FORM 10-QSB/A-1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                   Quarterly Report Under Section 13 or 15 (d)
                   Of the Securities and Exchange act of 1934


For Quarter Ended March  31, 2001
                  ---------------------

Commission file number 0-14119-NY
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                        Polymer Research Corp. of America
                        ---------------------------------
             (Exact name of registrant as specified in its charter)

             New York                                  11-2023495
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(State or other jurisdiction of                     (I.R.S Employer
 incorporation or organization)                   Identification No.)

                   2186 Mill Avenue, Brooklyn, New York 11234
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                    (Address of principal executive offices)
                                   (Zip code)

                                 (718) 444-4300
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               (Registrants telephone number, including area code)

                                 Not Applicable
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             (Former name, former address and former fiscal year, if
                           changed since last report)

   Indicate  by check mark  whether  the  registrant  (1) has filed all  reports
   required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
   1934  during the  preceding  12 months (or 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 [ ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS:

   Indicate the number of shares  outstanding of each of the issuer's classes of
   common stock, as of the latest practicable date.

      April 30, 2001                    1,925,784
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<PAGE>



             POLYMER RESEARCH CORP. OF AMERICA

                                      INDEX


                                                                           Page
                                                                          Number
                                                                          ------

Part I - FINANCIAL INFORMATION:

                      ITEM I - FINANCIAL STATEMENTS

                      Balance Sheets:
                      March 31, 2001 (Unaudited) and
                         December 31, 2000                                   1

                      Statements of Operations:
                      Three months ended March 31, 2001
                       and 2000 (Unaudited)                                  3

                      Statements of Cash Flows:
                      Three months ended March 31, 2001
                       and 2000 (Unaudited)                                  4

                      Notes to Financial Statements                        5-8

          ITEM 2 - MANAGEMENT'S  DISCUSSION AND
                   ANALYSIS OF FINANCIAL  CONDITION
                   AND RESULTS OF OPERATIONS                              9-10


PART II - OTHER INFORMATION                                                 11


<PAGE>




PART I - FINANCIAL INFORMATION POLYMER RESEARCH CORP. OF AMERICA
BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000



                                      March 31,  December 31,
ASSETS                                   2001          2000
                                      (Unaudited)   (Note 1)

CURRENT ASSETS:
Cash and cash equivalents           $ 1,003,413   $   695,585
Cash - Restricted cash                   30,000        30,000
Accounts receivable,less allowances
  of $0                                 110,530       281,661
Inventories                             126,661       124,719
Prepaid expenses                                       36,974
Deferred tax charge                      33,600        33,600
Prepaid and refundable income taxes      58,346       203,405
Total current assets                  1,399,524     1,368,970

Land, Property, and Equipment-net     2,654,290     2,673,779

OTHER ASSETS:

Cash - restricted, non-curent           120,000       120,000
Security deposits                         1,195         1,195
Total other assets                      121,195       121,195

TOTAL                               $ 4,175,009   $ 4,163,944
                                      ==========     =========



The accompanying notes are an integral part of these financial statements.
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<PAGE>

PART I - FINANCIAL INFORMATION POLYMER RESEARCH CORP. OF AMERICA
BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000
                                                       March 31,    December 31,
                                                          2001          2000
                                                      (Unaudited)     (Note 1)
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Note payable-bank                                       50,000           50,613
Current portion of term loan                       $   100,000      $   100,000
Accounts payable                                         4,096           19,991
Accrued expenses and other
  current liabilities                                  269,074          234,574
Deferred revenue                                       258,550          290,000
Total current liabilities                              681,720          695,178
LONG-TERM LIABILITIES:
Term loan, less current maturities                     316,667          341,667
Total long-term liabilities                            316,667          341,667
STOCKHOLDERS' EQUITY:
Common stock, par value $.01 per
  share, authorized 4,000,000 shares,
  issued 1,925,784 shares                               19,257           19,257
Capital in excess of par value                       3,504,978        3,504,978
Accumulated deficit                                   (329,852)        (379,375)
Less: Treasury stock, at cost
  22,140 respectively                                  (17,761)         (17,761)
Total Stockholders' Equity                           3,176,622        3,127,099
TOTAL                                              $ 4,175,009      $ 4,163,944
                                                   ===========      ===========



