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, 2002
                                --------------

[ ]  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 7, 2002 was
5,220,836.

Transitional Small Business Disclosure Format:  Yes [ ]  No[X]


<PAGE>
CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

INDEX

PART  I.  FINANCIAL  INFORMATION

     ITEM  1.  FINANCIAL  STATEMENTS
                                                                            Page
                                                                            ----


     Balance Sheets as of March 31, 2002 and December 31, 2001                2

     Statements of Operations for the three months ended March 31, 2002
     and 2001                                                                 3

     Statements of Cash Flows for the three months ended March 31, 2002
     and 2001                                                                 4

     Notes to Financial Statements                                            5

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

     PART II.  OTHER INFORMATION                                             11

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K                               11

     Signatures                                                              12


<PAGE>
<TABLE>
<CAPTION>
PART  I.  FINANCIAL  INFORMATION

ITEM  1.  FINANCIAL  STATEMENTS

                         CALIFORNIA MOLECULAR ELECTRONICS CORP.
                         --------------------------------------

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

                                                             March 31,     December 31,
                                                                2002           2001
                                                            ------------  --------------
                                                             (unaudited)
                                         ASSETS
                                         ------
<S>                                                         <C>           <C>
Current assets:
  Cash                                                      $    28,545   $      94,375
  Employee advance                                               19,655          19,655
                                                            ------------  --------------
    Total current assets                                         48,200         114,030

Equipment, net                                                    4,296           4,670
Other                                                             1,388           1,388
                                                            ------------  --------------
                                                            $    53,884   $     120,088
                                                            ============  ==============

                        LIABILITIES AND STOCKHOLDERS' DEFICIT
                        -------------------------------------

Current liabilities:
  Accounts payable and accrued liabilities                  $    20,314   $      23,634
  Accrued officer's compensation                                156,000         136,500
  Other payable                                                   5,000           5,000
                                                            ------------  --------------
    Total current liabilities                                   181,314         165,134
                                                            ------------  --------------

Stockholders' deficit:
  Preferred stock, no par value:
    Authorized 10 million shares; 33,314 issued
    and outstanding at March 31, 2002 and
    December 31, 2001                                           196,381         196,381
  Common stock, no par value:
    Authorized 20 million shares; 5,206,386 and
    5,186,886 issued and outstanding (including
    4,800 treasury shares) at March 31, 2002
    and December 31, 2001, respectively                       2,409,901       2,341,088
  Less: Treasury stock at cost; 4,800 shares at March 31,
    2002 and December 31, 2001, respectively                    (28,800)        (28,800)
  Accumulated deficit                                        (2,704,912)     (2,553,715)
                                                            ------------  --------------
                                                               (127,430)        (45,046)
                                                            ------------  --------------
                                                            $    53,884   $     120,088
                                                            ============  ==============
</TABLE>

                See accompanying notes to financial statements.


                                      -2-
<PAGE>
<TABLE>
<CAPTION>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------

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

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

                                                             Three months ended March 31
                                                             ---------------------------
                                                                  2002         2001
                                                             -------------  ------------
<S>                                                          <C>            <C>
Revenue:
  Interest income                                            $         64   $       796
                                                             -------------  ------------

Expenses:
  Research and development expenses                                53,542        56,305

  Officers' compensation donated to the Company (Note 6)           10,000        10,000

Selling, general and administrative expenses                       86,869        79,486
                                                             -------------  ------------

    Total expenses                                                150,411       145,791
                                                             -------------  ------------

Loss before state income taxes                                   (150,347)     (144,995)

Provision for state income taxes                                      850            50
                                                             -------------  ------------

Net loss                                                     $   (151,197)  $  (145,045)
                                                             =============  ============


Basic and diluted loss per common share                      $      (0.03)  $     (0.03)
                                                             =============  ============

Weighted average number of common shares outstanding            5,186,719     5,102,194
                                                             =============  ============
</TABLE>

                See accompanying notes to financial statements.


