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 June 30, 2000

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      (IRS Employer Identification No.)
          of incorporation)                    Or organization)

  PO Box 445, 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, June
30, 2000 : 2,995,495.


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                         ELDORADO ARTESIAN SPRINGS, INC.

                                      INDEX

                                                                           Page

Part I - Financial Information

   Item 1 - Financial Statements

         Balance Sheets June 30, 2000 (Unaudited) and March 31, 2000..........1

         Unaudited Statements of Operations For the Three Months Ended

          June 30, 2000 and June 30, 1999.....................................2

         Unaudited Statements of Cash Flows For the Three Months Ended
          June 30, 2000 and June 30, 1999.....................................3

         Notes to Unaudited Financial Statements..............................4

Item 2 - Management's Discussion or Plan of Operation.........................5

Part II - Other Information ..................................................8

Signatures....................................................................9




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                         ELDORADO ARTESIAN SPRINGS, INC.

                                 Balance Sheets

                                                  June 30,           March 31,
                                                    2000               2000
                                                -------------      -------------
                                                 (Unaudited)
                                      Assets

  Current assets

     Cash                                       $     277,883      $     360,644
     Accounts receivable
         Trade, net of allowance for
          doubtful accounts of $50,000                797,197            680,122
         Other                                         10,455             37,633
     Inventories                                      189,703            198,781
     Prepaid expenses and other                        48,342             43,604
     Deferred income taxes                             18,165             18,165
                                                -------------      -------------
                 Total current assets               1,341,745          1,338,949
                                                -------------      -------------

  Property, plant & equipment - net                 1,794,686          1,798,744
                                                -------------      -------------

  Other assets

     Water rights - net                               104,520            105,642
     Other, net                                        91,117             50,863
                                                -------------      -------------
                 Total other assets                   195,637            156,505
                                                -------------      -------------

                                                $   3,332,068      $   3,294,198
                                                =============      =============

                      Liabilities and Stockholders' Equity

  Current liabilities

     Accounts payable                           $     160,332      $     140,327
     Accrued expenses                                  95,976            109,921
     Customer deposits                                115,426            114,337
     Current maturities of long-term debt             255,633            244,489
                                                -------------      -------------
                 Total current liabilities            627,367            609,074

  Long-term liabilities

     Long-term debt                                 1,242,913          1,275,858
     Deferred income taxes                             76,158             76,158
                                                -------------      -------------
                 Total liabilities                  1,946,438          1,961,090
                                                -------------      -------------

  Stockholders' equity

     Common stock, par value $.001 per
      share; 50,000,000
     Additional paid-in capital                       984,656            984,656
     Retained earnings                                397,979            345,457
                                                -------------      -------------
                                                    1,385,630          1,333,108
                                                -------------      -------------

                                                $   3,332,068      $   3,294,198
                                                =============      =============


                       See notes to financial statements.

                                        1


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                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Operations

                                                 For the Three Months Ended
                                                           June 30,
                                               --------------------------------
                                                   2000               1999
                                               -------------      -------------

Revenue

    Water and related                          $   1,417,980      $   1,223,622
    Pool                                              22,380             18,259
    Deposits                                          12,900             12,900
                                               -------------      -------------
         Net revenue                               1,453,260          1,254,781

Cost of goods sold exclusive of

Gross profit                                       1,196,461          1,043,176
                                               -------------      -------------

Operating expenses

    Salaries and related                             576,721            449,365
    Administrative and general                       225,320            196,138
    Delivery                                          73,017             65,369
    Advertising and promotion                        117,670            177,864
    Depreciation and amortization                     87,588             78,070
                                               -------------      -------------
                                                   1,080,316            966,806
                                               -------------      -------------

Operating income                                     116,145             76,370
                                               -------------      -------------

Other income (expense)
    Interest income                                    2,533              1,697
    Interest expense                                 (37,875)           (26,871)
                                               -------------      -------------
                                                     (35,342)           (25,174)
                                               -------------      -------------

Income before income taxes                            80,803             51,196

Provision for income taxes                            28,281             18,430
                                               -------------      -------------

Net income                                     $      52,522      $      32,766
                                               =============      =============

Basic earnings per common share                $         .02      $         .01
                                               =============      =============

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

                       See notes to financial statements.

