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: March 31, 2001.

____ 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.
               f/k/a Cyclodextrin Technologies Development, 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.)

3713 S.W. 42nd Avenue, Suite 3, Gainesville, Florida,  32608-6581
 (Address of principal executive offices)              (Zip Code)

          Issuer's telephone number, including area code: 352-375-6822

   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 May 11, 2001, the Company had 4,204,168 outstanding shares of its common
stock.

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



                                       F-1
<PAGE>
PART I:  Financial Information

                              CTD HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)

<TABLE>
<CAPTION>

                                     ASSETS

                                                                March 31, 2001
                                                                --------------
<S>                                                               <C>
CURRENT ASSETS
 Cash and cash equivalents                                        $   11,252
 Accounts receivable                                                  42,072
 Inventory                                                            50,944
 Notes receivable                                                     17,681
 Other current assets                                                    428
                                                                    --------
     Total current assets                                            122,377
                                                                    --------
Property and equipment, net                                          409,646
                                                                    --------

OTHER ASSETS
 Intangibles, net                                                     24,452
                                                                    --------

TOTAL ASSETS                                                       $ 556,475
                                                                   =========
</TABLE>

                                   (Continued)

                                       F-2
<PAGE>





                                CTD HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                                   (Concluded)

<TABLE>
<CAPTION>

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                 March 31, 2001
                                                                 --------------
<S>                                                               <C>
CURRENT LIABILITIES
 Accounts payable and accrued expenses                            $  201,867
 Current portion of long-term debt                                    19,407
 Line of credit                                                       23,161
 Due to shareholder                                                   79,047
                                                                    ---------
Total current liabilities                                          $ 323,482
                                                                    ---------

Long-term debt, less current portion                                 172,139
                                                                    ---------
STOCKHOLDERS' EQUITY
 Class A common stock, par value $.0001 per share,
  9,900,000 shares authorized, 3,991,220 shares
  issued and outstanding                                                 399
 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                                        1,898,503
 Accumulated deficit                                              (1,838,048)
                                                                 -----------
     Total stockholders' equity                                       60,854
                                                                 -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $  556,475
                                                                   ==========
</TABLE>
                See Accompanying Notes to Financial Statements.

                                       F-3


<PAGE>

                               CTD HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                        Three Months Ended
                                                             March 31,
                                                  -----------------------------
                                                       2001            2000
                                                  --------------   ------------
<S>                                              <C>              <C>
PRODUCT SALES                                     $  92,182         $  181,549

COST OF PRODUCTS SOLD                                16,105             52,209
                                                  ----------         ----------
GROSS PROFIT                                         76,077            129,340

CONSULTING SERVICES AND OTHER OPERATING REVENUE           -                200
                                                    --------         ---------
TOTAL OPERATING REVENUE                              76,077            129,540

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES         91,940            143,183
                                                  ----------         ---------
LOSS FROM OPERATIONS                                (15,863)           (13,643)
                                                  ----------         ---------
OTHER INCOME (EXPENSE)
 Investment and other income (loss)                   2,353                 80
 Interest expense                                   (14,148)            (6,288)
                                                  ---------           ---------
     Total other income (expense)                   (11,795)            (6,208)
                                                  ---------           ---------
NET LOSS                                            (27,658)           (19,851)
                                                  =========           =========
NET LOSS PER COMMON SHARE                         $    (.01)          $   (.01)
                                                  =========           =========
WEIGHTED AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING                               3,991,220          3,481,154
                                                  ==========         ==========
</TABLE>

                See Accompanying Notes to Financial Statements.

                                       F-4


<PAGE>


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

<TABLE>
<CAPTION>

                                                         Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                         2001            2000
                                                     ------------  ------------
<S>                                                  <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net loss                                            $  (27,658)    $   (19,851)
                                                     ------------  ------------
 Adjustments to reconcile net loss to net
  cash used for operating activities:

