----

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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 December 31, 2009 |
|----------------------------------|--------|---------------------------------------|
| Common      stock $.01 Par Value |   | 4,600,306      Shares                 |

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|                                            |                                                                                                                                               | Page   |
|-------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                            | PART      I               FINANCIAL      INFORMATION                    |   |
| Item 1.                                         | Financial      Statements                                                                                                                          | 1      |
|                                            | Consolidated Balance      Sheets          December 31,      2009 and March 31, 2009                   | 1      |
|                                            | Consolidaetd      Statements Of Income          Three Months      Ended December 31, 2009 and 2008    | 2      |
|                                            | Consolidaetd      Statements Of Income          Nine Months      Ended December 31, 2009 and 2008     | 3      |
|                                            | Consolidated      Statements Of Cash Flows          Nine Months      Ended December 31, 2009 and 2008 | 4      |
| Notes To      Consolidated Financial Statements | 5                                                                                                                                                  |
| Item 2.                                         | Management's      Ciscussion and Analysis of Financial Cnodition and Results of      Operations                                                    | 8      |
| Item 3.                                         | Quantitative and      Qualitative Disclosures About Market Risks                                                                                   | 9      |
| Item 4T.                                        | Controls and      Procedurse                                                                                                                       | 9      |
|                                            | PART      II               OTHER      INFORMATION                       |   |
| Item 1.                                         | Legal      Proceedings                                                                                                                             | 11     |
| Item 1A.                                        | Risk    Factors                                                                                                                                    | 11     |
| Item 2.                                         | Unregistered Sales      of Equity Securities and Use of Proceeds                                                                                   | 11     |
| Item 3                                          | Defaults Upon Senior      Securitise                                                                                                               | 11     |
| Item 4.                                         | Submission of      Matters to a Vote of Security Holders                                                                                           | 12     |
| Item 5.                                         | Other      Information                                                                                                                             | 12     |
| Item 6.                                         | Exhibits                                                                                                                                           | 12     |
| Signatures                                      | 13                                                                                                                                                 |

