`FORM 10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For Quarter Ended December 31, 2001

Commission File Number: 33-6738-D

                         Eldorado Artesian Springs, Inc.
        (Exact name of registrant as specified in its charter as amended)

               Colorado                                  84-0907853
------------------------------------         --------------------------------
     (State or other jurisdiction of            (IRS Employer Identification No.)
              incorporation)                          Or organization)

294 Artesian Drive, Eldorado Springs, Colorado               80025
------------------------------------------   -----------------------------------
 (Address of principal executive offices)                  (Zip Code)

                                 (303) 499-1316
    -----------------------------------------------------------------------
              (Registrant's telephone number, including area code)

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 _____
    -----


Number  shares of common  stock  outstanding  at the  latest  practicable  date,
February 12, 2002: 2,995,495.









                         ELDORADO ARTESIAN SPRINGS, INC.




                                       INDEX
                                       -----

Part I - Financial Information
   Item 1 - Financial Statements

Balance Sheets December 31, 2001 (Unaudited) and March 31, 2001

Unaudited Income Statements For the Three Months and Nine Months Ended December 31, 2001 and December 31, 2000

Unaudited Statements of Cash Flows For the Nine Months Ended December 31, 2001 and December 31, 2000

Notes to Unaudited Financial Statements

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

Part II - Other Information

Signature Page







                         ELDORADO ARTESIAN SPRINGS, INC.

                                 Balance Sheets

                                                                 December 31,  March 31,
                                                                    2001         2001
                                                                 ----------   ----------
                                                                 (Unaudited)
                                     Assets
Current assets
  Cash .......................................................   $  138,736   $  141,332
  Accounts receivable
     Trade, net ..............................................      877,317      703,361
     Other ...................................................       12,574       60,241
  Inventories ................................................      197,740      217,478
  Prepaid expenses and other .................................       46,073       27,540
  Deposits ...................................................       69,411       89,197
  Deferred income taxes ......................................       18,165       18,165
                                                                 ----------   ----------
           Total current assets ..............................    1,360,016    1,257,314
                                                                 ----------   ----------

Property, plant & equipment - net ............................    5,448,783    2,180,674
                                                                 ----------   ----------

Notes receivable related party ...............................      410,000         --
Water rights - net ...........................................       98,162      101,154
Other, net ...................................................       99,873       45,061
                                                                 ----------   ----------
                                                                    608,035      146,215
                                                                 ----------   ----------

Total ........................................................   $7,416,834   $3,584,203
                                                                 ==========   ==========

                      Liabilities and Stockholders' Equity
Current liabilities
  Line-of-credit .............................................   $  130,000   $  290,716
  Accounts payable ...........................................      462,243      296,359
  Accrued expenses ...........................................      158,004      122,826
  Customer deposits ..........................................      106,903       88,707
  Current maturities of long-term debt .......................      528,291      301,907
                                                                 ----------   ----------
           Total current liabilities .........................    1,385,441    1,100,515

Long-term liabilities
  Long-term debt .............................................    3,653,870    1,141,604
  Deferred gain ..............................................      357,544         --
  Deferred income taxes ......................................      276,864       84,464
                                                                 ----------   ----------
           Total liabilities .................................    5,673,719    2,326,583
                                                                 ----------   ----------

Stockholders' equity
  Preferred stock, par value $.001 per share;
   10,000,000 shares authorized; 0 issued and ................         --           --
   outstanding
  Common stock, par value $.001 per share;
    50,000,000 shares authorized; 2,995,495 issued ...........        2,995        2,995
    and outstanding
  Additional paid-in capital .................................      984,656      984,656
  Retained earnings ..........................................      755,464      269,969
                                                                 ----------   ----------
                                                                  1,743,115    1,257,620
                                                                 ----------   ----------

                                                                 $7,416,834   $3,584,203
                                                                 ==========   ==========


                        See notes to financial statements.






                         ELDORADO ARTESIAN SPRINGS, INC.

