FORM 10-QSB

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

Commission file number 0-14119-NY
                       ----------

                        Polymer Research Corp. of America
                        ---------------------------------
             (Exact name of registrant as specified in its charter)

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

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

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

                                 Not Applicable
--------------------------------------------------------------------------------
             (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:


     There were 1,925,784 shares of the registrant's common stock outstanding as
of April 30, 2002.

<PAGE>


                        POLYMER RESEARCH CORP.OF AMERICA


                             - FORM 10QSB - INDEX -


                                                                           Page
                                                                          Number
                                                                          ------

Part I - FINANCIAL INFORMATION:

                      ITEM I - FINANCIAL STATEMENTS

                      Balance Sheets:
                      March 31, 2002 (Unaudited) and
                         December 31, 2001                                   1

                      Statements of Operations:
                      Three months Periods Ended March 31, 2002
                       and 2001 (Unaudited)                                  2

                      Statements of Cash Flows:
                      Three months Periods Ended March 31, 2002
                       and 2001 (Unaudited)                                  3

                      Notes to Financial Statements                         4-6

          ITEM 2 - MANAGEMENT'S  DISCUSSION AND
                   ANALYSIS OR PLAN OF OPERATIONS                           7-8


PART II - OTHER INFORMATION                                                  9

Item 1.        Legal Proceedings                                             9

Item 2.        Changes in Securities                                         9

               Defaults Upon Senior Securities                               9

               Submission of Matters to a Vote of Security Holders           9

               Other Information                                             9

Item 6.        Exhibits and Reports on Form 8-K                              9

Signatures                                                                  10



<PAGE>


PART I - Financial Information
Item 1- Financial Statements


                       POLYMER RESEARCH CORP. OF AMERICA
                                 BALANCE SHEETS
                                   - ASSETS -
<TABLE>
<CAPTION>
                                                                                                    March 31,      December 31,
                                                                                                       2002            2001
                                                                                                       ----            ----
                                                                                                   (Unaudited)
CURRENT ASSETS:
<S>                                                                                                <C>            <C>
     Cash and cash equivalents                                                                     $   436,088    $   711,952
     Accounts receivable, less allowances of $0                                                        602,581        515,343
     Inventories                                                                                       140,243        143,836
     Deferred tax charge                                                                                57,946         57,946
     Prepaid and refundable income taxes                                                                55,338         96,455
       Prepaid expenses and other current assets                                                        18,515          6,441
                                                                                                   -----------    -----------
TOTAL CURRENT ASSETS                                                                                 1,310,711      1,531,973
                                                                                                   -----------    -----------

Land, Property, and Equipment-net
        of accumulated depreciation of $ 1,216,612 and $1,194,815 respectively                       2,572,449      2,594,197
                                                                                                   -----------    -----------

OTHER ASSETS:
       Cash-restricted                                                                                 150,000        150,000
       Security deposits                                                                                 2,175          2,195
                                                                                                   -----------    -----------
TOTAL OTHER ASSETS                                                                                     152,175        152,195
                                                                                                   -----------    -----------
TOTAL                                                                                              $ 4,035,335    $ 4,278,345
                                                                                                   ===========    ===========

                                                 - LIABILITIES AND STOCKHOLDERS' EQUITY -

CURRENT LIABILITIES:
     Note payable-bank                                                                             $   150,000    $   150,000
     Current portion of term loan                                                                      316,667        100,000
     Accounts payable and accrued expenses                                                             371,539        387,867
     Deferred revenue                                                                                   54,875        259,250
                                                                                                   -----------    -----------

TOTAL CURRENT LIABILITIES                                                                              893,081        897,117
                                                                                                   -----------    -----------

LONG-TERM LIABILITIES:
         Term loan, less current maturities                                                               --          241,667
                                                                                                   -----------    -----------

TOTAL LIABILITIES                                                                                      893,081      1,138,784
                                                                                                   -----------    -----------



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                                                                              (364,220)      (366,913)
     Less:  Treasury stock, at cost, 22,140 shares                                                     (17,761)       (17,761)
                                                                                                   -----------    -----------

TOTAL STOCKHOLDERS' EQUITY                                                                           3,142,254      3,139,561
                                                                                                   -----------    -----------

TOTAL                                                                                             $  4,035,335    $ 4,278,345
                                                                                                  ============    ===========

                See accompanying notes to financial statements.

