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, 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 Number)
 incorporation or organization)


         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  October  24,  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)

                                                  September 30,   December 31,
                                                     2003            2002
                                                  ------------   ------------
                                                  (unaudited)
ASSETS
Cash and cash equivalents                         $          3   $          1
                                                  ------------   ------------

          TOTAL ASSETS                            $          3   $          1
                                                  ============   ============

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities:
  Accounts payable                                $        280   $        280
  Accrued expenses                                         134            134
  Deposits                                                  53             53
  Due to related parties                                 1,280          1,250
  Accrued dividends                                      3,014          2,609
                                                  ------------   ------------

                  TOTAL CURRENT LIABILITIES              4,761          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 issued and outstanding                               -              -
  Common stock, par value $.001 per share,
  50,000,000 shares authorized, 11,732,640
  issued and outstanding                                    12             12
  Additional paid in capital                             8,705          9,110
  Deficit accumulated during development
    stage                                              (13,476)       (13,448)
                                                  ------------   ------------

                  TOTAL STOCKHOLDERS' DEFICIT           (4,758)        (4,325)
                                                  ------------   ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT       $          3   $          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
                                                                    Nov 15, 1995
                                      Three months      Nine months   (Date of
                                         ended             ended      Inception)
                                        Sept 30,          Sept 30,   to Sept 30,
                                     2003     2002     2003     2002    2003
                                    ------   ------   ------   -----  ----------
                                               (unaudited)
REVENUES

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

COSTS AND EXPENSES

  Cost of sales                          -        -        -       -        648
  Research and development               -        -        -       -      3,603
  General and administrative             8        7       28      24      4,539
  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
                                    ------   ------   ------   -----   ---------
                                         8        7       28      24     14,322
                                    ------   ------   ------   -----   ---------
                                        (8)      (7)     (28)    (24)   (13,919)

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

NET LOSS                            $   (8)  $   (7)  $  (28)  $ (24)  $(13,476)
                                    ======   ======   ======   =====   =========


NET LOSS PER SHARE  (Based on
 weighted average shares of
 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
                                             Nine months ended      Nov 15, 1995
                                                 Sept 30,            to Sept 30,
                                               2003     2002          2003
                                               ----     ----        ------------
                                                (unaudited)
OPERATING ACTIVITIES
  Net loss                                    $ (28)   $ (24)       $   (13,476)
  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)               280
      Accrued liabilities                         -        -                134
      Deposits                                    -        -                 53
                                              -----    -----        ------------
       NET CASH USED IN OPERATING
       ACTIVITIES                               (28)     (40)           (10,670)
                                              -----    -----        ------------

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           -        -                  -
                                              -----    -----        ------------

       NET CASH USED IN INVESTING
       ACTIVITIES                                 -        -             (2,317)
                                              -----    -----        ------------

FINANCING ACTIVITIES
  Borrowings from stockholder                    30       30              2,626
  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       30             12,990
                                              -----    -----        ------------

INCREASE (DECREASE) IN CASH                       2      (10)                 3
Cash at beginning of period                       1       11                  -
                                              -----    -----        ------------

CASH AT END OF PERIOD                         $   3    $   1        $         3
                                              =====    =====        ============

                  See notes to condensed financial statements.

                                       4
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

                               September 30, 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 and nine month periods ended
September 30, 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-KSB annual report dated December 31, 2002.

B - Contingencies

         The Company has a matter of possible litigation arising out of the Port
of Baltimore contract. It is not known what amount, if any that the Company may
be required to pay. The financial statements reflect $53,000 as a liability
related to the contract. It is not known if any additional amounts will be
incurred.

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


                                       5
<PAGE>

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.

Note D - Net Loss Per Common Share

         Basic net loss per common share ("Basic EPS") excludes dilution and is
computed by dividing net loss available to common shareholders by the weighted
average number of common shares outstanding during the period. Diluted net loss
per common share ("Diluted EPS") reflects the potential dilution that could
occur if stock options or other contracts to issue common stock were exercised
or converted into common stock. The computation of Diluted EPS does not assume
exercise or conversion of securities that would have an anti-dilutive effect on
net loss per common share.

         Options and warrants to purchase 823,750 shares of common stock as of
September 30, 2003 and September 30, 2002 were not included in the computation
of Diluted EPS. The inclusion of the options would have been anti-dilutive,
thereby decreasing net loss per common share.

Note E - Stock-Based Compensation

         The Company accounts for stock-based compensation under the recognition
and measurement principles of APB Opinion No.25, Accounting for Stock Issued to
Employees, and Related Interpretations. No stock-based employee compensation
cost is reflected in the net income (loss), as all options vested had an
exercise price equal to the market value of the underlying common stock on the
date of grant. No options were issued or vested during the quarters or nine
months ended September 30, 2003 or September 30, 2002, therefore, there would be
no effect on the net income and earnings per share if the Company had applied
the fair value recognition provisions of FASB Statement No. 123, Accounting for
Stock-Based Compensation, to stock-based employee compensation.

Note F - Supplemental Disclosure of Cash Flow Information

         During the nine months ended September 30, 2003 and September 30, 2002,
the Company accrued $405,000 and $405,000 of preferred stock dividends, which
increased accrued dividends and decreased additional paid in capital.

                                       6
<PAGE>

ITEM 2.  Management's Discussion and Analysis of Financial
         -------------------------------------------------
         Condition and Plan 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 performed
services at its first installations.

           During the period from November 15, 1995 (date of inception) to
September 30, 2003, the Company has incurred a net loss of $13,476,000 and
anticipates that it will continue to incur losses for the foreseeable future as
it develops a new strategy. The Company has had no ongoing operations since
December 31, 2001.

Results of Operations
---------------------

     General and administrative expenses for the three months ended September
30, 2003 were $8,000 as compared to $7,000 for the three month period ended
September 30, 2002. General and administrative expenses for the nine month
period ended September 30, 2003 were $28,000 as compared to $24,000 for the nine
months ended September 30, 2002.

         The Company had a net loss of $28,000 for the nine month period ended
September 30, 2003 as compared to a net loss of $24,000 for the nine month
period ended September 30, 2002.

Plan of Operation
-----------------

         Without any operating business or material assets, the Company will
remain inactive until such time management identifies strategic opportunities,
finds additional funding, completes an acquisition of or merger with an
operating company. No assurances can be given as to the Company's ability to
identify and complete a transaction by any given date or as to the nature of the
business or profitability of the company if a transaction is completed.

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

         The Company has a working capital deficit of $4,758,000 on September
30, 2003 as compared to a working capital deficit of $4,325,000 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 2003 and accrued dividends.

                                       7
<PAGE>

         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 September 30, 2003, 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
has occured in previous years which 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
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

                                       8
<PAGE>

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.

         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 September 30,
2003 (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.


                                       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 31.1 - Certification Pursuant to Section
                    302 of the Sarbanes - Oxley Act of 2002.

                    Exhibit 31.2 - Certification Pursuant to Section
                    302 of the Sarbanes - Oxley Act of 2002.

                    Exhibit 32 - 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 3, 2003



                                       11
<PAGE>

         Exhibit 31.1    Certification Pursuant to Section 302 of the
                         Sarbanes-Oxley Act of 2002

         Exhibit 31.2    Certification Pursuant to Section 302 of the
                         Sarbanes-Oxley Act of 2002

         Exhibit 32      Certification Pursuant to 18 U.S.C. Section 1350, as
                         Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                         Act of 2002






                                       12