<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 March 31, 1998.

                                       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 30, 1998.


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                              CADEMA CORPORATION
                                   FORM 10-QSB

                                      INDEX

PART 1.  FINANCIAL INFORMATION

         Item 1 - Financial Statements                                3
           Balance Sheets - March 31, 1998 and
           December 31, 1997

         Statements of Operations - Three months ended                4
           March 31, 1998 and March 31, 1997

         Statements of Cash Flows - Three months ended                5
           March 31, 1998 and March 31, 1997

         Notes to Financial Statements                              6-8

         Item 2 - Management's Discussion and Analysis of           8-9
           Financial Condition and Results of Operations

PART II. OTHER INFORMATION

         Signatures                                                  10

         Exhibit 27                                                  11


     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, 1997. Management believes that
the disclosures are adequate to make the information presented herein not
misleading.

                                        2


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                        CADEMA CORPORATION AND SUBSIDIARY
                           CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
           ASSETS                           March 31, 1998    December 31, 1997
           ------                           --------------    -----------------

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

  Cash and cash equivalents                   $    43,789       $    48,682
  Trading securities (Cost $787,242 in
   1998 and $761,446 in 1997)
   (Note 2)                                       479,063           499,148
  Accounts receivable                                 -
  Other current assets                                840             1,050
                                              -----------       -----------

     TOTAL CURRENT ASSETS                         523,692           548,880

  NOTE RECEIVABLE less allowance for bad
   debt of $242,250 in 1998 and 1997              102,750           102,750
                                              -----------       -----------

     TOTAL ASSETS                             $   626,442       $   651,630
                                              ===========       ===========

  LIABILITIES AND STOCKHOLDERS' EQUITY
  ------------------------------------

CURRENT LIABILITIES:

  Accounts Payable                            $       -         $       -
  Accrued liabilities                              13,000            13,000
                                              -----------       -----------

     TOTAL CURRENT LIABILITIES                     13,000            13,000

Accrued dividends on preferred stock              891,352           848,906
Minority Interest in Subsidiary (Note 3)            7,296             7,296
                                              -----------       -----------

     TOTAL LIABILITIES                            911,648           869,202
                                              -----------       -----------

STOCKHOLDERS' EQUITY
Series A 8% Cumulative Convertible
  Preferred Stock, par value $.01 per
  share authorized 5,000,000 shares;
  issued 485,123 shares in 1998 and 1997            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            109,356           109,356
  10,935,549 shares in 1998 and 1997 
Additional paid-in capital                      7,765,904         7,765,904
Accumulated deficit                            (8,068,947)       (8,001,313)
Less:  Treasury stock at cost
   Common shares                                  (75,000)          (75,000)
   Preferred shares                               (21,370)          (21,370)
                                              -----------       -----------

     TOTAL STOCKHOLDERS' EQUITY                  (285,206)         (217,572)
                                              -----------       -----------
     TOTAL LIABILITIES AND
      STOCKHOLDERS' EQUITY                    $   626,442       $   651,630
                                              ===========       ===========
</TABLE>

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


                                        3

<PAGE>   4

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


<TABLE>
<CAPTION>
                                                        1998                1998
                                                        ----                ----

<S>                                                 <C>                <C>      
REVENUE (Note 2)                                    $       -          $       -
COST OF GOODS SOLD                                          -                  -
                                                    -----------        -----------

         GROSS PROFIT                                       -                  -

OPERATING EXPENSES:
         General and administrative                       8,851              5,147
                                                    -----------        -----------

                  Total operating expenses                8,851              5,147
                                                    -----------        -----------

                  Loss from operations                   (8,851)            (5,147)

OTHER INCOME (EXPENSE):
         Trading securities
         Transactions (Note 2)
           Realized gains (losses)                       (8,382)            22,525
           Change in unrealized losses                   (8,474)          (176,405)
         Dividend income                                    518                180
                                                    -----------        -----------
                  Total other income (expense)          (16,338)          (153,700)
                                                    -----------        -----------

INCOME (LOSS) FROM OPERATIONS BEFORE TAXES              (25,189)          (158,847)

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

NET INCOME (LOSS)                                       (25,189)          (158,847)

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

NET (LOSS) APPLICABLE TO
         COMMON STOCKHOLDERS (Note 2)                   (67,634)          (201,292)
                                                    ===========        ===========

