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| Nevada                            | 06-1042505          |
|-----------------------------------|---------------------|
| (State or other jurisdiction      | (I.R.S. Employer    |
| of incorporation or organization) | Identification No.) |

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

| Class                       |   | Outstanding at November 1, 2010 |
|-----------------------------|--------|---------------------------------|
| Common stock $.01 Par Value |   | 4,600,306 Shares                |

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|                                                                                                                  |                                                         | Page |
|-----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|------|
| PART I               FINANCIAL INFORMATION |
| Item 1.                                                                                                               | Financial Statements                                         | 3    |
| Item 3.                                                                                                               | Quantitative and Qualitative Disclosures About Market Risks. | 11   |
| Item 4T.                                                                                                              | Controls and Procedures.                                     | 11   |
| Item 1.                                                                                                               | Legal Proceedings.                                           | 12   |
| Item 1A.                                                                                                              | Risk Factors.                                                | 12   |
| Item 2.                                                                                                               | Unregistered Sales of Equity Securities and Use of Proceeds. | 12   |
| Item 3.                                                                                                               | Defaults Upon Senior Securities.                             | 12   |
| Item 4.                                                                                                               | Submission of Matters to a Vote of Security Holders.         | 13   |
| Item 5.                                                                                                               | Other Information.                                           | 13   |
| Item 6.                                                                                                               | Exhibits.                                                    | 13   |
| SIGNATURES                                                                                                            |                                                         | 14   |

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| Item 1. | Financial Statements |
|---------|----------------------|

| THERMODYNETICS, INC. AND SUBSIDIARIES              |
|----------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                        |
| (UNAUDITED)                                        |
| (in 000's)                                         |
|                                               |   | September 30, |   |   | March 31, |   |
|                                               |   | 2010 |   |   | 2010 |   |
|                                               |   |   |   |   |   |   |
| ASSETS                                             |   |   |   |   |   |   |
| CURRENT ASSETS                                     |   |   |   |   |   |   |
| Cash                                               |   | $ | 458 |   |   | $ | 229 |   |
| Marketable securities                              |   |   | 1,909 |   |   |   | 45 |   |
| Prepaid expenses and other current assets          |   |   | 16 |   |   |   | 14 |   |
| Total current assets                               |   |   | 2,383 |   |   |   | 288 |   |
|                                               |   |   |   |   |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT, net                 |   |   | 2,929 |   |   |   | 3,018 |   |
|                                               |   |   |   |   |   |   |   |   |
| DEFERRED INCOME TAXES                              |   |   | - |   |   |   | 1,200 |   |
|                                               |   |   |   |   |   |   |   |   |
| OTHER ASSETS                                       |   |   |   |   |   |   |   |   |
| Investments - at equity                            |   |   | - |   |   |   | 3,198 |   |
| Related party receivables                          |   |   | 42 |   |   |   | 42 |   |
| Other                                              |   |   | 35 |   |   |   | 77 |   |
| Total other assets                                 |   |   | 77 |   |   |   | 3,317 |   |
|                                               |   |   |   |   |   |   |   |   |
|                                               |   | $ | 5,389 |   |   | $ | 7,823 |   |
|                                               |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY               |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES                                |   |   |   |   |   |   |   |   |
| Line of credit                                     |   | $ | 1,031 |   |   | $ | 1,087 |   |
| Accounts payable                                   |   |   | 176 |   |   |   | 214 |   |
| Accrued expenses and taxes                         |   |   | 1,559 |   |   |   | 2,005 |   |
| Current portion of long-term debt                  |   |   | 1,478 |   |   |   | 1,531 |   |
| Total current liabilities                          |   |   | 4,244 |   |   |   | 4,837 |   |
|                                               |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                              |   |   |   |   |   |   |   |   |
| Long-term debt, less current maturities above      |   |   | 5 |   |   |   | 13 |   |
| Long-term liabilities from discontinued operations |   |   | - |   |   |   | 2,782 |   |
| Total long-term liabilities                        |   |   | 5 |   |   |   | 2,795 |   |
|                                               |   |   |   |   |   |   |   |   |
| COMMITMENTS AND CONTINGENCIES                      |   |   | - |   |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY                               |   |   |   |   |   |   |   |   |
| Common stock, par value $.01 per share; authorized |   |   |   |   |   |   |   |   |
| 25,000,000 shares                                  |   |   | 46 |   |   |   | 46 |   |
| Additional paid-in capital                         |   |   | 7,262 |   |   |   | 7,262 |   |
| Accumulated other comprehensive income (loss)      |   |   | (12 | ) |   |   | 16 |   |
| Deficit                                            |   |   | (6,156 | ) |   |   | (7,133 | ) |
|                                               |   |   | 1,140 |   |   |   | 191 |   |
|                                               |   |   |   |   |   |   |   |   |
|                                               |   | $ | 5,389 |   |   | $ | 7,823 |   |