----

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

|                                                                                                                                                                           |   | December 31,2009 |   |   | March 31,2009 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------------------|--------|
| ASSETS                                                                                                                                                                         |   | (Unaudited)           |   |   | (Audited)          |   |
| CURRENT ASSETS                                                                                                                                                                 |   |                  |   |   |               |   |
| Cash                                                                                                                                                                           |   | $                     | 2,023  |   |               | $      | 1,984 |   |
| Accounts      Receivable, Net                                                                                                                                                  |   |                  | 1,089  |   |               |   | 1,860 |   |
| Inventories                                                                                                                                                                    |   |                  | 3,971  |   |               |   | 3,572 |   |
| Prepaid      Expenses and Other Current Assets                                                                                                                                 |   |                  | 115    |   |               |   | 363 |   |
| Marketable      Securities                                                                                                                                                     |   |                  | 49     |   |               |   |  51 |   |
| Total      Current Assets                                                                                                                                                      |   |                  | 7,247  |   |               |   | 7,830 |   |
|                                                                                                                                                                           |   |                  |   |   |               |   |   |   |
| PROPERTY, PLANT AND    EQUIPMENT                                                                                                                                               |   |                  |   |   |               |   |   |   |
| Property,      Plant and Equipment - At Cost                                                                                                                                   |   |                  | 17,042 |   |               |   | 16,591 |   |
| Less:      Accumulated Depreciation                                                                                                                                            |   |                  | 8,740  |   |               |   | 8,364 |   |
| Property,      Plant, and Equipment – Net                                                                                                                                |   |                  | 8,302  |   |               |   | 8,227 |   |
|                                                                                                                                                                           |   |                  |   |   |               |   |   |   |
| OTHER ASSETS                                                                                                                                                                   |   |                  |   |   |               |   |   |   |
| Intangible      Assets - Net of Amortization                                                                                                                                   |   |                  | 94     |   |               |   | 94 |   |
| Investment      in Unaffiliated Companies                                                                                                                                      |   |                  | 36     |   |               |   | 36 |   |
| Deferred      Income Taxes                                                                                                                                                     |   |                  | 980    |   |               |   | 980 |   |
| Deposits      and Other                                                                                                                                                        |   |                  | 125    |   |               |   |  53 |   |
| Total      Other Assets                                                                                                                                                        |   |                  | 1,235  |   |               |   | 1,163 |   |
| TOTAL      ASSETS                                                                                                                                                              |   | $                     | 16,784 |   |               | $      | 17,220 |   |
|                                                                                                                                                                           |   |                  |   |   |               |   |   |   |
| LIABILITIES AND STOCKHOLDERS’      EQUITY                                                                                                                                |   |                  |   |   |               |   |   |   |
| CURRENT LIABILITIES                                                                                                                                                            |   |                  |   |   |               |   |   |   |
| Line      of Credit                                                                                                                                                            |   | $                     | 1,087  |   |               | $      | 1,062 |   |
| Accounts      Payable                                                                                                                                                          |   |                  | 1,362  |   |               |   | 906 |   |
| Accrued      Taxes and Expenses                                                                                                                                                |   |                  | 1,338  |   |               |   | 1,204 |   |
| Current      Portion of Long-Term Debt                                                                                                                                         |   |                  | 229    |   |               |   | 306 |   |
| Total      Current Liabilities                                                                                                                                                 |   |                  | 4,016  |   |               |   | 3,478 |   |
|                                                                                                                                                                           |   |                  |   |   |               |   |   |   |
| DEFERRED      INCOME TAXES                                                                                                                                                     |   |                  | 387    |   |               |   | 383 |   |
| LONG-TERM      DEBT                                                                                                                                                            |   |                  | 1,550  |   |               |   | 1,712 |   |
| LONG-TERM      LIABILITIES OF DISCONTINUED OPERATIONS                                                                                                                          |   |                  | 2,782  |   |               |   | 2,782 |   |
|                                                                                                                                                                           |   |                  |   |   |               |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                                                                                                     |   |                  |   |   |               |   |   |   |
| Thermodynetics,      Inc. Stockholders Equity:                                                                                                                                 |   |                  |   |   |               |   |   |   |
| Common      Stock, Par Value $.01/Share, Authorized 25,000,000 shares,issued      4,600,306 and  4,090,306 shares at  12/31/09      and  3/31/09 |   |                  | 46     |   |               |   | 41 |   |
| Additional      Paid-in Capital                                                                                                                                                |   |                  | 7,262  |   |               |   | 7,138 |   |
| Retained      Earnings (Deficit)                                                                                                                                               |   |                  | (3,482 | )      |               |   | (2,254 | ) |
| Accumulated      Other Comprehensive Income                                                                                                                                    |   |                  | 20     |   |               |   | 25 |   |
| Total      Thermodynetics, Inc. Stockholders’ Equity                                                                                                                     |   |                  | 3,846  |   |               |   | 4,950 |   |
| Noncontrolling      Interest                                                                                                                                                   |   |                  | 4,203  |   |               |   | 3,915 |   |
| Total      Equity                                                                                                                                                              |   |                  | 8,049  |   |               |   | 8,865 |   |
| TOTAL      LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                                                          |   | $                     | 16,784 |   |               | $      | 17,220 |   |

----

|                                                                  |   | 2009   |      |   | 2008   |   |
|-----------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Net      Sales                                                        |   | $      | 4,948     |   |   | $      | 7,322 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Cost      of Goods Sold                                               |   |   | 3,607     |   |   |   | 5,166 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Gross      Profit                                                     |   |   | 1,341     |   |   |   | 2,156 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Selling,      General & Administrative Expenses                   |   |   | 2,280     |   |   |   | 1,861 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Income      (Loss) From Operations                                    |   |   | (939)     |   |   |   | 295 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Other      Income (Expense)                                           |   |   |      |   |   |   |   |   |
| Interest      Expense, Net                                            |   |   | (38)      |   |   |   | (44 | ) |
| Other      – Net                                                |   |   | (57       | )      |   |   | 51 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Total      Other Income (Expense)                                     |   |   | (95)      |   |   |   | 7 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Income      (Loss) Before Income Taxes and Minority Interest          |   |   | (1,034)   |   |   |   | 302 |   |
|                                                                  |   |   |      |   |   |   |   |   |
| Provision      for Income Taxes                                       |   |   | (3)       |   |   |   | 255 |   |
| Net      Income (Loss)                                                |   |   | (1,031)   |   |   |   | 47 |   |
| Less:      Net Income attributable to the Noncontrolling Interest     |   |   | (1        | )      |   |   | (150 | ) |
|                                                                  |   |   |      |   |   |   |   |   |
| Net      Income (Loss) Attributable to Thermodynetics, Inc.           |   |   | (1,032)   |   |   |   | (103 | )  |
|                                                                  |   |   |      |   |   |   |   |   |
| Other      Comprehensive Income (Loss), net of tax:                   |   |   |      |   |   |   |   |   |
| Unrealized      holding gains (losses) arising during the period      |   |   | 13        |   |   |   | (2) |   |
| Comprehensive      Income (Loss) Attributable to Thermodynetics, Inc. |   |   | (1,019)   |   |   |   | (105 | )  |
| Earnings      per Share-                                              |   |   |      |   |   |   |   |   |
| Earnings      (Loss) per Share Basic and Diluted                      |   |   | (.23)     |   |   |   | (.03 | )  |
|                                                                  |   |   |      |   |   |   |   |   |
| Weighted      Average Shares Outstanding- Basic                       |   |   | 4,373,023 |   |   |   |       4,080,306 |   |
| Weighted      Average Shares Outstanding- Diluted                     |   |   | 4,373,023 |   |   |   | 4,080,306 |   |

