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


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



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


         Number of shares of common stock outstanding at August 2, 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)


                                                 June 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
                                                 =========       ============



                                       2
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES INC.

                            CONDENSED BALANCE SHEETS

                  (Dollars in Thousands, Except Per Share Data)

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

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
  Accounts payable                               $     283       $        296
  Accrued expenses                                     134                134
  Deposits                                              53                 53
  Due to related parties                             1,235              1,215
  Accrued dividends                                  2,339              2,069
                                                 ---------       ------------

       TOTAL CURRENT LIABILITIES                     4,044              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                         9,380              9,650
  Accumulated (Deficit)                            (13,436)           (13,419)
                                                 ---------       ------------

       TOTAL STOCKHOLDERS' DEFICIT                  (4,043)            (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      Six months      (Date of
                                    ended              ended       Inception)
                                    June 30,          June 30,     to June 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         8        21      17      26         4,499
  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        21      17      26        14,282
                               -------    ------   -----   -----    ----------
                                    (8)      (21)    (17)    (26)      (13,879)

Other income                         -         -       -       -            27
Interest income                      -         2       -       4           430
Interest expense                     -         2       -       4           (14)
                               -------    ------   -----   -----    ----------

NET LOSS                       $    (8)   $  (19)  $ (17)  $ (22)   $  (13,436)
                               =======    ======   =====   =====    ==========

NET LOSS PER SHARE  (Based on
 weighted average shares of
 11,733,000 in 2002 and
 and 11,597,000 in
 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
                                              Six Months Ended    Nov 15, 1995
                                                 June 30,         to June 30,
                                              2002       2001         2002
                                             ------   ---------  -------------
                                                (unaudited)

OPERATING ACTIVITIES
  Net loss                                   $  (17)  $    ( 22) $     (13,436)
  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                          (13)         (2)           283
      Accrued liabilities                         -           -            134
      Deposits                                    -        (210)            53
                                             ------   ---------  -------------
       NET CASH USED IN OPERATING
           ACTIVITIES                           (30)       (234)       (10,627)
                                             ------   ---------  -------------

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                    20          15          2,581
  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                  20          15         12,945
                                             ------   ---------  -------------

INCREASE (DECREASE) IN CASH                     (10)         14              1

Cash at beginning of period                      11           1              -
                                             ------   ---------  -------------

CASH AT END OF PERIOD                        $    1   $      15  $           1
                                             ======   =========  =============



                  See notes to condensed financial statements.

                                       5
<PAGE>

                     COMMODORE SEPARATION TECHNOLOGIES, INC.

               NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

                                  June 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 six month periods ended June
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 June
30, 2002, the Company has incurred a net loss of $13,436,000 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.

         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 June 30, 2002 or June 30,
2001, as the equipment is in storage.

         General and administrative expenses for the three months ended June 30,
2002 were $8,000 as compared to $21,000 for the three month period ended June
30, 2001. General and administrative expenses for the six month period ended
June 30, 2002 were $17,000 as compared to $26,000 for the six months ended June
30, 2001.

         The Company had a net loss of $17,000 for the six month period ended
June 30, 2002 as compared to a net loss of $22,000 for the six month period
ended June 30, 2001.


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

         The Company has a working capital deficit of $4,043,000 on June 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 six 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 Environmental. There can be
no assurances, however, that the Company will be able to obtain any financing
from Environmental.

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

         At June 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,
the effects of which cannot be determined. A change in ownership of the Company
may reduce the amount of loss allowable. These net operating carryforwards begin
to expire in 2011. A full valuation allowance has been established because of
the uncertainty about whether the Company will realize the benefit of net
operating losses.


                                       8
<PAGE>

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

         Certain matters discussed in this 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 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 From 8-K

        Exhibits - None

        Reports on Form 8-K - None




                                       10
<PAGE>

                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.




                                       COMMODORE SEPARATION TECHNOLOGIES, INC.
                                       (Registrant)



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

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






Date:   August 6, 2002

                                       11
<PAGE>