0


SECURITIES
AND EXCHANGE COMMISSION




WASHINGTON,
D.C. 20549




FORM
1O-QSB / A




Amendment
No. 1









Quarterly
Report Under Section 13 or 15(d)




Of the
Securities Exchange Act of 1934




For the
Quarter Ended December 31,
2007                                                                                     Commission
File No. 0-9996




WIND
ENERGY AMERICA, INC.




(Exact
Name of Registrant as specified in its charter)




Minnesota
            
            41-1387074(State
      or other jurisdiction of incorporation or organization)
            
            (I.R.S.
      Employer Idedntification No.)







12100
Singletree Lane, Suite 100, Eden Prairie, MN 55344




(Address
of principal executive offices)




(952)  746-1313




(Issuer’s
telephone number)




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




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of accelerated
filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check
one):




Large
accelerated filer (  )     Accelerated filer
(  )          Non-accelerated
filer(X)




Indicate
by check mark whether the registrant is a shell company (as defined in Rule 1
2b-2 of the Exchange Act): YES
(  )     NO(X)




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




Class
            
            Outstanding
      at February 1, 2007Common
      stock, par value $.05 per share
            
            20,884,829







Transitional
Small Business Disclosure Format (Check One): YES (  )NO
(X)









1


WIND
      ENERGY AMERICA, INC.INDEXPagePart
      I — Financial Information
              
              3Item
      1.
              Unaudited
      Consolidated Financial Statements
              
              3Unaudited
      Consolidated Balance Sheets
              
              3Unaudited
      Consolidated Statements of Operations
              
              4Unaudited
      Consolidated Statements of Cash Flows
              
              5Notes
      to Unaudited Consolidated Financial Statements
              
              6Item
      2.
              Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
              
              9Item
      3.
              Controls
      and Procedures
              
              15Part
      II — Other Information
              
              15Item
      2.
              Unregistered
      Private Sale of Common Stock
              
              15Item
      6.
              Exhibits
              
              16



















2


PART I.
FINANCIAL INFORMATION




ITEM 1.
FINANCIAL STATEMENTS




WIND
      ENERGY AMERICA, INC.UNAUDITED
      CONSOLIDATED BALANCE SHEETSDecember
      31,
              
              June
      30,ASSETS
              
              2007
              
              2007Current
      Assets:Cash
              
              $
              123,398
              
              $
              114,595Note
      receivable – non-interest bearing
              
              
              30,000
              
              
              30,000Total
      Current Assets
              
              
              153,398
              
              
              144,595Investments
      :Investment
      with Boreal Energy - Zulu Project
              
              
              50,000
              
              
              50,000Investment
      in Averill Wind, LLC
              
              
              200,000
              
              
              200,000Investment
      in Shaokatan Hills / Lakota Ridge
              
              
              2,300,000
              
              
              1,750,000Investment
      in CHI Energy Wind Farms
              
              
              2,600,000
              
              
              -Investment
      in Grand Sierra Resort Corp.
              
              
              415,000
              
              
              415,000Total
      Investments
              
              
              5,565,000
              
              
              2,415,000Total
      Assets
              
              $
              5,718,398
              
              $
              2,559,595LIABILITIES AND STOCKHOLDERS'
      EQUITYCurrent
      Liabilities:Accounts
      payable and accrued liabilities
              
              $
              172
              
              $
              172Total
      Current Liabilities
              
              
              172
              
              
              172Stockholders'
      Equity:Preferred
      stock: no par value, authorized 10,000,000 shares, none
    issued
              
              
              -
              
              
              -Common
      stock: $.05 par value, authorized 50,000,000 shares, 20,884,829 and
      15,764,842 shares issued and outstanding as of December 31, 2007 and June
      30, 2007, respectively
              
              
              1,044,241
              
              
              788,242Additional
      paid -in capital
              
              
              20,051,806
              
              
              16,972,389Accumulated
      Deficit
              
              
              (15,377,821)
              
              
              (15,201,208)Total
      Stockholders' Equity
              
              
              5,718,226
              
              
              2,559,423Total
      Liabilities and Stockholders' Equity
              
              $
              5,718,398
              
              $
              2,559,595See
      accompanying notes to the consolidated financial
    statements.







