UNITED STATES
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, 2006.
____ Transition Report Under Section 13 or 15(d) of the Exchange Act for the
transition period from ____ to ____
Commission file number: 0-24930
CTD HOLDINGS, INC.
(Exact name of small business issuer 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) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 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. (x)Yes (_) No
Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act) (_)Yes (x)No
As of May 9, 2006, the Company had outstanding 14,112,616 shares of its common
stock.
Transitional Small Business Disclosure Format: (_)Yes (x)No
PART I. Financial Information
Item 1. Financial Statements.
CTD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
ASSETS
March 31, 2006
CURRENT ASSETS
Cash and cash equivalents $ 36,891
Certificate of deposit 10,353
Accounts receivable 64,774
Inventory 97,511
Investment due from related party 147,172
Loan to officer 6,912
--------------
Total current assets 363,613
--------------
PROPERTY AND EQUIPMENT, NET 419,655
--------------
OTHER
Intangibles, net 11,572
Sports memorabilia collection 50,402
--------------
Total other assets 61,974
--------------
TOTAL ASSETS $ 845,242
==============
(Continued)
See Accompanying Notes to Financial Statements.
F-2
CTD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, 2006
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 112,635
Current portion of long-term debt 6,182
--------------
Total current liabilities 118,817
--------------
LONG-TERM LIABILITIES
Long-term debt, less current portion 146,933
--------------
STOCKHOLDERS' EQUITY
Class A common stock, par value
$.0001 per share, 100,000,000 shares
authorized, 14,256,810 shares
issued and outstanding 1,426
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 2,819,007
Accumulated deficit (2,240,941)
--------------
Total stockholders' equity 579,492
--------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 845,242
==============
See Accompanying Notes to Financial Statements.
F-3
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
--------------------------
2006 2005
------------ ------------
PRODUCT SALES $ 166,810 $ 118,544
COST OF PRODUCTS SOLD 40,217 17,474
------------ ------------
GROSS PROFIT 126,593 101,070
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 98,666 105,415
ACQUISITION COSTS 49,662 -
------------ ------------
148,328 105,415
------------ ------------
SPORTS MEMORABILIA COLLECTION
Gain on sales - 2,902
Other income - 203,470
------------ ------------
- 206,372
------------ ------------
OTHER INCOME (EXPENSE)
Investment and other income 3,582 1,318
Interest expense (1,892) (2,870)
------------ ------------
Total other (expense) 1,690 (1,552)
------------ ------------
NET INCOME (LOSS) BEFORE INCOME TAXES (20,045) 200,475
INCOME TAXES - -
------------ ------------
NET INCOME (LOSS) (20,045) 200,475
============ ============
NET INCOME (LOSS) PER COMMON SHARE (.00) .02
============ ============
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING 14,072,286 11,144,017
============ ============
See Accompanying Notes to Financial Statements.
F-4
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Three Months Ended
March 31,
--------------------------
2006 2005
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (20,045) $ 200,475
------------ ------------
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 6,580 7,855
Gain on sales of sports memorabilia collection - (2,902)
Stock issued to employees 21,745 20,030
Gain on expiration of option - sports memorabilia
Collection - (203,470)
Increase or decrease in:
Accounts receivable (28,372) 41,504
Inventory (42,926) (16,069)
Accounts payable and accrued expenses 84,544 7,618
Customer deposits - 38,285
------------ ------------
Total adjustments 41,571 (107,149)
------------ ------------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 21,526 93,326
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements (2,326) (15,257)
Redemption of certificate of deposit 121,028 -
Purchase of certificate of deposit - (270)
Investment with related party (122,172) -
------------ ------------
NET CASH USED FOR INVESTING ACTIVITIES (3,470) (15,527)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES
Payment on notes payable (1,812) (1,544)
Payment on stockholder loan (3,467) (14,511)
Loan to shareholder (6,912) -
Received from shareholder - 583
------------ ------------
NET CASH PROVIDED BY (USED FOR)
FINANCING ACTIVITIES (12,191) (15,472)
------------ ------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 5,865 62,327
CASH AND CASH EQUIVALENTS, beginning of period 31,026 94,371
------------ ------------
CASH AND CASH EQUIVALENTS, end of period $ 36,891 $ 156,698
============ ============
(Continued)
See Accompanying Notes to Financial Statements.
