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                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                   FORM 10-QSB

(Mark One)

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

For the period ended September 30, 2000.

                                       or

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

For the transition period from ________ to ________.

Commission File No. 0-9614

                               CADEMA CORPORATION
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           DELAWARE                                           88-0160741
--------------------------------------------------------------------------------
(State or other jurisdiction of                       (IRS Employer I.D. Number)
incorporation or organization)

C/O NUMBER ONE CORPORATION 50 WASHINGTON STREET. NORWALK CT 06854
-----------------------------------------------------------------
(Address of Principal Executive Offices)               (Zip Code)

Registrant's telephone number, including area code: (203) 854-6711
                                                    --------------

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

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 [ ]


There were 10,905,549 shares of the Registrant's common stock outstanding as of
October 31, 2000.


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                               CADEMA CORPORATION
                                   FORM 10-QSB

                                      INDEX

<TABLE>
<S>                                                                             <C>
PART 1.   FINANCIAL INFORMATION

          Item 1 - Financial Statements
           Consolidated Balance Sheets - September 30, 2000 and
           December 31, 1999                                                     3

          Consolidated Statements of Operations -
           Nine months ended September 30, 2000 and
           September 30, 1999                                                    4

          Consolidated Statements of Operations -
           Three months ended September 30, 2000 and
           September 30, 1999                                                    5

          Consolidated Statements of Cash Flows -
           Nine months ended September 30, 2000 and
           September 30, 1999                                                    6

          Notes to Financial Statements                                          7

          Item 2 - Management's Discussion and Analysis of                       9
           Financial Condition and Results of Operations

PART II.  OTHER INFORMATION

          Signatures                                                            10

          Exhibit
</TABLE>


     The accompanying condensed consolidated financial statements have been
prepared by the Company, without audit, and reflect all adjustments which are,
in the opinion of management, necessary to present a fair statement of the
results of operations, financial position, and statements of cash flows for the
interim periods. The statements have been prepared in accordance with the rules
and regulations of the Securities and Exchange Commission, but omit certain
information and footnote disclosures necessary to present the statements in
accordance with generally accepted accounting principles.

     These condensed financial statements should be read in conjunction with the
financial statements and notes thereto included in the Company's Annual Report
on Form 10-KSB for the year ended December 31, 1999. Management believes that
the disclosures are adequate to make the information presented herein not
misleading.


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                        CADEMA CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                        ASSETS                            September 30, 2000    December 31,1999
                        ------                            ------------------    ----------------

<S>                                                       <C>                   <C>
CURRENT ASSETS:

 Cash and cash equivalents                                   $     9,361           $    13,054
 Trading securities (Cost $547,290 in                            126,329               150,881
 2000 and $540,655 in 1999)
  (Note 2)
 Other current assets                                                299                 1,644
                                                             -----------           -----------

     TOTAL CURRENT ASSETS                                        135,989               165,579

 NOTE RECEIVABLE less allowance for bad
   debt of $260,250 in 2000 and 1999 (Note 3)                     84,750                84,750
                                                             -----------           -----------

     TOTAL ASSETS                                            $   220,739           $   250,329
                                                             ===========           ===========

LIABILITIES AND STOCKHOLDERS' DEFICIENCY

CURRENT LIABILITIES:

Accrued liabilities                                          $     4,477           $    13,000
                                                             -----------           -----------

     TOTAL CURRENT LIABILITIES                                     4,477                13,000

Accrued dividends on preferred stock                           1,315,804             1,188,469
Minority Interest in Subsidiary (Note 3)                           7,296                 7,296
                                                             -----------           -----------

     TOTAL LIABILITIES                                         1,327,577             1,208,765
                                                             -----------           -----------

STOCKHOLDERS' DEFICIENCY
Series A 8% Cumulative Convertible
  Preferred Stock, par value $.01 per
  share; authorized 5,000,000 shares;
  issued 485,123 shares in 2000 and 1999                           4,851                 4,851
Series B 8% Cumulative Convertible
  Preferred Stock, par value, $.01 per
  Share; authorized, 150,000 shares,
  none issued                                                         --                    --
Common Stock, par value, $.01 per share;
  authorized 50,000,000 shares, issued
  10,935,549 shares in 2000 and 1999                             109,356               109,356
Additional paid-in capital                                     7,765,904             7,765,904
Accumulated deficit                                           (8,890,579)           (8,742,177)
Less: Treasury stock at cost
   Common shares                                                 (75,000)              (75,000)
   Preferred shares                                              (21,370)              (21,370)
                                                             -----------           -----------

     TOTAL STOCKHOLDERS' DEFICIENCY                           (1,106,838)             (958,436)
                                                             -----------           -----------
     TOTAL LIABILITIES AND
      STOCKHOLDERS' DEFICIENCY                               $   220,739           $   250,329
                                                             ===========           ===========
</TABLE>


 The accompanying notes to the consolidated financial statements are an integral
                            part of these statements.