The accompanying notes are an integral part of these financial statements.
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<PAGE>

POLYMER RESEARCH CORP. OF AMERICA
STATEMENTS OF OPERATIONS FOR THE
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(UNAUDITED)
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                                                      2001              2000
                                                      ----              ----

Net Revenues Research                            $ 1,399,573       $ 1,291,765
Production                                           226,673           185,216
  Total                                            1,626,246         1,476,981
Cost of Revenues
  Research                                           298,443           254,243
  Production                                         200,719           157,608
Total                                                499,162           411,851
Gross Profit on Revenues                           1,127,084         1,065,130
Selling, General, and
        Administrative  Expenses                   1,016,933           807,572
Income from operations                               110,151           257,558

Other revenues (expenses):
  Investment income                                    4,780            14,764
  Interest expense                                   (10,906)          (37,118)
  Total                                               (6,126)          (22,354)

Income before income taxes                           104,025           235,204

Provision for income taxes                           (54,500)         (100,000)

Net Income                                       $    49,525       $   135,204
                                                 ===========       ===========

Basic earnings per share                         $       .03       $       .07
                                                 ===========       ===========
Weighted average
number of shares
outstanding during the period                      1,925,784         1,825,784
                                                 ===========       ===========


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS

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<PAGE>


POLYMER RESEARCH CORP. OF AMERICA
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(UNAUDITED)





OPERATIONS:                                              2001        2000


Net Income                                           $  49,525        $ 135,204
Charge not affecting funds -
  Unrealized holding losses (gains)
  Depreciation and amortization                         24,999           24,999
Funds Provided by operations                            74,524          160,203
Asset and liability management:
Accounts receivable                                    171,131          160,828
Inventories                                             (1,942)            (857)
Prepaid taxes                                          145,059
  Other current assets                                 (36,974)         (13,431)
Accounts payable                                       (15,895)         (36,507)
  Accrued expenses and other                            34,500          (20,784)
Income taxes payable                                   100,219
Deferred revenue                                       (31,450)          (1,332)
  Total other assets                                       363
Increase (Decrease) in
 net operating assets                                  264,429          188,499
Total                                                  338,953          348,702

FUNDS USED BY
 FINANCING
Certificates of deposit                                 66,187
Investment securities                                    6,416
Proceeds of note payable                                50,000
Payments on long term debt                             (25,615)         (11,706)
Total                                                  (25,615)         110,897

INVESTMENT IN LAND, PROPERTY,
 AND EQUIPMENT                                          (5,510)

INCREASE (DECREASE) IN CASH                          $ 307,828        $ 459,599
                                                     =========        =========


The accompanying notes are an integral part of these financial statements.
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<PAGE>

POLYMER RESEARCH CORP. OF AMERICA
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)

NOTE 1 - Financial statements

Management believes that the results herein reflect all adjustments which are in
the  opinion of  management  necessary  to fairly  state the results and current
financial condition of the Company for the respective periods.  These statements
should be read in  conjunction  with the financial  statements and notes thereto
included in the Company's  report filed under cover of Form 10-KSB.  The results
of operations for the three month period are not  necessarily  indicative of the
results  for an entire  year.  The balance  sheet at December  31, 2000 has been
taken from the audited financial statements as of that date.

NOTE 2 - Summary of Significant Accounting Policies

Business Activity

The Company is engaged in the research and  development of the  applications  of
chemical grafting and sells products resulting from such research.

Credit Risk

Financial  Instruments  that  potentially  subject  the  company to credit  risk
include   investments  in  United  States  Treasury   bills,   notes  and  other
certificates of deposit, government agencies' securities and U.S. Government and
New York State mutual bond funds. Future changes in economic conditions may make
the  investment  less  valuable.

In  addition,  financial  instruments  that  potentially  subject the Company to
credit risk also include accounts receivable. Accounts receivable resulting from
research or product sales are not collateralized.

