SECURITIES AND EXCHANGE COMMISSION
                          Washington, D. C.   20549
                                 FORM 10-QSB


__X__ Quarterly Report Under Section 13 or 15(d) of The Securities  Exchange Act
of 1934 for the Quarterly Period Ended: June 30, 2003.


____ Transition Report Under Section 13 or 15(d) of the Securities  Exchange Act
of 1934 for the Transition Period From ____ to ____

Commission file number: 0-24930

                               CTD HOLDINGS, INC.
             (Exact name of registrant as specified in its charter)

            Florida                                   59-3029743
  (State or other jurisdiction                      (IRS Employer
of incorporation or organization)                  Identification No.)

   27317 N.W. 78th Avenue, High Springs, Florida             32643
 (Address of principal executive offices)              (Zip Code)

          Issuer's telephone number, including area code: 386-454-0887

   Former name, former address and former fiscal year, if changed since last
   report: N/A.

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the Exchange  Act during the  preceding 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing requirements for the past 90 days. Yes

Applicable only to issuers involved in bankruptcy proceedings during the
preceding five years

Check whether the  registrant  filed all  documents  and reports  required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the  distribution of
securities under a plan confirmed by a court. No.

Applicable only to corporate issuers


As of June 30, 2003, the Company had outstanding 4,791,220 shares of its common
stock.

Transitional Small Business Disclosure Format (Check One):
 No.


<PAGE>


PART I:  FINANCIAL INFORMATION

Item 1 Financial Statements (unaudited)



<TABLE>

                                CTD HOLDINGS,INC.
                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

<CAPTION>
                                     ASSETS
<S>                                                              <C>
                                                                 June 30, 2003

                                                                 -------------
CURRENT ASSETS
 Cash and cash equivalents                                       $    50,691
 Accounts receivable                                                   8,835
 Inventory                                                            68,608
                                                                    ------------
     Total current assets                                            128,134

PROPERTY AND EQUIPMENT, Net                                          357,290

INTANGIBLES                                                            3,089

OTHER ASSETS                                                           4,854
                                                                  -----------
     TOTAL ASSETS                                                 $  493,367
                                                                  ===========
</TABLE>
                                   (Continued)

                                       F-1


<PAGE>

                                CTD HOLDINGS, INC.
                            CONSOLIDATED BALANCE SHEET
                                   (unaudited)

                                   (Concluded)

<TABLE>
<CAPTION>

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                      June 30,
                                                                        2003

                                                                    -----------
<CAPTION>
<C>                                                                 <S>
CURRENT LIABILITIES
 Accounts payable and accrued expenses                              $   18,046
 Current portion of long-term debt                                      11,948
 Current portion of shareholder loan                                    10,000
                                                                    -----------
                Total current liabilities                               39,994
                                                                    -----------
Long-term Liabilities

   Long-term debt, less current portion                                158,803
   Stockholder loan, less current portion                               89,081
                                                                    -----------
     Total long-term liability                                         247,884
                                                                    -----------
STOCKHOLDERS' EQUITY
 Class A common stock, par value $ .0001 per share, 9,900,000 shares authorized,
   4,791,220 shares issued

   and outstanding                                                         480
 Class B non-voting common stock, par value $ .0001 per
   share, 10,000,000 shares authorized, 0 shares issued
   and outstanding                                                           -
 Additional paid-in capital                                          1,954,498
 Accumulated deficit                                                (1,749,489)
                                                                    -----------
     Total stockholders' equity                                        205,489
                                                                    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                          $  493,367
                                                                    ===========
</TABLE>

                See Accompanying Notes to Financial Statements

                                       F-2

<PAGE>


                               CTD HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                   (Unaudited)

                                 Three Months Ended         Six Months Ended
                                       June 30,                 June 30,
                              -----------------------  -----------------------
                                    2003        2002       2003        2002
                              -----------  ----------  -----------  ----------

PRODUCT SALES                 $   89,482   $  130,995  $   140,029  $  326,844

COST OF PRODUCTS SOLD             17,215       25,796       25,138      60,887
                              -----------  ----------  -----------  ----------
GROSS PROFIT                      72,267      105,199      114,891     265,957

SELLING, GENERAL AND              46,761       56,758       95,987     120,174
ADMINISTRATIVE EXPENSES       -----------  ----------  -----------  ----------

