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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 August 10, 2010 |
|-----------------------------|--------|--------------------------------|
| Common stock $.01 Par Value |   | 4,600,306 Shares               |

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|                                                                               | Page                                                                                   |
|------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|
| PART I          FINANCIAL INFORMATION |
| Item 1.     Financial Statements                               |                                                                                   |
|                                                                               |                                                                                   |
|                                                                               | Consolidated Balance Sheets                                                            |   |
|                                                                               | June 30, 2010 and March 31, 2010                                                  | 1 |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Statements Of Income                                                      |   |
|                                                                               | Three Months Ended June 30, 2010 and 2009                                              |  2 |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Statements Of Cash Flows                                                  |   |
|                                                                               | Three Months Ended June 30, 2010 and 2009                                              | 3 |
|                                                                               |                                                                                   |   |
|                                                                               | Notes To Consolidated Financial Statements                                             | 4 |
|                                                                               |                                                                                   |   |
| Item 2.                                                                            | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 8 |
|                                                                               |                                                                                   |   |
| Item 3.                                                                            | Quantitative and Qualitative Disclosures About Market Risks.                           | 9 |
|                                                                               |                                                                                   |   |
| Item 4T.                                                                           | Controls and Procedures.                                                               | 9 |
|                                                                               |                                                                                   |   |
| PART II          OTHER INFORMATION    |
| Item 1.                                                                            | Legal Proceedings.                                                                     | 10 |
|                                                                               |                                                                                   |   |
| Item 1A.                                                                           | Risk Factors.                                                                          | 10 |
|                                                                               |                                                                                   |   |
| Item 2.                                                                            | Unregistered Sales of Equity Securities and Use of Proceeds.                           | 10 |
|                                                                               |                                                                                   |   |
| Item 3.                                                                            | Defaults Upon Senior Securities.                                                       | 10 |
|                                                                               |                                                                                   |   |
| Item 4.                                                                            | Submission of Matters to a Vote of Security Holders.                                   | 11 |
|                                                                               |                                                                                   |   |
| Item 5.                                                                            | Other Information.                                                                     | 11 |
|                                                                               |                                                                                   |   |
| Item 6.                                                                            | Exhibits.                                                                              | 11 |
|                                                                               |                                                                                   |   |
| Signatures                                                                         |                                                                                   | 12 |

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

| THERMODYNETICS, INC. AND SUBSIDIARIES              |
|----------------------------------------------------|
| CONSOLIDATED BALANCE SHEETS                        |
| (UNAUDITED)                                        |
| (in 000's)                                         |
|                                               |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |
|                                               |   | June 30, |   |   | March 31, |   |
|                                               |   | 2010 |   |   | 2010 |   |
| ASSETS                                             |
| CURRENT ASSETS                                     |   |   |   |   |   |   |
| Cash                                               |   | $ | 559 |   |   | $ | 229 |   |
| Marketable securities                              |   |   | 62 |   |   |   | 45 |   |
| Prepaid expenses and other current assets          |   |   | 96 |   |   |   | 14 |   |
| Total current assets                               |   |   | 717 |   |   |   | 288 |   |
|                                               |   |   |   |   |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT, net                 |   |   | 2,973 |   |   |   | 3,018 |   |
|                                               |   |   |   |   |   |   |   |   |
| DEFERRED INCOME TAXES                              |   |   | 1,200 |   |   |   | 1,200 |   |
|                                               |   |   |   |   |   |   |   |   |
| OTHER ASSETS                                       |   |   |   |   |   |   |   |   |
| Investments - at equity                            |   |   | 1,891 |   |   |   | 3,198 |   |
| Related party receivables                          |   |   | 42 |   |   |   | 42 |   |
| Other                                              |   |   | 74 |   |   |   | 77 |   |
| Total other assets                                 |   |   | 2,007 |   |   |   | 3,317 |   |
|                                               |   |   |   |   |   |   |   |   |
|                                               |   | $ | 6,897 |   |   | $ | 7,823 |   |
|                                               |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY               |
| CURRENT LIABILITIES                                |   |   |   |   |   |   |   |   |
| Line of credit                                     |   | $ | 1,087 |   |   | $ | 1,087 |   |
| Accounts payable                                   |   |   | 224 |   |   |   | 214 |   |
| Accrued expenses and taxes                         |   |   | 1,450 |   |   |   | 2,005 |   |
| Current portion of long-term debt                  |   |   | 1,503 |   |   |   | 1,531 |   |
| Total current liabilities                          |   |   | 4,264 |   |   |   | 4,837 |   |
|                                               |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                              |   |   |   |   |   |   |   |   |
| Long-term debt, less current maturities above      |   |   | 8 |   |   |   | 13 |   |
| Long-term liabilities from discontinued operations |   |   | 2,782 |   |   |   | 2,782 |   |
| Total long-term liabilities                        |   |   | 2,790 |   |   |   | 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             |   |   | 33 |   |   |   | 16 |   |
| Deficit                                            |   |   | (7,498 | ) |   |   | (7,133 | ) |
|                                               |   |   | (157 | ) |   |   | 191 |   |
|                                               |   |   |   |   |   |   |   |   |
|                                               |   | $ | 6,897 |   |   | $ | 7,823 |   |

