UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

                               FORM 10-K

[X]   Annual Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

              For the fiscal year ended December 31, 2000

                                  or
[  ]    Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934



                     Commission file number 0-8301

                   GOLDEN TRIANGLE INDUSTRIES, INC.
        (Exact name of registrant as specified in its charter)

    Colorado                                              25-1302097
(State or other jurisdiction                       (IRS Employer
 of incorporation or organization)                 I. D. Number)

                     650 South Central Ave., Ste. 1000
                        Oviedo, Florida 32765
       (Address of principal executive offices and Zip Code)

  Registrant's telephone number, including area code:  (407) 366-9668

      Securities registered pursuant to Section 12(b) of the Act:
                                 None

      Securities registered pursuant to Section 12(g) of the Act:
            Title of Class - Common Stock, $.001 Par Value

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 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 [X] No [  ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [  ]

The aggregate market value of common equity held by non-affiliates of the
registrant was $5,100,150 as of March 15, 2001, based on the price of the
common stock, $.001 par value, of the registrant, ($2.00 per share) at the
close of the market on that day.

The number of shares outstanding of the registrant's common stock as of
March 15, 2001 was 8,186,689 shares.

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                   Golden Triangle Industries, Inc.

         Form 10-K for the fiscal year ended December 31, 2000

                           TABLE OF CONTENTS

                                                                      Page

PART I

   Item 1.  Business .  .  .  .  . .  .  .  .  .  .  .  . .  .  .      3
   Item 2.  Properties  .  .  .  . .  .  .  .  .  .  .  . .  .  .      7
   Item 3.  Legal Proceedings .  . .  .  .  .  .  .  .  . .  .  .      7
   Item 4.  Submission of Matters to a Vote of
            Security Holders  .  . .  .  .  .  .  .  .  . .  .  .      7

PART II

   Item 5.  Market for Registrant's Common Equity and
            Related Stockholder Matters .  .  .  .  .  .  .  .  .      7
   Item 6.  Selected Financial Data  .  .  .  .  .  .  .  .  .  .     11
   Item 7.  Management's Discussion and Analysis of
            Financial Condition and Results of Operations .  .  .     11
   Item 7a. Quantitative and Qualitative Disclosure About
            Market Risk   .  .  .  .  .  .  .  .  .  .  . .  .  .     15
   Item 8.  Financial Statements and Supplementary Data   .  .  .     16
   Item 9.  Changes in and Disagreements with Accountants
            on Accounting and Financial Disclosure   .  .   .   .     16

PART III

   Item 10. Directors and Executive Officers of the Registrant  .     16
   Item 11. Executive Compensation   .  .  .  .  .  .  .  .  .  .     20
   Item 12. Security Ownership of Certain Beneficial Owners
            and Management .  .  .   .  .  .  .  .  .  .  .  .  .     21
   Item 13. Certain Relationships and Related Transactions.  .  .     23

PART IV

   Item 14. Exhibits, Financial Statement Schedules, and
            Reports on Form 8-K  .  .  .  .  .  .  .  .  .  .  .      23

   Signatures  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .      25


   Index to Consolidated Financial Statements .  .  .  .  .  .  .     F-1



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                   Golden Triangle Industries, Inc.


                                PART I

ITEM 1.  BUSINESS

(a) General Development of Business

Golden Triangle Industries, Inc. (the "Company" or "GTII") was
incorporated under the name Golden Triangle Royalty & Oil, Inc. on July
30, 1975 under the laws of the State of Colorado. The Company was
organized primarily to acquire and hold royalties on oil and gas
properties. Beginning in 1994 the Company diversified and expanded its
business to include salt water disposal and oil field service operations.
During 1996 the Company's name was changed to Golden Triangle Industries,
Inc. to reflect the expansion in the Company's core business from oil and
gas royalties to its broader base of activities.

The fall of oil prices during the last part of 1998 and first quarter of
1999 to approximately 50% of previous prices directly effected the
Company's oil and gas revenues and service businesses.  The Company's
largest customer, TransTexas Gas Corporation, filed bankruptcy under
Chapter 11 due to the decline in oil and gas prices combined with
restrictive covenants in its financing arrangements.  The impact of these
problems led the Company to pursue possible merger/acquisition
opportunities, and a reorganization agreement was signed effective April
1, 2000  with  Whitemark Homes, Inc., a privately held company.

On June 17, 2000, the shareholders approved the purchase of Whitemark
Homes, Inc., a respected and stable company with a good long term
business plan, significant assets, revenues and net income.  Whitemark
Homes, Inc. is based in Oviedo, Florida (near Orlando), and has been in
the business of high quality residential developments and construction
for the past twenty years, with an emphasis on customer satisfaction.
Whitemark's business includes the purchase and development of lots
through the construction and sale of single family homes, including
designing, building, marketing and arranging financing for the home
buyers.  The market is primarily first time and middle income buyers.

It was determined that, after the acquisition, GTII's business would be
strictly that of Whitemark, and that GTII's current oil and gas and sand
and gravel businesses would be sold.  Therefore, a part of the
transaction that the shareholders approved included the transfer of these
assets to the Company's former president, Kenneth Owens, in exchange for
his preferred stock.  For complete details on the transactions, please
see Management's Discussion and Analysis of Financial Condition and
Results of Operations at Item 7.

(b) Financial Information About Segments

In the fiscal year ended December 31, 2000, the Company's revenues,
operating profits, and identifiable assets were attributable to home
building, financial services, and other assets.  Home building was by far
the most significant of these segments as the others function primarily
as supporting and facilitating operations (see Item 6. "Selected
Financial Data").

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(c) Narrative Description of Business

Construction and Development

The Company is involved in the purchase and development of lots and the
construction and sale of single-family conventional homes, primarily
targeting first time buyers in the Orlando, Florida area.  The Company
offers homes in a price range from $95,000 to $220,000, and is involved
in all aspects of the business, including land acquisition, site
planning, preparation and improvement of land, and design, construction,
marketing, and financing the homes. In 2000, 106 homes were delivered in
four communities.  Each community offers several different floor plans
for buyers to choose from.

Sales of the Company's homes are generally made pursuant to a standard
contract.  The contract includes a financing contingency which permits
the customer to cancel in the event mortgage financing at prevailing
interest rates (including financing arrangements by the Company) is
unobtainable within a specified period.  The Company reports an
undelivered home sale as part of its backlog upon execution of the sales
contracts and receipt of the down payment.  Revenue is recognized only
upon the closing and delivery of a home.  The Company estimates that the
average period between the execution of a purchase agreement for a home
and delivery is approximately six months.  The Company's backlog at
December 31, 2000 was approximately $6,000,000 (58 units) compared to a
backlog at December 31, 1999 of $7,384,000 (71 units).

Current Projects

Following are descriptions of some of the Company's current projects.
The Company is continually exploring opportunities to purchase additional
land for its home building operations.

The Oak Park Subdivision is an approximately 18 acre site in the western
part of Orlando, Florida. It is 90% wooded with large oak trees.  Oak
Park consists of 108 lots measuring approximately 45' by 100' and is
designed to minimize impacts on a large oak tree cluster.  To date 57
sales have been made in this subdivision.  The zoning certifies the lots
for the Orange County Affordable Housing Program.  The program allows a
50% impact fee reduction (approximately $3,000) and special down payment
assistance to qualified buyers.  To qualify, a family of four cannot earn
more than $34,500 per year (80% of the Orange County median income for
1996 of $43,125) or spend more than $95,800 for the home, after impact
credit fees.  The frontage consists of a brick wall and wrought iron
fencing allowing a nearby neighborhood park to be viewed.  The park has
landscaped passive areas with benches and an open play area.

The 101 lot Fox Glen community in Winter Springs, Florida has homes
priced from $140,000 to $220,000.  All residents enjoy the use of the
community pool and club facilities.  The community is surrounded by the
Tuscawilla Country Club golf course and Howell Creek which provides some
lots with golf course and creek frontage.  In this community, 52 sales
have been made.

The Meadows, located on Boggy Creek Road in Orlando, Florida, a 340 lot
affordable single family subdivision offered homes in the $95,000 to
$120,000 price range.  The majority of the homes were designed and built
under the City of Orlando's Affordable Home program.  The project is now
completed with only two homes remaining to close.

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The Company acquired and began development of GlenBrook, a new community
of vacation homes conveniently located six miles from Walt Disney World.
This development targets both domestic and foreign markets for second
home purchases.  The new community will accommodate family vacation
travelers from the United States, Europe and South America who prefer a
home environment over the standard hotel room.  The GlenBrook community
will consist of 266 homes.  The ground breaking was in November 2000 and
three model homes will be available for viewing in Spring 2001.  Seven
floor plans will be available to the buyer ranging from 1,500 square feet
to 3,000 square feet of living space in the price range of $159,900 to
$219,900.  The homes will include ceramic tile entry foyers, designer
light fixtures, covered patio and designer pool with screened enclosure.
Amenities at GlenBrook include a community recreation area with swimming
pool, full lawn and shrub maintenance, and private Homeowners
Association.  GlenBrook is in close proximity to Orlando's major theme
parks, shopping, fine dining and multiple attractions.  Projected gross
revenue for GlenBrook is $50,540,000 over the next three to five years.

Subsequent to the year end, the Company closed on the Bear Gully Forest
development in Orlando, Florida.  The property has 56 lots where single
family homes in the $120,000 to $220,000 range will be offered.

Also subsequent to the year end, the Company began development of
University Oaks in East Orange County, Florida.  The development will
offer such amenities as a distinctive brick entrance, beautiful wooded
setting, and private Homeowner's Association.  Designed for mid-income
buyers, this private, gated community consists of 33 lots.  Eleven floor
plans will be available to choose from with square footage ranging from
1,406 square feet to 2,898 square feet in the two story homes.  The price
of the homes will range from $127,900 to $177,900.

Mortgage Financing

The Company conducts financial service activities through a subsidiary,
Home Funding, Inc., which provides mortgage financing and closing
services for the home buyers.    The subsidiary makes conventional, FHA-
insured and VA-guaranteed mortgage loans available to qualified
purchasers of its homes by assisting them in obtaining  loans through
local and national financial institutions.  Because of the availability
of the Company's financial services subsidiary and independent mortgage
lenders, the Company believes that access to financing has not been a
problem for most purchasers of the Company's homes.

Marketing

The Company generally has an inventory of homes under construction.  A
majority of these homes are sold (i.e., the Company has received deposits
and executed sales contracts) before the Company starts construction.
The Company employs sales associates who are paid commissions to make
sales of the homes.  The Company advertises its residential communities
through local and foreign media and sells primarily from model homes that
it has designed and constructed.

