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 June 30, 2002


(   )    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934


Commission File Number 0-14119-NY

                        POLYMER RESEARCH CORP. OF AMERICA
                        ---------------------------------
        (Exact name of small business issuer as specified in its charter)

                  New York                                 11-2023495
              ------------------                     ----------------------
       (State or Other Jurisdiction of                (IRS Employer
        Incorporation or Organization)                 Identification No.)

                   2186 Mill Avenue, Brooklyn, New York 11234
             ------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (718) 444-4300
                          ---------------------------
                            Issuer's Telephone Number


There were 1,925,784 shares of the registrant's  common stock  outstanding as of
July 31, 2002.



<PAGE>

                        POLYMER RESEARCH CORP.OF AMERICA


                             - FORM 10QSB - INDEX -



                                                                        Page(s)
                                                                        -------
PART I.        FINANCIAL INFORMATION:

Item 1.        Financial Statements

               Balance Sheets at June 30, 2002 (unaudited)
                  and December 31, 2001                                        1

               Statements  of  Operations  for the Three Month
                  Periods Ended June 30, 2002 and 2001 (unaudited)             2

               Statements of Operations for the Six Month Periods
                  Ended June 30, 2002 and 2001 (unaudited)                     3

               Statements of Cash Flows for the Six
                  Month Periods Ended June 30, 2002 and 2001
                  (unaudited)                                                  4

               Notes to Financial Statements                                 5-7

Item 2.        Management's Discussion and Analysis or Plan of Operation     7-8

PART II.       OTHER INFORMATION                                               9

Item 1.        Legal Proceedings                                               9

Item 2.        Changes in Securities                                           9

Item 3.        Defaults Upon Senior Securities                                 9

Item 4.        Submission of Matters to a Vote of Security Holders             9

Item 5.        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>
                                                                                        June 30,          December 31,
                                                                                          2002                 2001
                                                                                    ----------------    ----------------
                                                                                       (Unaudited)
<S>                                                                                 <C>                 <C>
CURRENT ASSETS:
     Cash and cash equivalents                                                      $     936,932       $       711,952
     Accounts receivable, less allowances of $0                                           637,893               515,343
     Inventories                                                                          127,556               143,836
     Deferred tax charge                                                                   57,946                57,946
     Prepaid and refundable income taxes                                                   49,043                96,455
       Prepaid expenses and other current assets                                           37,626                 6,441
                                                                                    -------------       ---------------
TOTAL CURRENT ASSETS                                                                    1,846,996             1,531,973
                                                                                    -------------       ---------------
Land, Property, and Equipment-net of accumulated depreciation
  of $ 1,227,802 and $1,194,815 respectively                                            2,552,641             2,594,197
                                                                                    -------------       ---------------
OTHER ASSETS:
       Cash-restricted                                                                                          150,000
       Mortgage escrow                                                                     93,000
       Capitalized financing costs - net                                                  112,806
       Security deposits                                                                    2,176                 2,195
                                                                                    -------------       ---------------
TOTAL OTHER ASSETS                                                                        207,982               152,195
                                                                                    -------------       ---------------
TOTAL                                                                               $   4,607,619       $     4,278,345
                                                                                    =============       ===============

                    - LIABILITIES AND STOCKHOLDERS' EQUITY -

CURRENT LIABILITIES:
     Note payable-bank                                                                                  $       150,000
     Current portion of mortgage payable                                            $      42,444
     Current portion of term loan                                                              -                100,000
     Accounts payable and accrued expenses                                                504,278               387,867
     Deferred revenue                                                                     144,981               259,250
                                                                                    -------------       ---------------
     TOTAL CURRENT LIABILITIES                                                            691,703               897,117
                                                                                    -------------       ---------------

LONG-TERM LIABILITIES:
          Mortgage payable, less current maturities                                     1,357,556
          Term loan, less current maturities                                                   -                241,667
                                                                                    -------------       ---------------
TOTAL LIABILITIES                                                                       2,049,259             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                                                                 (948,114)             (366,913)
     Less:  Treasury stock, at cost, 22,140 shares                                        (17,761)              (17,761)
                                                                                    -------------       ---------------
TOTAL STOCKHOLDERS' EQUITY                                                              2,558,360             3,139,561
                                                                                    -------------       ---------------
TOTAL                                                                               $   4,607,619       $     4,278,345
                                                                                    =============       ===============
</TABLE>

                See accompanying notes to financial statements.