                                      -3-
<PAGE>
<TABLE>
<CAPTION>
                                CALIFORNIA MOLECULAR ELECTRONICS CORP.
                                --------------------------------------

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

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

                                                                          Three months ended March 31
                                                                          ----------------------------
                                                                               2002           2001
                                                                          -------------  -------------
<S>                                                                       <C>            <C>
Operations:
  Net loss                                                                $   (151,197)  $   (145,045)
  Items not requiring current use of cash:
    Officers' compensation, donated to the Company (Note 6)                     10,000         10,000
    Depreciation and amortization                                                  374            860
    Changes in other operating items:
      Prepaid expenses                                                               -          8,247
      Accounts payable and accrued liabilities                                  (3,320)        (4,149)
      Accrued officer's compensation                                            19,500         13,850
                                                                          -------------  -------------
      Cash used for operating activities                                      (124,643)      (116,237)
                                                                          -------------  -------------

Financing:
  Issuance of common and preferred stock, net of stock issuance expense         58,813        237,730
                                                                          -------------  -------------
      Cash provided by financing activities                                     58,813        237,730
                                                                          -------------  -------------

Change in cash                                                                 (65,830)       121,493

Cash at beginning of period                                                     94,375        120,606
                                                                          -------------  -------------
Cash at end of period                                                     $     28,545   $    242,099
                                                                          =============  =============

Supplemental cash flow disclosures:
  Taxes paid                                                              $          -   $         50
                                                                          =============  =============
  Interest paid                                                           $        129   $         79
                                                                          =============  =============
</TABLE>

                See accompanying notes to financial statements.


                                      -4-
<PAGE>
                     CALIFORNIA MOLECULAR ELECTRONICS CORP.
                     --------------------------------------

                          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 accounting principles generally accepted in the United States of
America  have  been condensed or omitted pursuant to such rules and regulations.

     The results of operations for the three months ended March 31, 2002 are not
necessarily  indicative  of  the operating results expected for the entire 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,  2001.

NOTE  2 - Use  of  estimates  and  reclassifications:

     The  preparation  of  financial  statements  requires  management  to  make
estimates  and  assumptions  that  affect  the amounts reported in the financial
statements  and  accompanying  notes.  Actual  results  could  differ from those
estimates.

     Certain  reclassifications  have  been  made  to  the  prior year financial
statements  to  conform  with the current year financial statement presentation.
Such  reclassifications  had  no  effect  on  net income as previously reported.

NOTE  3 - Equipment:

     Equipment is summarized as follows:

                                      March 31,   December 31,
                                         2002         2001
                                      ----------  -------------

     Computer equipment               $    9,469  $       9,469
     Less - accumulated depreciation       5,173          4,799
                                      ----------  -------------
                                      $    4,296  $       4,670
                                      ==========  =============


                                      -5-
<PAGE>
NOTE  4  -  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, 2002 and 2001, dilutive loss per share excludes the
effect  of  unexercised  options and warrants because the effect would have been
antidilutive.

NOTE  5 - Leases:

     The  Company  had  entered  into a cost reimbursable contract with San Jose
State  University  Foundation  ("Foundation")  which expired March 31, 2002. The
lease  has been extended through March 31, 2003.  The contract includes advisory
services  to  be  provided  by  the  San  Jose  State  University  Department of
Chemistry,  facilities,  supplies  and  equipment  use.  The Foundation shall be
reimbursed  for  costs  incurred  in  providing  the aforementioned items not to
exceed  a  maximum  amount  of  $90,659  over  the  period of the contract.  The
contract may be cancelled by either party, with thirty days written notice.  The
Company  also  leases  office  space  in Arizona and Alabama on a month to month
basis.

NOTE  6 - Related  party  transactions:

     CALMEC's  three officers have devoted 100% of their time to the business of
the  Company  when they were hired in 1997.  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.  One  officer has continued to forego all his salary in 2001 and
2002. As required by the Securities and Exchange Commission accounting rules, in
the  accompanying  financial  statements  the  officer's  unpaid salary totaling
$10,000  for  the  quarters  ended  March  31,  2002  and  2001, is 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.  Effective May 2000, the President and Chief Executive Officer ("CEO")
began to receive a portion of his salary in cash ($1,050 per week) and 250 stock
options  per  week with an exercise price of $6.00 per share ("Rolling Option").
When  the  Board  of  Directors  determines at some point in the future that the
Company is able to pay full cash compensation to the CEO, the CEO will no longer
receive  250  stock  options per week. At such time, the officer can require the
Company  to  issue  him  shares of common stock or pay him $6.00 per share, or a
combination  of  the  two,  based  on the number of unexercised shares under the
Rolling  Option.