                                      - 1 -


<PAGE>




                       POLYMER RESEARCH CORP. OF AMERICA
                            STATEMENTS OF OPERATIONS
                        FOR THE THREE MONTH PERIODS ENDED
                             MARCH 31, 2002 AND 2001
                                   (Unaudited)

                                                                            2002                  2001

Net Revenue

    Research                                                            $   922,940        $ 1,399,573

    Production                                                               94,546            226,673
                                                                        -----------        -----------

    Total                                                                 1,017,486          1,626,246
                                                                        -----------        -----------

Cost of Revenues

     Research                                                               170,096            298,443

     Production                                                              72,197            200,719
                                                                        -----------        -----------
    Total                                                                   242,293            499,162
                                                                        -----------        -----------

Gross Profit                                                                775,193          1,127,084
                                                                        -----------        -----------

Selling, General and Administrative Expenses                                759,254          1,016,933
                                                                     --------------     --------------

Income from Operations                                                       15,939            110,151
                                                                     --------------        -----------

Other Revenue (Expenses):

      Interest income                                                         2,148              4,780

      Interest expense                                                       (7,093)           (10,906)
                                                                        ------------       ------------

Total other Revenues (Expenses)                                              (4,945)            (6,126)
                                                                        ------------       ------------

Income (loss) before provision (benefit) for income taxes                    10,994            143,545

Provision (benefit)  for income taxes                                         8,300             54,500
                                                                     --------------        -----------

Net Income                                                              $     2,694        $    49,525
                                                                        ===========        ===========

Basic and diluted per share data:

Earnings per share                                                      $       -0-        $       .03
                                                                        ===========        ===========

Weighted average number of shares outstanding                             1,925,784          1,925,784
                                                                        ===========        ===========


                See accompanying notes to financial statements.

                                      - 2-


<PAGE>


                        POLYMER RESEARCH CORP. OF AMERICA
                            STATEMENTS OF CASH FLOWS
                        FOR THE THREE MONTH PERIODS ENDED
                             MARCH 31, 2002 AND 2001
                                   (Unaudited)



                                                                                          2002          2001

Cash Flows from Operating Activities:
Net income (loss)                                                                   $     2,694    $    49,525
Adjustments to reconcile net income to net cash provided by operating activities:
     Depreciation and amortization                                                       21,748         24,999
                                                                                    -----------    -----------
Changes in operating assets and liabilities:                                             24,442         74,524
                                                                                    -----------    -----------
       Accounts receivable                                                              (87,238)       171,131
     Inventories                                                                          3,593         (1,942)

     Prepaid and refundable income taxes                                                 41,117        145,059
     Prepaid expenses and other current assets                                          (12,074)       (36,974)
       Accounts payable                                                                  10,956        (15,895)
       Accrued expenses and other                                                       (27,285)        34,500
     Deferred revenue                                                                  (204,375)       (31,450)
                                                                                    -----------    -----------
Net cash provided by operating activities                                              (250,864)       338,953
                                                                                    -----------    -----------

Cash flows from investing activities:


Purchase of equipment                                                                      - 0-        (25,615)
                                                                                    -----------    -----------


Net cash used for investing activities                                                     - 0-        (25,615)
                                                                                    -----------    -----------

Cash flows from financing activities:
Payments of long term debt                                                              (25,000)       (25,615)
                                                                                    -----------    -----------
Net cash used for financing activities                                                  (25,000)       (25,615)
                                                                                    -----------    -----------


Net increase (decrease) in cash and cash equivalents                                   (275,864)       307,828
                                                                                    -----------    -----------

Cash and cash equivalents, beginning of period                                          861,952        845,585
                                                                                    -----------    -----------
Cash and cash equivalents, end of period                                            $  (586,088)   $ 1,153,413
                                                                                    ===========    ===========

                See accompanying notes to financial statements.
</TABLE>

                                      - 3 -


<PAGE>



                       POLYMER RESEARCH CORP. OF AMERICA
-------------------------------------------------------------------------------
                          NOTES TO FINANCIAL STATEMENTS
                             MARCH 31, 2002 AND 2001
                                   (Unaudited)