                                      - 1 -




<PAGE>

                       POLYMER RESEARCH CORP. OF AMERICA
                        STATEMENTS OF OPERATIONS FOR THE
           THREE MONTHS ENDED JUNE 30, 2002 AND 2001 (UNAUDITED) AND
            THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001 (UNAUDITED)

<TABLE>
<CAPTION>

                                                             Three Months Ended                         Six Months Ended
                                                                 June  30,                                   June  30,
                                                          ---------------------------             ----------------------------
                                                            2002               2001                  2002               2001
                                                          --------           --------              --------           --------
<S>                                                <C>                <C>                   <C>                <C>
Net revenues:
  Product sales                                    $       114,026    $       169,284       $       208,572    $       395,957
  Research                                                 500,750          1,131,195             1,423,690          2,530,768
                                                   ---------------    ---------------       ---------------    ---------------
  Total                                                    614,776          1,300,479             1,632,262          2,926,725
                                                   ---------------    ---------------       ---------------    ---------------

Cost of Revenues
  Product sales                                            129,336            154,897               201,533            355,616
  Research                                                 250,724            276,562               420,820            575,005
                                                   ---------------    ---------------       ---------------    ---------------
  Total                                                    380,060            431,459               622,353            930,621
                                                   ---------------    ---------------       ---------------    ---------------

Gross Profit on Revenues                                   234,716            869,020             1,009,909          1,996,104

Selling, General, and
 Administrative Expenses                                   818,210            937,599             1,577,464          1,954,532
                                                   ---------------    ---------------       ---------------    ---------------
Income (Loss) from Operations                             -583,494            -68,579              -567,555             41,572
                                                   ---------------    ---------------       ---------------    ---------------
Other Revenues (Expenses):
  Investment income                                          1,703              5,558                 3,851             10,338
  Interest expense                                         -10,404            -10,320               -17,497            -21,226
                                                   ---------------    ---------------       ---------------    ---------------
  Total Other Revenues (Expenses)                           -8,701             -4,762               -13,646            -10,888
                                                   ---------------    ---------------       ---------------    ---------------
Income (Loss) before Income Taxes                         -592,195            -73,341              -581,201             30,684
Provision for Income Taxes                                   8,300             24,100                                  -30,400
                                                   ---------------    ---------------       ---------------    ---------------
Net Income (Loss)                                  $      -583,895    $       -49,241       $      -581,201    $           284
                                                   ===============    ===============       ===============    ===============
Basic Earnings (Loss) per Share                    $         -0.30    $         -0.03       $         -0.30    $          0.00
                                                   ===============    ===============       ===============    ===============
Weighted average number of shares
  outstanding during the period                          1,925,784          1,925,784             1,925,784          1,925,784
                                                   ===============    ===============       ===============    ===============

</TABLE>

                See accompanying notes to financial statements.

                                      - 2 -


<PAGE>

                        POLYMER RESEARCH CORP. OF AMERICA
                      STATEMENTS OF CASH FLOWS (UNAUDITED)
                         FOR THE SIX MONTH PERIODS ENDED
                             JUNE 30, 2002 AND 2001
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                                          2002                 2001
                                                                                        --------             --------
<S>                                                                                 <C>                   <C>
Cash Flows from Operating Activities:
Net income (loss)                                                                   $     (581,201)       $         284
Adjustments to reconcile net income to net cash provided by
  operating activities:
     Depreciation and amortization                                                          41,556               50,000
                                                                                    ---------------       -------------
Subtotal                                                                                  (539,645)              50,284
                                                                                    ---------------       -------------
Changes in operating assets and liabilities:
       Accounts receivable                                                                (122,550)             151,417
     Inventories                                                                            16,280               (9,222)
     Prepaid expenses and other current assets
                                                                                           (31,185)
     Prepaid and refundable income taxes                                                    47,412              120,959
       Accounts payable  and accrued expenses                                              116,411               83,459
     Deferred revenue                                                                     (114,269)             (22,723)
                                                                                    ---------------       -------------
Increase (Decrease) in net operating assets                                                (87,901)             323,890
                                                                                    ---------------       -------------
Net cash provided by (used by) operating activities                                       (627,546)             374,174
                                                                                    ---------------       -------------