                           Unaudited Income Statements

                                  For the Three Months Ended     For the Nine Months Ended
                                         December 31,                  December 31,
                                  --------------------------    --------------------------
                                      2001            2000          2001           2000
                                  -----------    -----------    -----------    -----------

Revenue
  Water and related ...........   $ 1,851,653    $ 1,309,599    $ 5,580,602    $ 4,386,645
  Pool ........................          --             --           93,845         83,042
  Rentals .....................       (16,672)        12,396         23,141         38,196
                                  -----------    -----------    -----------    -----------
   Net revenue ................     1,834,981      1,321,995      5,697,588      4,507,883

Cost of goods sold ............       344,582        190,053      1,134,657        827,967
                                  -----------    -----------    -----------    -----------

Gross profit ..................     1,490,399      1,131,942      4,562,931      3,679,916
                                  -----------    -----------    -----------    -----------

Operating expenses
  Salaries and related ........       731,669        589,893      2,050,847      1,845,606
  Administrative and general ..       254,714        195,580        892,893        675,606
  Delivery ....................       127,144         92,247        346,393        272,050
  Advertising and promotions ..       174,646        129,387        601,562        515,248
  Depreciation and amortization       104,185         88,825        274,805        267,297
                                  -----------    -----------    -----------    -----------
                                    1,392,358      1,095,932      4,166,500      3,575,807
                                  -----------    -----------    -----------    -----------

Operating income ..............        98,041         36,010        396,431        104,109
                                  -----------    -----------    -----------    -----------

Other income (expense)
  Interest income - related
   party ......................         7,504            951         10,014          6,269
  Gain on sale of asset .......          --             --          519,937           --
  Interest expense ............       (77,320)       (33,779)      (171,988)      (103,644)
                                  -----------    -----------    -----------    -----------
                                      (69,816)       (32,828)       357,963        (97,375)
                                  -----------    -----------    -----------    -----------

Income before income taxes ....        28,225          3,182        754,394          6,734

Provision for income taxes ....         7,500          1,114        268,900          2,357
                                  -----------    -----------    -----------    -----------

Net income ....................        20,725          2,068    $   485,494    $     4,377
                                  ===========    ===========    ===========    ===========

Basic earnings per common share   $      0.01    $      0.00    $      0.16    $      0.00
                                  ===========    ===========    ===========    ===========

Weighted average number of
shares outstanding ............     2,995,495      2,995,495      2,995,495      2,995,495
                                  ===========    ===========    ===========    ===========


                        See notes to financial statements.






                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Cash Flows

                                                              Nine Months Ended
                                                                 December 31,
                                                           ----------------------
                                                              2001         2000
                                                           ---------    ---------
Cash flows from operating activities
  Net income ...........................................   $ 485,495    $   4,377
                                                           ---------    ---------
  Adjustments  to  reconcile  net  income  to  net  cash
   provided by operating activities
   Depreciation and amortization .......................     274,805      267,297
   Gain on the sale of fixed assets ....................    (519,937)        --
   Accrued interest on related party note receivable ...     (10,000)        --
   Deferred income taxes ...............................     192,400         --
   Changes in certain assets and liabilities
     Accounts receivable ...............................    (126,289)    (111,328)
     Inventories .......................................      19,738      (12,521)
     Prepaid expenses and other ........................     (18,533)      18,031
     Deposits ..........................................      19,786         --
     Accounts payable ..................................     165,884       90,855
     Accrued expenses ..................................      35,178      (44,173)
     Customer deposits .................................      18,196      (26,038)
                                                           ---------    ---------
                                                              51,228      182,123
                                                           ---------    ---------
      Net cash provided by operating activities ........     536,723      186,500
                                                           ---------    ---------

Cash flows from investing activities
  Proceeds from sale of property .......................     500,000         --
  Purchase of property and equipment ...................    (581,027)    (337,617)
  Purchases of other assets ............................     (40,170)     (87,700)
                                                           ---------    ---------
      Net cash flows used in investing activities ......    (121,197)    (425,317)
                                                           ---------    ---------

