UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
        EXCHANGE ACT OF 1934
For the transition period from _____________________  to ______________________

                         Commission file number: 0-31641

                        SUPERCONDUCTIVE COMPONENTS, INC.
             (Exact name of registrant as specified in its charter)

                    OHIO                                       31-0121318
      (State or other jurisdiction of                       (I.R.S. Employer
       incorporation or organization)                      Identification No.)

                  1145 CHESAPEAKE AVENUE, COLUMBUS, OHIO 43212
          (Address of principal executive offices, including zip code)

                                 (614) 486-0261
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                          if changed since last report)

         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 the
filing requirements for at least the past 90 days. YES  X    NO
                                                       ---      ---

         State the number of shares outstanding of each of the registrant's
classes of common equity, as of the latest practicable date: 1,823,256 shares of
Common Stock, without par value, were outstanding at April 30, 2002.
<PAGE>


                                   FORM 10-QSB

                        SUPERCONDUCTIVE COMPONENTS, INC.

                                TABLE OF CONTENTS
                                -----------------
<TABLE>
<CAPTION>
                                                                                                 PAGE NO.
                                                                                                 --------
<S>                                                                                              <C>
PART I.  FINANCIAL INFORMATION

         Item 1.  Financial Statements.

                      Balance Sheets as of March 31, 2002 (unaudited)
                           and December 31, 2001                                                   3 - 4

                      Statements of Operations For the Three Months
                           Ended March 31, 2002 and 2001 (unaudited)                                 5

                      Statements of Cash Flows For the Three Months
                           Ended March 31, 2002 and 2000 (unaudited)                               6 - 7

                      Notes to Financial Statements (unaudited)                                   8 - 10


         Item 2.  Management's Discussion and Analysis of Financial
                      Condition and Results of Operations.                                         11-14

         Item 3.  Quantitative and Qualitative Disclosures About Market Risk                        N/A

PART II. OTHER INFORMATION

         Item 1.  Legal Proceedings.                                                                N/A

         Item 2.  Changes in Securities and Use of Proceeds.                                        N/A

         Item 3.  Defaults Upon Senior Securities.                                                  N/A

         Item 4.  Submission of Matters to a Vote of Security Holders.                              N/A

         Item 5.  Other Information.                                                                N/A

         Item 6.  Exhibits and Reports on Form 8-K.                                                 15

         Signatures.                                                                                16
</TABLE>


                                      - 2 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                                   BALANCE SHEETS

                                     ASSETS
                                     ------
<TABLE>
<CAPTION>
                                                                 MARCH 31,        DECEMBER 31,
                                                                   2002              2001
                                                                -----------       ------------
                                                                (UNAUDITED)
<S>                                                             <C>               <C>
CURRENT ASSETS
  Cash                                                          $    86,029       $   118,083
  Accounts and notes receivable
    Trade, less allowance for doubtful accounts of $16,000          374,005           365,141
    Related party receivables                                         6,572             4,616
    Employees                                                        15,161            15,625
    Other                                                             2,083            20,814
 Inventories                                                        877,059           857,992
 Prepaid expenses                                                    46,545            12,851
                                                                -----------       -----------
       Total current assets                                       1,407,454         1,395,122
                                                                -----------       -----------

PROPERTY AND EQUIPMENT,
 AT COST
  Machinery and equipment                                         2,326,182         2,306,128
  Furniture and fixtures                                             21,874            20,424
  Leasehold improvements                                            346,823           346,823
                                                                -----------       -----------
                                                                  2,694,879         2,673,375
  Less accumulated depreciation                                  (1,980,281)       (1,919,358)
                                                                -----------       -----------
                                                                    714,598           754,017
                                                                -----------       -----------









OTHER ASSETS
  Intangibles                                                        43,786            43,992
                                                                -----------       -----------









TOTAL ASSETS                                                    $ 2,165,839       $ 2,193,131
                                                                ===========       ===========
</TABLE>


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


                                        - 3 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                                 BALANCE SHEETS

