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 31,2000
                 --------------

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:

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

       April 30, 2000                    1,813,644
--------------------------------------------------------------------------------


<PAGE>



             POLYMER RESEARCH CORP. OF AMERICA

                                      INDEX


                                                                            Page
                                                                          Number
                                                                          ------
Part I - FINANCIAL INFORMATION:
-------------------------------

           ITEM I - FINANCIAL STATEMENTS

           Balance Sheets:
           March 31, 2000 (Unaudited) and
              December 31, 1999                                            1

           Statements of Operations:
           Three months ended March 31, 2000
            and 1999 (Unaudited)                                           3

           Statements of Cash Flows:
           Three months ended March 31, 2000
            and 1999 (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, 2000 AND DECEMBER 31, 1999
------------------------------------


                                            March 31,   December 31,
ASSETS                                         2000        1999
                                           ----------   -------
                                           (Unaudited)   (Note 1)
CURRENT ASSETS:
Cash and cash equivalents                $ 1,616,377   $ 1,156,778
Investment - certificates of deposit         169,059       235,246
Investment securities available
  for sale                                   285,979       292,396
Accounts receivable,less allowances
  of $0                                      145,601       306,429
Inventories                                  116,885       116,028
Deferred tax charge                          127,500       127,500
Prepaid income taxes                          88,359       188,578
Prepaid expenses and other                    51,036        37,605
                                           ---------     ---------
Total current assets                       2,600,796     2,460,560

Land, Property, and Equipment-net          2,715,197     2,740,195

Security deposits                              1,195         1,195
Deferred financing costs - net                10,360        10,723
                                           ---------     ---------
Total other assets                            11,555        11,918
                                           ---------     ---------
TOTAL                                    $ 5,327,548   $ 5,212,673
                                          ==========     =========



The accompanying notes are an integral part of these
financial statements.
-------------------------------------------------------------1


<PAGE>



PART I - FINANCIAL INFORMATION
POLYMER RESEARCH CORP. OF AMERICA
BALANCE SHEETS
MARCH 31, 2000 AND DECEMBER 31, 1999
------------------------------------

                                             March 31,   December 31,
                                                2000        1999
                                             ---------    ------
                                            (Unaudited)   (Note 1)

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
Note payable bank                              50,000
Current portion of long-term debt         $     5,116     $   6,960
Current portion of mortgage payable           982,829       967,082
Accounts payable                               45,189        81,696
Accrued expenses and other
  current liabilities                         251,580       272,364
Deferred revenue                              205,000       206,332
                                              -------       -------
Total current liabilities                   1,539,714     1,534,434
                                            ---------     ---------
LONG-TERM DEBT  (NOTE 2)                      425,000       450,609
                                            ---------     ---------

STOCKHOLDERS' EQUITY:
Common stock, par value $.01 per
  share, authorized 4,000,000 shares,
  issued 1,825,784 shares                      18,257        18,257
Capital in excess of par value              3,399,728     3,399,728
Accumulated deficit                           (23,262)     (158,466)
Accumulated other comprehensive
  loss                                        (24,389)      (24,389)
Less: Treasury stock, at cost
  12,140 respectively                          (7,500)       (7,500)
                                             --------      --------
Total Stockholders' Equity                  3,362,834     3,227,630
                                            ---------     ---------
TOTAL                                    $  5,327,548  $  5,212,673
                                            =========     =========











The accompanying notes are an integral part of these
financial statements.
-------------------------------------------------------------2


<PAGE>



POLYMER RESEARCH CORP. OF AMERICA
---------------------------------
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(UNAUDITED)
--------------------------------------------------------------------------------

                                       2000            1999
                                    ---------       -------


Net Revenues
  Research                        $ 1,291,764     $   942,500
  Production                          185,216         524,677
                                    ---------       ---------
  Total                             1,476,981       1,467,177
                                    ---------       ---------

Cost of Revenues
  Research                            254,243         266,027
  Production                          157,608         177,763
                                    ---------       ---------
  Total                               411,851         443,790
                                      -------         -------

Gross Profit on Revenues            1,065,130       1,023,387
                                    ---------       ---------

Selling, General, and
   Administrative  Expenses           807,572         758,646
                                      -------         -------

Income from operations                257,558         264,741
                                      -------         -------