Quality Service

The Company uses the latest technology and proven construction methods to

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insure its homes are of the highest quality.  This is evidenced by: (1) a
Customer Service Award issued by the Bonded Builders Home Warranty
Association stating "Bonded Builders is proud to recognize Whitemark
Homes as one of Florida's finest builders for the distinction of being
claims free for 1998"; (2) Member in Good Standing issued by the National
Association of Home Builders; and (3) Homeowner Evaluation forms and
letters showing the satisfaction of customers.  Due to the Company's in-
depth construction expertise, a range of construction methods are
utilized incorporating the choices made by the customer and the building
plan requirements.  Besides being one of Orlando's premier home builders,
for both custom and affordable homes, Whitemark also develops many of its
own residential communities.  As a developer/builder, great care and
attention is given to preserving the natural setting of the land during
the land planning and construction stages.  Each lot is carefully cleared
in order to keep as many trees and natural vegetation as possible.
Whitemark's attention to detail and fine craftsmanship has garnered them
many national, regional, and local awards including: East and Pacific
Builders "Gold Nugget Awards," Southeast Builders' Conference "Aurora
Award," Home Builders' Association of Mid-Florida "Parade of Homes
Winners," and Orlando's "Choice Awards Winners."  Whitemark's short-term
plans include expansion into the Texas, Tennessee, and North Carolina
markets, with long-term plans including expansion nationwide.

Real Estate, Economic and Other Conditions

The homebuilding industry is sensitive to changes in general economic
conditions such as levels of employment, consumer confidence, consumer
income, interest  rate levels, availability of financing for acquisition,
construction and permanent mortgages, demand for housing and condition of
the resale market for used homes.  In general, housing demand is
adversely affected by increases in interest rates, housing costs and
unemployment.

The industry has, from time to time, experienced fluctuating lumber
supply and prices, and shortages of other materials, including
insulation, drywall and concrete.  In addition, the industry sometimes
suffers from a shortage of labor including carpenters, electricians and
plumbers.  Delays in construction due to these factors or to inclement
weather conditions could have an adverse impact on the Company's
operations.

Competition

The housing industry is highly competitive.  The Company competes with
many home builders and developers, ranging from local to national, some
of which have greater sales and financial resources than the Company.
Competitive factors include availability of land, location, price,
design, quality, construction costs, marketing expertise, reputation and
providing mortgage financing.

Regulation

The housing industry is subject to extensive regulatory requirements on
the local, state and federal level.  The regulations are subject to
frequent changes, and may increase construction costs.  The Company must
comply with various rules, some of which relate to the environment,
worker safety, advertising, consumer credit, treatment of waste, building

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design, construction materials which must be used, minimum elevation of
properties and licensing, registration and filing requirements.  Local
regulations include restrictive density and zoning requirements limiting
the number of homes that can be built within certain boundaries.
Environmental laws may result in delays, cause the Company to incur
substantial compliance costs and restrict development in certain
environmentally sensitive areas.  Also, the climate and geology in some
parts of Florida present risks of natural disasters that could adversely
affect the building industry.  The Company's mortgage financing
subsidiary must comply with applicable real estate lending laws and
regulations.

Employees

At March 15, 2001, the Company and its subsidiaries employed 21
individuals (including the executive officers).


ITEM 2.  PROPERTIES

The Company leases its 4,400 square foot corporate office, located at 650
South Central Ave., Ste. 1000, Oviedo, Florida 32765, from Larry White,
president of the Company.  Lease payments totaled  $8,920 in 2000.  The
Company believes its office space is adequate for its operations in the
next several years.  See Related Party Transactions at Item 13.


ITEM 3.  LEGAL PROCEEDINGS

As of March 15, 2001, there were no material legal proceedings to which
the Company or any of its subsidiaries was a party or of which any of
their properties was the subject.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.



                               PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS

Common Stock

The only class of common equity security authorized by the Company's
Articles of Incorporation, as amended, is the Company's Common Stock,
$.001 par value. The Company's Common Stock traded on the Nasdaq SmallCap
Market  through June 12, 2000 under the symbol "GTII."  From June 13,
2000 through the end of the year the stock traded on the "Pink Sheets" in
the over-the-counter market under the symbol "GTII."  The reason for the
change was because of an uncertainty regarding the carrying values of the
Company's former oil, gas and mineral properties that resulted in a
qualified audit opinion being issued on the 1999 financial statements.
The problem has since been resolved by the disposal of these properties

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(see Management's Discussion at Item 7),  the Company has applied for
listing on the OTC Bulletin Board, and plans to reapply for listing on
the Nasdaq Small Cap Market subsequent to the filing of this Form 10-K.
The range of high and low sales prices for each quarter during the last
two fiscal years, as quoted on Nasdaq SmallCap and on the "Pink Sheets"
for the periods discussed above, is set out in the table that follows.
These quotations reflect inter-dealer prices, without retail mark-up,
mark-down, or commission and may not necessarily represent actual
transactions.  On August 25, 2000, the Company split its stock through a
2-for-1 forward split.

             Year Ended December 31, 2000   Year Ended December 31, 1999
             ----------------------------   ----------------------------
                   High          Low              High        Low
                 --------     --------         -------      --------
1st Quarter      $ 7.000      $ 2.000          $ 8.625      $  7.750
2nd Quarter        5.1875       2.500            9.750         5.000
3rd Quarter        5.000         .750            5.500         1.781
4th Quarter        3.000         .6875           4.250         2.000

On March 15, 2001, the price of the stock was $2.00 per share as reported
in the "Pink Sheets."

As of March 15, 2001, there were approximately 10,163 holders of record
of the Company's Common Stock, plus an undetermined number of
stockholders who hold their stock in street name.

Dividends

The Company has not paid cash dividends on its common stock and does not
anticipate the payment of cash dividends in the foreseeable future.
Payment of cash dividends is within the discretion of the Company's Board
of Directors and will depend, among other factors, on earnings, capital
requirements and the operating and financial condition of the Company.
The payment of stock dividends is also within the discretion of the Board
of Directors.

Dividend Reinvestment and Stock Purchase Plan

GTII set up a Dividend Reinvestment and Stock Purchase Plan (the "Plan")
during 1996, to provide existing shareholders of the Company's common
stock with a convenient and economical method of investing cash dividends
and making cash investments in the Company's common stock without payment
of brokerage commissions in connection with purchases.  Shareholders may
choose to invest funds in common stock through optional cash investments,
with a minimum purchase of $25.00 per month and a maximum purchase of
$5,000 per month.  The optional cash payments may be made occasionally or
at regular intervals, as the shareholder desires.  A $2.50 service fee is
charged for each optional cash investment.  The Plan provides that the
common shares offered by the Company may be either shares newly issued by
the Company or shares purchased on the open market at the Company's
option.  The purchase price for shares purchased on the open market is
the average price paid for such shares, and the purchase price for newly
issued shares is 98% of the average of the daily closing prices of the
common shares reported on the Nasdaq market on the five trading days
prior to the purchase date.  The Company registered 1,000,000 shares of

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common stock under the Securities Act for sale by GTII pursuant to the
Plan, which may be used at the Company's discretion.  During the fiscal
year 2000, 12,189 shares were issued through the Plan.

IMPORTANT:  The above is only a brief outline of the Plan.  Complete
details of the Plan were mailed to all shareholders during 1996.  Before
enrolling, shareholders should review the information received, or obtain
complete information on the Plan by requesting a copy of the Dividend
Reinvestment and Stock Purchase Plan.

Preferred Stock

During 1996, shareholders authorized an amendment to the Articles of
Incorporation of the Company, under which 1,000,000 preferred shares were
authorized for issuance, with directors given the authority to subdivide
the stock and assign the various rights to each class.  Directors created
Class A and Class B preferred shares and authorized a program whereby
shareholders could exchange their common stock for preferred stock at a
rate of one share of preferred received for each ten shares of common
surrendered.  The offer expired on August 30, 1996.  Neither class of
preferred stock was registered.  As a result, any transfers carried
trading restrictions associated with unregistered shares and there was no
established market for such shares.

Class A Convertible Preferred Stock - Class A preferred stock was a
convertible stock.  The shareholder holding preferred stock had the same
voting rights as if all preferred shares held were common shares (1
preferred share equals 10 common shares).  These shares were convertible
back to common shares October 31, 1999.  An annual cash dividend of $0.30
per share was paid on the Class A preferred shares.

Class B Non-Convertible Preferred Stock - Class B preferred stock was
issued as non-convertible with an annual cash dividend of $0.20 per share
and a stock dividend.  The cash and stock dividends were paid in 1997.
However, during 1998, the Company's directors voted to eliminate the
dividend features of its Class B preferred stock primarily due to the
impact on earnings per share.  In conjunction with this decision, the
directors also voted to allow holders of the stock to convert their
shares back into common on a one for ten basis, the same basis that
common was converted to preferred in 1996.

Since all previously issued preferred stock had either already been
converted back to common or approved for conversion back to common, the
Board recommended and the shareholders approved at the 2000 annual
meeting  the amendment to the Articles of Incorporation to eliminate the
authorization of preferred stock.

Issuance of Unregistered Shares

During the year ended December 31, 2000, the Company sold securities in
the transactions described below without registering the securities under
the Securities Act of 1933.  No underwriter, sales or placement agent was
involved in any of the transactions.  All share amounts reflect the two
shares-for-one share forward stock split effective in August 2000.

    1.   On June 30, 2000, 1,067,520 restricted shares of common stock
were issued to Larry White, an accredited investor, in exchange for all

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of the outstanding shares of Whitemark Homes, Inc.  On August 22, 2000, a
total of 4,500,000 restricted shares of common stock were issued to Larry
White and William Rigsby, also an accredited investor, in exchange for
real estate properties.  In connection with these transactions, the
Company received assets with an estimated fair value of approximately $35
million, subject to liabilities with a fair value of approximately $7
million.  However, these transactions were accounted for as a reverse
acquisition with the acquired assets and liabilities reported in the
Company's financial statements at the transferors' cost basis.  The
restricted shares issued in these transactions were issued in reliance on
the exemption provided by Rule 506 of Regulation D under the Securities
Act of 1933.

    2.   On August 22, 2000, 10,800 restricted shares of common stock
were issued to David P. Ingram in exchange for cash of $16,200.  These
restricted shares were issued in reliance on the exemption from
registration provided by Section 4(2) of the Securities Act of 1933.

    3.   On August 22, 2000, a total of 140,000 restricted shares of
common stock valued at $49,000 were granted to a total of twenty
employees of and consultants to the Company, including one officer.
These restricted shares were issued in reliance on the exemption from
registration provided by Section 4(2) of the Securities Act of 1933.

    4.   On August 24, 2000, a total of 440,500 restricted shares of
common stock were issued to six directors and officers of the Company and
four other employees of and consultants to the Company in exchange for
services valued at $154,175.  These shares were issued in reliance on the
exemption from registration provided by Section 4(2) of the Securities
Act of 1933.

    5.   On October 30, 2000, a total of 120,000 restricted shares of
common stock were issued to Glenbrook Ventures LLC for partial
consideration on the acquisition of a 266-lot subdivision.  The
restricted shares were valued at $300,000.  These restricted shares were
issued in reliance on the exemption from registration provided by Section
4(2) of the Securities Act of 1933.