                      LIABILITIES AND SHAREHOLDERS' EQUITY
                      ------------------------------------
<TABLE>
<CAPTION>
                                                                                      MARCH 31,        DECEMBER 31,
                                                                                         2002             2001
                                                                                     -----------       ------------
                                                                                     (UNAUDITED)
<S>                                                                                  <C>               <C>
CURRENT LIABILITIES
  Capital lease obligation, current portion                                          $    42,442       $    41,596
  Capital lease obligation, shareholder, current portion                                  30,784            25,161
  Note payable shareholders, current portion                                              46,000            34,000
  Accounts payable                                                                       313,459           318,954
  Accounts payable, shareholders                                                          15,060             7,426
  Accrued contract expenses                                                              141,787           179,748
  Accrued personal property taxes                                                         67,884            54,384
  Accrued expenses                                                                        68,375            42,450
                                                                                     -----------       -----------
        Total current liabilities                                                        725,791           703,719
                                                                                     -----------       -----------

CAPITAL LEASE OBLIGATION, NET OF
 CURRENT PORTION                                                                          92,958           103,865
                                                                                     -----------       -----------

CAPITAL LEASE OBLIGATION, SHAREHOLDER, NET OF
 CURRENT PORTION                                                                          37,644            43,267
                                                                                     -----------       -----------

NOTE PAYABLE SHAREHOLDERS, NET OF CURRENT
 PORTION                                                                                 122,270            84,270
                                                                                     -----------       -----------

REDEEMABLE CONVERTIBLE PREFERRED
STOCK (Series A)
 10% cumulative, nonvoting, no par value, $1,000 stated value, liquidation and
     mandatory redemption at stated value per share plus unpaid and accumulated
     dividends of $278.20 per share                                                      117,533           111,176
                                                                                     -----------       -----------

COMMITMENTS AND CONTINGENCIES                                                                  -                 -
                                                                                     -----------       -----------

SHAREHOLDERS' EQUITY
  Convertible preferred stock, Series B, 10% cumulative, nonvoting, no par
     value, $10 stated value, optional
      redemption at 103%                                                                 340,021           333,136
  Common stock, no par value, authorized 15,000,000
     shares; 1,823,256 shares issued and outstanding                                   6,368,466         6,366,966
  Additional paid-in capital                                                              33,885            47,127
  Accumulated deficit                                                                 (5,672,729)       (5,600,395)
                                                                                     -----------       -----------
                                                                                       1,069,643         1,146,834
                                                                                     -----------       -----------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                           $ 2,165,839       $ 2,193,131
                                                                                     ===========       ===========
</TABLE>


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


                                      - 4 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                            STATEMENTS OF OPERATIONS

                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                   ------------------------------------------

                                   (UNAUDITED)

                                                2002              2001
                                                ----              ----

SALES REVENUE                                $   714,148       $   889,744
CONTRACT RESEARCH REVENUE                         69,231           170,436
                                             -----------       -----------
                                                 783,379         1,060,180
                                             -----------       -----------

COST OF SALES REVENUE                            527,778           601,276
COST OF CONTRACT RESEARCH                         69,231           122,916
                                             -----------       -----------
                                                 597,009           724,192
                                             -----------       -----------

GROSS MARGIN                                     186,370           335,988

GENERAL AND ADMINISTRATIVE EXPENSES              212,607           145,252

SALES AND PROMOTIONAL EXPENSES                    41,513            65,968
                                             -----------       -----------

INCOME (LOSS) FROM OPERATIONS                    (67,750)          124,768
                                             -----------       -----------

OTHER INCOME (EXPENSE)

  Interest, net                                   (4,156)           (7,004)
  Miscellaneous, net                                (428)              886
                                             -----------       -----------
                                                  (4,584)           (6,118)
                                             -----------       -----------

INCOME (LOSS) BEFORE INCOME TAX                  (72,334)          118,650

INCOME TAX EXPENSE                                     -                 -
                                             -----------       -----------

NET INCOME (LOSS)                                (72,334)          118,650

DIVIDENDS ON PREFERRED STOCK                      (9,360)           (9,360)

ACCRETION OF REDEEMABLE CONVERTIBLE
 PREFERRED (SERIES A)                             (3,881)           (2,928)
                                             -----------       -----------

INCOME (LOSS) APPLICABLE TO COMMON
 SHARES                                      $   (85,575)      $   106,362
                                             ===========       ===========

EARNINGS PER SHARE - BASIC AND DILUTIVE
 (Note 2)

