UNITED  STATES
SECURITIES  AND  EXCHANGE  COMMISSION
Washington,  D.C.  20549

FORM  10-QSB

(Mark  One)
[X] QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

For  the  quarterly  period  ended  March  31,  2000
                                    ----------------

[ ] TRANSITION  REPORT  UNDER  SECTION  13  OR  15(d)  OF  THE  EXCHANGE ACT

For  the  transition  period  from  __________  to  _________

Commission  file  number: 333-82493

California  Molecular  Electronics  Corp.
-----------------------------------------
(Exact  name  of  small  business  is  here  as  specified  in  its  charter)

Arizona
-------
(State or other jurisdiction of incorporation or
organization)

86-0888087
----------
(IRS Employer Identification No.)

50  Airport  Parkway,  San  Jose,  CA  95110
--------------------------------------------
(Address  of  principal  executive  offices)

(408) 451-8404
--------------
(Issuer's  telephone  number)

Check  whether  the  registrant  (1)  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 for such shorter period that the registrant was required to file
such  report(s),  and  (2)  has been subject to such filing requirements for the
past  90  days.

Yes[X]     No[  ]

The  number  of  shares outstanding of the issuer's common stock on May 15, 2000
was  5,064,743.


<PAGE>
CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

INDEX

PART  I.  FINANCIAL  INFORMATION

     ITEM  1.  FINANCIAL  STATEMENTS                                        Page
                                                                            ----

     Balance Sheets as of December 31, 1999 and March 31, 2000.               2

     Statements of Operations for the three months ended March 31, 2000
     and 1999 and cumulative from  March 17, 1997 (date of incorporation)
     to March 31, 2000.                                                       3

     Statement of Stockholders' Equity (Deficit) from December 31, 1998
     Through March 31, 2000                                                   4

     Statements of Cash Flows for the three months ended March 31, 2000
     and 1999 and cumulative from March 17, 1997 (date of incorporation)
     to March 31, 2000.                                                       5

     Notes  to  Financial  Statements.                                        6

     ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF                          8
     FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

PART  II.  OTHER INFORMATION                                                 11

     ITEM  6.  EXHIBITS AND REPORTS ON FORM 8-K

SIGNATURES                                                                   12


                                        1
<PAGE>
PART  I.  FINANCIAL  INFORMATION

ITEM  1.  FINANCIAL  STATEMENTS

<TABLE>
<CAPTION>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------
                          (a development stage company)
                          -----------------------------

                                  BALANCE SHEET
                                  -------------

                                                          March 31     December 31
                                                            2000          1999
                                                        ------------  -------------
                                                        (unaudited)
<S>                                                     <C>           <C>

                              A S S E T S
                              -----------

Current assets:
  Cash                                                  $   325,343   $     91,993
  Grant receivable                                           66,667              -
  Employee advance                                            9,605              -
                                                        ------------  -------------
    Total current assets                                    401,615         91,993

Furniture and fixtures, net                                   1,968          2,099
Prepaid expenses                                                  -          6,493
Other                                                           427            427
                                                        ------------  -------------
                                                        $   404,010   $    101,012
                                                        ============  =============

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                 ----------------------------------------------

Current liabilities:
  Deferred grant income                                 $    66,667
  Accounts payable and accrued liabilities                   15,129   $     13,800
  Other payable                                               5,000          5,000
                                                        ------------  -------------
    Total current liabilities                                86,796         18,800
                                                        ------------  -------------

Stockholders' equity (deficit):
  Common stock, no par value:
    Authorized 20 million shares; 5,041,292 and
    4,994,065 issued and outstanding (including
    4,800 and 4,800 Treasury shares) at March 31, 2000
    and December 31, 1999, respectively                   1,634,160      1,280,242
  Less: Treasury stock at cost; 4,800 shares at
    March 31, 2000 and December 31, 1999                    (28,800)       (28,800)
  Deficit accumulated during development stage           (1,288,146)    (1,169,230)
                                                        ------------  -------------
                                                            317,214         82,212
                                                        ------------  -------------

                                                        ------------  -------------
                                                        $   404,010   $    101,012
                                                        ============  =============
</TABLE>


                 See accompanying notes to financial statements.


