**UNITED
        STATES SECURITIES AND EXCHANGE COMMISSION**
 **Washington,
        D.C. 20549**
 _______________________________
 
 **FORM
        10 - QSB**
 _______________________________
 
 [mark
        one]
  x
              QUARTERLY
                  REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                  OF
                  1934
  **For
                  the quarterly period ended: March 31,
                  2007**
  o
              TRANSITION
                  REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT
                  OF
                  1934
  For
                  the transition period from ______________ to
                  ______________
  
 **Commission
        File Number 000-26673**
 
 **_____________________________________________________**
 
 **Welwind
        Energy International Corp.**
 (Exact
        name of registrant as specified in its charter)
 
 **Delaware**
              **98-0207081****(State
                  or other jurisdiction of**
                **incorporation
                  or organization)**
              **(IRS
                  Employer**
                **Identification
                  Number)**
 
 **10-20172
        113B Avenue**
 **Maple
        Ridge, British Columbia**
 **Canada
        V2X 0Y9**
 *(Address
        of principal executive offices including zip code)*
 
 **(604)
        460-8487**
 ( *Registrant’s
        telephone number, including area code)*
 
 The
        Company Corporation
 2711
        Centerville Road, Suite 400 Wilmington, DE 19808
 (Name
        and
        address of agent for service)
 
 (800)
        818-0204
 (Telephone
        Number, including area code, of agent for service)
 
 with
        a
        copy to:
 SteadyLaw
        Group, LLP
 501
        W.
        Broadway, Suite 800
 San
        Diego, CA 92101
 Telephone
        (619) 399-3090
 Telecopier
        (619) 330-1888
 
 Table
            of Contents
 1
  Check
        whether the issuer (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 x No o
  Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act). Yes o No x
  Number
        of
        shares outstanding of the issuer’s common stock as of the latest practicable
        date: 142,190,140 shares of common stock, $.001 par value per share, as of
        May 14, 2007.
  Transitional
        Small Business Disclosure Format (check one): Yes o No x
 Table
              of Contents
 2
 **Quarterly
        Report on FORM 10-QSB For The Period Ended**
 
 **March
        31, 2007**
 
 **Table
        of Contents**
 
 **Welwind
        Energy International Corp.**
 
 
 **PART
                  I. FINANCIAL INFORMATION**
              
              PageItem
                  1.
              
              Financial
                  Statements
              
              4Item
                  2.
              
              Management’s
                  Discussion and Analysis or Plan of
                  Operation
              
              16Item
                  3.
              
              Controls
                  and Procedures
              
              25**PART
                  II. OTHER INFORMATION**Item
                  1.
              
              Legal
                  Proceedings
              
              25Item
                  2.
              
              Unregistered
                  Sales of Equity Securities and Use of
                  Proceeds
              
              25Item
                  3.
              
              Defaults
                  Upon Senior Securities
              
              25Item
                  4.
              
              Submission
                  of Matters to a Vote of Security
                  Holders
              
              25Item
                  5.
              
              Other
                  Information
              
              25Item
                  6.
              
              Exhibits
              
              26
  Table
            of Contents
 3
  **ITEM
        1. FINANCIAL STATEMENTS**
 
 
 Welwind
        Energy International Corporation
 
 March
        31,
        2007
  IndexConsolidated
                    Balance Sheets
                
                F-1Consolidated
                    Statements of Operations
                
                F-2Consolidated
                    Statements of Cash Flows
                
                F-3Notes
                    to the Consolidated Financial Statements
                F-4
 Table
            of Contents
 4
 Welwind
        Energy International Corporation
 Consolidated
        Balance Sheets
 (Expressed
        in Canadian Dollars)
 (Unaudited)
 
 March
                  31,
                2007
                $
              December
                  31,
                2006
                $ASSETSCurrent
                  AssetsCash
              
              383,805
              603,182Accounts
                  receivable
              
              22,522
              14,115Inventory
              
              18,282
              15,424Prepaid
                  expenses (Note 6)
              
              642,780
              1,417,630Total
                  Current Assets
              
              1,067,389
              2,050,351Property
                  and equipment (Note 2(h))
              
              312,051
              215,304Customer
                  relationships (Note 8)
              
              245,016
              245,016Goodwill
                  (Note 8)
              
              1,469,171
              1,469,171Total
                  Assets
              
              3,093,627
              3,979,842LIABILITIES
                  AND STOCKHOLDERS’ EQUITYLiabilitiesAccounts
                  payable
              
              107,719
              130,026Accrued
                  liabilities (Note 3)
              
              23,136
              47,453Due
                  to related parties (Note 4)
              
              299,534
              598,198Total
                  Liabilities
              
              430,389
              775,677Commitments
                  and Contingencies (Notes 1 and 7)Stockholders’
                  EquityPreferred
                  Stock:Authorized:
                  10,000,000 shares, US$0.001 par value
                Issued
                  and outstanding: 10,000,000 shares
                (2006
                  - 10,000,000 issued and outstanding)
              
              11,137
              11,137Common
                  Stock:Authorized:
                  290,000,000 shares, US$0.001 par value
                Issued
                  and outstanding: 130,590,140 shares
                (2006
                  - 128,583,583 issued and outstanding)
              
              147,239
              144,875Additional
                  paid-in capital
              
              12,537,881
              12,274,139Stock
                  subscriptions receivable
              
              (770,310)
              (1,151,605)Accumulated
                  deficit
              
              (9,262,709)
              (8,074,381)Total
                  Stockholders’ Equity
              
              2,663,238
              3,204,165Total
                  Liabilities and Stockholders’ Equity
              
              3,093,627
              3,979,842
 
 (The
          accompanying notes are an integral part of these consolidated financial
          statements)
 
 F-1  Table
                of Contents
 5
 Welwind
        Energy International Corporation
 Consolidated
        Statements of Operations
 (Expressed
        in Canadian Dollars)
 (Unaudited)
 
 
 For
                  the
                Three
                  Months Ended
                March
                  31,
                2007
                $
              For
                  the
                Three
                  Months Ended
                March
                  31,
                2006
                $Revenue
              
              
              
              82,575
              37,528Cost
                  of Sales
              
              
              
              (22,913)
              (8,346)Gross
                  Profit
              
              
              
              59,662
              29,182Operating
                  ExpensesGeneral
                  and Administrative
              
              
              
              1,198,793
              190,543Net
                  Loss from Operations
              
              
              
              (1,139,131)
              (161,361)Other
                  LossLoss
                  on Settlement of Debt (Note 6)
              
              
              
              49,197
              -Net
                  Loss for the Period
              
              
              
              (1,188,328)
              (161,361)Net
                  Loss per Common Share - Basic and Diluted
              
              
              (0.01)
              -Weighted
                  Average Number of Common Shares Outstanding
              
              129,287,000
              49,319,000
  (The
          accompanying notes are an integral part of these consolidated financial
          statements)
 
 F-2
  Table
              of Contents
 6
  Welwind
        Energy International Corporation
 Consolidated
        Statements of Cash Flows
 (Expressed
        in Canadian Dollars)
 (Unaudited)
 
 For
                  the
                Three
                  Months Ended
                March
                  31,
                2007
                $
              For
                  the
                Three
                  Months Ended
                March
                  31,
                2006
                $Operating
                  ActivitiesNet
                  loss for the period
              
              (1,188,328)
              (161,361)Adjustments
                  to reconcile net loss to net cash used in operating
                  activities:Amortization
              
              1,487
              -Foreign
                  exchange loss
              
              894
              -Loss
                  on settlement of debt
              
              49,197
              -Stock-based
                  compensation
              
              820,037
              113,848Changes
                  in operating assets and liabilities:Accounts
                  receivable
              
              (8,407)
              2,382Inventory
              
              (2,858)
              291Prepaid
                  expenses
              
              (4,995)
              (59,369)Accounts
                  payable and accrued liabilities
              
              (6,954)
              2,991Due
                  to related parties
              
              (138,816)
              -Net
                  Cash Flows Used In Operating Activities
              
              (478,743)
              (101,218)Investing
                  ActivitiesPurchase
                  of equipment
              
              (98,234)
              -Proceeds
                  from sale of equipment
              
              -
              4,800Net
                  Cash Flows Provided By (Used In) Investing Activities
              
              (98,234)
              4,800Financing
                  ActivitiesProceeds
                  from common stock subscriptions
              
              381,295
              -Advances
                  from shareholders
              
              -
              99,276Repayments
                  to shareholders
              
              (23,695)
              -Net
                  Cash Flows Provided By Financing Activities
              
              357,600
              99,276Increase
                  (Decrease) in Cash
              
              (219,377)
              2,858Cash
                  - Beginning of Period
              
              603,182
              799Cash
                  - End of Period
              
              383,805
              3,657Supplementary
                  DisclosuresInterest
                  paid
              
              -
              -Income
                  taxes paid
              
              -
              -Non-cash
                  Investing and Financing ActivitiesShares
                  issued to settle debt
              
              225,019
              -
 
 (The
          accompanying notes are an integral part of these consolidated financial
          statements)
 
 F-
 Table
            of Contents
 7
  
 Welwind
        Energy International Corporation
 Notes
        to
        the Consolidated Financial Statements
 (Expressed
        in Canadian Dollars)
 (Unaudited)






1.  Nature
      of
      Operations and Continuance of Business




The
      Company was incorporated in the State of Delaware on December 18, 1997. On
      October 26, 2006, the Company changed its name to Welwind Energy International
      Corporation. The Company (formerly Global Golf Holdings, Inc.) acquired a
      business on November 23, 2004 and since that date has adopted the business
      plan
      of the acquired Company which is to sell and distribute low carbohydrate and
      sugar-free foods through retail and wholesale outlets in Western British
      Columbia, Canada, and through the internet. On August 17, 2006, the Company
      acquired all of the outstanding and issued share capital of Welwind Energy
      International Corporation (“WEIC”), a private Canadian company. WEIC was founded
      in 2005 to build, own and operate wind farms on an international scale.
      Accordingly, the Company is now involved in with wind power projects in China.
      The Company is based in British Columbia, Canada. Refer to Note 7.