INCOME FROM OPERATIONS            25,506       48,441       18,904     145,783
                              -----------  ----------  -----------  ----------
OTHER INCOME (EXPENSE)
   Investment and other

   income                            956        1,108        3,057       1,483
 Interest expense                 (5,846)      (6,877)     (12,759)    (15,311)
 Gain (Loss) on disposal
     of equipment                      -       10,000            -     (25,678)
                             -----------   ----------  -----------  ----------

     Total other income

     (expense)                    (4,890)       4,231       (9,702)    (39,506)
                              -----------  ----------  -----------  ----------

NET INCOME BEFORE INCOME
 TAXES                            20,616       52,672        9,202     106,277

 Income Taxes                          -            -            -           -
                              ----------   ----------  -----------  ----------
NET INCOME                    $   20,616   $   52,672  $     9,202  $  106,277
                              ===========  ==========  ===========  ==========

NET INCOME PER COMMON
 SHARE

       Net income per

         share               $       .00  $      .01  $       .00  $      .02
                              ===========  ==========  ===========  ==========
WEIGHTED AVERAGE NUMBER OF
 COMMON SHARES OUTSTANDING      4,791,220   4,791,220    4,791,220   4,791,220
                              ===========  ==========  ===========  ==========


                See Accompanying Notes to Financial Statements

                                       F-3

<PAGE>


<PAGE>


                                CTD HOLDINGS,INC.
                         CONSOLIDATED STATEMENTS OF CASH FLOWS
                Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)

<TABLE>

<CAPTION>                                                 Six Months Ended
                                                              June 30,
                                                     --------------------------
                                                          2003           2002
                                                     ----------    ------------
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                 <C>           <C>
Net income                                          $    9,202    $   106,277
                                                     ----------    -----------
 Adjustments  to  reconcile  net  income  to  net  cash  provided  by  operating
  activities:

      Depreciation and amortization                       12,292        11,870
      Loss on disposal of equipment                           -         25,678
      Increase or decrease in:
       Accounts receivable                                27,447       (74,704)
       Inventory                                          (4,462)       (5,961)
       Other current assets                                    -         1,305
       Accounts payable and accrued expenses                  33       (41,751)
                                                     ------------   -----------
        Total adjustments                                 35,310       (83,563)
                                                     ------------   -----------
    NET CASH PROVIDED BY OPERATING
         ACTIVITIES                                       44,512        22,714
                                                     ------------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of property and equipment                      (19,545)      (17,877)
 Repayment of note receivable                                  -         2,536
                                                      -----------   -----------
    NET CASH PROVIDED BY (USED IN) INVESTING
         ACTIVITIES                                      (19,545)      (15,341)
                                                      -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES
 Payments on long-term debt                              (5,520)       (4,019)
 Net proceeds (payments) on line of credit                     -       (19,631)
 Net proceeds (payments) on loan payable to stockholder  (15,000)       14,389
 Proceeds from sales of equipment                              -        20,300
                                                     ------------   -----------
    NET CASH PROVIDED BY (USED IN)
     FINANCING ACTIVITIES                                (20,520)       11,039
                                                     ------------   -----------
    NET INCREASE (DECREASE) IN CASH AND
      CASH EQUIVALENTS                                     4,447        18,412

CASH AND CASH EQUIVALENTS, beginning of period            46,244         8,190
                                                     ------------   -----------
CASH AND CASH EQUIVALENTS, end of period             $    50,691    $   26,602
                                                     ============   ===========
</TABLE>                          (Continued)
                                       F-4

<PAGE>


<PAGE>


                                  CTD HOLDING, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

               Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)

                                   (Concluded)

<TABLE>
<CAPTION>

                                                             Six Months Ended
                                                                     June 30,

                                                     ------------------------
                                                         2003           2002
                                                     ----------     ---------
<S>                                                  <C>          <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest                               $    7,578     $  15,311
                                                     ==========     =========

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
 AND FINANCING ACTIVITIES

 Purchase of vehicle with note payable               $   14,881     $       -
                                                     ==========     =========

</TABLE>

                See Accompanying Notes to Financial Statements

                                       F-5

<PAGE>


<PAGE>


                               CTD HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2003

                                   (Unaudited)


The information  presented herein as of June 30, 2003, and for the three and six
months ended June 30, 2003 and 2002, is unaudited.