                                        2
<PAGE>
<TABLE>
<CAPTION>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------
                          (a development stage company)
                          -----------------------------

                             STATEMENT OF OPERATIONS
                             -----------------------

                                   (UNAUDITED)
                                   -----------

                                            Cumulative amounts
                                            from March 17, 1997    Three months ended March 31
                                          (date of incorporation)  ---------------------------
                                             to March 31, 2000          2000          1999
                                          -----------------------  -------------  ------------
<S>                                       <C>                      <C>            <C>
Revenue:
  Grant income                            $               33,333   $     33,333
  Interest income                                         14,036          1,896    $    1,873
                                          -----------------------  -------------  ------------
                                                          47,369         35,229         1,873
                                          -----------------------  -------------  ------------

Expenses:
  Research and development expenses                      325,339         59,671             -

  Officers' compensation donated to
    the Company (Note 5)                                 735,833         47,500        67,500

    Preoperating expenses                                274,143         46,924        56,533
                                          -----------------------  -------------  ------------

      Total expenses                                   1,335,315        154,095       124,033
                                          -----------------------  -------------  ------------

Loss before income taxes                              (1,287,946)      (118,866)     (122,160)

Provision for state income taxes                             200             50            50
                                          -----------------------  -------------  ------------

Net loss                                  $           (1,288,146)  $   (118,916)  $  (122,210)
                                          =======================  =============  ============



Basic and diluted loss per common share   $                 (.26)  $       (.02)  $      (.02)
                                          =======================  =============  ============

Weighted average number of common
  shares outstanding                                   4,880,556      5,000,196     4,910,387
                                          =======================  =============  ============
</TABLE>


                 See accompanying notes to financial statements.


                                        3
<PAGE>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------
                          (a development stage company)
                          -----------------------------

                  STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)
                  -------------------------------------------
             FOR THE PERIOD FROM DECEMBER 31, 1998 TO MARCH 31, 2000
             -------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                      Deficit
                                                                                                    Accumulated
                                                     Common Stock                                      During
                                              -----------------------------        Treasury         Development
                                                  Shares          Amount            Stock              Stage          Total
                                              ------------    -------------    ---------------    --------------    ---------
<S>                                           <C>            <C>              <C>                <C>               <C>
Balance at December 31, 1998                     4,887,520   $      636,556   $              -   $      (494,561)  $ 141,995

Stock issued in private placement                   91,540          347,900                  -                 -     347,900

Stock issuance costs                                     -          (49,239)                 -                 -     (49,239)

Officers' compensation donated to the
  Company (Note 5)                                       -          270,000                  -                 -     270,000

Stock issued for license technology fee             15,005           75,025                  -                 -      75,025

Treasury stock, at cost                             (4,800)               -            (28,800)                -     (28,800)

Net loss                                                 -                -                  -          (674,669)   (674,669)
                                              ------------    -------------    ---------------    --------------    ---------
Balance at December 31, 1999                     4,989,265        1,280,242            (28,800)       (1,169,230)     82,212

Stock issued in public offering                     52,127          312,762                  -                 -     312,762

Stock issuance costs                                     -           (6,344)                 -                 -      (6,344)

Officers' compensation donated to the
Company (Note 5)                                         -           47,500                  -                 -      47,500

Net loss                                                 -                -                  -          (118,916)   (118,916)
                                              ------------    -------------    ---------------    --------------    ---------

Balance at March  31, 2000                       5,041,392   $    1,634,160   $        (28,800)  $    (1,288,146)  $ 317,214
                                              ============    =============    ===============    ==============   =========
</TABLE>


                    See accompanying notes to financial statements.

                                        4
<PAGE>
<TABLE>
<CAPTION>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------
                          (a development stage company)
                          -----------------------------

                             STATEMENT OF CASH FLOWS
                             -----------------------

                                   (UNAUDITED)
                                   -----------


                                              Cumulative amounts
                                              from March 17, 1997    Three months ended March 31
                                            (date of incorporation)  ---------------------------
                                               to March 31, 2000           2000          1999
                                            -----------------------  --------------  -----------
<S>                                         <C>                      <C>             <C>
Operations:
  Net loss                                   $          (1,288,146)  $    (118,916)   $(122,210)
  Items not requiring current use of cash:
    Officers' compensation, donated to the
      Company (Note 5)                                     735,833          47,500       67,500
    License fees                                            75,025               -            -
    Depreciation                                               656             131            -
    Changes in other operating items:
      Payable to related party                                   -               -      (14,500)
      Employee advances                                    (34,752)         (9,605)      (5,000)
      Accounts payable and accrued
        liabilities                                         15,129           1,329        2,128
      Other payable                                          5,000               -            -
      Prepaid expenses                                           -           6,493            -
      Other                                                   (427)              -       (7,408)
                                            -----------------------  --------------  -----------
      Cash used for operating activities                  (491,682)        (73,068)     (79,490)
                                            -----------------------  --------------  -----------