The
      Company has incurred significant losses in prior years and has an accumulated
      deficit at March 31, 2007 of $9,262,709. The Company's ability to continue
      as a
      going concern is dependent upon the Company's obtaining additional financing
      and/or achieving a profitable level of operations. These factors raise
      substantial doubt regarding the Company’s ability to continue as a going
      concern. The consolidated financial statements do not include any adjustments
      that might result from the outcome of this uncertainty.




Management
      of the Company has undertaken steps as part of a plan with the goal of
      sustaining Company operations for the next twelve months and beyond. These
      steps
      include: (a) focusing on promoting and expanding its business plan, (b)
      continuing efforts to raise additional capital and/or other forms of financing;
      and (c) controlling overhead and expenses. There can be no assurance that any
      of
      these efforts will be successful.








2.  Summary
      of Significant Accounting Policies




a)
            Basis
                of Presentation




These
      interim consolidated financial statements and related notes are presented in
      accordance with accounting principles generally accepted in the United States,
      and are expressed in Canadian dollars. These consolidated financial statements
      include the accounts of the Company and its wholly-owned subsidiary, Welwind
      Energy International Corp., incorporated in the Province of Alberta, Canada.
      All
      significant intercompany balances and transactions have been eliminated. The
      Company’s fiscal year-end is December 31.




b)
            Interim
                Consolidated Financial Statements




These
      interim unaudited consolidated financial statements have been prepared on the
      same basis as the annual consolidated financial statements and in the opinion
      of
      management, reflect all adjustments, which include only normal recurring
      adjustments, necessary to present fairly the Company’s financial position,
      results of operations and cash flows for the periods shown. The results of
      operations for such periods are not necessarily indicative of the results
      expected for a full year or for any future period.




c)
            Use
                of Estimates




The
      preparation of consolidated financial statements in accordance with United
      States generally accepted accounting principles requires management to make
      estimates and assumptions that affect the reported amounts of assets and
      liabilities at the date of the consolidated financial statements and the
      reported amounts of revenue and expenses in the reporting period. The Company
      regularly evaluates estimates and assumptions related to allowances for doubtful
      accounts, sales returns and allowances, inventory reserves, stock-based
      compensation expense, deferred income tax asset valuations and loss
      contingencies. The Company bases its estimates and assumptions on current facts,
      historical experience and various other factors that it believes to be
      reasonable under the circumstances, the results of which form the basis for
      making judgments about the carrying values of assets and liabilities and the
      accrual of costs and expenses that are not readily apparent from other sources.
      The actual results experienced by the Company may differ materially and
      adversely from the Company’s estimates. To the extent there are material
      differences between the estimates and the actual results, future results of
      operations will be affected.







Table
            of Contents
 8








Welwind
      Energy International Corporation


Notes
      to
      the Consolidated Financial Statements


(Expressed
      in Canadian Dollars)


(Unaudited)






2.  Summary
      of Significant Accounting Policies (continued)




d)
            Cash
                and Cash Equivalents




Cash
      consists of checking accounts held at financial institutions in the United
      States, Canada, and China. The Company considers all highly liquid instruments
      with a maturity of three months or less, at the time of issuance, to be cash
      equivalents.




e)
            Accounts
                Receivable




Accounts
      receivable consists of amounts due from customers from its’ bakery operations,
      located in Western Canada. The Company considers accounts more than 30 days
      old
      to be past due. The Company uses the allowance method for recognizing bad debts.
      When an account is deemed uncollectible, it is written off against the
      allowance. The Company generally does not require collateral for its accounts
      receivable. As of March 31, 2007, management believes no allowance for
      uncollectible accounts are necessary.




f)
            Reclassifications




Certain
      reclassifications have been made to the prior period’s consolidated financial
      statements to conform to the current period’s presentation.




g)
            Inventory
                and Cost of Sales




Inventory
      consists of health foods and ingredients and is stated at the lower of cost
      (first-in, first-out method) or market. Shipping and handling costs are included
      with cost of sales.




h)
            Property
                and Equipment




Equipment
      is recorded at cost and is depreciated using the declining balance method over
      the estimated useful lives of the related asset. Maintenance and repairs are
      charged to expense as incurred. Significant renewals and betterments are
      capitalized. Costs included in wind equipment are under construction and will
      be
      amortized over their useful life on a straight-line basis once they are put
      into
      use.




Property
      and equipment on hand consist of:




Cost
              $
            Accumulated
                Depreciation
              $
            March
                31,
              2007
              Net
                Carrying Value
              $
            December
                31,
              2006
              Net
                Carrying Value
              $Wind
                equipment under construction
            255,777
            -
            255,777
            158,658Automobile
            48,762
            4,866
            43,896
            44,485Computer
                hardware
            5,061
            1,459
            3,602
            2,780Office
                furniture and equipment
            12,003
            3,227
            8,776
            9,381321,603
            9,552
            312,051
            215,304




i)
            Goodwill




Goodwill
      represents the excess of the purchase price of acquired assets over the fair
      values of the identifiable assets acquired and liabilities assumed. Pursuant
      to
      SFAS No. 141, “ *Business
      Combinations* ”
the
      Company does not amortize goodwill, but tests for impairment of goodwill on
      an
      annual basis and at any other time if events occur or circumstances indicate
      that the carrying amount of goodwill may not be recoverable. Circumstances
      that
      could trigger an impairment test include but are not limited to: a significant
      adverse change in the business climate or legal factors; an adverse action
      or
      assessment by a regulator; unanticipated competition and loss of key personnel.
      Goodwill is tested for impairment using present value techniques of estimated
      future cash flows; or using valuation techniques based on multiples of earnings.
      If the carrying amount of goodwill exceeds the implied fair value of that
      goodwill, an impairment loss is charged to operations.







Table
            of Contents
 9




Welwind
      Energy International Corporation


Notes
      to
      the Consolidated Financial Statements


(Expressed
      in Canadian Dollars)


(Unaudited)






2.  Summary
      of Significant Accounting Policies (continued)




j)
            Customer
                Relationships




Customer
      relationships consist of the relationships the Company has attained with the
      various levels of governments in China, which resulted in the entering of two
      agreements as noted in Note 7(c) and (d). The Company will amortize the carrying
      value of the customer relationships on a straight-line basis over the remaining
      estimated useful lives of the wind power plants upon commencement of the
      commercial production of electricity.




k)
            Long-Lived
                Assets




In
      accordance with SFAS No. 144, *“Accounting
      for the Impairment or Disposal of Long-Lived Assets”,* the
      Company tests long-lived assets or asset groups for recoverability when events
      or changes in circumstances indicate that their carrying amount may not be
      recoverable. Circumstances which could trigger a review include, but are not
      limited to: significant decreases in the market price of the asset; significant
      adverse changes in the business climate or legal factors; accumulation of costs
      significantly in excess of the amount originally expected for the acquisition
      or
      construction of the asset; current period cash flow or operating losses combined
      with a history of losses or a forecast of continuing losses associated with
      the
      use of the asset; and current expectation that the asset will more likely than
      not be sold or disposed significantly before the end of its estimated useful
      life.




