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

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

                                 FORM 10-KSB/A-1

(Mark One)

/X/  ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934.

                    FOR THE FISCAL YEAR ENDED APRIL 30, 2000

/ /  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934.

                FOR THE TRANSITION PERIOD FROM _______ TO ______

                       COMMISSION FILE NUMBER: 001-12531

                               ISONICS CORPORATION
                 (Name of small business issuer in its charter)


         CALIFORNIA                                            77-0338561
(State or other jurisdiction of                               (IRS Employer
incorporation or organization)                              Identification No.)


          5906 MCINTYRE STREET
           GOLDEN, COLORADO                                        80403
(Address of principal executive offices)                         (Zip Code)


                    Issuer's telephone number: (303) 279-7900

    SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE EXCHANGE ACT: None

           SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
                           COMMON STOCK, NO PAR VALUE
                REDEEMABLE CLASS A COMMON STOCK PURCHASE WARRANTS
                     CLASS B COMMON STOCK PURCHASE WARRANTS
                REDEEMABLE CLASS C COMMON STOCK PURCHASE WARRANTS

                                (Title of Class)

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past twelve (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
   ---      ---

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB. Yes  X     No
                                          ---      ---

     Registrant's revenues for the fiscal year ended April 30, 2000 were
$12,733,000.

     The aggregate market value of the voting stock held by non-affiliates of
the Registrant based on the average bid and asked prices of the Registrant's
Common Stock on, July 14, 2000 was $14,127,360. Excludes approximately 7,985,652
shares of common stock held by Directors, Officers and holders of 5% or more of
the Registrant's outstanding Common Stock at July 14, 2000. Exclusion of shares
held by any person should not be construed to indicate that such person
possesses the power, direct or indirect, to direct or cause the direction of the
management or policies of the Registrant, or that such person is controlled by
or under common control with the Registrant. There is no non-voting common
equity of the Registrant.

     The number of shares outstanding of the Registrant's Common Stock, no par
value, as of July 14, 2000, was 10,972,160 shares. The following document is
incorporated by reference into Part III of this Form 10-KSB: Proxy Statement for
the annual meeting of shareholders to be held October 11, 2000.

     Transitional Small Business Disclosure Format (check one): Yes      No X
                                                                   ---     ---


This amendment is being filed to include the Part III information in Isonics'
Annual Report on Form 10-KSB for the year ended April 30, 2000, which was
omitted from the Annual Report and has been included in Isonics' definitive
proxy statement Isonics filed with the Securities and Exchange Commission on
August 29, 2000, for the annual meeting of shareholders to be held October 11,
2000.


                                    PART III

ITEM 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS, COMPLIANCE
WITH SECTION 16(a) OF THE EXCHANGE ACT

     Incorporated by reference from the definitive proxy statement Isonics filed
with the Securities and Exchange Commission on August 29, 2000, for the annual
meeting of shareholders to be held October 11, 2000.


ITEM 10. EXECUTIVE COMPENSATION

     Incorporated by reference from the definitive proxy statement Isonics filed
with the Securities and Exchange Commission on August 29, 2000, for the annual
meeting of shareholders to be held October 11, 2000.


ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     Incorporated by reference from the definitive proxy statement Isonics filed
with the Securities and Exchange Commission on August 29, 2000, for the annual
meeting of shareholders to be held October 11, 2000.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Incorporated by reference from the definitive proxy statement Isonics filed
with the Securities and Exchange Commission on August 29, 2000, for the annual
meeting of shareholders to be held October 11, 2000.