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: June 30, 2007.
____ 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 July 23, 2007, the Company had outstanding 15,812,015 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
June 30, 2007
-------------
CURRENT ASSETS
Cash and cash equivalents $ 43,103
Accounts receivable 28,455
Inventory 94,564
Investment due from related party 258,951
Prepaid and other current assets 9,604
-------------
Total current assets 434,677
PROPERTY AND EQUIPMENT, NET 414,430
OTHER
Intangibles, net 12,193
-------------
TOTAL ASSETS $ 861,300
=============
(Continued)
F-1
CTD HOLDINGS, INC.
CONSOLIDATED BALANCE SHEET
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, 2007
-------------
CURRENT LIABILITIES
Accounts payable and accrued expenses $ 13,662
Shareholder Loan 590
Current portion of long-term debt 6,182
-------------
Total current liabilities 20,434
-------------
LONG-TERM LIABILITIES
Long-term debt, less current portion 138,842
-------------
STOCKHOLDERS' EQUITY
Class A common stock, par value $ .0001 per
share, 100,000,000 shares authorized, 17,533,666
shares issued and outstanding 1,753
Preferred stock, par value $.0001 per share,
5,000,000 shares authorized; Series A, 1 share
issued and outstanding
Additional paid-in capital 2,934,570
Accumulated deficit (2,234,299)
-------------
Total stockholders' equity 702,024
-------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 861,300
=============
See Accompanying Notes to Financial Statements.
F-2
CTD HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
----------------------- -----------------------
2007 2006 2007 2006
----------- ---------- ----------- ----------
PRODUCT SALES $ 179,697 $ 127,446 $ 330,923 $ 294,256
COST OF PRODUCTS SOLD 12,508 37,953 14,653 78,170
----------- ---------- ----------- ----------
GROSS PROFIT 167,189 89,493 316,270 216,086
----------- ---------- ----------- ----------
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES 84,896 102,604 235,827 201,270
ACQUISITION COSTS - 6,362 - 56,024
----------- ---------- ----------- ----------
84,896 108,966 235,827 257,294
----------- ---------- ----------- ----------
OTHER INCOME (EXPENSE)
Investment and other
income 6,380 3,094 13,322 6,676
Interest expense (3,564) (2,733) (5,343) (4,625)
----------- ---------- ----------- ----------
Total other income
(expense) 2,816 361 7,979 2,051
----------- ---------- ----------- ----------
NET INCOME (LOSS) BEFORE
INCOME TAXES 85,109 (19,112) 88,422 (39,157)
Income Taxes - - - -
----------- ---------- ----------- ----------
NET INCOME (LOSS) $ 85,109 (19,112) 88,422 (39,157)
=========== ========== =========== ==========
NET INCOME (LOSS) PER
COMMON SHARE
Net income (loss)
per share $ .005 $ (.001) $ .005 $ (.003)
=========== ========== =========== ==========
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING 16,992,000 14,467,227 16,534,968 14,269,757
=========== ========== =========== ==========
See Accompanying Notes to Financial Statements
F-3
CTD HOLDINGS,INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
Six Months Ended
June 30,
-------------------------
2007 2006
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 88,422 $ (39,157)
---------- ----------
Adjustments to reconcile net income
to net cash provided by (used in) operating
activities:
Depreciation and amortization 10,658 13,325
Stock awarded to employees 53,490 45,107
Increase or decrease in:
Accounts receivable 30,654 (38,235)
Inventory (14,817) (42,048)
Prepaid expenses 14,509 -
Accounts payable and accrued expenses (38,504) 19,801
---------- ----------
Total adjustments 55,990 (2,050)
---------- ----------
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES 144,412 (41,207)
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment and building improvements (12,846) (11,505)
Redemption of certificate of deposit - 131,381
Capitalized patent database costs (2,625) -
Investment with related party (123,411) (53,323)
---------- ----------
NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES (138,882) 66,553
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on long-term debt (3,160) (3,427)
Payments on stockholder loan - (3,467)
Loan to stockholder 590 (12,450)
Received from stockholder 16,514 -
---------- ----------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES 13,944 (19,344)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 19,474 6,002
F-4
CTD HOLDING, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
(Unaudited)
(Concluded)
Six Months Ended
June 30,
------------------------
2007 2006
---------- ---------
CASH AND CASH EQUIVALENTS, beginning of period 23,629 31,026
---------- ---------
CASH AND CASH EQUIVALENTS, end of period $ 43,103 $ 37,028
========== =========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
Cash paid for interest $ 5,343 $ 4,625
========== =========
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
AND FINANCING ACTIVITIES
Common stock awarded to officers $ 53,490 $ 45,107
========== =========
CTD HOLDINGS,INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2007
(Unaudited)
The information presented herein as of June 30, 2007, and for the three and six
month periods ended June 30, 2007 and 2006, 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 and six month periods ended June 30, 2007, are
not necessarily indicative of the results that may be expected for the year
ending December 31, 2007. 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, 2006.