Recoverability
      is assessed based on the carrying amount of the asset and its fair value which
      is generally determined based on the sum of the undiscounted cash flows expected
      to result from the use and the eventual disposal of the asset, as well as
      specific appraisal in certain instances. An impairment loss is recognized when
      the carrying amount is not recoverable and exceeds fair value.




l)
            Foreign
                Currency Translation




The
      Company's functional and reporting currency is the Canadian dollar. Monetary
      assets and liabilities denominated in foreign currencies are translated to
      Canadian dollars in accordance with SFAS No. 52 *“Foreign
      Currency Translation”* using
      the exchange rate prevailing at the balance sheet date. Gains and losses arising
      on settlement of foreign currency denominated transactions are included in
      the
      determination of net income or loss. Foreign currency transactions are primarily
      undertaken in Chinese Renminbi. At March 31, 2007, the exchange rate for one
      Chinese Renminbi was $0.1497 CAD. For the period from January 1, 2007 to March
      31, 2007, the average exchange rate for one Chinese Renminbi was $0.1514 CAD.
      The Company has not, to the date of these consolidated financial statements,
      entered into derivative instruments to offset the impact of foreign currency
      fluctuations.




m)
            Revenue
                Recognition




The
      Company recognizes revenue in accordance with Securities and Exchange Commission
      Staff Accounting Bulletin No. 104 (“SAB 104”), *“Revenue
      Recognition in Financial Statements”* .
      Revenue
      consists of the sale of products and is recognized only when the price is fixed
      or determinable, persuasive evidence of an arrangement exists, the product
      is
      shipped, and collectibility is reasonably assured.




n)
            Basic
                and Diluted Net Income (Loss) Per
                Share




The
      Company computes net income (loss) per share in accordance with SFAS No. 128, *"Earnings
      per Share"* .
      SFAS
      No. 128 requires presentation of both basic and diluted earnings per share
      (EPS)
      on the face of the income statement. Basic EPS is computed by dividing net
      income (loss) available to common shareholders (numerator) by the weighted
      average number of shares outstanding (denominator) during the period. Diluted
      EPS gives effect to all dilutive potential common shares outstanding during
      the
      period using the treasury stock method and convertible preferred stock using
      the
      if-converted method. In computing diluted EPS, the average stock price for
      the
      period is used in determining the number of shares assumed to be purchased
      from
      the exercise of stock options or warrants. Diluted EPS excludes all dilutive
      potential shares since their effect is anti-dilutive. Shares underlying these
      securities totaled approximately 842,000 as of March 31, 2007.





Table
          of Contents
 10




Welwind
      Energy International Corporation


Notes
      to
      the Consolidated Financial Statements


(Expressed
      in Canadian Dollars)


(Unaudited)






2.  Summary
      of Significant Accounting Policies (continued)




o)
            Comprehensive
                Loss





SFAS
      No.
      130, *“Reporting
      Comprehensive Income,”* establishes standards for the reporting and display of comprehensive loss and
      its components in the consolidated financial statements. As at March 31, 2007
      and 2006, the Company has no items that represent a comprehensive loss and,
      therefore, has not included a schedule of comprehensive loss in the consolidated
      financial statements.




p)
            Stock-based
                Compensation




The
      Company records stock-based compensation in accordance with SFAS No. 123R
“ *Share
      Based Payments* ”,
      using
      the fair value method. All transactions in which goods or services are the
      consideration received for the issuance of equity instruments are accounted
      for
      based on the fair value of the consideration received or the fair value of
      the
      equity instrument issued, whichever is more reliably measurable. Equity
      instruments issued to employees and the cost of the services received as
      consideration are measured and recognized based on the fair value of the equity
      instruments issued.




q)
            Financial
                Instruments and Concentrations of
                Business




The
      fair
      values of financial instruments including cash, accounts receivable, accounts
      payable, accrued liabilities and amounts due to related parties were estimated
      to approximate their carrying values due to the immediate or short-term maturity
      of these financial instruments. The Company’s operations are in Canada and China
      resulting in exposure to market risks from changes in foreign currency rates.
      The financial risk is the risk to the Company’s operations that arise from
      fluctuations in foreign exchange rates and the degree of volatility of these
      rates. Currently, the Company does not use derivative instruments to reduce
      its
      exposure to foreign currency risk.




The
      Company’s bakery operations are situated in Western Canada. As at March 31,
      2006, one customer comprises approximately 66% of sales revenue and 61% of
      accounts receivable.




r)
            Income
                Taxes




Potential
      benefits of income tax losses are not recognized in the accounts until
      realization is more likely than not. The Company has adopted SFAS No. 109 *“Accounting
      for Income Taxes”* as of
      its inception. Pursuant to SFAS No. 109 the Company is required to compute
      tax
      asset benefits for net operating losses carried forward. The potential benefits
      of net operating losses have not been recognized in these consolidated financial
      statements because the Company cannot be assured it is more likely than not
      it
      will utilize the net operating losses carried forward in future
      years.




s)
            Recent
                Accounting Pronouncements




In
      February 2007, the Financial Accounting Standards Board (FASB) issued SFAS
      No.
      159, “The Fair Value Option for Financial Assets and Financial Liabilities -
      Including an Amendment of FASB Statement No. 115”. This statement permits
      entities to choose to measure many financial instruments and certain other
      items
      at fair value. Most of the provisions of SFAS No. 159 apply only to entities
      that elect the fair value option. However, the amendment to SFAS No. 115
“Accounting for Certain Investments in Debt and Equity Securities” applies to
      all entities with available-for-sale and trading securities. SFAS No. 159 is
      effective as of the beginning of an entity’s first fiscal year that begins after
      November 15, 2007. Early adoption is permitted as of the beginning of a fiscal
      year that begins on or before November 15, 2007, provided the entity also elects
      to apply the provision of SFAS No. 157, “Fair Value Measurements”. The adoption
      of this statement is not expected to have a material effect on the Company's
      consolidated financial statements.






Table
          of Contents
 11





Welwind
      Energy International Corporation


Notes
      to
      the Consolidated Financial Statements


(Expressed
      in Canadian Dollars)


(Unaudited)






In
      September 2006, the SEC issued Staff Accounting Bulletin (“SAB”) No. 108,
“ *Considering
      the Effects of Prior Year Misstatements when Quantifying Misstatements in
      Current Year Financial Statements* .”
SAB
      No. 108 addresses how the effects of prior year uncorrected misstatements should
      be considered when quantifying misstatements in current year consolidated
      financial statements. SAB No. 108 requires companies to quantify misstatements
      using a balance sheet and income statement approach and to evaluate whether
      either approach results in quantifying an error that is material in light of
      relevant quantitative an qualitative factors. SAB No. 108 is effective for
      fiscal years ending after November 15, 2006. The Company is currently evaluating
      the impact of adopting SAB No. 108 but does not expect that it will have a
      material effect on its consolidated financial statements.




In
      September 2006, the FASB issued SFAS No. 158, “Employers’ Accounting for Defined
      Benefit Pension and Other Postretirement Plans - an amendment of FASB Statements
      No. 87, 88, 106, and 132(R)”. This statement requires employers to recognize the
      overfunded or underfunded status of a defined benefit postretirement plan (other
      than a multiemployer plan) as an asset or liability in its statement of
      financial position and to recognize changes in that funded status in the year
      in
      which the changes occur through comprehensive income of a business entity or
      changes in unrestricted net assets of a not-for-profit organization. This
      statement also requires an employer to measure the funded status of a plan
      as of
      the date of its year-end statement of financial position, with limited
      exceptions. The provisions of SFAS No. 158 are effective for employers with
      publicly traded equity securities as of the end of the fiscal year ending after
      December 15, 2006. The adoption of this statement did not have a material effect
      on the Company's reported financial position or results of
      operations.




t)  Recent
      Accounting Pronouncements




In
      September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements”. The
      objective of SFAS No. 157 is to increase consistency and comparability in fair
      value measurements and to expand disclosures about fair value measurements.
      SFAS
      No. 157 defines fair value, establishes a framework for measuring fair value
      in
      generally accepted accounting principles, and expands disclosures about fair
      value measurements. SFAS No. 157 applies under other accounting pronouncements
      that require or permit fair value measurements and does not require any new
      fair
      value measurements. The provisions of SFAS No. 157 are effective for fair value
      measurements made in fiscal years beginning after November 15, 2007. The
      adoption of this statement is not expected to have a material effect on the
      Company's future reported financial position or results of
      operations.







3.  Accrued
      liabilities




Accrued
      liabilities at March 31, 2007 consist of $nil in management fees (2006 -
      $29,500) and $23,136 in professional fees (2006 - $17,953).








4.  Related
      Party Transactions




a)
            As
                at March 31, 2007, the balance due to related parties amounted to
                $299,534, which includes $52,261 owed to the President of the Company
                for
                management fees and working capital purposes and $199,557 owed to
                the
                spouse of the President of the Company for working capital purposes.
                The
                amounts are unsecured, non-interest bearing, and payable on
                demand.




b)
            During
                the three month period ended March 31, 2007, the Company issued 1,263,158
                shares of common stock to the President of the Company for consulting
                services valued at $136,153 (US$120,000). Refer to Note
                6(a).








5.  Preferred
      Stock




As
      at
      March 31, 2007, there are 10,000,000 shares of preferred stock issued and
      outstanding. The preferred stock is convertible into common stock, on a one
      share-for-one share basis, one year after the closing of the acquisition of
      WEIC.








