<PAGE>

                                 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 February 29, 2004

                                       or

         [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
             Exchange Act of 1934

         For the transition period from --------------------- to ---------------

         Commission File Number: 1-13484

                           COHESANT TECHNOLOGIES INC.
         -----------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                  DELAWARE                         34-1775913
         -----------------------------------------------------------------------
         (State or other jurisdiction of        (I.R.S. Employer
          Incorporation or organization)        Identification No.)

         5845 West 82nd Street, Suite 102, Indianapolis, Indiana 46278
         -----------------------------------------------------------------------
         (Address of principal executive offices)              (Zip Code)

         Issuer's telephone number, including area code 317-871-7611

         -----------------------------------------------------------------------
         (Former name, former address and former fiscal year, if changed since
         last report)

         Check whether the issuer (1) filed all reports required to be filed by
         Section 13 or 15(d) of the Exchange Act during the past 12 months (or
         for 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 [ ]

         As of March 22, 2004, the Company has 2,624,190 shares of Common Stock,
         $.001 par value, outstanding.

         Transitional Small Business Disclosure Format (check one)

                                                                YES [ ]   NO [X]

<PAGE>

                           COHESANT TECHNOLOGIES INC.

                                      INDEX

<TABLE>
<CAPTION>
TABLE OF CONTENTS                                                                             PAGE
------------------                                                                            ----
<S>                                                                                           <C>
PART I

Item 1.  Financial Information

         Cohesant Technologies Inc. Condensed Consolidated
                  Balance Sheets as of February 29, 2004 and November 30, 2003..............     1

         Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Operations for the Three Months Ended
                  February 29, 2004 and February 28, 2003...................................     2

         Cohesant Technologies Inc. Condensed Consolidated
                  Statements of Cash Flows for the Three Months Ended
                  February 29, 2004 and February 28, 2003...................................     3

         Notes to Condensed Consolidated Financial Statements...............................     4

Item 2.  Management's Discussion and Analysis of Financial Condition
                  and Results of Operations.................................................     8

Item 3.  Controls and Procedures............................................................    11

PART II

Item 2.  Changes in Securities..............................................................    12

Item 6.  Exhibits and Reports on Form 8-K...................................................    12
</TABLE>

Signatures

<PAGE>

PART I

ITEM 1.  FINANCIAL INFORMATION

                           COHESANT TECHNOLOGIES INC.

                      CONDENSED CONSOLIDATED BALANCE SHEET
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                            February 29, 2004   November 30, 2003
                                                                            -----------------   -----------------
<S>                                                                         <C>                 <C>
ASSETS:
     Cash and cash equivalents                                              $       3,375,564   $       3,838,179
     Accounts and note receivable, net of allowance for doubtful
          accounts of $346,735 and $340,000, respectively.                          2,970,081           3,244,788
     Inventory                                                                      3,351,514           3,230,100
     Prepaid expenses and other                                                       257,332             249,813
     Deferred tax assets, net                                                         177,800             177,800
                                                                            -----------------   -----------------
               Total Current Assets                                                10,132,291          10,740,680

     Property, plant and equipment, net                                               543,642             580,945
     Patents and other intangibles, net                                               119,088             118,291
     Goodwill                                                                         840,254             840,254
     Other noncurrent assets                                                            1,815               1,815
                                                                            -----------------   -----------------
               Total Assets                                                 $      11,637,090   $      12,281,985
                                                                            =================   =================
LIABILITIES AND SHAREHOLDERS' EQUITY:
     Accounts payable                                                       $         894,469   $         914,048
     Accrued salaries, benefits and commissions                                       254,539             691,074
     Accrued taxes                                                                    467,577             307,310
     Other current liabilities                                                        209,564             855,181
                                                                            -----------------   -----------------
               Total Current Liabilities                                            1,826,149           2,767,613

Commitments and Contingencies

     Shareholders' Equity:
          Common stock ($.001 par value, 10,000,000 shares authorized
                 and 2,640,340 and 2,638,965 shares issued, respectively)               2,640               2,639
          Additional paid-in capital                                                6,262,462           6,254,394
          Retained earnings                                                         3,747,209           3,458,709
          Treasury stock at cost, (57,600 shares)                                    (201,370)           (201,370)
                                                                            -----------------   -----------------
                    Total Shareholders' Equity                                      9,810,941           9,514,372
                                                                            -----------------   -----------------
                    Total Liabilities and Shareholders' Equity              $      11,637,090   $      12,281,985
                                                                            =================   =================
</TABLE>

         The accompanying notes are an integral part of these Condensed
         Consolidated Financial Statements.