3


WIND
      ENERGY AMERICA, INC.UNAUDITED
      STATEMENTS OF OPERATIONSThree
      Months Ended
                December
      31,
              
              Six
      Months Ended
                December
      31,2007
              
              2006
              
              2007
              
              2006Revenue:Total
      Revenue
              $
              -
              $
              -
              $
              -
              $
              -Expenses:General
      & Administrative
              
              82,453
              
              66,999
              
              122,376
              
              126,750Professional
      fees
              
              32,237
              
              -
              
              54,237
              
              9,350Total
      Expenses
              
              114,690
              
              66,999
              
              176,613
              
              136,100Net  loss
      from continuing operations before income tax benefit
              
              (114,690)
              
              (66,999)
              
              (176,613)
              
              (136,100)Income
      taxes  benefit
              
              -
              
              -
              
              -
              
              -Net
      loss from continuing operations
              
              (114,690)
              
              (66,999)
              
              (176,613)
              
              (136,100)Loss
      from discontinued operations -no income tax benefit
              
              -
              
              (50,710)
              
              -
              
              (117,338)Net
      Loss
              $
              (114,690)
              $
              (117,709)
              $
              (176,613)
              $
              (253,438)Per
      Share Data:Weighted
      Average Shares Outstanding
              
              17,356,098
              
              9,524,984
              
              16,697,878
              
              9,417,445Net
      Loss per Common Share :Continuing
      operations
              $
              (0.007)
              $
              (0.007)
              $
              (0.011)
              $
              (0.014)Discontinued
      operations
              $
              -
              $
              (0.005)
              $
              -
              $
              (0.012)Diluted
      earnings per share are not shown as they would reduce loss per
      share.See
      accompanying notes to the consolidated financial
    statements.


4


WIND
      ENERGY AMERICA, INC.UNAUDITED
      CONSOLIDATED STATEMENTS OF CASH FLOWSSix
      Months EndedDecember
      31,2007
              
              2006Cash
      Flows used in Operating Activities:Net
      Loss from continuing operations
              $
              (176,613)
              $
              (136,100)Amortization
      expense
              
              -
              
              17,928Changes
      in Operating Assets and Liabilities:Increase
      in tax refund receivable
              
              -
              
              (300)Increase
      in accounts payable / accrued liabilities
              
              -
              
              36,787Decrease
      in loan payable
              
              50,000
              
              -Total
      Changes to Operating Assets and Liabilities
              
              50,000
              
              54,415Impact
      of discontinued operations on cash flow
              
              -
              
              (117,337)Net
      Cash used in Operations
              
              (126,613)
              
              (199,022)Cash
      Flows used in Investing Activities:Investments
      - continuing operations
              
              (750,000)
              
              -Purchase
      equipment - discontinued operations
              
              -
              
              (785)Trademark
      acquisition costs (Capital expenditures)
      -       discontinued
      operations
              
              -
              
              (2,971)Net
      Cash used in Investing Activities
              
              (750,000)
              
              (3,756)Cash
      Flows provided by Financial Activities:Common
      stock issued for cash, net of expenses
              
              885,416
              
              139,230Net
      Cash Provided by Financing Activities
              
              885,416
              
              139,230Net
      increase (decrease) in Cash and Cash Equivalents
              
              8,803
              
              (63,548)Cash
      and Cash Equivalents at Beginning of Period
              
              114,595
              
              88,697CASH
      AND CASH EQUIVALENTS AT END OF PERIOD
              $
              123,398
              $
              25,149Supplemental
      Non Cash Flow Information:Cash
      Paid During the Year for:Stock
      issued to satisfy short-term loan payable
              $
              50,000
              $
              -Stock
      issued to acquire wind farm interests
              $
              2,400,000
              $
              -See
      accompanying notes to the consolidated financial
    statements.







5


WIND
ENERGY AMERICA, INC.




NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS




Periods
Ended December 31, 2007 and 2006









A.           NATURE
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES




NATURE OF
BUSINESS:




Dotronix,
Inc. History




Wind
Energy America, Inc. (formerly Dotronix, Inc), (“the Company”), was founded in
1980 as a Minnesota corporation.  As Dotronix, Inc., the Company
designed, manufactured and marketed cathode ray tube (“CRT”)
displays.  In 2006 the Company also commenced developing
over-the-counter healthcare products under the PuraMed BioScience brand, but did
not realize any revenues from PuraMed products.  In 2007
the   Company discontinued its CRT and Puramed businesses and
repositioned itself in the business of generating electricity by wind turbines.
The electronics and PuraMed businesses are reflected as discontinued
operations.




PuraMed
BioScience, Inc.




In April
2006, the Company acquired three over-the-counter consumer healthcare products
and conducted its operations as a wholly owned subsidiary of the Company. On
April 12, 2007, the Company spun-off PuraMed BioScience, Inc. on the basis of 1
share of common stock of PuraMed BioScience, Inc. per every 5 shares of common
stock of Wind Energy America, Inc. The operations of PuraMed BioScience, inc.
have been consolidated through April 12, 2007 as discontinued
operations.




Grand
Sierra Resort Corp.