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


                                        4
<PAGE>   5

                        CADEMA CORPORATION AND SUBSIDIARY
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
         FOR EACH OF THE THREE MONTHS IN THE PERIOD ENDED MARCH 31, 1998


<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES                                  1998           1997
                                                                    --------       ---------

<S>                                                                 <C>            <C>       
Net income (loss) from operations                                   $(25,189)      $(158,847)
Adjustments to reconcile net income
  (loss) to net cash provided by (used in) operating activties
   Realized loss (gain) on sale of trading
     securities                                                        8,382         (22,525)
   Unrealized loss (gain) in value
     of trading securities                                             8,476         176,405
   Decrease (Increase) in other receivables and
     current assets                                                      210             288
   Elimination of joint venture investment                               -               -
    (Decrease) increase in accounts payable and
     accrued liabilities                                                 -               -
                                                                    --------       ---------
       Net cash provided by (used in) continuing
        operating activities                                          (8,121)         (4,679)
                                                                    --------       ---------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase of marketable securities                                 (44,170)            -
   Proceeds from sale of marketable securities                        47,398          69,297
                                                                    --------       ---------
       Net cash provided by (used in) investing activities             3,228          69,297
                                                                    --------       ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Treasury Stock Purchase                                               -               -
                                                                    --------       ---------
       Net cash (used in)
        financing activities                                             -               -
                                                                    --------       ---------
Net increase (decrease) in cash and
   cash equivalents                                                   (4,893)         64,618
Cash and cash equivalents -
   Beginning of Period                                                48,682           7,317
                                                                    --------       ---------
Cash and cash equivalents -
   End of Period                                                    $ 43,789       $  71,935
                                                                    ========       =========

SUPPLEMENTAL DISCLOSURES OF NON-CASH
INVESTING AND FINANCING ACTIVITIES
   Preferred Stock Dividends Earned                                 $ 42,445       $  42,445
                                                                    ========       =========
</TABLE>


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



                                        5
<PAGE>   6
                               CADEMA CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                 THREE MONTHS IN THE PERIOD ENDED MARCH 31, 1998

(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 1998 or 1997, 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.

                                        6


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(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 SHARE BASIC AND DILUTED

     Net income (loss) per share is calculated in accordance with SFAS No. 128.
     Basic earnings per share is calculated using net income less preferred
     stock dividend, divided by the weighted overage number of shares of common
     stock outstanding during the period, stock options outstanding are not
     included. Diluted earnings per share extends this calculation include the
     dilutive effect of preferred stock, options and warrants. Currently, all
     Cadema preferred stock, options and warrants have an anti-dilutive effect,
     which by rule excludes them, and result in the two per share calculations
     being equal for this period.

(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.


                                        7


<PAGE>   8

(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. Negotiations are in process for the refinancing of the note. As
     collection of the note in 1998 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 70% 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 70% 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.

                                        8

<PAGE>   9

     RESULTS OF OPERATIONS

     There were no revenues in the first three months of 1998, as the Company's
     operating subsidiary Global Environmental Offshore Company had no revenue
     activity. In 1997, the operating activity of Global Environment Offshore
     Company produced no revenues in the same period.

     Operating expenses for the first three months of 1998 were $8,851 and
     represented administrative expenses of the parent Company. These expenses
     exceeded 1997 first quarter operating expense of $5,147.

     Other income in this first quarter totaled a loss of $16,338 as compared to
     a 1997 loss of $153,700. This contrast is due to a larger unrealized loss
     on the company's Investment Portfolio in 1997 as compared to the same
     period of 1998.

     The net loss applicable to common stock for the first quarter, after an
     accrual for a Preferred Stock dividend, was $67,634 or $.01 per share. For
     the same quarter of the prior year, poorer performance by the Company's
     securities portfolio resulted in a loss of $201,292 or $.02 per share to be
     recognized.


     LIQUIDITY AND CAPITAL RESOURCES

     Liquidity and working capital decreased by $16,188 to $519,692 in the first
     quarter of 1998 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


                                        9


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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:  May 7, 1998            By:  /s/ Roger D. Bensen
                                   ---------------------------------------------
                                        ROGER D. BENSEN
                                        Chairman of the Board and
                                        Chief Executive Officer


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