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, 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 May 1, 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

CTD HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)

<TABLE>
<CAPTION>

                                     ASSETS

                                                                March 31, 2003
                                                                --------------
<S>                                                               <C>
CURRENT ASSETS
 Cash and cash equivalents                                        $   36,260
 Accounts receivable                                                  25,041
 Inventory                                                            69,264
                                                                      --------
     Total current assets                                            130,565


PROPERTY AND EQUIPMENT, NET                                          337,426

INTANGIBLES                                                            3,159

OTHER ASSETS                                                           4,854
                                                                     --------
  TOTAL ASSETS                                                    $  476,004
                                                                   =========
</TABLE>
(Continued)

                                       F-2
<PAGE>

                                CTD HOLDINGS, INC.
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)


<TABLE>
<CAPTION>

                      LIABILITIES AND STOCKHOLDERS' EQUITY

                                                                 March 31, 2003
                                                                 --------------
<S>                                                               <C>
CURRENT LIABILITIES
 Accounts payable and accrued expenses                            $    31,062
 Current portion of long-term debt                                      9,113
                                                                    ---------
Total current liabilities                                         $    40,175
                                                                    ---------

LONG-TERM LIABILITIES
 Long-term debt, less current portion                                 149,394
 Stockholder loan                                                     101,562
                                                                    ----------
Total long-term liabilities                                        $  250,956
                                                                    ----------
STOCKHOLDERS' EQUITY
 Class A common stock, par value $ .0001 per share,
  100,000,000 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                                              (1,770,105)
                                                                 -----------
     Total stockholders' equity                                      184,873
                                                                 -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $  476,004
                                                                 ===========
</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,
                                                  -----------------------------
                                                       2003            2002
                                                  --------------   ------------
<S>                                              <C>              <C>
PRODUCT SALES                                     $    50,547      $    195,849

COST OF PRODUCTS SOLD                                   7,923            35,091
                                                  -----------         ---------
GROSS PROFIT                                           42,624           160,758

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES           49,226            63,416
                                                  -----------         ---------
INCOME (LOSS) FROM OPERATIONS                     (6,602)                97,342
                                                  -----------         ---------
OTHER INCOME (EXPENSE)
 Investment and other income                            2,101            375
 Interest expense                                      (6,913)           (8,434)
 Loss on disposal of equipment                              -           (35,678)
                                                  -----------         ---------
     Total other (expense)                             (4,812)          (43,737)
                                                   -----------         ---------
NET INCOME (LOSS) BEFORE INCOME TAXES                 (11,414)           53,605

INCOME TAXES                                                -                 -
                                                 ____________         _________
NET INCOME (LOSS)                                     (11,414)           53,605
                                                  ===========         =========
NET INCOME (LOSS) PER COMMON SHARE                       (.01)              .01
                                                  ===========        ==========

WEIGHTED AVERAGE NUMBER OF COMMON
 SHARES OUTSTANDING                                 4,791,220         4,791,220
                                                  ===========        ==========
</TABLE>
<PAGE>
                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,
                                                     --------------------------
                                                         2003            2002
                                                     ------------  ------------
<S>                                                  <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income (loss)                                     $ (11,414) $     53,605
                                                     ------------  ------------
 Adjustments to reconcile net income (loss) to
net cash provided by operating activities:

   Loss on disposal of equipment                               -        35,678
   Depreciation and amortization                           5,911         6,189
   Decrease (Increase)in accounts receivable              11,241       (53,787)
   Decrease (Increase) in inventory                       (5,118)        2,741
   Decrease in other current assets                            -         1,305
   Increase (decrease) in accounts payable and
    accrued expenses                                      10,527       (32,731)
                                                      -----------    -----------
        Total adjustments                                 22,561       (40,605)
                                                      -----------    -----------
    NET CASH PROVIDED BY OPERATING
     ACTIVITIES                                           11,147        13,000
                                                       ----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of equipment                                    (8,250)      (2,820)
 Repayment of note receivable                                  -         2,482
 Proceeds from sale of equipment                               -        10,300
                                                       ----------     ----------
    NET CASH PROVIDED BY (USED FOR)
     INVESTING ACTIVITIES                                 (8,250)        9,962
                                                        ---------      ---------
CASH FLOWS FROM FINANCING ACTIVITIES
 Payment on line-of-credit                                     -          (489)
 Payment on notes payable                                 (2,881)       (1,991)
 Proceeds from stockholder loan                                -        14,785
 Payment on stockholder loan                             (10,000)            -
                                                     ------------  ------------
    NET CASH PROVIDED BY (USED FOR)
     FINANCING ACTIVITIES                                (12,881)       12,305
                                                     ------------  ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS      (9,984)       35,267

CASH AND CASH EQUIVALENTS, beginning of period            46,244         8,190
                                                     ------------  ------------
CASH AND CASH EQUIVALENTS, end of period             $    36,260    $   43,457
                                                     ============  ============
</TABLE>

                                       F-5

<PAGE>                             (Continued)





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

<TABLE>
<CAPTION>

                                                         Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                        2003           2002
                                                     ------------  ------------
<S>                                                  <C>          <C>
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest             $      4,248  $     5,391
                                                     ============  ============

</TABLE>
See Accompanying Notes to Financial Statements.