Cash flows from financing activities
  Proceeds from line of credit .........................     130,000      292,264
  Payments on long-term debt ...........................    (257,406)    (281,850)
  Stock offering costs .................................        --        (87,431)
  Payments on line-of-credit ...........................    (290,716)        --
                                                           ---------    ---------
      Net cash flows used in financing activities ......    (418,122)     (77,017)
                                                           ---------    ---------

Net decrease in cash ...................................      (2,596)    (315,834)

Cash-- beginning of period .............................     141,332      360,644
                                                           ---------    ---------

Cash-- ending of period ................................   $ 138,736    $  44,810
                                                           =========    =========


Supplemental disclosures of cash flow information:
     Cash paid for  interest  for the nine months  ended  December  31, 2001 and
     December 31, 2000 was $171,988  and  $103,644  respectively.  Cash paid for
     interest for the three months ended December 31, 2001 and December 31, 2000
     was $114,556 and $71,654, respectively.

Supplemental disclosures of noncash investing and financing activities:
     During  the nine  months  ended  December,  2001 and  2000,  equipment  was
     acquired  through a capital lease for $154,056 and $197,604,  respectively.
     During the nine months ended December 31, 2001, notes payable of $2,842,000
     were entered  into for the  purchase of real estate,  and real estate sales
     were made for cash and $400,000 in notes  receivable  related  party.  This
     sale resulted in a gain of $877,481 of which $357,544 has been deferred.

                       See notes to financial statements.






                         ELDORADO ARTESIAN SPRINGS, INC.

                     Notes to Unaudited Financial Statements


Note 1 - Summary of Significant Accounting Policies

Interim Unaudited Financial Statements

The interim  financial  statements  are  unaudited  and reflect all  adjustments
(consisting only of normal recurring  adjustments)  which are, in the opinion of
management,  necessary for a fair  presentation  of the  financial  position and
operating  results for the interim  periods.  The results of operations  for the
three and nine  months  ended  December  31,  2001 and 2000 are not  necessarily
indicative of the results of the entire year. The financial  statements included
herein are  presented in  accordance  with the  requirements  of Form 10-QSB and
consequently  do not  include  all  of  the  disclosures  normally  made  in the
registrant's  annual Form 10-KSB filing.  These financial  statements  should be
read in conjunction with the financial statements and notes thereto contained in
the Company's Form 10-KSB for the year ended March 31, 2001.


Note 2 - Asset Purchase on Sales

New Facility Purchase

In November 2000, the Company entered into an agreement for the purchase of land
and the  construction of a bottling and distribution  facility.  In August 2001,
the Company  closed on the  purchase  of the  facility  contract  for a price of
approximately  $3,400,000.  The  Company  received  bank  financing  for the new
facility  in the  amount of  $2,842,000,  with a term of  twenty-five  years and
interest at prime plus 0.75%, subject to other defined terms and conditions.  In
addition, the Company paid the unfinanced portion in cash.

Sale of Real Estate

In August 2001, the Company entered into an agreement to sell certain parcels of
real estate to three senior  executives  of the Company for a total of $900,000.
The Company  received cash from the sale of $500,000.  The Company also provided
60 month carry back  financing  of $400,000  with  interest at 7.5% due annually
that has been recorded as notes receivable related party and includes $10,000 of
accrued  interest at December 31, 2001. The carry back financing is secured by a
junior deed of trust on each  property  with the senior  lender  holding a first
deed of  trust.  The  Company  recognized  a gain on the  real  estate  sales of
$519,937 and deferred an additional $357,544 of gain as required by the terms of
the carry back note.

Note 3 - Operating Leases

Additional Leases

The  Company  entered  into  lease   obligations   that  required   payments  of
approximately $8,700 per month through the fall of 2006. These lease obligations
were for additional bottling equipment at the new facility.