Purchase of Grand Sierra Common
Stock - The Company purchased for $415,000 a total of 1,037,500 shares of
common stock of Grand Sierra Resort Corp., resulting in an ownership interest in
Grand Sierra of slightly less than 1%.  Grand Sierra is a private
company incorporated in the State of Nevada. The Company accounts for its
investment in Grand Sierra using the cost method.




Grand
Sierra acquired the Reno Hilton from Harrah’s Entertainment, Inc. in June 2006.
This hotel/casino entertainment complex has approximately 2,000 hotel rooms and
is situated on approximately 145 acres. Grand Sierra has initiated a
comprehensive development plan to create one of largest destination resort and
entertainment centers in the western United States other than Las
Vegas.




Wind
Energy Business




Averill Wind Farm - In early
2007, the Company entered into its first transaction to engage in the industry
of generating electricity from wind power turbines, which consisted of its
purchase of a $200,000 equity interest in Averill Wind, LLC, a 10 megawatt
(10,000 kilowatts) wind farm in Minnesota, near
Fargo/Moorhead.   Averill is scheduled for completion during
2008.




Shaokatan Hills/Lakota Ridge Wind
Farms- In August 2007, the Company completed a strategic asset purchase
through its acquisition from Northern Alternative Energy Shaokatan, LLC, of the
developer’s stake in two adjoining wind farms in Lincoln County
Minnesota.  The acquisition price was $2,300,000 in
cash.  These two wind farms, known as Shaokatan Hills LLC
and




6


WIND
ENERGY AMERICA, INC.




NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)




Periods
Ended December 31, 2007 and 2006









A.           NATURE
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)




Wind
Energy Business (continued)




Lakota
Ridge LLC, were completed in 1999 and have been generating wind power
electricity from their prime location on Buffalo Ridge for several
years.  These two wind farms contain 33 modern wind turbines, having a
total rated power capacity of 23 megawatts. (23,000 kilowatts).  The
Company’s ownership of the developer’s stake in the wind farms will be only a
minimal percentage interest with negligible cash flow until 2010, when the
developer’s stake (the Company’s interest) converts into an 80% equity ownership
of the two wind farms. Over the past few years, these 33 wind turbines have
generated electricity at an average annual rate of 68,300,000 kilowatt
hours.




Zulu Wind, LLC - In May 2007,
the Company, in conjunction with Boreal Energy, Inc., and in accordance with a
Memorandum of Understanding, (“MoU”) invested $50,000 in an Interconnection
System Impact Study to connect 300 MW of wind generated electricity to Excel
Energy’s ZULU substation in southeast Lincoln County, Minnesota. The Company
will supply 50% of the capital and be 50% partner in the proposed 300 MW wind
farm, located just east of the Zulu substation.




CHI Energy Wind Farms – In
the quarter ended December 31, 2007 the Company acquired the “developer’s
interest” in a group of sixteen small wind farm LLC entities which are managed
and maintained collectively.  This acquisition was a purchase by the
Company’s wholly owned subsidiary Northern Alternative Energy Shaokatan, LLC of
the LLC membership interests’ in the wind farm entities, owned
by  Northern Alternative Energy, Inc., in exchange for $200,000 in
cash and four million shares of common stock valued at $2.4 million, or $2.6
million in total consideration. The wind farms have a total of 46 wind turbines
with a total rated power capacity of 30.36 MW.





The
Company’s “developer’s interest” is .1% ownership of these LLCs until 2010 when
the Company, through its subsidiary Northern Alternative Energy Shaokatan, LLC
will begin to be allocated 30% of the wind farms net income and cash
flow.  After five years this share will increase to 49%.





Accounting
Estimates




The
Company has no significant accounting estimates for the period ended December
31, 2007.







The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amount of revenue and expenses during the reporting
period.




The
carrying value of the Company’s investments in Grand Sierra Resort Corp. and
wind assets are carried at cost, which may differ significantly from their
economic values.




7


WIND
ENERGY AMERICA, INC.




NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)




Periods
Ended December 31, 2007 and 2006









A.           NATURE
OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONTINUED)




Cash
Equivalents




The
Company considers all highly liquid debt instruments purchased with a maturity
of three months or less to be cash equivalents.




Stock
Options




Effective
January 1, 2006, the Company adopted the fair value recognition provision of
Statements of Financial Accounting Standards (SFAS) No. 123R “Share-based
Payment - an amendment of the Financial Accounting Standards Board Statement No.
123.” Among other items, SFAS No.123R eliminated the use of APB No. 25 and the
intrinsic value method of accounting for stock-based compensation, and requires
companies to recognize in the financial statements the cost of employee/director
services received in exchange for awards of equity instruments, based on the
grant date fair value of those awards. The Company’s options were fully vested
as of January 1, 2006. Therefore, the adoption of SFAS No. l23R had no impact on
the Company’s financial statements. The Company did not issue any stock options
in the fiscal year ended June 30, 2007 or in the six-month period ended December
31, 2007.




