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| þ | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

| Colorado                                                      |   | 84-0907853                       |
|---------------------------------------------------------------|--------|----------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) |   | (IRS EmployerIdentification No.) |
|                                                          |   |                             |
| 1783 Dogwood StreetLouisville, Colorado                       |   |  80027                      |
| (Address of Principal Executive Offices)                      |   | (Zip Code)                       |

| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company þ |
|--------------------------------|-------------------------------|---------------------------------------------------------------------------|----------------------------------|

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|                                                                                                             |   | Page   |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                             |   |   |   |   |
| Part I - Financial Information                                                                                   |   |   |   |   |
|                                                                                                             |   |   |   |   |
| Item 1 - Financial Statements                                                                                    |   |   | 2      |   |
|                                                                                                             |   |   |   |   |
| Balance Sheets as of June 30, 2012 (Unaudited) and March 31, 2012                                           |   |   | 2      |   |
|                                                                                                             |   |   |   |   |
| Unaudited Statements of Operations for the Three Months Ended June 30, 2012 and June 30, 2011               |   |   | 3      |   |
|                                                                                                             |   |   |   |   |
| Unaudited Statements of Cash Flows for the Three Months Ended1 June 30, 2012 and June 30, 2011              |   |   | 4      |   |
|                                                                                                             |   |   |   |   |
| Notes to Unaudited Financial Statements                                                                     |   |   | 5      |   |
|                                                                                                             |   |   |   |   |
| Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations  |   |   | 8      |   |
|                                                                                                             |   |   |   |   |
| Item 3 – Quantitative and Qualitative Disclosures About Market Risk                                   |   |   | 12     |   |
|                                                                                                             |   |   |   |   |
| Item 4(T) – Controls and Procedures                                                                   |   |   | 12     |   |
|                                                                                                             |   |   |   |   |
| Part II – Other Information                                                                                |   |   |   |   |
|                                                                                                             |   |   |   |   |
| Item 1 – Legal Proceedings                                                                                 |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 1A – Risk Factors                                                                                     |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 2 – Unregistered Sales of Equity Securities and Use and Proceeds                                      |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 3 – Defaults Upon Senior Securities                                                                   |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 4 – [Removed and Reserved]                                                                            |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 5 – Other Information                                                                                 |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Item 6 – Exhibits                                                                                          |   |   | 13     |   |
|                                                                                                             |   |   |   |   |
| Signatures                                                                                                       |   |   | 14     |   |
|                                                                                                             |   |   |   |   |
| Exhibit Index                                                                                                    |   |   | 15     |   |

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|                                   |   | June 30, 2012 |      |   | March 31, 2012 |   |
|----------------------------------------|--------|---------------|-----------|--------|----------------|--------|
|                                   |   | (unaudited)   |      |   |           |   |
| Assets                                 |   |
| Current assets                         |   |          |      |   |           |   |
| Cash                                   |   | $             | 431,158   |   |           | $      | 250,083 |   |
| Accounts receivable – trade, net |   |          | 1,127,617 |   |           |   | 944,807 |   |
| Inventories                            |   |          | 349,166   |   |           |   | 336,671 |   |
| Prepaid expenses and other             |   |          | 27,188    |   |           |   | 49,748 |   |
| Total current assets                   |   |          | 1,935,129 |   |           |   | 1,581,309 |   |
| Non-current assets                     |   |          |      |   |           |   |   |   |
| Property, plant and equipment, net     |   |          | 3,676,813 |   |           |   | 3,738,335 |   |
| Investments                            |   |          | 361,196   |   |           |   | 361,196 |   |
| Water rights, net                      |   |          | 71,675    |   |           |   | 71,675 |   |
| Deposits                               |   |          | 108,204   |   |           |   | 108,204 |   |
| Other, net                             |   |          | 133,200   |   |           |   | 95,297 |   |
| Total non-current assets               |   |          | 4,351,088 |   |           |   | 4,374,707 |   |
| Total assets                           |   | $             | 6,286,217 |   |           | $      | 5,956,016 |   |

