----

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

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----

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|                                                                               |                                                                                   | Page   |
|------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|--------|
| PART I          FINANCIAL INFORMATION |
|                                                                               |                                                                                   |   |
| Item 1.                                                                            | Financial Statements                                                                   | 2      |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Balance Sheets                                                            |   |
|                                                                               | December  31, 2010 and March 31, 2010                                        | 2      |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Statements Of Income                                                      |   |
|                                                                               | Three Months Ended December 31, 2010 and 2009                                          | 3      |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Statements Of Income                                                      |   |
|                                                                               | Nine Months Ended December 31, 2010 and 2009                                           | 4      |
|                                                                               |                                                                                   |   |
|                                                                               | Consolidated Statements Of Cash Flows                                                  |   |
|                                                                               | Nine Months Ended December 31, 2010 and 2009                                           | 5      |
|                                                                               |                                                                                   |   |
|                                                                               | Notes To Consolidated Financial Statements                                             | 6      |
|                                                                               |                                                                                   |   |
| Item 2.                                                                            | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 10     |
|                                                                               |                                                                                   |   |
| Item 3.                                                                            | Quantitative and Qualitative Disclosures About Market Risks.                           | 11     |
|                                                                               |                                                                                   |   |
| Item 4T.                                                                           | Controls and Procedures.                                                               | 11     |
|                                                                               |                                                                                   |   |
| PART II         OTHER INFORMATION          |
|                                                                               |                                                                                   |   |
| 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.                                                       | 13     |
|                                                                               |                                                                                   |   |
| Item 5.                                                                            | Other Information.                                                                     | 13     |
|                                                                               |                                                                                   |   |
| Item 6.                                                                            | Exhibits.                                                                              | 13     |
|                                                                               |                                                                                   |   |
| SIGNATURES                                                                         |                                                                                   | 14     |

----

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

| THERMODYNETICS, INC. AND SUBSIDIARIES |
|---------------------------------------|
|  CONSOLIDATED BALANCE SHEETS     |
|  (UNAUDITED)                     |
|  (in 000's)                      |   |

|                                                                 |   | December 31, |   | March 31, |   |
|----------------------------------------------------------------------|--------|-------------------|--------|----------------|--------|
|                                                                 |   | 2010              |   |           |   | 2010 |   |
|                                                                 |   |              |   |           |   |   |   |
| ASSETS                                                               |
| CURRENT ASSETS                                                       |   |              |   |           |   |   |   |
| Cash                                                                 |   | $                 | 459    |           |   | $ | 229 |   |
| Cash - restricted                                                    |   |              | 424    |           |   |   | - |   |
| Marketable securities                                                |   |              | 1,126  |           |   |   | 45 |   |
| Prepaid expenses and other current assets                            |   |              | 32     |           |   |   | 14 |   |
| Total current assets                                                 |   |              | 2,041  |           |   |   | 288 |   |
|                                                                 |   |              |   |           |   |   |   |   |
| PROPERTY, PLANT AND EQUIPMENT, net                                   |   |              | 2,884  |           |   |   | 3,018 |   |
|                                                                 |   |              |   |           |   |   |   |   |
| DEFERRED INCOME TAXES                                                |   |              | -      |           |   |   | 1,200 |   |
|                                                                 |   |              |   |           |   |   |   |   |
| OTHER ASSETS                                                         |   |              |   |           |   |   |   |   |
| Investments - at equity                                              |   |              | -      |           |   |   | 3,198 |   |
| Related party receivables                                            |   |              | -      |           |   |   | 42 |   |
| Other                                                                |   |              | 32     |           |   |   | 77 |   |
| Total other assets                                                   |   |              | 32     |           |   |   | 3,317 |   |
|                                                                 |   |              |   |           |   |   |   |   |
|                                                                 |   | $                 | 4,957  |           |   | $ | 7,823 |   |
|                                                                 |   |              |   |           |   |   |   |   |
|  LIABILITIES AND STOCKHOLDERS' EQUITY                           |
| CURRENT LIABILITIES                                                  |   |              |   |           |   |   |   |   |
| Line of credit                                                       |   | $                 | 954    |           |   | $ | 1,087 |   |
| Accounts payable                                                     |   |              | 204    |           |   |   | 214 |   |
| Accrued expenses and taxes                                           |   |              | 1,291  |           |   |   | 2,005 |   |
| Current portion of long-term debt                                    |   |              | 1,449  |           |   |   | 1,531 |   |
| Total current liabilities                                            |   |              | 3,898  |           |   |   | 4,837 |   |
|                                                                 |   |              |   |           |   |   |   |   |
| LONG-TERM LIABILITIES                                                |   |              |   |           |   |   |   |   |
| Long-term debt, less current maturities above                        |   |              | 1      |           |   |   | 13 |   |
| Long-term liabilities from discontinued operations                   |   |              | -      |           |   |   | 2,782 |   |
| Total long-term liabilities                                          |   |              | 1      |           |   |   | 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)                        |   |              | (232   | )              |   |   | 16 |   |
| Deficit                                                              |   |              | (6,018 | )              |   |   | (7,133 | ) |
|                                                                 |   |              | 1,058  |           |   |   | 191 |   |
|                                                                 |   |              |   |           |   |   |   |   |
|                                                                 |   | $                 | 4,957  |           |   | $ | 7,823 |   |