(1) BASIS OF PRESENTATION:

The  accompanying  financial  statements  include  CTD  Holdings,  Inc.  and its
subsidiaries.

The  accompanying  financial  statements  have been prepared in accordance  with
generally accepted accounting  principles for interim financial  information and
with the  instructions  to Form  10-QSB  and  Rule  10-01  of  Regulations  S-X.
Accordingly,  they do not include all of the information and footnotes  required
by generally accepted accounting  principles for complete financial  statements.
In the opinion of management,  all  adjustments  (consisting of normal  required
adjustments) considered necessary for a fair presentation have been included.

Operating results for the three month and six month periods ended June 30, 2003,
are not necessarily  indicative of the results that may be expected for the year
ending  December  31,  2003.  For further  information,  refer to the  financial
statements and footnotes thereto included in the Company's annual report of Form
10-KSB for the year ended December 31, 2002.

(2) NET INCOME (LOSS) PER COMMON SHARE:

Net  income  (loss)  per  common  share  is  computed  in  accordance  with  the
requirements of Statement of Financial  Accounting Standards No. 128 (SFAS 128).
SFAS 128 requires net income (loss) per share information to be computed using a
simple  weighted  average  of  common  shares  outstanding  during  the  periods
presented.  SFAS 128 eliminated the previous requirement that earnings per share
include the effect of any dilutive common stock equivalents in the calculation.

(3)      INCOME TAXES

The Company  recorded  no income tax expense for the three and six months  ended
June  30,  2003  and  2002  due  to the  availability  of a net  operating  loss
carryforward.

(4)      STOCK BUY-BACK

The stock  buy-back  offered by the Company  effective  January 15, 2003 expired
April 15, 2003. There were no shares offered by shareholders  for buy-back.  The
terms  offered  by the  Company  were $.01 per share  greater  than the quote on
BigCharts.com at the end of the day on which the request to sell was received by
the Company, or $.10 per share, whichever was smaller.



                                       F-6

<PAGE>

Item 2.  Management's Discussion and Analysis or Plan of Operation

Management Discussion & Analysis

Liquidity and Capital Resources

Our cash and cash equivalents increased to more than $50,000 as of June 30, 2003
compared to  approximately  $36,000 as of March 31, 2003. The increase  resulted
from  improvement  of our  cash  flows  due to  increased  sales  and  continued
reduction  of  expenses  (5%)  from  the  previous  quarter.  We  also  invested
approximately $20,000 to improve the business operations physical facilities. We
expect to invest up to an additional $20,000 to complete these improvements.

As of June 30, 2003, our working capital was  approximately  $88,000 compared to
approximately  $90,000 at the end of the previous  quarter.  The working capital
stability  from the  previous  quarter can be primarily  attributed  to improved
sales  and  profitability,   less  cash  investing  in  improving  our  physical
facilities. We will continue to closely monitor our working capital and maintain
a good liquidity  position and capital resources for the remainder of 2003 while
holding overhead costs at a minimum.

Results of Operations

Sales of Cyclodextrins and related manufactured  complexes continue to be highly
volatile.  In efforts  to offset  this  volatility,  we  continue  to expand our
revenue  producing  activities  in  Cyclodextrin-related  research  and business
development services for the Company and other outside companies while expanding
our line of  distributed  products.  Our product  sales are  primarily  to large
chemical  supply and  pharmaceutical  companies  for  research  and  development
purposes.  To manage this volatility,  we have begun to market more aggressively
the  business  development  aspect of our CD  expertise  with  existing  and new
customers.

Total product sales for the second quarter 2003 were more than $89,000  compared
to  approximately  $51,000  in the prior  quarter.  While our YTD 2003 sales are
significantly  less  compared to the same time period  last year  ($140,029  vs.
$326,844),  our second  quarter  2003  sales  increased  substantially  over the
previous  quarter.  The  improvement  on an annualized  basis from 39% to 54% of
2002's sales brings the Company's product sales in line with its projected sales
of $250,000-$300,000 for 2003.

Our gross profit margin of 82% remains consistently strong for the first half of
2003. Our SG&A expenses  decreased to approximately  $47,000 from  approximately
$49,000  in the  prior  quarter.  The  decrease  in our  SG&A  expenses  results
primarily from controlling overhead costs and reducing interest expense whenever
possible.

