UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549  FORM 10-QSB

/A (Mark One)  SQUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  For the quarterly period ended March 31, 2006  £TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE EXCHANGE ACT  For the transition period from ___________ to _____________  Commission  file number 0-32047   HAMPTONS LUXURY HOMES, INC.  (Exact name of small business issuer as specified in its charter)  Delaware11-3320705(State or other jurisdiction of
incorporation or organization)(IRS Employer
Identification No.)   Roy Dalene, President
PO Box 871
367 Butter Lane
Bridgehampton, New York 11932
(Address of principal executive offices)(631) 537-1600
(Issuer's telephone number)____________________________________________
(Former name, former address and former fiscal year,
if changed since last report)Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes S    No £

State the number of shares outstanding of each of the issuers classes of common equity, as of the latest practicable date: 57,856,000 shares of Common Stock, as of May 8, 2006.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934) (check one): Yes £    No S


Transitional Small Business Disclosure Format (check one): Yes £    No S    HAMPTONS LUXURY HOMES, INC.      Page NumberPART 1 - Financial InformationItem 1 - Unaudited Consolidated Financial Statements:Consolidated Balance Sheet as of March 31, 20063Consolidated Statements of Operations for the Three Months Ended March 31, 2006 and 20054Consolidated Statements of Cash Flows for the Three Months Ended March 31,  2006 and 20055Notes to Unaudited Consolidated Financial Statements6Item 2. - Managements Discussion and Analysis or Plan of Operation10Item 3.  Controls and Procedures14PART II. - Other Information (Items 1-6)16             2   HAMPTONS LUXURY HOMES, INC.  Consolidated Balance Sheet March 31, 2006 (unaudited)   ASSETSCURRENT ASSETS:Cash$85,697Prepaid expenses7,958Total Current Assets93,655DEFERRED PROJECT COSTS9,797TOTAL ASSETS$103,452LIABILITIES AND STOCKHOLDERS EQUITYCURRENT LIABILITIES:Advances from customer$11,016Accrued expenses7,200Total Current Liabilities18,216STOCKHOLDERS EQUITY:Common stock: $0.0001 par value; authorized: 200,000,000shares; shares issued and outstanding: 33,356,0003,356Additional paid-in capital298,211Deferred compensation(91,458)Accumulated deficit(124,873)Total Stockholders Equity85,236TOTAL LIABILITIES AND STOCKHOLDERS EQUITY$103,452  See notes to financial statements.  3   HAMPTONS LUXURY HOMES, INC.  Consolidated Statements of Operations Three Months Ended March 31, 2006 and 2005 (unaudited)     20062005Revenue$ 112,720$ 12,993Operating expenses89,8334,950Net income$   22,887$ 8,043Basic and diluted income per share**Weighted average number of common shares outstanding33,356,00032,210,000* Less than $.01 per share.See notes to financial statements.          4    HAMPTONS LUXURY HOMES, INC.  Consolidated Statements of Cash Flows Three Months Ended March 31, 2006 and 2005 (unaudited)    20062005OPERATING ACTIVITIES:Net income$ 22,887$ 8,043Adjustment to reconcile net income to net cash
provided by operating activities:Amortization of deferred compensation21,2502,475Changes in assets and liabilities:Increase in accrued expenses-1,100Increase in deferred project costs-(466)Net Cash Provided by Operating Activities44,13711,152INCREASE IN CASH44,13711,152CASH AT BEGINNING OF PERIOD41,56020,327CASH AT END OF PERIOD$ 85,697$ 31,479See notes to financial statements.         5   HAMPTONS LUXURY HOMES, INC  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Unaudited)   NOTE 1 -- ORGANIZATION  Hamptons Luxury Homes, Inc. (Company) was incorporated as Southampton Partners, Inc. in the State of Delaware on May 15, 1996 and in October 2003, the Company changed its name to Hamptons Luxury Homes, Inc. The Company was inactive from January 2002 until December 2003. In December 2003, the Company commenced operations as a builder of single family homes, provider of construction consulting services and a distributor of building materials in the Hamptons area of Long Island, New York.  NOTE 2 -- BASIS OF PRESENTATION . The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10QSB and Item 310 of Regulation SB.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2006. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Form 10-KSB, as of December 31, 2005.  The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates.  NOTE 3  RELATED PARTY TRANSACTIONS  The Company paid fees aggregating $52,419 to an entity related to its president and chief financial officer during the three months ended March 31, 2006. The Company acquired this related party in April 2006 (see Note 4).  The Company is provided office space by the officers of the Company, without cost.  NOTE 4  SUBSEQUENT EVENTS  Issuance of Shares  In April 2006, the Company issued 100,000 shares of its common stock for sponsorship rights through November 30, 2006.   