**UNITED      STATES **

**SECURITIES      AND EXCHANGE COMMISSION **

**Washington,      D.C. 20549 **

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**Form      10-KSB **

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**(Mark      One) **

| **x** | **Annual                Report under Section 13 or 15(d) of the Securities Exchange Act of                1934** |
|-------|-----------------------------------------------------------------------------------------------------------------------|

**For      the fiscal year ended December 31, 2007 **

**or      **

| **o ** | **Transition                Report under Section 13 or 15(d) of the Securities Exchange Act of                1934** |
|-------------|---------------------------------------------------------------------------------------------------------------------------|

**For      the transition period from **
**                  **
**to      **
**                  **

**Commission      File No. 0-8301 **

**WHITEMARK      HOMES, INC.**

**(Name      of Small Business Issuer in Its Charter) **

|                                                                                                |   |                                                                      |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|
| **Colorado**                                                                                        |   | **25-1302097**                                                            |
| **(State                or Other Jurisdiction of****Incorporation                or Organization)** |   | **(I.R.S.                Employer****Identification                No.)** |
|                                                                                                |   |
| **677                North Washington Blvd.,**                                                      |   |                                                                      |
| **Sarasota,                Florida**                                                                |   | **34236**                                                                 |
| **(Address                of Principal Executive Offices)**                                         |   | **(Zip                Code)**                                             |

**(941)      952-5885 **

**Issuer’s      Telephone Number, Including Area Code **

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

**Securities      registered pursuant to Section 12(g) of the Act: Common Stock, $.001 par      value **

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|                      |                                                                                                                                                                    | Page  |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|
| PART                  I   |                                                                                                                                                                    |       |
|                      |                                                                                                                                                                    |       |
| Item                  1.  | Description                  of Business                                                                                                                                | 1          |
| Item                  2.  | Description                  of Properties                                                                                                                              | 3          |
| Item                  3.  | Legal                  Proceedings                                                                                                                                      | 3          |
| Item                  4.  | Submission                  of Matters to a Vote of Security Holders                                                                                                    | 3          |
|                      |                                                                                                                                                                    |       |
| PART                  II  |                                                                                                                                                                    |       |
|                      |                                                                                                                                                                    |       |
| Item                  5.  | Market                  for Registrant's Common Equity and Related Stockholder                  Matters                                                                 | 3          |
| Item                  6.  | Management's                  Discussion and Analysis or Plan of Operations                                                                                             | 6          |
| Item                  7.  | Financial                  Statements and Supplementary Data                                                                                                            | 7          |
| Item                  8.  | Changes                  in and Disagreements with Accountants on Accounting and Financial                  Disclosure                                                  | 7          |
| Item                  8A. | Controls                  and Procedures                                                                                                                                | 7          |
| Item                  8B. | Other                  Information                                                                                                                                      | 8          |
|                      |                                                                                                                                                                    |       |
| PART                  III |                                                                                                                                                                    |       |
|                      |                                                                                                                                                                    |       |
| Item                  9.  | Directors,                  Executive Officers, Promoters, Control Persons and Corporate Governance;                  Compliance with Section16 (a) of the Exchange Act | 8          |
| Item                  10. | Executive                  Compensation                                                                                                                                 | 10         |
| Item                  11. | Security                  Ownership of Certain Beneficial Owners and Management and Related                  Stockholder Matters                                        | 11         |
| Item                  12. | Certain                  Relationships and Related Transactions, and Director                  Independence                                                             | 11         |
| Item                  13. | Exhibits                                                                                                                                                                | 11         |
| Item                  14. | Principal                  Accountant Fees and Services                                                                                                                 | 12         |
|                      | Signatures                                                                                                                                                              | 13         |
|                      |                                                                                                                                                                    |       |
|                      | Consolidated                Financial                Statements                                                                                                         | Fi         |

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***We      have not identified an existing operating company for acquisition or merger.***