                                       F-6

<page>
                                CTD HOLDINGS, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2003
(Unaudited)


The information  presented herein as of March 31, 2003, and for the three months
ended March 31, 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  period  ended  March 31,  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 months ended March 31,
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-7

<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 decreased to approximately $36,000 as of March 31,
2003 compared to  approximately  $46,000 as of December 31, 2002.  This decrease
was primarily the result of purchases of property and equipment of approximately
$8,000 to improve the business  operations  facilities along with the paydown of
certain long-term obligations of approximately  $12,000. The decrease was offset
by a slight  improvement  of our cash flows  from  operations  of  approximately
$10,000 as cash flows were  carefully  managed in the face of a reduction in our
sales.

As of March 31, 2003, our working capital was approximately  $90,000 compared to
approximately  $115,000 at year-end  2002 and only  approximately  $5,000 a year
ago. The working  capital  decrease  from the previous  quarter can be primarily
attributed  to our  utilization  of  cash  to  improve  our  business  operation
facilities and paydown of certain  long-term  obligations.  The working  capital
increase from the prior year can be primarily  attributed to an  improvement  in
our operations to  profitability  last year as a result of our increase in sales
while reducing selling,  general and  administrative  costs. We will continue to
closely  monitor our  working  capital  and work to improve  our  liquidity  and
capital resources in 2003 while maintaining our overhead costs at a minimum.

Results of Operations

Sales of  Cyclodextrins  and related  manufactured  complexes  are  historically
highly volatile. In efforts to offset this volatility, we continue to expand our
revenue  producing  activities in Cyclodextrin  related research and development
services  for  unrelated  companies  while  expanding  our  line of  distributed
products.  Our product  sales are  primarily  to large  pharmaceutical  and food
companies  for  research  and  development  purposes  and  as a  result  can  be
unpredictable.  To manage this unpredictability,  we maintain a constant line of
communication with our major customers and their related  Cyclodextrin  research
and development, while keeping a tight rein on our expenses.
                                  8
<PAGE>


Total  product  sales for the first  quarter  2003  were  approximately  $51,000
compared  to  approximately  $59,000  in the  prior  quarter  and  approximately
$196,000 in the first quarter of 2002. While our sales were  significantly  less
compared to the same quarter  last year,  they were fairly  consistent  with the
prior quarter and were not unexpected.

Our gross profit margin of 84% remains consistently strong for the first quarter
2003 compared to 84% for all of 2002 and 82% for the same period a year ago. Our
SG&A expenses decreased to approximately  $49,000 from approximately  $72,000 in
the prior quarter and  approximately  $63,000  compared to the same quarter last
year.  As we are better able to predict our sales due to our  improved  customer
communications,  we are also better  able to predict  and control our  operating
expenses.  The decrease in our SG&A expenses results  primarily from controlling
overhead costs.

Total other  expenses  decreased to  approximately  $5,000 for the first quarter
compared  to  approximately  $44,000  for the same period in the prior year as a
result of our loss on  disposal  of  equipment  related to our  former  mushroom
extraction operation.

As a result of our decrease in sales,  we recognize a net loss of  approximately
$11,000 during the first quarter of 2003 compared to net income of approximately
$54,000 during the same period in 2002.

In 2003 we  intend  to  utilize  the CTD  Website  to  emphasize  the  company's
unmatched  knowledge of the emerging CD industry;  we will be writing more about
how  CTD's  customers  are  using  CD's and what  evidence  we have  that  major
industries have focused on CD's for products to soon be commercialized.  We will
continue to identify new  products  and new uses for CD's.  We intend to explore
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.  Also in the year 2003, along with profitability,  we intend to focus
on asset enhancement.

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.
                                          9

<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


(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
-----------------------------                     May 14, 2003
C.E. Rick Strattan, President
Chief Executive Officer,
Chief Operating Officer and
Chief Financial Officer


Exhibit 99.1

CERTIFICATION
OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

I, C.E. RICK STRATTAN, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of CTD HOLDINGS, INC.;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:
a) designed  such  disclosure  controls and  procedures  to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;
b) evaluated  the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):
a) all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and
b) any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and
6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly report whether there were significant  changes in internal controls or
in other factors that could significantly affect internal controls subsequent to
the date of our most recent  evaluation,  including any corrective  actions with
regard to significant deficiencies and material weaknesses.

Date: May 14, 2003

______/s/____________________________________
C.E. RICK STRATTAN
Chief Executive Officer
Chief Financial Officer

Exhibit 99.2

CERTIFICATION PURSUANT TO
SECTION 1350, CHAPTER 63 OF TITLE 18
OF THE UNITED STATES CODE,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CTD Holdings, Inc. (the "Company") on
Form 10-QSB for the period ending March 31, 2003,  as filed with the  Securities
and  Exchange  Commission  on the date  hereof  (the  "Report"),  I,  C.E.  Rick
Strattan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
section 1350, as adopted  pursuant to section 906 of the  Sarbanes-Oxley  Act of
2002,  that: (1) The Report fully complies with the  requirements  of Section 13

(a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) The  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and result of operations of the Company.

___/s/________________________________
C.E. Rick Strattan
Chief Financial Officer
May 14, 2003