NET INCOME (LOSS) PER COMMON SHARE
  Basic                                      $     (0.05)      $      0.06
                                             ===========       ===========
  Dilutive                                   $     (0.05)      $      0.06
                                             ===========       ===========

WEIGHTED AVERAGE SHARES OUTSTANDING
  Basic                                        1,823,256         1,818,069
                                             ===========       ===========
  Dilutive                                     1,823,256         1,826,140
                                             ===========       ===========


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


                                      - 5 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                            STATEMENTS OF CASH FLOWS

                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                   ------------------------------------------

                                   (UNAUDITED)
<TABLE>
<CAPTION>
                                                                          2002           2001
                                                                          ----           ----
<S>                                                                    <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income (loss)                                                    $ (72,334)      $ 118,650
                                                                       ---------       ---------
  Adjustments to reconcile net income (loss) to net cash
   used in operating activities:
    Depreciation                                                          60,922          48,302
    Amortization                                                             743             610
    Inventory reserve                                                          -         (13,091)
    Provision for doubtful accounts                                       (3,000)              -
    Changes in operating assets and liabilities:
      (Increase) decrease in assets:
        Accounts receivable                                               12,876         (70,757)
        Inventories                                                      (19,067)       (193,967)
        Prepaid expenses                                                 (33,694)          4,996
        Other assets                                                        (537)         (8,567)
      Increase (decrease) in liabilities:
        Accounts payable                                                   2,138         120,946
        Accrued expenses                                                   1,464         (39,214)
                                                                       ---------       ---------
          Total adjustments                                               21,845        (150,742)
                                                                       ---------       ---------
              Net cash used in operating activities                      (50,489)        (32,092)
                                                                       ---------       ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchases of property and equipment                                    (21,504)        (74,025)
                                                                       ---------       ---------
              Net cash used in investing activities                      (21,504)        (74,025)
                                                                       ---------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Bank overdraft                                                               -               -
  Principal repayments on notes payable, bank                                  -               -
  Proceeds from note payable, shareholders                                50,000          (8,000)
  Principal payments on capital lease obligations                        (10,061)         (5,179)
  Principal payments on capital lease obligations, related party               -               -
  Proceeds from exercise of common stock options                               -           1,875
  Proceeds from the sale of common stock                                       -               -
  Proceeds from sale of common stock warrants                                  -               -
  Payment of cummulative dividends                                             -               -
  Redemption of Series A preferred stock                                       -               -
                                                                       ---------       ---------
              Net cash provided by (used in) financing activities         39,939         (11,304)
                                                                       ---------       ---------
</TABLE>


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


                                      - 6 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                      STATEMENTS OF CASH FLOWS (CONTINUED)

                   THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                   ------------------------------------------

                                  (UNAUDITED)
<TABLE>
<CAPTION>
                                                                                     2002            2001
                                                                                     ----            ----
<S>                                                                                 <C>            <C>
NET INCREASE (DECREASE) IN CASH                                                     (32,054)       (117,421)
CASH - Beginning of period                                                          118,083         202,406
                                                                                  ---------       ---------

CASH - End of period                                                              $  86,029       $  84,985
                                                                                  =========       =========

SUPPLEMENTAL DISCLOSURES OF CASH
 FLOW INFORMATION
  Cash paid during the years for:
    Interest                                                                      $   5,671           6,176
    Income taxes                                                                  $       -               -

SUPPLEMENTAL DISCLOSURES OF NONCASH
 INVESTING AND FINANCING ACTIVITIES

  Common stock was issued as partial payment for accounts payable                 $       -          19,000
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                      - 7 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.           BUSINESS ORGANIZATION AND PURPOSE

                  Superconductive Components, Inc. (the "Company") is an Ohio
                  corporation that was incorporated in May 1987. The Company was
                  formed to develop, manufacture and sell materials using
                  superconductive principles. Operations have since been
                  expanded to include the manufacture and sale of
                  non-superconductive materials. The Company's domestic and
                  international customer base is primarily in the research,
                  education, electronics and functional coatings industries.

NOTE 2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  The accompanying unaudited financial statements have been
                  prepared in accordance with generally accepted accounting
                  principles for interim financial information and with
                  instructions to Form 10-QSB and Article 10 of Regulation S-X.
                  Accordingly they do not include all of the information and
                  footnotes required by generally accepted accounting principles
                  for complete financial statements. In the opinion of
                  management, all adjustments considered necessary for fair
                  presentation of the results of operations for the periods
                  presented have been included. The financial statements should
                  be read in conjunction with the audited financial statements
                  and the notes thereto for the fiscal year ended December 31,
                  2001. Interim results are not necessarily indicative of
                  results for the full year.