***We      have a limited operating history and limited revenues and it is uncertain      whether or not we will be able to develop a successful business.***

***The      stock market has a history of cyclicality and demand for public shells may      decrease in the future.***

***We      could be adversely affected by government regulation.***

***Risks      Related to Our Common Stock***

***There      is currently***
**a      limited market for our securities, and there are substantial restrictions on      the      transferability of our securities. **

***We      presently do not intend to pay cash dividends on our stock.***

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|       |   | Year                  Ended December 31, 2006 |   | Year                  Ended December 31, 2007 |   |
|------------|--------|-----------------------------------------------|--------|-----------------------------------------------|--------|
|       |   | High                                          |   | Low                                           |   | High |   | Low |   |
|       |   |                                          |   |                                          |   |   |   |   |   |
| 1stQuarter |   | $                                             | .40    |                                          | $      | .10 |   | $ | .15 |   | $ | .09 |   |
| 2ndQuarter |   |                                          | .64    |                                          |   | .12 |   |   | .13 |   |   | .10 |   |
| 3rdQuarter |   |                                          | .25    |                                          |   | .10 |   |   | .13 |   |   | .08 |   |
| 4thQuarter |   |                                          | .20    |                                          |   | .10 |   |   | .11 |   |   | .05 |   |

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|   | · | On                November 28, 2005 the Company redeemed all outstanding convertible                debentures issued to YA Global Investments, L.P. (a/k/a Cornell Capital                Partners, LP). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The                Company did not repurchase any                shares. |
|--------|--------|--------------------------------------------------------------------------|

|                                                                      |   |  Number                Of                Securities                To                Be Issued                Upon                ExerciseOf                Outstanding                Options,                Warrants                And                Rights | ** ** |  Weighted-Average                ExercisePrice                Of                OutstandingOptions,                Warrants                And                Rights | ** ** | Number                Of                Securities Remaining                Available                For                FutureIssuance                Under                EquityCompensationPlans                (ExcludingSecurities                Reflected                In                Column (a)) |   |
|---------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                      |   | **(a)**                                                                                                                                                                                                                                                               |       | **(b)**                                                                                                                                                                   |       | **(c)**                                                                                                                                                                                                                                                                                                      |   |
| Equity                compensation plans approved by security holders     |   | --                                                                                                                                                                                                                                                                    |       | --                                                                                                                                                                        |       | --                                                                                                                                                                                                                                                                                                           |   |
| Equity                compensation plans not approved by security holders |   |                                                                                                                                                                                                                                                                  | 1,000,000  |                                                                                                                                                                      | $          | 1.10                                                                                                                                                                                                                                                                                                         |   |   | -- |   |
| TOTAL                                                                     |   |                                                                                                                                                                                                                                                                  | 1,000,000  |                                                                                                                                                                      | $          | 1.10                                                                                                                                                                                                                                                                                                         |   |   | -- |   |

***Aggregate      Option Exercises in Last Fiscal Year and FY-End Option      Values***

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| Name                       |   | SharesAcquired                  on Exercised (#) |   | ValueRealized($)(1) |   | Number                  of Securities Underlying Unexercised                  Options at FY-End                  (#) |   | Number                  of Unexercised                  In the                  Money Options                  at FY-End                  ($) |      |
|----------------------------|--------|--------------------------------------------------|--------|---------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|
| Larry                White |   |                                             | -0-    |                |   | -0-                                                                                                                  |   |                                                                                                                                                         | 1,000,000 |   |   | -0- |   |

