Wilson Holdings, Inc - This Quarterly Report on Form 10-QSB for...

Wilson Holdings, Inc - Recent Material Event

Item 1.	Financial Statements
	Item 2.	Management’s Discussion and Analysis or Plan of Operation
	Item 3.	Controls and Procedures
PART II – OTHER INFORMATION
	Item 1.	Legal Proceedings
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	Item 3.	Defaults Upon Senior Securities
	Item 4.	Submission of Matters to a Vote of Security Holders
	Item 5.	Other Information
	Item 6.	Exhibits

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CAUTION REGARDING FORWARD-LOOKING INFORMATION

This Quarterly Report on Form 10-QSB for Green Builders, Inc. (“we,” “us,” or the “Company”) contains forward-looking statements. You can identify these statements by forward-looking words such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate,” and “continue” or similar words. Forward-looking statements include information concerning possible or assumed future business success or financial results. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial conditions or state other forward-looking information. We believe that it is important to communicate future expectations to investors. However, there may be events in the future that we are not able to accurately predict or control. Accordingly, we do not undertake any obligation to update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

Forward-looking statements and information are based on current beliefs as well as assumptions made by, and information currently available to, us concerning anticipated financial performance, business prospects and strategies. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The forward-looking statements in this Quarterly Report on Form 10-QSB are made as of the date it was issued and we do not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that outcomes implied by forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements.

Copies of our public filings are available at www.greenbuildersinc.com and on EDGAR at www.sec.gov.

Please see Part 1, Item 1A – “Risk Factors” of our Annual Report on Form 10-KSB for the transitional period ended September 30, 2007, as well as the “Risk Factors” contained in Part I, Item 2 – “Management’s Discussion and Analysis or Plan of Operation” in this quarterly report on Form 10-QSB. In addition, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Whenever we refer in this report to “Green Builders,” “the Company,” “we,” “us,” or “our,” we mean Green Builders, Inc., a Texas corporation, and, unless the context indicates otherwise, its predecessors and subsidiaries, including its wholly-owned subsidiaries, Wilson Family Communities, Inc., a Delaware corporation and GB Operations, Inc, a Texas corporation.

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Item 1. Financial Statements

GREEN BUILDERS, INC
Consolidated Balance Sheets
As of March 31, 2008 and September 30, 2007
	(Unaudited)
	March 31, 2008			September 30, 2007

Cash and cash equivalents	$	9,783,509			13,073,214
Restricted cash		117,603			-
Inventory
Land and land development		38,886,712			32,463,411
Homebuilding inventories		9,366,645			2,843,704
Total inventory		48,253,356			35,307,116
Other assets		691,048			729,471
Debt issuance costs, net of amortization		1,146,712			1,265,218
Equipment and software, net of accumulated depreciation and amortization of $39,427 and $32,294, respectively		297,243			232,357
Total assets		60,289,470			50,607,375
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		4,019,176			1,404,151
Accrued real estate taxes payable		424,366			405,060
Accrued liabilities and expenses		444,569			215,372
Accrued interest		210,239			464,809
Deferred revenue		-			159,381
Notes payable and lines of credit		30,858,868			20,638,358
Subordinated convertible debt, net of $2,966,046 and $3,245,220 discount, respectively		13,533,954			13,254,780
Total liabilities		49,491,171			36,541,911
STOCKHOLDERS' EQUITY

Common stock, $0.001 par value, 100,000,000 shares authorized and 23,135,538 shares issued and outstanding, respectively		23,136			23,136
Additional paid in capital		27,775,939			27,040,304
Retained deficit		(17,000,776	)		(12,997,976	)
Total stockholders' equity		10,798,299			14,065,464
Commitments and contingencies		-			-
Total liabilities and stockholders' equity	$	60,289,470			50,607,375

See accompanying notes to the consolidated financial statements.

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GREEN BUILDERS, INC.
Consolidated Statements of Operations
For the Three and Six Months Ended March 31, 2008 and 2007

	Three Months Ended March 31,				Six Months Ended March 31,

	(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)
Revenues:
Homebuilding and related services	$	484,511		797,506		484,511		1,830,165
Land sales		657,036		969,729		1,765,348		1,406,870
Total revenues		1,141,547		1,767,235		2,249,859		3,237,035
								-
Cost of revenues:
Homebuilding and related services		405,558		564,251		405,558		1,343,054
Land sales		222,484		818,892		931,539		1,249,378
Total cost of revenues		628,042		1,383,143		1,337,097		2,592,431
								-
Gross profit:
Homebuilding and related services		78,953		233,255		78,953		487,111
Land sales		434,552		150,838		833,809		157,493
Total gross profit		513,505		384,092		912,762		644,604