                  The preparation of financial statements in conformity with
                  generally accepted accounting principles requires management
                  to make estimates and assumptions that affect the reported
                  amounts of assets and liabilities at the date of the financial
                  statements and the reported amounts of revenues and expenses
                  during the reporting period. Actual results could differ from
                  those estimates.

NOTE 3.           INVENTORY

                  Inventory is comprised of the following:

                                         MARCH 31,      DECEMBER 31,
                                           2002            2001
                                        -----------     ------------
                                        (unaudited)
                  Raw materials          $ 597,364       $ 562,327
                  Work-in-progress         128,202         121,908
                  Finished goods           189,282         211,546
                  Inventory reserve        (37,789)        (37,789)
                                         ---------       ---------
                                         $ 877,059       $ 857,992
                                         =========       =========


                                     - 8 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                          NOTES TO FINANCIAL STATEMENTS

NOTE 4.           COMMON STOCK AND STOCK OPTIONS

                  The following options were granted under the 1995 Stock Option
                  Plan during the period:

                   GRANT DATE            # OPTIONS GRANTED          OPTION PRICE
                   ----------            -----------------          ------------
                  March 5, 2002               100,000                 $ 1.55

NOTE 5.           EARNINGS PER SHARE

                  Basic income per share is calculated as income available to
                  common stockholders divided by the weighted average of common
                  shares outstanding. Diluted earnings per share is calculated
                  as diluted income available to common stockholders divided by
                  the diluted weighted average number of common shares. Diluted
                  weighted average number of common shares has been calculated
                  using the treasury stock method for Common Stock equivalents,
                  which includes Common Stock issuable pursuant to stock options
                  and Common Stock warrants. The following is provided to
                  reconcile the earnings per share calculations:
<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED MARCH 31,
                                                                     2002             2001
                                                                     ----             ----
<S>                                                              <C>               <C>
                  Income (loss) applicable to common shares      $   (85,575)      $   106,362
                                                                 ===========       ===========
                  Weighted average common shares
                    outstanding - basic                            1,823,256         1,818,069

                  Effect of dilutions stock options                        -             8,071
                                                                 -----------       -----------
                  Weighted average shares
                    outstanding - diluted                          1,823,256         1,826,140
                                                                 ===========       ===========
</TABLE>

NOTE 6.           SEGMENT REPORTING

                  The Company has, in the past, reported financial results in
                  terms of TMI and SCI segments. In the Company's Form 10-KSB
                  for the year ended December 31, 2001, the Company announced
                  that it would no longer report financial results separate for
                  the two divisions beginning in 2002. Accordingly, this report
                  does not report financial results separate for the two
                  divisions. It was management's opinion that a single
                  streamlined


                                     - 9 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

                          NOTES TO FINANCIAL STATEMENTS

                  company will benefit in the following areas: manufacturing
                  efficiencies and manufacturing cost containment; improved
                  sales through the merging of the strengths of the two material
                  businesses; and improvements in quality through increased
                  availability of analytical equipment and personnel.

NOTE 7.           RELATED PARTY TRANSACTIONS

                  The Company retained a related party to provide management
                  assistance for a fee of $14,550 per month beginning January
                  15, 2002. The term of this agreement shall be for six (6)
                  months, unless sooner terminated. Funding has been provided
                  for three (3) months beginning January 15, 2002.


                                     - 10 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

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

                  The following discussion should be read in conjunction with
                  the Financial Statements and Notes contained herein.

