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| California                                                     | 95-4249240                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
|                                                           |                                 |
| 28040 West Harrison Parkway, Valencia, California              | 91355-4162                           |
| (Address of principal executive offices)                       | (Zip Code)                           |

| Large accelerated filer o                                                        | Accelerated filer o         |
|---------------------------------------------------------------------------------------|----------------------------------|
|                                                                                  |                             |
| Non-accelerated filer o  (Do not check if a smaller reporting company) | Smaller reporting company x |

|                           Class                                  | Outstanding on April 2, 2010 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------|
| Class A common stock, $.001 par value                                                                                                                                                                                                                                                                                                                         | 4,777,144                    |
| Class B common stock, $.001 par value                                                                                                                                                                                                                                                                                                                         | 762,612                      |

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|                           |                                                                                                                | Page   |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------|--------|
| PART I - FINANCIAL INFORMATION |                                                                                                                |
|                           |                                                                                                                |   |
| Item 1.                        | Financial Statements (unaudited)                                                                                    |   |
|                           | Condensed Consolidated Balance Sheets at March 31, 2010 and December 31, 2009                                       | 1      |
|                           | Condensed Consolidated Statements of Operations for the three months ended March 31, 2010 and 2009                  | 2      |
|                           | Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2010 and 2009 | 3      |
|                           | Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2010 and 2009                  | 4      |
|                           | Notes to Condensed Consolidated Financial Statements                                                                | 5      |
| Item 2.                        | Management’s Discussion and Analysis of Financial Condition and Results of Operations                         | 8      |
| Item 3.                        | Quantitative and Qualitative Disclosures About Market Risk                                                          | 10     |
| Item 4.                        | Controls and Procedures                                                                                             | 10     |
|                           |                                                                                                                |   |
| PART II - OTHER INFORMATION    |                                                                                                                |
|                           |                                                                                                                |   |
| Item 1.                        | Legal proceedings                                                                                                   | 11     |
| Item 2.                        | Unregistered Sales of Equity Securities and Use of Proceeds                                                         | 11     |
| Item 3.                        | Defaults Upon Senior Securities                                                                                     | 11     |
| Item 4.                        | [Removed and Reserved]                                                                                              | 11     |
| Item 5.                        | Other Information                                                                                                   | 11     |
| Item 6.                        | Exhibits                                                                                                            | 11     |
|                           | Signatures                                                                                                          | 11     |

