`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 September 30, 2002

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 incorporation)  IRS Employer Identification No.)
                                                       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,
October 25, 2002: 2,995,495.





                         ELDORADO ARTESIAN SPRINGS, INC.




                                      INDEX


Part I - Financial Information
   Item 1 - Financial Statements

      Balance Sheets as of September 30, 2002 (Unaudited) and March 31, 2002

      Unaudited Statements of Operations For the Three and Six Months Ended
      September 30, 2002 and September 30, 2001

      Unaudited Statements of Cash Flows For the Three and Six Months Ended
       September 30, 2002 and September 30, 2001

      Notes to Unaudited Financial Statements

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

Item 3 - Controls and Procedures

Part II - Other Information

Signature Page





                         ELDORADO ARTESIAN SPRINGS, INC.
                                 Balance Sheets

                                                     September 30,   March 31,
                                                         2002          2002
                                                     -------------  ----------
                                                      (Unaudited)
                                     Assets
Current assets
  Cash .............................................   $  121,546   $   79,759
  Accounts receivable
     Trade, net ....................................      884,248      772,512
     Other .........................................       11,047       12,497
  Inventories ......................................      233,498      200,574
  Prepaid expenses and other .......................       17,307       31,230
  Deposits .........................................       24,995       22,911
  Deferred income taxes ............................       29,064       29,064
                                                       ----------   ----------
           Total current assets ....................    1,321,705    1,148,547
                                                       ----------   ----------
Non-current assets
  Property, plant and equipment - net ..............    5,344,056    5,369,082
  Notes receivable - related party .................      432,500      417,500
  Water rights - net ...............................       94,796       97,040
  Other - net ......................................       93,724       97,813
                                                       ----------   ----------
           Total non-current assets ................    5,965,076    5,981,435
                                                       ----------   ----------
Total ..............................................   $7,286,781   $7,129,982
                                                       ==========   ==========
                      Liabilities and Stockholders' Equity
Current liabilities
  Line of credit ...................................   $  287,000   $     --
  Accounts payable .................................      151,194      328,073
  Accrued expenses .................................      255,586      207,279
  Income taxes payable .............................       46,600       84,373
  Customer deposits ................................       72,063       53,924
  Current portion of capital lease obligations .....      127,420      157,915
  Current portion of long-term debt ................      122,329      122,329
                                                       ----------   ----------
           Total current liabilities ...............    1,062,192      953,893

Non-current liabilities
  Capital lease obligations, less current portion ..      172,835      120,883
  Long-term debt, less current portion .............    3,575,588    3,665,742
  Deferred tax liability ...........................      287,737      287,737
  Deferred gain on the sale of real estate .........      357,544      357,544
                                                       ----------   ----------
           Total non-current liabilities ...........    4,393,704    4,431,906
                                                       ----------   ----------
           Total liabilities .......................    5,455,896    5,385,799
                                                       ----------   ----------
Commitments and contingency

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
    and outstanding ................................        2,995        2,995
  Additional paid-in capital .......................      984,656      984,656
  Retained earnings ................................      843,234      756,532
                                                       ----------   ----------
                                                        1,830,885    1,744,183
                                                       ----------   ----------
Total ..............................................   $7,286,781   $7,129,982
                                                       ==========   ==========

                       See notes to financial statements.



                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Operations

                                  For the Three Months Ended    For the Six Months Ended
                                      September 30,                September 30,
                                  --------------------------    ------------------------
                                      2002            2001           2002         2001
                                  ----------       ---------    -------------  ----------
Revenue
  Water and related               $2,193,149       $2,042,719     $ 4,167,645  $3,728,949
  Pool                                68,472           66,242         106,124      93,845
  Rentals                              3,000           24,740           6,000      39,813
                                  ----------       ----------     -----------  ----------
   Net revenue                     2,264,621        2,133,701       4,279,769   3,862,607

