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


                                   FORM 10-QSB


     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 2004

                                       OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  For the transition period from _____ to ____.


                           Commission File No. 0-8301



                              WHITEMARK HOMES, INC.
                              ---------------------
             (Exact Name of Registrant as Specified in its Charter)



               State of Colorado                           25-1302097
        (State or Other Jurisdiction of                 (I.R.S. Employer
         Incorporation or Organization)                 Identification #)


             650 South Central Avenue, Suite 1000, Oviedo, FL 32765
                    (Address of Principal Executive Offices)

                                 (407) 366-9668
                Registrant's Telephone Number Including Area Code


      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days [X] Yes [ ] NO

      Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.

      There were 18,401,419 shares, Common Stock, $.001 Par Value as of March
31, 2004.

                                       1
<PAGE>

                              WHITEMARK HOMES, INC.

                                   FORM 10-QSB

                                      INDEX

                                                                         Page
                                                                         ----

Part I.   Financial Information

     Item 1.   Condensed Consolidated Financial Statements       .      .   3

     Item 2.   Management's Discussion and Analysis       .      .      .   10

     Item 3.   Controls and Procedures      .      .      .      .      .   12

Part II:  Other information

     Item 1:   Legal Proceedings    .       .      .      .      .      .   13

     Item 2:   Changes in Securities and Use of Proceeds  .      .      .   15

     Item 4:   Submission of Matters to a Vote of the Security
               Holders       .      .       .      .      .      .      .   15

     Item 5:   Other Information.   .       .      .      .      .      .   15

     Item 6:   Exhibits, Financial Statement Schedules, and
               Reports on Form 8-K          .      .      .      .      .   15
               Signatures.   .      .       .      .      .      .      .   16

                                       2
<PAGE>

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

                     WHITEMARK HOMES, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEET
                              As of March 31, 2004
                                   (Unaudited)


                                     ASSETS

Land and home inventory                                          $11,718,253
Cash                                                               1,264,154
Accounts receivable                                                   96,000
Prepaid expense                                                       76,248
Other assets                                                         427,081
Investment in equity method investee                                 688,905
                                                                 -----------
TOTAL ASSETS                                                     $14,270,641
                                                                 ===========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities:
   Notes payable                                                 $10,375,198
   Accounts payable                                                2,352,037
   Accrued expenses                                                3,881,445
   Related party notes payable                                       288,793
                                                                 -----------
     Total Liabilities                                            16,897,473
                                                                 -----------
Stockholders' Equity (Deficit):
  Common stock, $.001 par value, 100,000,000
   shares authorized, 18,401,419 shares
   outstanding                                                        18,401
  Additional paid in capital                                      23,872,807
  Retained deficit                                               (26,518,040)
                                                                 -----------
     Total Stockholders' Deficit                                  (2,626,832)
                                                                 -----------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                      $14,270,641
                                                                 ===========

See accompanying selected information.

                                       3
<PAGE>

                     WHITEMARK HOMES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                      For the Three Months Ended March 31,
                                   (Unaudited)

                                                     2004           2003
                                                  -----------    -----------
REVENUES:
   Sales                                          $18,406,820     $4,196,596

   Cost of sales                                   16,609,381      2,869,996
                                                  -----------    -----------
GROSS PROFIT                                        1,797,439      1,326,600


Selling, general, and administrative expenses         870,772        986,594
                                                  -----------    -----------
INCOME FROM OPERATIONS                                926,667        340,006

Other Income/(Expenses):
   Interest expense                                   (31,849)      (208,738)
   Other income/expense, net                           45,836       (113,373)
                                                  -----------    -----------
INCOME BEFORE INCOME TAXES                            940,654         17,895

   Provision for income taxes                              -              -
                                                  -----------    -----------

NET INCOME                                        $   940,654    $    17,895
                                                  ===========    ===========

Income per common share - basic & diluted         $      0.05    $    0.0001
                                                  ===========    ===========

Weighted average shares - outstanding              18,356,178     17,008,962
   basic and diluted                              ===========    ===========


See accompanying selected information.