NOTE 1 - BASIS OF PRESENTATION:

The Interim  financial  statements  included  herein have been prepared  without
audit,  pursuant to the rules and  regulations  of the  Securities  and Exchange
Commission  ("SEC").  Certain  information  and footnote  disclosures,  normally
included in the  financial  statements  prepared in  accordance  with  generally
accepted accounting  principles,  have been condensed or omitted pursuant to SEC
rules and regulations; nevertheless, management of the Company believes that the
disclosures   herein  are  adequate  to  make  the  information   presented  not
misleading.  The financial  statements  and notes should be read in  conjunction
with the audited financial  statements and notes thereto as of December 31, 2001
included in the Company's Form 10-KSB filed with SEC.

In the  opinion  of  management,  all  adjustments  consisting  only  of  normal
recurring  adjustments necessary to present fairly the financial position of the
Company with respect to the interim  financial  statements  have been made.  The
results of operations for the interim periods are not necessarily  indicative of
the results to be expected for the full year.

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.

Use 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
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 the  satisfaction  of the
following 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.

Deferred Revenue

Deferred  revenue  represents  cash  received  from  customers  prior  to and in
anticipation of research  services  performed by the Company.  As these services
are performed, such deferred amount is recognized as revenue. 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 net realizable value.



                                      -4-
<PAGE>



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued):

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 & Equipment                        5 years
Furniture & Fixtures                         5 to 10 years
Building and improvements                    40 years
Office equipment under Capital leases        5 years

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

The financial statements are presented in accordance with Statement of Financial
Accounting  Standards No. 128 "Earnings Per Share". Basic earnings per share are
computed  based upon the weighted  average  number of common shares  outstanding
during each year.  Diluted earnings per share incorporate the incremental shares
issuable upon the assumed exercise of stock options and warrants.  In accordance
with SFAS 128, diluted earnings per share is not presented in years during which
the are no outstanding options or warrants.


                                      -5-
<PAGE>



NOTE 3 - Provision for Income Taxes

The provision for income taxes for the first three months ended march 31, 2002
and 2001 is as follows:

                     2002      2001
                    -----      ----

Federal             3,750   $32,500
State and local     4,550    22,000
                  -------   -------
Total             $ 8,300   $54,500
                  -------   -------

NOTE 4 - Contingencies

At March 31, 2002,  the Company was a defendant in various  lawsuits which arose
in the ordinary course of business.  At March 31, 2002, the Company has included
a reserve  in current  liabilities  in an amount  that  management  believes  is
reasonable for legal expenses and potential  unfavorable  rulings or settlements
of these cases. It is management'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 condition.

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.  So long as the
company is in  compliance  with  certain  financial  covenants  such  balance is
decreased proportionately as the term loan is reduced. Simultaneously,  the bank
extended a $250,000  line of credit  facility to the Company.  At March 31, 2002
$150,000 is outstanding under the line and is due to be repaid or renewed by the
bank June 30,  2002.  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.  As of March  31,  2002 the  Company  was not in  compliance  with the
financial covenants of the loan agreements.  The company is currently attempting
to refinance the line of credit and the term loan.







                                      -6-
<PAGE>


                    POLYMER RESEARCH CORPORATION OF AMERICA
                                OTHER INFORMATION
                             MARCH 31, 2002 AND 2001
                                   (Unaudited)

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS
            OR PLAN OF OPERATION

The  following  discussion  and analysis of financial  condition  and results of
operations should be read in conjunction with the Company's financial statements
and the accompanying notes thereto included herein, and the financial statements
included in its 2000 annual report on Form 10-KSB. This Quarterly Report on Form
10-QSB includes forward-looking  statements within the meaning of Section 27A of
the  Securities  Act of 1933,  as  amended  and  Section  21E of the  Securities
Exchange Act of 1934, as amended.

Forward-looking  statements  involve known and unknown risks,  uncertainties and
other factors which could cause the actual  results,  performance  (financial or
operating)  or  achievements   expressed  or  implied  by  such  forward-looking
statements  not  to  occur  or  be  realized.  Such  forward-looking  statements
generally  are based  upon the  Company's  best  estimates  of  future  results,
performance or achievement,  based upon current  conditions,  and based upon the
most recent results of operations. There can be no assurance that actual results
will  not   differ   materially   from  those   expressed   or  implied  in  the
forward-looking statements.