                                        2


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                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Cash Flows

                                                     Three Months Ended
                                                           June 30,
                                               --------------------------------
                                                   2000               1999
                                               -------------      -------------
Cash flows from operating activities
   Net income                                  $      52,522      $      32,766
                                               -------------      -------------
   Adjustments to reconcile net income
    to net cash provided by operating
    activities
     Depreciation and amortization                    87,588             78,070
     Changes in certain assets and
      liabilities
       Accounts receivable                           (89,897)            (9,947)
       Inventories                                     9,078             21,179
       Prepaid expenses and other                     (4,738)             6,235
       Accounts payable                               20,005            (30,080)
       Accrued expenses                              (13,945)            10,109
       Customer deposits                               1,089             (1,643)
       Other                                               -            (17,400)
                                               -------------      -------------
                                                       9,180             56,523
                                               -------------      -------------
         Net cash provided by operating
          activities                                  61,702             89,289
                                               -------------      -------------

Cash flows from investing activities
   Purchase of property and equipment                (44,807)           (46,206)
   Purchases of other assets                         (41,705)            (9,286)
                                               -------------      -------------
         Net cash flows used in investing
          activities                                 (86,512)           (55,492)
                                               -------------      -------------

Cash flows from financing activities
   Payments on long-term debt                        (57,951)           (39,022)
   Deferred offering costs                                 -             (2,179)
                                               -------------      -------------
         Net cash flows used in financing
          activities                                 (57,951)           (41,201)
                                               -------------      -------------

Net (decrease) in cash                               (82,761)            (7,404)

Cash-- beginning of period                           360,644            361,439
                                               -------------      -------------

Cash-- ending of period                        $     277,883      $     354,035
                                               =============      =============

Supplemental disclosures of cash flow
 information:

   Cash paid for  interest for the three months ended June 30, 2000 and June 30,
   1999 was $37,875 and  $26,871,  respectively.  Cash paid for income taxes for
   the  three   months  ended  June  30,  2000  and  1999  was  $9,960  and  $0,
   respectively.

Supplemental disclosures of noncash investing activity:

   During the three months ended June 30, 2000 and 1999,  equipment was acquired
    through a capital lease for $36,150 and $54,711, respectively.

                       See notes to financial statements.

                                        3


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                         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 months ended June 30, 2000 and 1999 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, 2000.

Note 2 - Stockholders' Equity

Stock Option Plan

On May 1, 2000,  the  Company  granted  61,000  options to  employees  under the
Company's  1997 Stock Option Plan to purchase  common stock at $3.875 per share,
fair market value at the date of the grant.

                                        4


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                         ELDORADO ARTESIAN SPRINGS, INC.

Item 2:  MANAGEMENT'S DISCUSSION OR PLAN OF OPERATION

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,  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 of 5 and
3 gallon  bottles.  In addition,  Eldorado  also  bottles and  delivers  smaller
bottles in sizes of .5 liter, 1.0 liter and 1.5 liter.  Bottles used for smaller
packaging are made of polyethylene terephtalate,  a premium clear plastic. These
bottles are commonly referred to in the beverage industry as PET bottles.

Beverage industry  analysts  announced that bottled water is the fastest growing
major category in the entire  beverage  industry.  The bottled water industry as
whole is a $4.9 billion  business and is currently  growing at a rate of 14% per
year.  In 1999,  the total U.S.  bottled  water  market  will pass the 4 billion
gallon mark for the first  time.  The  non-sparkling  PET segment of the bottled
water  industry is currently  the fastest  growing  segment of the bottled water
market. Over the last seven years, the PET segment has grown at a 27% compounded
annual growth rate. In 1999,  this segment was expected to achieve a high of 1.2
billion  gallons and continue  with strong  growth of  approximately  30%.  With
growing  concern  over the quality of  municipal  tap waters,  the growth of the
bottled water market is expected to continue to grow in all areas.