Other revenues (Expenses):
  Investment income                    14,764          19,013
  Interest expense                    (37,118)        (38,036)
                                     --------        --------


Income before income taxes            235,204         245,718

Provision for income taxes            100,000         123,000
                                    ---------        --------

Net Income                        $   135,204      $  122,718
                                    =========        ========

Basic earnings per share          $      .07       $      .07
                                    =========        ========
Weighted average number of shares
 outstanding during the period      1,825,784       1,673,644
                                    =========       =========



The accompanying notes are an integral part of these
financial statements.
-------------------------------------------------------------3


<PAGE>



POLYMER RESEARCH CORP. OF AMERICA
---------------------------------
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(UNAUDITED)
--------------------------------------------------------------------------------

OPERATIONS:                              2000        1999
                                       -------     ------


Net Income                          $  135,204   $ 122,718
Charge not affecting funds -
  Unrealized holding losses (gains)                     28
  Depreciation and amortization         24,999      24,999
                                     ---------    --------
Funds Provided by operations           160,203     147,745
                                       -------     -------
  Asset and liability management:
  Accounts receivable                  160,828      40,804
  Inventories                             (857)     15,074
  Other current assets                 (13,431)    (16,526)
  Accounts payable                     (36,507)    (21,152)
  Accrued expenses and other           (20,784)      4,703
  Income taxes payable                 100,219     (15,386)
  Deferred revenue                      (1,332)   (276,650)
  Total other assets                       363         232
                                     ---------    --------
Increase (Decrease) in net
     operating assets                  188,499    (268,901)
                                     ---------    --------
Total                                  348,702    (121,156)
                                       -------    --------

FUNDS USED BY
 FINANCING
Certificates of deposit                 66,187     (10,337)
Investment securities                    6,416      54,194
Proceeds of note payable                50,000
Payments on long term debt             (11,706)     (8,335)
                                     ---------    --------
Total                                  110,897      35,522
                                       -------      ------

INVESTMENT IN LAND, PROPERTY,
 AND EQUIPMENT                                      (1,457)
                                                  --------

INCREASE (DECREASE) IN CASH         $  459,599   $ (87,091)
                                     =========    ========




The accompanying notes are an integral part of these
financial statements.
-------------------------------------------------------------4


<PAGE>



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

NOTE 1 - Financial statements

In the opinion of the  management  of Polymer  Research  Corp.  of America  (the
Company),  the accompanying unaudited financial statements have been prepared in
accordance  with the  instructions  to Form 10-QSB and do not include all of the
information and footnotes required by generally accepted accounting  principles.
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, 1999 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.

-------------------------------------------------------------5


<PAGE>



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
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.

Investment Securities

The Company determines the appropriate  classification of securities at the time
of  purchase.  If the  Company  has the  intent  and the  ability at the time of
purchase to hold  securities  until maturity or on a long-term  basis,  they are
classified as investments and carried at amortized  historical cost.  Securities
to be held  for  indefinite  periods  of time  and  not  intended  to be held to
maturity  or on a  long-term  basis are  classified  as  available  for sale and
carried at face value.  Securities  held for indefinite  periods of time include
securities  that  management  intends to use as part of its asset and  liability
management  strategy  and that may be sold in  response  to changes in  interest
rates,  resultant prepayment risk and other factors related to interest rate and
resultant prepayment risk changes.

Realized gains and losses on dispositions  are based on the net proceeds and the
adjusted book value of the securities  sold,  using the specific  identification
method.  Unrealized gains and losses on investment securities available for sale
are based on the difference  between book value and fair value of each security.
These gains and losses are credited or charged to shareholders' equity,  whereas
realized gains and losses flow through the Company's operations.
-------------------------------------------------------------6


<PAGE>


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

Deferred Financing Costs

Costs incurred in obtaining the mortgage  discussed below have been  capitalized
and are being  amortized over the term of the related  obligation  utilizing the
straight-line method.

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.


-------------------------------------------------------------7


<PAGE>



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)
         --------------------------
                      2000                 1999
                     ------               -----
Federal           $  60,000             $ 73,500
State and local      40,000               49,500
                    -------              -------
Total             $ 100,000             $123,000
                    =======              =======

NOTE 4 - Mortgage Liability

In September of 1996 the Company prepaid  $800,000 due under its mortgage on the
Company's building and modified its payment schedule.  As modified,  the Company
is obligated  to pay a mortgage  note payable in equal  monthly  instalments  of
$15,457 including interest at 10.5% per annum through June, 2000, secured by the
related building. Such mortgage is being amortized using a 25 year amortization.
The entire unpaid principal balance is due in a balloon payment of $1,398,330 on
June 1, 2000.