6.  Common
      Stock




Three
      months Ended March 31, 2007:




a)
            On
                March 8, 2007, the Company issued 1,263,158 common shares at approximately
                US$0.12 per common share with a fair value of $176,922 (US$150,316)
                to the
                President of the Company in settlement of past services with a fair
                value
                of $136,153 (US$120,000), resulting in a loss on settlement of debt
                of
                $40,769 (US$30,316).




F-8




Table
          of Contents
 12


Welwind
      Energy International Corporation


Notes
        to
        the Consolidated Financial Statements
 (Expressed
        in Canadian Dollars)
 (Unaudited)




6.  Common
      Stock (continued)




b)
            On
                March 8, 2007, the Company issued 343,399 common shares at approximately
                US$0.12 per common share with a fair value of $48,098 (US$40,864)
                to
                various consultants in settlement of past services with a fair value
                of
                $39,670 (US$34,300), resulting in a loss on settlement of debt of
                $8,428
                (US$6,564).




c)
            On
                January 24, 2007, the Company issued 400,000 common shares at
                approximately US$0.09 per to a consultant for consulting services
                with a
                fair value of $40,191, of which $26,794 is included in prepaid expenses.




d)
            The
                Company received proceeds of $381,295 (US$330,010) relating to the
                30,000,000 common shares issued during the year ended December 31,
                2006.




e)
            As
                at March 31, 2007, a total of $624,268 is included in prepaid expenses
                and
                represents the value of future services to be received by the Company
                in
                exchange for the issuance of the Company’s common shares.




Stock
      Options




On
      June
      23, 2006, the Company adopted a fixed stock option plan that provides for the
      issuance of incentive and non-qualified stock options to officers, directors,
      employees and non-employees to acquire up to 15,000,000 shares of the Company's
      common stock. The Board of Directors determines the terms of the options
      granted, including the number of options granted, the exercise price and the
      vesting schedule. The stock option plan will expire December 31,
      2016.




A
      summary
      of the Company’s stock option activity is as follows:






Three
                  months ended
                March
                  31, 2007Number
                  of Options
              Weighted
                  Average Exercise Price
              Aggregate
                Intrinsic
                ValueOutstanding,
                  December 31, 2006
              450,000
              US$
                  0.04Granted
              -
              -Cancelled
                  / Forfeited
              -
              -Exercised
              -
              -Outstanding,
                  March 31, 2007
              450,000
              US$
                  0.04
              US$
                  24,750
 
 Exercisable,
                  March 31, 2007
              450,000
              US$
                  0.04
              US$
                  24,750




There
      are
      no unvested stock options as at March 31, 2007.




Warrants




The
      following table summarizes the continuity of the Company’s
      warrants:




Number
                of
              Warrants
            
            Weighted
              Average
              Exercise
              PriceBalance,
                December 31, 2006
            
            391,863
            
            US$
                0.15Granted
                during the period
            
            -
            
            -Exercised
                during the period
            
            -
            
            -Balance,
                March 31, 2007
            
            391,863
            
            US$
                0.15





Number
                of
              Warrants
            
            Expiry
                DateWarrants
                outstanding, March 31, 2007
            
            391,863
            
            November
                30, 2007









Table
            of Contents
 13




Notes
          to
          the Consolidated Financial Statements
 (Expressed
          in Canadian Dollars)
 (Unaudited)


7.  Commitments




a)
            The
                Company entered into an agreement dated January 18, 2006, with the
                Government of Yangxi City (“Yangxi”) for the development of a wind farm
                producing a total of 400,000 kilowatt (“KW”) per year of electrical power
                in the next ten years. The Company has 18 months from the date of
                the
                agreement to construct the plant. Yangxi will assist the Company
                in
                securing land, sale price for the electricity, financing and preferential
                tax treatment. Initially, the Company will be required to prepare
                a
                community wind assessment and a feasibility study for approval. Yangxi
                can
                terminate the agreement if the project is not under construction
                within 24
                months of signing the agreement. As at December 31, 2006, the Company
                has
                commenced construction on the
                plant.




b)
            The
                Company entered into an agreement dated March 21, 2006, with the
                Zhanjiang
                Foreign Trade & Economic Bureau (“Zhanjiang”) for the development of a
                wind power generation project in Zhanjiang City in the Guangdong
                Province.
                The project is expected to produce 600,000 KW per year, with Phase
                1 being
                100,000 KW per year. The Company had six months from the date of
                the
                agreement to begin Phase 1 (commenced) or Zhanjiang had the right
                to
                terminate the agreement. The Company granted a 20% interest in this
                project to an investor.




c)
            The
                Company rents, on a month-to-month basis, its industrial and office
                space
                for $1,830 per month, office space in China for approximately $1,000
                per
                month and warehouse space for $1,920 per month.








8.  Segment
      Disclosures




The
      Company follows the guidance in SFAS No. 131, “ *Disclosure
      About Segments of an Enterprise and Related Information* ”.
      Reporting segments are based upon the Company’s internal organization structure,
      the manner in which the Company’s operations are managed, the criteria used by
      the Company’s chief operating decision-maker to evaluate segment performance,
      the availability of separate financial information, and overall materiality
      considerations.




The
      Bakery reporting segment is comprised of the operations of Welwind Energy
      International Corporation (Delaware company). The wind farm reporting segment
      is
      comprised of the operations of Welwind Energy International Corp. (Alberta
      company).




Direct
      contribution consists of revenues less direct costs. Direct costs include
      specific costs of revenues, sales and marketing expenses, and general and
      administrative expenses over which there is direct discretionary control, such
      as marketing and sales programs, customer support expenses, bank charges and
      bad
      debt write-offs. Expenses over which there is no discretionary control, such
      as
      site operations costs, product development expenses, and general and
      administrative cost, are monitored by corporate management and are not evaluated
      in the measurement of segment performance.




Three
      months ended March 31, 2007:







Bakery
              $
            Wind
                Farm
              $
            Corporate
                and Eliminations
              $
            Consolidated
              $Revenue
            
            82,575
            -
            -
            82,575Cost
                of sales
            
            (22,913)
            -
            -
            (22,913)Gross
                profit
            
            59,662
            -
            -
            59,662Operating
                expensesGeneral
                and administrative
            
            229,785
            96,451
            872,557
            1,198,793Loss
                from operations
            
            (170,123)
            (96,451)
            (872,557)
            (1,139,131)Other
                expensesLoss
                on settlement of debt
            
            -
            -
            49,197
            49,197Net
                loss
            
            (170,123)
            (96,451)
            (921,754)
            (1,188,328)









Table
            of Contents
 14




Notes
          to
          the Consolidated Financial Statements
 (Expressed
          in Canadian Dollars)
 (Unaudited)


8.  Segment
      Disclosures (continued)




The
      Company’s long-lived assets are allocated as follows:




As
                at
              March
                31,2007$Corporate
            
            534Bakery
            
            2,655Wind
                Farm
            
            2,023,049Total
                long-lived assets
            
            2,026,238




All
      the
      Company’s long-lived assets are located in Canada and China.




The
      Company has two geographic business areas: Canada and China. Total revenues
      in
      Canada were $82,575 during the three months period ended March 31, 2007.




Geographic
      Information:





Three
                Months Ended
              March
                31,Revenues
            
            2007$Canada
            
            82,575China
            
            -Total
            
            82,575








9.  Subsequent
      Events




a)
            On
                April 4, 2007, the Company issued 8,000,000 shares of common stock
                to a
                consultant and a director for consulting
                services.




b)
            On
                April 24, 2007, the Company issued 2,000,000 shares of common stock
                to a
                director for consulting services with a fair value of $219,621
                (US$190,000).




c)
            On
                May 2, 2007, the Company agreed to issue 1,000,000 shares of common
                stock
                at a price of $0.59 per share for total proceeds of $58,578 (US$51,696).
                The total value of the proceeds were comprised of settlement of an
                amount
                due to a related party of $47,484, and $11,094 (US$10,000) in cash
                paid to
                the Company.




d)
              On
                  May 11, 2007, the Company issued 1,500,000 common shares at a price
                  $0.143
                  per share to settle professional fees owing.