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| THERMODYNETICS, INC. AND SUBSIDIARIES                                 |
|-----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| FOR THE THREE MONTHS ENDED SEPTEMBER 30,                              |
| (UNAUDITED)                                                           |
| (in 000's, except earnings per share)                                 |
|                                                                  |   | 2010 |   |   | 2009 |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |
| REVENUES                                                              |   |   |   |   |   |   |
| Consulting fee and rental income                                      |   | $ | 154 |   |   | $ | 247 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                    |   |   | 319 |   |   |   | 455 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Income (loss) from operations                                         |   |   | (165 | ) |   |   | (208 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY                       |   |   | - |   |   |   | 173 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                |   |   |   |   |   |   |   |   |
| Other, net                                                            |   |   | - |   |   |   | (152 | ) |
| Interest expense                                                      |   |   | (39 | ) |   |   | 160 |   |
| Realized Loss on Impairment                                           |   |   | - |   |   |   | (2,196 | ) |
| Loss on sale of stock                                                 |   |   | (36 | ) |   |   |   |   |
|                                                                  |   |   | (75 | ) |   |   | (2,188 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss before provision for income taxes and extraordinary item         |   |   | (240 | ) |   |   | (2,223 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| PROVISION FOR  INCOME TAXES                                 |   |   | - |   |   |   | 4 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss before extraordinary item                                        |   |   | (240 | ) |   |   | (2,227 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EXTRAORDINARY ITEM  - Gain on extinguishment of debt net of |   |   |   |   |   |   |   |   |
| taxes of $1,200                                                       |   |   | 1,582 |   |   |   | - |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Net income (loss)                                                     |   |   | 1,342 |   |   |   | (2,227 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS), net of tax                         |   |   | (45 | ) |   |   | (18 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                           |   | $ | 1,297 |   |   | $ | (2,245 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) BEFORE EXTRAORDINARY ITEM                             |   |   |   |   |   |   |   |   |
| PER COMMON SHARE                                                      |   | $ | (0.05 | ) |   | $ | (0.51 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER COMMON SHARE                                      |   | $ | 0.29 |   |   | $ | (0.51 | ) |

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| THERMODYNETICS, INC. AND SUBSIDIARIES                    |
|----------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                    |
| FOR THE SIX MONTHS ENDED SEPTEMBER 30,                   |
| (UNAUDITED)                                              |
| (in 000's)                                               |
|                                                     |   | 2010 |   |   | 2009 |   |
|                                                     |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                     |   |   |   |   |   |   |
| Net income (loss)                                        |   | $ | 977 |   |   | $ | (2,265 | ) |
| Adjustments to reconcile net income (loss) to net        |   |   |   |   |   |   |   |   |
|   cash provided by operating activities:       |   |   |   |   |   |   |   |   |
| Depreciation and amortization                            |   |   | 96 |   |   |   | 97 |   |
| Earnings in unconsolidated subsidiary                    |   |   | - |   |   |   | (335 | ) |
| Realized Loss on Impairment                              |   |   |   |   |   |   | 2,196 |   |
| Loss on sale of stock of subsidiary                      |   |   | 97 |   |   |   | - |   |
| Realized loss on investment in unaffiliated company      |   |   | 36 |   |   |   | - |   |
| Gain on extinguishment of debt                           |   |   | (1,582 | ) |   |   | - |   |
| Issuance of stock                                        |   |   |   |   |   |   | 129 |   |
| (Increase) decrease in prepaid expenses and              |   |   |   |   |   |   |   |   |
|    other current assets                   |   |   | (2 | ) |   |   | (731 | ) |
|  Increase (decrease) in accounts payable            |   |   | (38 | ) |   |   | (10 | ) |
|  Increase (decrease) in accrued expenses and taxes  |   |   | (447 | ) |   |   | 217 |   |
| Net cash provided by (used in) operating activities      |   |   | (863 | ) |   |   | (702 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                     |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment               |   |   | (1 | ) |   |   | (4 | ) |
| Purchases of marketable securities                       |   |   | - |   |   |   | (3 | ) |
| Net cash provided by (used in) investing activities      |   |   | (1 | ) |   |   | (7 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                     |   |   |   |   |   |   |   |   |
| Net (increase) decrease in related party receivable      |   |   | - |   |   |   | 778 |   |
| Proceeds from sale of stock                              |   |   | 1,210 |   |   |   | - |   |
| Proceeds from short-term borrowings                      |   |   | - |   |   |   | 25 |   |
| Principal payments on debt and capital lease obligations |   |   | (117 | ) |   |   | (66 | ) |
| Net cash provided by (used in) financing activities      |   |   | 1,093 |   |   |   | 737 |   |
|                                                     |   |   |   |   |   |   |   |   |
| NET INCREASE IN CASH                                     |   |   | 229 |   |   |   | 28 |   |
|                                                     |   |   |   |   |   |   |   |   |
| CASH, beginning of year                                  |   |   | 229 |   |   |   | 475 |   |
|                                                     |   |   |   |   |   |   |   |   |
| CASH, end of period                                      |   | $ | 458 |   |   | $ | 503 |   |

