SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                   (Mark One)

[ X ]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                  ACT OF 1934
                  For the quarterly period ended March 31, 2002
                                       OR
   [ ]TRANSITION REPORT UNDER SECTION 13 OF 15(d) OF THE EXCHANGE ACT OF 1934

          From the transition period from ___________ to ____________.

                         Commission File Number 0-23819


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

                                Nevada 76-0547762
                                -----------------
  (State or other jurisdiction of incorporation or organization)(IRS Employer
                              Identification No.)


            1005 Metropolitan Avenue, Oklahoma City, Oklahoma 73108
            -------------------------------------------------------
                    (Address of principal executive offices)

                                 (405) 491-7300
                          ---------------------------
                          (Issuer's telephone number)

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

     Indicate  by  check  mark  whether  the  registrant  (1)  filed all reports
required  to be filed by Section 13 or 15(d) of the Exchange Act during the past
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
                                      ---     ---

As  of  March  31,  2002  15,962,400  shares  of Common Stock of the issuer were
outstanding,  4,000,000  of  which  were  held  in  treasury  by  Cole  Computer
Corporation.

<PAGE>
                            COLE COMPUTER CORPORATION
                                  FORM 10-QSB

                                      INDEX

                                     Part I

Item 1.     Financial Statements                                             F-3

Item 2.     Management's  Discussion  and  Analysis
              of Financial Condition and Results of Operations               F-7


                                    Part II

Item 1.     Legal Proceedings                                                F-8

Item 2:     Changes in Securities                                            F-8

Item 3:     Defaults Upon Senior Securities                                  F-8

Item 4:     Submission of Matters to a Vote of Security Holders              F-8

Item 5:     Other Information                                                F-8

Item 6:     Exhibits and Reports on Form 8-K                                 F-8

            Signatures                                                       F-9



                                      F-2
<PAGE>
                          PART I. FINANCIAL INFORMATION

Item  1.  Financial  Statements


                            COLE COMPUTER CORPORATION
                                  BALANCE SHEET
                                 March 31, 2002

                                     ASSETS
<TABLE>
<CAPTION>
Current  assets:
<S>                                                                 <C>
  Cash                                                              $   125,440
  Accounts  receivable-trade,  net  of  allowance  for
    doubtful accounts of $58,500                                        177,350
  Accounts receivable-affiliate                                          65,002
  Accounts receivable-other                                              86,475
  Product warranty receivable                                            63,837
  Inventory                                                             659,545
  Other current assets                                                   19,464
                                                                    -----------
     Total Current Assets                                             1,197,113

EQUIPMENT,  less  accumulated  depreciation
  of $259,269                                                           258,771
                                                                    -----------

     Total Assets                                                   $ 1,455,884
                                                                    ===========


                 LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)

Current  liabilities:
   Note payable to bank                                                 $90,000
   Current  portion  of  long-term  debt
     and capital lease obligations                                       24,375
   Current portion of long-term debt - affiliate                         48,000
   Accounts payable                                                     384,390
   Accounts payable - affiliate                                         773,234
   Accrued expenses                                                      91,851
                                                                    -----------
     Total Current Liabilities                                        1,411,850
                                                                    -----------

Long-term  debt,  net  of  current  portion:
  Long-term debt and capital leases                                      43,799
  Long-term debt - affliate                                             252,000
                                                                    -----------

     Total Long-Term Debt                                               295,799
                                                                    -----------

     Total Liabilities                                                1,707,649
                                                                    -----------

Commitments  and  contingencies                                               -

Stockholder's  Equity  (Deficit):

  Common  Stock,  $.001  par  value,  25,000,000
    shares  authorized,  15,962,400  shares
    issued and outstanding                                               15,962
  Paid in capital                                                     2,359,981
  Deficit                                                            (2,623,708)
                                                                    -----------

                                                                       (247,765)
  Less: treasury stock, 4,000,000 shares at cost                         (4,000)
                                                                    -----------

     Total Stockholders' Equity (Deficit)                              (251,765)
                                                                    -----------

     Total Liabilities and Stockholder's Equity (Deficit)           $ 1,455,884
                                                                    ===========
</TABLE>


            See accompanying notes to interim financial statements.