----

| THERMODYNETICS, INC. AND SUBSIDIARIES                                 |
|-----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| FOR THE THREE MONTHS ENDED DECEMBER 31,                               |
| (UNAUDITED)                                                           |
| (in 000's, except earnings per share)                                 |

|                                                                   |   |   |   |   |   |   |
|------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                   |   |   |   |   |   |   |
|                                                                   |   | 2010   |   |   | 2009   |   |
|                                                                   |   |   |   |   |   |   |
|                                                                   |   |   |   |   |   |   |
| REVENUES                                                               |   |   |   |   |   |   |
| Consulting fee and rental income                                       |   | $      | 134    |   |   | $      | 247 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                     |   |   | 80     |   |   |   | 1,327 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Income (loss) from operations                                          |   |   | 54     |   |   |   | (1,080 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY                        |   |   | -      |   |   |   | (21 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                 |   |   |   |   |   |   |   |   |
| Other, net                                                             |   |   | 2      |   |   |   | 202 |   |
| Interest expense                                                       |   |   | (37    | )      |   |   | (236 | ) |
| Realized Loss on Impairment                                            |   |   | -      |   |   |   | - |   |
| Gain on sale of stock                                                  |   |   | 114    |   |   |   | - |   |
|                                                                   |   |   | 79     |   |   |   | (34 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| Income (loss) before provision for income taxes and extraordinary item |   |   | 133    |   |   |   | (1,135 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| PROVISION FOR  INCOME TAXES                                  |   |   | (5     | )      |   |   | (2 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                      |   |   | 138    |   |   |   | (1,133 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS), net of tax                          |   |   | (203   | )      |   |   | 13 |   |
|                                                                   |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                            |   | $      | (65    | )      |   | $      | (1,120 | ) |
|                                                                   |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER COMMON SHARE                                       |   | $      | 0.03   |   |   | $      | (0.25 | ) |

----

| THERMODYNETICS, INC. AND SUBSIDIARIES                                 |
|-----------------------------------------------------------------------|
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
| FOR THE NINE MONTHS ENDED DECEMBER 31,                                |
| (UNAUDITED)                                                           |
| (in 000's, except earnings per share)                                 |

|                                                                  |   |   |   |   |   |   |
|-----------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                                  |   |   |   |   |   |   |
|                                                                  |   | 2010   |   |   | 2009   |   |
|                                                                  |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |
| REVENUES                                                              |   |   |   |   |   |   |
| Consulting fee and rental income                                      |   | $      | 442    |   |   | $      | 742 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OPERATING EXPENSES                                                    |   |   | 784    |   |   |   | 2,240 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss from operations                                                  |   |   | (342   | )      |   |   | (1,498 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EQUITY IN EARNINGS OF UNCONSOLIDATED SUBSIDIARY                       |   |   | -      |   |   |   | 363 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                                |   |   |   |   |   |   |   |   |
| Other, net                                                            |   |   | 2      |   |   |   | 51 |   |
| Interest expense                                                      |   |   | (113   | )      |   |   | (116 | ) |
| Realized Loss on Impairment                                           |   |   | -      |   |   |   | (2,196 | ) |
| Loss on sale of stock                                                 |   |   | (19    | )      |   |   | - |   |
|                                                                  |   |   | (130   | )      |   |   | (2,261 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss before provision for income taxes and extraordinary item         |   |   | (472   | )      |   |   | (3,396 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| PROVISION FOR  INCOME TAXES                                 |   |   | (5     | )      |   |   | 2 |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Loss before extraordinary item                                        |   |   | (467   | )      |   |   | (3,398 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EXTRAORDINARY ITEM  - Gain on extinguishment of debt net of |   |   |   |   |   |   |   |   |
| taxes of $1,200                                                       |   |   | 1,582  |   |   |   | - |   |
|                                                                  |   |   |   |   |   |   |   |   |
| Net income (loss)                                                     |   |   | 1,115  |   |   |   | (3,398 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| OTHER COMPREHENSIVE INCOME (LOSS), net of tax                         |   |   | (248   | )      |   |   | (5 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                           |   | $      | 867    |   |   | $      | (3,403 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) BEFORE EXTRAORDINARY ITEM PER COMMON SHARE            |   |   |   |   |   |   |   |   |
| PER COMMON SHARE                                                      |   | $      | (0.10  | )      |   | $      | (0.78 | ) |
|                                                                  |   |   |   |   |   |   |   |   |
| EARNINGS (LOSS) PER COMMON SHARE                                      |   | $      | 0.24   |   |   | $      | (0.78 | ) |