F-5
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
(Concluded)
Three Months Ended
March 31,
--------------------------
2006 2005
------------ ------------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest $ 5,359 $ 2,870
============ ============
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND
FINANCING ACTIVITY
Common stock issued for services $ 21,745 $ 20,030
============ ============
See Accompanying Notes to Financial Statements.
F-6
CTD HOLDINGS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
The information presented herein as of March 31, 2006, and for the three months
ended March 31, 2006 and 2005, 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 recurring
adjustments) considered necessary for a fair presentation have been included.
Operating results for the three month period ended March 31, 2006, are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2006. 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, 2005.
(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
For 2006, no income tax expense or benefit was reported for the three month
period ended March 31, 2006 due to its net loss for the period. The Company
increased its deferred tax asset valuation allowance for the increase in the
deferred tax asset as a result of its tax loss.
For 2005, no income tax expense was reported for the three month period ended
March 31, 2005 due to its realizing a tax loss for the period and its previous
recognition of the benefit of its net operating loss carryforward. The gain
recognized by the Company on the expiration of the call option on the Sports
Memorabilia Collection is not taxable for income tax purposes. The Company
increased its deferred tax asset valuation allowance for the increase in the
deferred tax asset as a result of its tax loss.
F-7
(4) CONCENTRATIONS
Sales to three major customers, which included one new customer, were 66% of
total sales for the three months ended March 31, 2006. Sales to four major
customers were 80% of total sales for the three months ended March 31, 2005.
Substantially all 2006 and 2005 inventory purchases were from two vendors.
The Company has only one source for certain manufactured inventory. However, the
Company has manufactured these products in the past and could do so again, if
necessary. There are multiple sources for its other inventory products.
(5) COMMITMENTS AND CONTINGENCIES
The Company has employment agreements with two officers for total monthly
salaries of $4,900. In addition, the officers are awarded shares of common stock
each month. The number of shares is equal to $6,000 divided by eighty percent of
the closing price of the Company's common stock on the last day of each month.
The Company recognizes an expense equal to the fair value of the stock
determined using the average stock closing trading price for the month
multiplied by number of shares awarded for that month. The stock is subject to
trading restrictions under Rule 144. For the three months ended March 31, 2006
and 2005, the Company awarded 357,142 and 337,500 shares, respectively, and
recognized an expense of $21,745 and $23,000 respectively for stock awarded
under these agreements. The stock awarded under these agreements is presented as
outstanding in the accompanying financial statements. Both agreements were
extended until December 31, 2006.
The Company's Series A Preferred Stock has significant rights including the
right to vote together with the holders of the common stock on all matters
submitted to a vote of Company shareholders, with the share of Series A
Preferred Stock being entitled to one vote more than one-half of all votes
entitled to be cast by all holders of voting capital stock of CTD Holdings on
any matter submitted to common shareholders so as to ensure that the votes
entitled to be cast by the holder of the Series A Preferred Stock are equal to
at least a majority of the total of all votes entitled to be cast by the common
shareholders. Each Series A Preferred Stock share has a liquidation preference
of $.0001. There is one share of the Series A Preferred Stock outstanding.
Effective August 11, 2005, the outstanding share of the Company's Series A
Preferred Stock was acquired by Eline Entertainment Group, Inc.
(6) ACQUISITION OF SPORTS MEMORABILIA COLLECTION
In April, 2004, the Company finalized the acquisition of a sports memorabilia
collection (Collection), from its President and major shareholder. The Company
recorded the Collection at $106,000, which is the acquisition cost basis of the
President and controlling shareholder.
F-8
Concurrent with the acquisition of the Collection, the Company entered into a
one-year contract with a consultant to liquidate the Collection, which expired
in March 2005. The Company is currently exploring its options to continue its
liquidation of the Collection. Management determined the sports memorabilia
collection to be impaired due to lack of marketability and recorded an
impairment charge of $42,000 in the fourth quarter of 2005.
The consultant had the option to purchase the Collection at any time during the
term of the agreement for $200,000 less any sale proceeds already paid to the
Company. The Company computed the fair value of this call option using the
Black-Scholes stock option pricing model. The fair value calculated resulting
from the issuance of this option was recorded as a liability and the expense was
charged operations. The option expired in March 2005, and the Company recorded
the expiration of the option liability as a gain in the accompanying statement
of operations for the three months ended March 31, 2005.