----

|                                                                     |   | 2009   |      |    | 2008   |   |      |    |
|--------------------------------------------------------------------------|--------|--------|-----------|---------|--------|--------|-----------|---------|
| Net      Sales                                                           |   | $      | 14,682    |    |   | $      | 22,251    |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Cost      of Goods Sold                                                  |   |   | 10,277    |    |   |   | 15,582    |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Gross      Profit                                                        |   |   | 4,405     |    |   |   | 6,669     |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Selling,      General & Administrative Expenses                      |   |   | 4,994     |    |   |   | 5,276     |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Income      (Loss) From Operations                                       |   |   | (589      | )  |   |   | 1,393     |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Other      Income (Expense)                                              |   |   |      |    |   |   |      |    |   |
| Interest      Expense, Net                                               |   |   | (120      | )       |   |   | (126      | )       |   |
| Other      – Net                                                   |   |   | 23        |    |   |   | 40        |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Total      Other Income (Expense)                                        |   |   | (97       | )  |   |   | (86       | )       |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Income      (Loss) Before Income Taxes and Minority Interest             |   |   | (686      | )  |   |   | 1,307     |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Provision      for Income Taxes                                          |   |   | 318       |    |   |   | 753       |    |   |
| Net      Income (Loss)                                                   |   |   | (1,004    | )  |   |   | 554       |    |   |
| Less:      Net Income (Loss) attributable to the Noncontrolling Interest |   |   | (224      | )       |   |   | (456      | )       |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Net      Income (Loss) Attributable to Thermodynetics, Inc.              |   |   | (1,228    | )  |   |   | 98        |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Other      Comprehensive Income, net of tax:                             |   |   |      |    |   |   |      |    |   |
| Unrealized      holding gains (losses) arising during the period         |   |   | (5        | )  |   |   | (16       | )  |   |
| Comprehensive      Income (Loss) Attributable to Thermodynetics, Inc.    |   |   | (1,233)   |    |   |   | 82        |    |   |
| Earnings      (Loss) per Share-                                          |   |   |      |    |   |   |      |    |   |
| Total      Earnings (Loss) per Share Basic and Diluted                   |   |   | (.28      | )  |   |   | .02       |    |   |
|                                                                     |   |   |      |    |   |   |      |    |   |
| Weighted      Average Shares Outstanding- Basic                          |   |   | 4,373,023 |    |   |   | 4,080,306 |    |   |
| Weighted      Average Shares Outstanding- Diluted                        |   |   | 4,373,023 |    |   |   | 4,080,306 |    |   |