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                        CADEMA CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                     FOR THE NINE MONTHS ENDED SEPTEMBER 30,


<TABLE>
<CAPTION>
                                                            2000                  1999
                                                            ----                  ----

<S>                                                     <C>                    <C>
REVENUE                                                 $         --           $         --
COST OF GOODS SOLD                                                --                     --
                                                        ------------           ------------

         GROSS PROFIT                                             --                     --

OPERATING EXPENSES:
         General and administrative                           23,243                 23,187
                                                        ------------           ------------

                  Total operating expenses                    23,243                 23,187
                                                        ------------           ------------

                  Loss from operations                       (23,243)               (23,187)

OTHER INCOME (EXPENSE):
         Trading securities
         Transactions (Note 2)
           Realized gains                                     29,897                  1,387
           Change in unrealized losses                       (28,401)               (82,959)
         Dividend income                                         681                    177
                                                        ------------           ------------
                  Total other income (expense)                 2,177                (81,395)
                                                        ------------           ------------

LOSS BEFORE INCOME TAXES                                     (21,066)              (104,582)

PROVISION FOR INCOME TAXES                                        --                     --
                                                        ------------           ------------

NET LOSS                                                     (21,066)              (104,582)

PREFERRED DIVIDENDS EARNED                                   127,336                127,336
                                                        ------------           ------------

NET LOSS APPLICABLE TO
         COMMON STOCKHOLDERS (Note 2)                   $   (148,402)          $   (231,918)
                                                        ============           ============

WEIGHTED AVERAGE COMMON SHARES
         OUTSTANDING (Note 2)                             10,905,549             10,905,549
                                                        ============           ============

LOSS PER COMMON SHARE
         BASIC AND DILUTED                              $       (.01)          $       (.02)
                                                        ============           ============
</TABLE>


   The accompanying notes to consolidated financial statements are an integral
                            part of these statements


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                        CADEMA CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                    FOR THE THREE MONTHS ENDED SEPTEMBER 30,


<TABLE>
<CAPTION>
                                                            2000                   1999
                                                            ----                   ----

<S>                                                     <C>                    <C>
REVENUE                                                 $         --           $         --
COST OF GOODS SOLD                                                --                     --
                                                        ------------           ------------

         GROSS PROFIT                                             --                     --

OPERATING EXPENSES:
         General and administrative                            7,371                  7,027
                                                        ------------           ------------

                  Total operating expenses                     7,371                  7,027
                                                        ------------           ------------

                  Loss from operations                        (7,371)                (7,027)

OTHER INCOME (EXPENSE):
         Trading securities
         Transactions (Note 2)
           Realized gains (losses)                            (8,451)                 1,387
           Change in unrealized losses                        15,005                 (9,087)
         Dividend income                                         146                     24
                                                        ------------           ------------
                  Total other income (expense)                 6,700                 (7,676)
                                                        ------------           ------------

LOSS BEFORE INCOME TAXES                                        (671)               (14,703)

PROVISION FOR INCOME TAXES                                        --                     --
                                                        ------------           ------------

NET LOSS                                                        (671)               (14,703)

PREFERRED DIVIDENDS EARNED                                    42,445                 42,445
                                                        ------------           ------------

NET LOSS APPLICABLE TO
         COMMON STOCKHOLDERS (Note 2)                   $    (43,116)          $    (57,148)
                                                        ============           ============

WEIGHTED AVERAGE COMMON SHARES
         OUTSTANDING (Note 2)                             10,905,549             10,905,549
                                                        ============           ============

LOSS PER COMMON SHARE
         BASIC AND DILUTED                              $       (.00)          $       (.01)
                                                        ============           ============
</TABLE>