Table
          of Contents
 15





**ITEM
      2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF
      OPERATION**





*This
      discussion and analysis should be read in conjunction with the accompanying
      Consolidated Financial Statements and related notes. Our discussion and analysis
      of our financial condition and results of operations are based upon our
      consolidated financial statements, which have been prepared in accordance with
      accounting principles generally accepted in the United States. The preparation
      of financial statements in conformity with accounting principles generally
      accepted in the United States of America requires us to make estimates and
      assumptions that affect the reported amounts of assets and liabilities,
      disclosure of any contingent liabilities at the financial statement date and
      reported amounts of revenue and expenses during the reporting period. On an
      on-going basis we review our estimates and assumptions. Our estimates were
      based
      on our historical experience and other assumptions that we believe to be
      reasonable under the circumstances. Actual results are likely to differ from
      those estimates under different assumptions or conditions, but we do not believe
      such differences will materially affect our financial position or results of
      operations. Our critical accounting policies, the policies we believe are most
      important to the presentation of our financial statements and require the most
      difficult, subjective and complex judgments, are outlined below in‘‘—Critical
      Accounting Policies,’’ and have not changed significantly.*





*In
      addition, certain statements made in this report may constitute “forward-looking
      statements”. These forward-looking statements involve known or unknown risks,
      uncertainties and other factors that may cause the actual results, performance,
      or achievements of the Company to be materially different from any future
      results, performance or achievements expressed or implied by the forward-looking
      statements. Specifically, 1) our ability to obtain necessary regulatory
      approvals for our products; and 2) our ability to increase revenues and
      operating income, is dependent upon our ability to develop and sell our
      products, general economic conditions, and other factors. You can identify
      forward-looking statements by terminology such as “may,” “will,” “should,”
“expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential,” “continues” or the negative of these terms or other
      comparable terminology. Although we believe that the expectations reflected-in
      the forward-looking statements are reasonable, we cannot guarantee future
      results, levels of activity, performance or achievements.*





***Overview***






We
      see
      wind power becoming an efficient power source globally. Welwind’s current
      projects focus is in the wind energy sector with future renewable energy
      applications under consideration. Renewable energy is power that comes from
      renewable resources such as the sun, wind and organic matter. These resources
      are constantly replenished by nature and are a cleaner source of energy.
      Welwind’s goal is to add more renewable energy globally, resulting in cleaner
      air and a more stable energy supply for our future.




Welwind
      Energy International was founded to build, own and operate wind farms on an
      international scale. Our current project focus is to bridge the North
      America-China link by building wind farms in China. Concurrently with the
      development of the wind farm projects, the Company intends to continue to
      operate the retail bakery and food store and its manufacturing and distribution
      of specialty health food products.





***Our
      Corporate History***





The
      Company was incorporated on December 18, 1997, pursuant to the laws of the
      State
      of Delaware under the name of Autoeye Inc. On February 25, 2000, as part of
      an
      acquisition of The Forest Industry Online Inc., we changed our name to
      forestindustry.com, Inc. Prior to this acquisition, our Company was inactive.
      On
      October 25, 2002, we entered into a share exchange agreement with GolfLogix,
      Inc., a British Columbia, Canada corporation (“GolfLogix Canada”) that was
      incorporated in February 2000, as West Coast Electric Vehicle Distributors,
      Inc.
      Under the terms of the Share Exchange Agreement, we acquired all of the
      outstanding shares of GolfLogix Canada in exchange for 2,500,000 shares of
      our
      common stock. As a result, GolfLogix Canada was a wholly owned subsidiary of
      our
      Company.





Prior
      to
      the acquisition of Golflogix Canada, our business activities included designing
      web sites and operating and maintaining a computer internet web site for
      companies associated with the forest and wood product industries. However,
      subsequent to the acquisition of this business we failed to generate
      profitability and incurred negative cash flows from operations. GolfLogix
      Canada, a distributor of golfing merchandise and has entered into an agreement
      to purchase a licensing right to market and distribute the GolfLogix System
      in
      Canada.





Table
          of Contents
 16




After
      our
      acquisition of GolfLogix Canada, on November 30, 2002, we entered into a stock
      purchase agreement with Cherry Point Consulting, resulting in a divestiture
      of
      the assets of Forest Industry Online. Under the agreement, Cherry Point
      Consulting purchased shares of Forest Industry Online and assumed all of the
      related assets and liabilities of the same. On January 7, 2003, we changed
      our
      name to Global Golf Holdings, Inc.





On
      April
      15, 2004, the Company filed a Form 8-K announcing that due to lack of success
      in
      executing the Company’s business plan and considerable under funding of the
      same, that the Board of Directors had determined that it was no longer viable
      to
      continue operations under the current business plan.




On
      November 23, 2004 the Registrant closed on the Agreement with Low Carb Centre
      and affiliates (hereinafter “LCC”). LCC is a privately held company organized
      under the laws of British Columbia, Canada with its primary business being
      the
      retail sales and distribution of gourmet low carbohydrate food products through
      its traditional brick-and-mortar retail stores and the World Wide Web at
      www.lowcarbcentre.com. The Low Carb Bakery (“LCB”) is a privately held company
      organized under the laws of British Columbia, Canada with its primary business
      being the manufacturing of food products for the LCC retail market. McNabb
&
Associates (“MNA”) is a privately held company organized under the laws of
      British Columbia, Canada with its primary business being the management and
      supervision of the business operations of both LCC and LCB.





Under
      the
      terms of the LCC Transaction, the Registrant acquired substantially all of
      the
      assets of LCC, including, but not limited to, LCC’s suppliers, customer and
      vendor lists and records pertaining thereto, the trade names “Low Carb Centre,”
“Low Carb Bakery” and “McNabb and Associates,” all registered and unregistered
      trademarks, service marks, sales marks, colors, names and slogans relating
      to
      the business, and all applications for any of the foregoing, together with
      all
      of the Sellers’ rights to use all of the foregoing forever, and all goodwill
      associated with the foregoing, the existing phone number(s) and websites of
      the
      business, all assets referred to or referenced within any audited financial
      statements of the business in preparation or consideration of the closing of
      the
      LCC Transaction and any and all recipes, trade secrets, trade practices, décor,
      goodwill, clients, equipment, furniture, assets, machinery, trade fixtures,
      miscellaneous supplies, inventory, existing contracts and tangible personal
      property.





Consideration
      for the LCC Transaction was 14,743,199 newly issued shares of the Registrant
      post-reverse split. The terms and conditions of the Agreement were determined
      in
      arm’s length negotiations between the Registrant and LCC.





The
      terms
      and conditions of the Asset Purchase Agreement were determined in arm’s length
      negotiations between the Company and LCC.





Since
      the
      LCC Transaction effectively constituted a reverse purchase with the management
      and shareholders of LCC essentially assuming the same positions in Vitasti,
      reverse purchase accounting principles were utilized by the Company in
      accounting for that transaction.





***The
      Acquisition of Welwind Energy International Corporation.***





On
      April
      11, 2006, the Company and Welwind Energy International Corporation, a
      corporation duly incorporated under the laws of the Province of Alberta, Canada,
      and the shareholders of Welwind Energy International Corporation (the
“Shareholders”), entered into a Share Exchange Agreement (the ‘Agreement”). The
      Agreement was closed on the 17 th of
      August 2006. Per the Agreement, the Company acquired 100% of Welwind Energy
      International Corporation in exchange for 11,000,000 unregistered shares of
      Vitasti, which were distributed to the Shareholders as required by the terms
      of
      the Agreement. The Shareholders are subject to the resale provisions of Rule
      144.





On
      October 26, 2006, the Company filed in the office of the Secretary of State
      for
      the State of Delaware a Certificate of Amendment to the Company’s Certificate of
      Incorporation, causing the name of the Company to be changed from Vitasti,
      Inc.
      to Welwind Energy International Corp.





Table
          of Contents
 17




WEIC
      was
      founded in 2005 to build, own and operate wind farms on an international scale.
      Their current project is to bridge the North America-China link by building
      wind
      farms in China beginning along the South China Sea. The Company took several
      trips to China where two contracts were signed with the cities of Yangxi and
      Zhanjiang in the Province of Guangdong. The signed contracts allow the Company
      to build up to 1000 Megawatts (“MW”) of wind power in Guangdong Province. The
      company has also been in negotiations for a 50 year purchase price agreement
      (“PPA”) as well. The engineering, procurement and Construction (EPC) contractor,
      China Machine International Building Corp., has agreed to provide the
      engineering, procurement and construction on the projects along with performance
      bonds.





Representatives
      of the Company attended the Renewable Energy Finance Asia Conference in Hong
      Kong. The investment forum brought together International Industry leaders
      and
      presented networking discussions from Carbon markets and alternative energy.
      Investors, Fund managers, Utilities Government, Asian Development Banks, The
      World Bank and the United Nations were among those in attendance, providing
      experience and perspective to this growing market. The event clearly solidifies
      the confidence of renewable energy in Asia and provided us with numerous
      networking opportunities.





We
      were
      able to spend one on one time with representatives of the International Finance
      Corporation/World Bank to discuss international developments and economic growth
      of the company.





While
      in
      China, the Company formally signed the commitment for a land lease pertaining
      to
      the Zhanjiang wind farm. We plan to build forty-nine (49) MW in the first phase
      of a six hundred (600) MW wind farm on this property.





In
      regards to the Yangxi wind farm project, the base is complete and the
      installation of the 100 meter meteorological tower took place in June of 2006.
      The data collected over the next year will provide the necessary information
      required to build out the wind farm. The Yangxi wind farm will start as a 49
      MW
      project building out to 400 MWs.