                                       1
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                        For the Three Months Ended
                                  February 29, 2004   February 28, 2003
                                  -----------------   -----------------
<S>                               <C>                 <C>
NET SALES                         $       4,235,450   $       3,671,228
COST OF SALES                             2,153,624           1,921,661
                                  -----------------   -----------------
    Gross profit                          2,081,826           1,749,567

RESEARCH, DEVELOPMENT AND
    ENGINEERING EXPENSES                    248,275             238,617
SELLING, GENERAL AND
    ADMINISTRATIVE EXPENSES               1,387,630           1,171,099
                                  -----------------   -----------------
TOTAL OPERATING EXPENSES                  1,635,905           1,409,716

                                  -----------------   -----------------
    Income from operations                  445,921             339,851

OTHER INCOME:
    Interest income                           4,892               1,993
    Other income, net                         8,942              12,845
                                  -----------------   -----------------

INCOME BEFORE TAXES                         459,755             354,689

INCOME TAX PROVISION                       (171,255)           (133,455)
                                  -----------------   -----------------

NET INCOME                                  288,500             221,234
                                  =================   =================

 BASIC AND DILUTED EARNINGS PER
 COMMON SHARE  (Note 3)           $            0.11   $            0.09
                                  =================   =================
AVERAGE SHARES OF COMMON STOCK
  OUTSTANDING:
   BASIC                                  2,581,894           2,564,729
                                  =================   =================
   DILUTED                                2,666,572           2,588,477
                                  =================   =================
</TABLE>

         The accompanying notes are an integral part of these Condensed
         Consolidated Financial Statements.

                                       2
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                     For the Three Months Ended
                                                               February 29, 2004    February 28, 2003
                                                               -----------------    -----------------
<S>                                                            <C>                  <C>
CASH FLOWS PROVIDED BY
    OPERATING ACTIVITIES:
  Net income                                                   $         288,500    $         221,234
  Adjustments to reconcile net income to net cash
     provided by (used in) operations -
     Depreciation and amortization                                        59,146               54,705
     Non-cash compensation                                                 6,000                6,000
     Loss on asset disposal                                                    -                9,806
     Provision for doubtful accounts                                       6,735                9,920
     Net change in current assets and
      current liabilities-
       Accounts and  notes receivable                                    267,972              150,660
       Inventories                                                      (124,029)            (493,663)
       Prepaid expenses and other                                         (7,519)             284,869
       Accounts payable                                                  (19,579)              89,784
       Other current liabilities                                        (276,544)            (301,821)
       Other noncurrent assets                                            (6,808)              (1,822)
                                                               -----------------    -----------------
       Net cash provided by operating activities                         193,874               29,672

CASH FLOWS USED IN INVESTING ACTIVITIES:
   Property and equipment additions                                      (16,123)            (112,438)
                                                               -----------------    -----------------
        Net cash used in investing activities                            (16,123)            (112,438)

CASH FLOWS PROVIDED BY (USED IN) FINANCING
    ACTIVITIES:
   Proceeds from exercise of stock options                                 4,975               34,374
   Cash dividends paid to stockholders                                  (645,341)                   -
                                                               -----------------    -----------------
        Net cash provided by (used in)  financing activities            (640,366)              34,374
                                                               -----------------    -----------------
NET DECREASE IN CASH
  AND CASH EQUIVALENTS                                                  (462,615)             (48,392)
CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                                                  3,838,179            1,816,238
                                                               -----------------    -----------------
CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                                $       3,375,564    $       1,767,846
                                                               =================    =================
</TABLE>

         The accompanying notes are an integral part of these Condensed
         Consolidated Financial Statements.