                  The following section contains forward-looking statements
                  within the meaning of the Private Securities Litigation Reform
                  Act of 1995. Any statements that express, or involve
                  discussions as to expectations, beliefs, plans, objectives,
                  assumptions or future events or performance (often, but not
                  always, through the use of words or phrases such as will
                  likely result, are expected to, will continue, is anticipated,
                  estimated, projection, outlook) are not statements of
                  historical fact and may be forward looking. Forward-looking
                  statements involve estimates, assumptions and uncertainties
                  that could cause actual results to differ materially from
                  those expressed in the forward-looking statements. These
                  forward-looking statements are based largely on the Company's
                  expectations and are subject to a number of risks and
                  uncertainties, including but not limited to economic,
                  competitive, regulatory, growth strategies, available
                  financing and other factors discussed elsewhere in this report
                  and in other documents filed by the Company with the SEC. Many
                  of these factors are beyond the Company's control. Actual
                  results could differ materially from the forward-looking
                  statements made. In light of these risks and uncertainties,
                  there can be no assurance that the results anticipated in the
                  forward-looking information contained in this report will, in
                  fact, occur.

                  Any forward-looking statement speaks only as of the date on
                  which such statement is made, and the Company undertakes no
                  obligation to update any forward-looking statement or
                  statements to reflect events or circumstances after the date
                  on which such statements are made or reflect the occurrence of
                  unanticipated events, unless necessary to prevent such
                  statements from becoming misleading. New factors emerge from
                  time to time and it is not possible for management to predict
                  all factors, nor can it assess the impact of each such factor
                  on the business or the extent to which any factor, or
                  combination of factors, may cause actual results to differ
                  materially from those contained in any forward-looking
                  statements.

                  RESULTS OF OPERATIONS

                  CRITICAL ACCOUNTING POLICIES

                  The preparation of financial statements and related
                  disclosures in conformity with accounting principles generally
                  accepted in the United States requires management to make
                  judgments, assumptions and estimates that affect the amounts
                  reported in the Financial statements and accompanying notes.
                  Note 2 to the Financial Statements in the Annual Report on
                  Form 10-K for the year ended December 31, 2001 describes the
                  significant accounting policies and methods used in the
                  preparation of the Financial Statements. Estimates are used
                  for, but not limited to, the accounting for the allowance for
                  doubtful accounts and inventory allowances. Actual results
                  could differ from these estimates. The following critical
                  accounting policies are impacted significantly by judgments,
                  assumptions and estimates used in the preparation of the
                  Financial Statements. The allowance for doubtful accounts is
                  based on our assessment of the collectibility of specific
                  customer accounts and the aging of the accounts receivable. If
                  there is a deterioration of a major


                                     - 11 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS (CONTINUED)

                  customer's credit worthiness or actual defaults are higher
                  than our historical experience, our estimates of the
                  recoverability of amounts due us could be adversely affected.
                  Inventory purchases and commitments are based upon future
                  demand forecasts. If there is a sudden and significant
                  decrease in demand for our products or there is a higher risk
                  of inventory obsolescence because of rapidly changing
                  technology and customer requirements, we may be required to
                  increase our inventory allowances and our gross margin could
                  be adversely affected.

                  To date, the Company has received revenue predominantly from
                  commercial sales, government research contracts and
                  non-government research contracts. The Company has incurred
                  cumulative losses of $5,672,728 from inception to March 31,
                  2002.

                  THREE MONTHS ENDED MARCH 31, 2002 (UNAUDITED) COMPARED TO
                  THREE MONTHS ENDED MARCH 31, 2001 (UNAUDITED):

                  REVENUES

                  Revenues for the three months ended March 31, 2002 were
                  $783,379 compared to $1,060,180, a decrease of $276,801 or
                  26.1% from the three months ended March 31, 2001.

                  Product revenues decreased to $714,148 in 2002 from $889,744
                  in 2001 or a decrease of 19.7%. The decrease in revenues is
                  largely due to the sale of tantalum and various scrap metals
                  in the first quarter of 2001.

                  Contract research revenues were $69,231 in 2002 as compared to
                  $170,436 in 2001. The Company was awarded a Phase I SBIR grant
                  from the National Science Foundation in January 2001 and
                  $50,000 of the grant is included in first quarter 2001
                  revenues. In addition, the first quarter 2001 includes
                  revenues from a Phase II SBIR grant from the National
                  Aeronautics and Space Administration. This grant ended March
                  31, 2001 and $73,125 of revenue was recognized in the first
                  quarter of 2001.

                  GROSS MARGIN

                  Total gross margin in 2002 was $186,370 or 23.8% of total
                  revenue compared to $335,988 or 31.7% in 2001.

                  Gross margin on product revenue was 26.1% in 2002 versus 32.4%
                  in 2001. The decrease is due to sales of scrap metal in the
                  first quarter of 2001.