(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 and six
month periods ended June 30, 2006 due to the Company realizing a tax 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 2007, no income tax expense was reported for the three and six month periods
ended June 30, 2007, due to the Company utilizing the benefit of its net
operating loss carryforward.
(4) CONCENTRATIONS
Sales to the two major customers were 50% of total sales for the six months
ended June 30, 2007. Sales to three major customers were 62% of total sales for
the six months ended June 30, 2006.
Substantially all 2007 and 2006 inventory purchases were from three vendors.
The Company has only one source for certain manufactured inventory, which is
located in Hungary. 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
For 2007, the Company has employment agreements with two officers for total
monthly salaries of $5,000. In addition, the Company's president is awarded
shares of common stock each month. The number of shares due is equal to $6,500
divided by eighty percent of the closing price of the Company's common stock
price 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 and six
months ended June 30, 2007, the Company awarded 1,083,333 and 1,828,125 shares
and recognized an expense of $28,438 and $53,490, respectively, for stock
awarded under the agreements.
For 2006, the Company has employment agreements with two officers for total
monthly salaries of $4,900. In addition, the officers were awarded shares of
common stock each month. The number of shares due is equal to $6,000 divided by
eighty percent of the closing price of the Company's common stock on that 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 the number of shares awarded for that month. The stock is subject
to trading restrictions under Rule 144. For the three and six months ended, June
30, 2006, the Company awarded 462,500 and 819,642 shares and recognized an
expense of $23,362 and $45,107, respectively, for stock awarded under these
agreements.
On February 7, 2007, Registrant and C.E. Rick Strattan filed suit in Circuit
Court in Palm Beach County, Florida, (Case Number 2007CA001818XXXXMB) seeking
the return of the Class A Preferred Share and damages from defendants Eline
Entertainment Group, Inc., Eline Holding Group, Inc., Yucatan Holding Company,
Steven T. Dorrough, Jayme Dorrough, and Barry Rothman, based on representations
made in connection with the Share Exchange Agreement dated August 11, 2005, as
amended and the enforcement of the agreement.
(6) CHANGE IN ACCOUNTING ESTIMATE
In January 2007, the Company received a favorable price adjustment for inventory
acquired and resold in 2006, resulting in reduction in cost of goods sold for
2007 of $7,700 for six months ended June 30, 2007.
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 and China. 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 a 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.
In 2004, we amended the Company's Articles of Incorporation authorizing a series
of "blank check" preferred stock consisting of 5,000,000 shares and creating a
series of Series A Preferred Stock, setting forth its designations, rights and
preferences. The more significant right is Series A Preferred shareholders vote
with the holders of common stock on all matters submitted to a vote of our
shareholders. Share of Series A Preferred Stock are entitled to one vote more
than one-half of all votes entitled to be cast by all holders of voting capital
stock of the Company on any matter submitted to holders of common shares 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 holders of common shares. In 2004, we issued one
share of Series A Preferred Stock to C.E. Strattan, our majority shareholder in
exchange for 1,029,412 shares of common stock held by him, which he voluntarily
surrendered to the Company and were cancelled. Effective August 11, 2005, C.E.
Strattan contractually transferred the one outstanding share of Series A
Preferred Stock to Eline Entertainment Group, Inc. (Eline). The agreement with
Eline provides for advances to the Company of up to an aggregate of $1,500,000
to acquire CycloLab, at Eline's sole discretion. Eline is an SEC reporting
company currently not in reporting compliance. In September 2006, the company's
President, Mr. Strattan, demanded, in accordance with the expired contract, the
return of the Series A Preferred Stock in the form of a stock power
authorization since the physical share never left the possession of its original
owner, Mr. Strattan. The demand letter was sent to the address given in the
contract and was never acknowledged nor responded to by Eline. The Company has
filed a legal action with regard to its agreement with Eline. See "Legal
Proceedings".