                                        3
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1 - BACKGROUND

Cohesant Technologies Inc. and its subsidiaries (the "Company" or "Cohesant")
are engaged in the design, development, manufacture and sale of specialized
dispense equipment systems, replacement parts and supplies used in the operation
of the equipment and the design, development, manufacture and sale of specialty
coating and grout products.

The Company's direct, wholly owned subsidiaries, Glas-Craft Inc. ("GCI") and
Raven Lining Systems Inc. ("Raven") sell their products through a network of
independent distributors and Certified Applicators in the United States and
overseas. Industries served include construction, transportation and marine.

The Company's executive offices are located in Indianapolis, Indiana with its
principal manufacturing, warehouse and distribution facilities located in
Indianapolis, Indiana and Tulsa, Oklahoma.

NOTE 2 - BASIS OF PRESENTATION

The condensed consolidated interim financial statements included herein have
been prepared by the Company, without audit, pursuant to the rules and
regulations of the Securities and Exchange Commission for certain small business
issuers. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles generally
accepted in the United States have been condensed or omitted pursuant to such
rules and regulations. However, in the opinion of management of the Company, the
condensed consolidated interim financial statements include all adjustments
necessary to present fairly the financial information for such periods.

These interim financial statements should be read in conjunction with the
Company's financial statements and the notes thereto included in the November
30, 2003 Annual Report to Shareholders on Form 10-KSB.

The consolidated financial statements include the accounts of the Company and
its direct, wholly owned subsidiaries, GCI and Raven. Intercompany accounts and
transactions have been eliminated.

NOTE 3 - EARNINGS PER SHARE

Statement of Financial Accounting Standards (SFAS) No. 128, "Earnings per
Share", requires dual presentation of basic and diluted earnings per share on
the face of the statement of operations. Basic earnings per share is computed by
dividing net income available to common

                                       4
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

shareholders by the weighted-average number of common shares outstanding for the
period. Diluted earnings per share is computed based upon the weighted average
shares that would have been outstanding if all dilutive potential common shares
would have been converted into shares at the earliest date possible. In
determining diluted earnings per share, stock options were included in the
calculation as their effect was dilutive.

NOTE 4 - ACCOUNTING FOR STOCK-BASED COMPENSATION

The Company accounts for its stock-based employee compensation plan under the
intrinsic value method in accordance with Accounting Principles Board Opinion
No. 25, Accounting for Stock Issued to Employees, (APB 25). The Company has
adopted the disclosure-only provisions of FASB Statement No. 123, Accounting for
Stock-Based Compensation (FAS 123), as amended by FASB Statement No. 148,
Accounting for Stock-Based Compensation -- Transition and Disclosure. Had the
company elected to adopt the fair value recognition provisions of FAS 123, pro
forma net income and net income per share would be as follows:

<TABLE>
<CAPTION>
                                                       3 MONTHS ENDED
                                            -----------------------------------
                                            FEBRUARY 29, 2004  FEBRUARY 28,2003
                                            ----------------   ----------------
<S>                                         <C>                <C>
Net income, as reported                     $        288,500   $        221,234
Add: Stock-based employee
   compensation expense included in
   reported net income, net of related
   tax effects                                         6,000              6,000
Deduct:  Total stock-based employee
   compensation expense determined
   under fair value based method for all
   awards, net of related tax effects                (20,592)           (27,096)
                                            ----------------   ----------------
Pro forma net income                        $        273,908   $        200,138
                                            ================   ================
Earnings per share:
   Basic -- as reported                     $           0.11   $           0.09
                                            ================   ================
   Basic -- pro forma                       $           0.11   $           0.08
                                            ================   ================
   Diluted -- as reported                   $           0.11   $           0.09
                                            ================   ================
   Diluted -- pro forma                     $           0.10   $           0.08
                                            ================   ================
</TABLE>

                                       5
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 5 - REVOLVING LINE OF CREDIT

On March 25, 2003, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 unsecured credit facility accrues interest at the
bank's prime lending rate. The credit facility expires on May 1, 2004. The
Company does not foresee any problems renewing this facility or obtaining an
equivalent facility from another lender, if necessary. Among other restrictions,
the credit facility requires that the Company meet certain covenants including
financial ratios. As of February 29, 2004, the Company was in compliance with
all covenants and did not have a balance outstanding under this facility.