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|                                                                                                                     |   | March 31,2010 |       |   | December 31,2009 |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|---------------|------------|--------|------------------|--------|
| Assets                                                                                                                   |   | (Unaudited)   |       |   |             |   |
| Current assets:                                                                                                          |   |          |       |   |             |   |
| Cash and cash equivalents                                                                                                |   | $             | 2,857,000  |   |             | $      | 2,768,000 |   |
| Restricted cash (Note 4)                                                                                                 |   |          | 100,000    |   |             |   | 100,000 |   |
| Trade accounts receivable, net                                                                                           |   |          | 943,000    |   |             |   | 621,000 |   |
| Inventory, net                                                                                                           |   |          | 12,064,000 |   |             |   | 12,307,000 |   |
| Prepaid expenses and other current assets                                                                                |   |          | 97,000     |   |             |   | 245,000 |   |
| Total current assets                                                                                                     |   |          | 16,061,000 |   |             |   | 16,041,000 |   |
| Property and equipment, net                                                                                              |   |          | 5,096,000  |   |             |   | 5,135,000 |   |
| Other assets (Note 5)                                                                                                    |   |          | 252,000    |   |             |   | 244,000 |   |
| Total assets                                                                                                             |   | $             | 21,409,000 |   |             | $      | 21,420,000 |   |
|                                                                                                                     |   |          |       |   |             |   |   |   |
| Liabilities and Shareholders’ Equity                                                                               |   |          |       |   |             |   |   |   |
| Current liabilities:                                                                                                     |   |          |       |   |             |   |   |   |
| Trade accounts payable                                                                                                   |   | $             | 706,000    |   |             | $      | 615,000 |   |
| Accrued liabilities                                                                                                      |   |          | 266,000    |   |             |   | 303,000 |   |
| Total current liabilities                                                                                                |   |          | 972,000    |   |             |   | 918,000 |   |
| Long-term debt (Note 6)                                                                                                  |   |          | 1,000,000  |   |             |   | 1,000,000 |   |
| Total liabilities                                                                                                        |   |          | 1,972,000  |   |             |   | 1,918,000 |   |
|                                                                                                                     |   |          |       |   |             |   |   |   |
| Commitments and contingencies (Notes 6, 8 and 12)                                                                        |   |          |       |   |             |   |   |   |
|                                                                                                                     |   |          |       |   |             |   |   |   |
| Shareholders’ equity:                                                                                              |   |          |       |   |             |   |   |   |
| Preferred stock, $0.001 par value.  Authorized 5,000,000 shares; None issued or outstanding                    |   |          | -          |   |             |   | - |   |
| Class A common stock, $0.001 par value.  Authorized 20,000,000 shares; 4,777,144 shares issued and outstanding |   |          | 5,000      |   |             |   | 5,000 |   |
| Class B common stock, $0.001 par value.  Authorized, issued and outstanding 762,612 shares                     |   |          | 1,000      |   |             |   | 1,000 |   |
| Additional paid-in capital                                                                                               |   |          | 10,597,000 |   |             |   | 10,594,000 |   |
| Accumulated other comprehensive income                                                                                   |   |          | 98,000     |   |             |   | 96,000 |   |
| Retained earnings                                                                                                        |   |          | 8,479,000  |   |             |   | 8,587,000 |   |
| Minority interest in subsidiary                                                                                          |   |          | 257,000    |   |             |   | 219,000 |   |
| Total shareholders’ equity                                                                                         |   |          | 19,437,000 |   |             |   | 19,502,000 |   |
| Total liabilities and shareholders’ equity                                                                         |   | $             | 21,409,000 |   |             | $      | 21,420,000 |   |

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|                                                                       |   | Three Months Ended March 31, |      |
|----------------------------------------------------------------------------|--------|------------------------------|-----------|
|                                                                       |   | 2010                         |      |   | 2009 |   |
|                                                                       |   | (Unaudited)                  |      |   | (Unaudited) |   |
|                                                                       |   |                         |      |   |   |   |
| Net sales                                                                  |   | $                            | 1,650,000 |   |   | $ | 1,264,000 |   |
| Cost of goods sold                                                         |   |                         | 1,188,000 |   |   |   | 998,000 |   |
| Gross profit                                                               |   |                         | 462,000   |   |   |   | 266,000 |   |
|                                                                       |   |                         |      |   |   |   |   |   |
| Selling, general and administrative expenses                               |   |                         | 596,000   |   |   |   | 627,000 |   |
| Operating loss                                                             |   |                         | (134,000  | ) |   |   | (361,000 | ) |
|                                                                       |   |                         |      |   |   |   |   |   |
| Interest (expense) income, net                                             |   |                         | (9,000    | ) |   |   | 1,000 |   |
| Other income, net                                                          |   |                         | 42,000    |   |   |   | 27,000 |   |
| Loss before income taxes                                                   |   |                         | (101,000  | ) |   |   | (333,000 | ) |
|                                                                       |   |                         |      |   |   |   |   |   |
| Income tax provision                                                       |   |                         | (7,000    | ) |   |   | (1,000 | ) |
|                                                                       |   |                         |      |   |   |   |   |   |
| Net loss                                                                   |   |                         | (108,000  | ) |   |   | (334,000 | ) |
| Net loss attributable to noncontrolling interest in subsidiary             |   |                         | 2,000     |   |   |   | 2,000 |   |
| Net loss attributable to Taitron Components Inc.                           |   | $                            | (106,000  | ) |   | $ | (332,000 | ) |
|                                                                       |   |                         |      |   |   |   |   |   |
|                                                                       |   |                         |      |   |   |   |   |   |
|                                                                       |   |                         |      |   |   |   |   |   |
| Net loss per share:  Basic & Diluted                         |   | $                            | (0.02     | ) |   | $ | (0.06 | ) |
|                                                                       |   |                         |      |   |   |   |   |   |
| Weighted average common shares outstanding:  Basic & Diluted |   |                         | 5,539,756 |   |   |   | 5,539,756 |   |