                                      F-3
<PAGE>
                            COLE COMPUTER CORPORATION
                              STATEMENTS OF INCOME
               For the Three Months Ended March 31, 2002 and 2001


<TABLE>
<CAPTION>
                                                     2002               2001
                                                 -----------        -----------
<S>                                              <C>                <C>
Revenues                                         $ 2,787,695        $ 2,717,835

Cost of sales                                      2,247,025          2,205,909
                                                 -----------        -----------

     Gross margin                                    540,670            511,926

Selling expenses                                     383,463            301,608
General and administrative                           148,823            187,716
Interest expense                                       7,293              2,785
                                                 -----------        -----------

     Income before income taxes                        1,091             19,817
                                                 -----------        -----------

Income  tax  expense  (benefit):
     Income tax expense                                3,354              7,927
     Income tax (benefit)                             (3,354)            (7,927)
                                                 -----------        -----------

                                                           -                  -
                                                 -----------        -----------

     Net income                                  $     1,091        $    19,817
                                                 ===========        ===========

Basic and diluted income per common share        $      0.00        $      0.00

Weighted average shares outstanding               15,962,400         15,457,400
</TABLE>

            See accompanying notes to interim financial statements.

                                      F-4
<PAGE>
                            COLE COMPUTER CORPORATION
                            STATEMENTS OF CASH FLOWS
               For the Three Months Ended March 31, 2002 and 2001


<TABLE>
<CAPTION>
                                                     2002               2001
                                                 -----------        -----------
Cash  Flows  from  Operating  Activities:
<S>                                              <C>                <C>
  Net income                                     $     1,091        $    19,817
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation                                    24,367             22,746
      Provision for bad debt                           2,500                  -
      Change in cash from operating assets
        and  liabilities:
        Accounts receivable-trade                     27,535            555,839
        Accounts receivable-affiliate                 12,340              3,097
        Accounts receivable-other                    (24,975)                 -
        Product warranty receivable                   23,347                  -
        Inventory                                     15,044           (18,280)
        Other current assets                            (432)             1,415
        Accounts payable                            (660,554)          (578,753)
        Accounts payable-affiliate                   (34,178)            13,064
        Accrued expenses                             (13,521)           (61,468)
                                                 -----------        -----------

     Net cash used in operating activities          (627,436)           (42,523)
                                                 -----------        -----------

Cash  Flows  from  Investing  Activities:
  Purchase of Equipment                               (5,302)            (6,875)
                                                 -----------        -----------

  Net cash used in investing activities               (5,302)            (6,875)
                                                 -----------        -----------

Cash  Flows  from  Financing  Activities:
  Proceeds from notes payable - affiliate            300,000                  -
  Principal payments on installment loan
    and  capital lease obligations                    (5,929)            (8,606)
                                                 -----------        -----------

  Net cash provided by (used in)
    financing activities                             294,071             (8,606)
                                                 -----------        -----------

Net decrease in cash                                (338,667)           (58,004)

Cash, beginning of period                            464,107            192,751
                                                 -----------        -----------

Cash, end of period                              $   125,440        $   134,747
                                                 ===========        ===========

Supplemental Disclosures of Cash Flow
  Information:
    Interest paid                                $     5,293        $     2,785
    Income taxes paid                            $         0        $         0
</TABLE>

            See accompanying notes to interim financial statements.

                                      F-5
<PAGE>
                            COLE COMPUTER CORPORATION
                NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS
                                 March 31, 2002


Note 1:  Presentation

The  balance  sheet  of  the  Company  as  of  March  31,  2002, and the related
statements  of  income  and cash flows for the three months ended March 31, 2002
and  2001  included  in the condensed financial statements have been prepared by
the  Company  without  audit.  In  the  opinion  of management, the accompanying
financial  statements  include  all adjustments (consisting of normal, recurring
adjustments)  necessary to summarize fairly the Company's financial position and
results  of  operations.  The  results  of operations for the three months ended
March  31,  2002 are not necessarily indicative of the results of operations for
the full year or any other interim period. The information included in this Form
10-QSB  should  be read in conjunction with Management's Discussion and Analysis
and  Financial  Statements   and   notes   thereto  included  in  Cole  Computer
Corporation's  December  31,  2001  Form  10-KSB.