   Depreciation and amortization                          8,711           5,181
  (Increase)in accounts receivable                      (33,347)       (111,166)
   Decrease in inventory                                  5,374          18,060
   Decrease in other current assets                       6,670           3,501
   Increase in accounts payable and
    accrued expenses                                     19,449          47,558
                                                      ---------      ----------
        Total adjustments                                 6,857         (36,866)
                                                      ----------    ----------
    NET CASH USED FOR OPERATING
     ACTIVITIES                                         (20,801)        (56,717)
                                                       ---------     ----------
CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of equipment and leasehold improvements            -          (22,746)
 Repayment of employee loan                               2,463           7,257
                                                        ----------    ----------
    NET CASH PROVIDED BY (USED IN)
       INVESTING ACTIVITIES                               2,463         (15,489)
                                                       ---------      ---------
CASH FLOWS FROM FINANCING ACTIVITIES
 Borrowing (Payment) on line-of-credit                   (2,031)         12,190
 Payment on notes payable                                (6,697)         (5,367)
 Repayment from  stockholder on loan                    (21,628)         (6,729)
                                                     ------------  ------------
    NET CASH PROVIDED BY FINANCING
     ACTIVITIES                                          12,900             94
                                                     ------------  ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS                (5,438)        (72,112)

CASH AND CASH EQUIVALENTS, beginning of period           16,690          73,425
                                                     ------------  ------------
CASH AND CASH EQUIVALENTS, end of period             $   11,252    $      1,313
                                                     ============  ============
</TABLE>

                                 (Continued)

                                       F-5
<PAGE>
                                CTD HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              Increase (Decrease) in Cash and Cash Equivalents
                                   (Unaudited)

                                   (Concluded)

<TABLE>
<CAPTION>

                                                         Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                        2001           2000
                                                     ------------  ------------
<S>                                                  <C>          <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest             $   7,638       $    6,288
                                                     ============  ============

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND
FINANCING ACTIVITIES
                                                          2001          2000
                                                      ----------    -----------
Stock issued to officer in
   satisfaction of bonus accrued                     $       -        $   7,800
                                                     ===========    ===========
Stock issued to consultant for
   prepaid public relations services                 $       -        $  40,000
                                                     ===========    ===========
Stock issued for rights to
   intellectual property                             $       -        $  10,000
                                                     ===========    ===========
</TABLE>

                See Accompanying Notes to Financial Statements.

                                       F-6

<PAGE>



                                CTD HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)

The information  presented herein as of March 31, 2001, and for the three months
ended March 31, 2001 and 2000, 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 period ended March 31, 2001, are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2001. 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, 2000.

(2) GOING CONCERN:

As shown in the accompanying financial statements, the Company incurred a net
loss of ($27,658) during the three months ended March 31, 2001, and as of that
date, the Company's current liabilities exceeded its current assets by
$201,105. Those factors, create an uncertainty about the Company's ability to
continue as a going concern. Management of the Company is reducing expenses and
attempting to increase revenues to return the Company to a profitable position.
Additionally, management is working with creditors to work out agreeable payment
plans, until the cash flow position improves. The ability of the Company to
continue as a going concern is dependent on the Company achieving these plans.
The financial statements do not include any adjustments that might be necessary
if the Company is unable to continue as a going concern.

(3) NET LOSS PER COMMON SHARE:

Net 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 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.


                                       F-7
<PAGE>
                                CTD HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (Unaudited)
                                   (Concluded)

(4)   SEGMENTS:

The Company has two  segments,  Cyclodextrin  products  and  mushroom  products.
Information specific to these two segments follows:

                                         Three Months Ended
                                           March 31,
                 ---------------------------------------------------------------
                            2001                                   2000
                 -----------------------------  --------------------------------

                 Cyclodextrins     Mushrooms         Cyclodextrins     Mushrooms
                 -------------     ---------         -------------     ---------

Sales            $     88,040      $  4,142        $    174,149     $   7,400

Income (loss)
 from operations $     (5,644)     $(22,014)        $    61,149     $  (81,000)

                      March 31, 2001
                      -------------------
                 Cyclodextrins     Mushrooms

                 -------------     ---------
Total assets     $    489,036      $  67,439



                                       F-8


<PAGE>



Item 2. Management Discussion and Analysis or Plan of Operation

                     (MD&A) Management Discussion & Analysis
                                  As of 3/31/01
                               CTD Holdings, Inc.

Management Discussion and Analysis

Liquidity and Capital Resources

As of March 31, 2001, the Company's working capital was ($201,105)
compared to $115,854 a year ago and ($128,750) at December 31, 2000.
  Working capital continued to decrease as a result of continued losses
in the first quarter ($34,188), to about half the loss for the fourth
 quarter, 2000 ($67,173).  Reduction in quarterly losses should
continue through the second quarter, with operational  profitability
achieved in the third or fourth quarter.