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|                                                                      |   | Three Months Ended March 31, |     |
|---------------------------------------------------------------------------|--------|------------------------------|----------|
|                                                                      |   | 2010                         |     |   | 2009 |   |
|                                                                      |   | (Unaudited)                  |     |   | (Unaudited) |   |
|                                                                      |   |                         |     |   |   |   |
| Net loss                                                                  |   | $                            | (108,000 | ) |   | $ | (334,000 | ) |
|                                                                      |   |                         |     |   |   |   |   |   |
| Other Comprehensive loss:                                                 |   |                         |     |   |   |   |   |   |
| Foreign currency translation adjustment                                   |   |                         | 2,000    |   |   |   | (6,000 | ) |
|                                                                      |   |                         |     |   |   |   |   |   |
| Comprehensive loss                                                        |   |                         | (106,000 | ) |   |   | (340,000 | ) |
|                                                                      |   |                         |     |   |   |   |   |   |
| Comprehensive loss attributable to noncontrolling interest in subsididary |   |                         | 3,000    |   |   |   | 6,000 |   |
|                                                                      |   |                         |     |   |   |   |   |   |
| Comprehensive loss attributable to Taitron Components Inc.                |   | $                            | (103,000 | ) |   | $ | (334,000 | ) |

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|                                                                            |   | Three Months Ended March 31, |      |
|---------------------------------------------------------------------------------|--------|------------------------------|-----------|
|                                                                            |   | 2010                         |      |   | 2009 |   |
|                                                                            |   | (Unaudited)                  |      |   | (Unaudited) |   |
| Cash flows from operating activities:                                           |   |                         |      |   |   |   |
| Net loss                                                                        |   | $                            | (108,000  | ) |   | $ | (334,000 | ) |
|                                                                            |   |                         |      |   |   |   |   |   |
| Adjustments to reconcile net loss to net cash provided by operating activities: |   |                         |      |   |   |   |   |   |
| Depreciation and amortization                                                   |   |                         | 57,000    |   |   |   | 46,000 |   |
| Provision for sales returns and doubtful accounts                               |   |                         | 2,000     |   |   |   | 18,000 |   |
| Stock based compensation                                                        |   |                         | 3,000     |   |   |   | 6,000 |   |
| Noncontrolling interest in subsidiary                                           |   |                         | 38,000    |   |   |   | (2,000 | ) |
| Changes in assets and liabilities:                                              |   |                         |      |   |   |   |   |   |
| Trade accounts receivable                                                       |   |                         | (324,000  | ) |   |   | 173,000 |   |
| Inventory                                                                       |   |                         | 243,000   |   |   |   | 655,000 |   |
| Prepaid expenses and other current assets                                       |   |                         | 148,000   |   |   |   | (48,000 | ) |
| Other assets                                                                    |   |                         | (8,000    | ) |   |   | (3,000 | ) |
| Trade accounts payable                                                          |   |                         | 91,000    |   |   |   | (349,000 | ) |
| Accrued liabilities                                                             |   |                         | (37,000   | ) |   |   | (20,000 | ) |
| Total adjustments                                                               |   |                         | 213,000   |   |   |   | 476,000 |   |
| Net cash provided by operating activities                                       |   |                         | 105,000   |   |   |   | 142,000 |   |
|                                                                            |   |                         |      |   |   |   |   |   |
| Cash flows from investing activities:                                           |   |                         |      |   |   |   |   |   |
| Acquisition of property & equipment                                         |   |                         | (18,000   | ) |   |   | - |   |
| Net cash used in investing activities                                           |   |                         | (18,000   | ) |   |   | - |   |
|                                                                            |   |                         |      |   |   |   |   |   |
| Cash flows from financing activities:                                           |   |                         |      |   |   |   |   |   |
| Payments on notes payable                                                       |   |                         | -         |   |   |   | (421,000 | ) |
| Net cash used in financing activities                                           |   |                         | -         |   |   |   | (421,000 | ) |
| Impact of exchange rates on cash                                                |   |                         | 2,000     |   |   |   | (6,000 | ) |
|                                                                            |   |                         |      |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                            |   |                         | 89,000    |   |   |   | (285,000 | ) |
| Cash and cash equivalents, beginning of period                                  |   |                         | 2,768,000 |   |   |   | 1,762,000 |   |
| Cash and cash equivalents, end of year                                          |   | $                            | 2,857,000 |   |   | $ | 1,477,000 |   |
|                                                                            |   |                         |      |   |   |   |   |   |
| Supplemental disclosures of cash flow information:                              |   |                         |      |   |   |   |   |   |
| Cash paid for interest                                                          |   | $                            | 9,000     |   |   | $ | 7,000 |   |
| Cash paid for income taxes, net                                                 |   | $                            | 7,000     |   |   | $ | 3,000 |   |