----

|                                                                                                 |   | 2009   |           |   | 2008   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|----------------|--------|--------|--------|
| OPERATING ACTIVITIES:                                                                                |   |   |           |   |   |   |
| Net      income (loss)                                                                               |   | $      | (1,228)        |   |   | $      | 98 |   |
| Adjustments      to reconcile net income to net cashprovided      by (used in) operating activities: |   |   |           |   |   |   |   |   |
| Depreciation      and amortization                                                                   |   |   | 376            |   |   |   | 362 |   |
| Noncontrolling interest      in earnings of subsidiary                                          |   |   | 288            |   |   |   | 480 |   |
| Issuance      of Stock                                                                               |   |   | 129            |   |   |   |   |   |
| Deferred      tax provision (benefit)                                                                |   |   | 4              |   |   |   | (156 | ) |
| Changes      in operating assets and liabilities:                                                    |   |   |           |   |   |   |   |   |
| Increase      (decrease)  in accounts payable                                              |   |   | 456            |   |   |   | (308 | )  |
| (Decrease      ) Increase in prepaid expenses and other assets                                       |   |   | 176            |   |   |   | (87 | ) |
| Decrease      in accounts receivable                                                                 |   |   | 771            |   |   |   | 896 |   |
| Decrease      (increase) in inventories                                                              |   |   | (399)          |   |   |   | (808 | ) |
| Increase      (decrease) in accrued taxes and expenses                                               |   |   | 134            |   |   |   | 223 |   |
|                                                                                                 |   |   |           |   |   |   |   |   |
| NET      CASH PROVIDED BY OPERATING ACTIVITIES                                                       |   |   | 707            |   |   |   | 700 |   |
|                                                                                                 |   |   |           |   |   |   |   |   |
| INVESTING ACTIVITIES;                                                                                |   |   |           |   |   |   |   |   |
| Purchases      of property, plant and equipment                                                      |   |   | (451)          |   |   |   | (666 | ) |
| (Purchase)      sale of marketable securities                                                        |   |   | (3)            |   |   |   | 207 |   |
| Investment      in unaffiliated company                                                              |   |   | –– |   |   |   | (36 | ) |
|                                                                                                 |   |   |           |   |   |   |   |   |
| NET      CASH USED IN INVESTING ACTIVITIES                                                           |   |   | (454)          |   |   |   | (495) |   |
|                                                                                                 |   |   |           |   |   |   |   |   |
| FINANCING ACTIVITIES                                                                                 |   |   |           |   |   |   |   |   |
| Net      proceeds (payments) on revolving debt                                                       |   |   | 25             |   |   |   | 921 |   |
| Principal      payments on long-term debt                                                            |   |   | (239)          |   |   |   | (188 | ) |
|                                                                                                 |   |   |           |   |   |   |   |   |
| NET      CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                             |   |   | (214)          |   |   |   | 733 |   |
|                                                                                                 |   |   |           |   |   |   |   |   |
| INCREASE      (DECREASE) IN CASH                                                                     |   |   | 39             |   |   |   | 938 |   |
| CASH      AT BEGINNING OF PERIOD                                                                     |   |   | 1,984          |   |   |   | 1,062 |   |
| CASH      AT END OF PERIOD                                                                           |   | $      | 2,023          |   |   | $      | 2,000 |   |

----

|                                              |   | Three      Months Ended December 31 |      |
|---------------------------------------------------|--------|------------------------------------------|-----------|
|                                              |   | 2009                                     |      | 2008 |   |
| Weighted      Average Shares Outstanding- Basic   |   |                                     | 4,373,023 |   |   |   | 4,080,306 |   |
| Weighted      Average Shares Outstanding- Diluted |   |                                     | 4,373,023 |   |   |   | 4,080,306 |   |

|                                              |   | Nine      Months Ended December 31 |      |
|---------------------------------------------------|--------|-----------------------------------------|-----------|
|                                              |   | 2009                                    |      | 2008 |   |
| Weighted      Average Shares Outstanding- Basic   |   |                                    | 4,373,023 |   |   |   | 4,080,306 |   |
| Weighted      Average Shares Outstanding- Diluted |   |                                    | 4,373,023 |   |   |   | 4,080,306 |   |

----

|                 |   | December 31,2009 |   |   | March 31,2009 |   |
|----------------------|--------|-----------------------|--------|--------|--------------------|--------|
| Raw      materials   |   | $                     | 2,452  |   |               | $      | 2,043 |   |
| Finished      goods  |   |                  | 1,507  |   |               |   | 1,536 |   |
| Work      in process |   |                  | 158    |   |               |   | 120 |   |
|                 |   |                  | 4,117  |   |               |   | 3,699 |   |
| Less:      Reserves  |   |                  | 146    |   |               |   | 127 |   |
|                 |   | $                     | 3,971  |   |               | $      | 3,572 |   |

|                            |   | Nine      Months Ended Dectember 31,(in      000’s) |   |
|---------------------------------|--------|----------------------------------------------------------------|--------|
|                            |   | 2009                                                           |   |   | 2008 |   |
| Cash      payments for interest |   | $                                                              | 120    |   |   | $ | 126 |   |