NOTE 6 - SEGMENT INFORMATION

The Company monitors its operations in two business divisions: GCI and Raven.
Certain corporate costs are not allocated to the business segments. Financial
information for the Company's business segments as of and for the period ended
February 29, 2004 and February 28, 2003 is as follows:

<TABLE>
<CAPTION>
Three Months Ended
February 29, 2004                    GCI          Raven       Corporate     Consolidated
------------------------------   -----------   -----------   -----------    ------------
<S>                              <C>           <C>           <C>            <C>
Net Sales                        $ 2,790,814   $ 1,444,636   $         -    $  4,235,450
Depreciation and amortization:        44,516        13,069         1,561          59,146
Net Income:                          214,304       212,427      (138,231)        288,500
Identifiable assets:               5,583,717     2,395,816     3,657,557      11,637,090
Capital expenditures:                  8,691         7,432             -          16,123
</TABLE>

<TABLE>
<CAPTION>
Three Months Ended
February 28, 2003                    GCI          Raven       Corporate     Consolidated
------------------------------   -----------   -----------   -----------    ------------
<S>                              <C>           <C>           <C>            <C>
Net Sales                        $ 2,584,644   $ 1,086,584   $         -    $  3,671,228
Depreciation and amortization:        42,946        11,750             9          54,705
Net Income:                          231,241       105,964      (115,971)        221,234
Identifiable assets:               6,074,754     2,601,914     2,142,788      10,819,456
Capital expenditures:                 58,027        54,411             -         112,438
</TABLE>

                                       6
<PAGE>

                           COHESANT TECHNOLOGIES INC.

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

For the first quarter of fiscal 2004 and 2003, the Company's Raven division had
a Certified Applicator, which accounted for approximately 24% and 26%,
respectively, of Raven's total net sales and 35% and 48%, respectively, of
Raven's total trade accounts and note receivable outstanding as of February 29,
2004 and February 28, 2003. On a combined basis, this customer's accounts and
note receivable balances represented 12% and 17% of the Company's total trade
accounts and note receivable in the fiscal quarters ended February 29, 2004 and
February 28, 2003, respectively.

The following table presents percentage of total revenues by region.

<TABLE>
<CAPTION>
                     Three Months Ended  Three Months Ended
      Region         February 29, 2004   February 28, 2003
------------------   ------------------  ------------------
<S>                  <C>                 <C>
United States                   66%                 74%
Asia/Pacific Rim                16                  13
Europe/Middle East              15                   9
Other                            3                   4
                        ----------          ----------
Total                          100%                100%
</TABLE>

NOTE 7-  CONTINGENCIES

In November 1999, following the sale of certain assets of the Company's American
Chemical Company ("ACC") subsidiary, ACC contributed its land and building to
Marine Learning Institute ("MLI"), a not-for-profit environmental educational
organization operating under section 501(c)(3) of the United States Internal
Revenue Code. In connection with the contribution agreement, MLI indemnified the
Company and agreed to assume any costs arising from or out of the past, present
or future environmental condition of the site. Subsequent to the donation of the
St. Louis property, the Missouri Attorney General's office has raised questions,
including as recently as May 2003, regarding the status of the contributed land
and advised the Company, MLI and the current owner that additional clean-up
efforts are necessary and has demanded these entities undertake clean-up and pay
related costs. MLI has advised both the Company and the Missouri Attorney
General that, in its opinion, no further clean-up efforts are necessary.
Management intends to seek indemnification from MLI under the contribution
agreement for any further clean-up and legal costs.

The Company is a party to certain other legal matters arising in the ordinary
course of business. Management believes the ultimate disposition of these
matters and the matter referred to above will not have a material adverse effect
on the Company's financial position or results of operations.

                                       7
<PAGE>

                           COHESANT TECHNOLOGIES INC.