                                       4
<PAGE>

                     WHITEMARK HOMES, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                Increase/(Decrease) in Cash and Cash Equivalents
                      For the Three Months Ended March 31,
                                   (Unaudited)

                                                      2004          2003
                                                  -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES
  Net income                                      $   940,654    $    17,895
  Adjustments to reconcile net income to
  net cash provided by operating activities:
    Depreciation and amortization                       7,860         33,544
    Services acquired with stock                            -         86,932
    Write-down inventory/write off assets                   -        113,373
 Changes in operating assets and liabilities        8,754,943        294,886
                                                  -----------    -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES           9,703,457        546,630
                                                  -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of property and equipment                   (3,295)        (4,291)
  Other investing activities                                -       (201,546)
                                                  -----------    -----------
NET CASH USED BY INVESTING ACTIVITIES                  (3,295)      (205,837)
                                                  -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Proceeds from notes payable                      4,533,165        329,062
   Repayments of notes payable                    (13,807,540)      (622,502)
   Proceeds from issuing stock                          7,339          4,783
                                                  -----------    -----------
NET CASH USED BY FINANCING ACTIVITIES              (9,267,036)      (288,657)
                                                  -----------    -----------
   Increase in Cash                                   433,126         52,136

Cash at Beginning of Period                           831,028        205,198
                                                  -----------    -----------

   CASH AT END OF PERIOD                          $ 1,264,154    $   257,334
                                                  ===========    ===========

Supplemental Disclosures
  Cash paid for interest                          $   183,567    $   231,517

  Non-cash Investing and Financing Transactions:
   Interest on notes payable capitalized as
    land and home inventory                           616,024      1,031,063
   Reduction in note payable for
    participating interest                                  -       (200,000)
   Restricted stock issued for services                     -         86,932

See accompanying selected information.

                                       5
<PAGE>

                     WHITEMARK HOMES, INC. AND SUBSIDIARIES

      SELECTED INFORMATION FOR CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)
                                 March 31, 2004


NOTE 1:   BASIS OF PRESENTATION

The accompanying condensed consolidated financial statements include the
accounts of Whitemark Homes, Inc. (the "Company", "WTMK" or "Whitemark") and all
subsidiaries in which a controlling interest is held. The Company's investments
in entities in which a less than controlling interest is held are accounted for
by the equity method. All significant intercompany transactions and balances
have been eliminated.

These financial statements have been prepared by the Company without audit. In
the opinion of management, all adjustments (consisting of normal recurring
adjustments) necessary for fair presentation of the accompanying condensed
consolidated financial statements have been made.

Certain information and note disclosures normally included in the Company's
annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. These condensed
consolidated financial statements should be read in conjunction with a reading
of the financial statements and accompanying notes included in the Company's
financial statements for the year ended December 31, 2003 that were filed with
the Securities and Exchange Commission on Form 10-KSB-A on April 21, 2004. This
Form, 10-QSB, and other filings by the Company are available through the
Internet on the SEC's EDGAR database at www.sec.gov or from the Company upon
request.

The Company historically has experienced, and expects to continue to experience,
variability in quarterly results. The condensed consolidated statements of
operations for the three months ended March 31, 2004 are not necessarily
indicative of the results to be expected for the year ending December 31, 2004.