Forward-looking  statements  may be  identified  by the  use of  forward-looking
terminology such as "may," "will," "expect," believe," "estimate,"  anticipate,"
"continue" or similar  terms,  variation of those terms or the negative of those
terms.  Potential  risks and  uncertainties  include,  among other things,  such
factors as the ability to attract and retain qualified personnel,  the effect on
our  financial  condition  of delays in payments  received  from third  parties,
economic  conditions,  and  other  factors  which  may be set forth in our other
filings with the Securities and Exchange Commission.

The  Company   undertakes  no  obligation  to  publicly  update  or  revise  any
forward-looking  statements,  whether  as a result  of new  information,  future
events or otherwise.

CAPITAL RESOURCES AND LIQUIDITY

Cash and cash equivalents have decreased collectively by $275,864 since December
31, 2001. The decrease resulted  principally from slower customer payments,  and
the repayment of long-term debt of $25,000 and accrued expenses of $ 27,285.

The ratio of current assets to current  liabilities  decreased to 1.46 to 1.0 at
March 31, 2002 as compared to 1.71 to 1.0 at December 31, 2001  principally as a
result of the  reclassification to current of long term debt. 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 and at March 31, 2002 the balance was $316,667.  The five-year term loan is
repayable in monthly  principal  instalments 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,  $150,000 of which was drawn upon and was outstanding at March 31, 2002
for use as  working  capital.  As of  March  31,  2002  the  Company  was not in
compliance with the financial  covenants of the loan agreements.  The company is
currently attempting to refinance such debt.

Based on the above,  the  Company's  cash  position at March 31, 2002 may not be
sufficient to meet its financial  needs  including  repayment of the bank and 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
as well as bank financing. No significant capital expenditures are anticipated.



                                      -7-
<PAGE>


B. RESULTS OF OPERATIONS

Three months ended March 31, 2002 v. 2001.

Net  revenues  for the first  quarter of 2002 were  $1,017,486  a decrease  of $
608,760 (37%) compared with the first quarter of 2001.  Research sales decreased
$476,633  (34%) in the first  quarter of 2002  compared  to 2001 due to a slower
economy  resulting in decreased demand.  Product sales decreased  $132,127 (58%)
compared to the first  quarter of 2001 due to  decreased  demand  from  research
customers.

The cost of revenues in research  decreased to 18% from 21% in the first quarter
of 2002  compared  to 2001 as a result of  decreased  staff  costs.  The cost of
revenues in  production  decreased to 76% from 88% in the first  quarter of 2002
compared to 2001 as a result of decreased  payroll  expenses due to attrition of
employees who were not replaced.

Selling, general, and administrative expenses increased as a percentage of sales
in the first quarter of 2002 as compared to the same quarter of 2001 from 62% to
74% as a result of significantly  decreased sales. Income (loss) from operations
the first quarter decreased from $110,151 (7% of sales) in 2001 to $15,939 (1.5%
of sales) in 2002 principally as a result of decreased sales.

Selling, general, and administrative expenses decreased in 2002 by approximately
$258,000  when  compared  to the  comparable  period  of  2001  as a  result  of
significantly decreased payroll.


                    [This section intentionally left blank.]




                                      -8-
<PAGE>


PART II - OTHER INFORMATION

ITEM  1 - Legal proceedings:

The Company is a defendant in various  lawsuits,  which  arose,  in the ordinary
course of  business.  As of March 31,  2002,  the Company has recorded a reserve
which it deems adequate for legal expenses and any potential unfavorable rulings
in certain of these cases. It is management's opinion that the outcome from such
lawsuits will not have a material effect on the Company's financial position.

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:   None







                                      -9-
<PAGE>





                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant has
caused this Report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                    POLYMER RESEARCH CORPORATION OF AMERICA

May  20,  2002      by:  /s/ Carl Horowitz
                       -------------------------
                       Carl Horowitz, President and Chief Financial Officer


                                      -10-