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| Name                                |   | Age    |   | Position                  With the                  Company |   | Date                  First Elected                  as                  Director                                                                              |   |
|-------------------------------------|--------|--------|--------|-------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Douglas                  Kanter     |   |   | 55     |                                                        |   | Chairman                  of the Board,Chief                  Executive Officer,President,                  and ActingChief                  Financial Officer |   |   | 2007 |   |
|                                |   |   |   |                                                        |   |                                                                                                                                                           |   |   |   |   |
| Barry                  Reese        |   |   | 45     |                                                        |   | Director                                                                                                                                                       |   |   | 2007 |   |
|                                |   |   |   |                                                        |   |                                                                                                                                                           |   |   |   |   |
| Tom                  Thomas         |   |   | 56     |                                                        |   | Director                                                                                                                                                       |   |   | 2007 |   |
|                                |   |   |   |                                                        |   |                                                                                                                                                           |   |   |   |   |
| Executive                  Officers |   |   |   |                                                        |   |                                                                                                                                                           |   |   |   |   |

----

| Summary                Compensation Table  |
|--------------------------------------------|
| Name                and principal Position |   |  Year |   |  Salary                * |   |  Bonus |   |  Stock                Awards |   |  Option                Awards |   |  Non-Equity                Incentive Plan Compensation |   |  Nonqualified                Deferred Compensation Earnings |   |  All                Other Compensation                ** |   |  Total |   |
| Douglas                Kanter, CEO         |   |  2007 |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |    |   |
| William                Rigsby              |   |   | 2006 |   | $ | 131,195.00 |   | $ | 50,000 |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 3,750.00 |   |   |   |   |
| CEO                                        |   |   | 2007 |   | $ | 81,891.90 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | $ | 2471.38 |   |   |   |   |

***      The amounts presented reflect salary received for the entire year.**

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| Name                    and Addressof                    Stockholder                                                      |   | #                    of Shares Beneficially                    Owned |       | Percent                    of Class |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|------------|-------------------------------------|--------|
| Douglas                    Kanter 677                      North Washington Blvd. Sarasota,                      FL 34236 |   |                                                                 | 12,311,977 |                                |   | 57.71%* |   |
|                                                                                                                      |   |                                                                 |       |                                |   |   |   |
| All                    directors and officers as group                    (3 persons)                                     |   |                                                                 | 12,311,977 |                                |   | 57.71% |   |

|                    (a) | Exhibits                  - The following Exhibits are furnished as a part of this                  report:                                                                                |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                        |                                                                                                                                                                                       |
| 3.1                         | Articles                  of Incorporation (amended), as 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)                                                                                        |
| 9.1                         | Voting                  trust agreement (incorporated by reference)                                                                                                                        |
| 10.1                        | Agreement                  for Exchange of Corporate Stock previously filed as a part of                  the Form 8-K on November 23, 2001 (incorporated by                  reference)   |

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| 10.2                        | Global                  Settlement Agreement filed as a part of 8-K on April 29, 2003,                  (incorporated by reference)                                                                    |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14.1                        | Code                  of Ethics (incorporated by reference to an Exhibit to the Company’s Annual                  Report on Form 10-KSB as filed with the SEC on April 8,                  2004. |
| 21.1                        | Subsidiaries                  of registrant (filed with this Form 10-KSB)                                                                                                                              |
| 23.1                        | Consent                  of Moore & Associates,Chartered(filed with this form                  10-KSB)                                                                                             |
| 23.2                        | Consent                  of Tedder, James, Worden & Associates, P.A. (filed with this                  Form 10-KSB)                                                                                |
| 31.1                        | Certification(s)                  of the President (filed with this Form 10-KSB)                                                                                                                       |
| 32.1                        | Certification(s)                  of the Chief Financial Officer (filed with this Form                  10-KSB)                                                                                        |
|                        |                                                                                                                                                                                                   |
|                    (b) | Reports                  on Form 8-K                                                                                                                                                                   |

|                                   |   | 2007   |   |
|----------------------------------------|--------|--------|--------|
| Audit              Fees (1)  |   | $      | 15,510 |   |
| Tax              Fees (2)    |   |   | 6,500  |   |
|                                   |   | $      | 22,010 |   |