     On  September 1, 2001, CALMEC entered into a long-term employment agreement
("Agreement")  with  its  CEO.  Under the Agreement, once the Company enters the
operational  phase,  the Company will pay the CEO a salary of $132,000 per year.
The  Company  will  enter into the operational phase once the Board of Directors
has  determined  sufficient capital has been accumulated to do so. The Agreement
has  a  term  of  five  years  ending  on August 31, 2006.  Prior to the Company
entering  the operational phase, the CEO will continue to perform his duties for
compensation  as  described  in  the  preceding  paragraph.  As  additional


                                      -6-
<PAGE>
compensation,  upon the first anniversary of the Agreement, the CEO will receive
a  seven  year stock option to purchase 400,000 shares of CALMEC common stock at
an  exercise  price  of  $6.00  per  share,  vesting  at 100,000 shares per year
thereafter  of  completed  employment.


NOTE  7 - Stockholders'  deficit:

     During the first quarter of 2002, warrant holders converted 19,500 warrants
to  shares  of  common  stock  for net proceeds after stock issuance expenses of
$58,813.  Of these 19,500 warrants converted to shares, 17,500 were converted at
$3.00  per  share  and  2,000  were  converted  at  $3.50  per  share.


                                      -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 out
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

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 initial 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 and the President and Chief Executive
Officer  began  to  receive  a  portion  of his salary commencing May 2000.  The
Company will transition from the initial 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
runs  through  March  31,  2003.

On  January 31, 2000, CALMEC filed a Form SB-2, Registration Statement under the
Securities Act of 1933, with the Securities and Exchange Commission ("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  planned  to  raise  $6  million  with  this  offering, before payment of
estimated offering expenses of $50,000.  Subsequent to the effective date of the
Registration  Statement through February 28, 2001, CALMEC sold 120,239 shares of
its  common  stock,  for  a  total  aggregate  price  of  $721,434.  The Company
terminated  the  sale  of  its  common stock under the Registration Statement on
February  28,  2001.

Operations
----------

     Research  and  development  ("R&D")  costs were $53,542 and $56,305 for the
quarters  ended  March  31, 2002 and 2001, respectively, a decrease of $2,763 or
5%.  The  decrease was primarily related to a decrease in R&D related salary and
wage  expense.

     Officers'  compensation donated to the Company was $10,000 for the quarters
ended  March  31,  2002  and  2001.

     Selling,  general  and  administrative  costs  consist  primarily  of rent,
travel,  salaries  and wages and other administrative expenses, and were $86,869
and  $79,486  for  the  quarters ended March 31, 2002 and 2001, respectively, an
increase  of  $7,383  or  9%,  primarily related to increases in salary and wage
expense  and  travel  expense.

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

     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.  After  terminating its sale of common stock effective February 28, 2001
under  its  public  offering  relating  to  its  February  7,  2000 Registration
Statement  filed  with  the  SEC,  the Company has undertaken additional and new
activities  to  develop  certain  products  using the Company's technology.  The
Company  is  aggressively pursuing industrial and venture capital funds in order
to  develop  this  technology.

     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 existing stockholders.


                                      -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.

Hiring  of  employees
---------------------

     CALMEC will transition from its initial 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
or  for  partial pay will begin receiving full compensation.  Regardless of when
that  time  occurs, the Company has already hired and is supporting the lab work
of a chemist, and is paying one of the executive officers full compensation, and
another  executive  officer  a  portion  of  his  compensation.


                                      -10-
<PAGE>
CALIFORNIA  MOLECULAR  ELECTRONICS  CORP.

PART  II.  OTHER  INFORMATION

Item  6.  Exhibits  and  Reports  on  Form  8-K

(a)  Exhibits

None.

(b)  Reports  on  Form  8-K.

None.


                                      -11-
<PAGE>
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 7, 2002
------------------

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

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


                                      -12-
<PAGE>