    6.   On various dates during 2000, a total of 31,620 shares of
common stock were issued in exchange for conversions of shares of the
Company's preferred stock.  No commission or other remuneration was paid
or given directly or indirectly for soliciting these exchanges.  These
shares were issued in reliance on the exemption from registration
provided by Section 3(a)(9) of the Securities Act of 1933.

    The facts relied on to make the exemption from registration provided
by Section 4(2) of the Securities Act of 1933 available for the sale of
securities discussed in paragraphs 2 through 5 above were:  (1) the
limited number of purchasers; (2) the sophistication or accreditation of
the purchasers; (3) their relationship with the Company and/or access to
material information about the Company; (4) the information furnished to
them by the Company; (5) the absence of any general solicitation or
advertising; and (6) restrictions on transfer of the securities issued to
them as indicated by a legend on the certificates representing such
securities.

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ITEM 6.  SELECTED FINANCIAL DATA

                               Fiscal Years Ended December 31
                      2000         1999        1998       1997       1996
                   -----------  ----------- ----------- ---------- ----------
Operating revenues $12,161,679  $13,395,922 $ 6,751,948 $6,910,254 $3,995,941

Net income/(loss)  $  (684,235) $   401,129 $   121,072 $  152,296 $   89,064

Net income/(loss)
  per share        $     (0.13) $      0.15 $      0.05 $     0.06 $     0.03

Total assets       $ 8,855,035  $ 8,487,887 $ 9,534,188 $6,461,276 $3,917,212

Long-term debt     $        -   $        -  $        -  $       -  $       -


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

Overview

Effective April 1, 2000, the Company changed its direction from energy
services to real estate development and home building through the
acquisition of a private company, Whitemark Homes, Inc.  The Company
disposed of its energy related assets (oil and gas, sand and gravel,
Altair property) and 60% of its other assets (cash, marketable
securities, receivables, administrative fixed assets, and administrative
accounts payable) by exchanging the control position of Kenneth Owens,
former president, for the assets.  Owens relinquished his block of
preferred B stock, which represented approximately 34% of the Company's
outstanding capital stock, in exchange for the assets.  At the same time,
the Company issued 533,760 restricted common shares (1,067,520 after
adjustment for split) to Larry White for 100% ownership of Whitemark
Homes (Whitemark had total revenues of $13.4 million, net income of
$400,000, and delivered 130 homes during 1999).  The business operations
were changed along with the majority-controlling shareholder.  The
stockholders approved these transactions at the annual meeting held on
June 17, 2000.  In late June 2000, the Board of Directors approved the
acquisition of projects and assets owned or controlled by Larry White
through the issuance of 2,100,000 restricted common shares to Larry White
(4,200,000 after adjustment for split).  The projected revenue potential
from this purchase is expected to be $34,000,000.

The simultaneous transactions to dispose of the energy related historical
business and the acquisition of Whitemark has been treated as a reverse
acquisition in accordance with generally accepted accounting principles
because of the complete change in business and management control.
Therefore, the historical financial statements become those of Whitemark
Homes and Golden Triangle is treated as being acquired on April 1, 2000.
This allows the comparative presentation to reflect the new business
direction that the Company has taken and presents more meaningful
information to the reader.  The presentation as a reverse acquisition
results in significantly different financial statements from those
historically filed by the Company.  For historical information on Golden
Triangle, please review previously filed 10-K forms through the SEC's
EDGAR database at www.sec.gov or request the information directly from
the Company.
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The Company, through its now wholly owned subsidiary, Whitemark Homes,
Inc., develops real estate and builds homes primarily to entry-level home
buyers and move-up buyers.  On a national level, housing construction
appears to be strong and the Company's management is optimistic about
operations for 2001.  Interest rates and consumer confidence generally
drive the housing industry.  Statistics indicate that the Company's
target market is fully employed and interest rates are relatively low.

Liquidity and Capital Resources

The Company's financing needs are provided by cash flows from operations,
bank borrowings, and private and public debt and equity markets.  Cash
flow from operations declined primarily as a result of decreased revenue,
increased land and home inventory and a decrease in accounts payable.
The Company anticipates that cash flow from operations will increase in
calendar year 2001 as a result of increased revenues from new home
deliveries.

On December 31, 2000, the Company had outstanding borrowings of
$6,579,829.  The Company currently finances its projects with project
specific construction loans.  These loans are secured by the project and
are drawn down and repaid based on project progress.  There is no
expectation that this financing arrangement will not be available in the
foreseeable future.  However, management continually reviews other
possible financing alternatives.  The Company believes that funds
generated from operations and expected borrowing availability from the
private and public market will be sufficient to fund the Company's
working capital requirements during calender year 2001.

The Company is continually exploring opportunities to purchase parcels of
land for its home building operations and is, at any given time, in
various stages of proposing, making offers for, and negotiating the
acquisition of various parcels, whether outright or through options.  The
Company continues to increase its land development and construction
activities in response to current and anticipated demand, and expects to
pursue additional land acquisition and development opportunities in the
future.  The Company is currently examining potential opportunities in
multifamily housing and manufactured homes.  The Company is in
negotiations to purchase homebuilders in several areas.  Acquisitions are
expected to close in the second or third quarter of 2001 and costs are
expected to include payment of cash, assumption of debt and issuance of
common stock.

Results of Operations

Year Ended December 31, 2000 compared to December 31, 1999

The Company's revenues from home sales for the year ended December 31,
2000 decreased $1,234,243 compared to the same period in fiscal 1999.
The number of homes delivered was 106 down from the previous year of 130.
The average selling price of homes delivered increased 10% (to $114,000
from $103,000).  The decrease in revenues is primarily attributable to a
decrease in the availability of lots for building compared with the prior
year period.  Management believes that changes in the average selling
price of homes delivered from period to period are attributable to
discrete factors at each of its subdivisions, including product mix and
premium lot availability, and cannot be predicted for future periods with
any degree of certainty.

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<PAGE>
Cost of home sales decreased $999,649 compared to the year ended December
31, 1999, primarily due to the related decrease in home sale revenues.
Cost of home sales as a percentage of home sales revenue increased to
82.6% from 82.1% as a result of the product mix of homes delivered.

The Company's selling and administrative expenses increased  $719,223
during the year ended December 31, 2000, as compared to the corresponding
fiscal 1999 period.  The significant components of the increase were
common stock bonuses issued to employees and consultants, increased sales
commissions, and additional officer compensation.

As a result of an increase in selling and administrative expenses,
primarily due to the issuance of common stock and expenses related to
being a public company, net income declined by $1,085,364 for the year
ended December 31, 2000 from the comparable period in fiscal year 1999,
resulting in a net loss of $684,235.

Year Ended December 31, 1999 compared to December 31, 1998

The Company's revenues from home sales for the year ended December 31,
1999 increased $6,643,974 compared to the same period in fiscal 1998.
The increase in revenues is primarily attributable to an increase in the
availability of lots for building and several new subdivisions coming on
line during 1999.  Management believes that changes in the average
selling price of homes delivered from period to period are attributable
to discrete factors at each of its subdivisions, including product mix
and premium lot availability and cannot be predicted for future periods
with any degree of certainty.

Cost of home sales increased $4,988,252 compared to the year ended
December 31, 1998 primarily due to the related increase in home sale
revenues.  Cost of home sales as a percentage of home sales revenue
decreased to 82.1% from 89% as a result of the product mix of homes
delivered.

The Company's selling and administrative expenses increased $927,705
during the year ended December 31, 1999, as compared to the corresponding
fiscal 1998 period.  The significant components of the increase were
sales commissions and additional officer compensation.

Interest expense during 1999 increased $447,960 over the prior year due
to short term construction notes on projects under construction.

As a result of increased revenues, net income increased by $280,057 for
the year ended December 31, 1999 over the comparable period in fiscal
1998 resulting in net income of $401,129.

Three Months Ended December 31, 2000 Compared to Three Months Ended
December 31, 1999  -  Due to the fact that the Company was showing a
profit through the first nine months of the year, with all losses
occurring in the fourth quarter, following is a discussion relating
specifically to the fourth quarter.

The Company's revenues from home sales for the quarter ended December 31,
2000 decreased $2,900,000 compared to the same period in fiscal 1999.
The number of homes delivered decreased to 16 from 46 while the average
selling price of homes delivered increased 8% (to $109,000 from

                                     13

<PAGE>
<PAGE>
$101,000).  The decrease in revenues and homes delivered is primarily
attributable to a lack of lot inventory at the beginning of the current
quarter compared with the fourth quarter of 1999.  Management believes
that changes in the average selling price of homes delivered from period
to period are attributable to discrete factors at each of its
subdivisions, including product mix and premium lot availability, and
cannot be predicted for future periods with any degree of certainty.

Cost of homes sales increased $78,000 compared to the quarter ended
December 31, 1999.  Cost of home sales as a percentage of home sales
revenue increased to 95% from 78% as a result of the product mix of homes
delivered.

The Company's selling and administrative expenses decreased approximately
$270,000 during the three months ended December 31, 2000, as compared to
the corresponding fiscal 1999 period.  The significant components of the
decrease was a decrease in sales commissions.  Selling, general, and
administrative expenses as a percentage of total revenues for the three
months ended December 31, 2000 increased to 25% compared to 15%,
primarily due to a decrease in home sales revenues for the period as
compared to the prior year.

As a result of the decrease in sales, net income decreased by $530,000 in
the three months ended December 31, 2000 from the comparable period in
fiscal 1999.

-----------

Golden Square Industries, Inc., the entity created from the
reorganization of Golden Triangle in its preparation for the acquisition
of Whitemark, primarily owns non-operating assets.  Its principal
activities for the period from April 1 to December 31 consisted of
trading options on stocks.  Some of this activity included the exercise
of the options through the purchase or sale of the underlying stock.  At
December 31, 2000, GSI held a respectable list of stocks in its portfolio
and had generated a reasonable profit on trading activities.  However,
due to the decline in the stock markets, the recognition of the loss on
the portfolio as it was written down to market resulted in a significant
overall loss.  This, coupled with costs incurred by GSI with regard to
the reorganization and general administrative costs, yielded a
passthrough loss on the equity basis to the Company of $204,261.

The annual results for Whitemark Homes, Inc., the wholly owned
subsidiary, do not reflect the continued earnings escalation of previous
years.  This is primarily due to certain one time extraordinary costs
incurred as a result of the reverse acquisition in entering the public
company environment of Golden Triangle Industries, Inc.    Management
believes the year 2000 was a year of transition that established a
broader foundation, creating outstanding value for its stockholders in
the coming years.  The major factors impacting the operating results for
the home building subsidiary are as follows:   (1)   the common stock of
the Registrant was delisted from Nasdaq Small Cap; (2) significant
regulatory delays in the permitting process effected the completion of
the infrastructure of several proposed subdivisions thereby delaying the
production of lots for new homes; (3) negotiations with land owners and
business owners related to the acquisitions of real estate and other home
building companies, respectively, were placed on hold due to the lack of

                                     14

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<PAGE>
tradeability of the common stock; (4) the valuation of the energy related
assets exchanged with Kenneth Owens for his preferred stock caused the
SEC to issue several comment letters related to the accounting treatment
for this transaction delaying the filing of the Form 211 for relisting of
the common stock; and (5) a significant amount of time was required of
management, especially Larry White, the new president and chairman,
regarding the structure of the public company and significant ongoing
discussions with the SEC and the NASD.

