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, 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 of            (IRS Employer Identification No.)
              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,
September 30, 2000 : 2,995,495.




<PAGE>




                         ELDORADO ARTESIAN SPRINGS, INC.




                                      INDEX

                                                                        Page
                                                                        ----
Part I - Financial Information
   Item 1 - Financial Statements

      Balance Sheets September 30, 2000 (Unaudited) and March 31, 2000..F - 1

      Unaudited Statements of Operations For the Six Months and
       Three Months Ended September 30, 2000 and September 30, 1999.....F - 2

      Unaudited Statements of Cash Flows For the Six Months Ended
       September 30, 2000 and September 30, 1999 .......................F - 3

      Notes to Unaudited Financial Statements ..........................F - 4

Item 2 - Management's Discussion and Analysis of Financial Condition
    and Results of Operations ..........................................F - 5

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

Signature Page .........................................................F - 9




<PAGE>


                         ELDORADO ARTESIAN SPRINGS, INC.

                                 Balance Sheets

                                                 September 30,       March 31,
                                                     2000               2000
                                                 ------------      ------------
                                                          (Unaudited)
                                     Assets
 Current assets
   Cash                                           $   266,049       $   360,644
   Accounts receivable
      Trade, net                                      852,163           680,122
      Other                                            37,920            37,633
   Inventories                                        234,154           198,781
   Prepaid expenses and other                          21,574            43,604
   Deferred income taxes                               18,165            18,165
                                                  -----------       -----------
            Total current assets                    1,430,025         1,338,949
                                                  -----------       -----------

 Property, plant & equipment - net                  1,827,857         1,798,744
                                                  -----------       -----------

 Other assets
   Water rights - net                                 103,398           105,642
   Other, net                                         131,433            50,863
                                                  -----------       -----------
            Total other assets                        234,831           156,505
                                                  -----------       -----------

                                                  $ 3,492,713       $ 3,294,198
                                                  ===========       ===========

                      Liabilities and Stockholders' Equity
 Current liabilities
   Accounts payable                               $   322,200       $   140,327
   Accrued expenses                                   123,797           109,921
   Deposits                                           124,244           114,337
   Current maturities of long-term debt               277,349           244,489
                                                  -----------       -----------
            Total current liabilities                 847,590           609,074

 Long-term liabilities
   Long-term debt                                   1,233,548         1,275,858
   Deferred income taxes                               76,158            76,158
                                                  -----------       -----------
            Total liabilities                       2,157,296         1,961,090
                                                  -----------       -----------

 Stockholders' equity
    Common stock, par value $.001 per share;
     50,000,000 shares authorized; 2,995,495
     issued and outstanding                             2,995             2,995
    Preferred stock, par value $.001 per share;
     10,000,000 shares authorized; 0 issued
     and outstanding                                     --                 --
    Additional paid-in capital                        984,656           984,656
    Retained earnings                                 347,766           345,457
                                                  -----------       -----------
                                                    1,335,417         1,333,108

                                                  $ 3,492,713       $ 3,294,198
                                                  ===========       ===========


                        See notes to financial statements.

                                      F - 1


<PAGE>



                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Operations


<TABLE>
<CAPTION>

                                   For the Three Months Ended     For the Six Months Ended
                                          September 30,                 September 30,
                                   --------------------------------------------------------
                                       2000           1999          2000            1999
                                   -----------    -----------    -----------    -----------

<S>                               <C>             <C>            <C>            <C>
Revenue
   Water and related ...........   $ 1,659,067    $ 1,366,110    $ 3,077,047    $ 2,589,732
   Pool ........................        60,662         50,382         83,042         68,641
   Rentals .....................        12,900         11,900         25,800         24,800
                                   -----------    -----------    -----------    -----------
     Net revenue ...............     1,732,629      1,428,392      3,185,889      2,683,173

Cost of goods sold .............       381,115        227,862        637,914        439,467
                                   -----------    -----------    -----------    -----------

Gross profit ...................     1,351,514      1,200,530      2,547,975      2,243,706
                                   -----------    -----------    -----------    -----------

Operating expenses

   Salaries and related ........       678,992        570,105      1,255,713      1,019,470
   Administrative and general ..       254,706        184,412        480,026        380,550
   Delivery ....................       106,786         79,424        179,803        144,821
   Advertising and promotions ..       268,191        165,908        385,861        343,772
   Depreciation and amortization        90,884         78,541        178,472        156,611
                                   -----------    -----------    -----------    -----------
                                     1,399,559      1,078,390      2,479,875      2,045,224
                                   -----------    -----------    -----------    -----------

Operating income ...............       (48,045)       122,140         68,100        198,482
                                   -----------    -----------    -----------    -----------