Business

ITEM 1. BUSINESS

(a) Business Development

Whitemark Homes, Inc. (the "Company" or "WTMK" or "Whitemark") was incorporated
under the name Golden Triangle Royalty & Oil, Inc. on July 30, 1975 under the
laws of the State of Colorado. The Company was organized primarily to acquire
and hold royalties on oil and gas properties. During 1996 the Company's name was
changed to Golden Triangle Industries, Inc. On June 17, 2000, the Golden
Triangle shareholders approved the purchase of Whitemark Homes, Inc., a
respected private company with a long term business plan, significant assets,
revenues and net income. It was determined that, after the acquisition, the
Company's business would be strictly that of Whitemark and that the oil, gas and
other extractive businesses would be sold. Therefore, in June 2001 the name of
the Company was changed to Whitemark Homes, Inc. to reflect the new business
direction. Whitemark has been in the business of developing and constructing
high quality residential communities for the past twenty years, with an emphasis
on customer satisfaction. Whitemark's business includes the purchase and
development of lots through the construction and sale of single family homes,
including designing, building and marketing. The target market is primarily
vacation home and middle income buyers.

                                       6
<PAGE>

On November 8, 2001, the Company completed the acquisition of privately held
North Florida Consulting, Inc. ("NFC") and related entities, a major developer
of prestigious waterfront properties in the Florida panhandle. The Company
issued five million restricted common shares to the stockholders of NFC and
guaranteed certain indebtedness of NFC and its majority stockholders to complete
the acquisition. NFC specializes in construction of five-star resort properties
and upscale homes, including single-family and condominium units.

With the acquisition of the NFC group, the Company entered into the development
of high-rise residential resort properties. However, on April 18, 2003 the
acquisition was effectively rescinded and the respective entities are no longer
related subsequent to the effective date of the Global Settlement Agreement (see
Part II, Item 1, Legal Proceedings for further detail).

Current Business Summary

The Company has two primary business activities: Land development and home
building. Home building is by far the most significant activity.

The Company is involved in the purchase and development of lots and the
construction and sale of single-family conventional homes, primarily targeting
the Orlando, Florida area. The Company offers homes in a price range from
$100,000 to over $350,000, and is involved in all aspects of the business,
including land acquisition, site planning, preparation and improvement of land,
as well as the design, construction and marketing of the homes. During the first
quarter 2004, Whitemark Homes sold the Little Creek property consisting of 86
acres of land subdivided into 298 lots for a sale price of approximately
$7,400,000. The Corner Lake property consisting of 86 acres of land subdivided
into 46 lots was sold for a sale price of approximately $4,760,000. The number
of constructed homes delivered during the quarter ending March 31, 2004 was 21
with an average selling price per home of $295,830.

Sales of the Company's homes are generally made pursuant to a standard contract.
The contract includes a financing contingency which permits the customer to
cancel in the event mortgage financing at prevailing interest rates is
unobtainable within a specified period.

Summary of Significant Accounting Policies

The Company's financial statements consist of activities carried on directly and
through other entities that are majority owned by the Company. This arrangement
is utilized to segregate activities and limit the umbrella liability of the
Company. As of March 31, 2004, the condensed consolidated financial statements
include the following entities: Whitemark Homes of Florida, Inc.; Home Funding,
Inc.; Whitemark Homes, Inc.; Whitemark at Oak Park, Inc.; Fox Glen Limited
Partnership, Whitemark at Corner Lake, LLC, Whitemark at Glenbrook, LLC, Meadow
Point Development Inc., and Whitemark at Little Creek, LLC. All significant
intercompany accounts and transactions have been eliminated.

The discussion and analysis of Whitemark's financial condition and results of
operations are based upon the financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States of
America. The preparation of these financial statements requires the use of
estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and
liabilities. These estimates are evaluated on an ongoing basis. In addition,
estimates are based on historical experience and on various other assumptions
that management believes are reasonable under the circumstances the results of
which form the basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources. Actual results

                                       7
<PAGE>

may differ from these estimates under different assumptions or conditions.

The following items represent critical accounting policies that require
significant use of judgment and estimates which are used in the preparation of
Company financial statements.

PRINCIPLES OF CONSOLIDATION: The consolidated financial statements include the
accounts of Whitemark Homes, Inc. and its subsidiaries (the "Company"). All
significant intercompany balances and transactions have been eliminated.