Operating results for the first three quarters of 2001 are expected to be
down from the first three quarters of 2000, but should increase
substantially in the December 31, 2001 quarter due to increased home sale
closings generated from significant development activity during the first
three quarters.  At this point it is difficult to project, but management
believes 2001 will be profitable.

Disclosure Regarding Forward-Looking Statements

This Form 10-K includes "forward-looking" statements within the meaning
of Section 27A and Section 21E of the Securities Act and the Company
desires to take advantage of the "safe harbor" provisions thereof.
Therefore, the Company is including this statement for the express
purpose of availing itself of the protections of such safe harbor
provisions with respect to all of such forward-looking statements.  The
forward-looking statements in this Form 10-K reflect the Company's
current views with respect to future events and financial performance.
These forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ from those
anticipated.  These risks and uncertainties include economic conditions
such as home mortgage interest rates, shortages of material and labor,
weather conditions, competition with other builders, regulatory
requirements and other such matters as discussed in this report.  In the
Form 10-K, the words "anticipates," "believes, "expects," "intends,"
"future" and similar expressions identify forward-looking statements.
The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that may
arise after the date hereof.  All subsequent written and oral
forward-looking statements attributable to the Company or persons acting
on its behalf are expressly qualified in their entirety by this section.


ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to market risk primarily related to potential
adverse changes in interest rates.  The Company's exposure to market
risks in changes to interest rates relate to the Company's variable rate
loans.  The interest rates relative to the Company's variable rate loans
fluctuate with the upward and downward movement of the prime lending
rate.  From time to time, the Company may enter into interest hedging
arrangements in order to minimize its exposure to changes in interest
rates.  At March 26, 2001, the Company had not entered into any such
hedging arrangements.  The Company does not enter into or intend to enter
into derivative financial instruments for trading or speculative
purposes.

Home Funding, Inc., the Company's wholly owned mortgage subsidiary,
originates residential mortgage loans and sells them in the residential

                                     15

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<PAGE>
mortgage market.  During the year ended December 31, 2000, Home Funding
closed on approximately $14.5 million in mortgage loans including
servicing rights.  Home Funding's 2000 revenue increased 27% over 1999.
The Company minimizes the market risk and impact of changing mortgage
interest rates by selling loans within a short period of time after
origination or through other means of contractual protection.  Although
these mortgage loan portfolios are subject to interest rate risks, the
Company does not believe that its mortgage business is subject to risk of
losses resulting from changes in the home mortgage market that could
materially impact the Company.


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See the Consolidated Financial Statements beginning on page F-1
immediately following the signature page of this Form 10-K.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

There are no disagreements between the Company and its auditor Beemer,
Pricher, Keuhnhackl & Heidbrink, PA. (former name Pricher and Company).
As previously reported, on January 12, 2000, the Company filed an 8-K to
report a change in auditors from BDO Seidman, LLP to Pricher and Company.
There were no known disagreements with the former accountant on
accounting and financial disclosure at the time of the change.

                               PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Directors

The Board of Directors of the Company (the "Board") presently consists of
five members.  Each director is elected at the annual meeting of
shareholders to hold office until the next annual meeting of shareholders
and until his/her successor has been elected and qualified.  Currently
serving as directors are: Larry White, Scott D. Clark, Hugh W. Harling,
Jr.,  Karen Lee,  and Andrea M. Williams O'Neal.  The following table
sets forth information concerning the persons currently serving as
directors of the Company.
                                                          Date First
                                       Position With       Elected
       Name                   Age       the Company       as Director
  ----------------------      ---  ---------------------  -----------
  Larry White                  52  Chairman of the Board     2000
                                       and President
  Scott D. Clark               45         Director           2000
  Hugh W. Harling, Jr.         57         Director           2000
  Karen Lee                    41         Director           1989
  Andrea Williams O'Neal       40         Director           2000

Executive Officers

Unless otherwise specified by the Board, all executive officers are
elected for a term of one year, commencing with the date of the first

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<PAGE>
meeting of the Board following the annual meeting of stockholders, and
serve until their successors are elected or appointed and qualified, or
until their respective death, resignation, removal or disqualification.
The following table sets forth certain information with respect to the
persons currently serving as executive officers of the Company.

                                                          Date First
                                       Position With       Elected
       Name                   Age       the Company       as Director
  ----------------------      ---  ---------------------  -----------
  Larry White                  52  Chairman of the Board     2000
                                       and President
  Scott D. Clark               45  Secretary/Treasurer       2000
  Robert Early                 45  Chief Financial Officer   1997
  William Rigsby               41  Vice President            2000

There are no family relationships between the Company's officers and
directors.

Larry White graduated from Lamar University with a BBA in accounting in
May 1972.  Mr. White began his career as a Certified Public Accountant
with Arthur Anderson & Company in Houston, Texas.  His responsibilities
as a senior auditor gave him excellent experience in the importance of
"cash flow management" and overall "bottom line" results.  His accounting
and auditing experience exposed him to a variety of companies, from small
private corporations to large publicly traded Fortune 500 companies.
Since 1976, Mr. White has been in the real estate business.  His real
estate career began with Harris Development Corporation in Houston,
Texas.  As executive vice president, he was responsible for product
development, construction and marketing of apartments, condominiums, town
homes, single family homes and subdivision development.  This division
generated over $20 million in annual revenues.  Some of the developments
were syndicated via limited partnerships of which Mr. White was
responsible for the negotiations and financing related thereto.  Prior to
forming Whitemark, Mr. White was vice president of Woodlands Commercial
Development Corp. and general manager of Hometown Builders in Houston,
Texas.  He was responsible for creating and operating a
construction/development company as a subsidiary of The Woodlands
Corporation (a nationally recognized 25,000 acre master planned "new
town" community).  This company developed apartments, town homes,
condominiums, patio and single family detached housing.  Annual revenues
were between $15 - $25 million with Mr. White's responsibilities
including feasibility, market studies and land planning.   From 1985 to
the present Mr. White has been the president of Whitemark.  Mr. White's
overall responsibilities include land acquisition and development,
financing, home construction, marketing and sales.  He is a member of the
American Institute of Certified Public Accountants and the Texas Society
of Certified Public Accountants.

Scott D. Clark was admitted to the Florida Bar in 1980 and has been with
the law firm of Graham, Clark, Jones, Builder, Pratt & Marks in Winter
Park, Florida since 1981 specializing in Real Property Law, Land Use
Planning and Development Law, Banking Law, Special Tax District Bond
Financing, and Condominium Law.  He is a member of the Orange County Bar
Association and Member Sections on Real Property, Probate and Trust Law,
Corporation, Banking and Business Law, Tax, Condominium and Planned
Development Committees of the Florida Bar.  He graduated from the

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<PAGE>
University of Florida with a degree in Journalism and a law degree, both
with high honors.  He is a member of Phi Kappa Phi and the Order of the
Coif.  Mr. Clark was on the University of Florida Law Review, 1978-1979
and authored, "1979 Statutory Reform Partially Solves Usury Regulation
Defects".  He has been appointed to the Seminole County Citizens'
Concurrency Advisory Committee, and the Seminole County Road Impact Fee
Advisory Committee.  Additionally, Mr. Scott sits on the Seminole County
Development Advisory Board, the Executive Committee of the Home Builders
Association of Mid-Florida Board of Directors, and Florida Christian
College Advisory Board.

Robert Early received his Bachelor of Business Administration from
Abilene Christian University in 1979, where he majored in Accounting and
minored in Agricultural Business.  He received his Certified Public
Accountant certificate in Texas in 1981 and is a member of the Texas
Society of Public Accounting and American Institute of Public Accounting.
Mr. Early worked for an independent oil Company for six years, then moved
to a position as partner of the firm Ashley, Early & Folwell, P.C. in
1987.  In 1991 he became the sole owner of the firm and changed the name
to Robert Early & Company, P.C.  Mr. Early has been doing tax work since
1983 and auditing since 1987.  Mr. Early was previously the auditor for
the Company through November 1997.

Hugh W. Harling, Jr. is the founder and owner of an engineering firm in
Central Florida integrating Civil Engineering, Land Planning and
Surveying since June 1980.  Prior to forming his own firm, he served as
Regional Manager of a large local consulting engineering and planning
firm, where he managed the firm's expanding operations in surveying, land
planning, civil and environmental engineering design.  He graduated from
the University of Florida with a Civil Engineering degree and obtained a
Master of Business Administration from Florida State University.  Mr.
Harling's expertise is land development, comprehensive planning, and
utilities and drainage sanitary engineering.  Mr. Harling is a board
member of the Mid-Florida Home Builders Association, former mayor of
Altamonte Springs, Florida; member of the Underground Utilities Examining
Board; past president of the Florida Planning and Zoning Association, and
a member of the National and American Society of Civil Engineers.

Karen Lee  graduated with high honors from Cisco Junior College.  She
administers the operation of the Company's offices in Springtown, Texas,
does much of the research and writing for filing of Securities and
Exchange Commission documents, and performs transfer agent duties and
stockholder record keeping for the Company.  She is a member of the
Southwest Securities Transfer Association, Inc.   Ms. Lee has been
employed by the Company for the past 21years.

Andrea M. Williams O'Neal has been the sole owner of a small financial
consulting firm with clients in several industries since July 1993.  Ms.
O'Neal was formerly employed by Merrill Lynch as a broker and financial
consultant.  She graduated from Texas A&M University, College Station,
Texas with a BBA in finance and studied International Business and
Finance at Imperial College in London, England.  Ms. O'Neal was the
former president of the St. Peters Episcopal School Board of Kerrville,
Texas, former treasurer of the Hill Country Charity Ball, a member of the
Kerrville Junior Service Guild, and a member of the Texas Arts & Crafts
Festival.  She is the corporate secretary for Mac Filmworks, Inc., a
diversified development stage entertainment company that markets and

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distributes its existing library of motion picture feature films, made
for television movies, and children's animated films and cartoons to
national and international cable and televlsion stations and home video
markets.