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|                        |                                                                                                                |                              |
|-----------------------------|---------------------------------------------------------------------------------------------------------------------|-----------------------------------|
|                        | WHITEMARK              HOMES,              INC.                                                                     |
|                   |                                                                                                           |                         |
| April              14, 2008 | By:                                                                                                       | /s/                Douglas Kanter |
|                        | Douglas                Kanter                                                                                       |
|                        |  Chief                Executive Officer,President,                and ActingFinancial                  Officer |

| Signature                              | Title                                                           | Date                                         |
|----------------------------------------|-----------------------------------------------------------------|----------------------------------------------|
|                                   |                                                            |                                         |
|  /s/ Douglas KanterDouglas Kanter | Chief Executive Officer, President, and ActingFinancial Officer | April                14, 2008                |
|                                   |                                                            |                                         |
|                                   |                                                            |                                         |
| /s/ Tom ThomasTom Thomas               | Director                                                        | April                14,                2008 |

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**WHITEMARK      HOMES, INC.**

**C      O N T E N T S**

| Report                  of Independent Registered Certified Public Accounting Firm | 3      |
|------------------------------------------------------------------------------------|--------|
|                                                                               |   |
| Report                  of Independent Registered Certified Public Accounting Firm | 4      |
|                                                                               |   |
| Balance                  Sheet                                                     | 5      |
|                                                                               |   |
| Statements                  of Operations                                          | 6      |
|                                                                               |   |
| Statements                  of Stockholders’ Equity (Deficit)                | 7      |
|                                                                               |   |
| Statements                  of Cash Flows                                          | 8      |
|                                                                               |   |
| Notes                  to the Financial Statements                                 | 9      |

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**MOORE      & ASSOCIATES, CHARTERED**

*ACCOUNTANTS      AND ADVISORS*

*PCAOB      REGISTERED*

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To      the Board of Directors**

**Whitemark      Homes Inc**

***/s/      Moore & Associates, Chartered***

*2675      S. Jones Blvd. Suite 109, Las Vegas, NV 89146 (702) 253-7499 Fax (702)      253-7501*

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| **WHITEMARK                  HOMES, INC**      |
|------------------------------------------------|
| (A                  Development Stage Company) |
| Balance                  Sheets                |
|                                           |
| ASSETS                                    |

|                                                            |   | December                    31, 2007 |        |
|-----------------------------------------------------------------|--------|--------------------------------------|-------------|
| CURRENT                  ASSETS                                 |   |                                 |        |
|                                                            |   |                                 |        |
| Cash                  and cash equivalents                      |   | $                                    | 2,025       |   |
|                                                            |   |                                 |        |   |
| Total                  Current Assets                           |   |                                 | 2,025       |   |
|                                                            |   |                                 |        |   |
| TOTAL                  ASSETS                                   |   | $                                    | 2,025       |   |
|                                                            |   |                                 |        |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY (DEFICIT) |
|                                                            |   |                                 |        |   |
| CURRENT                  LIABILITIES                            |   |                                 |        |   |
|                                                            |   |                                 |        |   |
| Advances                  payable-related party                 |   | $                                    | 3,872       |   |
| Accrued                  expenses                               |   |                                 | 38,600      |   |
|                                                            |   |                                 |        |   |
| Total                  Current Liabilities                      |   |                                 | 42,472      |   |
|                                                            |   |                                 |        |   |
| STOCKHOLDERS'                  EQUITY (DEFICIT)                 |   |                                 |        |   |
|                                                            |   |                                 |        |   |
| Common                  stock - $0.001 par value; 100,000,000   |   |                                 |        |   |
| shares                  authorized; 21,331,079                  |   |                                 |        |   |
| shares                  issued and outstanding                  |   |                                 | 21,332      |   |
| Additional                  paid-in capital                     |   |                                 | 24,110,446  |   |
| Accumulated                  deficit                            |   |                                 | (24,172,225 | ) |
|                                                            |   |                                 |        |   |
| Total                  Stockholders' Equity (Deficit)           |   |                                 | (40,447     | ) |
|                                                            |   |                                 |        |   |
| TOTAL                  LIABILITIES AND STOCKHOLDERS'            |   |                                 |        |   |
| EQUITY                  (DEFICIT)                               |   | $                                    | 2,025       |   |