----

| THERMODYNETICS, INC. AND SUBSIDIARIES                                 |
|-----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| FOR THE THREE MONTHS ENDED JUNE 30,                                   |
| (UNAUDITED)                                                           |
| (in 000's, except earnings per share)                                 |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   | 2010 |   |   | 2009 |   |
| REVENUES                                                              |   |   |   |   |   |   |
| Consulting fee and rental income                                      |   | $ | 154 |   |   | $ | 248 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                    |   |   | 385 |   |   |   | 458 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Income (loss) from operations                                         |   |   | (231 | ) |   |   | (210 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY                       |   |   | - |   |   |   | 211 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                |   |   |   |   |   |   |   |   |
| Other, net                                                            |   |   | - |   |   |   | 1 |   |
| Interest expense                                                      |   |   | (37 | ) |   |   | (40 | ) |
| Loss on sale of stock                                                 |   |   | (97 | ) |   |   | - |   |
|                                                                  |   |   | (134 | ) |   |   | (39 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss before provision for income taxes                                |   |   | (365 | ) |   |   | (38 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| PROVISION FOR  INCOME TAXES                                 |   |   | - |   |   |   | - |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Net loss                                                              |   |   | (365 | ) |   |   | (38 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE LOSS, net of tax                                  |   |   | - |   |   |   | - |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Comprehensive loss                                                    |   | $ | (365 | ) |   | $ | (38 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER COMMON SHARE                                      |   | $ | (0.08 | ) |   | $ | (0.01 | ) |

----

| THERMODYNETICS, INC. AND SUBSIDIARIES                    |
|----------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                    |
| FOR THE THREE MONTHS ENDED JUNE 30,                      |
| (UNAUDITED)                                              |
| (in 000's)                                               |
|                                                     |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |
|                                                     |   | 2010 |   |   | 2009 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                     |   |   |   |   |   |   |
| Net loss                                                 |   | $ | (365 | ) |   | $ | (38 | ) |
| Adjustments to reconcile net income (loss) to net        |   |   |   |   |   |   |   |   |
| cash provided by (used in) operating activities:         |   |   |   |   |   |   |   |   |
| Depreciation and amortization                            |   |   | 48 |   |   |   | 51 |   |
| Earnings in unconsolidated subsidiary                    |   |   | - |   |   |   | (187 | ) |
| Loss on sale of stock of subsidiary                      |   |   | 97 |   |   |   | - |   |
| (Increase) decrease in prepaid expenses and              |   |   |   |   |   |   |   |   |
| other current assets                                     |   |   | (82 | ) |   |   | 271 |   |
| Increase (decrease) in accounts payable                  |   |   | 10 |   |   |   | 21 |   |
| Increase (decrease) in accrued expenses and taxes        |   |   | (555 | ) |   |   | 36 |   |
| Net cash provided by (used in) operating activities      |   |   | (847 | ) |   |   | 154 |   |
|                                                     |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                     |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment               |   |   | - |   |   |   | (5 | ) |
| Net cash provided by (used in) investing activities      |   |   | - |   |   |   | (5 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                     |   |   |   |   |   |   |   |   |
| Net (increase) decrease in related party receivable      |   |   | - |   |   |   | (99 | ) |
| Proceeds from sale of stock                              |   |   | 1,210 |   |   |   | - |   |
| Proceeds from short-term borrowings                      |   |   | - |   |   |   | (50 | ) |
| Principal payments on debt and capital lease obligations |   |   | (33 | ) |   |   | (31 | ) |
| Net cash provided by (used in) financing activities      |   |   | 1,177 |   |   |   | (180 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                          |   |   | 330 |   |   |   | (31 | ) |
|                                                     |   |   |   |   |   |   |   |   |
| CASH, beginning of year                                  |   |   | 229 |   |   |   | 475 |   |
|                                                     |   |   |   |   |   |   |   |   |
| CASH, end of year                                        |   | $ | 559 |   |   | $ | 444 |   |

