularly  during the
         period in which this quarterly report is being prepared;

              (b)   evaluated   the   effectiveness   of  Commodore   Separation
         Technologies,  Inc.'s  disclosure  controls and procedures as of a date
         within 90 days prior to the filing date of this  quarterly  report (the
         Evaluation Date); and

              (c) presented in this quarterly  report our conclusions  about the
         effectiveness  of the disclosure  controls and procedures  based on our
         evaluation as of the Evaluation Date;

         5. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I have  disclosed,  based  on  our  most  recent  evaluation,  to  Commodore
Separation  Technologies,  Inc.'s  auditors and the audit committee of Commodore
Separation  Technologies,  Inc.'s board of directors (or persons  performing the
equivalent functions):


                                       12
<PAGE>

              (a) all  significant  deficiencies  in the design or  operation of
         internal  controls which could adversely  affect  Commodore  Separation
         Technologies,  Inc.'s ability to record, process,  summarize and report
         financial   data  and  have   identified   for   Commodore   Separation
         Technologies,  Inc.'s  auditors  any  material  weaknesses  in internal
         controls; and

              (b) any fraud,  whether or not material,  that involves management
         or other employees who have a significant role in Commodore  Separation
         Technologies, Inc.'s internal controls; and

         6. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I have  indicated  in  this  quarterly  report  whether  or not  there  were
significant  changes  in  internal  controls  or in  other  factors  that  could
significantly affect internal controls subsequent to the date of our most recent
evaluation,   including  any  corrective  actions  with  regard  to  significant
deficiencies and material weaknesses.


                                          /s/ Bentley Blum
                                          -----------------------
                                          Bentley Blum,
                                          Chief Executive Officer
                                          November 11, 2002

                                       13
<PAGE>

                    CERTIFICATION OF CHIEF FINANCIAL OFFICER


         I, Andrew P. Oddi, certify that:

         1. I have  reviewed this  quarterly  report on Form 10-QSB of Commodore
Separation Technologies, Inc.;

         2. Based on my knowledge,  this  quarterly  report does not contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information  included in this quarterly  report,  fairly present in all material
respects  the  financial  condition,  results  of  operations  and cash flows of
Commodore Separation Technologies, Inc. as of, and for, the periods presented in
this quarterly report.

         4. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I are responsible for establishing and maintaining  disclosure  controls and
procedures  (as defined in Exchange Act Rules  13a-14 and 15d-14) for  Commodore
Separation Technologies, Inc. and have:

              (a) designed  such  disclosure  controls and  procedures to ensure
         that   material    information   relating   to   Commodore   Separation
         Technologies,  Inc., including its consolidated  subsidiaries,  is made
         known to us by others within those  entities,  particularly  during the
         period in which this quarterly report is being prepared;

              (b)   evaluated   the   effectiveness   of  Commodore   Separation
         Technologies,  Inc.'s  disclosure  controls and procedures as of a date
         within 90 days prior to the filing date of this  quarterly  report (the
         Evaluation Date); and

              (c) presented in this quarterly  report our conclusions  about the
         effectiveness  of the disclosure  controls and procedures  based on our
         evaluation as of the Evaluation Date;

         5. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I have  disclosed,  based  on  our  most  recent  evaluation,  to  Commodore
Separation  Technologies,  Inc.'s  auditors and the audit committee of Commodore
Separation  Technologies,  Inc.'s board of directors (or persons  performing the
equivalent functions):


                                       14
<PAGE>

              (a) all  significant  deficiencies  in the design or  operation of
         internal  controls which could adversely  affect  Commodore  Separation
         Technologies,  Inc.'s ability to record, process,  summarize and report
         financial   data  and  have   identified   for   Commodore   Separation
         Technologies,  Inc.'s  auditors  any  material  weaknesses  in internal
         controls; and

              (b) Any fraud,  whether or not material,  that involves management
         or other employees who have a significant role in Commodore  Separation
         Technologies, Inc.'s internal controls; and

         6. Commodore Separation  Technologies,  Inc.'s other certifying officer
and I have  indicated in this quarterly  report  whether there were  significant
changes in internal controls or in other factors that could significantly affect
internal  controls  subsequent  to the  date  of  our  most  recent  evaluation,
including any  corrective  actions with regard to significant  deficiencies  and
material weaknesses.


                                          /s/ Andrew P. Oddi
                                          -----------------------
                                          Andrew P. Oddi,
                                          Chief Financial Officer
                                          November 11, 2002


                                       15
<PAGE>