| Current liabilities                                                                                                  |   |   |      |   |   |   |
|----------------------------------------------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Accounts payable                                                                                                     |   | $      | 442,640   |   |   | $      | 237,591 |   |
| Accrued expenses                                                                                                     |   |   | 318,021   |   |   |   | 326,971 |   |
| Customer deposits                                                                                                    |   |   | 87,557    |   |   |   | 80,874 |   |
| Line of credit                                                                                                       |   |   | 370,051   |   |   |   | 370,051 |   |
| Current portion of capital lease obligations                                                                         |   |   | 26,306    |   |   |   | 26,321 |   |
| Current portion of long-term debt                                                                                    |   |   | 138,059   |   |   |   | 126,583 |   |
| Total current liabilities                                                                                            |   |   | 1,382,634 |   |   |   | 1,168,391 |   |
| Non-current liabilities                                                                                              |   |   |      |   |   |   |   |   |
| Capital lease obligations, less current portion                                                                      |   |   | 16,866    |   |   |   | 16,531 |   |
| Long-term debt, less current portion                                                                                 |   |   | 4,099,318 |   |   |   | 4,097,506 |   |
| Total non-current liabilities                                                                                        |   |   | 4,116,184 |   |   |   | 4,114,037 |   |
| Total liabilities                                                                                                    |   |   | 5,498,818 |   |   |   | 5,282,428 |   |
| Commitments and contingency                                                                                          |   |   |      |   |   |   |   |   |
| Stockholders' equity                                                                                                 |   |   |      |   |   |   |   |   |
| Preferred stock, par value $.001 per share; 10,000,000 shares authorized; 0  shares issued and outstanding |   |   | -         |   |   |   | - |   |
| Common stock, par value $.001 per share; 50,000,000 shares authorized; 6,036,091  issued and outstanding   |   |   | 6,036     |   |   |   | 6,036 |   |
| Additional paid-in capital                                                                                           |   |   | 1,678,648 |   |   |   | 1,673,617 |   |
| Accumulated deficit                                                                                                  |   |   | (897,285  | )      |   |   | (1,006,065 | ) |
| Total stockholders' equity                                                                                           |   |   | 787,399   |   |   |   | 673,588 |   |
| Total liabilities and stockholders' equity                                                                           |   | $      | 6,286,217 |   |   | $      | 5,956,016 |   |

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|                                                         |   | For the Three Months Ended |      |
|--------------------------------------------------------------|--------|----------------------------|-----------|
|                                                         |   | June 30,                   |      |
|                                                         |   | 2012                       |      |   | 2011 |   |
| Revenues                                                     |   |                       |      |   |   |   |
| Water and related                                            |   | $                          | 2,522,348 |   |   | $ | 2,282,562 |   |
| Resort operations                                            |   |                       | 70,450    |   |   |   | 39,368 |   |
| Total revenues                                               |   |                       | 2,592,798 |   |   |   | 2,321,930 |   |
| Cost of goods sold                                           |   |                       | 674,885   |   |   |   | 638,280 |   |
| Gross profit                                                 |   |                       | 1,917,913 |   |   |   | 1,683,650 |   |
| Operating expenses                                           |   |                       |      |   |   |   |   |   |
| Salaries and related expenses                                |   |                       | 868,541   |   |   |   | 778,447 |   |
| Administrative and general                                   |   |                       | 466,268   |   |   |   | 442,155 |   |
|      Delivery                       |   |                       | 218,314   |   |   |   | 191,777 |   |
| Advertising and promotions                                   |   |                       | 65,256    |   |   |   | 72,223 |   |
| Depreciation and amortization                                |   |                       | 124,160   |   |   |   | 110,885 |   |
| Total operating expenses                                     |   |                       | 1,742,539 |   |   |   | 1,595,487 |   |
| Income from operations                                       |   |                       | 175,374   |   |   |   | 88,163 |   |
| Other income (expense)                                       |   |                       |      |   |   |   |   |   |
| Interest income                                              |   |                       | 310       |   |   |   | 435 |   |
| Interest expense                                             |   |                       | (66,904   | ) |   |   | (98,106 | ) |
| Total other expense                                          |   |                       | (66,594   | ) |   |   | (97,671 | ) |
| Income (loss) before income taxes                            |   |                       | 108,780   |   |   |   | (9,508 | ) |
| Income tax benefit (expense)                                 |   |                       |      |   |   |   |   |   |
|      Current                        |   |                       | 36,900    |   |   |   | - |   |
| Deferred                                                     |   |                       | (36,900   | ) |   |   | - |   |
| Total income tax benefit (expense)                           |   |                       |  -   |   |   |   |  - |   |
| Net income (loss) available to common shareholders           |   | $                          | 108,780   |   |   | $ | (9,508 | ) |
|                                                         |   |                       |      |   |   |   |   |   |
| Basic and diluted weighted average common shares outstanding |   |                       | 6,036,091 |   |   |   | 6,036,091 |   |
| Basic and diluted income (loss) per common share             |   | $                          | 0.02      |   |   | $ | (0.00 | ) |