Liquidity and Capital Resources
Our cash and short-term investments increased to $302,000 as of June 30, 2007,
compared to $159,000 as of December 31, 2006. The increase for the six months
ended June 30, 2007, was due primarily to an increase in cash flow from
operations.
As of June 30, 2007, our working capital was $414,000 compared to $264,000 at
December 31, 2006. Our cash flows from operations for the first six months of
2007 was $144,000 compared to $(41,000) for the same period in 2006. This
increase is due primarily to our reporting net income in 2007 versus reporting a
loss in 2006.
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.
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.
Beginning in 2003, we began improvements and renovations of our corporate office
and have invested $123,000 through December 31, 2004. During 2005 and through
March 31, 2006, we suspended our improvement and renovations program to redirect
our financial resources to the CycloLab acquisition. We began more renovations
during the second quarter of 2006 and capitalized $17,000 of improvements in
2006. For the six months ended June 30, 2007, we capitalized $12,000. 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.
During 2007, we began a major upgrade and update of our cyclodextrin patent
database. This database is an important resource for our customers seeking
information on existing applications of cyclodextrins. For the six months ending
June 30, 2007, we capitalized $2,265 for this update. We expect the total
project to cost $15,000 and to be completed by December 31, 2007.
We have no off-balance sheet arrangements at June 30, 2007.
Results of Operations
Total product sales to date in 2007 were $331,000 compared to $294,000 for the
same period in 2006. Sales for the quarter ending June 30, 2007 and 2006 were
$180,000 and $127,000, respectively. Our major customers continue to be repeat
purchasers. In 2007, three of our major customers accounted for 58% of our
sales. In 2006, we had three major customers accounting for 62% of our sales.
Our gross profit margin increased to 96% for the six months ended June 30, 2007
from 73% for the six months ended June 30, 2006, compared to 77% for the year
ended December 31, 2006. For 2007, our product sales of Trappsol HPB increased,
which significantly increased our overall gross margin. Also during 2007, we
received a favorable price adjustment for some inventory we acquired and resold
in 2006, resulting in reduction in our 2007 cost of goods sold of $7,700, which
had a 2% favorable gross profit effect. Historically, changes in the sales
product mix has a significant effect on our overall gross profit percentage from
period to period. During our attempt to acquire CycloLab during 2006, we were
buying most of our products from CycloLab. For 2006, this practice resulted in
temporary increased product costs and lower gross margins for some products then
we had experienced historically.
Our recurring SG&A expenses increased to $236,000 for the six months ended June
30, 2007, from $201,000 for the six months ended June 30, 2006. During 2007,
SG&A expenses include a $25,000 bonus to our President and $28,000 in legal
expenses related to the lawsuit with Eline Entertainment Group, Inc. During
2006, we also incurred $56,000 in direct expenses related to consulting, legal
and accounting fees incurred as a result of the Company's attempted acquisition
of CycloLab.
We may incur significant future legal fees as the result of our lawsuit with
Eline Entertainment Group, Inc.
Interest income increased from the investment of cumulative positive cash from
operations.
We recognized net income of $85,000 and $88,000 for the six and three month
periods ending June 30, 2007, compared to a net loss of $(39,000) and $(20,000)
for the six and three months ended June 30, 2006.
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 cyclodextrins in herbal medicines, waste-water
remediation, pharmaceuticals, and foods. We also intend to pursue exclusive
relationships with major cyclodextrin manufacturer(s) and specialty cyclodextrin
labs to distribute their products. We continue to be the exclusive distributor
in North America of the cyclodextrin products manufactured by CycloLab Research
Laboratories in Budapest, Hungary.
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.
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.
(2) Plan of purchase, sale, reorganization, arrangement,
liquidation or succession None
(3) Articles of Incorporation and By-Laws
(i) Articles of Incorporation filed August 9, 1990 *
(ii) By-Laws *
(iii) 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. *
(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 2 to
Financial
Statements
(15) Letter on unaudited interim financial information ****
(18) Letter on change in accounting principles None
(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 regarding matters submitted to vote of
security holders None
(23) Consents of experts and counsel None
(24) Power of Attorney None
(31) Rule 13a-14(a)/15d-14a(a) Certifications ****
(32) Section 1350 Certifications ****
(99) Additional exhibits None
(100)XBRL-Related Documents 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.
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: August 10, 2007 /s/ C.E. Rick Strattan
-----------------------------
C.E. Rick Strattan, President
Chief Executive Officer,
Chief Operating Officer and
Chief Financial Officer