NOTE 5 -  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  intends to utilize  the  facility  in  connection  with the balloon
mortgage  payment  due June 1,  2000.  The five year term loan will be repaid 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
deliver to the lender  collateral  of  $125,000  upon  funding of the term loan.
Simultaneously,  the bank  extended a $250,000  line of credit  facility  to the
Company,  $50,000 of which was drawn upon and is outstanding and due to the bank
at March 31, 2000.





------------------------------------------------------------8


<PAGE>



             POLYMER RESEARCH CORP. OF AMERICA

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

CAPITAL RESOURCES AND LIQUIDITY

Cash,  Investments,  and Investment securities have increased  collectively by $
386,995  since  December 31, 1999.  The increase is due to the net income of the
first  quarter,  receipt of $50,000 from the bank credit line,  and reduction of
accounts receivable.

Cash is generated by and used by the Company through its operations. Neither the
issuance of stock nor the acquisition of debt was in 1999, nor expected to be in
2000, significant sources of cash for use in operations.

The rate of current  assets to current  liabilities  increased to 1.71 to 1.0 at
March 31, 2000 as compared to 1.60 to 1.0 at December 31, 1999.  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  intends to utilize  the  facility  in  connection  with the balloon
mortgage  payment  due June 1,  2000.  The five year term loan will be repaid 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
deliver to the lender  collateral  of  $125,000  upon  funding of the term loan.
Simultaneously,  the bank  extended a $250,000  line of credit  facility  to the
Company,  $50,000 of which was drawn upon and is outstanding and due to the bank
at March 31, 2000.

Based on the above, the Company's cash,  investment,  and investment  securities
position at March 31, 2000 is deemed  sufficient to cover any  unforeseen  sales
downturn in the short term as it is equal to approximately eight months selling,
general,  and  administrative  expenses.  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, 2000 v. 1999

Net  revenues for the first  quarter of 2000 were $ 1,476,981,
-------------------------------------------------------------9


<PAGE>



an increase of $ 9,804 (1%) compared  with the first  quarter of 1999.  Research
sales  increased $ 349,264  (37%) in the first quarter of 2000 compared to 1999.
The increase is related to a deferral of demand from the Company's customers for
its research  services  from the fourth  quarter of 1999 to the first quarter of
2000.  Product sales  decreased  $339,461 (65%) compared to the first quarter of
1999.  Several  product  sales  contracts  signed in the first  quarter are of a
longer term nature which has delayed shipping to the second quarter.

The cost of revenues in research decreased from 28% in the first quarter of 1999
to 20% in the same  quarter of 2000 due to the  substantial  increase in revenue
using the same staff.  Costs of product  sales  increased  from 33% in the first
quarter of 1999 to 85% in the same  quarter of 2000  principally  as a result of
sharply decreased sales.

Selling, general, and administrative expenses increased as a percentage of sales
from  52% in the  first  quarter  of 1999  to 55% in the  same  quarter  of 2000
principally as a result of increased salaries.

Net income  increased  from $ 122,718  (8% of sales) in 1999 to $135,201 (9 % of
sales) in 2000, principally as the result of increased research revenues.





------------------------------------------------------------10


<PAGE>



PART II - OTHER INFORMATION


ITEM 1 - Legal Proceedings:

The  Company is party to various  lawsuits  arising  in the  ordinary  course of
business.  The Company's  financial  statements include reserves of $112,500 for
legal expenses and any unfavorable outcomes in amounts management believes to be
reasonable.  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:

 10.10   Term Loan and Revolving  Credit Facility Documents dated March 20, 2000
         between the Registrant and Dime Savings Bank



------------------------------------------------------------11


<PAGE>


                                    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 10,2000               /s/Carl Horowitz
      -----------            -----------------------------------
                               Carl Horowitz, President and Chief
                               Accounting Officer






 -----------------------------------------------------------12

<PAGE>

                                 EXHIBIT INDEX

10.10     Term Loan and Revolving Credit Facility Documents dated March 20, 2000
          between the Registrant and Dime Savings Bank