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| Year               |   | Carrying Value |   |   | Per Share MV |   |   | Market Value |   |   | Cost   |   |
|--------------------|--------|----------------|--------|--------|--------------|--------|--------|--------------|--------|--------|--------|--------|
|               |   |           |   |   |         |   |   |         |   |   |   |   |
| September 30, 2010 |   | $              | 1,846  |   |         | $      | 0.48   |         |   | $      | 1,846  |   |   | $ | 1,891 |   |
| September 30, 2009 |   |           | 3,462  |   |         |   | 0.45   |         |   |   | 3,273  |   |   |   | N/A |   |

|                                  |   | March 31, 2010           |   |   | September 30, 2009                 |   |
|---------------------------------------|--------|--------------------------|--------|--------|------------------------------------|--------|
|                                  |   |                     |   |   |                               |   |
| Current assets                        |   | $                        | 6,754  |   |                               | $      | 7,139 |   |
| Property and equipment, net           |   |                     | 5,424  |   |                               |   | 5,221 |   |
| Other assets, net                     |   |                     | 203    |   |                               |   | 101 |   |
|      Total assets |   |                     | 12,381 |   |                               |   | 12,461 |   |
|                                  |   |                     |   |   |                               |   |   |   |
| Current liabilities         |   |                     | 1,203  |   |                               |   | 1,627 |   |
| Long-term debt                        |   |                     | 82     |   |                               |   | 103 |   |
| Deferred liabilities                  |   |                     | 781    |   |                               |   | 781 |   |
|                                  |   |                     | 2,066  |   |                               |   | 2,511 |   |
| Stockholders' equity                  |   |                     | 10,315 |   |                               |   | 9,950 |   |
|                                  |   |                     | 12,381 |   |                               |   | 12,461 |   |
|                                  |   |                     |   |   |                               |   |   |   |
|                                  |   | Year EndedMarch 31, 2010 |   |   | Six Months EndedSeptember 30, 2009 |   |
| Sales                                 |   |                     | 19,823 |   |                               |   | 14,682 |   |
| Net income                            |   | $                        | 798    |   |                               | $      | 510 |   |

|                                                         |   | Three Months Ended September 30, |      |   | Six Months Ended September 30, |   |
|--------------------------------------------------------------|--------|----------------------------------|-----------|--------|--------------------------------|--------|
|                                                         |   | 2010                             |      |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Weighted Average Shares Outstanding-Basic & Diluted |   |                             | 4,600,306 |   |                           |   | 4,373,023 |   |   |   | 4,600,306 |   |   |   | 4,373,023 |   |

|                       |   | Six Months Ended September 30 |   |
|----------------------------|--------|-------------------------------|--------|
|                       |   | (in 000's)                    |   |
| Cash payments for interest |   | 2010                          |   |   | 2009 |   |
|                       |   | $                             | 77     |   |   | $ | 79 |   |