F-9
Item 2. Management's Discussion and Analysis or Plan of Operation.
Introduction
CTD Holdings, Inc. (referred to as the "Company," "CTD," or in the first person
notations of "we," "us," and "our") began operations in 1990. Our revenues are
principally derived from retail sales of cyclodextrins and cyclodextrin
complexes. Our sales are primarily to major chemical supply houses around the
world, pharmaceutical companies, and food companies for research and development
and to diagnostics companies. We acquire our products principally from outside
the United States, largely from Japan and Hungary, but are gradually finding
satisfactory supply sources in the United States. While we enjoy better supply
prices from outside the United States, rising shipping costs are making domestic
sources more competitively priced. To add value to our products, we maintain a
comprehensive database of patented and patent pending uses of cyclodextrins from
the United States. We also maintain less comprehensive database that includes
patents issued in many other countries including Japan, Germany and others. This
information is available to our customers. We also offer our customers our
knowledge of the properties and potential new uses of cyclodextrins and
cyclodextrin complexes.
As most of our customers use our cyclodextrin products in their research and
development activities, their ordering from us is unpredictable with regard to
timing, product mix and volume. We also have four major customers whom have a
significant effect on our revenues when they increase or decrease their research
and development activities that use cyclodextrins. We keep in constant contact
with these customers as to their cyclodextrin needs so we can maintain the
proper inventory composition and quantity in anticipation of their needs. The
sales to major customers and the product mix and volume of products sold has a
significant effect on our revenues and gross profit. These factors contribute to
our significant revenue volatility from quarter to quarter and year to year.
Liquidity and Capital Resources
Our cash and short-term investments increased to $195,000 as of March 31, 2006
compared to $187,000 as of December 31, 2005. This increase was primarily due to
cash flow from operations.
As of March 31, 2006, our working capital was $245,000 compared to $241,000 at
December 31, 2005. This increase was primarily due to cash flow from operations.
Our cash flow from operations was $22,000 compared to $93,000 a year ago. This
decrease was due primarily to $50,000 in expenses directly related to our
acquisition of CycloLab.
We believe our working capital is sufficient to run our operations at current
expected future operating levels into the near future. We do not require capital
in the next twelve months for normal operations. However, we require additional
funding to implement our acquisition strategy, which includes raising $1,650,000
in the next three months. We believe we can fund the initial costs of raising
capital and implement our acquisition strategy from existing working capital. We
have signed a letter of intent to acquire at least 51% of CycloLab Research and
Development, Ltd. (CycloLab) located in Budapest, Hungary, for cash. We expect
to buy 100% of CycloLab for $1,500,000 during 2006. We are negotiating
employment contracts with key members of management of CycloLab, which include
stock options for up to 25,000,000 shares of CTD stock that vest over five
years.
Controlling cash expenses continues to be management's primary fiscal tool.
However, growth requires increased expenditures and we feel that it is
appropriate during the current growth stage to engage consultants that can help
the Company in financial areas outside its expertise, accepting that these fees
will act to reduce profitability. We are working hard to increase revenues to
balance these new expenses, but cannot be sure that such effort will be enough
in the short term to sustain profitable financial performance. Our recurring
SG&A expenses for 2006, as a percentage of sales, have decreased from 2005.
Beginning in 2003, we began improvements and renovations of our corporate office
and have invested $123,000 through December 31, 2004. During 2005 and in 2006,
we suspended our improvement and renovations program to redirect our financial
resources to the CycloLab acquisition. We remain committed to a Research Park
facility for the 40-acre site. The office renovations will be followed by
improved security operations and modest guest facilities. Contingent on the
Company's ability to financially support modest expansions that will lead to a
formal site plan, we anticipate spending at least another $100,000 over the next
two years to position the Company to initiate a 5-year plan for a new
Cyclodextrin Research Park.
We have no off-balance sheet arrangements at March 31, 2006.
Results of Operations
Total product sales for the first quarter 2006 were $167,000 compared to
$119,000 in the first quarter of 2005. Our major customers continue to be repeat
purchasers. In 2006, three of our major customers, which include one new
customer, accounted for 66% of our sales. In 2005, three of our major customers
accounted for 69% of our sales.