----

| **WHITEMARK                  HOMES, INC.**     |
|------------------------------------------------|
| (A                  Development Stage Company) |
| Statements                  of Operations      |

|                                                                                        |   | For                  theYear                  Ended December                  31,2007 |       | For                  theYear                  Ended December                  31,2006 |   | From                  Inceptionof                  DevelopmentStage                  on October                  1, 2007                  through December                  31,2007 |   |
|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |
| REVENUES                                                                                    |   | $                                                                                     | -          |                                                                                  | $      | -                                                                                                                                                                                   |   | $ | - |   |
| COST                  OF REVENUES                                                           |   |                                                                                  | -          |                                                                                  |   | -                                                                                                                                                                                   |   |   | - |   |
| GROSS                  MARGIN                                                               |   |                                                                                  | -          |                                                                                  |   | -                                                                                                                                                                                   |   |   | - |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| OPERATING                  EXPENSES                                                         |   |                                                                                  |            |                                                                                  |   |                                                                                                                                                                                     |   |   |  |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| Sales,                  general and administrative                                          |   |                                                                                  | 41,143     |                                                                                  |   | -                                                                                                                                                                                   |   |   | 41,143 |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| Total                  Operating Expenses                                                   |   |                                                                                  | 41,143     |                                                                                  |   | -                                                                                                                                                                                   |   |   | 41,143 |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| INCOME                  FROM OPERATIONS                                                     |   |                                                                                  | (41,143    | )                                                                                     |   | -                                                                                                                                                                                   |   |   | (41,143 | ) |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| OTHER                  INCOME (EXPENSE)                                                     |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| Other                  income (expense)                                                     |   |                                                                                  | -          |                                                                                  |   | -                                                                                                                                                                                   |   |   | - |   |
| Interest                  expense                                                           |   |                                                                                  | -          |                                                                                  |   | -                                                                                                                                                                                   |   |   | - |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| Total                  Other Income (Expense)                                               |   |                                                                                  | -          |                                                                                  |   | -                                                                                                                                                                                   |   |   | - |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| LOSS                  FROM CONTINUING OPERATIONS                                            |   |                                                                                  | (41,143    | )                                                                                     |   | -                                                                                                                                                                                   |   |   | (41,143 | ) |
| INCOME                    (LOSS) FROM DISCONTINUED OPERATIONS                               |   |                                                                                  | (1,017,967 | )                                                                                     |   | 1,060,591                                                                                                                                                                           |   |   | - |   |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| NET                  INCOME (LOSS)                                                          |   | $                                                                                     | (1,059,110 | )                                                                                     | $      | 1,060,591                                                                                                                                                                           |   | $ | (41,143 | ) |
|                                                                                        |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                                |   |   |   |   |
| BASIC                  INCOME (LOSS) PER SHARE                                              |   | $                                                                                     | (0.05      | )                                                                                     | $      | 0.05                                                                                                                                                                                |   |   |   |   |
| DILUTED                  INCOME (LOSS) PER SHARE                                            |   | $                                                                                     | (0.05      | )                                                                                     | $      | 0.05                                                                                                                                                                                |   |   |   |   |
| BASIC                    WEIGHTED AVERAGE NUMBER OF                    SHARES OUTSTANDING   |   |                                                                                  | 21,500,337 |                                                                                  |   | 21,668,622                                                                                                                                                                          |   |   |   |   |
| DILUTED                    WEIGHTED AVERAGE NUMBER OF                    SHARES OUTSTANDING |   |                                                                                  | 21,500,337 |                                                                                  |   | 22,668,622                                                                                                                                                                          |   |   |   |   |