Cost of goods sold                   425,379          433,707         832,075     790,075
                                  ----------       ----------     -----------  ----------
Gross profit                       1,839,242        1,699,994       3,447,694   3,072,532
                                  ----------       ----------     -----------  ----------
Operating expenses
  Salaries and related               824,305          692,297       1,556,671   1,319,178
  Administrative and general         310,456          360,060         678,302     630,679
  Delivery                           144,402          125,870         273,301     219,249
  Advertising and promotions         210,611          248,257         441,194     426,916
  Depreciation and amortization      129,952           90,286         257,058     170,620
                                  ----------       ----------     -----------  ----------
                                   1,619,726        1,516,770       3,206,526   2,766,642
                                  ----------       ----------     -----------  ----------
Operating income                     219,516          183,224         241,168     305,890
                                  ----------       ----------     -----------  ----------
Other income (expense)
  Interest income                      5,008            2,510          12,510       2,510
  Gain on sale of asset                    -          519,937               -     519,937
  Interest expense                   (64,189)         (57,433)       (120,376)    (94,668)
                                  ----------       ----------     -----------  ----------
                                     (59,181)         465,014        (107,866)    427,779
                                  ----------       ----------     -----------  ----------
Net income before provision
for income taxes                     160,335          648,238         133,302     733,669

Provision for income taxes
  Current                             56,600           50,870          46,600      76,500
  Deferred                                 -          192,400               -     192,400
                                  ----------       ----------     -----------  ----------
                                      56,600          243,270          46,600     268,900
                                  ----------       ----------     -----------  ----------
Net income                           103,735          404,968        $ 86,702    $464,769
                                  ==========       ==========     ===========  ==========
Basic and diluted earnings per
common share                      $     0.03      $      0.14      $     0.03  $     0.16
                                  ==========       ==========     ===========  ==========
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

                                                                  Six Months Ended
                                                                   September 30,
                                                            --------------------------
                                                               2002             2001
                                                            ----------      ----------
Cash flows from operating activities
  Net income                                                $   86,702      $  464,769
                                                            ----------      ----------
  Adjustments  to  reconcile  net  income  to  net  cash
   provided by operating activities
   Depreciation and amortization                               257,058         170,620
   Accrued interest on related party note receivable           (15,000)             -
   Gain on the sale of fixed assets                                  -        (519,937)
      Deferred income taxes                                          -         192,400
   Changes in certain assets and liabilities
     Accounts receivable                                      (110,286)       (147,712)
     Inventories                                               (32,924)        (30,788)
     Prepaid expenses and other                                 13,923              -
     Deposits                                                   (2,084)        (31,532)
     Accounts payable                                         (176,879)        183,202
     Accrued expenses                                           48,307          85,971
     Customer deposits                                          18,139          17,955
     Income taxes payable                                      (37,773)             -
                                                            ----------      ----------
                                                               (37,519)        (79,821)
                                                            ----------      ----------
      Net cash provided by operating activities                 49,183         384,948
                                                            ----------      ----------
Cash flows from investing activities
  Proceeds from sale of property                                     -         500,000
  Purchases of property and equipment                         (108,018)       (452,387)
  Purchases of other assets                                          -         (60,328)
                                                            ----------      ----------
      Net cash flows used in investing activities             (108,018)        (12,715)
                                                            ----------      ----------
Cash flows from financing activities
  (Proceeds) Payments on line of credit                        287,000        (290,716)
  Payments on long-term obligations                           (186,378)       (162,268)
                                                            ----------      ----------
      Net cash flows provided by (used in) financing
       activities                                              100,622        (452,984)
                                                            ----------      ----------
Net increase (decrease) in cash                                 41,787         (80,751)

Cash - beginning of period                                      79,759         141,332
                                                            ----------      ----------
Cash - end of period                                        $  121,546      $   60,581
                                                            ==========      ==========
Supplemental disclosures of cash flow information:
     Cash paid for  interest  for the six months  ended  September  30, 2002 and
          September 30, 2001 was $120,376 and $94,668 respectively.
Supplemental disclosures of noncash investing and financing activities:
     During the six months  ended  September  30, 2002 and 2001,  equipment  was
          acquired   through  a  capital   lease  for   $117,681   and  $48,096,
          respectively.

                       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 six  months  ended  September  30,  2002 and 2001 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, 2002.

Note 2 - Stockholders' Equity

Stock Option Plan

On May 1, 2002,  the  Company  granted  18,000  options to  employees  under the
Company's  1997 Stock  Option Plan to purchase  common stock at $2.00 per share,
fair market value at the date of the grant.


Note 3 - Related Party Transactions

During  the year ended  March 31,  2002,  the  Company  sold real  estate to two
officers of the Company.  The Company received  $500,000 cash and notes totaling
$400,000 in exchange for the real estate. The collateral on the notes receivable
included a junior  deed of trust on the  properties  and shares of common  stock
held by the  officers.  During  the  quarter  ended  June 30,  2002,  the  Board
determined  that  250,000  shares  of common  stock of the  Company  pledged  as
collateral by each of the officers was  sufficient  collateral  and released the
junior deeds of trust on the  properties.  The  increases in notes  receivable -
related party are attributable to the accrued interest on the related notes.

