<PAGE>   1

                       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, 1997.

                                  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
September 30, 1997.












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                               CADEMA CORPORATION
                                   FORM 10-QSB

                                      INDEX

PART 1.   FINANCIAL INFORMATION

          Item 1 - Financial Statements                                   3
            Balance Sheets - September 30, 1997 and                     
            December 31, 1996                                           
                                                                        
          Statements of Operations - Nine months ended                    4
            September 30, 1997 and September 30, 1996                   
                                                                        
          Statements of Operations - Three months ended                   5
            September 30, 1997 and September 30, 1996                   
                                                                        
          Statements of Cash Flows - Nine months ended                    6
            September 30, 1997 and September 30, 1996                   
                                                                        
          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                                                     11
                                                              
          Exhibit 27


     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, 1996. 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 30,1997          December 31,1996
                 ------                       -----------------          ----------------

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

 Cash and cash equivalents                       $    67,553               $     7,317
 Trading securities (Cost $790,953 in                510,337                   719,567
 1997 and $808,219 in 1996)                                               
  (Note 2)                                                                
 Accounts receivable                                       -                         -
 Other current assets                                      -                       768
                                                 -----------               -----------
                                                                          
     TOTAL CURRENT ASSETS                            577,890                   727,652
                                                                          
 NOTE RECEIVABLE less allowance for bad
   debt of $172,250 in 1997 and 1996                                      
                                                     172,750                   172,750
                                                 -----------               -----------
                                                                          
     TOTAL ASSETS                                $   750,640               $   900,402
                                                 ===========               ===========
                                                                          
  Liabilities And Stockholders' Equity                                    
  ------------------------------------
                                                                          
CURRENT LIABILITIES:                                                      
                                                                          
 Accounts Payable                                $         -               $         -
 Accrued liabilities                                       -                    13,000
 Contract Deposits                                         -                         -
                                                 -----------               -----------
                                                                          
     TOTAL CURRENT LIABILITIES                             -                    13,000
                                                                          
Accrued dividends on preferred stock                 806,462                   679,126
Minority Interest in Subsidiary (Note 3)               7,296                     7,296
                                                 -----------               -----------
                                                                          
     TOTAL LIABILITIES                               813,758                   699,422
                                                 -----------               -----------
                                                                          
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 1997 and 1996                                  
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               109,356                   109,356
  10,935,549 shares in 1997 and 1996                                      
Additional paid-in capital                         7,765,904                 7,765,904
Accumulated deficit                               (7,846,859)               (7,582,761)
Less: Treasury stock at cost                                              
   Common shares                                     (75,000)                  (75,000)
   Preferred shares                                  (21,370)                  (21,370)
                                                 -----------               -----------
                                                                          
     TOTAL STOCKHOLDERS' EQUITY                      (63,118)                  200,980
                                                 -----------               -----------
     TOTAL LIABILITIES AND                                                
      STOCKHOLDERS' EQUITY                       $   750,640               $   900,402
                                                 ===========               ===========
</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 NINE MONTHS ENDED SEPTEMBER 30



                                                     1997               1996
                                                     ----               ----

REVENUE (Note 2)                                 $         -        $         -
COST OF GOODS SOLD                                         -                  -
                                                 -----------        -----------

      GROSS PROFIT                                         -                  -

OPERATING EXPENSES:
      General and administrative                      22,594             22,636
                                                 -----------        -----------

            Total operating expenses                  22,594             22,636
                                                 -----------        -----------

            Loss from operations                     (22,594)           (22,636)

OTHER INCOME (EXPENSE):
      Trading securities
      Transactions (Note 2)
        Realized gains (losses)                       75,339            184,410
        Change in unrealized losses                 (191,965)            89,700
      Interest income                                      -                  -
      Interest expense                                     -                  -
      Dividend income                                  2,458              1,365
      Other income                                         -                  -
      Minority Interest (Note 3)                           -                  -
                                                 -----------        -----------
            Total other income (expense)            (114,168)           275,475
                                                 -----------        -----------

INCOME (LOSS) FROM OPERATIONS BEFORE TAXES          (136,762)           252,839

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

NET INCOME (LOSS)                                   (136,762)           252,839

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

NET INCOME (LOSS) APPLICABLE TO
      COMMON STOCK (Note 2)                         (264,098)       $   125,503
                                                 ===========        ===========

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

LOSS PER COMMON AND
      COMMON EQUIVALENT SHARE:
      Primary                                           (.02)       $      (.01)
                                                 ===========        ===========


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








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<PAGE>   5

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


                                                   1997               1996
                                                   ----               ----

REVENUE (Note 2)                               $         -        $         -
COST OF GOODS SOLD                                       -                  -
                                               -----------        -----------

      GROSS PROFIT                                       -                  -

OPERATING EXPENSES:
      General and administrative                     9,612              5,925
                                               -----------        -----------

            Total operating expenses                 9,612              5,925
                                               -----------        -----------

            Loss from operations                    (9,612)            (5,925)

OTHER INCOME (EXPENSE):
      Trading securities
      Transactions (Notes 2)
        Realized gains (losses)                          -             82,700
        Change in unrealized losses                 15,587             49,600
      Interest income                                    -                  -
      Interest expense                                   -                  -
      Dividend income                                  934                403
      Other income                                       -                  -
      Minority Interest (Note 3)                         -                  -
                                               -----------        -----------
            Total other income (expense)            16,521            132,703
                                               -----------        -----------

INCOME (LOSS) FROM OPERATIONS                        6,909            126,778

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

NET LOSS                                             6,909            126,778

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

NET LOSS APPLICABLE TO
      COMMON STOCK (Note 2)                    $   (35,536)       $    84,333
                                               ===========        ===========