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| WHITEMARK                  HOMES, INC.                                         |
|--------------------------------------------------------------------------------|
| (A                  Development Stage Company)                                 |
| Statements                  of Stockholders' Equity                  (Deficit) |

|                                                                                  |   | Common                  Stock |       | Additional                  Paid-In |   | Accumulated |   | Total                  Stockholders'Equity |       |
|---------------------------------------------------------------------------------------|--------|-------------------------------|------------|-------------------------------------|--------|-------------|--------|--------------------------------------------|------------|
|                                                                                  |   | Shares                        |       | Amount                              |   | Capital     |   | Deficit                                    |       | (Deficit) |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |
| Balances                  at December 31, 2005                                        |   |                          | 21,657,467 |                                | $      | 21,657      |   | $                                          | 24,106,069 |   | $ | (22,681,345 | ) | $ | 1,446,381 |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Stock                  issued under dividend reinvestment                  program    |   |                          | 12,128     |                                |   | 12          |   |                                       | 2,178      |   |   | - |   |   | 2,190 |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Dividends                  payable                                                    |   |                          | -          |                                |   | -           |   |                                       | -          |   |   | (1,492,361 | ) |   | (1,492,361 | ) |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Net                    income for the year ended                    December 31, 2006 |   |                          | -          |                                |   | -           |   |                                       | -          |   |   | 1,060,591 |   |   | 1,060,591 |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Balance,                  December 31, 2006                                           |   |                          | 21,669,595 |                                |   | 21,669      |   |                                       | 24,108,247 |   |   | (23,113,115 | ) |   | 1,016,801 |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Stock                    cancelled pursuant to lawsuit                    settlement  |   |                          | (350,000   | )                                   |   | (350        | )      |                                       | 350        |   |   | - |   |   | - |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Stock                  issued under dividend reinvestment                  program    |   |                          | 11,484     |                                |   | 13          |   |                                       | 1,849      |   |   | - |   |   | 1,862 |   |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Net                    loss for the year ended                    December 31, 2007   |   |                          | -          |                                |   | -           |   |                                       | -          |   |   | (1,059,110 | ) |   | (1,059,110 | ) |
|                                                                                  |   |                          |       |                                |   |        |   |                                       |       |   |   |   |   |   |   |   |
| Balance,                  December 31, 2007                                           |   |                          | 21,331,079 |                                | $      | 21,332      |   | $                                          | 24,110,446 |   | $ | (24,172,225 | ) | $ | (40,447 | ) |

----

| **WHITEMARK                  HOMES, INC.**     |
|------------------------------------------------|
| (A                  Development Stage Company) |
| Statements                  of Cash Flows      |