Total other expenses were  approximately the same ($5,000) as the first quarter;
2003 YTD other  expenses are  approximately  $10,000  compared to  approximately
$40,000  for the same  period in the prior  year as a result of our 2002 loss on
disposal of equipment related to our former mushroom farming operation.

With the increase in sales, we recognize a net income of  approximately  $21,000
during  the  second  quarter of 2003  compared  to net  income of  approximately
$53,000 during the same period in 2002.

In 2003 we  continue  to utilize  the CTD  Website to  emphasize  the  company's
unmatched knowledge of the emerging CD industry; we have included in our Website
(What's New) how CTD's  customers  are using CD's and what evidence we have that
major industries have focused on CD's for products now being commercialized.  We
will  continue  to identify  new  products  and new uses for CD's.  We intend to
create  even  closer  ties  with our new  European  partner,  Cyclolab;  in 2003
management intends to aggressively  pursue an even more formal relationship that
may include ownership.

Forward-looking Statements

All  statements  other than  statements  of  historical  fact in this report are
"forward-looking  statements"  as defined in the Private  Securities  Litigation
Reform Act of 1995, and are based on  management's  current  expectations of the
Company's  near  term  results,  based  on  current  information  available  and
pertaining to the Company.  The Company assumes no obligation to update publicly
any forward-looking statements.  Actual results may differ materially from those
projected in the forward-looking  statements.  These forward-looking  statements
involve risks and uncertainties,  including,  but not limited to, the following:
demand  for   Cyclodextrin;   changes  in  governmental   laws  and  regulations
surrounding  various  matters,  such  as  labeling  disclosures;  delays  in the
development,  production, testing and marketing of products; product margins and
customer product acceptance.

Item 3.  CONTROLS AND PROCEDURES

     (a) Evaluation of disclosure controls and procedures.

The Company's principal executive officer and principal financial officer, after
evaluating the effectiveness of the Company's disclosure controls and procedures
(as defined in Exchange Act Rule  13a-14(c))  within 90 days prior to the filing
of this report,  has concluded  that,  based on such  evaluation,  the Company's
disclosure  controls and  procedures  were adequate and effective to ensure that
material  information  relating  to  the  Company,  including  its  consolidated
subsidiaries,   was  made  known  to  them  by  others  within  those  entities,
particularly during the period in which this Quarterly Report on Form 10-QSB was
being prepared.  Changes in Internal Controls. There were no significant changes
in the Company's internal controls or in other factors that could  significantly
affect these controls subsequent to the date of their evaluation, nor were there
any significant  deficiencies or material  weaknesses in the Company's  internal
controls. Accordingly, no corrective actions were required or undertaken.

     (b) Changes in internal controls.

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect these controls subsequent to the date of
their  evaluation,  nor were  there any  significant  deficiencies  or  material
weaknesses  in the  Company's  internal  controls.  Accordingly,  no  corrective
actions were required or undertaken.


<PAGE>


Item 6.   Exhibits and Reports on Form 8-K

None.

(a) Exhibits

Exhibit     Description                                                 Page

   (2)      Plan of Acquisition, Reorganization, Arrangement,
            Liquidation or Succession                                   None

   (4)      Instruments defining the Rights of Security Holders         None

  (10)      Material Contracts                                          None

  (11)      Statement re: Computation of Per Share Earnings            Note 2,
                                                                      Financial
                                                                     Statements

  (15)      Letter re: Unaudited Interim Financial Information          None

  (18)      Letter re: Change in Accounting Principles                  None

  (19)      Report Furnished to Security Holders                        None

  (22)      Published Report re: Matters Submitted to Vote of
            Security Holders                                            None

  (23)      Consents of Experts and Counsel                             None

  (24)      Power of Attorney                                           None

  (27)      Financial Data Schedule

  (99)      Additional Exhibits                                         None
   99.1     Certification of CFO and CEO                                  *
   99.2     Section 1350 certification                                    *

* Filed Herewith

(b) Reports on Form 8-K:
         None
                                  SIGNATURES

In accordance with the  requirements of the Exchange Act, the registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.

CTD HOLDINGS, INC.

                                                    DATE

/s/ C.E. "Rick" Strattan
-----------------------------                     August 13, 2003
C.E. Rick Strattan, President
Chief Executive Officer,
Chief Operating Officer and
Chief Financial Officer