***Product***





The
      Zhanjiang Project





The
      Zhanjiang Project will see the instillation of a six hundred (600) MW wind
      farm
      on the subject property. We recently announced that through a cooperative
      agreement with Guangzhou Engga Wind Energy Co. Ltd (“Engga”) that the first
      turbine produced by Engga for the Company rolled-off the production line in
      February 2007. This turbine will be the first installed turbine for the
      Zhanjiang Project, during this Phase 1, the Company plans to build forty-nine
      (49) MWs. The Company has constructed the base for the first turbine and expects
      that the first turbine will be installed on the Zhanjiang Project sometime
      in
      April of 2007 once curing is complete. The first turbine installed is expected
      to generate enough power to supply electricity for up to 1000 homes in the
      region.





***Supply***





The
      Company and Guangzhou Engga Wind Energy Co. Ltd. (“ENGGA”) announced a
      cooperative relationship where by the Company and ENGGA will work together
      on
      the technology and future supply of all Welwind turbines. The agreement gives
      Welwind priority for all turbines to be manufactured by ENGGA. ENGGA is the
      sino-joint enterprise with the shareholders by Britain ENGGA Power Generator
      Co., Ltd. and Hong Kong ENGGA Investment Co., Ltd. with the registered capital
      reaching RMB30 million and specializing in making, selling and installing wind
      power generation equipments, as well as selling parts of wind power generation
      equipments.





***Our
      Strategy***





During
      2006, we successfully completed several important milestones that we believe
      were fundamental to our being able to achieve growth from our business model
      for
      project developments in the alternative energy market and continued growth
      in
      our health and wellness operations.





These
      milestones include:





Table
          of Contents
 18




·
            Development
                of several private label products currently being sold under the
                brand
                name “Carb Craver Alternatives”


·
            Successfully
                launched our line of Amazon Acai Berry Granolas currently for sale
                in
                various retail chains including Whole Foods Markets and Harry &
                David





·
            Completed
                significant research and development paving the way for future leading
                edge products including the development of a line of nutrition
                bars


·
            Developed
                a business model to pursue development of wind energy projects
                internationally


·
            Acquired
                our first wind energy development company through the acquisition
                of
                Welwind Energy International Corporation in August 2007





As
      a
      result of the achievements of these milestone and our ongoing marketing and
      business development efforts, we have set the ground work for promising results
      for the organization. Our current focus in the alternative energy market will
      be
      our primary focus in our business moving forward for 2007. The capital currently
      available to us and future financings will be for the development and operation
      of wind farms in China and continued expansion of wind projects globally. The
      company sees additional growth via acquisitions of additional wind farm
      projects.





***Our
      Industry***





On
      February 2, 2007, the Global Wind Energy Council (“GWEC”) announced that the
      wind energy markets around the world exceeded expectations in 2006. GWEC is
      the
      industry's global trade organization, with a combined membership of over 1,500
      organizations involved in hardware manufacture, project development, power
      generation, finance and consultancy, as well as researchers, academics and
      associations. More information can be viewed on their web site which is
      www.gwec.org and it contains much information on the industry and its markets.





The
      GWEC
      report further states that in terms of economic value, the wind energy sector
      has now become firmly installed as one of the important players in the energy
      markets, with the total value of new generating equipment installed in 2006
      reaching €18 billion, or USD$23 billion. Outside of Europe, Asia has experienced
      the largest growth in the industry, in 2006 the continent accounted for 24%
      of
      new instillations of wind power facilities.





Specifically,
      according to the GWEC release, China more than doubled its total installed
      capacity by installing 1,347 MW of wind energy in 2006, a 70% increase from
      last
      year’s figure. This brings China up to 2,604 MW of capacity, making it the sixth
      largest market worldwide. The Chinese market was boosted by the country’s new
      Renewable Energy Law, which entered into force on 1 January 2006.





***Wind
      Energy Industry Participants***





As
      wind
      energy technology gains wider acceptance, competition may increase as large,
      well-capitalized companies enter the business. As previously stated, wind energy
      is the fastest growing source of energy worldwide for three consecutive years.
      Energy companies such as British Petroleum, Shell Oil Company’s Wind Energy arm,
      Siemens and other major companies in the energy sector, see opportunities in
      wind power development. Additionally, there are many smaller companies that
      are
      seeking out opportunities in the wind energy sector.





In
      some
      cases, competitors may have longer operating histories, more customers, greater
      financial strength, more name recognition, and larger technical staffs. These
      competitors may be able to more readily identify and acquire suitable locations
      to exploit the growth in the wind energy sector more easily because of their
      financial resources and awareness in the market. Our larger competitors can
      also
      devote substantially more resources to business development and may adopt more
      aggressive pricing policies.





***Distribution***





The
      Company continually analyzes population growth and both national and
      international economic factor, in determining energy demands in identified
      areas. Should the Company make the determination and successfully identify
      suitable property or properties, the Company would test the site to determine
      whether sufficient wind energy resources are available to effectively and
      efficiently displace current electricity sources, thus reducing pollution from
      fossil fuel. Upon completion of the analysis, the Company would attempt, if
      conditions were favorable, to obtain land right and apply for permits to install
      and operate a wind power generating plant.





Table
          of Contents
 19




***T*** ***rademarks***





The
      Company currently holds no Trademarks.





***Governmental
      Regulation***





We
      do not
      use, generate or discharge toxic, volatile or otherwise hazardous chemicals
      and
      wastes in our research and development and manufacturing activities. However,
      we
      are subject to a variety of foreign, federal, state and local governmental
      regulations. At this time, we believe that we have all permits necessary to
      conduct our business.





We
      are
      not aware of any environmental investigation, proceeding or action by foreign,
      federal or state agencies involving our current facilities or operations. If
      we
      fail to comply with present or future environmental regulations, we could be
      subject to fines, suspension of production or a cessation of operations. Any
      failure by us to adequately comply with existing and future regulations could
      subject us to financial liabilities, operational interruptions and adverse
      publicity, any of which could materially and adversely affect our business,
      results of operations and financial condition.





**Quarterly
      Developments**





During
      the quarter ended March 31, 2007, the Company reported the following
      events:


(1)
              At
                  a Board of Directors meeting held on February 1, 2007, Mr. Chong-Jian
                  Zhao
                  and Mr. Feng Junyi were appointed as Directors of the Company.
 
 (2)
              The
                  first wind turbine produced by Guangzhou Engga Wind Energy Co.
                  Ltd.
                  (ENGGA) for the Company rolled off of the production line for Phase
                  I of
                  the Zhanjiang wind farm project.


**Change
      in Reporting Currency**





Effective
      January 1, 2005, the Company changed its reporting currency from the U.S.
      dollar to the Canadian dollar. The reason for this change was because a majority
      of the Company’s assets and operations are located in Canada. All amounts set
      forth in this filing are in Canadian Dollars, unless otherwise
      indicated.





**Liquidity
      and Capital Resources** .





At
      March
      31, 2007, we had $383,805 in cash and total current assets of $1,067,389 and
      our
      current liabilities are $430,389. We may require additional capital investments
      or borrowed funds to meet cash flow projections and carry forward our future
      business objectives.  There can be no assurance that we will be able to
      raise capital from outside sources in sufficient amounts to fund our business.





The
      failure to secure adequate outside funding would have an adverse affect on
      our
      expansion plan of operation and results therefrom and a corresponding negative
      impact on shareholder liquidity.




At
      March
      31, 2007, the Company used $478,743 of net cash flows in operating activities.
      However, the Company was able to fund operations by receiving subscription
      proceeds of $381,295.





**FINANCIAL
      CONDITION AND CHANGES IN FINANCIAL CONDITION**





The
      following analysis of historical financial condition and results of operations
      are not necessarily reflective of the on-going operations of the Company.





***Overall
      Operating Results - Comparison of Period Ended March 31, 2007 to Period Ended
      March 31, 2006***





Table
          of Contents
 20




We
      had
      $82,575 in sales during the three months ended March 31, 2007, compared to
      $37,528 for the three months ended March 31, 2006.  We anticipate that
      increased marketing efforts will generate the required revenues to sustain
      our
      anticipated growth. There can be no assurances that this will
      occur.





General
      and administrative expenses incurred during the three months ended March 31,
      2007 totaled $1,198,793. These expenses were incurred primarily for the
      following reasons:





·
            Accounting,
                audit and legal fees of approximately $42,165;·
            Business
                consulting fees of $892,867 (including stock-based compensation of
                $820,037); and·
            Other
                expenses of $263,761.