In July 2001,  when the Board of Directors  authorized the  aforementioned  real
estate transactions, the Company also authorized the sale of certain real estate
at the then fair value to another officer of the Company. Because of county land
use approval  processes and associated  delays, the officer's option to purchase
the real estate was extended through September 26, 2007 on September 26, 2002.









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 water rises up through many layers of sandstone under its
own  artesian  pressure.   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,  warehouse and bottling  space.  In January of
2001, the Company began  construction of a new facility in Louisville,  Colorado
about 10 miles from Eldorado  Springs.  The new facility  consists of a total of
approximately  38,000 square feet. The building was completed in August 2001 and
the Company  began to operate on a limited basis out of the new location at that
time. The Company  initially moved all office  personnel to the new offices.  In
addition,  the delivery  trucks also began operating out of the new facility and
the  products  were  transported  between  Eldorado  and  the  new  location  in
Louisville.  By December 2001, the Company moved all of the bottling  lines.  At
this time,  the water is  transported  to the new  facility in  stainless  steel
tanker  trucks.  Once at the bottling plant the water is then  transferred  into
stainless steel holding tanks until it is used for bottling.

Results of Operations

Net revenues for the six months ended  September 30, 2002 increased  $417,162 or
10.8% compared to the same period ended September 30, 2001. Net revenues for the
three months ended September 30, 2002 increased $130,920 or 6.1% compared to the
same period ended  September  30, 2001.  Five and three  gallons  product  sales
increased 14.6% for the six months ended September 30, 2002 compared to the same
period of fiscal 2001.  Sales of the one gallon products  increased 7.8% for the
six months ended  September 30, 2002 compared to the same period of fiscal 2001.
Sales of the PET products  (1.5 liters and smaller)  increased  4.8% for the six
months ended September 30, 2002 compared to the same period of fiscal 2001. Five
and three gallon  product sales account for 67.4% of net revenues,  PET products
account  for 20.8% of  revenues  and one  gallon  products  account  for 9.6% of
revenues.  Rental income for the six months ended  September 30, 2002  decreased
$33,813 from the same period ended  September 30, 2001.  This decrease in rental
revenue is due to the sale of the rental property in August 2001.

For the six months  ended  September  30,  2002 cost of goods sold was  $832,075
compared to $790,075 for the same period ended September 30, 2002. For the three
months ended  September  30, 2002 costs of goods sold was  $425,379  compared to
$433,707 for the three months ended  September 30, 2001.  Resulting gross profit
was 80.6% of revenues for the six months ended  September 30, 2002 compared with
a gross  profit of 79.6% for the six months  ended  September  30,  2001.  Gross
profit  increased  12.2% from  $3,072,532 for the six months ended September 30,
2001 to $3,447,694  for the six months ended  September  30, 2002.  Gross profit
increased 8.2% for the three months ended September 30, 2001.

Operating  expenses for the six months ended  September 30, 2002 increased 15.9%
to $3,206,526  from $2,766,642 for the same period of fiscal 2001. For the three
months ended September 30, 2002,  operating  expenses increased 6.8% compared to
the same period of fiscal 2001.  Salaries and related expenses increased 18% for
the six months ended  September  30, 2002.  Salaries and related  expenses  were
$1,556,671  or  36.4% of sales  for the six  months  ended  September  30,  2002
compared to $1,319,178 or 34.2% of sales for the same period of fiscal 2001. For
the three  months  ended  September  30,  2002  salaries  and  related  expenses
increased  19.1%  compared to the three months  ended  September  30, 2001.  The
increase in  salaries  and related  expenses  is related to the  production  and
servicing of the 5 and 3 gallon products for home and office delivery.  Revenues
for the 5 and 3  gallon  products  increased  14.6%  for the  six  months  ended
September 30, 2002. The increase in salaries and related expenses is also due to
the  increased  wages  involved in  obtaining  and  servicing  new and  existing
customers.