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

ACCOUNTS RECEIVABLE: The Company considers accounts receivable to be fully
collectible; therefore, no allowance for doubtful accounts has been established.

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

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

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

The Company originally acquired a 40% equity interest in Golden Square
Industries, Inc. ("GSI"). This equity interest was obtained as a direct result
of the business combination between Golden Triangle Industries, Inc. and
Whitemark Homes of Florida, Inc. However, it is the Company's intent to dissolve
that equity interest in the near future.

REVENUE RECOGNITION: Revenue from projects is recognized under the completed
contract method, i.e. revenues and costs are deferred until the contract is
completed and accepted by the customer. Management uses this method because
total costs on uncompleted jobs cannot be accurately estimated. Homes are sold
pursuant to standard contracts and revenue from home sales is recognized only
when closing occurs.

The Company recognizes revenue from all land development activities in
accordance with Statement of Financial Accounting Standards No. 66. Direct costs
are capitalized into land development costs. Interest and property taxes are
capitalized as land development costs until projects reach substantial
completion. Upon completion of the development phase, interest and property
taxes are directly expensed.

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

                                       8
<PAGE>

EARNINGS PER SHARE: Accounting rules provide for the calculation of "Basic" and
"Diluted" earnings per share. Basic earnings per common share is computed by
dividing net income or loss available to common stockholders by the weighted
average number of common shares outstanding for the period.

Diluted earnings per common share reflect the potential dilution of securities
that could share in the earnings of the entity if converted. This is calculated
by dividing net income available to common shareholders by the weighted average
number of common shares outstanding plus net potentially dilutive securities.

CONCENTRATIONS OF CREDIT RISK: Exposure to credit risk is affected by conditions
within the industry. Unfavorable economic conditions could significantly reduce
the level of demand for homes in the Company's market area, although none is
anticipated at the present time.

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

NOTE 2:   LAND AND HOME INVENTORY

Land and home inventory consisted of the following at March 31, 2004:

      Project development and construction cost          $5,005,505
      Home construction cost                              4,108,005
      Land Cost                                           2,604,743
                                                        -----------
                                                        $11,718,253
                                                        ===========

NOTE 3:   EQUITY METHOD INVESTEE

As disclosed in Note 1, Basis of Presentation, a 40% equity interest was
retained in GSI. Since this investment is less than 50% and the Company has no
control over the activities of GSI, it is carried on the equity basis. GSI's
primary assets are cash, marketable securities, receivables, and property and
equipment. However, it is the Company's intent to dissolve that equity interest
in the near future.

During 2000, the Company borrowed $250,000 from GSI. The terms of this borrowing
stipulated that the Company would give up 2% ownership in GSI at each of the
specified renewal dates if the loan amount was not repaid prior to such date. At
December 31, 2000, this borrowing had been renewed twice without repayment and
ownership had been reduced to 36%. At December 31, 2001, the terms of this
borrowing were deemed to be usurious by management and no further reductions
will be made. The Company intends to defend its position if GSI asserts
otherwise.

NOTE 4:   STOCK TRANSACTIONS

There were no significant stock transactions for the quarter ending March 31,
2004. All transactions occurring in this quarter were purchased under the
Company's dividend reinvestment plan and stock purchase plan.

NOTE 5   RESCISSION OF ACQUISITION OF NFC

On October 1, 2001, the Company acquired North Florida Consulting, Inc. ("NFC")
And it related entities (the "NFC group").

Effective April 18, 2003, this acquisition was effectively rescinded and all
assets and liabilities exchanged in the original transaction were returned to
the original owners with certain exceptions provided for in the exchange
agreement. As a result all assets and liabilities of the NFC Group reverted to

                                       9
<PAGE>

the original owner and 5,000,000 shares of common stock of the Company were
returned to the company subject to certain liens.