----

| THERMODYNETICS, INC. AND SUBSIDIARIES  |
|----------------------------------------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS  |
| FOR THE NINE MONTHS ENDED DECEMBER 31, |
| (UNAUDITED)                            |
| (in 000's)                             |

|                                                    |   |   |   |   |   |   |
|---------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                    |   | 2010   |   |   | 2009   |   |
|                                                    |   |   |   |   |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                    |   |   |   |   |   |   |
| Net income (loss)                                       |   | $      | 1,115  |   |   | $      | (3,398 | ) |
| Adjustments to reconcile net income (loss) to net       |   |   |   |   |   |   |   |   |
|   cash provided by operating activities:      |   |   |   |   |   |   |   |   |
| Depreciation and amortization                           |   |   | 144    |   |   |   | 279 |   |
| Earnings in unconsolidated subsidiary                   |   |   | -      |   |   |   | (289 | ) |
| Realized Loss on Impairment                             |   |   |   |   |   |   | 2,196 |   |
| Loss on sale of stock of subsidiary                     |   |   | (18    | )      |   |   | - |   |
| 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                  |   |   | (18    | )      |   |   | (288 | ) |
|  Increase (decrease) in accounts payable           |   |   | (10    | )      |   |   | 5 |   |
|  Increase (decrease) in accrued expenses and taxes |   |   | (714   | )      |   |   | 558 |   |
| Net cash provided by (used in) operating activities     |   |   | (1,047 | )      |   |   | (808 | ) |
|                                                    |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                    |   |   |   |   |   |   |   |   |
| Purchases of property, plant and equipment              |   |   | (1     | )      |   |   | (142 | ) |
| Purchases of marketable securities                      |   |   | -      |   |   |   | (3 | ) |
| Net cash provided by (used in) investing activities     |   |   | (1     | )      |   |   | (145 | ) |
|                                                    |   |   |   |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                    |   |   |   |   |   |   |   |   |
| Net (increase) decrease in related party receivable     |   |   | 42     |   |   |   | 768 |   |
| Proceeds from sale of stock                             |   |   | 1,887  |   |   |   | - |   |
| Payments on short-term borrowings                       |   |   | (133   | )      |   |   | 25 |   |
| Principal payments on debt                              |   |   | (94    | )      |   |   | (95 | ) |
| Net cash provided by (used in) financing activities     |   |   | 1,702  |   |   |   | 698 |   |
|                                                    |   |   |   |   |   |   |   |   |
| NET INCREASE IN CASH                                    |   |   | 654    |   |   |   | (255 | ) |
|                                                    |   |   |   |   |   |   |   |   |
| CASH, beginning of year                                 |   |   | 229    |   |   |   | 475 |   |
|                                                    |   |   |   |   |   |   |   |   |
| CASH, end of period                                     |   | $      | 883    |   |   | $      | 220 |   |

----

----

| Year                                                                     |   | Carrying Value                     |   |   | Per Share MV             |   |   | Market Value |   |   | Cost   |   |
|--------------------------------------------------------------------------|--------|------------------------------------|--------|--------|--------------------------|--------|--------|--------------|--------|--------|--------|--------|
|                                                                     |   |                               |   |   |                     |   |   |         |   |   |   |   |
| December 31, 2010                                                        |   | $                                  | 1,112  |   |                     | $      | 0.41   |         |   | $      | 1,112  |   |   | $ | 1,346 |   |
| December 31, 2009                                                        |   |                               | 3,416  |   |                     |   | 0.44   |         |   |   | 3,160  |   |   |   | N/A |   |
|                                                                     |   |                               |   |   |                     |   |   |         |   |   |   |   |   |   |   |   |
|                                                                     |   | September 31, 2010                 |   |   | March 31, 2010           |   |   |         |   |   |   |   |   |   |
| Current assets                                                           |   | $                                  | 7,306  |   |                     |   | 6,754  |         |   |   |   |   |   |   |   |   |
| Property and equipment, net                                              |   |                               | 10,156 |   |                     |   | 5,424  |         |   |   |   |   |   |   |   |   |
| Other assets, net                                                        |   |                               | 324    |   |                     |   | 203    |         |   |   |   |   |   |   |   |   |
|           Total assets |   |                               | 17,786 |   |                     |   | 12,381 |         |   |   |   |   |   |   |   |   |
|                                                                     |   |                               |   |   |                     |   |   |         |   |   |   |   |   |   |   |   |
| Current liabilities                                                      |   |                               | 3,131  |   |                     |   | 1,203  |         |   |   |   |   |   |   |   |   |
| Long-term Debt                                                           |   |                               | 2,393  |   |                     |   | 82     |         |   |   |   |   |   |   |   |   |
| Deferred liabilities                                                     |   |                               | 900    |   |                     |   | 781    |         |   |   |   |   |   |   |   |   |
|                                                                     |   |                               | 6,424  |   |                     |   | 2,066  |         |   |   |   |   |   |   |   |   |
| Stockholders’ equity                                               |   |                               | 11,362 |   |                     |   | 10,315 |         |   |   |   |   |   |   |   |   |
|                                                                     |   |                               | 17,786 |   |                     |   | 12,381 |         |   |   |   |   |   |   |   |   |
|                                                                     |   |                               |   |   |                     |   |   |         |   |   |   |   |   |   |   |   |
|                                                                     |   | Six Months EndedSeptember 31, 2010 |   |   | Year EndedMarch 31, 2010 |   |   |         |   |   |   |   |   |   |
| Sales                                                                    |   | $                                  | 12,162 |   |                     | $      | 26,986 |         |   |   |   |   |   |   |   |   |
| Net income                                                               |   |                               | 856    |   |                     |   | 1,447  |         |   |   |   |   |   |   |   |   |