For the six months ended September 30, 2002 advertising and promotional expenses
were  $441,194 or 10.3% of sales  compared to $426,916 or 11.1% of sales for the
same  period of fiscal  2001.  For the three  months  ended  September  30, 2002
advertising and promotional  expenses were $210,611 or 9.3% of sales compared to
$248,257  or 11.6% of sales  for the same  period  of  fiscal  2001.  Additional
advertising  expenditures  are typically  incurred  during the first half of the
fiscal year due to the increased  advertising during the summer months that fall
during this period. Management expects that advertising and promotional expenses
will remain at the  historical  level of  approximately  10% of annual  sales in
order to continue to increase market penetration and brand awareness.

Delivery  expenses  increased  11.3% to  $244,099  or 5.7% of sales  for the six
months ended  September 30,  2002  compared to $219,249 or 5.7% of sales for the
same period ended  September 30, 2001. For the three months ended  September 30,
2002 delivery  expenses  increased  14.7%  compared to the same period of fiscal
2001.  Delivery  costs  increased  due to the increase in revenues and the costs
associated  with  the  operation  of  additional   delivery  vehicles  including
insurance, service, and operational expenses.

General and administrative  expenses for the six months ended September 30, 2002
increased 7.6% to $678,302 from $630,679 for the same period of fiscal 2001. 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 required by the Company for operating the new facility.

Depreciation and amortization increased 50.7% for the six months ended September
30, 2002.  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 six months ended September 30,
2002  were 6% of  sales  compared  to 4.4% of  sales  for the six  months  ended
September 30, 2001.

Eldorado's  net  income  for the first six  months  of fiscal  2002 was  $86,702
compared to $464,769 for the six months ended  September 30, 2001.  The decrease
in net income was directly  related to the sale of real estate by the Company in
August 2001.  The sale of the real estate  resulted in a gain on the sale of the
asset of $519,937.

Liquidity and Capital Resources

Trade accounts receivable for the six months ended September 30, 2002 were 14.5%
higher  than at the year  ended  March 31,  2002.  Days  sales  outstanding  was
approximately 40 days at September 30, 2002 and September 30, 2001.

Cash flow provided by operating  activities  had a net inflow of $49,183 for the
six months ended September 30, 2002 as compared to cash flow of $384,948 for the
six months ended  September  30,  2001, a decrease of $335,765.  The decrease in
cash flows is a result of the  decrease  in net income for the six months  ended
September  30, 2002  compared to the six months ended  September  30,  2001.  In
addition,  the Company paid approximately $84,000 in income taxes during the six
months ended September 30, 2002.

Cash  flow  used in  investing  activities  for the  purchase  of  property  and
equipment  resulted  in a net  outflow  of  $108,018  for the six  months  ended
September  30,  2002  compared  to a net  outflow of $12,715 for the same period
ended September 30, 2001.

Cash  flows  provided  by  financing  activities  resulted  in a cash  inflow of
$100,623.  The Company  received  proceeds from an available  line of credit for
$287,000.  The Company  also made  payments on  long-term  obligations  totaling
$186,378.  The Company's cash balance at September 30, 2002 increased by $41,787
from March 31, 2002.

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
September 30, 2002, 588,000 options were outstanding, of which 388,700 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.

Item 3: CONTROLS AND PROCEDURES

The Company, under the supervision of the chief executive and financial officer,
has conducted an evaluation of the  effectiveness of the design and operation of
the Company's  disclosure  controls and procedures  within 90 days of the filing
date of this quarterly  report.  Based upon the results of this evaluation,  the
Company believes that they maintain proper  procedures for gathering,  analyzing
and  disclosing  all  information  in a timely  fashion  that is  required to be
disclosed in its Exchange Act reports. There have been no significant changes in
the Company's controls subsequent to the evaluation date.


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

(a) Exhibits

99.1  Certification by Principal Executive Officer
99.2  Certification by Principal Accounting Officer












                                   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 Larson, President

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





          Certification Pursuant to 18 U.S.C. Section 1350, As Adopted
            Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

I, Douglas Larson,  the Chief Executive  Officer of Eldorado  Artesian  Springs,
Inc. (the "Company"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: November 14, 2002


                                          /s/ Douglas Larson
                                          ------------------------------
                                          Name: Douglas Larson
                                          Title: Chief Executive Officer



          Certification Pursuant to 18 U.S.C. Section 1350, As Adopted
            Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

I, Cathleen Shoenfeld, the Chief Financial Officer of Eldorado Artesian Springs,
Inc. (the "Company"), certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Company;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):

a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: November 14, 2002


                                          /s/ Cathleen Shoenfeld
                                          ------------------------------
                                          Name: Cathleen Shoenfeld
                                          Title: Chief Financial Officer`