Cash flows from investing activities:
Purchase of equipment                                                                         - 0-               (7,607)
                                                                                    ---------------       -------------
Net cash used for investing activities                                                        - 0-               (7,607)
                                                                                    ---------------       -------------
Cash flows from financing activities:
Capitalized financing costs                                                               (112,806)
Mortgage Escrow                                                                            (93,000)
Payment of note payable and long term debt                                                (491,668)             (50,614)
Proceeds of mortgage payable                                                             1,400,000                  -0-
                                                                                    ---------------       -------------
Net cash provided by (used by) financing activities                                        702,526              (50,614)
                                                                                    ---------------       -------------
Net increase (decrease) in cash and cash equivalents                                        74,980              315,953
                                                                                    ---------------       -------------
Cash and cash equivalents, beginning of period                                             861,952              695,585
                                                                                    ---------------       -------------
Cash and cash equivalents, end of period                                            $      936,932        $   1,011,538
                                                                                    ===============       =============
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
     Cash paid during the period for:
         Interest          $17,497

</TABLE>

                See accompanying notes to financial statements.

                                      - 3 -


<PAGE>


                        POLYMER RESEARCH CORP. OF AMERICA
                          NOTES TO FINANCIAL STATEMENTS
                             JUNE 30, 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  according to
revenue recognition policies stated above.


                                     - 4 -
<PAGE>

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

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.

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 periods  during
which the are no  outstanding  options or warrants  or during  which the company
reflects a net loss from operations.



                                     - 5 -
<PAGE>

NOTE 3 - Provision for Income Taxes

The provision for income taxes for the first six months ended June 30, 2002 and
2001 is as follows:

                                       2002                   2001
                                       -----                  ----
Federal                               $  0                  $ 12,500
State and local                          0                    17,900
                                      -----                 ---------
Total                                 $  0                  $ 30,400
                                      -----                 ---------

NOTE 4 - Contingencies

At June 30, 2002, the Company was a defendant in various lawsuits which arose in
the ordinary  course of business.  At June 30, 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 was  repayable  in
monthly  principal  installments of $8,333 plus interest at 8.5% per annum.  The
loan  required 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. On May 24, 2002
the  outstanding  balance  of the term  loan  ($301,122)  and the line of credit
($150,000)  were paid off with the proceeds  from a new mortgage  loan (see Note
6).

NOTE 6 - Mortgage loan

On May 24, 2002,  the Company  entered into a mortgage  arrangement  with a bank
whereby  the bank  agreed to extend a  mortgage  loan and the  Company  received
proceeds of  $1,400,000  using the Company  building  in  Brooklyn,  New York as
collateral.  The Company  utilized the proceeds to pay off an existing term loan
debt of $301,122 and a line of credit of $150,000.  The balance will be used for
working  capital  purposes.  The fifteen year mortgage loan will be repayable in
monthly instalments of $15,044 which includes interest at an initial rate of 10%
per annum that is adjustable after 2 years.



                                     - 6 -
<PAGE>

                     POLYMER RESEARCH CORPORATION OF AMERICA
                                OTHER INFORMATION
                             JUNE 30, 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 2001 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 increased  collectively  by $74,980 at June 30,
2002 since December 31, 2001. The increase  resulted  principally  from proceeds
from a  mortgage  loan net of the  repayment  of debt  and the  cost of  current
operations.

The ratio of current assets to current  liabilities  increased to 2.67 to 1.0 at
June 30, 2002 as compared to 1.71 to 1.0 at December 31, 2001  principally  as a
result  of the  repayment  of  current  debt and the  replacement  of such  with
long-term debt. On May 24, 2002, the Company entered into a mortgage arrangement
with a bank  whereby the bank  agreed to extend a mortgage  loan and the Company
received  proceeds  of  $1,400,000  with the  Company  headquarters  building as
collateral. The Company utilized the proceeds to pay off existing term loan debt
of $301,122 and a line of credit of $150,000.  The fifteen  year  mortgage  loan
will be repayable in monthly  instalments of $15,044 which includes  interest at
an initial rate of 10% per annum that is adjustable after 2 years.