William Rigsby graduated from Lamar University in Beaumont, Texas, in
1982.  He earned a BS degree in industrial engineering with post graduate
work including engineering administration, applications of basic
management theory in the engineering environment, computer aided design,
and manufacturing analysis.  His academic achievements placed Mr. Rigsby
on the Dean's List as well as the ALPHA PI MU National Engineering Honor
Society.  He began his career in 1978 as the production and design
manager for Beaumont Homeowners Construction Co. in Beaumont, Texas.  He
was responsible for job scheduling, warehousing, bid preparation and
materials procurement.  Mr. Rigsby served as purchasing manager for the
Woodlands Development Corporation, DBA Hometown Builders (a division of
Mitchell Energy & Development) and as a senior construction supervisor
for Friendswood Development Corp., DBA Village Builders (a division of
Exxon Co. USA).  His tenure with the two companies gives Mr. Rigsby
extensive experience in implementing efficient purchasing procedures,
personnel management and computerized contracting systems.  Mr. Rigsby
has an excellent history of delivering housing units on schedule and at
or below budget/proforma targets resulting in him being a recipient of
the "Golden Nail" award.  Mr. Rigsby has worked for Whitemark for the
past eleven years.  As vice president and operations manager of
Whitemark, Mr. Rigsby's responsibilities include construction management,
purchasing, and estimating for all land development and residential
construction.  His education and experience in engineering brings a high
degree of discipline in the areas of critical path scheduling, materials
usage and individual time studies for on site and office tasks.  He
develops and maintains purchasing and estimating systems.  Mr. Rigsby is
a state certified general contractor, a member of the Mid Florida Home
Builders Association and American Institute of Industrial Engineers.

Section 16(a) Beneficial Ownership Reporting Compliance

Under U. S. securities laws, directors, executive officers and persons
holding more than 10% of GTII common stock must report their initial
ownership of the common stock and any changes in that ownership in
reports which must be filed with the SEC and the Company.  The SEC has
designated specific deadlines for these reports and the Company must
identify those persons who did not file these reports when due.  Based
solely on a review of reports filed with the Company, several directors
and officers (Scott D. Clark, Hugh W. Harling, Jr., Andrea M. Williams
O'Neal, William Rigsby and Larry White) did not file all reports on time
regarding transactions in the Company's securities required to be filed
for 2000 by Section 16(a) under the Securities Exchange Act of 1934.
Each person listed filed two late reports representing two transactions
per person, except for Larry White who had two late reports representing
four transactions.  Though the required reports were not filed timely,
they were subsequently filed after the year end, so there is no failure
to file the required reports.





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ITEM 11.  EXECUTIVE COMPENSATION

The following table sets forth certain information as to the Company's
chief executive officer for the past three fiscal years, and for the
Company's vice president for the current year.  There is no other
compensation to other officers or employees that would require disclosure
under this item.

         Name and                   Salary Cash   Bonus Cash     Other
   Principal Position       Year   Compensation  Compensation  Compensation
 ---------------------      ----   ------------  ------------  ------------
 Kenneth Owens              1998    $  11,000      $  19,000    $      -
 CEO and President          1999       17,500          6,000           -
     through June 2000      2000       11,000             -            -

 Larry White                2000    $ 123,000*     $ 148,041*   $  13,353**
 CEO July - Dec.            2000

 William Rigsby             2000    $  88,000*     $  36,672*   $  13,200**
 V-Pres. July - Dec.        2000

   *The numbers presented reflect salary received for the entire year.
   **Other compensation includes a vehicle allowance and contributions
      to a "SIMPLE" defined contribution retirement plan.

Director Compensation

The Company has paid a $1,500 director fee to each director for each of
the past three years.  During 2000 directors also received 300 shares of
restricted common stock.

Compensation Committee Report on Executive Compensation

The Board of Directors delegates responsibility for executive
compensation to the Compensation Committee which is presently comprised
of two of the directors on the Board, Hugh W. Harling, Jr. and Larry
White.   The Committee approves all of the policies under which
compensation is paid or awarded to the chief executive officer, reviews,
and, as required, approves such policies for executive officers, key
management, and directors, and oversees the administration of executive
compensation programs.  The Compensation Committee meets at least
annually to consider and make its determinations for the ensuing year.
The Committee determines compensation for the chief executive officer
based on its assessment of the individual performance of the officer, a
review of the Company's operating performance, including but not limited
to, earnings per share, cash flow generation, revenues, operating income,
and strategic acquisitions, an analysis of total returns to shareholders
relative to total returns generated by comparable public companies and a
review of compensation of the chief executive officers of companies with
businesses of comparable size.

Larry White became the chief executive officer of the Company effective
June 17, 2000.  The previous fifteen years he was the founder, president
and chief executive officer of Whitemark Homes, Inc.  Mr. White's
compensation for calendar year 2000 was based primarily on past
performance as the founder and chief executive officer of Whitemark, a
wholly owned subsidiary of the Company, which was acquired April 1, 2000,
and his duties and responsibilities as a public company official in the
completion of the reverse acquisition.

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The  Committee recommended to the Board that directors' fees be set at
$1,500 cash and 100 shares of restricted stock per director for each face
to face meeting, and 100 restricted shares only for telephone meetings.

In September 1998, the Company filed an S-8 registration statement
registering 200,000 common shares for a Stock Compensation Plan
recommended by the committee and adopted by the Board.  The Plan allows
the directors to issue common stock as compensation for services provided
by employees, officers, directors, agents, consultants, and advisors.
The Plan will allow these service providers to acquire proprietary
interests in the Company in exchange for their services.  These interests
would provide incentives for high levels of service.  No shares were
issued under the Plan during 1998 or 1999.  During 2000, the committee
recommended and the Board approved the issuance of 123,350 S-8 shares to
employees and consultants.  After adjustment for the 2-for-1 split, there
are currently 77,400 registered S-8 shares still available for use
through the plan.  Also recommended to the committee and approved by the
Board was the issuance of 288,750 restricted common shares to employees
and consultants.

Performance Graph - Set forth below is a line graph comparing the yearly
percentage change in the cumulative total shareholder return on the
Corporation's Common Stock against the cumulative total return of a peer
company in the same line of business.  Since the Company was listed on
the "Pink Sheets" during the year (see Item 5), there was no published
index on this market for comparison.  In addition, it should be noted
that the shareholder return on the Company's common stock from 1995
through the beginning of 2000 represented return on an investment in the
Company's previous energy-related business.  The graph assumes that the
value of the investment in the Corporation's Common Stock and the peer
company was $100 at December 31, 1995.  GTII's numbers reflect a
1-for-3.5 reverse stock split in 1997 and a 2-for-1 forward stock split
in 2000.

         (The graph is not available in this presentation format.)

Comparison of Five-Year Cumulative Total Return for Fiscal Years Ended
December 31

                              1995    1996   1997    1998   1999     2000
                             ------  -----  ------  -----   -----   -----
GTII Stock                   100.00  78.75  108.00  72.00   18.14    6.75

Peer Stock in Same           100.00  31.03   13.75   6.88   30.25   11.69
Industry (Century Builders
Group Inc.)


ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding the
Company's common stock as of March 15, 2001 with respect to (1) each
person known by the Company to own beneficially more than 5% of the
Company's common stock, (2) each of the Company's directors, and (3) all
directors and officers of the Company as a group.  The title of class is
common stock, $.001 par value.

                                     21

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<PAGE>
                                         # of Shares
     Name and                            Beneficially         Percent of
Address of Stockholder                      Owned                Class
------------------------------          -------------         ----------
 Larry White                              5,268,220             64.351%
 1437 Chippawa Lane
 Geneva, FL   32732

 Scott D. Clark                                 700               .008%
 369 North New York Ave.
 Winter Park, FL   32789

 Robert Early                                20,030               .245%
 2500 S. Willis, Ste. 200
 Abilene, TX   79605

 Hugh W. Harling, Jr.                           700               .008%
 746 Florida Blvd.
 Altamonte Springs, FL   32701

 Karen Lee                                   21,264               .260%
 104 Fossil Court
 Springtown, Texas  76082

 Andrea M. Williams O'Neal *                    700               .008%
 1214 Virginia Drive
 Kerrville, TX   78028

 William Rigsby                             325,000              3.970%
 2958 Division Street
 Oviedo, FL   32765

All directors and officers as a           5,636,614             68.851%
   group (7 persons)

*Andrea M. Williams O'Neal's spouse, Kenneth O'Neal, owns 350,400 shares
 of GTII (representing 4.28%).

Note: The stockholders identified in this table have sole voting and
investment power with respect to the shares beneficially owned by them,
with the exception of Larry White.   Mr. White's shares are held jointly
with his wife, Patricia White, so they have joint voting and investment
power.

Changes in Control

A change in control occurred during the year 2000.  GTII disposed of
essentially all of its operating assets and at the same time acquired a
privately held entity, Whitemark Homes Inc.  Kenneth Owens, former
president of GTII relinquished all of his preferred shares (representing
34% ownership of GTII) to GTII in exchange for oil and gas properties,
Altair property, and 60% ownership of a GTII subsidiary.  GTII issued
533,760 restricted common shares (1,067,520 after adjustment for split)
of GTII (representing 41% ownership of GTII) to Larry White for total
ownership of Whitemark Homes Inc.  For more details see Management's
Discussion and Analysis at Item 7.  These transactions resulted in a
change in control from Kenneth Owens to Larry White.  Subsequently, GTII

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<PAGE>
purchased additional projects, contracts, and options from Larry White by
issuing 2,100,000 restricted common shares (4,200,000 after adjustment
for split).  He currently holds 64.35% of the Company.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Set forth below is a description of significant relationships and related
transactions between the Company and management during the year ended
December 31, 2000.  All share amounts reflect the two shares-for-one
share forward stock split effective in August 2000.

Effective as of April 1, 2000, the Company transferred most of its former
energy-related business assets to Kenneth Owens, then a director,
executive officer and principal stockholder of the Company, in exchange
for his preferred stock interest in the Company.  A further description
of this transaction is set forth in Item 7 under Part II hereof and is
incorporated herein by reference.  As part of this business
reorganization, on June 30, 2000 the Company issued 1,067,520 shares of
common stock to Larry White, now a director, executive officer and
principal stockholder of the Company, in exchange for all of the
outstanding shares of Whitemark Homes, Inc., a residential real estate
development company.  On August 22, 2000, the Company issued 4,200,000
shares of common stock to Larry White and 300,000 shares of common stock
to William Rigsby, an executive officer of the Company, in exchange for
real estate properties.  In connection with these transactions, the
Company received assets with an estimated fair value of approximately $35
million, subject to liabilities with a fair value of approximately $7
million.  However, these transactions were accounted for as a reverse
acquisition with the acquired assets and liabilities reported in the
Company's financial statements at the transferors' cost basis of
$139,805.

During the year the Company constructed an office building for Larry
White that the Company is leasing from him for its principal offices.
The Company moved its corporate offices into the building owned by Larry
White during November 2000.  The Company's lease obligations to be paid
to Mr. White for this 4,400 square foot office space are $74,800 per year
through 2005.

In August 2000, the Company issued a total of 400,000 shares of common
stock to Kenneth R. O'Neal in exchange for financial consulting services
for the Company valued at $157,500.  Mr. O'Neal is the spouse of Andrea
M. Williams O'Neal, a director of the Company.

As of December 31, 2000, the Company was indebted to William Rigsby, an
executive officer of the Company, in the amount of $135,000  Amounts
under this loan arrangement are due as underlying homes being financed
are sold, with interest payable at 15% per annum.  Total interest expense
on this loan was $12,325 in 2000.