Note 4 - Stockholders' Equity

Stock Option Plan

On May 1, 2001,  the  Company  granted  17,500  options to  employees  under the
Company's  1997 Stock  Option Plan to purchase  common stock at $1.75 per share,
fair market value at the date of the grant.


Note 5 - Recently Issued Accounting Pronouncements

In June 2001, the Financial  Accounting  Standards  Board issued FASB Statements
141 and 142. These  statements,  among other items, deal with the accounting for
business acquisitions and intangible assets including goodwill. The Company will
be adopting these accounting pronouncements on April 1, 2002. Among other items,
these new standards  will change the  accounting  for  amortization  of goodwill
expense and the impairment of goodwill in a manner different than they have been
in the past. The Company has not entered into business combinations and does not
have any goodwill  recorded on its  financial  statements.  The Company does not
believe these accounting pronouncements will have any effect on existing Company
assets.







                         ELDORADO ARTESIAN SPRINGS, INC.

Item 2: MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

This filing contains certain  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933 and  Section  21E of the  Securities
Exchange  Act  of  1934  and  the  Company  intends  that  such  forward-looking
statements be subject to the safe harbors created thereby. These forward-looking
statements include the plans and objectives of management for future operations,
including  plans and  objectives  relating  to  services  offered  by and future
economic performance of the Company.

The forward-looking statements included herein are based on current expectations
that involve a number of risks and uncertainties that might adversely affect the
Company's  operating  results in the future in a  material  way.  Such risks and
uncertainties include but are not limited to the following: availability of debt
and equity financing,  interest rate fluctuations,  effects of regional economic
and market conditions,  ability to purchase  additional water rights,  labor and
marketing costs,  operating costs, packaging costs, intensity of competition and
legal claims.

Overview

Eldorado  Artesian  Springs,  Inc. is a Colorado based company that is primarily
involved in the bottling and marketing of natural  artesian  spring  water.  The
spring is  located in the  foothills  of the  Colorado  Rocky  Mountains  and is
surrounded  by thousands  of acres of state and city park land,  assuring a well
protected  source.  The  artesian  springs  located on the  Company's  property,
emanate from one of the most unique geologic  sources in the world. The water is
naturally purified as it rises up through many layers of sandstone under its own
artesian  pressure.  Eldorado  Artesian Spring water is bottled at the source in
its  natural  state  and is  not  chemically  treated  in  any  way.  Currently,
Eldorado's operations consist of its home/commercial  delivery business (5 and 3
gallon bottles) and the PET (polyethylene terephtalate,  a premium clear plastic
container) consumer business.

According to the Bottled  Water  Reporter  (April/May  2001)  beverage  industry
analysts  reveal that bottled water is the fastest growing major category in the
entire industry.  The bottled water industry as whole is a $5.7 billion business
and is currently growing at a rate of 9% to 10% per year. The PET segment of the
bottled water industry is currently a $1.9 billion  business and is growing at a
much faster rate (at an  estimated  25% to 35% per year) than the  industry as a
whole. The bottled water market is currently at 5.0 billion gallons per year and
analysts  estimate  that the bottled  water  industry  will  surpass 7.0 billion
gallons by 2005.

The Company has  experienced  growth in the most recent years that  necessitated
the need for additional  office space and warehouse  space.  In January of 2001,
the Company began  construction of a new facility in Louisville,  Colorado about
10 miles from Eldorado  Springs.  The new warehouse space consists of a total of
approximately  38,000 square feet. The facility was completed in August 2001 and
the Company  began to operate on a limited basis out of the new facility at that
time. The company  initially moved all office personnel to the new facility.  In
addition,  the delivery  trucks also began operating out of the new facility and
the  products  were  transported  between  Eldorado  and  the  new  facility  in
Louisville. By December 2001, the Company moved all of the bottling lines to the
new  facility.  At this time,  the water is  transported  to the new facility in
stainless steel tanker trucks.