----

|                                                              |   | Three Months Ended December 31, |      |   | Nine Months Ended December 31, |   |
|-------------------------------------------------------------------|--------|---------------------------------|-----------|--------|--------------------------------|--------|
|                                                              |   | 2010                            |      |   | 2009                           |   |   | 2010 |   |   | 2009 |   |
| Weighted Average Shares Outstanding-Basic  &Diluted |   |                            | 4,600,306 |   |                           |   | 4,600,306 |   |   |   | 4,600,306 |   |   |   | 4,373,023 |   |

|                       |   | Nine Months Ended December 31 |   |
|----------------------------|--------|-------------------------------|--------|
|                       |   | (in 000's)                    |   |
| Cash payments for interest |   | 2010                          |   |   | 2009 |   |
|                       |   | $                             | 113    |   |   | $ | 116 |   |

----

| (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 to reimburse the PLC for 85% of the PLC’s legal expenses which the PLC has claimed approximate £795,000.  The PLC has served a Notice of Commencement of Detailed Assessment proceedings along with a Bill of Costs and the Company has served its Points of Dispute challenging the PLC's costs as being excessive and inappropriate.  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.  The Company could ultimately be responsible for up to an additional £325,000 of legal costs claimed by the PLC in the event the Company loses its arguments. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (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, and that Thermodynetics improperly withdrew funds from a sinking fund established under the leases, and for fraudulent inducement, fraudulent misrepresentation, and violation of the Connecticut Unfair Trade Practices Act (Conn. Gen. Stat. Sect. 42-110b, et seq.).  Thermodynetics denies the allegations.  Thermodynetics estimated its total risk of loss would not exceed $350,000 and did not view its risk of loss in the case as probable or material.  On that January 10, 2011 mutual releases were exchanged between Thermodynetics and Turbotec, and the lawsuit was dismissed without any financial obligation owed to either party.  An outcome of the settlement was that Turbotec extended its leasehold interest in the Day Hill facility through December 31, 2011. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | The Company's bank initiated and served two separate lawsuits on June 28, 2010 against the Company in the Connecticut Superior Court, Judicial District of Hartford, alleging defaults of a line of credit and 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 December 31, 2010, the Company was current on both primary mortgages, and was current on its interest payments against the line of credit which had matured in 2009.  The default initially was 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.  The current balance due under the line of credit and mortgages equals approximately $2.4 million; the Bank is claiming such balance plus costs and legal expenses of the proceeding.  In the event the bank is successful in its foreclosure proceedings and a qualified buyer for the properties is not secured, the loss to the Company could exceed the amounts due under the line of credit and mortgages.  However, in the event of a strict foreclosure, under Connecticut foreclosure law, a court would apply a fair market value to the properties and buildings based upon a then to be appraised value as of the date title vested in the bank; therefore, the likely risk of loss to the Company would be the loss of the land and buildings but not further financial deficiency claims.  Both properties are currently listed for sale with a commercial real estate broker, and management would also consider any long-term lease opportunities. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

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

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

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

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

----

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

| 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 11, 2011 | By:    | /s/ Robert A. Lerman                  |   |
|                    |   | Robert A. Lerman                      |   |
|                    |   | President and Chief Executive Officer |   |
|                    |   |                                  |   |
| Date: February 10, 2011 | By:    | /s/ John F. Ferraro                   |   |
|                    |   | John F. Ferraro                       |   |
|                    |   | Treasurer and Chief Financial Officer |   |