Scott D. Clark, a director of the Company, serves as corporate counsel
for the Company.

ITEM 14.  EXHIBITS, FINANCIAL STATEMENTS, AND REPORTS ON FORM 8-K

 (a)  The following documents are filed as a part of this report or are
incorporated by reference.

                                     23

<PAGE>
<PAGE>
  Financial Statements - The following information has been included in
response to Item 8.

                                                              Page
                                                              ----
  - Report of Independent Certified Public Accountants         F-2
  - Consolidated Balance Sheets                                F-3
  - Consolidated Statements of Operations                      F-4
  - Consolidated Statements of Shareholders' Equity            F-5
  - Consolidated Statements of Cash Flows                      F-6
  - Notes to Consolidated Financial Statements                 F-7

Exhibits - The following Exhibits are furnished as a part of this
           report:

  3.1 Articles of Incorporation (amended) filed as a part of Form
      10-Q/A on November 30, 2000 (incorporated by reference)

  3.2 By-Laws previously filed with the SEC (incorporated by
      reference)

 10.1 Contract to acquire Whitemark Homes, Inc. filed as part of a Form
      8-K amended on November 28, 2000 (incorporated by reference)

 10.2 Contract to acquire development properties filed as part of a Form
      8-K amended on November 29, 2000 (incorporated by reference)

 16.1 Letter re change in certifying accountant filed as part of a Form
      8-K filed on January 12,2000 (incorporated by reference)

 21.1 Subsidiaries of registrant (filed with this Form 10-K)

 23.1 Consent of Beemer, Pricher, Keuhnhackl & Heidbrink, P.A. (filed
      with this Form 10-K)

 (b)  Reports on Form 8-K

     November 28, 2000   -   Amended Form 8-K Acquisition or Disposition
                              of Assets

     November 29, 2000   -   Amended Form 8-K Changes in Control of
                             Registrant and Acquisition or Disposition
                             of Assets

     February 23, 2001   -   Form 8-K for Acquisition of Assets





                                     24

<PAGE>
<PAGE>

                              SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.


                                  GOLDEN TRIANGLE INDUSTRIES, INC.


Date:   April 6, 2001             By:   /s/   LARRY WHITE
                                        Larry White
                                        President


Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.


     Signatures                           Title                   Date
-----------------------------      ---------------------     -------------

 /s/ LARRY WHITE                   Chairman of the Board     April 6, 2001
Larry White                           and President



 /s/ ROBERT EARLY                    Chief Financial         April 6, 2001
Robert Early                            Officer



 /s/ SCOTT D. CLARK                    Director              April 6, 2001
Scott D. Clark



 /s/ HUGH W. HARLING, JR.              Director              April 6, 2001
Hugh W. Harling, Jr.



 /s/ KAREN LEE                         Director              April 6, 2001
Karen Lee



 /s/ ANDREA M. WILLIAMS O'NEAL         Director              April 6, 2001
Andrea M. William O'Neal








                                     25

<PAGE>
<PAGE>



                       GOLDEN TRIANGLE INDUSTRIES, INC.



                  INDEX TO CONSOLIDATED FINANCIAL STATEMENTS



    Report of Independent Certified Public Accountants   .  .  .  .  .    F-2

    Consolidated Balance Sheets as of December 31, 2000 and 1999  .  .    F-3

    Consolidated Statements of Operations for the fiscal years ended
              December 31, 2000, 1999 and 1998  .  .  .  .  .  .  .  .    F-4

    Consolidated Statements of Stockholders' Equity for the fiscal
              years ended December 31, 2000, 1999 and 1998  .  .  .  .    F-5

    Consolidated Statements of Cash Flows for the fiscal years ended
              December 31, 2000, 1999 and 1998  .  .  .  .  .  .  .  .    F-6

    Notes to Consolidated Financial Statements  .  .  .  .  .  .  .  .    F-7














                                     F-1

<PAGE>
<PAGE>





                  REPORT OF INDEPENDENT ACCOUNTANTS




To the Board of Directors and Stockholders of
Golden Triangle Industries, Inc.

We have audited the accompanying consolidated balance sheets of Golden
Triangle Industries, Inc. (a Colorado corporation) and subsidiaries as of
December 31, 2000 and 1999, and the related consolidated statements of
operations, stockholders' equity, and cash flows for each of the three years
in the period ended December 31, 2000. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly,
in all material respects, the consolidated financial position of Golden
Triangle Industries, Inc. and subsidiaries as of December 31, 2000 and 1999,
and the consolidated results of their operations and cash flows for each of
the three years in the period ended December 31, 2000, in conformity with
generally accepted accounting principles.



                          /s/ Beemer, Pricher, Kuehnhackl & Heidbrink, P.A.






Orlando, Florida
April 5, 2001


                                    F-2

<PAGE>
<PAGE>

             GOLDEN TRIANGLE INDUSTRIES, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS


                                                 September 30,   December 31,
                                                     2000            1999
                                                  -----------    -----------
                                   ASSETS

Land and Home Inventory                           $ 7,925,304    $ 7,696,360
Cash                                                  187,194        181,187
Accounts Receivable                                    86,083        182,820
Prepaid Expenses                                       98,414        290,583
Other Assets                                          558,040        136,937
                                                  -----------    -----------
  TOTAL ASSETS                                    $ 8,855,035    $ 8,487,887
                                                  ===========    ===========

                    LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities:
   Notes Payable                                  $ 6,579,829    $ 6,722,484
   Accounts Payable                                   502,488        875,944
   Accrued Expenses                                    68,875        226,977
   Loans from officers                                135,000         37,975
                                                  -----------    -----------
      Total Liabilities                             7,286,192      7,863,380
                                                  -----------    -----------

Stockholders' Equity
  Common Stock($.001 par value, 100,000,000
    authorized, 8,174,791 and 2,603,791
  outstanding, respectively)                            8,175          2,604
  Class A preferred stock (None authorized
    at year end, none and 1,244 outstanding,
  respectively)                                            -             124
  Class B preferred stock (None authorized at
    year end, none and 1,032 outstanding,
    respectively)                                          -             103
  Additional paid in capital                        1,856,919         (2,830)
  Retained earnings/(deficit)                        (296,251)       624,506
                                                  -----------    -----------
      Total Stockholders' Equity                    1,568,843        624,507
                                                  -----------    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY        $ 8,855,035    $ 8,487,887
                                                  ===========    ===========









The accompanying notes are an integral part of these financial statemtents.
                                    F-3

<PAGE>
<PAGE>
             GOLDEN TRIANGLE INDUSTRIES, INC. AND SUBSIDIARIES

                   CONSOLIDATED STATEMENTS OF OPERATIONS

           For the Years Ended December 31, 2000, 1999, and 1998





                                          2000          1999         1998
                                      -----------   -----------   -----------
REVENUES:
  Sales                               $12,161,679   $13,395,922   $ 6,751,948

Cost of sales                          10,001,469    11,001,118     6,012,866
                                      -----------   -----------   -----------
     Gross Profit                       2,160,210     2,394,804       739,082

Selling, General and
  Administrative Expenses               2,075,016     1,355,793       428,088
                                      -----------   -----------   -----------
     Income from Operations                85,194     1,039,011       310,994

Other Income/(Expenses)
  Equity in loss of equity
    method investee                      (204,621)           -            -
  Interest expense                       (564,808)     (637,882)    (189,922)
                                      -----------   -----------   -----------
Income/(Loss) Before Income Taxes        (684,235)      401,129       121,072

Income taxes                                   -             -             -
                                      -----------   -----------   -----------
    Net Income/(Loss)                 $  (684,235)  $   401,129   $   121,072
                                      ===========   ===========   ===========


Net income/(loss) per common share    $     (0.13)  $      0.15   $      0.05
                                      ===========   ===========   ===========

Weighted average shares outstanding     5,180,055     2,603,791     2,603,791
                                      ===========   ===========   ===========














The accompanying notes are an integral part of these financial statemtents.
                                    F-4

<PAGE>
<PAGE>
<TABLE>
             GOLDEN TRIANGLE INDUSTRIES, INC. AND SUBSIDIARIES

               CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

           For the Years Ended December 31, 2000, 1999, and 1998
<CAPTION>
                                                                                                 Unrealized
                                                                                                   Gain/
                                                            Preferred Stock          Additional   (Loss) on
                                   Common Stock        Series A         Series B      Paid In    Marketable  Retained
                                 Shares     Amount    Shares Amount   Shares Amount   Capital    Securities  Earnings      Total
                                ---------  --------   -----  ------   -----  ------  ----------   ---------  ---------  ----------
<S>                             <C>        <C>        <C>    <C>      <C>    <C>     <C>          <C>        <C>        <C>
Balances at January 1, 1998     2,603,791  $  2,604   1,244  $  124   1,032  $  103  $   (2,830)  $      -   $ 200,879  $  200,880

  Distributions                        -         -       -       -       -       -           -           -     (33,825)    (33,825)
  Net income                           -         -       -       -       -       -           -           -     121,072     121,072
                                ---------  --------   -----  ------   -----  ------  ----------   ---------  ---------  ----------
Balances at December 31, 1998   2,603,791     2,604   1,244     124   1,032     103      (2,830)         -     288,126     288,127

  Distributions                        -         -       -       -       -       -           -           -     (64,749)    (64,749)
  Net income                           -         -       -       -       -       -           -           -     401,129     401,129
                                ---------  --------   -----  ------   -----  ------  ----------   ---------  ---------  ----------
Balances at December 31, 1999   2,603,791     2,604   1,244     124   1,032     103      (2,830)         -     624,506     624,507

  Recapitalization to effect
    reverse acquisition                -         -       -       -       -       -      852,663     (59,234)        -      793,429
  Distributions                        -         -       -       -       -       -           -           -    (236,522)   (236,522)
  Conversion of preferred
    to common                      22,760        23  (1,244)   (124) (1,032)   (103)        204          -          -           -
  Stock issued under DRP
    program                        14,340        14      -       -       -       -       22,898          -          -       22,912
  Stock issued under S-8
    registration                  242,600       243      -       -       -       -      130,095          -          -      130,338
  Restricted stock issued
    for property                4,700,000     4,700      -       -       -       -      635,105          -          -      639,805
  Restricted stock issued to
    employees and consultants     580,500       580      -       -       -       -      202,595          -          -      203,175
  Restricted stock issued for
    cash                           10,800        11      -       -       -       -       16,189          -          -       16,200
  Unrealized appreciation on
    investments available
    for sale                           -         -       -       -       -       -           -       59,234         -       59,234
  Net loss                             -         -       -       -       -       -           -           -    (684,235)   (684,235)
                                ---------  --------   -----  ------   -----  ------  ----------   ---------  ---------  ----------
Balances at December 31, 2000   8,174,791  $  8,175      -   $   -       -   $   -   $1,856,919   $      -   $(296,251) $1,568,843
                                =========  ========   =====  ======   =====  ======  ==========   =========  =========  ==========
<FN>
<F1>
The accompanying notes are an integral part of these financial statemtents.
                                    F-5
</FN>
</TABLE>