                                        5


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                         ELDORADO ARTESIAN SPRINGS, INC.

Results of Operations

Net  revenues for the three  months  ended June 30, 2000  increased  $198,479 or
15.8%  compared to the same period ended June 30, 1999.  Five and three  gallons
product sales  increased 12.1% for the three months ended June 30, 2000 compared
to the same periods of fiscal 1999. Sales of the one-gallon  products  increased
13.7% for the three months ended June 30, 2000,  compared to the same periods of
fiscal 1999.  Sales of the PET products  (1.5 liters and smaller)  generated the
largest increase in revenues and increased 42.9% for the three months ended June
30, 2000  compared to the same  periods of fiscal  1999.  Five and three  gallon
product sales account for 55.7% of net revenues,  PET products account for 20.7%
of revenues and one gallon products account for 8.1% of revenues.

For the three  months  ended  June 30,  2000,  cost of goods  sold was  $256,799
compared to $211,605 for the three months ended June 30, 2000.  Resulting  gross
profit was 82.3% of revenues for the three months ended June 30, 2000,  which is
consistent  with a gross  profit of 83.1% of revenues for the three months ended
June 30, 1999. Gross profit increased 14.7% from $1,043,176 for the three months
ended June 30, 1999, to $1,196,461 for the three months ended June 30, 2000. The
increase in gross profit for the three months ended June 30, 2000, is the result
of increased sales.

Operating expenses for the three months ended June 30, 2000,  increased 11.7% to
$1,080,316  from  $966,805  for the same  period of fiscal  1999.  Salaries  and
related  expensed  increased 28.3% for the three months ended June 30, 2000. The
increase in salaries  and related  expenses is  consistent  with the increase in
revenues for the same period and the increased  wages  involved in obtaining and
servicing new and existing customers.

General  and  administrative  expenses  were  $225,320 or 15.5% of sales for the
three months ended June 30, 2000, compared to $196,138 or 15.6% of sales for the
three  months  ended June 30,  1999.  For the three  months ended June 30, 2000,
advertising and promotional  expenses were $117,670 or 8.1% of sales compared to
$177,864  or 14.2% of sales  for the same  period  of  fiscal  1999.  Management
expects that  advertising  and  promotional  expenses  will increase in the next
three months for  additional  advertising  expenditures  that have been planned.
Management  expects  that  advertising  and  promotional  expenses  will  remain
approximately 10% of revenues.  Selling and delivery expenses increased 11.7% to
$73,017 or 5.0% of sales for the three months  ended June 30, 2000,  compared to
$65,369 or 5.2% of sales for the same period ended June 30, 1999.

Depreciation  and  amortization  increased 12.2% for the three months ended June
30, 2000.  Eldorado has continued to purchase  additional  equipment  associated
with the increase in additional home and commercial accounts.

Eldorado's  net income for the first  three  months of fiscal  2000 was  $52,522
compared to $32,766 for the three months ended June 30, 1999. This represents an
increase  of 60.3%  compared  to the three  months  ended  June 30,  1999 and is
attributable  to the  increase in revenues  for the three  months ended June 30,
2000.

                                        6


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Liquidity and Capital Resources

Trade  accounts  receivable  for the three months ended June 30, 2000 were 17.2%
higher than at year ended March 31, 2000. This resulted from the 16% increase in
revenues for the three months ended March 31, 2000.  Days sales  outstanding was
approximately   50  days  for  June  30,  2000.   Days  sales   outstanding  was
approximately  49 days for June 30, 1999.  Management has implemented new credit
policies to manage the accounts more effectively.

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
June 30, 2000,  558,000  options were  outstanding,  of which  274,600 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.

                                        7


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                         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 and Use of Proceeds

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

                                        8


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                                   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

Cathleen Collins, Chief Financial Officer

                                        9

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