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

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The Company has disclosed those accounting policies and estimates that it
considers to be significant in determining the amounts to be utilized for
communicating its consolidated financial position, results of operations and
cash flows in the notes to its consolidated financial statements.

The preparation of financial statements in conformity with these principles
requires management to make estimates and assumptions that affect amounts
reported in the financial statements and accompanying notes. Management
continually evaluates the information used to make such estimates as its
business and economic environment changes and has discussed these estimates with
the Audit Committee of the Board of Directors. Actual results are likely to
differ from these estimates, but management does not believe such differences
will materially affect the Company's financial position or results of
operations. The following accounting policies represent the most critical based
on management's analysis due the impact on the Company's results of operations.

Revenue Recognition. The Company recognizes revenue from sales upon shipment of
goods at which time title and risks of ownership transfer to the buyer.

Accounts receivable. The Company evaluates the allowance for doubtful accounts
on a periodic basis and reviews any significant customers with delinquent
balances to determine future collectability. The determination includes a review
of legal issues (such as bankruptcy status), past payment history, current
financial and credit reports, and the experience of the credit representative.
Allowances are established in the period in which the account is deemed
uncollectable or questionable collectability. The Company believes, based on
past history and credit policies, that the net accounts receivable are of good
quality.

Inventory. The Company's inventories are valued at the lower of cost or market.
Reserves for obsolescence are estimated and based on projected sales volume.
Though management considers these balances adequate and proper, changes in sales
volumes due to unexpected economic conditions could result in materially
different amounts for this item.

Based on a critical assessment of its accounting policies and the underlying
judgments and uncertainties affecting the application of those policies,
management believes that the Company's consolidated financial statements provide
a meaningful and fair perspective of the Company. This is not to suggest that
other risk factors such as changes in economic conditions, changes in material
costs, and others could not adversely impact the Company's consolidated
financial position, results of operations and cash flows in future periods.

                                       8
<PAGE>

                           COHESANT TECHNOLOGIES INC.

               MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

First quarter ended February 29, 2004 as compared to the same period in the
prior year.

Net sales for the three months ended February 29, 2004 were $4,235,450 compared
to $3,671,228 for the same period of the prior year, an increase of $564,222 or
15.4%. Net income was $288,500, a $221,234 or 30.4% increase over last year.

Net sales of dispense equipment and spare parts at GCI increased $206,170 or
8.0%. This increase was primarily attributable to increased sales of fiberglass
dispense equipment, which was partially offset by decreased sales of dispense
equipment spare parts. International dispense equipment and parts net sales
increased 37.8%, whereas domestic dispense equipment and parts net sales
decreased 13.4%. The increase in international sales was primarily a result of
increased sales to Europe/Middle East and the Asia/Pacific Rim.

Specialty grout and epoxy net sales at Raven were $1,284,079 compared to
$870,388 for the comparable year-ago period, an increase of $413,691 or 47.5%.
In addition, Raven had ancillary equipment and part sales of $160,557 compared
to $216,196 for the comparable period last year. Typically, Raven does not sell
equipment unless new Certified Applicators needing equipment are added or
existing applicators decided to increase capacity by buying additional
equipment.

The Company's gross margin increased to $2,081,826, or 49.2% of net sales, in
the 2004 period from $1,749,567, or 47.7% of net sales, in the 2003 period. The
gross margin dollar increase was primarily due to the increased sales volume.
The gross margin percentage increase was a result of increased sales of
specialty grout and epoxy products, which have higher margins.

Operating expenses for the three months ended February 29, 2004 were $1,635,905
compared to $1,409,716 for the same period of the prior year, an increase of
$226,189, or 16.0%. This increase was primarily due to increased sales and
marketing expenses (principally higher personnel costs at both GCI and Raven and
increased selling expenses at Raven) and increased corporate and GCI
administrative costs. The increased corporate and GCI administrative costs was
primarily attributable to higher personnel costs.

LIQUIDITY AND CAPITAL RESOURCES

The Company's primary sources of liquidity are its cash reserves, cash provided
by operations, and availability under the revolving line of credit. At February
29, 2004 the Company has cash and cash equivalents of $3,375,564, net working
capital of $8,306,142 and $3,500,000 available under the revolving line of
credit.