<PAGE>
<PAGE>
             GOLDEN TRIANGLE INDUSTRIES, INC. AND SUBSIDIARIES

                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                    Increases/(Decreases) in Cash Flows
           For the Years Ended December 31, 2000, 1999, and 1998

                                          2000          1999         1998
                                      -----------   -----------   -----------
Cash Flows from Operating Activities:
  Net income/(loss)                   $  (684,235)  $   401,129   $   121,072
  Adjustments to reconcile net income
  to net cash flows from operating
  activities:
    Services acquired with stock          333,513            -             -
    Other income from reorganization      (51,823)           -             -
    Equity in subsidiary's loss           204,621            -             -
  Changes in operating assets and
  liabilities:
    Land and home inventory              (393,025)      486,647    (2,753,733)
    Accounts receivable                    91,737        31,381       (17,361)
    Prepaid expenses                      192,169        88,146      (121,336)
    Other assets                           26,406       (61,855)       50,860
    Accounts payable                     (523,718)      138,803       239,773
    Accrued expenses                      (77,652)     (183,581)      227,223
                                      -----------   -----------   -----------
  Net cash flows from operating
    activities                           (882,007)      900,670    (2,253,502)
                                      -----------   -----------   -----------
Cash Flows from Investing Activities:
  Cash received in merger                   3,169            -             -
                                      -----------   -----------   -----------

Cash Flows from Financing Activities:
  Proceeds from notes payable          10,042,124     9,152,801     7,393,615
  Repayment of notes payable           (9,056,894)   (9,957,845)   (5,278,876)
  Loans from stockholders                  97,025            -        145,127
  Repayment of loans from stockholders         -       (202,052)           -
  Proceeds from stock issuance             39,112            -          2,000
  Distributions                          (236,522)      (64,749)      (35,825)
                                      -----------   -----------   -----------
  Net cash flows from financing
    activities                            884,845    (1,071,845)    2,226,041
                                      -----------   -----------   -----------
    Net Increase in Cash                    6,007      (171,175)      (27,461)
Cash at Beginning of Period               181,187       352,362       379,823
                                      -----------   -----------   -----------
  Cash at End of Period               $   187,194   $   181,187   $  352,362
                                      ===========   ===========   ===========

Supplemental Disclosures:
  Cash paid for interest              $   885,395   $  560,156    $  351,954
  Cash paid for income taxes                   -    -     -

Non-cash Investing and Financing Activity:
  Interest on notes payable capitalized
    into land and home inventory      $    74,000   $  216,574    $  258,803
  Reduction of note payable for
    participating interest                877,885      547,381            -
  Stock issued for land and home
    inventory                             639,805           -             -
  Stock issued under S-8 registration     125,213           -             -
  Restricted stock issued to employees
    and consultants                       203,175           -             -

The accompanying notes are an integral part of these financial statemtents.
                                    F-6

<PAGE>
<PAGE>
                      GOLDEN TRIANGLE INDUSTRIES, INC.

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

            Years Ended December 31, 2000, 1999, and 1998


NOTE 1:   GENERAL INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Golden Triangle Industries, Inc. (the Registrant) was incorporated under the
name Golden Triangle Royalty & Oil, Inc. on July 30, 1975 under the laws of
the State of Colorado.  Until April 1, 2000, the Registrant was involved in
the oil and gas production and services industries.  As discussed at Note
2, on April 1, 2000, the Registrant disposed of its oil and gas industry
related activities and assets and acquired Whitemark Homes, Inc. (Whitemark)
in a transaction accounted for as a reverse acquisition.  The following
discussions of consolidation are relevant for the nine months ended December
31, 2000.  Information for periods prior to April 1, 2000 is for Whitemark.

The consolidated entity is engaged in residential development and home
construction in the Central Florida area.

PRINCIPLES OF CONSOLIDATION:   The consolidated financial statements include
the accounts of Golden Triangle Industries, Inc. and its subsidiary (the
Company). All significant inter-company balances and transactions have been
eliminated.  The Company's consolidated subsidiary at December 31, 2000 is
Whitemark Homes, Inc.

Whitemark's financial statements consist of activities carried on by
Whitemark and in other entities that are majority owned by Whitemark.  This
arrangement is utilized to segregate activities and limit overall liability
to the Company.  The Whitemark Group consists of the following entities:
Whitemark Homes, Inc., Whitemark, Inc., River Walk General Partnership,
Whitemark at Woodbury, Inc., Whitemark at Oak Park, Inc., Home Funding,
Inc., Fox Glen Limited Partnership, and Sheeler Hills Limited Partnership.
Effective April 1, 2000, Whitemark, Inc., Whitemark at Woodbury, Inc., and
Whitemark at Oak Park, Inc. were merged into Whitemark Homes, Inc. with
Whitemark Homes, Inc. being the only surviving corporation.  Also, Home
Funding, Inc. became a wholly owned subsidiary of Whitemark Homes, Inc.
through a stock transfer.  In addition, the River Walk General Partnership
terminated its activities during the year 2000. The activities and assets
of these entities have been combined due to common majority ownership.  All
significant intercompany accounts and transactions have been eliminated.

CASH AND CASH EQUIVALENTS:   The Company considers all highly liquid
investments with an original maturity of three months or less to be cash
equivalents for purposes of preparing its Statement of Cash Flows.

LAND AND HOME INVENTORY:   Land and home inventory is stated at the lower
of cost or market value, with cost determined using the specific
identification method.  Costs include land purchases, other direct project
development costs, direct home construction costs, and indirect development
and construction costs.  Indirect costs are allocated to each residential
property based on relative sales value of the home and lot.  Direct costs
include construction period interest.


                                    F-7

<PAGE>
<PAGE>
LONG-TERM ASSETS:   The Company applies Statement of Financial Accounting
Standard (SFAS) No. 121, "Accounting for Impairment of Long-Lived Assets."
Under SFAS 121, long-lived assets and certain intangibles are reported at
the lower of cost or estimated recoverable amounts.

EQUITY METHOD INVESTEES:   The equity method of accounting is used when the
Company has a 20% to 50% interest in other entities.  Under the equity
method, original investments are recorded at cost and adjusted by the
Company's share of undistributed earnings or losses of these entities.

REVENUE RECOGNITION:   Sales of the Company's homes are generally made
pursuant to a standard contract that requires a down payment of up to 10%
of the sales price.  The contract includes a financing contingency that
permits the customer to cancel in the event mortgage financing at prevailing
interest rates (including financing arrangements by the Company) is
unobtainable within a specified period (typically four to six weeks).  The
Company reports an undelivered home sale as part of its backlog upon
execution of the sales contracts and receipt of the down payment.  Revenue
is recognized only when the closing occurs for the sale and delivery of a
home and lot.

INCOME TAX STATUS:  The Company recognizes a liability or asset for the
deferred tax consequences of temporary differences between the tax bases of
assets or liabilities and their reported amounts in the financial
statements, if such differences are significant.

EARNINGS PER SHARE:   Accounting rules provide for the calculation of
"Basic" and "Diluted" earnings per share.  Basic earnings per common share
excludes dilutive securities and is computed by dividing net income/(loss)
available to common stockholders by the weighted average number of common
shares outstanding for the period.  Diluted earnings per common share
reflect the potential dilution of securities that could share in the
earnings of the entity on an as if converted basis.  This is calculated by
dividing net income/(loss) available to common shareholders, as adjusted if
necessary, by the weighted average number of common shares outstanding plus
potential dilutive securities.

USE OF ESTIMATES:   The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities, and the
reported amounts of revenues and expenses in the financial statements.
Actual results could differ from those estimates.

RECLASSIFICATIONS:   Certain items included in prior years' financial
statements have been reclassified to conform to current year presentation.

CONCENTRATIONS OF CREDIT RISK:   The Company's residential development and
home building business is currently located exclusively in the Orlando,
Florida area.  Exposure to credit risk is affected by conditions within the
industry.  Reductions in economic conditions could significantly reduce the
level of demand for homes in the area, although none is anticipated at the
present time.

FAIR VALUE OF FINANCIAL INSTRUMENTS.  Unless otherwise specified, the
Company believes the book value of the financial instruments approximates
their fair value.

                                    F-8

<PAGE>
<PAGE>
NOTE 2:   SIGNIFICANT TRANSACTIONS EFFECTING THE REGISTRANT DURING 2000

Disposition of Oil and Gas, Salt Water Disposal, Sand and Gravel Businesses
and Other Activities

In a measure approved by stockholders at the Registrant's annual meeting on
June 17, 2000 and made effective April 1, 2000, the Registrant entered into
an exchange with Kenneth Owens, its President, for all of his 79,832 shares
(798,320 common shares equivalent) (as adjusted for the August stock split)
of Class B Preferred stock.  Mr. Owens controlled approximately 40% of the
allowable votes of the Registrant.  In this transaction, all of the oil and
gas, the remaining salt water disposal, and all of the sand and gravel
assets along with the Altair property were transferred to Mr. Owens along
with the County Line SWD, Inc. and Jim Wells SWD, Inc. subsidiaries.  The
remaining financial assets, cash, marketable securities, receivables,
administrative fixed assets, and administrative accounts payable were
transferred to a newly created corporation, Golden Square Industries, Inc.
of which Mr. Owens received 60% ownership and the Registrant retained 40%.

Acquisition of Whitemark Homes, Inc.

Simultaneous with the exchange described above, the Registrant acquired
Whitemark Homes Inc., as approved by the stockholders.  In this transaction,
Whitemark's stockholders received a total of 1,067,520 shares of the
Company's common stock in exchange for 100% of Whitemark's outstanding
shares.  Whitemark, as mentioned above, is a residential real estate
developer and home builder, with operations in the Orlando, Florida area.
Additionally, on June 30, 2000, the Board of Directors approved the
acquisition of development land inventories with projected revenue potential
of $34,000,000 from entities controlled by Larry White, the new president
of the Company, in exchange for 4,500,000 common shares.

Due to the control that transferred to the stockholders of Whitemark coupled
with the discontinuance of the Registrant's previous business, this
acquisition has been accounted for as a reverse acquisition using the
purchase method of accounting.  In connection with the transaction, the
Company acquired assets with an estimated fair value of $35 million and
assumed liabilities with a fair value of $7 million.  However, due to the
change in control and the reverse acquisition accounting treatment, the
basis in assets and liabilities are being reported on the Company's books
at their basis on the books of Whitemark and in the hands of other
controlled entities rather than at fair value.  Additionally, as mentioned
above because of the reverse acquisition accounting, the historical
financial statements of Whitemark become the historical and continuing
financial statements of the Registrant.  The remaining assets of Golden
Triangle were treated as the acquired assets and were recorded at fair
value.

Results of operations of Golden Triangle are included in the accompanying
consolidated financial statements for the period from April 1, 2000 through
December 31, 2000.