Investments:
  Furniture and fixtures                                    (2,624)              -            -
                                            -----------------------  --------------  -----------
      Cash used for investing activities                    (2,624)              -            -
                                            -----------------------  --------------  -----------

Financing:
  Issuance of common stock, after stock
    issuance expense                                       823,302         306,418      155,761
  Purchase of Treasury stock                                (3,653)              -            -
                                            -----------------------  --------------  -----------
      Cash provided by financing
        activities                                         819,649         306,418      155,761
                                            -----------------------  --------------  -----------

Increase in cash                                           325,343         233,350       76,271

Cash at beginning of period                                      -          91,993      154,626
                                            -----------------------  --------------  -----------
Cash at end of period                        $             325,343   $     325,343   $  230,897
                                            =======================  ==============  ===========

Supplemental cash flow disclosures:
  Taxes paid                                 $                 150   $           -   $        -
                                            =======================  ==============  ===========

  Acquisition of Treasury stock              $             (25,147)  $           -   $        -
  For cancellation of employee advances                     25,147               -            -
                                            -----------------------  --------------  -----------
                                             $                   -   $           -   $        -
                                            =======================  ==============  ===========
</TABLE>


                 See accompanying notes to financial statements.


                                        5
<PAGE>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------
                          (a development stage company)
                          -----------------------------

                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------


NOTE  1 - Basis  of  presentation:

     The  financial  statements  included  herein  for  California  Molecular
Electronics Corp. ("CALMEC" or the "Company") have been prepared by the Company,
without  audit  pursuant  to  the  rules  and  regulations of the Securities and
Exchange  Commission.  In  management's  opinion,  the  interim  financial  data
presented  includes  all  adjustments  (which  include  only  normal  recurring
adjustments)  necessary  for  a  fair  presentation.  Certain  information  and
footnote  disclosures  normally  included  in  financial  statements prepared in
accordance  with generally accepted accounting principles have been condensed or
omitted  pursuant  to  such  rules  and  regulations.

     The results of operations for the three months ended March 31, 2000 are not
necessarily  indicative  of the operating results expected for the entire fiscal
year.  The  financial  statements  included herein should be read in conjunction
with other documents the Company files from time to time with the Securities and
Exchange  Commission,  including  the  Company's Form 10-KSB for the fiscal year
ended  December  31,  1999.

NOTE  2 - Reclassifications:

     Certain  prior period amounts have been reclassified in order to conform to
the  current  period  presentation.

NOTE  3 - Loss  per  share:

     Basic  and dilutive loss per common share is calculated by dividing the net
loss for the period by the average number of common shares outstanding.  For the
three months ended March 31, 2000 and 1999, dilutive loss per share excludes the
effect  of  options,  because  the  effect  would  have  been  antidilutive.

NOTE  4 - Leases:

     The  Company  has  entered  into a cost reimbursable contract with San Jose
State  University  Foundation  ("Foundation")  for the period from April 1, 1999
through  March 31, 2000.  The contract includes advisory services to be provided
by  the  San Jose State University Department of Chemistry, facilities, supplies
and equipment use.  The Company is negotiating with the Foundation to extend the
lease  until  March  31,  2001.

NOTE  5 - Related  party  transactions:

     CALMEC's  three officers have devoted 100% of their time to the business of
the Company since their hire in 1997.  The officers have elected to forego their
salaries  until  such time after the Company has completed its startup phase and


                                        6
<PAGE>
upon  determination  by  the  Board  of  Directors  that  sufficient  capital is
available for operations.  Planned annual remuneration for the three officers is
as  follows:  $40,000  -  Chairman and Treasurer; $110,000 - President and Chief
Executive  Officer;  and  $120,000 - Executive Vice President and Secretary.  As
required  by  the  Securities  and  Exchange Commission accounting rules, in the
accompanying financial statements the officers' unpaid salaries totaling $47,500
and  $67,500  for  the  quarters  ended March 31, 2000 and 1999 are reflected as
compensation  expense  and  a  credit  to  common stock, as the Company does not
intend to repay such forfeited salaries in the future.  Effective February 2000,
the  Executive  Vice  President  and Secretary began to receive a salary for his
services.