Proforma operating results of the Company as if the NFC Group and Whitemark
Homes, Inc. and subsidiaries were never consolidated for the quarter ended March
31, 2003 are as follows:

        Sales                               $2,854,560
                                            ==========
        Income from operations              $  770,605
                                            ==========
        Net Income                          $  448,494
                                            ==========
        Net Income per common share         $     0.03
                                            ==========

In accordance with the Global Settlement Agreement, which details the rescission
of the NFC transaction(see Part II, Other Information, Item 1, Legal Proceedings
for further detail) there are certain items which still must be completed in
order to fully comply with the Agreement. These items include the transfer of
stock and the elimination of certain liabilities and/or guarantees. It is
management's opinion that these items will be completed within the next two
months.

Item 2: Management's Discussion and Analysis of Financial Condition and Results
of Operations.

SAFE HARBOR PROVISION - DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this document, as
well as some statements by the Company in periodic press releases and some oral
statements by Company officials to securities analysts and stockholders during
presentations about the Company are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Act").
Statements which are predictive in nature, which depend upon or refer to future
events or conditions, or which include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates", "hopes", and similar expressions
constitute forward-looking statements. In addition, any statements concerning
future financial performance (including future revenues, earnings or growth
rates), ongoing business strategies or prospects, and possible future Company
actions that may be provided by management are also forward-looking statements.

Where this Form 10-QSB includes "forward-looking" statements, the Company
desires to take advantage of the "safe harbor" provisions of the Act. Therefore,
the Company is including this statement for the express purpose of availing
itself of the protections of such safe harbor provisions with respect to all of
such forward-looking statements. Forward-looking statements reflect the
Company's current views with respect to future events and financial performance
and are not guarantees of future performance. The Company has no specific
intention to update these statements. These forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ from those anticipated. These risks and uncertainties include economic
conditions such as home mortgage interest rates; shortages of materials and
labor, weather conditions, competition with other builders, regulatory
requirements, and other such matters as may be discussed in this report. The
Company undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that may arise after the date
hereof. All subsequent written and oral forward-looking statements attributable
to the Company or persons acting on its behalf are expressly qualified in their
entirety by this section.

                                       10
<PAGE>

General Overview

The Company develops real estate and builds homes. These efforts have
historically been concentrated in under-served markets for entry-level,
first-time move-up, and vacation homebuyers. However, efforts are now
additionally focused on the mid-level homebuyer and vacation homes with housing
products from $100,000 to $350,000. On a national level, housing construction
continues to remain in a growth trend. Indicators for construction have shown
continued growth.

Interest rates and consumer confidence are driving the housing industry.
Statistics indicate that both unemployment and interest rates in the Company's
largest target market (the Orlando, Florida area) continue to be relatively low.

The Company had 4 communities in various stages of acquisition and development
at March 31, 2004.

Liquidity and Capital Resources

The Company's financing needs are provided through cash flows from operations,
bank borrowings, private and public debt and equity markets. Cash flow from
operations for the three months ended March 31, 2004 was positive. This was
largely due to the sale of two developed parcels and the volume of home and lot
closings. Cash flow is anticipated to remain positive in the future as the home
inventory begins to build and close into the subsequent periods. However, due to
the timing of certain cash flows, the Company often has cash shortfalls. The
Company is currently seeking sources of financing to alleviate the effect of
cash shortfalls, but this type of financing has only been able to be obtained on
a very limited basis.

On March 31, 2004, the Company had outstanding borrowings of approximately
$10,000,000. This is a decrease of $9,000,000 from the December 31, 2003 amount
of approximately $19,000,000. The sale of two properties reduced outstanding
borrowings by approximately $10,400,000. Borrowings for land acquisition and
development exceeded loan payments by approximately $1,400,000 for the three
months ended March 31, 2004. In addition, many of the notes payable are not
subject to debt service until the note becomes due or have an interest reserve
established with the lender. The Company's objective is to either pre-sell the
properties to the point where construction can begin or to sell the property for
a profit prior to the notes coming due.