NOTE 3:   LAND AND HOME INVENTORY

Land and home inventory consists of the following at December 31, 2000 and
1999:

                                    F-9

<PAGE>
<PAGE>
                                                       2000          1999
                                                    ----------    ----------
    Project development costs                       $4,931,351    $2,381,885
    Home construction costs                          2,993,953     5,314,475
                                                    ----------    ----------
                                                    $7,925,304    $7,696,360
                                                    ==========    ==========

NOTE 4:   CASH

Cash includes a certificate of deposit of $50,956.  Use of the certificate
is restricted until completion of the Meadows project, which is expected to
occur in 2001.


NOTE 5:   EQUITY METHOD INVESTMENTS

As mentioned in Note 2, during the reorganization of Golden Triangle, the
Company retained a 40% equity interest in Golden Square Industries, Inc.
(GSI).  Since this investment is less than 50% and the Company has no
control over the activities of GSI, it is carried on the equity basis. This
GSI's primary assets are cash, marketable securities, receivables, and
property and equipment as presented in the following summarized financial
statements.

                       Summarized Balance Sheet
                       As of December 31, 2000

    Cash and cash equivalents                             $  258,711
    Marketable securities (net)                              373,443
    Accounts receivable-related parties                      813,434
    Property and equipment                                   511,000
    Other assets                                              10,298

    Accounts and accrued payables                            (11,825)
                                                          ----------
    Net Equity                                            $1,955,061
                                                          ==========

                  Summarized Statement of Operations
             For the Nine Months Ended December 31, 2000

    Revenue                                               $   22,016
    Net realized and unrealized loss on investments          (93,432)
    Selling, general and administrative expenses            (492,479)
    Interest expense                                           4,497
                                                          ----------
          Net loss                                        $ (568,392)
                                                          ==========

During 2000 Golden Triangle borrowed $250,000 from Golden Square.  Terms of
this borrowing stipulate that Golden Triangle will give up 2% ownership in
Golden Square if these amounts are not repaid at each of the specified
renewal dates.  As of December 31, 2000, this borrowing had been renewed
twice without repayment and Golden Triangles' ownership of Golden Square has
been reduced to 36%.


                                    F-10

<PAGE>
<PAGE>
NOTE 6:   NOTES PAYABLE

Notes payable consist of the following at December 31, 2000 and 1999:

                                                       2000          1999
                                                    ----------    ----------
  Construction loans with banks -interest
  of 10.0% to 10.5% due monthly, principal
  due as homes are sold, secured by real
  estate                                            $5,059,795    $4,271,106

  Obligations to participation mortgage lender -
  payments due based on cash flows of Fox Glen
  and Sheeler Hills projects, secured by real
  real estate and partnership interests              1,055,616     2,208,500

    Other loans                                        464,418       242,878
                                                    ----------    ----------
                                                    $6,579,829    $6,722,484
                                                    ==========    ==========

The obligations to a participation mortgage lender consist of $1,055,616 of
mortgage principal and accrued interest.  There is no additional
participation liability at December 31, 2000.

Interest costs incurred totaled $959,395 in 2000 and $967,949 in 1999.
These amounts included capitalized interest of $394,587 in 2000 and $330,067
in 1999.


NOTE 7:   LEASES

The Company leases office equipment under noncancellable operating leases.
The Company also leases its office building from a related party (see Note
8).  Future annual minimum rental commitments under all long-term operating
leases are as follows:

                 2001                                 $ 97,713
                 2002                                   91,686
                 2003                                   81,973
                 2004                                   77,995
                 2005                                   74,800
                 Thereafter                              6,233
                                                      --------
                                                      $430,400
                                                      ========

Rent expense for 2000 under all operating leases was $38,676.  The Company
began subleasing a portion of its corporate office building in December
2000.  Future minimum lease payments to be received are $31,824 annually for
the years 2001 through 2003.


NOTE 8:   RELATED PARTY TRANSACTIONS

The loan from officer is due as homes are sold, with interest payable at
15%.  Total interest expense on this loan was $12,325 in 2000 and $11,917
in 1999.
                                    F-11

<PAGE>
<PAGE>
As discussed in Notes 2 and 9, the Company transferred significant assets
(oil and gas assets, oilfield service assets, real estate, and the bulk of
its financial assets) to Kenneth Owens, its former president, in exchange
for his preferred stock.  Simultaneously with that transaction, the Company
issued common stock to the stockholders of Whitemark to acquire that entity.
Larry White, the primary owner of Whitemark was then elected president of
the Company.  This effectively resulted in a transfer of control of the
Company from Kenneth Owens to Larry White.  Subsequent to this transfer, the
Board of Directors approved the acquisition of development properties from
Larry White and other entities within his control in exchange for the
issuance of 4,500,000 common shares.

As presented in the balance sheet and statement of cash flows, the Company
has borrowed funds from an officer for development projects.   The Company
moved its offices to a building owned by Larry White during November 2000.
Lease obligations for this building are $74,800 annually through 2005.


NOTE 9:   STOCK TRANSACTIONS

The Board of Directors approved a 2 for 1 forward stock split with a record
date of August 25, 2000.  All historical share amounts and per share amounts
in these financial statements and notes have been adjusted to reflect this
split.

The Company issued 14,340 common shares under its Dividend Reinvestment Plan
and Stock Purchase Plan since April 1, 2000, for proceeds of $22,912.  The
Registrant issued 4,898 shares for proceeds of $9,856 during the quarter
ended March 31, 2000.

At the stockholders meeting in June 2000, the stockholders approved an
amendment to the Registrant's Articles of Incorporation that eliminated
authorization for preferred stock.  As a result of this measure, 22,760
common stock shares (on the basis of ten common shares for each preferred
share) are being treated as outstanding in place of the preferred shares
that have not been converted.  The Company is in the process of having the
preferred share certificates converted.  During the quarter ended March 31,
2000, 8,860 common shares were issued in exchange for 870 Class A preferred
shares and 16 Class B preferred shares.

As discussed in Note 1, Kenneth Owens (the Company's former president)
returned a controlling block of 79,832 Class B Preferred shares in exchange
for certain assets and liabilities of the Company.

Also, as discussed in Note 1, the Registrant issued 1,067,520 common shares
for the acquisition of Whitemark Homes, Inc.  However, because the
historical financial statements are those of Whitemark Homes with the
reverse acquisition accounting, the Statement of Stockholders Equity
presents the number of shares outstanding as though Whitemark had performed
a split of its shares.  The 1,536,271 shares represent the interests for
Golden Triangle stockholders in this presentation which is as though
Whitemark were issuing shares to the Golden Triangle stockholders.

In June 2000, developmental land inventories with a cost basis of $139,805
were acquired from related parties for 4,500,000 common shares.  Cost basis
of the related parties is carried over to the books of the Company because


                                    F-12

<PAGE>
<PAGE>
of the fact that the related parties retained a significant interest in
these properties through their ownership interests in the Company.

During August 2000, the Company issued 238,500 shares valued at $125,213
under its existing S-8 registration and 580,500 restricted shares valued
$203,175 to employees and consultants for services rendered historically and
during the process of the merger negotiations.  The Company also privately
placed 10,800 restricted shares for cash of $16,200.  During October 2000,
the Company issued 120,000 restricted common shares and 80,000 S-8 shares
as partial consideration in conjunction with its acquisition of a
development property.  During November 2000, the Company issued 4,100 S-8
shares to consultants in exchange for public relations and engineering
services.


NOTE 10:   STOCK COMPENSATION PLAN

In September 1998, the Company filed an S-8 registration statement
registering 200,000 common shares for a Stock Compensation Plan recommended
by the committee and adopted by the Board.  The Plan allows the directors to
issue common stock as compensation for services provided by employees,
officers, directors, agents, consultants, and advisors.  The Plan will allow
these service providers to acquire proprietary interests in the Company in
exchange for their services.  These interests would provide incentives for
high levels of service.  No shares were issued under the Plan during 1998 or
1999.  During 2000, the committee recommended and the Board approved the
issuance of 123,350 S-8 shares to employees and consultants.  After
adjustment for the 2-for-1 split, there are currently 77,400 registered S-8
shares still available for use through the plan.  Also recommended to the
committee and approved by the Board was the issuance of 288,750 restricted
common shares to employees and consultants.


NOTE 11:   RETIREMENT PLAN

The Company has established a "SIMPLE" defined contribution retirement plan
which covers all electing full-time employees over age twenty-one with two
years of service. The Company contributed $11,016 for the year ended
December 31, 2000, which represents a match of participants' contributions
up to the lesser of 3% of a participant's wages or a maximum contribution
of $6,000 per participant.


NOTE 12:   EARNINGS PER SHARE

The following table sets forth the computation of basic earnings per common
share (EPS) for the years ended December 31, 2000, 1999, and 1998.











                                    F-13

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<PAGE>
                                           2000          1999        1998
                                        ---------    ----------  ----------
Numerator:
 Net income/(loss)                      $(684,235)   $  401,129  $  121,072
Denominator:
 Weighted average shares
   outstanding (1)                      5,180,055     2,603,791   2,603,791
Earnings/(loss) per share:
 Basic:                                 $   (0.13)   $     0.15  $     0.05

 (1) The outstanding shares of Whitemark for 1998 and 1999 have been
 restated as if the merger with Golden Triangle had occurred as of January
 1, 1998.

NOTE 13:   SUBSEQUENT EVENT

In February of 2001 Whitemark Homes, Inc. obtained a participation loan of
$1,000,000 in connection with the Glenbrook real estate development project.
The repayment terms include a provision that the lender will be repaid
principal plus the greater of (a) 25% of the profits from lot sales, (b) a
fixed interest total of $1,000,000, or (c) a 32% internal rate of return on
the loan.

NOTE 14:   INCOME TAXES

Prior to April 1, 2000, Whitemark was an S corporation under Section 1361(a)
of the Internal Revenue Code.  This S corporation election was terminated
for the companies in the Group at that time, due to their acquisition of
Whitemark by Golden Triangle.  At April 1, 2000, the companies became part
of an affiliated group that intends to file a consolidated tax return for
2000.  Subchapter S corporations generally do not incur income tax because
of their passthrough nature.  Therefore, no provision for income tax expense
is presented for the years ended December 31, 1999 and 1998.  During the
year ended December 31, 2000, the affiliated group has experienced a
consolidated net loss.  Therefore, no provision for income tax expense or
benefit is reflected in the accompanying consolidated financial statements.

The net deferred tax balance reflected in the accompanying statement of
financial position at December 31, 2000 includes the following components:

 Deferred tax assets                                 $  239,482
 Deferred tax liabilities                                    -
                                                     ----------
                                                        239,482
 Valuation allowance                                   (239,482)
                                                     ----------
   Net deferred tax balance                          $       -
                                                     ==========

The Company's deferred tax assets are primarily related to net operating
loss carryforwards, accruals and the allowance for doubtful accounts.  The
Company has approximately $684,000 of net operating loss carryforwards as
of December 31, 2000.

Given the current financial condition of the entity, a valuation allowance
against the net deferred tax assets has been recorded as management believes
it is not more likely than not that the assets will be recovered.

                                    F-14