                  Gross margin on contract research revenue was 0% for 2002
                  compared to 27.9% in 2001. The decrease in gross margin on
                  contract research was due to a Phase I SBIR grant from the
                  National Science Foundation, which began in January 2001, and
                  lower sub-contractor costs in the first quarter of 2001.

                  SELLING EXPENSE

                  Selling expense in 2002 decreased to $41,513 from $65,968 in
                  2001, a decrease of 37.1%. The decrease is due to a reduced
                  staff and lower commission expense compared to first quarter
                  2001.


                                     - 12 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS (CONTINUED)

                  GENERAL AND ADMINISTRATIVE EXPENSE

                  General and administrative expense in 2002 increased to
                  $212,607 from $145,252 or 46.4%. The increase in these costs
                  is due to an increase in staff and a decrease in funding for
                  contract research.

                  RESEARCH AND DEVELOPMENT EXPENSE

                  Internal research and development costs are expensed as
                  incurred. Research and development costs, including testing,
                  for 2002 was $44,459 compared to $27,447 in 2001, an increase
                  of 62.0%. Internal research and development costs increased
                  due to an increase in staff.

                  INTEREST EXPENSE

                  Interest expense was $5,671 for the quarter ended March 31,
                  2002 compared to $7,004 for the quarter ended March 31, 2001.

                  INCOME (LOSS) APPLICABLE TO COMMON SHARES

                  BASIC

                  Net income (loss) per common share based on the income (loss)
                  applicable to common shares for the three months ended March
                  31, 2002 and 2001 was $(0.05) and $0.06, respectively. The
                  income (loss) applicable to common shares includes the net
                  income (loss) from operations, Series A and B preferred stock
                  dividends and the accretion of Series A preferred stock. The
                  net income (loss) per common share from operations was $(0.04)
                  and $0.07, respectively. The difference between the net loss
                  from operations and the loss applicable to common shares of
                  $(0.01) and $(0.01), respectively, is a result of the
                  preferred position that the preferred shareholders have in
                  comparison to the common shareholders.

                  Dividends on the Series A and B preferred stock accrue at 10%
                  annually on the outstanding shares. Dividends on the Series A
                  preferred stock totaled $2,475 for each period. Dividends on
                  the Series B preferred stock totaled $6,885 for each period.

                  The accretion of Series A preferred stock represents issue
                  costs of $70,277 that were netted against the proceeds of
                  Series A preferred stock. The issue costs are being amortized
                  over the payout period of seven years of income (loss)
                  applicable to common shares and additional paid-in capital.
                  The accretion totaled $3,881 for the first quarter 2002 and
                  $2,928 for the first quarter 2001.

                  Basic earnings per common share for the three months ended
                  March 31, 2002 were $(0.05) per share with 1,823,256 average
                  common shares outstanding as compared to $0.06 per share and
                  1,818,069 weighted average common shares outstanding for the
                  three months ended March 31, 2001.


                                     - 13 -
<PAGE>


                        SUPERCONDUCTIVE COMPONENTS, INC.

ITEM 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                  AND RESULTS OF OPERATIONS (CONTINUED)

                  DILUTED

                  Diluted earnings per common share for the three months ended
                  March 31, 2002 were $(0.05) per share with 1,823,256 average
                  common shares outstanding as compared to $0.06 per share and
                  1,826,140 weighted average common shares outstanding for the
                  three months ended March 31, 2001. For the three months ended
                  March 31, 2002, all outstanding common stock equivalents are
                  anti-dilutive due to the net loss.

                  LIQUIDITY AND WORKING CAPITAL

                  At March 31, 2002, working capital was $681,663 compared to
                  $852,626 at March 31, 2001. The Company utilized cash from
                  operations for the three months ended March 31, 2002 and 2001
                  of approximately $50,000 and $32,000, respectively.
                  Significant non-cash items including depreciation and
                  inventory reserve on excess and obsolete inventory were
                  approximately $62,000 and $36,000, respectively, for the three
                  months ended March 31, 2002 and 2001. Overall, accounts
                  receivable, inventory, and prepaids increased in excess of
                  accounts payable and accrued expenses by approximately $37,000
                  and $186,000, respectively, as a result of timing of receipt
                  of inventory versus required scheduled payments on this
                  inventory and increased prepaid expenses.

