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: September 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 September 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


                                 CTD HOLDINGS INC.
                          CONSOLIDATED BALANCE SHEET
                                  (Unaudited)

                                     ASSETS

                                                              September 30, 2003
                                                                 --------------
CURRENT ASSETS
 Cash and cash equivalents                                         $    63,387
 Accounts receivable                                                    15,552
 Inventory                                                              74,824
                                                                   ------------
     Total current assets                                              153,763


PROPERTY AND EQUIPMENT, net
371,215

OTHER ASSETS
     Intangibles, net                                                    3,018
                                                                   ------------
TOTAL ASSETS                                                       $   527,996
                                                                   ============

                                   (continued)

                                       F-1




<PAGE>


                               CTD HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET

                                   (Unaudited)


                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                  September 30,
                                                                        2003

                                                              ------------------
CURRENT LIABILITIES
 Accounts payable and accrued expenses                            $     29,816
 Current portion of long-term debt                                      12,112
 Current portion of stockholder loan                                    20,000
                                                                 -------------
    Total current liabilities                                           61,928
                                                                 -------------

LONG-TERM LIABILITIES
  Long-term debt, less current portion                                 156,492
  Stockholder loan, less current portion                                76,495
                                                                 -------------
      Total long-term liabilities                                      232,987
                                                                 -------------


STOCKHOLDERS' EQUITY
 Class A  common  stock,  par  value  $  .0001  per  share,  100,000,000  shares
   authorized,  4,791,220  shares  issued and  outstanding;  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                                                (1,721,897)
                                                                 --------------
     Total stockholders' equity                                        233,081

                                                                 --------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $    527,996
                                                                 ==============

                 See Accompanying Notes to Financial Statements

                                       F-2

<PAGE>

<TABLE>


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

                                   Three Months Ended               Nine Months Ended
                                      September 30,                    September 30,
                               ----------------------          ----------------------
                                   2003        2002                2003        2002
<S>                            <C>         <C>                 <C>        <C>
                               ----------  ----------          ----------  ----------
PRODUCT SALES                  $   85,516 $  136,711           $  225,545 $  463,555

COST OF PRODUCTS SOLD               8,816     10,131               33,954     71,018
                               ----------  ----------          ----------  ----------
GROSS PROFIT                       76,700    126,580              191,591    392,537

SELLING, GENERAL AND               45,507     48,151              141,494    168,325
ADMINISTRATIVE EXPENSE
                               ----------  ----------          ----------  ----------
INCOME FROM OPERATIONS             31,193     78,429               50,097    224,212
                               ----------  ----------          ----------  ----------

OTHER INCOME (EXPENSE)
Interest expense                   (4,697)     (4,728)            (17,456)   (20,039)
Gain (loss) on disposal
   of equipment                         -       1,578                   -    (24,100)
Investment and other income         1,146      13,205               4,203     14,688
                                  ----------  ----------          ----------  ----------

   Total other income (expense)    (3,551)     10,055             (13,253)   (29,451)
                                  ----------- ----------          ----------  ----------
NET INCOME BEFORE INCOME TAXES     27,642      88,484              36,844    194,761

 Income Taxes                          -           -                   -          -
                                 -----------  ----------          ----------  ----------

NET INCOME                       $  27,642   $ 88,484          $   36,844  $ 194,761
                                 ===========  ==========          ==========  ==========

NET INCOME PER COMMON SHARE      $     .01   $    .02         $      .01  $      .04
                                 -----------  ----------          ----------  ----------

WEIGHTED AVERAGE NUMBER OF
  COMMON SHARES OUTSTANDING      4,791,220   4,791,220           4,791,220  4,791,220
                                 ===========  ==========         ==========  ==========
</TABLE>

                     See Accompanying Notes to Financial Statements

                                           F-3


<PAGE>
<TABLE>


                               CTD HOLDINGS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

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

                                                          Nine Months Ended
                                                             September 30,
                                                     --------------------------
                                                        2003            2002
<S>                                                  <C>            <C>
                                                     ------------  ------------
CASH FLOWS FROM OPERATING ACTIVITIES

 Net income (loss)                                   $    36,844   $   194,761
                                                     ------------  ------------
 Adjustments to reconcile  net income  (loss) to net cash  provided by (used in)
    operating activities:

  Bad debt                                                 4,854            -
  Depreciation and amortization                           18,939        17,943
  Loss on disposal of equipment                                -        24,100
  Increase or decrease in:
    Accounts receivable                                   20,730       (23,392)
    Inventory                                            (10,678)      (42,211)
    Other current assets                                      -          1,305
    Accounts payable and accrued expenses                 14,166       (88,542)
                                                     ------------  ------------
        Total adjustments                                 48,011      (110,797)
                                                     ------------  ------------
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      84,855         83,964
                                                      ------------  ------------
CASH FLOWS FROM INVESTING ACTIVITIES