The Company currently finances its projects with project specific acquisition,
development and construction loans. These loans are secured by each project and
are drawn down and repaid based on the progress of the project. There is no
expectation that this financing arrangement will not be available in the
foreseeable future; however, the size and nature of a project may make securing
certain project financing very difficult or unobtainable. The Company requires
funds generated from operations and expected borrowing availability from the
private and public market to fund the Company's working capital requirements.
Therefore, the Company will need to raise additional capital to fund our
anticipated operating expenses and future expansion. Should the Company become
unable to secure financing, the Company may be adversely affected.

On March 31, 2004, the Company had total assets of approximately $14,000,000.
This is a decrease of $10,000,000 from the December 31, 2003 amount of
approximately $24,000,000. This change in the Company's balance sheet is
primarily related to the sale of two properties (see Note 1 to the condensed
consolidated financial statements).

Results of Operations for the quarter ended March 31, 2004

                                       11
<PAGE>

Revenues: Whitemark's revenues from home/land sales for the quarter ending March
31, 2004 increased from $4,196,596 to $18,406,820 when compared with the quarter
ending March 31, 2003. Whitemark Homes sold the Little Creek property consisting
of 86 acres of land subdivided into 298 lots, for a sale price of $7,400,000.
Whitemark Homes also sold the Corner Lake property consisting of 86 acres of
land subdivided into 46 lots, for a sale price of $4,760,000. The number of
homes delivered for the quarter ending March 31, 2004 was 21 units with an
average selling price per home of $295,830.

Gross Profit: Gross profit for the quarter ending March 31, 2004 was $1,797,439
or 9.8%, as compared to $1,326,600 or 31.67% for the quarter ending March 31,
2003. The decrease in gross profit for the quarter was a result of product mix,
an increase in the price of raw materials without a corresponding increase in
the sale price and an increase in costs allocated to cost of sales resulting
from revised estimates of total interest and overhead expenses for each
individual project.

Expenses: Selling, general and administrative expenses for the quarter ending
March 31, 2004, decreased to $870,772 as compared to $986,594, for the three
month ended March 31, 2003, or a decrease of $115,822.

Income from Operations: The income from operations for the quarter ending March
31, 2004 was $926,667, compared to income of $340,006 for the quarter ending
March 31, 2003. The increase in income from operations of $586,661 for the
quarter was a result of the sale of two parcels of land in 2004.

Other Expenses: Interest expense of $31,849 was incurred for the quarter ended
March 31, 2004 versus $208,738 in the quarter ended March 31, 2003, a decrease
of $176,889, as a result of the rescission of the NFC acquisition in April 2003
(see Form 10-QSB Part II, Item 1, Acquisition or Disposition of Assets).

Net Income: Net income for the quarter ending March 31, 2004 was $940,654 as
compared to the net income of $17,895 for the same period in 2003. The increase
in net income of $922,759 for the quarter was as a result of the factors
discussed above.

With the uncertainty surrounding the overall economy, management is aware that
expectations and projections could easily be affected by unforeseen events and
changes in the public's reaction to past events. This is being said to encourage
appropriate caution that the homebuilding industry, as well as any other
industry, may be negatively impacted by a variety of economic factors possibly
including the erosion of consumer confidence and employment levels stemming from
the current international conflicts.

ITEM 3.  CONTROLS AND PROCEDURES

      (A)  Evaluation Of Disclosure Controls And Procedures

           As of the end of the period covered by this report, the Company
carried out an evaluation, under the supervision and with the participation of
the Company's Principal Executive Officer/Acting Principal Financial Officer
(one person), of the effectiveness of the design and operation of the Company's
disclosure controls and procedures. The Company's disclosure controls and
procedures are designed to provide a reasonable level of assurance of achieving
the Company's disclosure control objectives. The Company's Principal Executive
Officer/Acting Principal Accounting Officer has concluded that the Company's
disclosure controls and procedures are, in fact, effective at this reasonable
assurance level. In addition, we reviewed our internal controls, and there have
been no significant changes in our internal controls or in other factors that
could significantly affect those controls subsequent to the date of their last

                                       12
<PAGE>

valuation or from the end of the reporting period to the date of this Form
10-QSB.