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| Period Ending |   | Carrying Value |   |   | Per Share MV |   |   | Market Value |
|---------------|--------|----------------|--------|--------|--------------|--------|--------|--------------|
| June 30, 2010 |   | $              | 1,868  |   |         | $      | 0.49   |         |   | $ | 1,896 |
|          |   |           |   |   |         |   |   |         |   |   |   |
| June 30, 2009 |   | $              | 5,510  |   |         |   | 0.33   |         |   | $ | 2,383 |

|                        |   | March 31, 2010            |   |   | June 30, 2009                  |
|-----------------------------|--------|---------------------------|--------|--------|--------------------------------|
| Current assets              |   | $                         | 6,754  |   |                           | $ | 7,117 |
| Property and equipment, net |   |                      | 5,424  |   |                           |   | 5,069 |
| Other assets, net           |   |                      | 203    |   |                           |   | 101 |
| Total assets                |   |                      | 12,381 |   |                           |   | 12,287 |
|                        |   |                      |   |   |                           |   |   |
| Current liabilities         |   |                      | 1,203  |   |                           |   | 1,633 |
| Long-term Debt              |   |                      | 82     |   |                           |   | 146 |
| Deferred liabilities        |   |                      | 781    |   |                           |   | 781 |
|                        |   |                      | 2,066  |   |                           |   | 2,560 |
| Stockholders' equity        |   |                      | 10,315 |   |                           |   | 9,727 |
|                        |   |                      | 12,381 |   |                           |   | 12,287 |
|                        |   |                      |   |   |                           |   |   |
|                        |   |                      |   |   |                           |   |   |
|                        |   | Year Ended March 31, 2010 |   |   | Three MonthsEnded June 3, 2009 |
| Sales                       |   |                      | 19,823 |   |                           |   | 4,927 |
|                        |   |                      |   |   |                           |   |   |
| Net income                  |   | $                         | 798    |   |                           | $ | 330 |

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|                                                  |   | Three Month Ended June 30, |      |
|-------------------------------------------------------|--------|----------------------------|-----------|
|                                                  |   | 2010                       |      |   | 2009 |   |
| Weighted Average Shares Outstanding-Basic and Diluted |   |                       | 4,600,306 |   |   |   | 4,090,306 |   |

|                       |   | Three Month Ended June 30, |   |
|----------------------------|--------|----------------------------|--------|
|                       |   | (in 000's)                 |   |
|                       |   | 2010                       |   |   | 2009 |   |
| Cash payments for interest |   | $                          | 37     |   |   | $ | 40 |   |

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| a)   | The lawsuit instituted by the Company on January 8, 2008 in England against the 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 administrative fees were not payable to the Company, and 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 £700,000 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.  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.  |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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 liens against the two commercial buildings.  Negative outcomes in either of such proceedings will have a material adverse effect upon the Company.  At June 30, 2010, the Company was current on both primary mortgages for each of the buildings, and was current on its interest payments against the line of credit which had matured in 2009.  The default is against the line of credit which has not been repaid and the bank has claimed a cross-default against the 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 resolution without foreclosure may result.  Both buildings are currently listed for sale with a commercial real estate broker. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d)   | 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. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | · | 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: August 12, 2010 | By:    | /s/ Robert A. Lerman                  |   |
|                  |   | Robert A. Lerman                      |   |
|                  |   | President and Chief Executive Officer |   |
|                  |   |                                  |   |
| Date: August 12, 2010 | By:    | /s/ John F. Ferraro                   |   |
|                  |   | John F. Ferraro                       |   |
|                  |   | Treasurer and Chief Financial Officer |   |