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|                                                                           |   | Three Months Ended |     |
|--------------------------------------------------------------------------------|--------|--------------------|----------|
|                                                                           |   | June 30,           |     |
|                                                                           |   | 2012               |     |   | 2011 |   |
| Cash flows from operating activities                                           |   |               |     |   |   |   |
| Net income (loss)                                                              |   | $                  | 108,780  |   |   | $ | (9,508 | ) |
| Adjustments to reconcile net loss to net cash provided by operating activities |   |               |     |   |   |   |   |   |
| Depreciation and amortization                                                  |   |               | 124,160  |   |   |   | 110,885 |   |
| Stock based compensation                                                       |   |               | 5,031    |   |   |   | 5,030 |   |
|  Changes in certain assets and liabilities                                |   |               |     |   |   |   |   |   |
| Accounts receivable                                                            |   |               | (182,810 | ) |   |   | (18,539 | ) |
| Inventories                                                                    |   |               | (12,495  | ) |   |   | (77,192 | ) |
| Prepaid expenses and other                                                     |   |               | 22,600   |   |   |   | 422 |   |
| Accounts payable                                                               |   |               | 205,049  |   |   |   | 93,699 |   |
| Accrued expenses                                                               |   |               | (8,950   | ) |   |   | (7,474 | ) |
| Customer deposits                                                              |   |               | 6,683    |   |   |   | 4,567 |   |
| Net cash provided by operating activities                                      |   |               | 268,048  |   |   |   | 101,890 |   |
|                                                                           |   |               |     |   |   |   |   |   |
| Cash flows from investing activities                                           |   |               |     |   |   |   |   |   |
| Purchases of property and equipment                                            |   |               | (58,798  | ) |   |   | (24,440 | ) |
| Net cash flows used in investing activities                                    |   |               | (58,798  | ) |   |   | (24,440 | ) |
|                                                                           |   |               |     |   |   |   |   |   |
| Cash flows from financing activities                                           |   |               |     |   |   |   |   |   |
| Payments on long-term obligations                                              |   |               | (28,175  | ) |   |   | (33,328 | ) |
| Net cash flows provided by (used in) financing activities                      |   |               | (28,175  | ) |   |   | (33,328 | ) |
|                                                                           |   |               |     |   |   |   |   |   |
| Net increase in cash                                                           |   |               | 181,075  |   |   |   | 44,122 |   |
|                                                                           |   |               |     |   |   |   |   |   |
| Cash — beginning of period                                               |   |               | 250,083  |   |   |   | 79,202 |   |
|                                                                           |   |               |     |   |   |   |   |   |
| Cash — end of period                                                     |   | $                  | 431,158  |   |   | $ | 123,324 |   |

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|                        | ELDORADO ARTESIAN SPRINGS, INC. |                          |
|-----------------------------|---------------------------------|-------------------------------|
|                        |                            |                          |   |
| Date: August 14, 2012  | By:                             | /s/ Douglas A. Larson    |   |
|                        |                            | Douglas A. Larson             |   |
|                        |                            | President                     |   |
|                        |                            | (Principal Executive Officer) |   |

| Date: August 14, 2012 | By:    | /s/ Cathleen Shoenfeld   |   |
|-----------------------|--------|-------------------------------|--------|
|                  |   | Cathleen Shoenfeld            |   |
|                  |   | Chief Financial Officer       |   |
|                  |   | (Principal Financial Officer) |   |

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| Exhibit No. |   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 31.1*            |   | Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 31.2*            |   | Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 32.1*            |   | Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 32.2*            |   | Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 101.INS**        |   | XBRL Instance Document                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 101.SCH**        |   | XBRL Taxonomy Extension Schema                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 101.CAL**        |   | XBRL Taxonomy Extension Calculation Linkbase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 101.LAB**        |   | XBRL Taxonomy Extension Label Linkbase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 101.PRE**        |   | XBRL Taxonomy Extension Presentation Linkbase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| *                |   | Filed herewith.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **               |   | Pursuant to applicable securities laws and regulations, we are deemed to have complied with the reporting obligation relating to the submission of interactive data files in such exhibits and are not subject to liability under any anti-fraud provisions of the federal securities laws as long as we have made a good faith attempt to comply with the submission requirements and promptly amend the interactive data files after becoming aware that the interactive data files fail to comply with the submission requirements. In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing. |

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