6   Merger On April 7, 2006, the Company acquired all of the common stock of Telemark, Inc. (Telemark) in exchange for 25,000,000 shares of the Companys common stock (approximately 44%) from two stockholders of the Company. Following the acquisition, the two stockholders owned approximately 79% of the Company. As Telemark was under common control with the Company, the purchase price was recorded at the net book value of Telemark Pro Forma Results The following unaudited pro forma financial information presents the combined balance sheet of the Company and Telemark as if the acquisition had occurred as of March 31, 2006 and combined statements of operations for the three months ended March 31, 2006 and 2005 of the Company and Telemark as if the acquisition had occurred at January 1, 2005. The unaudited pro forma financial information is not intended to represent or be indicative of the Companys consolidated results of operations or financial condition that would have been reported had the acquisition been completed as of the beginning of the periods presented and should not be taken as indicative of the Companys future consolidated results of operations or financial condition. Pro forma adjustments are tax-effected at the Companys statutory tax rate.  7    PRO FORMA BALANCE SHEETMarch 31, 2006(unaudited)ProformaPro FormaAdjustmentsHLHTelemarkASSETSCurrent Assets:Cash$ 496,964$$ 85,697$ 411,267Accounts receivable, net343,000-343,000Inventories25,642-25,642Prepaid expenses17,9587,95810,000Total Current Assets883,56493,655789,909Property and Equipment, net337,090-337,090Other Assets67,9449,79758,147Total Assets$ 1,288,598$ 103,452$1,185,146LIABILITIES AND STOCKHOLDERS' EQUITYCurrent Liabilities:Accounts payable$ 353,905$         -$ 353,905Accrued expenses116,0947,200108,894Advances from customer11,01611,016-Total Current Liabilities481,01518,216462,799Mortgage Payable593,463-593,463Total Liabilities1,074,47818,2161,056,262Stockholders' Equity:Preferred stockCommon stock5,8562,5003,356Additional pad-in capital298,26150298,211Deferred compensation(91,458)(91,458)Retained earnings1,511(2,500)(124,873)128,884Total214,1705085,236128,884Less Treasury stock(50)(50)Total214,120085,236128,884Total$ 1,288,598$ 103,452$1,185,146   8    Pro Forma Statement of OperationsThree Months Ended March 31, 2006(unaudited)ProformaConsolidatedAdjustmentsHLHTelemarkRevenue$1,052,812(52,419)$112,720$992,511Operating expenses958,289(52,419)89,833920,875Net income$94,523$22,887$71,636Basic and diluted income per share** Less than $.01 per share.  Pro Forma Statement of OperationsThree Months Ended March 31, 2005(unaudited)ConsolidatedAJEsHLHTelemarkRevenue$2,103,649$12,993$2,090,656Operating expenses1,720,7104,9501,715,760Net income$382,939$8,043$374,896Basic and diluted income per share$.01* Less than $.01 per share.         9   ITEM 2  MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION  Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995  Information set forth herein contains "forward-looking statements" which can be identified by the use of forward-looking terminology such as "believes," "expects," "may, should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy. No assurance can be given that the future results covered by the forward-looking statements will be achieved. The Company cautions readers that important factors may affect the Companys actual results and could cause such results to differ materially from forward-looking statements made by or on behalf of the Company.  These include the Companys lack of historically profitable operations, dependence on key personnel, the success of the Companys business, ability to manage anticipated growth and other factors identified in the Company's filings with the Securities and Exchange Commission, press releases and other public communications.  Operations  We were inactive for the five years prior to December 2003 with no revenues whatsoever. In December 2003, we entered into signed contracts covering the construction of nine homes for a total price of $2,125,000 and subsequently entered into contracts to manage the construction of homes. We believe that the aggregate contracts in place at March 31, 2006 have the potential to generate positive earnings in 2006 if they are completed as planned without unexpected delays or problems. We cannot provide any assurances that the contracts will be completed as planned without problems or delays. As a company we had limited direct experience in home construction prior to our merger with Telemark, Inc. In April 2006 (see Merger below). The construction will take place in Southampton Township on Long Island. Construction of these homes is expected to start in the spring of 2006 and be completed after all required permits are obtained. Currently, these permits are being delayed by the applicable Town agencies. Prior to starting construction, the customer needed to secure financing and numerous permits and approvals as required. The customer received a commitment for financing from Suffolk County National Bank and the permit process was underway. We received a cash payment of $11,016 in December 2003 to cover upfront and planning costs of the project and will receive payments for work as performed.  