NOTE  6 - Grants:

     During  the  first  quarter  of 2000, the Company received a grant from The
National Science Foundation in the amount of $100,000, to be paid in three equal
installments.  The grant will support research to demonstrate the feasibility of
the  unique Chiropticene molecular switch.  The first installment of $33,333 was
received  in January 2000, and was recognized as grant income during the quarter
ended March 31, 2000.  The grant will be recognized in earnings in the period in
which  the  related  expenditures  are  incurred  by  the  Company.  The  grant
receivable  of  $66,667  is included in other current assets, and deferred grant
income  of  $66,667  is  included  in  current  liabilities  at  March 31, 2000.


NOTE  7 - Recent  accounting  pronouncements:

     In  June  1999,  the  FASB  issued SFAS No. 137, "Accounting for Derivative
Instruments,"  SFAS  137 extends the effective date of SFAS No. 133, "Accounting
for  Derivative  Instruments  and  Hedging  Activities,"  SFAS  133  establishes
accounting and reporting standards for derivative instruments, including certain
derivative  instruments embedded in other contracts, and for hedging activities.
The statement requires that an entity recognize all derivatives as either assets
or  liabilities  in  the  statement  of  financial  position  and  measure those
instruments  at  fair  value.  As amended by SFAS 137, SFAS 133 is effective for
the Company's fiscal year ending June 30, 2001.  The Company does not anticipate
that  SFAS  No.  137  will  have  a material impact on its financial statements.


                                        7
<PAGE>
CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF  OPERATIONS:

FORWARD-LOOKING STATEMENTS

From  time  to time, statements made by California Molecular Electronics Corp.'s
("CALMEC"  or  the  "Company")  employees  or  information  included in CALMEC's
filings with the Securities and Exchange Commission (including this Form 10-QSB)
may contain statements that are not historical facts, so called "forward-looking
statements,"  which  are  subject  to  risks  and uncertainties that could cause
actual  results  to  differ  materially.  Forward-looking  statements  are  made
pursuant  to  the  safe  harbor  provisions of the Private Securities Litigation
Reform  Act  of  1995.  When  used in this Form 10-QSB, the terms "anticipates,"
"expects,"  "estimates,"  "believes,"  and other similar terms as they relate to
CALMEC  or  its  management  are  intended  to  identify  such  forward-looking
statements.  For  example,  statements  made  herein  relating  to  acquiring
intellectual  property,  marketing intellectual property to potential customers,
maintaining commercial acceptance of our products, and anticipated growth of our
target  markets  are  forward-looking statements.  Because these forward-looking
statements  involve  risk  and  uncertainties,  actual  results  could  differ
materially  from  those expressed or implied by these forward-looking statements
for a number of reasons, including those discussed in the section entitled "Risk
Factors" of CALMEC's Form SB-2 filed with the Securities and Exchange Commission
on January 31, 2000.  Readers are cautioned not to place undue reliance on these
forward-looking  statements,  which  speak  only  as of the date hereof.  CALMEC
undertakes  no  obligation  to  update  or  revise  these  statements.

OVERVIEW  AND  PLAN  OF  OPERATION

CALMEC  was  formed to engage primarily in the business of producing and selling
products  and  services  related  to  the  new  technological field of molecular
electronics.  Molecular  electronics is the technology of using single molecules
to  form  components  of  electronic  devices.

The  Company continues to be in the start-up phase of its existence, and through
December 31, 1999, CALMEC's three officers had elected to forego their salaries.
Commencing  February  2000,  the  Executive  Vice  President and Secretary began
receiving  remuneration  for his services.  The Company will transition from the
start-up  phase  to  the  operational  phase  when  the  Board  of Directors has
determined  sufficient capital has been accumulated to do so.  At that time, all
employees and executive officers will receive salaries, additional space will be
leased,  capital  equipment will be purchased, and other operating expenses will
be  incurred.  Prior  to  that  time,  activities will be restricted to low cost
activities  that  will  keep  the  Company  within  its  cash  resources.