| (a)   | The      lawsuit instituted by the Company on January 8, 2008 in the High      Court in England, file no. HC08C00046, against Turbotec Products Plc (PLC)      regarding the PLC’s non-payment of dividends payable to Thermodynetics and      the PLC’s attempt to off-set that dividend against administrative fees      payable to the Company under their Relationship Agreement of      April 28, 2006. The PLC declared and paid dividends in cash to the      other shareholders, but not to Thermodynetics; the unpaid dividends equal      $884,162. Thermodynetics’ solicitors in the United Kingdom share the view      as expressed in the written opinion of the Queen’s Counsel representing      Thermodynetics that the legal positions taken by Thermodynetics are the      correct ones. The trial was completed in February 2010 and a decision is      expected in the next couple of months.  Although litigation and      its outcome can be unpredictable, Thermodynetics believes its case is      meritorious. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (b)   | Turbotec      Products, Inc. commenced a lawsuit against Thermodynetics on      February 27, 2008 in the Connecticut Superior Court, Judicial      District of Hartford, alleging that Thermodynetics breached two commercial      leases because it received certain overpayments, and that Thermodynetics      improperly withdrew funds from a sinking fund established under the      leases. The lawsuit was transferred from the regular docket to the Housing      Session and now is entitled Turbotec Product, Inc.      v. Thermodynetics, Inc., Connecticut Superior Court, J.D. of      Hartford, Housing Session, Docket No.7712. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | There      are a number of threatened and pending actions against Vulcan, and a      number of material judgments obtained against Vulcan. Thermodynetics and      its other subsidiaries are not and have not been a party to any such      Vulcan actions. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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

----

| Item      3. | Quantitative      and Qualitative Disclosures About MarketRisks. |
|--------------|------------------------------------------------------------------|

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

----

|   | (a)      Evaluation      of Disclosure Controls and Procedures- |
|--------|-----------------------------------------------------------------|

|   | (b)      Changes      in Internal Controls - |
|--------|----------------------------------------------|

----

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

| (a)   | There      are no material legal proceedings known or threatened against the Company,      except:      The lawsuit instituted by the Company on January 8, 2008 in the High      Court in England, file no. HC08C00046, against Turbotec Products Plc      regarding the PLC’s non-payment of dividends payable to Thermodynetics and      the PLC’s attempt to off-set that dividend against administrative fees      payable to the Company under their Relationship Agreement of      April 28, 2006. The PLC declared and paid dividends in cash to the      other shareholders, but not to Thermodynetics; the unpaid dividends equal      $884,162. Thermodynetics’ solicitors in the United Kingdom share the view      as expressed in the written opinion of the Queen’s Counsel representing      Thermodynetics that the legal positions taken by Thermodynetics are the      correct ones. The trial was completed in February      2010.  Although litigation and its outcome can be unpredictable,      Thermodynetics believes its case ismeritorious. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Turbotec      Products, Inc. commenced a lawsuit against Thermodynetics on      February 27, 2008 in the Connecticut Superior Court, Judicial      District of Hartford, alleging that Thermodynetics breached two commercial      leases because it received certain overpayments, and that Thermodynetics      improperly withdrew funds from a sinking fund established under the      leases. The lawsuit was transferred from the regular docket to the Housing      Session and now is entitled Turbotec Product, Inc.      v. Thermodynetics, Inc., Connecticut Superior Court, J.D. of      Hartford, Housing Session, Docket No.7712. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | There      are a number of threatened and pending actions against Vulcan, and a      number of material judgments obtained against Vulcan. Thermodynetics and      its other subsidiaries are not and have not been a party to any such      Vulcan actions. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

----

| Item      4. | Submission      of Matters to a Vote of SecurityHolders. |
|--------------|----------------------------------------------------------|

|                   |   |      |   |     |   |   |   |   |
|------------------------|--------|-----------|--------|----------|--------|--------|--------|--------|
| Nominee      or Matter |   | For       |   | Withheld |   |   |   |
| John      F. Ferraro   |   | 3,101,730 |   | 391,951  |   |   |
| John      J. Hughes    |   | 3,101,590 |   | 392,091  |   |   |
| Robert      A. Lerman  |   | 3,101,330 |   | 392,351  |   |   |   |
| Fred      H. Samuelson |   | 3,101,590 |   | 392,091  |   |   |   |

| 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. |
|--------|--------|-------------------|------------------------------------------------|

----

|                         |   | THERMODYNETICS,      INC.                                                                                                                       |   |
|------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                         |   |                                                                                                                                            |   |
| Date:      February 15, 2010 | By:    | /s/      Robert A.      Lerman                                       |   |
|                         |   | Robert      A. Lerman                                                                                                                           |   |
|                         |   | President      and Chief Executive Officer                                                                                                      |   |
|                         |   |                                                                                                                                            |   |
| Date:      February 15, 2010 | By:    | /s/      John F.      Ferraro                    |   |
|                         |   | John      F. Ferraro                                                                                                                            |   |
|                         |   | Treasurer      and Chief Financial Officer                                                                                                      |   |

----