In December 2003, we paid $2,000 to become an independent dealer of The Barden & Robeson Corporation. Barden is a custom panelized manufacturer, which supplies materials for the housing and light industrial industries. Barden makes products for framing and roofing, as well as interior trim and cabinetry products. We earned our first commissions relating to the sale of Barden products in August 2004. All of our revenue in 2005 and 2006 relates directly or indirectly to the Barden dealership.  In April 2005 we formed a wholly-owned subsidiary, DWD Construction Services, Inc. to perform construction supervision and advisory services in connection with the construction of homes. In 2006 we realized substantially all of our revenues from these services which indirectly relate to the Barden dealership.   10   We paid Telemark, Inc. fees aggregating $52,419 during the three months ended March 31, 2006 for having assisted in all areas of our activities. No fees were paid during the three months ended March 31, 2005.  We devoted substantially all of our resources during the year ended December 31, 2005 and the first three months of 2006 starting and completing the process to become current in our reporting under the Securities Exchange Act of 1934, engaging and working with public relations firms, legal and financial advisors, and seeking assistance in obtaining investment funding. No funding sources have been identified. Our common stock has begun trading on the Over-the-Counter Bulletin Board under the symbol HLXH.  Merger  On April 7, 2006, the Company entered into a Share Exchange Agreement (the Agreement) with Telemark, Inc. and its two shareholders, Roy Dalene and Frank Dalene (both of whom are shareholders, officers and directors of the Company).  Per the terms of the Agreement, the Company will issue 25,000,000 shares of common stock to the two shareholders of Telemark, Inc. which, when issued, will constitute approximately 44% of all outstanding Company shares. Following the issuance of the 25,000,000, Roy and Frank Dalene will own approximately 79% of the issued and outstanding shares of the Company, and Telemark, Inc. will become a wholly-owned subsidiary of the Company.  Telemark, Inc. was founded in 1978 by Frank and Roy Dalene as Telemark Construction, Inc. It is a construction company based in Bridgehampton, NY. Telemark manages and constructs residential homes, renovations, historical restorations, commercial construction and also custom builds luxury estate homes. Through its subsidiaries, it provides ongoing property management, maintenance, service, building material and hardware. Telemarks management team has more than 25 years of experience in the homebuilding industry and has successfully completed in excess of over 500 projects. Telemarks website is www.telemarkinc.com.  Through most of its history, Telemark performed work under several different contract types based on the kind of work it performed and the preference of management. The typical contract types are a General Contractor (GC), Construction Manager (CM) and Construction Administrator (CA). Management believes that the different contract types represent various degrees of risk that Telemark assumes and operating cash requirements.  The GC on a construction job is responsible for subcontractor costs as well as performance and, accordingly, all material and subcontractor costs are paid to and by the GC. The GC accounts for the full amount of the construction contract as revenue and all costs paid for material, labor and to subcontractors as costs.  The CM and CA on a construction job are paid a fee to manage or administrate a project. The owner, rather than the CM or CA, contracts directly with material suppliers and subcontractors and is responsible for all subcontractor costs as well as performance. All materials and subcontractor costs are paid by the owner and, therefore, the CM or CA only accounts for its fees as revenues.  In 2004 and 2005, the majority of Telemark's work was performed as a GC, while in the first quarter 2006, the majority of its work was as a CA. Management is currently considering a plan to acquire property on which to build estate homes for sale which would result in the majority of Telemark's work returning to that of a GC. No assurances can be given as to the likelihood or timing of implementing that plan successfully.  11    Liquidity  The Company has no committed source of debt or equity capital. However, the Company believes that the merger with Telemark in April 2006 results in sufficient cash flow not to need any immediate sources of financing.  