|                                                                                                                                                   |   | For                  theYear                  Ended December                  31,2007 |       | For                  theYear                  Ended December                  31,2006 |   | From                  Inceptionof                  DevelopmentStage                  onOctober                  1,2007                  through December                  31,2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |
| CASH                  FLOWS FROM OPERATING                  ACTIVITIES                                                                                 |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |
| Net                  income (loss)                                                                                                                     |   | $                                                                                     | (1,059,110 | )                                                                                     | $      | 1,060,591                                                                                                                                                                         |   | $ | (41,143 | ) |
| Adjustments                  to reconcile net income (loss)                  to net cash provided for (used by) operating                  activities: |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Discontinued                  operations                                                                                                               |   |                                                                                  | (1,525,674 | )                                                                                     |   | 2,474,295                                                                                                                                                                         |   |   | - |   |
| Changes                  in operating assets and liabilities:                                                                                          |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Accrued                  expenses                                                                                                                      |   |                                                                                  | 38,600     |                                                                                  |   | -                                                                                                                                                                                 |   |   | 38,600 |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Net                  Cash Provided (Used) by                                                                                                           |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Operating                  Activities                                                                                                                  |   |                                                                                  | (2,546,184 | )                                                                                     |   | 3,534,886                                                                                                                                                                         |   |   | (2,543 | ) |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| CASH                  FLOWS FROM FINANCING                  ACTIVITIES                                                                                 |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Discontinued                  operations                                                                                                               |   |                                                                                  | -          |                                                                                  |   | (3,503,838                                                                                                                                                                        | )      |   | - |   |
| Proceeds                  from advances payable-related party                                                                                          |   |                                                                                  | 3,872      |                                                                                  |   | -                                                                                                                                                                                 |   |   | 3,872 |   |
| Proceeds                  from stock issuance                                                                                                          |   |                                                                                  | 1,862      |                                                                                  |   | 2,190                                                                                                                                                                             |   |   | - |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| Net                    Cash Provided by Financing                    Activities                                                                        |   |                                                                                  | 5,734      |                                                                                  |   | (3,501,648                                                                                                                                                                        | )      |   | 3,872 |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| NET                  INCREASE (DECREASE) IN CASH                                                                                                       |   |                                                                                  | (2,540,450 | )                                                                                     |   | 33,238                                                                                                                                                                            |   |   | 1,329 |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| CASH                  AT BEGINNING OF PERIOD                                                                                                           |   |                                                                                  | 2,542,475  |                                                                                  |   | 2,509,237                                                                                                                                                                         |   |   | 696 |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| CASH                  AT END OF PERIOD                                                                                                                 |   | $                                                                                     | 2,025      |                                                                                  | $      | 2,542,475                                                                                                                                                                         |   | $ | 2,025 |   |
|                                                                                                                                                   |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |
| SUPPLEMENTAL                  DISCLOSURES: See Note 2                                                                                                  |   |                                                                                  |       |                                                                                  |   |                                                                                                                                                                              |   |   |   |   |

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**WHITEMARK      HOMES, INC.**

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**WHITEMARK      HOMES, INC.**

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**WHITEMARK      HOMES, INC.**

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**WHITEMARK      HOMES, INC.**

|                                                                                                 |   | 2007   |   | 2006   |   |
|------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|
|                                                                                                 |   |   |   |   |   |
| Cash                paid for interest(net amount capitalized)                                        |   | $      | -      |   | $      | 514,089 |   |
|                                                                                                 |   |   |        |   |   |  |   |
| Non-cash                Investing and Financing Activity:                                            |   |   |        |   |   |  |   |
| Interest                  on notes payable capitalized into                  land and home inventory |   | $      | -      |   | $      | 289,304 |   |
| Dividends                payable                                                                     |   | $      | -      |   |   | 1,492,361 |   |

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**WHITEMARK      HOMES, INC.**

|   Fixed                Options        |   |   Units |      | Weighted                Average Exercise Price |   | Options/WarrantsExercisable |   |
|-------------------------------------------------|--------|-------------------|-----------|------------------------------------------------|--------|-----------------------------|--------|
|                                            |   |              |      |                                           |   |                        |   |
| Outstanding                at December 31, 2005 |   |              | 1,100,000 |                                           | $      | 1.10                        |   |   | 1,100,000 |   |
| Granted                                         |   |              | —   |                                           |   | —                     |   |   |  |   |
| Exercised                                       |   |              | —   |                                           |   | —                     |   |   |  |   |
| Forfeited                                       |   |              | 100,000   |                                           |   | 1.10                        |   |   |  |   |
| Outstanding                at December 31, 2006 |   |              | 1,000,000 |                                           | $      | 1.10                        |   |   | 1,000,000 |   |
| Granted                                         |   |              | —   |                                           |   | —                     |   |   |  |   |
| Exercised                                       |   |              | —   |                                           |   | —                     |   |   |  |   |
| Forfeited                                       |   |              | --        |                                           |   | --                          |   |   |  |   |
| Outstanding                at December 31, 2007 |   |              | 1,000,000 |                                           | $      | 1.10                        |   |   | 1,000,000 |   |

|                                                |   | Outstanding                Options                     |      | Exercisable                Options                         |   |
|-----------------------------------------------------|--------|--------------------------------------------------------|-----------|------------------------------------------------------------|--------|
|   Range                of Exercise Prices |   | Number                Outstanding at December 31, 2007 |      | Weighted                Average Remaining Contractual Life |   | Weighted                Average Exercise Price |   | Number                Exercisable At December 31, 2007 |   | Weighted                Average Exercise Price |   |
| $1.10                                               |   |                                                   | 1,000,000 |                                                       |   | 3.2                years |   | $ | 1.10 |   |   | 1,000,000 |   | $ | 1.10 |   |

