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 June 30, 2008 and September 30, 2007
	(Unaudited)
	June 30, 2008			September 30, 2007

Cash and cash equivalents	$	4,802,649			13,073,214
Restricted cash		179,401			-
Inventory
Land and land development		39,008,507			32,463,411
Homebuilding inventories		9,863,849			2,843,704
Total inventory		48,872,357			35,307,116
Other assets		983,254			729,471
Debt issuance costs, net of amortization		1,087,459			1,265,218
Equipment and software, net of accumulated depreciation and amortization of $66,882 and $32,294, respectively		291,563			232,357
Total assets		56,216,682			50,607,375
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable		1,994,504			1,404,151
Accrued real estate taxes payable		755,459			405,060
Accrued liabilities and expenses		453,320			215,372
Accrued interest		233,170			464,809
Deferred revenue		-			159,381
Notes payable and lines of credit		30,232,825			20,638,358
Subordinated convertible debt, net of $2,826,459 and $3,245,220 discount, respectively		13,673,541			13,254,780
Total liabilities		47,342,818			36,541,911

STOCKHOLDERS' EQUITY
Common stock, $0.001 par value, 100,000,000 shares authorized and 23,135,539 shares issued and outstanding, respectively		23,136			23,136
Additional paid in capital		27,874,211			27,040,304
Retained deficit		(19,023,483	)		(12,997,976	)
Total stockholders' equity		8,873,864			14,065,464
Commitments and contingencies		-			-
Total liabilities and stockholders' equity	$	56,216,682			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 Nine Months Ended June 30, 2008 and 2007

		Three Months Ended June 30,		Nine Months Ended June 30,


		(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
Revenues:
Homebuilding and related services	$	2,754,424	320,000	3,238,934	2,150,165
Land sales		709,345	1,064,178	2,474,693	2,471,048
Total revenues		3,463,769	1,384,178	5,713,627	4,621,213

Cost of revenues:
Homebuilding and related services		2,540,740	206,038	2,946,298	1,549,091
Land sales		544,997	2,001,031	1,476,536	3,250,409
Total cost of revenues		3,085,738	2,207,069	4,422,835	4,799,500

Gross profit:
Homebuilding and related services		213,684	113,962	292,636	601,074
Land sales		164,347	(936,853)	998,157	(779,360)
Total gross profit		378,031	(822,891)	1,290,793	(178,287)

Costs and expenses:
Corporate general and administration		964,714	1,547,094