 Purchase of property and equipment                      (54,927)      (17,878)
 Repayment of note receivable                                  -         2,537
                                                     ------------  -----------
NET CASH PROVIDED BY (USED IN)
 INVESTING ACTIVITIES                                    (54,927)      (15,341)
                                                     ------------  ------------
CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds on long-term debt                               14,881            -
 Payments on long-term debt                               (7,666)      (6,788)
 Net proceeds (payments) on line-of-credit                     -      (19,631)
 Net proceeds on loan payable to stockholder             (20,000)       4,389
 Proceeds from sale of equipment                               -       21,877
                                                     ------------  ------------
NET CASH PROVIDED BY (USED IN)
  FINANCING ACTIVITIES                                    (12,785)       (153)
                                                     ------------  ------------
NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS                                     17,143       68,470

CASH AND CASH EQUIVALENTS, beginning of period             46,244       8,190
                                                     ------------  ------------
CASH AND CASH EQUIVALENTS, end of period             $     63,387  $    76,660
                                                     ============  ============
</TABLE>

                                   (Continued)

                                       F-4

<PAGE>

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

                                   (Unaudited)

<TABLE>
<CAPTION>

                                                               Nine Months Ended
                                                                   September 30,

                                                     --------------------------
                                                        2003            2002
                                                     ------------  ------------
<S>                                                  <C>          <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest                                $     9,777   $   20,039
                                                     ============  ============
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>

                               CTD HOLDINGS, INC.
           NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2003
                                  (Unaudited)

The information presented herein as of September 30, 2003, and for the three and
nine months ended September 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 nine month periods ended September 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 the 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 nine months  ended
September  30, 2003 and 2002 due to the  availability  of a net  operating  loss
carryforward.

(4)      SUBSEQUENT EVENTS

The following events occurred subsequent to September 30, 2003:

The Company's  majority  shareholder  sold 500,000 shares of common stock to the
Company for a $25,000 note  payable,  with  interest at 5%. The Company  entered
into a  six-month  agreement  with a  financial  consultant  to  provide  public
relations  services.  The Company  will issue  500,000  shares to the  financial
consultant and expense the fair value of the stock issued ($25,000) over the six
month term of the agreement.  The Company's  majority  shareholder  also granted
options to the financial  consultant to purchase an additional 500,000 shares of
CTD stock through April 30, 2004 at per share prices ranging from $.10 to $1.00.
The Company has recorded no compensation expense related to these options as the
option prices exceeded the market price of the stock at the time of issuance.

The Company awarded its president  $50,000 in common stock for services rendered
at the then market price. The Company expects to issue  approximately  1,000,000
registered common shares under Form S-8.

<PAGE>

                                       F-6



<PAGE>

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

Management Discussion and Analysis

Liquidity and Capital Resources

Our cash and cash equivalents increased to more than $63,000 as of September 30,
2003  compared  to  approximately  $46,000 as of the end of 2002.  The  increase
resulted  from  improvement  of our cash  flows due to  increased  gross  profit
margins and continued reduction of expenses (3%) from the previous quarter.

As of September 30, 2003, our working capital was approximately $92,000 compared
to  approximately  $115,000 at the end of 2002. We have generated  approximately
$85,000 from operations during 2003 and have used our additional funds to reduce
debt and make  improvements  to our  operating  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.

We have invested  approximately $36,000 and anticipate and additional $15,000 to
complete the current improvement  projects to our business  operation's physical
facilities.  These  improvements  primarily involve the renovation of our office
structure.

Subsequent to September 30, 2003, Mr.  Strattan,  the Company's  president,  was
awarded a bonus of stock equal in value to $50,000 for the Company's  profitable
performance  over the past two years.  Mr.  Strattan agreed to take the bonus in
the  Company's  common  stock at the value of the  stock at the  end-of-the-day,
October 14, 2003.

The Company  also  refinanced  its  mortgage  on the 40-acre  property at a more
favorable  variable interest rate (a drop of 2.95%) interest and thereby reduced
its future interest expense and improved cash flow.

Results of Operations

Sales of Cyclodextrins  and related  manufactured  complexes in the 3rd quarter,
provided a respite to the usual volatility.  We expect the volatility to resume,
however. 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 third quarter 2003 were more than $85,000  compared
to  approximately  $89,000  in the prior  quarter.  While our YTD 2003 sales are
significantly  less  compared to the same time period  last year  ($225,545  vs.
$463,555),  the continued  improvement  on an annualized  basis to 58% of 2002's
sales brings the Company's  product  sales in line with an annual  average sales
calculated over the last 5 years of $300,000.

Our gross profit margin of 90% remains  consistently  strong for 2003.  Our SG&A
expenses further decreased to approximately  $46,000 from approximately  $47,000
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 lower ($4,000) than the prior quarter  ($6,000);  2003
YTD other expenses are approximately  $13,000 compared to approximately  $29,000
for the same period in the prior year.

While we were successful at holding our gross profit margin and selling, general
and administrative  expenses constant, with lower sales we recognized a decrease
in net income to approximately $28,000 during the third quarter of 2003 compared
to net income of approximately $88,000 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
-----------------------------                     November 13, 2003
C.E. Rick Strattan, President
Chief Executive Officer,
Chief Operating Officer and
Chief Financial Officer