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**WHITEMARK      HOMES, INC.**

|                                     |   | 2007   |    |
|------------------------------------------|--------|--------|---------|
| Deferred                income tax asset |   | $      | 16,046  |   |
| Less                valuation allowance  |   |   | (16,046 | ) |
| $-                                       |   |   |    |   |

|                                                                                              |   | 2006   |    | 2006   |   |
|---------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|
|                                                                                              |   |   |    |   |   |
| Tax                    expense/(benefit)computed at U.S.                    statutory rates (39%) |   | $      | (16,046 | )      | $      | - |   |
| Increases(decreases)                    in taxes resulting                    from:               |   |   |         |   |   |  |   |
| Change                  in valuation allowance:                                                   |   |   | 16,046  |   |   | - |   |
| Common                  stock issued for services                                                 |   |   | -       |   |   | - |   |
| Nondeductible                  items                                                              |   |   | -       |   |   | - |   |
|                                                                                              |   |   |         |   |   |  |   |
| Provision                  for income tax expense                                                 |   | $      | -       |   | $      | - |   |

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**WHITEMARK      HOMES, INC.**

|                                                     |   | For                      theYear                      Ended December                      31,2007 |       | For                      theYear                      Ended December                      31,2006 |   |
|----------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------|--------|
|                                                     |   |                                                                                              |       |                                                                                              |   |   |   |
| REVENUES                                                 |   | $                                                                                                 | 630,000    |                                                                                              | $      | 17,745,938 |   |
| COST                OF REVENUES                          |   |                                                                                              | 558,436    |                                                                                              |   | 15,171,685 |   |
| GROSS                MARGIN                              |   |                                                                                              | 71,564     |                                                                                              |   | 2,574,253 |   |
| OPERATING                EXPENSES                        |   |                                                                                              |            |                                                                                              |   |  |   |
| Sales,                general and administrative         |   |                                                                                              | 991,873    |                                                                                              |   | 1,485,304 |   |
|                                                     |   |                                                                                              |       |                                                                                              |   |   |   |
| Total                Operating Expenses                  |   |                                                                                              | 991,873    |                                                                                              |   | 1,485,304 |   |
| INCOME                (LOSS) FROM OPERATIONS             |   |                                                                                              | (920,309   | )                                                                                                 |   | 1,088,949 |   |
|                                                     |   |                                                                                              |       |                                                                                              |   |   |   |
| OTHER                INCOME (EXPENSE)                    |   |                                                                                              |       |                                                                                              |   |   |   |
| Other                income (expense)                    |   |                                                                                              | 137,057    |                                                                                              |   | 91,019 |   |
| Interest                expense                          |   |                                                                                              | (39,399    | )                                                                                                 |   | (45,377 | ) |
|                                                     |   |                                                                                              |       |                                                                                              |   |   |   |
| Total                Other Income (Expense)              |   |                                                                                              | (97,658    | )                                                                                                 |   | (45,642 | ) |
| INCOME                (LOSS) BEFORE INCOME TAX PROVISION |   |                                                                                              | (1,017,967 | )                                                                                                 |   | 1,134,591 |   |
| Income                tax provision                      |   |                                                                                              | -          |                                                                                              |   | 74,000 |   |
|                                                     |   |                                                                                              |       |                                                                                              |   |   |   |
| NET                INCOME (LOSS)                         |   | $                                                                                                 | (1,017,967 | )                                                                                                 | $      | 1,060,591 |   |

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