Our gross profit margin decreased to 76% for the first quarter of 2006 compared
to 85% for the year ended December 31, 2005. Changes in the product mix in sales
has a significant effect on our overall gross profit percentage. Since we have
signed the letter of intent to acquire CycloLab, we are now buying most of our
products from CycloLab. This has resulted in increased product costs and lower
gross margins than we have experienced historically for many products. We expect
our gross margin to decrease to the 50-60% range until our acquisition of
CycloLab is complete. We believe our gross margin will increase somewhat after
the acquisition is complete and CTD and CycloLab are consolidated.
Our SG&A expenses increased to $148,000 for the three months ended March 31,
2006 from $105,000 for the three months ended March 31, 2005. This increase is
due to $50,000 in direct acquisition costs incurred in 2006 related to the
acquisition of CycloLab that were not incurred in 2005.
In April 2004, we acquired a collection of sports memorabilia from our majority
shareholder and President. We also engaged a consultant to liquidate the
collection. This agreement expired in March 2005. For the three months ended
March 31, 2005, we recognized a gain on sale of Collection items of $3,000 and
recognized a $200,000 gain on the expiration of a call option liability
previously issued to the consultant. We are currently exploring our options to
continue to liquidate the Collection, but there are no assurances we will be
able to successfully or profitably do so. In the fourth quarter of 2005,
Management determined the sports memorabilia collection to be impaired due to
lack of marketability and recorded an impairment charge of $42,000.
We expect significant increases in future legal and accounting fees as the
result of implementing our planned merger and acquisition strategy.
We recognized a net loss of ($20,000) for the three months ended March 31, 2006
compared to a net income of $200,000 for the three months ended March 31, 2005.
We will continue to introduce new products that will increase sales revenue and
implement a strategy of creating or acquiring operational affiliates and/or
subsidiaries that will use CD's in herbal medicines, waste-water remediation,
pharmaceuticals, and foods. We also intend to pursue exclusive relationships
with major CD manufacturer(s) and specialty CD labs to distribute their
products. We continue to be the exclusive distributor in North America of the CD
products manufactured by Cyclolab Research Laboratories in Budapest, Hungary,
and we are in the process of acquiring a controlling ownership interest in
CycloLab during 2006.
In keeping with its commitment to use the internet as a major advertising and
public relations outlet, the Company intends to apply greater human resources to
the updating and maintaining of its web site. This valuable asset has been
instrumental in creating and maintaining a worldwide leadership role for us in
the implementation of research and commercialization of CD applications. We
believe the maintenance and growth of our web site will return that investment
many times.
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 publicly update
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 Cyclodextrins; 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 management, recognizes its responsibility for establishing and
maintaining internal control over financial reporting for the Company. After
evaluating the effectiveness of our "disclosure controls and procedures" (as
defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as
of March 31, 2006 (the "Evaluation Date"), the Company's management has
concluded, as of the Evaluation Date, the Company's disclosure controls and
procedures were adequate and designed to ensure the information required to be
disclosed in the reports filed or submitted by us under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported with in the
requisite time periods. Although the Company's existing disclosure controls and
procedures are adequate, the Company's management acknowledges a material
weakness may exist in those controls and procedures in that i) the accountant
employed by the Company has no training regarding financial reporting and
presentation rules and regulations of the SEC; and ii) the Company's
President/CEO, who oversees all the accountants' work and provides all internal
control functions, while possessing a MBA from the University of Florida, has no
training in matters of accounting, financial reporting, or presentation rules
and regulations of the SEC.
(b) Effectiveness of Internal Control
The Company's management is reviewing the Company's internal controls over
financial reporting to determine the most suitable recognized control framework.
The Company will give great weight and deference to the product of the
discussions of the SEC's Advisory Committee on Smaller Public Companies (the
"Advisory Committee") and the Committee of Sponsoring Organizations' task force
entitled Implementing the COSO Control Framework in Smaller Businesses (the
"Task Force"). Both the Advisory Committee and the Task Force are expected to
provide practical, needed guidance regarding the applicability of Section 404 of
the Sarbanes-Oxley Act to small business issuers. The Company's management
intends to perform the evaluation required by Section 404 of the Sarbanes-Oxley
Act at such time as a framework is adopted by the Company. For the same reason,
the Company's registered accounting firm has not issued an "attestation report"
on the Company management's assessment of internal controls. Although the
Company's existing disclosure controls and procedures are adequate, the
Company's management acknowledges a material weakness may exist in those
controls and procedures in that i) the accountant employed by the Company has no
training regarding financial reporting and presentation rules and regulations of
the SEC; and ii) the Company's President/CEO, who oversees all the accountants'
work and provides all internal control functions, while possessing a MBA from
the University of Florida, has no training in matters of accounting, financial
reporting, or presentation rules and regulations of the SEC.