The Company maintains deposits with financial  institutions in excess of amounts
insured by the FDIC.

Pervasiveness of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect reported amounts of assets and liabilities at the date of the financial

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<PAGE>

statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

Revenue Recognition

Revenue from research contracts is recognized upon two criteria:  first,  client
approval of performance of a specific  stage of the contract and,  second,  when
collection  of the  resulting  revenue is assured.  Revenue from  production  is
recognized when products are shipped for sale to customers.

Inventories

Inventories  are  valued at the lower of cost or  market,  with cost  determined
using the  first-in,  first-out  method and with market  defined as the lower of
replacement cost or realizable value.

Property and Equipment

Property and equipment is stated at cost. The costs of additions and betterments
are capitalized and expenditures for repairs and maintenance are expensed in the
period incurred.  When items of property and equipment are sold or retired,  the
related costs and accumulated depreciation are removed from the accounts and any
gain or loss is included in income.

The Company  capitalizes leased equipment where the terms of the lease result in
the  transfer to the Company of  substantially  all of the benefits and risks of
ownership of the equipment.

Depreciation  and  amortization of property and equipment is provided  utilizing
the  straight-line  method over the  estimated  useful  lives of the  respective
assets as follows:

Transportation equipment         3  to 5 years
Machinery and equipment                5 years
Furniture and fixtures           5 to 10 years
Building and improvements             40 years
Office equipment under capital
  leases                               5 years



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<PAGE>

Income Taxes

The Company  accounts  for its income  taxes  utilizing  Statement  of Financial
Accounting  Standards  ("SFAS")  No. 109  "Accounting  for Income  Taxes"  which
requires that the Company  follow the liability  method of accounting for income
taxes.  The liability  method  provides that deferred tax assets and liabilities
are  recorded  based on the  difference  between  the tax  bases of  assets  and
liabilities  and  their  carrying  amounts  for  financial  reporting  purposes,
referred to as "temporary differences." Net Earnings Per Share

Earnings per share are computed based upon the weighted average number of common
shares outstanding during each year.

Profit Sharing Plan

The Company maintains a qualified non-contributory profit sharing plan. The plan
provides its eligible  employees with a source of retirement  income, as well as
provide assistance in other circumstances such as death or disability.  Eligible
employees must meet two requirements to become  participants;  attainment of age
21  and   completion  of  one  year  of  service  with  the  Company.   Employer
contributions are determined,  if any, at the Board of director's discretion.  A
percentage of the benefits vest after three years of qualifying service.

NOTE 3 - Provision for Income Taxes  (First three months)

                       2001                 2000

Federal           $  32,500             $ 60,000
State and local      22,000               40,000
Total             $  54,500             $100,000
                  =========             =========

NOTE 4 - Contingencies

At March 31, 2001 the Company is a defendant in various  lawsuits which arose in
the ordinary  course of business.  At March 31, 2001, the Company has included a
reserve  in  current  liabilities  in an  amount  that  management  believes  is
reasonable  for legal expenses and potential  unfavorable  rulings in certain of
these cases. It is managements's  opinion that the ultimate  liability,  if any,
which might result from the  remainder of such actions would not have a material
effect on the Company's financial position.



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<PAGE>

NOTE 5 -  Long Term Debt

On March 15, 2000, the Company entered into a borrowing  arrangement with a bank
whereby the bank agreed to extend a $500,000  term loan facility to the Company.
The  Company  utilized  the  facility  in full in  connection  with the  balloon
mortgage  payment  on June 1,  2000.  The five year term  loan is  repayable  in
monthly  principal  installments of $8,333 plus interest at 8.5% per annum.  The
loan  requires the Company to comply with  certain  financial  covenants  and to
maintain on deposit with the lender no less than $150,000.  Simultaneously,  the
bank  extended a $250,000  line of credit  facility to the  Company,  $50,000 of
which was drawn upon and is  outstanding  at March 31, 2001.  To secure the term
loan and line of credit,  the Company granted the lender a security  interest in
all of the Company's personal property.