New Accounting Pronouncements  In June 2003, the Securities and Exchange Commission (SEC) adopted final rules under Section 404 of the Sarbanes-Oxley Act of 2002 (Section 404). Commencing with our annual report for the year ended December 31, 2007, we will be required to include a report of management on our internal control over financial reporting. The internal control report must include a statement  · of managements responsibility for establishing and maintaining adequate internal control over our financial reporting;  · of managements assessment of the effectiveness of our internal control over financial reporting as of year end;  · of the framework used by management to evaluate the effectiveness of our internal control over financial reporting; and  · that our independent accounting firm has issued an attestation report on managements assessment of our internal control over financial reporting, which report is also required to be filed  In December 2005 the SEC's advisory committee on small business recommended that the SEC allow most companies with market values of less than $700 million to avoid having their internal controls certified by auditors. The advisory committee recommended that most companies with market capitalizations under $100 million be exempted totally. It further recommended that companies with market capitalizations of $100 million to $700 million not face audits of internal controls. Some companies with large revenues but low market values would still be required to comply with the act. There can be no assurances that these proposals or similar proposals will be adopted.  In December 2004, the FASB issued FASB SFAS No. 123 (revised 2004), Share-Based Payment, which is a revision of SFAS No. 123, Accounting for Stock-Based Compensation. SFAS No. 123(R) supersedes APB Opinion No. 25, Accounting for Stock Issued to Employees, and amends SFAS No. 95, Statement of Cash Flows. Generally, the approach in SFAS No. 123(R) is similar to the approach described in SFAS No. 123. However, SFAS No. 123(R) requires all share-based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. Pro forma disclosure is no longer an alternative. The new standard will be effective for the Company on December 15, 2005. We have not yet assessed the impact on future operations of adopting this new standard.   12   The FASB also issued FASB Statement No. 154 (SFAS 154) which replaces APB Opinion No. 20, Accounting Changes, and FASB Statement No. 3, Reporting Accounting Changes in Interim Financial Statements, and changes the requirements for the accounting for and reporting of a change in accounting principle. It is not believed that this will have an impact on HLH in the foreseeable future.  Seasonality  Construction business in the Northeast portion of the United States is affected by the weather. Less work is done in winter months than is done throughout the remainder of the year.   ITEM 3.  CONTROLS AND PROCEDURES  As of the end of the period covered by this Quarterly Report on Form 10-QSB, an evaluation of the effectiveness of the design and operation of the Companys disclosure controls and procedures was carried out by the Company under the supervision and with the participation of the Companys Chief Executive Officer and Chief Financial Officer. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of the end of the period covered by this Report, the Companys disclosure controls and procedures were effective to provide that the information required to be disclosed by the Company in reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods required.  A system of controls, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the system of controls are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. There have been no changes in the Companys internal controls over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Companys internal controls over financial reporting.     13    PART IIOTHER INFORMATIONItem 1Legal ProceedingsNoneItem 2Changes in Securities and Uses of ProceedsNoneItem 3Defaults Upon Senior SecuritiesNoneItem 4Submission of Matters to a Vote of ShareholdersNoneItem 5Other InformationNoneItem 6Exhibits   Exhibit NumberDescription10.1Sponsor Marketing Agreement with Venturini Motorsports

(incorporated herein by reference to Exhibit 10.1 to the Companys Quarterly Report on Form 10-QSB for the period ended March 31, 2006)31.1Section 302 Certification of Chief Executive Officer31.2Section 302 Certification of Chief Financial Officer32.1CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002  Chief Executive Officer32.2CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002  Chief Financial Officer       14   Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  Hamptons Luxury Homes, Inc. (Registrant)   /s/    Roy DaleneBy:  Roy DalenePresidentAugust 3, 2006     15