           The accompanying notes to consolidated financial statements
                    are an integral part of these statements


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                        CADEMA CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
          FOR EACH OF THE NINE MONTHS IN THE PERIOD ENDED SEPTEMBER 30,


<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES                        2000                1999
                                                            ----                ----

<S>                                                      <C>                 <C>
Net loss from operations                                 $ (21,066)          $(104,582)
Adjustments to reconcile net loss
   to net cash used in operating activities
    Realized gain on sale of trading
     securities                                            (29,897)             (1,387)
   Unrealized loss gain in value
     of trading securities                                  28,401              82,959
    Decrease in other receivables and
     current assets                                          1,344               1,001
    Increase (decrease) in accounts payable and
     accrued liabilities                                    (8,523)              4,464
                                                         ---------           ---------
       Net cash by used in
        operating activities                               (29,741)            (17,545)
                                                         ---------           ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of marketable securities                       (58,425)                 --
   Proceeds from sale of marketable securities              84,473               5,662
       Net cash provided by investing
        activities                                          26,048               5,662
                                                         ---------           ---------

Net decrease in cash and
   cash equivalents                                         (3,693)            (11,883)
Cash and cash equivalents -
   Beginning of Period                                      13,054              13,829
                                                         ---------           ---------
Cash and cash equivalents -
   End of Period                                         $   9,361           $   1,946
                                                         =========           =========


SUPPLEMENTAL DISCLOSURES OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
   Preferred Stock Dividends Earned                      $ 127,336           $ 127,336
                                                         =========           =========
</TABLE>

 The accompanying notes to the consolidated financial statements are an integral
                            part of these statements.


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<PAGE>   7


                               CADEMA CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
               NINE MONTHS IN THE PERIOD ENDED SEPTEMBER 30, 2000

(1)  NATURE OF BUSINESS AND CURRENT OPERATING ENVIRONMENT:

     The principal business of Cadema Corporation (the "Company") is the
     financing and operating of business enterprises with the potential to
     generate profits and cash flow. Currently the Company is exploring possible
     acquisitions and mergers throughout the United States and abroad, as it has
     done in the past, seeking to enter into new operating businesses and to use
     the Company's liquid assets in connection therewith. As part of this
     strategy, the Company entered into a joint venture agreement with Global
     Environmental, Inc. in December 1993. The Company did not generate any
     revenues from operations in 2000 or 1999, and is currently pursuing
     additional contracts.

     While the principal business of the Company is the financing and operating
     of business enterprises with the potential to generate profits and cash
     flow, it still intends to invest in and sell marketable securities as
     outlined in a plan approved by stockholders in 1988.

     The Company intends to continue to invest in trading securities, including
     but not limited to stocks, bonds, options and warrants.

     The Company now holds and currently expects to invest primarily in the
     stock of smaller, lesser known and often more speculative companies, which
     while entailing above-average risk, offer the potential of above-average
     reward.

     There are significant risk factors affecting the Company, including
     potential operating losses it may incur from operating ventures, the
     volatility of market values of its investment securities portfolio, and the
     possible need for additional capital. These and other factors may adversely
     affect the Company's future operations.

(2)  SIGNIFICANT ACCOUNTING POLICIES

     CASH AND CASH EQUIVALENTS

     The Company considers all highly liquid instruments purchased with an
     original maturity of three months or less to be cash equivalents.

     TRADING SECURITIES

     In accordance with Statement of Financial Accounting Standards (SFAS) No.
     115, Accounting for Certain Investments in Debt and Equity Securities, the
     Company classifies marketable securities as trading and records them at
     fair market value, with unrealized gains and losses reported as a component
     of net income (loss).

     Realized gains and losses are determined on a first-in, first-out basis.


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(2)  SIGNIFICANT ACCOUNTING POLICIES: (CONT.)


     INCOME (LOSS) PER COMMON SHARE

     Net income (loss) per share is calculated in accordance with SFAS No. 128.
     Income (loss) per Common Share is calculated by dividing the net income
     (loss) by the weighted average number of common shares outstanding. As all
     Cadema convertible preferred stock outstanding has an anti-dilutive effect,
     no calculations of diluted loss per share have been presented.