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                POLYMER RESEARCH CORP. OF AMERICA

ITEM 2 - MANAGEMENTS  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

CAPITAL RESOURCES AND LIQUIDITY

Cash and  cash  equivalents  have  increased  collectively  by $  307,828  since
December 31, 2000. The increase resulted  principally from the net income of the
first  quarter,  receipt of a $90,000  tax  refund,  and  reduction  of accounts
receivable.

The ratio of current assets to current  liabilities  increased to 2.13 to 1.0 at
March 31, 2001 as compared to 1.91 to 1.0 at December 31, 2000.  The increase is
the result of net income for the quarter.

On March 20, 2000, the Company entered into a borrowing  arrangement with a bank
whereby the bank agreed to extend a $500,000  term loan facility to the Company.
The Company  utilized  the  facility  in  connection  with the balloon  mortgage
payment  on June 1,  2000.  The five  year  term loan is  repayable  in  monthly
principal  installments  of $8,333  plus  interest  at 8.5% per annum.  The loan
requires the Company to comply with certain financial  covenants and to maintain
on  deposit  with the  lender  $150,000.  Simultaneously,  the bank  extended  a
$250,000 line of credit facility to the Company, $50,000 of which was drawn upon
and was outstanding at March 31, 2001.

Based on the above, management believes the Company's cash position at March 31,
2001 is sufficient  to cover any  unforeseen  sales  downturn in the short term.
Over both the long and short term,  liquidity  will be a direct  result of sales
and related net earnings.

B.  RESULTS OF OPERATIONS

Three months ended March 31, 2001 v. 2000

Net  revenues for the first  quarter of 2001 were $ 1,626,246,  an increase of $
149,265 (10%) compared with the first quarter of 2000.  Research sales increased
$ 107,809  (8.3%) in the first  quarter of 2001  compared to 2000.  The increase
resulted in part from the recognition of revenue from research  contracts signed
in the fourth quarter of 2000 that were performed in the first quarter of 2001.




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Product sales increased  $41,457 (22%) compared to the first quarter of 2000 due
to increased demand from research customers.

The cost of revenues in research  remained  similar (20% in the first quarter of
2000 compared to 21% in the same quarter of 2001) due to the a small increase in
sales revenue using the same staff with similar small increases in expenses.

Selling, general, and administrative expenses increased as a percentage of sales
from  55% in the  first  quarter  of 2000  to 62% in the  same  quarter  of 2001
principally as a result of increased  western office  salaries,  sales salaries,
legal settlement expenses,  travel expenses, and utilities.

Net income  decreased  from  $135,204  (9% of sales) in 2000 to  $49,525  (3% of
sales) in 2001,  principally as the result of increased  selling,  general,  and
administrative expenses described in the preceding paragraph.

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PART II - OTHER INFORMATION


ITEM 1 - Legal Proceedings:

The  Company is party to various  lawsuits  arising  in the  ordinary  course of
business. In the opinion of management, such lawsuits should not have a material
adverse effect on the Company's financial condition.

ITEM 2 - Changes in Securities: None

ITEM 3 - Defaults Upon Senior Securities: None

ITEM 4 - Submission of Matters to a Vote of Security Holders:

            None

ITEM 5 - Other Information: None

ITEM 6 - Exhibits and Reports on Form 8-k:

     (b)  The Company filed a Report on Form 8-K on February 26, 2001  reporting
          under Item 4, Changes in Registrant's Certifying Accountants.

     The Company  filed a Report on Form 8-K/A-1  dated April 2, 2001  reporting
under Item 4, Changes in Registrant's Certifying Accountants.





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FORM 10-QSB


                                    FORM 10-Q

                                   SIGNATURES


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


                                POLYMER RESEARCH CORP. OF AMERICA,
                                ---------------------------------
                                          (REGISTRANT)


Date: May 15, 2001              /s/Carl Horowitz
      --------------           -----------------------------------
                               Carl Horowitz, President and Chief
                               Accounting Officer




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