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|   | a) | The lawsuit instituted by the Company on January 8, 2008 in England against Turbotec Products Plc was concluded in February, 2010.  A judgment in favor of the Company on one count and against it on two counts was rendered on May 10, 2010.  The net effect of the judgment held that the Company was required under British law to reimburse the PLC for a substantial portion of the PLC’s legal expenses.  The PLC has claimed total legal costs of approximately £795,000 which are to be subject to an assessment by the Court if they cannot be agreed.  The PLC will be entitled to 85% of its legal costs after assessment by the Court.  The PLC has served a Notice of Commencement of Detailed Assessment proceedings along with a Bill of Costs.  The Company has served its Points of Dispute challenging the PLC's costs as appropriate.  The Company is waiting to receive the PLC's response to the Points of Dispute.  The Company believes that the costs that it will be required to pay will be reduced.  On May 24, 2010, in accordance with the judgment, the Company paid £350,000 to the PLC on account of their costs. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Turbotec Products, Inc. commenced a lawsuit against Thermodynetics on February 27, 2008 alleging that Thermodynetics breached two commercial leases, and that Thermodynetics improperly withdrew funds from a sinking fund established under the leases.  In 2009, Turbotec Products filed an amended complaint adding counts for fraudulent inducement, fraudulent misrepresentation, and violation of the Connecticut Unfair Trade Practices Act.  Thermodynetics has completed discovery.  A prejudgment hearing was held on July 27, 2010, which resulted in a trial being scheduled for February 2012.  Turbotec Products claims that it suffered damages in excess of $350,000 and such damages are continuing to accrue.  Thermodynetics denies the allegations, is vigorously defending the case, and filed counterclaims for sums due under the two leases, and has claimed the case for a jury trial.   Thermodynetics does not view the risk of loss in the case as probable or material.  The discussions related to the lease extension for 651 DHR include a resolution of this lawsuit. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The Company’s bank initiated and served two separate lawsuits on June 28, 2010 against the Company, alleging defaults of the line of credit and of certain mortgages and seeking recovery through foreclosure of the lien against the two commercial buildings.  Negative outcomes in either of such proceedings will have a material adverse effect upon the Company.  At September 30, 2010, the Company is current on both primary mortgages for each of the buildings, and is current on its interest payments against the line of credit which had matured in 2009.  The default is against the line of credit, which matured and has not been repaid in whole through refinancing or payment in full, thus the bank has claimed a cross-default against the other mortgages.  The Company believes there is material equity value in the buildings exceeding the value of all of the bank debt.  Discussions with the bank were held in August 2010 and it is anticipated that a forbearance may be agreed upon permitting the Company more time to sell the buildings at fair value.  Both buildings are currently listed for sale with a commercial real estate broker. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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| Item 3. | Quantitative and Qualitative Disclosures About Market Risks. |
|---------|--------------------------------------------------------------|

| Item 4T. | Controls and Procedures. |
|----------|--------------------------|

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| Item 1. | Legal Proceedings. |
|---------|--------------------|

| Item 1A. | Risk Factors. |
|----------|---------------|

| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. |
|---------|--------------------------------------------------------------|

| Item 3. | Defaults Upon Senior Securities. |
|---------|----------------------------------|

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| Item 4. | Submission of Matters to a Vote of Security Holders. |
|---------|------------------------------------------------------|

| Item 5. | Other Information. |
|---------|--------------------|

| Item 6. | Exhibits. |
|---------|-----------|

|   | · | Exhbit 31(a) | Certification of Chief Executive Officer. |
|--------|--------|--------------|-------------------------------------------|

|   | · | Exhbit 31(b) | Certification of Chief Financial Officer. |
|--------|--------|--------------|-------------------------------------------|

|   | · | Exhbit 32(a) | Certification of Chief Executive Officer. |
|--------|--------|--------------|-------------------------------------------|

|   | · | Exhbit 32(b) | Certification of Chief Financial Officer. |
|--------|--------|--------------|-------------------------------------------|

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|                    |   | THERMODYNETICS, INC.                  |   |
|-------------------------|--------|---------------------------------------|--------|
|                    |   |                                  |   |
| Date: November 11, 2010 | By:    | /s/ Robert A. Lerman                  |   |
|                    |   | Robert A. Lerman                      |   |
|                    |   | President and Chief Executive Officer |   |
|                    |   |                                  |   |
| Date: November 11, 2010 | By:    | /s/ John F. Ferraro                   |   |
|                    |   | John F. Ferraro                       |   |
|                    |   | Treasurer and Chief Financial Officer |   |