                                       9
<PAGE>

                           COHESANT TECHNOLOGIES INC.

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                       CONDITION AND RESULTS OF OPERATIONS

As of February 29, 2004 cash provided by operations was $193,874 compared to
$29,672 in the comparable period last year. This increase was due to changes in
working capital. Cash used in investing activities decreased to $16,123 in the
current quarter from $112,438 in the quarter ended February 28, 2003. This
decrease was due to decreased spending on property and equipment. Cash used in
financing activities was $640,366 in the current quarter compared to $34,374 of
cash provided by financing activities in the prior year period. This increase
was primarily due to $645,341 dividends paid to shareholders.

On March 25, 2003, the Company renewed its revolving line of credit agreement
with a bank. This $3,500,000 unsecured credit facility accrues interest at the
bank's prime lending rate. The credit facility expires on May 1, 2004. The
Company does not foresee any problems renewing this facility or obtaining an
equivalent facility from another lender, if necessary. Among other restrictions,
the credit facility requires that the Company meet certain covenants including
financial ratios. As of February 29, 2004, the Company was in compliance with
all covenants and did not have a balance outstanding under this facility.

The Company does not have any other significant commitments or guarantees,
except for rental commitments.

The Company believes that its cash flow from operating activities, existing cash
resources and working capital coupled with its bank line will be adequate to
meet its capital needs for the foreseeable future.

FORWARD LOOKING STATEMENTS

Certain statements contained in this report that are not historical facts are
forward looking statements that are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set forth in the
forward looking statement. These risks and uncertainties include, but are not
limited to, a slow-down in domestic and international markets for plural
component dispensing systems and a reduction in growth of markets for the
Company's epoxy coating systems.

                                       10
<PAGE>

                           COHESANT TECHNOLOGIES INC.

ITEM 3.  CONTROLS AND PROCEDURES

Based on their evaluation as of a date within 90 days of the filing date of this
Quarterly Report on Form 10-QSB, the Company's principal executive officer and
principal financial officer have concluded that the Company's disclosure
controls and procedures as defined in Rules 13a-14(c) and 15d-14(c) under the
Securities Exchange Act of 1934 (the Exchange Act) are effective to ensure that
information required to be disclosed by the Company in reports that it files or
submits under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in Securities and Exchange Commission rules
and forms.

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their evaluation and up to the filing date of this Quarterly Report on Form
10-QSB. There were no significant deficiencies or material weaknesses, and
therefore there were no corrective actions taken.

It should be noted that any system of controls, however well designed and
operated, can provide only reasonable, and not absolute, assurance that the
objectives of the system are met. In addition, the design of any control system
is based in part upon certain assumptions about the likelihood of future events.
Because of these and other inherent limitations of control systems, there can be
no assurance that any design will succeed in achieving its stated goals under
all potential future conditions, regardless of how remote.

                                       11
<PAGE>

                           COHESANT TECHNOLOGIES INC.

PART II

ITEM 2.  CHANGES IN SECURITIES

On March 16, 2004, the Compensation Committee of the Board of Directors approved
the grant of 36,200 shares of Common Stock to an aggregate of 13 key employees,
including four executive officers. The grants were restricted stock awards that
vest incrementally through November 30, 2007 assuming the employees remain
employed by the Company or its subsidiaries.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibit

         31.1 302 Certification of Chief Executive Officer

         31.2 302 Certification of Chief Financial Officer

         32 906 Certification of Chief Executive Officer and Chief Financial
         Officer

     (b) Reports on Form 8-K

         An 8-K was filed on December 17, 2003 to report earnings for the
         quarter and twelve months ended November 30, 2003 (Items 7 and 12).

                                       12
<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 there unto duly authorized.

         Dated:        March 22, 2004

                                             COHESANT TECHNOLOGIES INC.

                                             BY: /s/ Morris H. Wheeler
                                                 -------------------------------
                                             Morris H. Wheeler
                                             President & Chief Executive Officer

                                             BY: /s/ Robert W. Pawlak
                                                 ------------------------------
                                             Robert W. Pawlak
                                             Chief Financial Officer