Similar
      expenses incurred for the quarter ended March 31, 2006 were $190,543. These
      expenses were incurred primarily for the following reasons:





·
            Legal
                fees of approximately $2,000·
            Accounting,
                audit and bookkeeping fees totaling approximately
                $62,995·
            Business
                consulting fees of $88,935·
            Other
                expense of $36,613




Also,
      there were 2,006,557 newly issued shares for the payment of services during
      the
      three months ended March 31, 2007, compared to 6,600,000 for the same period
      in
      the prior year.





We
        incurred a net loss for the three month period ended March 31, 2007 of
        $1,188,328 as compared to a net loss of $161,361 for the comparable prior
        year
        period. These losses were attributable to the aforementioned operating expenses.
        The increase in net loss was a result in the increase in stock based
        compensation from $113,848 for the three month period ended March 31, 2006
        to
        $820,037 for the three month period ended March 31, 2007. In addition, there
        was
        a general increase in travel expenses and other general and administrative
        expenses due to the operations in China that occurred during the three month
        period ended March 31, 2007. The China operations did not exist during the
        three
        month period ended March 31, 2006.





**Plan
      of Operation for The Next Twelve Months** .





Our
      current focus in the alternative energy market will be a primary focus in our
      business moving in 2007. A significant portion of the capital currently
      available to us and future financings will be for the development and operation
      of wind farms in China. The company sees additional growth via acquisitions
      of
      additional wind farm projects.




Our
      cash
      requirements depend on numerous factors, including research and development
      activities. We will examine growth opportunities, including strategic alliances,
      and we expect any such activities will be funded from issuance of additional
      equity or additional borrowings, subject to market and other conditions.





As
      a
      direct result of the recent financings, we have sufficient cash resources to
      complete the build out of the first demonstration turbine which will give us
      access to a local powerline and a power purchase agreement (PPA) for the
      Zhanjiang project. With the interconnect we then have the ability to build
      out
      further turbines for the 49 MGW phase one project. A portion of the current
      funds raised will be designated to the Yangxi project to begin
      development.





Any
      additional growth of the company will require additional cash infusions. We
      may
      face expenses or other circumstances such that we will have additional financing
      requirements. In such event, the amount of additional capital we may need to
      raise will depend on a number of factors. These factors primarily include the
      extent to which we can achieve revenue growth, the profitability of such
      revenues, operating expenses, research and development expenses, and capital
      expenditures. Given the number of programs that we have ongoing and not
      complete, it is not possible to predict the extent or cost of these additional
      financing requirements.




Table
          of Contents
 21




Notwithstanding
      the numerous factors that our cash requirements depend on, and the uncertainties
      associated with each of the major revenue opportunities that we have, we believe
      that our plan of operation can build long-term value if we are able to
      demonstrate clear progress toward our objectives.




This
      Company does not anticipate any contingency upon which it would voluntarily
      cease filing reports with the SEC, even though it may cease to be required
      to do
      so. It is in the compelling interest of this Registrant to report its affairs
      quarterly, annually and currently, as the case may be, generally to provide
      accessible public information to interested parties, and also specifically
      to
      maintain its qualification for the OTCBB.





The
      failure to secure adequate outside funding would have an adverse affect on
      our
      expansion plan of operation and results therefrom and a corresponding negative
      impact on shareholder liquidity.





**Risk
      Factors**





***Cautionary
      Statement on Forward-Looking Statements***





We
      have
      made and will make “forward-looking statements” within the meaning of
      Section 27A of the Securities Act of 1933 and Section 21E of the
      Securities Exchange Act of 1934 in this Quarterly Report on Form 10-QSB and
      in other contexts relating to future growth and profitability targets and
      strategies designed to increase total shareholder value. Forward-looking
      statements also include, but are not limited to, information regarding our
      future economic and financial condition, the plans and objectives of our
      management and our assumptions regarding our performance and these plans and
      objectives.





The
      Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for
      forward-looking statements to encourage companies to provide prospective
      information, so long as those statements are identified as forward-looking
      and
      are accompanied by meaningful cautionary statements identifying important
      factors that could cause actual results to differ materially from those
      discussed in the forward-looking statements. We desire to take advantage of
      the
“safe harbor” provisions of that Act.





Some
      forward-looking statements that we make in this Quarterly Report on
      Form 10-QSB and in other contexts represent challenging goals for our
      company, and the achievement of these goals is subject to a variety of risks
      and
      assumptions and numerous factors beyond our control. Important factors that
      could cause actual results to differ materially from the forward-looking
      statements we make are described below. All forward-looking statements
      attributable to us or persons working on our behalf are expressly qualified
      in
      their entirety by the following cautionary statements.





**Going
      Concern**





Our
      auditors have expressed substantial doubt about our ability to continue as
      a
      going concern, which may result in the loss of your entire investment. If we
      discontinue operations, you will lose your entire investment.





Our
      business is capital intensive and will require additional financing which will
      result in dilution to existing shareholders which would in turn reduce the
      share
      price of earlier issued shares. Our operations are capital intensive and growth
      will consume a substantial portion of available working capital. We may require
      additional capital in order to fund our operations. We do not have any
      commitments for additional financing and there can be no assurance that such
      additional funding, if required, will be available, or if available, will be
      available upon favorable terms. With respect to our ability to obtain financing
      on favorable terms, we do not have significant assets to serve as loan
      collateral. Still further, we presently do not have a sufficient cash flow
      to
      qualify for reasonable debt financing. Insufficient funds may prevent us from
      implementing our business strategy. In the event we raise additional funds
      through the issuance of equity securities, dilution to the then existing
      stockholders will result and future investors may be granted rights superior
      to
      those of existing stockholders. Accordingly, such dilution would reduce the
      share price of the earlier issued shares.





Table
          of Contents
 22




***Possible
      Delisting***





On
      November 16, 2005, the Securities and Exchange Commission (SEC) approved the
      proposed rule change to NASD Rule 6530, also known as the Eligibility Rule.
      Under the rule change, OTC Bulletin Board (OTCBB) issuers that are cited for
      filing delinquency three times in a 24-month period and those removed for
      failure to file two times in a 24-month period will be ineligible for quotation
      by an NASD member. The new rule will apply to filings for reporting periods
      ending on and after October 1, 2005.





Since
      October 1, 2005, the Company has been cited for a filing delinquency two (2)
      times. If the Company is cited for a filing delinquency for a third time on
      or
      before April 20, 2008, then the Company will be ineligible for quotation by
      an
      NASD member, which would cause an investor or an existing shareholder to
      potentially lose all or part of his investment.





***Lack
      of operations, positive cash flow and profitability may continue which will
      affect our ability to remain in business***





Since
      the
      inception of the Company, we have been unable to generate positive cash flow
      or
      profits in the industries in which we participate. If we do not generate
      positive cash flow and hence become profitable, we may not be able to remain
      in
      business.





***Uncertainty
      of commercial success may affect our ability to remain in business***





With
      respect to our revenue and profitability prospects, we may not be able to
      achieve commercial success with our operations. Furthermore, our industry is
      characterized by rapid change and growth. Accordingly, we may not be able to
      keep up with the pace of change or fund its growth. If we fail to achieve
      commercial success, we will continue to suffer net losses and we will have
      to go
      out of business.





***Competition
      may have an adverse effect on our business***





We
      are
      subject to competition from other companies that may try to emulate or compete
      with similar products or services. These competitors have been in the business
      longer than us and may have large executive and operating staffs. Our prospects
      may be adversely affected by competition from these companies. The introduction
      of similar or superior products by current or future competitors could have
      a
      material adverse effect on our business and financial condition.





***Dependence
      on management will affect our profitability*** **





Future
      success depends on the continued services of the Company’s Chief Executive
      Officer, President and Chief Operating Officer. The loss of any of their
      services would be detrimental and could have a material adverse effect on the
      business, financial condition and results of operations. Future success is
      also
      dependent on our ability to identify, hire, train and retain other qualified
      managerial and other employees. Competition for these individuals is intense
      and
      increasing. We may not be able to attract, assimilate, or retain qualified
      managerial personnel and our failure to do so could have a material adverse
      effect on the business, financial condition and results of operations.





***Risks
      Relating to Our Common Stock***





Due
      to
      the fact that our common stock is listed on the NASD OTC Bulletin Board, there
      can be no assurance that a regular trading market for our common stock will
      ever
      be developed. As such, the investors must be able to bear the financial risk
      of
      losing their entire investment. Our common stock is listed on the NASD OTC
      Bulletin Board under the trading symbol “WWEI.” From time to time, the Company’s
      trading activity is volatile and subject to rapid changes in both trading volume
      and trading price. Therefore, investors should realize that they may be unable
      to sell our common stock if they purchase it. Accordingly, investors must be
      able to bear the financial risk of losing their entire investment in our common
      stock.





Table
          of Contents
 23




***Lack
      of dividends may affect the value of your investment when compared to comparable
      stock, which does pay a dividend***





We
      have
      never paid a cash dividend on our common stock. We are not obligated to pay
      a
      dividend on our common stock and do not anticipate payment of any dividends
      for
      the foreseeable future.. The value of your stock may be reduced in that
      prospective buyers may prefer a stock which does pay a dividend.