      (B)  Changes In Internal Controls

           There were no significant changes in the Company's internal controls
or in other factors that could significantly affect these controls during the
quarter covered by this report or from the end of the reporting period to the
date of this Form 10-QSB.

PART II: OTHER INFORMATION

Item 1: Legal Proceedings

Dispute of Money Owed

On October 30, 2002, Heller Financial, Inc. (Heller), a Delaware corporation,
named Whitemark at Fox Glen, LTD., a Florida limited partnership whose partners
are Fox Glen Management Corporation and Whitemark Homes, Inc. as a defendant in
a lawsuit alleging non-distribution of proceeds relating to a loan agreement.
Whitemark is not disputing that there is money owed to Heller but the amount
that is owed to Heller. As of March 31, 2004, Whitemark has recorded
approximately $160,000 representing management's estimate of the amount actually
due to Heller associated with this issue. The Company has accrued an additional
$640,000 in reserve for the possible lawsuit claim. However, any claim greater
than $160,000 will be contested by Whitemark.

On October 3, 2003, Paulson Investment Company Inc. filed a lawsuit against
Whitemark Homes, Inc. for non-payment of $91,478 plus interest at a rate of 6%
per year. The non-payment is allegedly owed in connection with a letter of
intent for a proposed public offering to be underwritten by Paulson . The action
is pending in the Circuit Court, in and for Seminole County, Florida. Whitemark
Homes disputes the amount owed and intends to defend itself in court.

Acquisition or Disposition of Assets

As part of a settlement agreement entered into by Whitemark, certain of its
subsidiary entities, officers and directors, and William Michael Adkinson
("Michael Adkinson"), and parties and entities related to Mr. Adkinson, on April
18, 2003 (the "Global Settlement Agreement"), as more fully set forth below,
Whitemark acquired ownership of the common stock issued to Michael Adkinson and
related parties subject to a lien by an unrelated party and disposed of certain
assets as more fully described herein. The overall result of the Global
Settlement Agreement was to rescind a business relationship between Whitemark
and Michael Adkinson, together with related parties and entities, which was
consummated in October 2001. Until consummation of the settlement, Michael
Adkinson was an employee of and significant shareholder in Whitemark. The Global
Settlement Agreement was negotiated in a contested, arms-length transaction, the
terms of which were believed to be no more favorable than could be obtained from
unrelated parties.

As part of the Global Settlement Agreement, after the settlement conditions have
been satisfied, Whitemark will receive all ownership rights to 5,000,000 shares
of Whitemark restricted common stock, collectively owned by Michael Adkinson,
Chad Adkinson, Wayne Adkinson, Jan Adkinson and Henry Devarona, subject to a
collateral pledge agreement in favor of certain banks securing a loan in the
amount of $2,700,000. Whitemark was also relieved of certain debt obligations
related to the real property being transferred to Michael Adkinson, or his
designees. Whitemark Homes also received the Orlando, Florida home of Michael
Adkinson, subject to certain liens.

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In addition, Whitemark delivered to Michael Adkinson, or his designees, all real
property acquired by Whitemark or its subsidiaries as a result of the business
relationship between Whitemark and Michael Adkinson commencing in October 2001.
Also in connection with the Global Settlement Agreement, certain operating
accounts payable and short term and long term debt in excess of $45 million were
transferred to Michael Adkinson or related entities and were eliminated from the
consolidated balance sheet of Whitemark. See the proforma financial information
included in Note 5 to the financial statements.