(3)  JOINT VENTURE:

     On December 31, 1993 the Company entered into a Joint Venture Agreement
     with Global Environmental, Corp., a New York corporation, to create the
     Joint Venture entity Global Environmental Offshore Company ("Global" or
     "Joint Venture"). The Joint Venture Company engages in contracting for the
     design and installation of Air Pollution Control equipment and facilities
     in areas located outside the United States. Under the terms of the Joint
     Venture Agreement, the Company contributed $350,000 and received 51%
     control of the Joint Venture.

     Under the Joint Venture Agreement, Global Environmental, Corp. has the
     right to acquire the Company's interest in the Joint Venture for, at the
     Company's option, 875,000 shares of Global stock or the greater of $350,000
     or the Company's existing capital account. The Company has the option to
     convert its Joint Venture interest into 875,000 shares of Global
     Environmental, Corp.'s common stock.

     The financial statements of the Joint Venture are consolidated with the
     Company's results in the accompanying financial statements. The portion of
     the Joint Venture's income that is not applicable to the Company is
     recorded as Minority Interest on the Statement of Operations. That income
     along with Global Environmental Corp.'s capital contribution to the Joint
     Venture is recorded under the caption "Minority Interest in Subsidiary" on
     the Balance Sheet. All significant intercompany accounts and transactions
     have been eliminated in consolidation.

     Notes payable issued by Global Environmental Corp. to the Joint Venture are
     carried on the Balance Sheet as Notes Receivable and were due on December
     31, 1996. Negotiations are in process for the refinancing of the note. As
     collection of the note in 2000 is not likely, the note has been classified
     as long-term.

     Negotiations are in process for the refinancing of this note receivable.
     Global Environmental Corp. does not have funds available to repay the Note
     in cash and has offered to exchange its stock for the Note. The Company has
     established a 75% reserve against the carrying value of the Note in
     recognition of the potential costs involved in liquidating any noncash
     settlement of this Note. Although the Company believes such 75% reserve to
     be adequate, the reserve is an estimate based on information presently
     available. The Company's estimate could change, which would result in a
     change in the reserve in the future.


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<PAGE>   9


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

     The principal business of Cadema Corporation (the Company) is the financing
     and operating of business enterprises with the potential to generate
     profits and cash flow. Currently the Company is seeking joint venture
     partners as its sole operating subsidiary, Global Environmental Offshore
     Company, set up to contract for the design and installation of Air
     Pollution Control equipment and facilities for international markets, has
     generated no revenue in 1999. The Company continues to explore possible
     acquisitions and mergers as it has done in the past, seeking to enter into
     new operating situations with it can utilize its liquid assets.

     While the principal business of the Company is the financing and operating
     of business enterprises with the potential to generate profits and cash
     flow, it still intends to invest in and sell marketable securities as
     outlined in a plan approved by stockholders in 1988.


     RESULTS OF OPERATIONS

     There were no revenues in the first nine months of 2000 or 1999, as the
     Company's operating subsidiary Global Environmental Offshore Company had no
     revenue activity.

     Operating expenses for the first nine months of 2000 were $23,243, in line
     with 1999's first nine months' expenses of $23,187 and represented
     administrative expenses of the parent Company.

     Other Income/expense in the first nine months was income of $2,177 as
     compared to a 1999 expense of $81,395. This contrast is due to better
     performance on the Company's Investment Portfolio in 2000 compared to the
     same period of 1999.

     The net loss applicable to common stockholders for the first three
     quarters, after an accrual for a Preferred Stock dividend, was $148,402 or
     $.01 per share. For the same period of the prior year, a poorer performance
     by the Company's Investment Portfolio resulted in a loss of $231,918 or
     $.02 loss per share being recognized.


     LIQUIDITY AND CAPITAL RESOURCES

     Liquidity and working capital decreased by $21,067 to $131,512 in the first
     nine months of 2000 due primarily payment of G&A expenses. The Company
     believes it has sufficient working capital to meet its liquidity needs over
     the next twelve months.


PART II
ITEMS 1 THRU 5:          Not Applicable

ITEM 6:                  Exhibits - Exhibit 27 Financial Data Schedule


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                                   SIGNATURES

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


                                             CADEMA CORPORATION


Dated: November 1, 2000                      By: /s/ Roger D. Bensen
                                                 -------------------------------
                                                     ROGER D. BENSEN
                                                     Chairman of the Board and
                                                     Chief Executive Officer


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