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

LOSS PER COMMON AND
      COMMON EQUIVALENT SHARE:
      Primary                                  $      (.00)       $       .01
                                               ===========        ===========


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







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<PAGE>   6



                        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                          1997             1996
                                                           ---------        ---------

<S>                                                        <C>              <C>      
Net income (loss) from operations                          $(136,762)       $ 252,839
Adjustments to reconcile net income
  (loss) to net cash provided by (used in) operating
  activties
Provision for uncollectable note receivable                        -                -
Write-off of uncollectable accounts receivable                     -                -
   Realized loss (gain) on sale of trading
    securities                                               (75,339)        (184,410)
   Unrealized loss (gain) in value
    of trading securities                                    191,965          (89,700)
   (Increase) decrease in accounts receivable                      -                -
   Decrease (Increase) in other receivables and
    current assets                                               768             (344)
  Elimination of joint venture investment                          -                -
   (Decrease) increase in accounts payable and
    accrued liabilities                                      (13,000)         (13,000)
  Increase (decrease) in contract deposits                         -                -
  Increase in Minority Interest                                    -                -
                                                           ---------        ---------
      Net cash provided by (used in) continuing
       operating activities                                  (32,368)         (34,615)
                                                           ---------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of marketable securities                         (282,652)        (401,387)
  Proceeds from sale of marketable securities                375,256          484,623
      Net cash provided by (used in) investing
                                                           ---------        ---------
       activities                                             92,604           83,236
                                                           ---------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Treasury Stock Purchase                                          -                -
                                                           ---------        ---------
      Net cash (used in)
       financing activities                                        -                -
                                                           ---------        ---------

Net increase (decrease) in cash and
  cash equivalents                                            60,236           48,621
Cash and cash equivalents -
  Beginning of Period                                          7,317           13,177
                                                           ---------        ---------
Cash and cash equivalents -
  End of Period                                            $  67,553        $  61,798
                                                           ---------        ---------

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, 1997

(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 1997 or 1996, 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

     For purposes of the Consolidated Balance Sheet and Statements of Cash
     Flows, the Company considers its short-term investments purchased with a
     maturity of three (3) months or less to be cash equivalents.

     REVENUES

          Revenues are the result of contract revenues recognized utilizing the
     percentage of completion method of accounting. Contract revenues are the
     total of contract costs, which include all direct material and labor costs
     and those indirect costs related to contract performance, and provisions
     for estimated gain or loss on the contracts. The provisions for estimated
     gain or loss on the contracts are adjusted during the period in which the
     Company first becomes aware of the need for a change.


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<PAGE>   8


(2)  SIGNIFICANT ACCOUNTING POLICIES: (CONT.)

     REVENUES (CONT.)

          Total estimated costs are periodically revised, if necessary, to
     reflect changes to the original contracts and changes to total estimated
     contract costs based on deviations of actual cost to date from original
     estimates and anticipated future deviations from such original estimates.
     Selling, General and Administrative costs are charged to expense as
     incurred.

     TRADING SECURITIES

     Effective January 1, 1994 the Company adopted Statement of Financial
     Accounting Standards (SFAS) ("Statement") No. 115, "Accounting for certain
     Investments in Debt and Equity Securities." The Company's adoption of the
     Statement requires its marketable securities to be classified as "trading"
     and accounted for 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.

     NET INCOME (LOSS) PER COMMON SHARE

     Net income (loss) per common share is based upon net income less preferred
     stock dividends earned and is calculated using the weighted average number
     of shares of common stock outstanding during the period. All convertible
     preferred stock series, options and warrants outstanding presently have an
     anti-dilutive effect and, accordingly, have been excluded from these
     calculations.

(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.


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<PAGE>   9



(3)  JOINT VENTURE: (CONT.)

     The financial statements of the Joint Venture are consolidated with the
     Company's results in the accompanying financial statements of this report.
     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.

     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. The Joint Venture anticipates refinancing the notes in 1997.
     Accordingly, the Notes have 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 50% 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 50% 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.

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's sole operating subsidiary,
     Global Environmental Offshore Company, engages in contracting for the
     design and installation of Air Pollution Control equipment and facilities
     for international markets. 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.








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<PAGE>   10



     RESULTS OF OPERATIONS

     There were no revenues in the first nine months of 1997, as the Company's
     operating subsidiary Global Environmental Offshore Company had no revenue
     activity. In 1996, the operating activity of Global Environment Offshore
     Company produced no revenues in the same period.

     Operating expenses for the first nine months of 1997 were $22,594 and
     represented administrative expenses of the parent Company. These expenses
     are similiar to 1996 first nine months operating expense of $22,636.

     Other income in the first nine months totaled a loss of $114,168 as
     compared to a 1996 gain of $275,475. Third quarter other income totaled
     $16,531 in 1997, below 1996 third quarter gain of $132,703. This contrast
     is primarily due to an unrealized loss on the company's Investment
     Portfolio in 1997 as compared to a gain for the same period of 1996.

     The net loss applicable to common stock for the first nine months, after an
     accrual for a Preferred Stock dividend, was $264,098 or $.02 per share. For
     the same period of the prior year, better performance by the Company's
     securities portfolio resulted in a gain of $125,503 or $.01 per share. In
     the third quarter, a loss of $35,536 or $.00 per share was recognized,
     lower than the 1996 results of a $84,333 gain due to better performance of
     the Company's securities portfolio.


     LIQUIDITY AND CAPITAL RESOURCES

     Liquidity and working capital decreased by $136,762 to $577,890 in the
     first nine months of 1997 due primarily to the 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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<PAGE>   11




                                   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:  October 25, 1997       By:   /s/ Roger D. Bensen
                                   ------------------------------------
                                         ROGER D. BENSEN
                                         Chairman of the Board and
                                         Chief Executive Officer












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