Note 2:  Note Payable to Affiliate

In  January 2002, the Company borrowed $300,000 from an affiliated company. This
unsecured  note  bears  interest  at  a  rate  of  12% and is payable in monthly
installments  of  $4,000  for  24 months, with the remainder of $204,000 due and
payable  on  December  24,  2004.


















                                      F-6
<PAGE>
Item  2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS

The  following  discussion highlights our Company's performance and it should be
read  in  conjunction  with  the  financial statements (including related notes)
accompanying  this  Report.  Certain  statements contained herein may constitute
forward-looking   statements  within  the  meaning  of  the  Private  Securities
Litigation  Reform  Act  of  1995.  These  statements  are based on management's
current   expectations   and   are  subject   to  uncertainty  and   changes  in
circumstances.  Actual results may differ materially from those expectations due
to  changes  in  global politics, economics, business, competitors, competition,
markets and regulatory factors. More information about these factors has been or
will  be  contained in Cole's filings with the Security and Exchange Commission.

The  following  discussion highlights our Company's performance and it should be
read  in  conjunction  with  the  financial statements (including related notes)
accompanying  this  report.

During the first quarter of fiscal 2002, the Cole Computer Corporation continued
to  optimize  the  profitable  growth  strategy it began to execute during 2001.
Management  expects  to maintain this strategy of profitable growth with a focus
on  improving  overall  profitability  and  to  revenue  growth.

Cole  Computer's  management  will  continue  to  take  steps to manage expenses
relative  to general and administrative expenses as a percentage of net revenues
have  declined  for  four  consecutive  quarters, excluding elective write offs.

There  are  numerous  factors  that  affect  the  Company's  business  and  the
results  of  its  operations.  These  factors  include  general  economic  and
business  conditions;  the  level  of  demand  for  the  Company's  products and
services;  the  level  and  intensity  of competition in the technology industry
and  the  pricing  pressures  that have resulted;  the ability of the Company to
manage  its  inventory  levels to minimize excess inventory, declining inventory
values  and  obsolescence; the product, customer and geographic sales mix of any
particular  period;  the  Company's  ability to effectively manage its operating
costs;  all  of  which  has  affected  profitability.  With  all  this,  we have
maintained  a  degree  of  profitability.

We  experience  a  net profit before taxes of $1,091  in the 1st Quarter of 2002
as compared to 19,817 in same period of 2001.  This reduction is due to increase
in  selling  (labor)  expenses.

Our  retail  revenues  remained at about the same level with sales of $2,787,695
for  the  1st  Quarter  of  2002  as  compared  to $2,717,835 for the year 2001.
We have, however, increased our gross margin   0.56%  for  retail  sales  in 1st
Quarter  of  2002 when compared to 2001.  This increase in gross margin reflects
our  continued  focus  on  retail markets, which has a higher margin and greater
return  on  investment.

Selling  expenses  as  a  percentage  of  retail  sales  increased  to  14% from
11% in '01.  This  reflects  a  $31,000  increase  in advertising expenses and a
$17,000  increase  in  labor  costs

                                      F-7
<PAGE>

General and administrative costs as a percentage of retail sales decreased to 5%
from  7% in '01.  A $20,000 reduction in legal and accounting expenses helped to
decrease  general  and  administrative  costs  along with a $10,000 reduction in
telephone  costs.

A  $300,000  loan  was provided by Lasertech during the 1st Quarter 2002 to help
with  our  deficit  of  $214,737  in  working  capital  as  of  March  31, 2002.
Continued  profits  from  operations  coupled  with the current arrangement with
Lasertech for a product credit line will continue to make this a viable company.

OTHER  INFORMATION

ITEM  1:  Legal  Proceedings

None

ITEM  2:  Changes in Securities

None

ITEM  3:  Defaults Upon Senior Securities

None

ITEM  4:  Submission of Matters to a Vote of Security Holders

None

ITEM  5:  Other Information

None

ITEM  6:  Exhibits and Reports on Form 8-K

None

                                      F-8
<PAGE>


                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


                                            COLE  COMPUTER  CORPORATION

Date:  May 15, 2002
                                            By:/s/  Homer  O.  Cole  III,
                                               ---------------------------------
                                               Homer O. Cole, III
                                                 Director  and  CEO









                                      F-9