By enforcing stringent expense reduction policies and concentrating on
sales of cyclodextrins by CTDI, management expects liquidity to improve
and provide sufficient profitability to improve the Company's working
capital by the end of the second quarter.

The Company has put on hold until the 3rd quarter a plan with a
University of Florida investigator to identify and quantify the content
of ajoene and eritadenine (two anti-cholesterol agents) in its shiitake
mushrooms based on the findings from its preliminary studies with that
same investigator of shiitake mushroom extracts.

The Company is in the final  year of a two year extension of its lease
for its existing 3000 square - foot office and lab facility.  Rent for
the space remains at just under $2000 per month.  The Company has begun
to transfer its laboratory facility into its own building and expects
to have that move completed by the end of June, 2001.  The office will
be moved before the November lease end.

In keeping with its commitment to use the internet as its major
advertising and public relations outlet, the Company has entered into
an agreement with its current, local ISP and web site managing Company,
Livewire, to significantly upgrade its current web site.  The Company
has created an asset of $30,000 for this upgrade, which includes
substantial cosmetic and operational alterations and expansion of the
revenue producing databases.  The upgraded site became "live" in late
October replacing the old site.  As a result of this upgrade, the
Company has been enjoying revenue of approximately $1000 per month
during 2001.

Results of Operations

Sales of cyclodextrin and related manufactured complexes are
historically highly volatile. In efforts to offset this volatility, the
Company continues to expand its revenue producing activities in CD
related research and development services for unrelated companies and
expand its line of manufactured products. During the last quarter of
2000, the Company reduced operations at NSME to maintenance only.  The
Company expects to return the NSME operations to approximately 25% of
its previous levels in the 3rd quarter of 2001.

Total product sales increased  ($92,182 from $71,460) from the 4th
quarter, 2000, to the 1st quarter, 2001, but on an annualized basis,
2001 sales should be as good as 2000's sales ($347,200).

The Company has reduced its NSME operation to maintenance status and
will focus on the cyclodextrin (CTD Inc.) operations.  CTDI's product
sales for the first quarter ($88,040) were approximately half the same
value for the first quarter of 2000, but approximately equal on an
annualized basis to the total sales for 2000 ($347,000).  Again, the
great volatility on a quarter to quarter basis from year to year makes
such comparisons difficult to interpret.  The Company's SG&A expenses
were about the same ($98,470) as those of the fourth quarter, 2000
($95,906) but much reduced from the SG&A expenses ($143,183) of the
same quarter in 2000.  The slight increase in the SG&A expenses from
the previous quarter was caused by the normal first quarter
increases in professional fees.  The comparison of these expenses for
the same period last year ($98,470 vs. $143,183) is a much better
indicator of management's aggressive action to reduce expenses.

With the greatly reduced expenses implemented for 2001, management
expects to attain a better financial condition by June and certainly by
the fourth quarter assuming a conservative annual sales rate of
$250,000.

Product sales of CTD are primarily to large pharmaceutical and food
companies for research and development purposes.  Sales of both
products and services continue to be concentrated among a few large
customers.  Even with a substantial reduction in sales to its largest
customer, seen in the first quarter, the Company continues to produce
adequate revenue to support its trimmed down operations.

With the reduction in the operational activities of the NSME
subsidiary, the Company's gross profit margin (GPM) has returned to its
more normal 80 % range (82.5% in first quarter, 2001) from the 56.5%
reported in the fourth quarter, 2000.

The Company will continue to introduce new products through its
subsidiaries that will enhance profitability; and it will continue to
implement its strategy of creating or acquiring operational affiliates
and/or additional subsidiaries that will use CD's in herbal medicines,
waste-water remediation, pharmaceuticals, and foods.


PART II: Other Information

Item 2.   Changes in Securities and Use of Proceeds

None.

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 3,
                                                                       Financial
                                                                      Statements
<PAGE>

  (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

(b) Reports on Form 8-K:
         None

*   Filed Herewith



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.

Dated:  April 30 2001

                                          /s/ C. E. RICK STRATTAN
                                          -----------------------
                                          C. E. RICK STRATTAN
                                          President, Chief Executive Officer,
                                          Chief Financial Officer