Management  believes  the  Company's  cash  position  at June 30,  2002  appears
sufficient to meet its financial needs  including  repayment of the mortgage 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.
No significant capital expenditures are anticipated.

B. RESULTS OF OPERATIONS

Three months ended June 30, 2002 v. 2001.

Net  revenues  for the second  quarter  of 2002 were $ 614,776 a  decrease  of $
685,703 (53%) compared with the first quarter of 2001.  Research sales decreased
$630,445  (56%) in the second  quarter of 2002  compared to 2001 due to a slower
granting of research contracts by customers.  Such appears to be related to lead
time in  procuring  such  contracts  as a result of a downturn  in the  economy.
Product sales  decreased $ 55,258 (32%)  compared to the second  quarter of 2001
due to decreased demand from research customers.

                                     - 7 -
<PAGE>

The cost of revenues in research increased to 50% from 24% in the second quarter
of 2002 compared to 2001 as a result of significantly reduced sales with similar
staff and expenses.  The cost of revenues in  production  increased to 113% from
91% in the  second  quarter  of 2002  compared  to 2001 as a result  of  similar
payroll with decreased sales.

Selling, general, and administrative expenses increased as a percentage of sales
in the second  quarter of 2002 as compared to the same  quarter of 2001 from 72%
to 133% as a result of  significantly  decreased  sales.  Loss  from  operations
during the  second  quarter  increased  from  $68,579  (40% of sales) in 2001 to
$583,494 (94% of sales) in 2002 as a result of significantly decreased sales.

Selling, general, and administrative expenses decreased in 2002 by $119,389 when
compared to the comparable period of 2001 as a result of significantly decreased
payroll in non-lab and non-production departments.

Six months ended June 30,  2002 v.  2001.

Net  revenues  for the  first  half of 2002  were  $1,632,262  a  decrease  of $
1,294,463  (44%) compared with the first half of 2001.  Research sales decreased
$1,107,078  (44%) in the  first  half of 2002  compared  to 2001 due to a slower
granting of research contracts by customers.  Such appears to be related to lead
time in  procuring  such  contracts  as a result of a downturn  in the  economy.
Product sales decreased $187,385 (47%) compared to the first half of 2001 due to
decreased demand from research customers.

The cost of revenues in research  increased to 29% from 22% in the first half of
2002 compared to 2001 as a result of significantly  decreased sales with similar
costs. The cost of revenues in production increased to 96% from 89% in the first
half of 2002  compared  to 2001 as a  result  of  decreased  sales  and  similar
expenses.

Selling, general, and administrative expenses increased as a percentage of sales
in the first half of 2002 as compared to the same period of 2001 from 66% to 97%
as  a  result  of  significantly   decreased  sales.   Selling,   general,   and
administrative  expenses  decreased  in  2002  by  approximately  $377,068  when
compared to the comparable period of 2001 as a result of significantly decreased
payroll in non-lab and non-production departments.

Income (loss) from  operations  during the first half  decreased  from income of
$41,572 (.01% of sales) in 2001 to a loss of  ($567,555)  (35% of sales) in 2002
principally as a result of decreased sales.





                                     - 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 June 30,  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

The company held its annual meeting on June 5, 2002. At such meeting the
following persons were elected directors:

         Director           votes for:            withheld:
         --------           ----------            ---------

Carl Horowitz                1,763,569               319
Irene Horowitz               1,763,569               319
John Ryan                    1,763,569               319
Alice Horowitz               1,763,569               319
Boris Jody                   1,763,569               319
Mohan Sanduja                1,763,569               319
Terry J. Wolfgang            1,763,569               319
Jascha Gurewitz              1,763,569               319

ITEM 5 - Other Information: None


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


Exhibit

(10.6)    Mortgage loan  documents  dated June1,  2002,  between  registrant and
          Bayview Financial Trading Group, L.P.

(99.1)   Certification under Section 906 of the Sarbanes/Oxley Act



                                     - 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




August  14, 2002                     by: /s/ Carl Horowitz
                                        -------------------------------------
                                        Carl Horowitz, President and
                                        Chief Financial Officer




                                     - 10 -