Once at the new  facility the water is then  transferred  into  stainless  steel
holding tanks until it is used for bottling.

Results of Operations

Net revenues for the nine months ended December 31, 2001 increased $1,187,705 or
26.4%  compared to the same period ended December 31, 2000. Net revenues for the
three months ended December 31, 2001 increased $512,986 or 38.8% compared to the
same period ended  December  31,  2000.  Five and three  gallons  product  sales
increased 18.6% for the nine months ended December 31, 2001 compared to the same
period of fiscal 2000. Sales of the one gallon products  increased 34.4% for the
nine months ended  December 31, 2001 compared to the same period of fiscal 2000.
Sales of the PET  products  (1.5  liters  and  smaller)  generated  the  largest
percentage  increase and increased  42.7% for the nine months ended December 31,
2001 compared to the same period of fiscal 2000.  Five and three gallon  product
sales  account  for 66.2% of net  revenues,  PET  products  account for 20.6% of
revenues and one gallon products account for 9.5% of revenues.

For the nine months ended  December  31, 2001 cost of goods sold was  $1,134,657
compared to $827,967 for the nine months ended  December 31, 2000. For the three
months  ended  December  31, 2001 costs of goods sold was  $344,582  compared to
$190,053 for the three months ending  December 31, 2000.  Resulting gross profit
was 80.1% of revenues for the nine months ended  December 31, 2001 compared with
a gross  profit of 81.6% for the nine months  ended  December  31,  2000.  Gross
profit  increased  24.0% from  $3,679,916 for the nine months ended December 31,
2000 to  $4,562,931  for the nine months ended  December 31, 2001.  Gross profit
increased 31.7% for the three months ended December 31, 2001.

Operating  expenses for the nine months ended December 31, 2001 increased  16.5%
to $4,166,500  from $3,575,807 for the same period of fiscal 2000. For the three
months ended December 31, 2001,  operating  expenses increased 27.0% compared to
the same period of fiscal 2000.  Salaries and related  expenses  increased 11.1%
for the nine months ended December 31, 2001.  Salaries and related expenses were
$2,050,847  or 36.0% of  sales  for the nine  months  ended  December  31,  2001
compared to $1,845,606 or 40.9% of sales for the same period of fiscal 2000. For
the three months ended December 31, 2001 salaries and related expenses increased
24.0%  compared to the three  months ended  December  31, 2000.  The increase in
salaries  and related  expenses is due to the  increase in revenues for the same
period and the  increased  wages  involved in obtaining  and  servicing  new and
existing customers. The increase in salaries and related expenses is also due to
the additional costs of operating at the location in Eldorado Springs as well as
the new facility in Louisville. The Company anticipates that the move to the new
bottling facility will result in more efficient operations.

For the nine months ended December 31, 2001 advertising and promotional expenses
were  $601,562 or 10.6% of sales  compared to $515,248 or 11.4% of sales for the
same  period of fiscal  2000.  For the three  months  ended  December  31,  2001
advertising and promotional  expenses were $174,646 or 9.5% of sales compared to
$129,387 or 9.8% of sales for the same period of fiscal 2000. Management expects
that advertising and promotional expenses will remain at the historical level of
approximately  10%  of  annual  sales  in  order  to  continue  increase  market
penetration and brand awareness.

Delivery  expenses  increased  27.3% to  $346,393  or 6.1% of sales for the nine
months ended  December 31, 2001 compared to $272,050 or 6% of sales for the same
period ended  December 31,  2000.  For the three months ended  December 31, 2001
delivery  expenses  increased  37.8% compared to the same period of fiscal 2000.
Delivery  costs  increased  due  to the  increase  in  revenues  and  the  costs
associated with the operation of delivery vehicles.

