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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 March 31, 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
April 28, 2000.


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                               CADEMA CORPORATION
                                   FORM 10-QSB

                                      INDEX

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

                  Item 1 - Financial Statements                                                                   3
                    Balance Sheets - March 31, 2000 and
                    December 31, 1999

                  Statements of Operations - Three months ended                                                   4
                    March 31, 2000 and March 31, 1999


                  Statements of Cash Flows - Three months ended                                                   5
                    March 31, 2000 and March 31, 1999

                  Notes to Financial Statements                                                                   6

                  Item 2 - Management's Discussion and Analysis of                                                8
                    Financial Condition and Results of Operations

PART II.          OTHER INFORMATION

                  Signatures                                                                                      9

                  Exhibit
</TABLE>

     The accompanying condensed financial statements have been prepared by the
Company, without audit, and reflect all adjustments which are, in the opinion of
management, necessary to 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                                              March 31, 2000       December 31,1999
     ------                                              --------------       ----------------

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

 Cash and cash equivalents                                 $    22,450           $    13,054
 Trading securities (Cost $563,005 in                          286,863               150,881
  2000 and $540,655 in 1999)
  (Note 2)
 Other current assets                                            1,196                 1,644
                                                           -----------           -----------
     TOTAL CURRENT ASSETS                                      310,509               165,579

 NOTE RECEIVABLE less allowance for bad
   debt of $260,250 in 2000 and 1999                            84,750                84,750
                                                           -----------           -----------
     TOTAL ASSETS                                          $   395,259           $   250,329
                                                           -----------           -----------

     Liabilities and Stockholders' Equity
     ------------------------------------

CURRENT LIABILITIES:

Accrued liabilities                                        $    13,000           $    13,000
                                                           -----------           -----------
    TOTAL CURRENT LIABILITIES                                   13,000                13,000

Accrued dividends on preferred stock                         1,230,914             1,188,469
Minority Interest in Subsidiary (Note 3)                         7,296                 7,296
                                                           -----------           -----------
     TOTAL LIABILITIES                                       1,251,210             1,208,765
                                                           -----------           -----------

STOCKHOLDERS' EQUITY
Series A 8% Cumulative Convertible
  Preferred Stock, par value $.01 per                            4,851                 4,851
  share authorized 5,000,000 shares;
  issued 485,123 shares in 2000 and 1999
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                                         (8,639,692)           (8,742,177)
Less:  Treasury stock at cost
   Common shares                                               (75,000)              (75,000)
   Preferred shares                                            (21,370)              (21,370)
                                                           -----------           -----------
     TOTAL STOCKHOLDERS' EQUITY                               (855,951)             (958,436)
                                                           -----------           -----------
     TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                                 $   395,259           $   250,329
                                                           ===========           ===========
</TABLE>


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


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<PAGE>   4


                        CADEMA CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      FOR THE THREE MONTHS ENDED MARCH 31,

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

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

         GROSS PROFIT                                           --                     --

OPERATING EXPENSES:
         General and administrative                            7,345                  8,690
                                                        ------------           ------------

                  Total operating expenses                     7,345                  8,690
                                                        ------------           ------------

                  Loss from operations                        (7,345)                (8,690)

OTHER INCOME (EXPENSE):
         Trading securities
         Transactions (Notes 2)
           Realized gains (losses)                            38,348                   --
           Change in unrealized losses                       113,632                 46,731
         Dividend income                                         295                    133
                                                        ------------           ------------
                  Total other income (expense)               152,275                 46,844
                                                        ------------           ------------

INCOME (LOSS) BEFORE INCOME TAXES                            144,930                 38,154

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

NET INCOME (LOSS)                                            144,930                 38,154

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

NET INCOME (LOSS) APPLICABLE TO
         COMMON STOCKHOLDERS (Note 2)                   $    102,485           $     (4,291)
                                                        ============           ============

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

INCOME (LOSS) PER COMMON AND SHARE
         BASIC AND DILUTED                              $        .01           $        .00
                                                        ============           ============
</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 THREE MONTHS IN THE PERIOD ENDED MARCH 31,

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

<S>                                                            <C>                 <C>
Net income (loss) from operations                              $ 144,930           $  38,154
Adjustments to reconcile net income (loss) to
     net cash provided by (used in) operating activities
    Realized loss (gain) on sale of trading
     securities                                                  (38,348)               --
   Unrealized loss (gain) in value
     of trading securities                                      (113,632)            (46,731)
    Decrease (Increase) in other receivables and
     current assets                                                  448                 650
    (Decrease) increase in accounts payable and
     accrued liabilities                                            --                  --
                                                               ---------           ---------
       Net cash provided by (used in) continuing
        operating activities                                      (6,602)             (7,927)
                                                               ---------           ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of marketable securities                             (58,425)               --
   Proceeds from sale of marketable securities                    74,423                --
                                                               ---------           ---------
       Net cash provided by (used in) investing
        activities                                                15,998                --
                                                               ---------           ---------
Net increase (decrease) in cash and
   cash equivalents                                                9,396              (7,927)
Cash and cash equivalents -
   Beginning of Period                                            13,054              13,829
                                                               ---------           ---------
Cash and cash equivalents -
   End of Period                                               $  22,450           $   5,902
                                                               =========           =========


SUPPLEMENTAL DISCLOSURES OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
   Preferred Stock Dividends Earned                            $  45,445           $  45,445
                                                               =========           =========
</TABLE>

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


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                               CADEMA CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 THREE MONTHS IN THE PERIOD ENDED MARCH 31, 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 preferred stock, options and warrants outstanding have an
     anti-dilutive effect, so 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 1999 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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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 Three months of 2000 or 1999, as the
     Company's operating subsidiary Global Environmental Offshore Company had no
     revenue activity.

     Operating expenses for the first Three months of 2000 were $7,345, in line
     with 1999's first Three month's expenses of $8,690 and represented
     administrative expenses of the parent Company.

     Other income in the first Three months totaled a gain of $152,275 as
     compared to a 1999 gain of $46,844. This contrast is due to a larger gains
     on the company's Investment Portfolio in 2000 compared to the those
     recognized in the same period of 1999.

     The net income applicable to common stockholders for the first quarter,
     after an accrual for a Preferred Stock dividend, was $102,485 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 $4,291 or $.00 per
     share being recognized.

     LIQUIDITY AND CAPITAL RESOURCES

     Liquidity and working capital increased by $144,930 to $297,509 in the
     first three months of 2000 due primarily to the favorable performance of
     the Company's marketable securities portfolio. 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:  April 27, 2000        By:   /s/ Roger D. Bensen
                                  -------------------------------------
                                        ROGER D. BENSEN
                                        Chairman of the Board and
                                        Chief Executive Officer


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