***Potential
      volatility of stock price will affect the value of our common
      stock***





There
      can
      be no assurance that an active public trading market can be established or
      sustained. Furthermore, if a regular trading market for the common stock is
      established, the shares could be subject to significant fluctuations in response
      to operating results and other factors, many of which are not within our
      control. Accordingly, you may not be able to obtain a satisfactory price for
      your shares if you need to sell some or all of your shares at a time when the
      shares may be depressed.





**Critical
      Accounting Policies** .





The
      preparation of financial statements in conformity with generally accepted
      accounting principles requires management to make a wide variety of estimates
      and assumptions that affect (i) the reported amounts of assets and liabilities
      and disclosure of contingent assets and liabilities as of the date of the
      financial statements, and (ii) the reported amounts of revenues and expenses
      during the reporting periods covered by the financial statements. Our management
      routinely makes judgments and estimates about the effect of matters that are
      inherently uncertain. As the number of variables and assumptions affecting
      the
      future resolution of the uncertainties increases, these judgments become even
      more subjective and complex. The most significant accounting policies that
      are
      most important to the portrayal of our current financial condition and results
      of operations are as follows:





Revenue
      Recognition




The
      Company recognizes revenue in accordance with Securities and Exchange Commission
      Staff Accounting Bulletin No. 104 (“SAB 104”), “Revenue Recognition in Financial
      Statements”. Revenue consists of the sale of products and is recognized only
      when the price is fixed or determinable, persuasive evidence of an arrangement
      exists, the product is shipped, and collectibility
      is reasonably assured .




**Acquired
      Goodwill**




Goodwill
      represents the excess of the purchase price of acquired assets over the fair
      values of the identifiable assets acquired and liabilities assumed. Pursuant
      to
      SFAS No. 141, “Business Combinations” the Company does not amortize goodwill,
      but tests for impairment of goodwill on an annual basis and at any other time
      if
      events occur or circumstances indicate that the carrying amount of goodwill
      may
      not be recoverable. Circumstances that could trigger an impairment test include
      but are not limited to: a significant adverse change in the business climate
      or
      legal factors; an adverse action or assessment by a regulator; unanticipated
      competition and loss of key personnel. Goodwill is tested for impairment using
      present value techniques of estimated future cash flows; or using valuation
      techniques based on multiples of earnings. If the carrying amount of goodwill
      exceeds the implied fair value of that goodwill, an impairment loss is charged
      to operations.





**Customer
      Relationships**




Customer
      relationships consist of the relationships the Company has attained with the
      various levels of governments in China, which resulted in the entering of two
      agreements as noted in Note 7(h) and (i). The Company used the replacement
      cost
      approach for accounting for customer relationships. This approach uses an
      estimate of what a notional purchaser would likely pay for the intangible asset
      in order to be in the same position of the Company at the date of the closing
      of
      the Asset Purchase Agreement described in Note 8. The Company will amortize
      the
      carrying value of the customer relationships on a straight-line basis over
      the
      remaining estimated useful lives of the wind power plants upon commencement
      of
      the commercial production of electricity.





Table
          of Contents
 24




**ITEM
      3. CONTROLS AND PROCEDURES**





***Evaluation
      of Disclosure Controls and Procedures***





As
      required by Rule 13a-15 under the Exchange Act, we have carried out an
      evaluation of the effectiveness of the design and operation of our disclosure
      controls and procedures as of the end of the period covered by this annual
      report. This evaluation was carried out under the supervision and with the
      participation of our management, including our principal executive officer
      and
      principal financial officer. Based upon that evaluation, our principal executive
      officer and principal financial officer concluded that our disclosure controls
      and procedures are effective as at the end of the period covered by this annual
      report to ensure that information required to be disclosed by us in the reports
      that we file or submit under the Exchange Act is recorded, processed, summarized
      and reported within the time periods specified by the rules and forms of the
      SEC.





Disclosure
      controls and procedures are controls and other procedures that are designed
      to
      ensure that information required to be disclosed in our reports filed or
      submitted under the Exchange Act is recorded, processed, summarized and
      reported, within time periods specified in the Securities and Exchange
      Commission's rules and forms. Disclosure controls and procedures include,
      without limitation, controls and procedures designed to ensure that information
      required to be disclosed in our reports filed under the Exchange Act is
      accumulated and communicated to management, including our principal executive
      officer and principal financial officer, as appropriate, to allow timely
      decisions regarding required disclosure.





***Changes
      In Internal Controls Over Financial Reporting***





During
      the year, the Company used an outside consulting firm to assist in the
      preparation of quarterly and annual consolidated financial statements in
      accordance with US Generally Accepted Accounting Principles. This outside
      consulting firm also reviews account reconciliations and all equity
      transactions. Other than the described changes, no other Changes in internal
      controls over financial reporting occurred during the current fiscal year that
      have materially affected, or are reasonably likely to materially affect, our
      internal controls over financial reporting.




**PART
      II.**





**ITEM
      1. LEGAL PROCEEDINGS**





N/A





**ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
      PROCEEDS**





N/A





**ITEM
      3. DEFAULTS UPON SENIOR
      SECURITIES**





N/A





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





N/A





**ITEM
      5. OTHER INFORMATION**





On
      April
      2, 2007, the Company announced that Baldwin Kao Tam Cheng has been appointed
      as
      a Director of the Company.





Mr.
      Cheng, 62, is currently the Managing Director of BIS Supplies and Engineering
      Ltd., a company that specializes in the supply of materials for construction
      projects in Hong Kong. In order to meet the ever expanding demand, Mr. Cheng
      decided to streamline some of his businesses by further creating four different
      companies that would provide specialization to a certain area of trade: 1)
      BIS
      Hua Wei Pipelines & Steel Structure Engineering Co., Ltd., 2) BIS Waterworks
      Co., Ltd., 3) BIS Shang Pein Ductile Iron Supply Co., Ltd., and 4) BIS Transport
      Co., Ltd.





Table
          of Contents
 25




Mr.
      Cheng
      has over 38 years of experience in the construction and in the trade industry,
      and his vast experience in management has led to successful business
      transactions over the course of his career.





Also,
      on
      April 2, 2007, the Registrant accepted the resignation of David Cho, formerly
      a
      Director of the Registrant.


On
      May 2,
      2007, the Company announced that Mr. Pan Huifang has been appointed as a
      Director of the Company





Mrs.
      Pan
      Huifang to the board of directors effective immediately. Mrs. Pan has been
      recognized within her industry as one of China's greatest Women Entrepreneurs.
      Her relationships on a social, business and political level will assist Welwind
      in furthering its developments within the Chinese market.




Currently
      Mrs. Pan is the Executive Vice General Manager of Dongxing Plastic Corporation
      (DPC). DPC is a large-scale, privately operated, blow molding and injection
      molding factory spanning over 50,000 square meters. The company's business
      is in
      the area of injection molding, blow molding, printing, and has four production
      lines serving customers within the petroleum, chemical, food, medical, building
      and tobacco industries. There are currently 380 employees, including a
      specialized technical team, structure designers and 25 mechanical engineers
      composed of 18 mold engineers.




The
      company currently has clients in over 20 Provinces in mainland China, Europe,
      America, Southeast Asia, Japan, Hong Kong, Macao and Taiwan.




On
      May 8,
      2007, the Company disseminated a Press Release captioned “ Welwind
      Energy International Corp. Announces Turbine Installation to
      Begin.”





**ITEM
      6. EXHIBITS AND REPORTS ON FORM
      8-K**





(a)
      Exhibits.





EXHIBIT
                NUMBER
            DESCRIPTION
            LOCATION3.1
                - 3.2
            Articles
                of Incorporation and Bylaws
            Incorporated
                by reference as Exhibits to the Form 8-K filed on December 12, 2004
                as
                amended on February 3, 2005.31.1
            Rule
                13a-14(a)/15d-14(a) Certification (CEO)
            Filed
                herewith31.2
            Rule
                13a-14(a)/15d-14(a) Certification (CFO)
            Filed
                herewith32.1
            Section
                1350 Certification (CEO)
            Filed
                herewith32.2
            Section
                1350 Certification (CFO)
            Filed
                herewith





(b)  Reports
      on Form 8-K .





The
      following reports on Form 8-K are incorporated by reference herein:





(a)
            Form
                8-K filed on February 8, 2007;(b)
            Form
                8-K filed on April 4, 2007; and(c)
            Form
                8-K filed on May 8, 2007.




Table
            of Contents
 26





**Welwind
      Energy International Corp.**





**SIGNATURES** ****




Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has
      duly caused this report to be signed on its behalf by the undersigned thereunto
      duly authorized.


Date: May
                  15, 2007
              /s/
                  TAMMY LYNN MCNABBBy:
                  Tammy-Lynn McNabbIts:*CEO*