(c) Changes in internal controls.
After evaluation by the Company's management, the Company's management has
determined there were no significant changes in the Company's internal controls
or in other factors that could significantly affect the Company's internal
controls subsequent to the Evaluation Date.
Part II. OTHER INFORMATION
Item 1. Legal Proceedings.
NONE
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
NONE
Item 3. Defaults Upon Senior Securities.
NONE
Item 4. Submission of Matters to a Vote of Security Holders.
NONE
Item 5. Other Information.
NONE
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
(2) Financial Statements F-1
Exhibits required by Item 601, Regulation S-B:
(3) Articles of incorporation and by-laws
(a) Articles of Incorporation filed August 9, 1990 *
(b) By-Laws. *
(c) Certificates of Amendment to the Articles of
Incorporation filed November 18, 1993 and
September 24, 1993. *
(4) Instruments defining the rights of security holders,
including indentures
(a) Specimen Share Certificate for Common Stock. *
(9) Voting Trust Agreement None
(10) Material Contracts
(10.1) Agreement of Shareholders dated November 11, 1993
by and among C.E. Rick Strattan, Garrison Enterprises,
Inc. and the Company. *
(10.2) Lease Agreement dated July 7, 1994. **
(10.3) Consulting Agreement dated July 29, 1994 between
the Company and Yellen Associates. *
(10.4) License Agreement dated December 20, 1994 between
the Company and Herbe Wirkstoffe GmbH. *
(10.5) Joint Venture Agreement between the Company and
Ocumed, Inc. dated May 1, 1995, incorporated by
reference to the Company's Form 10-QSB for the
quarter ended June 30, 1995. **
(10.6) Extension of Agreement between the Company and
Herbe Wirkstoffe GmbH. ***
(10.7) Lease Extension +
(10.8) Loan Agreement with John Lindsay +
(10.9) Small Potatoes Contract +
(10.10) Employment Agreement with C.E. Rick Strattan
dated May 30, 2001 ++
(10.11) Employment Agreement of C.E. Rick Strattan
dated October 14, 2003 +++
(10.12) Employment Agreement of George L. Fails
dated October 14, 2003 ****
(10.13) Addendum to Share Exchange Agreement with Eline
Entertainment Group ++++
(10.14) Share Exchange Agreement with Eline Entertainment
Groups +++++
(11) Statement re: Computation of Per Share Earnings Note 1(k)
to Financial Statements
(15) Letter on Unaudited Interim Financial Information ****
(19) Reports Furnished to Security Holders None
(20) Other documents or statements to security holders or
any document incorporated by reference 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
(31) Certificate of Chief Executive Officer and Chief
Financial Officer ****
(32) Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 ****
(99) Additional Exhibits None
* Incorporated by reference to the Company's Form 10-SB filed with the
Securities and Exchange Commission on February 1, 1994.
** Incorporated by reference to the Company's Form 10-KSB filed with the
Securities and Exchange Commission on March 29, 1997.
*** Incorporated by reference to the Company's Form 10-KSB filed with the
Securities and Exchange Commission on March 28, 2000.
**** Filed herewith.
+ Incorporated by reference to the Company's Form 10-KSB filed with the
Securities and Exchange Commission on April 2, 2001.
++ Incorporated by reference to the Company's Form 10-KSB filed with the
Securities and Exchange Commission on April 1, 2002.
+++ Incorporated by reference to Form S-8 filed December 1, 2003.
++++ Incorporated by reference to the Company's Form 8-K filed with the
Securities and Exchange Commission on September 21, 2005.
+++++Incorporated by reference to the Company's Form 8-K filed with the
Securities and Exchange Commission on August 15, 2005.
(b) Reports on Form 8-K.
NONE
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CTD HOLDINGS, INC.
Date: May 15, 2006 /s/ C.E. Rick Strattan
-----------------------------
C.E. Rick Strattan, President
Chief Executive Officer,
Chief Operating Officer and
Chief Financial Officer