Global Settlement Agreement

In addition to the dismissal with prejudice of all lawsuits and the transfers of
real property and shares of subsidiary entities described in Part II, Item 1,
Legal Proceedings, the Global Settlement Agreement also terminates, cancels and
releases all relevant parties from their respective obligations in any of the
following agreements executed as part of the business relationship executed in
or about August 2001: (1) the Exchange Agreement; (2) Closing Agreement; (3) the
Guaranty Agreement; (4) Employment Agreement, (5) Security and Funding
Agreement; (6) all profit participation agreements; (7) any joint venture
agreements; and (8) any other document or agreement executed in connection with
any of the foregoing with the exception of the Voting Agreement, which Voting
Agreement shall remain in effect subject to terms of the Global Settlement
Agreement.

As part of the Global Settlement Agreement, Michael Adkinson, Wayne Adkinson and
Chad Adkinson resigned from all positions with Whitemark and any entity retained
by Whitemark. The parties also executed mutual General Releases, or otherwise
agreed that all liability between the parties would be resolved by the Global
Settlement Agreement.

Governmental Action

During 2003, the Securities and Exchange Commission ("SEC") opened an
investigation of the Company related to the method in which the acquisition of
the NFC Group was recorded. This investigation is continuing, Whitemark is
cooperating fully and has responded to all of the commission's all requests.

Other Legal Matters

During the first quarter of 2004, the Company became a party to two other legal
actions which relate to or arise from events relating to the Global Settlement
Agreement. Adkinson has asserted that the Company is in default of the Agreement
by not causing certain loan obligations relating to the Long Point Cove property
to be satisfied at a discount. That property is no longer owned by the Company
pursuant to the Global Settlement Agreement, and the Company maintains that it
has fulfilled its obligations related thereto under the Agreement, and has filed
a counterclaim against Adkinson based on this issue. The Company believes this
claim filed by Adkinson is without merit.

The Company has also been named as a defendant in an action by Matthew Paul
Malouf based on certain indemnification provisions related to his guaranty of a
loan on the Muirfield Property and based on an asserted participation interest
in that property or other properties which have since been relinquished by the
Company under the Global Settlement Agreement. The obligations which were
alleged to require indemnity have been satisfied and this portion of the action
is subject to dismissal. The Company believes that all other of Malouf's claims
are matters which were assumed by Adkinson as part of the Global Settlement
Agreement, and will vigorously defend against any such claims.

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Item 2:   Change in Securities and Use of Proceeds

Issuance of Unregistered Shares

During the quarter ended March 31, 2004, the Company did not issue any
additional securities other than those described in Note 4 of the financial
statements, Stock Transactions. No underwriter, sales or placement agent was
involved in any of the transactions.

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

Item 3:    Default Upon Senior Securities - Not applicable.

Item 4:    Submission of Matters to a Vote of the Security Holders - None.

Item 5:    Other Information

Item 6:    Exhibits and Reports on Form 8-K

           a.  Exhibits

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

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

10.1       Agreement for Exchange of Corporate Stock previously filed as a part
           of the Form 8-K on November 23, 2001 (incorporated by reference)

10.2       Global Settlement Agreement (filed as a part of Form 8-K on April 29,
           2003 (incorporated by reference))

21.1       Subsidiaries of registrant (filed with 2002 Form 10-KSB, incorporated
           by reference)

31.1       Certification under section 302

32.1       Certification regarding section 906

          b.  Reports on Form 8-K

              January 5, 2004: Regulation F-D Disclosure, Securities and
                   Exchange Commission civil action.

              January 29, 2004: Regulation F-D Disclosure, Acquisition or
                   disposition of assets, Sale of Two Housing Developments.

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          c.  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.

                             WHITEMARK HOMES, INC.


May 12, 2004
                             /s/ Kenneth White
                             ----------------------------------
                             Kenneth White
                             Chief Executive Officer
                             and acting Chief Financial Officer

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