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|                        |   | March 31,   |    |   | December 31, |   |
|-----------------------------|--------|-------------|---------|--------|--------------|--------|
|                        |   | 2009        |    |   | 2009         |   |
|                        |   | (Unaudited) |    |   |         |   |
|                        |   |        |    |   |         |   |
| Investment in securitites   |   | $           | 68,000  |   |         | $      | 68,000 |   |
| Investment in joint venture |   |        | 147,000 |   |         |   | 147,000 |   |
| Other                       |   |        | 37,000  |   |         |   | 29,000 |   |
| Other Assets                |   | $           | 252,000 |   |         | $      | 244,000 |   |

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|                             |   | Number of Shares |    |   | Weighted Average Exercise Price |   |   | Weighted Average Years Remaining Contractual Term |   |   | Aggregate Intrinsic Value |   |
|----------------------------------|--------|------------------|---------|--------|---------------------------------|--------|--------|---------------------------------------------------|--------|--------|---------------------------|--------|
|                             |   |             |    |   |                            |   |   |                                              |   |   |                      |   |
| Outstanding at December 31, 2009 |   |             | 395,500 |   |                            | $      | 1.75   |                                              |   |   | 4.3                       |   |   | $ | 19,000 |   |
| Outstanding at March 31, 2010    |   |             | 395,500 |   |                            | $      | 1.75   |                                              |   |   | 3.8                       |   |   |   | 60,000 |   |
| Exercisable at March 31, 2010    |   |             | 336,499 |   |                            | $      | 1.87   |                                              |   |   | 3.2                       |   |   |   | 32,000 |   |

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| ExhibitNumber |   | Description of Document                                                                                                                           |
|---------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |   |                                                                                                                                                        |
| 31.1 *        |   | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                         |
| 31.2 *        |   | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                         |
| 32 *          |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 USC. Section 1350). |
| *             |   | Filed herewith.                                                                                                                                             |

SIG

|                          | TAITRON COMPONENTS INCORPORATED       |
|-------------------------------|---------------------------------------|
|                          |                                  |
|                          |                                  |
| Date:  May 17, 2010 | /s/ Stewart Wang                      |
|                          | Stewart Wang,                         |
|                          | Chief Executive Officer and President |
|                          | (Principal Executive Officer)         |
|                          |                                  |
|                          | /s/ David Vanderhorst                 |
|                          | David Vanderhorst                     |
|                          | Chief Financial Officer and Secretary |
|                          | (Principal Financial Officer)         |

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