                                        8
<PAGE>
In  the  second  quarter  of  1999,  the  Company started paying salaries to two
chemists  to perform research.  Also in the second quarter of 1999, CALMEC began
leasing  lab  space  from  San  Jose State University for the purpose of housing
these  chemists  and developing Chiropticene demonstration chemistry.  The lease
ran  through  March 31, 2000, and the Company is negotiating with San Jose State
University  to  extend  the  lease  until  March  31,  2001.

On  January  31,  2000, CALMEC filed Form SB-2, Registration Statement under the
Securities  Act  of  1933,  with the SEC.  On February 7, 2000, the Registration
Statement  became  effective  and  CALMEC  commenced its sale of up to 1,000,000
shares  of  common  stock  at $6.00 per share.  CALMEC plans to raise $6 million
with  this  offering,  before payment of estimated offering expenses of $50,000,
although  no  assurance can be made as to how many shares the Company will sell.
Subsequent  to  the effective date of the Registration Statement through May 15,
2000,  CALMEC  has  sold  75,578  shares  of  its  common  stock, for a total of
$453,468.

CALMEC's  business  currently  consists of two major areas of activity, Research
and  Development  ("R&D")  and  Sales  and  Corporate  Development.

R&D  consists  of  Research,  Intellectual  Property  Development  and  Product
Technology  Development.  The  foregoing  segments  work  together.  Research
develops  the  Company's  knowledge,  Intellectual Property Development fashions
that  knowledge  into  patent-protectable or trade-secret-protectable units that
can  be  licensed  and  otherwise exploited for business, and Product Technology
Development  puts in place those technical processes and technology arrangements
necessary  for  the  Company  to  produce  or  support the production of salable
products.  All  three  research  segments are currently functioning at a low but
valuable  level.

Sales  and Corporate Development's purpose is to exploit CALMEC's R&D results in
order  to  generate  revenue.  This  area of activity is responsible for selling
products  and  for developing business arrangements so as to foster these sales.
The  Company's  "early"  products  will  be  licenses  to  third  parties of the
Company's intellectual property and contract research in the development-support
of  third  party  products  based  on  these  licenses.

CASH  REQUIREMENTS

The  full extent of CALMEC's future capital requirements and the adequacy of its
available  funds will depend on many factors, not all of which can be accurately
predicted.  Although  no  assurance  can  be  given, the Company believes it can
continue  to  operate in its present status for at least the next twelve months,
and  proceeds  from  the  aforementioned offering will be used to accelerate the
Company's  progress  and amplify its influence in molecular electronics.  In the
event that additional capital is required, CALMEC may seek to raise that capital
through  public  or  private  equity or debt financings.  Future capital funding
transactions  may  result  in  dilution  to  shareholders.


                                        9
<PAGE>
There can be no assurance that additional capital will be available on favorable
terms, if at all.  CALMEC's inability to obtain additional capital on acceptable
terms  could  limit  its  ability  to  meet  its  plan  of  operation.

PURCHASE  OF  CAPITAL  EQUIPMENT

Over the next year, the Company expects to expend up to approximately 20% of its
expenditures  on  the  purchase  of  capital  equipment  and  capital facilities
improvement  primarily  for  use in R&D.  The actual percentage will depend upon
the  availability  of  cash.  If  cash  is  limited,  it is possible very little
expenditures will be made on capital equipment.  In that case, CALMEC will focus
on  intellectual  property development of the type that does not depend upon the
use  of  research  equipment.

Hiring  of  employees

CALMEC will transition from its start-up phase to its operational phase when its
accumulated  cash balances permit it to do so according to the business judgment
of management.  At that time, employees currently working without pay will begin
receiving  pay.  Regardless  of  when  that time occurs, as mentioned above, the
Company has already hired and is supporting the lab work of two chemists, and is
paying  one  of  the  executive  officers.


                                       10
<PAGE>
CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

PART  II.  OTHER  INFORMATION

Item  6.  Exhibits  and  Reports  on  Form  8-K

(a)  Exhibits

Exhibit  Number
---------------
27.1      Financial  Data  Schedule

(b)  Reports  on  Form  8-K.

None.


                                       11
<PAGE>

                                    SIGNATURES


CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

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 18, 2000
---------------------

California  Molecular  Electronics  Corp.
-----------------------------------------
(Registrant)

/s/  James  Marek,  Jr.
-----------------------
James  Marek,  Jr.
President  and  Chief  Executive  Officer


                                       12
<PAGE>