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, 2003
                                       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 May 14, 2003 (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,
                                                        2003          2002
                                                      ---------    ------------
                                                     (unaudited)
ASSETS
Cash and cash equivalents                             $       2      $       1

                  TOTAL CURRENT ASSETS                        2              1

Property and equipment, net                                   -              -
                                                      ---------      ---------

          TOTAL ASSETS                                $       2      $       1
                                                      =========      =========

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
  Accounts payable                                    $     280      $     280
  Accrued expenses                                          134            134
  Deposits                                                   53             53
  Due to related parties                                  1,260          1,250
  Accrued dividends                                       2,744          2,609
                                                      ---------      ---------

                  TOTAL CURRENT LIABILITIES               4,471          4,326

Commitments and contingencies                                 -              -

Stockholders' Deficit:
  Preferred stock, Series A, $.001 par value,
    10% cumulative, 5,000,000 shares authorized,
    518,600 issued and outstanding                            1              1
  Preferred stock, Series B, $.001 par value,
    6% cumulative, 4,000 shares authorized,
    3,570 shares issued and outstanding                       -              -
  Common stock, par value $.001 per share,
    50,000,000 shares authorized, 11,732,640
    shares issued and outstanding                            12             12
  Additional paid in capital                              8,975          9,110
  Deficit accumulated during development
    stage                                               (13,457)       (13,448)
                                                      ---------      ---------

                  TOTAL STOCKHOLDERS' DEFICIT            (4,469)        (4,325)
                                                      ---------      ---------
                  TOTAL LIABILITIES AND
                  STOCKHOLDERS' DEFICIT               $       2      $       1
                                                      =========      =========


                  See notes to condensed financial statements.


                                       2
<PAGE>
                     COMMODORE SEPARATION TECHNOLOGIES, INC.

                       CONDENSED STATEMENTS OF OPERATIONS

                  (Dollars in Thousands, Except Per Share Data)


                                                                    Cumulative
                                                                    Amounts From
                                              Three months ended   Nov. 15, 1995
                                                    March 31,        (Date of
                                              -----------------   Inception) to
                                               2003       2002    March 31, 2003
                                              ------    -------   --------------
                                                 (unaudited)

       CONTRACT REVENUES                      $    -    $     -       $    403

COSTS AND EXPENSES
  Cost of sales                                    -          -            648
  Research and development                         -          -          3,603
  General and administrative                       9          9          4,520
  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          9         14,303
                                              ------    -------       --------
                                                  (9)        (9)       (13,900)

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

NET LOSS                                      $   (9)   $    (9)      $(13,457)
                                              ======    =======       ========

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



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



                  See notes to condensed financial statements.


                                       3
<PAGE>

   COMMODORE SEPARATION TECHNOLOGIES, INC. CONDENSED STATEMENTS OF CASH FLOWS
                  (Dollars in Thousands, Except Per Share Data)

                                                                    Cumulative
                                                                    Amounts From
                                              Three months ended   Nov, 15, 1995
                                                    March 31,        (Date of
                                              -----------------   Inception) to
                                               2003       2002    March 31, 2003
                                              ------    -------   --------------
                                                 (unaudited)

OPERATING ACTIVITIES
  Net (loss)                                  $   (9)   $    (9)  $    (13,457)
  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)           280
        Accrued liabilities                        -          -            134
                  Deposits                         -          -             53
                                              ------    -------   ------------
                  NET CASH USED IN
                  OPERATING ACTIVITIES            (9)       (12)       (10,651)

INVESTING ACTIVITIES
  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                     10          5          2,606
  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            10          5         12,970

INCREASE IN CASH                                   1         (7)             2
  Cash at beginning of period                      1         11              -
                                              ------    -------   ------------
CASH AT END OF PERIOD                         $    2    $     4   $          2
                                              ======    =======   ============


                  See notes to condensed financial statements.

                                       4
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

                                 March 31, 2003


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, 2003 are
not necessarily indicative of the results that may be expected for the year
ended December 31, 2003.

         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, 2002.

Note 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.

Note C - Going Concern

         The accompanying financial statements have been prepared under the
assumption that the Company will continue as a going concern. Such assumption
contemplates the realization of assets and the satisfaction of liabilities in
the normal course of business. As shown in the financial statements, the Company
has a working capital deficit, a deficit in equity, has incurred substantial
losses from operations and has not generated cash from operating activities. The
Company has not ever had significant revenue from operations and has not had any
operating activities during the past two fiscal years. Presently, the Company
does not have sufficient cash resources to meet its requirements in 2003 or the
necessary working capital to develop profitable operations from using its
patented technology. The financial statements do not include any adjustments
that might be necessary should the Company be unable to continue as a going
concern.

         The Company's continuation as a going concern is dependent upon its
ability to obtain additional financing as may be required, and ultimately to
attain profitability. Potential sources of cash include new contracts, the
issuance of external debt, the sale of new shares of Company stock or
alternative methods such as mergers or sale transactions. No assurances can be
given, however, that the Company will be able to obtain any of these potential
sources of cash.


                                       5
<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, 2003, the Company has incurred a net loss of $13,457,000 and anticipates
that it may continue to incur losses for the foreseeable future. The Company
currently has no ongoing operations since 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.

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

     There were no revenues for the quarter ended March 31, 2003 or 2002, as the
equipment is in storage.

         For the three months ended March 31, 2003, 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 $9,000
for the three months ended March 31, 2002.

         The Company had a net loss of $9,000 for the three-month period ended
March 31, 2003 as compared to a net loss of $9,000 for the three-month period
ended March 31, 2002.

                                       6
<PAGE>

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

         The Company has a working capital deficit of $4,469,000 on March 31,
2003 as compared to a working capital deficit of $4,325,000 at the beginning of
the year. The decrease in working capital is attributable to the net loss
incurred during the first quarter of 2003 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 Company. There can be no
assurances, however, that the Company will be able to obtain any financing from
Environmental.

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

         At March 31, 2003, the Company had tax loss carryforwards of
approximately $12,309,000. 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.

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

                                       7
<PAGE>

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 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.


ITEM 3.  Controls and Procedures
         -----------------------

         1. Evaluation of disclosure controls and procedures.

         Paul Hannesson 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.

                                       8
<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.

         (b)  Reports on Form 8-K - none


                                       9
<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.


Date:   May 14, 2003                    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)


                                       10
<PAGE>

CERTIFICATION OF CHIEF EXECUTIVE OFFICER


         I, Paul Hannesson, 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):

         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/ Paul Hannesson
-----------------------
Paul Hannesson,
Chief Executive Officer
May 14, 2003



                                       11
<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):

         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
May 14, 2003


                                       12