Other income (expense)
   Interest income .............         2,785          1,663          5,318          3,360
   Interest expense ............       (31,990)       (32,496)       (69,865)       (59,367)
                                   -----------    -----------    -----------    -----------
                                       (29,205)       (30,833)       (64,547)       (56,007)
                                   -----------    -----------    -----------    -----------

(Loss) income before income
 taxes .........................       (77,250)        91,307          3,553        142,475

Provision for income taxes .....       (27,037)        31,436          1,244         49,866
                                   -----------    -----------    -----------    -----------

Net (loss) income ..............       (50,213)        59,871    $     2,309    $    92,609
                                   ===========    ===========    ===========    ===========

Basic (loss) earnings per
 common share ..................          (.02)           .02            .00            .03
                                   ===========    ===========    ===========    ===========

Weighted average number of
shares outstanding .............     2,995,495      2,995,495      2,995,495      2,995,495
                                   ===========    ===========    ===========    ===========
</TABLE>

                        See notes to financial statements.

                                      F - 2


<PAGE>


                         ELDORADO ARTESIAN SPRINGS, INC.

                       Unaudited Statements of Cash Flows


                                                         Six Months Ended
                                                           September 30,
                                                     --------------------------
                                                        2000            1999
                                                     ----------      ----------
Cash flows from operating activities
  Net income                                         $    2,309      $   92,609
                                                     ----------      ----------
  Adjustments  to  reconcile  net  income  to
   net cash provided by operating activities
   Depreciation and amortization                        178,472         156,611

   Changes in certain assets and liabilities
     Accounts receivable                               (172,328)        (86,366)
     Inventories                                        (35,373)        (19,042)
     Prepaid expenses and other                          22,030         (11,165)
     Accounts payable                                   181,873          36,744
     Accrued expenses                                    13,876          16,466
     Deposits                                             9,907          21,929
                                                     ----------      ----------
                                                        198,457         115,177
                                                     ----------      ----------
      Net cash provided by operating activities         200,766         207,786
                                                     ----------      ----------

Cash flows from investing activities
  Purchase of property and equipment                    (90,649)       (112,309)
  Purchases of other assets                             (83,472)        (10,414)
                                                     ----------      ----------
      Net cash flows used in investing activities      (174,121)       (122,723)
                                                     ----------      ----------

Cash flows from financing activities
  Payments on long-term debt                           (121,240)        (34,162)
  Deferred offering costs                                    -          (66,212)
                                                     ----------      -----------
      Net cash flows used in financing activities      (121,240)       (100,374)
                                                     ----------      -----------

Net decrease in cash                                    (94,595)        (15,311)

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

Cash-- ending of period                              $  266,049      $  346,128
                                                     ==========      ==========


Supplemental disclosures of cash flow information:
  Cash paid  for  interest  for the six  months  ended  September  30,  2000 and
   September 30, 1999 was $69,865 and $59,367, respectively.

Supplemental disclosures of noncash investing activity:
  During  the six  months  ended  September  30,  2000 and 1999,  equipment  was
   acquired through a capital lease for $111,790 and $66,734, respectively.






                        See notes to financial statements.

                                      F - 3


<PAGE>



                         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 six
months ended September 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.


                                      F - 4


<PAGE>


                         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 a unique geologic  source.  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 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.

The bottled  water  industry is  considered  by many  analysts to be the fastest
growing major market in the beverage  industry.  The bottled water  industry has
exhibited  consistent  annual  growth over the last twenty  years and the dollar
amount of sales grew at a rate of 14% for 1999. According to a major reporter of
bottled water statistics, bottled water sales increased to a $4.9 billion dollar
business  in 1999.  Along with sales and  volume,  per  person  consumption  has
increased  to nearly  15.5  gallons,  up from 13  gallons in 1998.  Driving  the
market's  growth is the  premium  PET bottle  segment  which was up 35% in 1999,
accounting for two-thirds of the market's  overall growth.  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.

                                      F - 5


<PAGE>


                         ELDORADO ARTESIAN SPRINGS, INC.

Results of Operations

Net revenues for the six months ended  September 30, 2000 increased  $502,716 or
18.7% compared to the same period ended September 30, 1999. Net revenues for the
three months ended  September  30, 2000  increased  $304,237 or 21.3%.  Five and
three gallons  product sales  increased 8.9% for the six months ended  September
30, 2000  compared to the same  period of fiscal  1999.  Sales of the one gallon
products increased 32.3% for the six months ended September 30, 2000 compared to
the same  period of fiscal  1999.  Sales of the PET  products  (1.5  liters  and
smaller)  generated the largest increase in revenues and increased 56.6% for the
six months ended  September 30, 2000 compared to the same period of fiscal 1999.
Five and three  gallon  product  sales  account for 66.5% of net  revenues,  PET
products  account for 20.8% of revenues and one gallon products account for 9.6%
of revenues.