General and administrative  expenses for the nine months ended December 31, 2001
increased  32.2% to $892,893  from  $675,606 for the same period of fiscal 2000.
For the three months ended December 31, 2001 general and administrative expenses
increased $59,134 or 30.2%. The increase in general and administrative  expenses
is due to the increase in revenues.  The increase in general and  administrative
expenses is also due to the additional  costs incurred by the Company related to
the move to the new  facility.  The  Company  expects  that these costs will not
continue  in the future  when all  operations  are at the new  facility  and the
savings and operational efficiencies can be fully realized.

Depreciation and amortization  increased 2.8% for the nine months ended December
31, 2001.  Eldorado continues to purchase additional  equipment  associated with
the increase in additional home and commercial  accounts.  In addition,  the new
facility  that  was  recently  purchased  has  added to  depreciation  expenses.
Depreciation  and  amortization  expenses for the nine months ended December 31,
2001 were 4.8% of sales  compared  to 5.9% of sales  for the nine  months  ended
December 31, 2000.

Eldorado's  net  income for the first nine  months of fiscal  2001 was  $485,494
compared to $4,377 for the nine months ended  December 31, 2000. The increase in
net income was directly related to operating results and the sale of real estate
by the Company in August 2001.

Liquidity and Capital Resources

Trade accounts receivable for the nine months ended December 31, 2001 were 24.7%
higher than at the year ended March 31, 2001. Days sales outstanding at December
31, 2001 was approximately 43 days compared to approximately 49 days at December
31, 2000.

Cash flow from  operating  activities  was  $536,723  for the nine months  ended
December 31, 2001 as compared to cash flow of $186,500 for the nine months ended
December  31,  2000,  an increase of  $350,223.  The increase in cash flows is a
result of the  increase in net income for the nine  months  ended  December  31,
2001.

Cash flow used in  investing  activities  had a net outflow of $121,197  for the
nine month ended December 31, 2001 compared to a net outflow of $425,317 for the
same period ended December 31, 2000. The Company  recently moved operations to a
new facility and incurred approximately $581,000 in expenses for the purchase of
equipment  for   operations.   The  purchase  price  of  the  new  facility  was
approximately  $3,400,000 of which the Company  received  bank  financing in the
amount of $2,842,000 and paid the unfinanced  portion in cash. In addition,  the
Company  sold  property  valued at $900,000  and  received  $500,000 in cash and
provided  carry back financing of $400,000.  The Company  realized a gain on the
sale of $877,481, of which $357,544 was deferred.

Cash flows used in financing  activities resulted in a cash outflow of $418,122.
The Company made payments on an  outstanding  line of credit as well as payments
on long-term  debt. The Company's cash balance at December 31, 2001 decreased by
$2,596 from March 31, 2001.

On May 19, 1998,  the Company  registered  875,000 shares of common stock of the
Company  pursuant to the 1997 stock option plan. The plan provides for the grant
of stock options to employees,  directors and consultants of the Company.  As of
December 31, 2001, 558,000 options were outstanding,  of which 371,200 are fully
vested.  All of the options were granted at an option price representing 100% of
the fair  market  value on the date of the grant as  determined  by the Board of
Directors.








                         ELDORADO ARTESIAN SPRINGS, INC.



PART II-- OTHER INFORMATION


Item 1.  Legal Proceedings

No legal  proceedings  have been filed on behalf of or against the Company,  nor
have any claims been made.

Item 2.  Changes in Securities

None

Item 3.   Defaults Upon Senior Securities

There have been no defaults on any  securities.  The Company has no  obligations
with regard to dividends and no preferred stock.

Item 4.  Submission of Matters to a Vote of the Security Holders

None

Item 5.  Other Information

None

Item 6.  Exhibits and Reports on Form 8-K

None








                                   Signatures

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



ELDORADO ARTESIAN SPRINGS, INC.

By: /s/ Douglas Larson
Douglas A. Larson, President

By: /s/ Kevin  M. Sipple
Kevin M. Sipple, Secretary

By: /s/Cathleen Collins-Shoenfeld
Cathleen Collins-Shoenfeld, Chief Financial Officer`