                  For investing activities, the Company used cash of
                  approximately $22,000 and $74,000, for the three months ended
                  March 31, 2002 and March 31, 2001, respectively. The amounts
                  invested were used to purchase machinery and equipment for
                  increased production capacity.

                  For financing activity for the three months ended March 31,
                  2002, the Company provided cash of approximately $40,000. Cash
                  payments to third parties for capital lease obligations
                  totaled $10,000; proceeds from notes payable from shareholders
                  totaled $50,000.

                  For financing activity for the three months ended March 31,
                  2001, the Company utilized cash of approximately $11,000. Cash
                  payments to third parties for capital lease obligations
                  approximated $5,000; cash payments to shareholders totaled
                  $8,000; and cash proceeds for the exercise of stock options
                  totaled $1,875.

                  Officers of the Company have advanced funds in the form of
                  notes payable and accounts payable and guaranteeing bank debt
                  in the past. There is no commitment by these individuals to
                  continue funding the Company or guaranteeing bank debt in the
                  future. However, the Company believes that its current
                  operations and its pursuit of new financing arrangements will
                  allow management to continue to pursue its current plans.
                  However, the Company cannot be certain that it will be
                  successful in efforts to raise additional new funds.

                  INVESTORS ARE REFERRED TO AND SHOULD SPECIFICALLY CONSIDER THE
                  RISKS AND SPECULATIVE FACTORS INHERENT IN AND AFFECTING THE
                  BUSINESS OF THE COMPANY AND THE COMPANY'S COMMON STOCK AS SET
                  FORTH IN THE COMPANY'S 10-KSB FOR THE YEAR ENDED DECEMBER 31,
                  2001 AT PAGES 21-24.


                                     - 14 -
<PAGE>


                           PART II. OTHER INFORMATION

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K.

                  (a)      EXHIBITS.

EXHIBIT                                     EXHIBIT
NUMBER                                    DESCRIPTION
-------                                   -----------

 3(a)    *        Amended and Restated Articles of Incorporation of
                  Superconductive Components, Inc.

 3(b)    *        Restated Code of Regulations of Superconductive Components,
                  Inc.

10(a)    *        Lease Agreement between Superconductive Components, Inc. and
                  University Area Rentals dated as of February 7, 1997.

10(b)    *        Subcontract Agreement between Superconductive Components, Inc.
                  and The Ohio State University effective as of April 1, 2000.

10(c)    *        1987 Incentive Stock Option Plan.

10(d)    *        1991 Non-Statutory Stock Option Plan.

10(e)    *        1995 Stock Option Plan.

10(f)    **       License Agreement with Sandia Corporation dated February 26,
                  1996.

10(g)    **       Nonexclusive License with The University of Chicago (as
                  Operator of Argonne National Laboratory) dated October 12,
                  1995.

10(h)    **       Nonexclusive License with The University of Chicago (as
                  Operator of Argonne National Laboratory) dated October 12,
                  1995.

10(i)    **       Sales Distribution Agreement with Earth Chemical Co., Ltd.

10(j)    **       National Aeronautics Space Administration Contract dated April
                  8, 1999.

10(k)    **       National Science Foundation award dated August 26, 1999.

10(l)    **       National Science Foundation award dated November 27, 2000.

10(m)    **       10% Subordinated Promissory Note dated March 1, 1993.

10(n)    ***      National Science Foundation award dated August 2, 2001 .

10(o)    ****     Taratac Corporation consulting agreement dated January 29,
                  2002.

10(p)    ****     Promissory note dated March 18, 2002.

--------------
*        Filed with the Company's initial Form 10-SB on September 28, 2000.
**       Filed with the Company's Form 10-SB Amendment No. 1 on January 3, 2001.
***      Filed with the Company's Form 10KSB on April 1, 2002.
****     Filed with the Company's Form 10-QSB on May 9, 2002.

                  (b)      REPORTS ON FORM 8-K.

                           None.


                                     - 15 -
<PAGE>


                                   SIGNATURES

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


                                                SUPERCONDUCTIVE COMPONENTS, INC.


Date: May 9, 2002                               /s/ Daniel Rooney
                                                --------------------------------
                                                Daniel Rooney, President and
                                                Chief Executive Officer
                                                 (Principal Executive Officer)


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