For the six months  ended  September  30,  2000 cost of goods sold was  $637,914
compared to $439,467 for the six months ended  September 30, 1999. For the three
months ended  September  30, 2000 costs of goods sold was  $381,115  compared to
$227,862 for the three months ended  September 30, 1999.  Resulting gross profit
was 80.0% of revenues for the six months ended  September 30, 2000 compared with
a gross  profit of 83.6% for the six months  ended  September  30,  1999.  Gross
profit  increased  13.6% from  $2,243,706 for the six months ended September 30,
1999 to $2,547,975  for the six months ended  September  30, 2000.  Gross profit
increased  12.6% for the three months ended  September 30, 2000. The decrease in
gross profit percentage is the result of the increased  revenue  associated with
the PET products  and the one gallon  products as they have a lower gross margin
due to  additional  packaging  costs.  In  addition,  the  company was forced to
purchase  one-gallon  containers from an  out-of-state  vendor at premium prices
while its normal  local  vendor was  undergoing  renovations.  The  Company  has
resumed local purchasing in July 2000.

Operating  expenses for the six months ended  September 30, 2000 increased 21.3%
to $2,479,875  from $2,045,224 for the same period of fiscal 1999. For the three
months ended September 30, 2000,  operating expenses increased 29.8% compared to
the same period of fiscal 1999.  Salaries and related  expenses  increased 23.2%
for the six months ended September 30, 2000.  Salaries and related expenses were
$1,255,713  or  39.4% of sales  for the six  months  ended  September  30,  2000
compared to $1,019,470 or 38.0% of sales for the same period of fiscal 1999. For
the three  months  ended  September  30,  2000  salaries  and  related  expenses
increased  19.1%  compared to the three months  ended  September  30, 1999.  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  within a limited amount of space. The
Company has plans to move the bottling facility at which time management expects
more  efficient  operations.  In addition,  the Company is incurring  additional
personnel and operating  expenses as a result of product volume growth straining
processing in the near term as  production  and delivery  requirements  increase
faster than the  expansion  facilities  can be  completed.  While the Company is
making every effort to mitigate these effects,  the Company believes  additional
costs and expenses  will be incurred  until the expansion  facilities  are fully
operational in June 2001.

                                      F - 6


<PAGE>


                         ELDORADO ARTESIAN SPRINGS, INC.

For the six months ended September 30, 2000 advertising and promotional expenses
were  $385,861 or 12.1% of sales  compared to $343,772 or 12.8% of sales for the
same  period of fiscal  1999.  For the three  months  ended  September  30, 2000
advertising and promotional expenses were $268,191 or 15.5% of sales compared to
$165,908  or 11.6% of sales  for the same  period  of  fiscal  1999.  Additional
advertising expenditures were incurred during the six months ended September 30,
2000, and management  expects that  advertising  and  promotional  expenses will
remain at the historical  level of approximately  10% of annual sales.  Eldorado
incurs a higher portion of their  advertising costs during the first half of the
fiscal year due to the summer months falling during this period.

Delivery  expenses  increased  24.2% to  $179,803  or 5.6% of sales  for the six
months ended  September  30, 2000  compared to $144,821 or 5.4% of sales for the
same period ended  September 30, 1999. For the three months ended  September 30,
2000 delivery  expenses  increased  34.4%  compared to the same period of fiscal
1999.  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 six months ended September 30, 2000
increased  26.1% to $480,026  from  $380,550 for the same period of fiscal 1999.
For the three  months  ended  September  30,  2000  general  and  administrative
expenses  increased $70,294 or 38.1%. The increase in general and administrative
expenses is due to the increase in revenues.

Depreciation and  amortization  increased 14% for the six months ended September
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 six  months  of  fiscal  2000 was  $2,309
compared to $92,609 for the six months ended  September 30, 1999.  The effect of
operating  the  business  with a limited  bottling  facility  has had a negative
effect on the net income  resulting in a 97.5% decrease for the six months ended
September 30, 2000.  Eldorado currently has plans to build an off-site warehouse
and bottling facility to allow increased  production  capacity.  Construction is
expected to be completed by June 2001. At that time, operating expenses and cost
of goods are  expected  to be more  consistent  with the  increase  in  revenues
resulting in an increase in net income

Liquidity and Capital Resources

Trace accounts receivable for the six months ended September 30, 2000 were 25.3%
higher  than at the year  ended  March  31,  2000.  Days  sales  outstanding  at
September 30, 2000 remained  relatively  consistent  with September 30, 1999, at
approximately 50 days.

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, 2000, 558,000 options were outstanding, of which 237,100 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.

                                      F - 7


<PAGE>




                         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






                                      F - 8


<PAGE>


                                   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


November __, 2000

                                      F - 9