Fair
Value of Financial Instruments




Cash,
receivables, accounts payable and accrued liabilities are carried at amounts
that reasonably approximate their fair value due to the short-term nature of
these amounts.




Loss
per Common Share




Basic
loss per common share is computed by dividing net loss by the weighted average
number of common shares outstanding. Diluted loss per common share is not shown,
as the exercise of stock options and warrants using the treasury stock method
are dilutive to the computation of loss per share.




Reclassifications




Certain
reclassifications were made to the 2007 consolidated financial statements to
reflect the discontinuance of the operations of PuraMed BioScience, Inc., the
electronics business, and the elimination of future condo sales in the Grand
Sierra Resort.




Stock
Sales




During
the six months ended December 31, 2007, the Company sold a total of 1,119,987
common shares to various accredited investors in private placement transactions,
resulting in net proceeds of $885,416.




In
December 2007, the Company issued 4,000,000 common shares to Northern
Alternative Energy Inc. to acquire its CHI Energy wind farms.









8


ITEM
2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS




Overview




Wind
Energy America, Inc. (the “Company”) was founded and incorporated in Minnesota
in 1980 and for over 20 years was engaged in designing, manufacturing and
marketing a line of cathode ray tube (“CRT”) displays and digital signs. Due to
continuing losses in that business for a number of years, the Company during
2005 discontinued its CRT business.  After evaluating various
prospects in late 2005 and early 2006, the Company began developing and
marketing non-prescription healthcare products to be marketed and sold under the
PuraMed brand.  The PuraMed non-prescription healthcare products
business was conducted through a wholly-owned subsidiary Minnesota corporation,
PuraMed BioScience, Inc.




Spinoff
of PuraMed




On April
12, 2007 we completed a spin-off of our former PuraMed subsidiary to all our
stockholders on a pro rata basis, whereby one share of PuraMed is being issued
for each five shares of our common stock. After this spin-off, our Company and
PuraMed have operated separately, with their respective managements, businesses,
assets and capital structures being completely independent from each
other.




In early
2007, we entered the wind power industry as our sole operational business and
incident thereto also changed our name from Dotronix, Inc. to Wind Energy
America, Inc. In February 2007, we completed our first transaction in the wind
energy business which was our purchase of a $200,000 equity interest in Averill
Wind, LLC (Averill), a 10-megawatt wind farm being developed in Minnesota near
Fargo Moorhead. Averill is currently being developed and is scheduled to be
completed and generating electricity in 2008.




The
Company holds various ownership interests in wind farms in Minnesota, and
intends to acquire or develop additional wind power assets located in certain
Midwestern and upper Great Plains regions of the USA. These regions are
particularly suitable for generation of electricity from wind power since they
feature sparsely populated and extensive flat prairies having high and
consistent wind speeds. Moreover, farmers and ranchers and other rural citizens
in our targeted regions welcome the substantial and profitable additional “crop”
of wind farming along with the related and newly created “green collar”
permanent jobs.




The
primary strategic goal of the Company is to build and manage efficiently a large
and diversified portfolio of profitable wind energy assets. The Company’s
current wind power assets are located primarily in southwestern Minnesota in
Lincoln County. Almost all of these wind power assets consist of the developer’s
stake in various wind farms on Buffalo Ridge, a geologic formation that cuts
across much of Lincoln County and provides a leading wind regime for efficient
and renewable energy from wind power turbines. Buffalo Ridge is well-known in
the alternative energy industry for its high quality wind energy
resources.




The wind
farms in which the Company owns its interests contain 79 modern wind turbines
having a total rated capacity of 53.5 megawatts (53,500 kilowatts), and they
collectively generate approximately 160,000,000 kilowatt hours (kWh) of
electricity annually. Acquisition by the Company of the developer’s stake in
this core holding of premium Buffalo Ridge wind power assets has accomplished a
major step toward our strategic goal of building a large portfolio of
diversified wind power assets.




9


Recent Development –
Purchase of Boreal Energy Assets




In
December 2007 the Company entered into a Purchase Agreement to acquire wind
power assets owned by Boreal Energy, Inc. (“Boreal”), a Minnesota corporation
based in suburban St. Paul, Minnesota. Boreal’s assets being purchased by the
Company consist of turbines and other tangible assets of approximately $11
million in value and significant rights to or interests in an extensive
“pipeline” of wind energy projects under various stages of design or
development. These Boreal pipeline projects are located in Midwestern and upper
Great Plains states as well as Canada, and collectively are represented to
include 1,200 megawatts.  The Boreal asset acquisition has been
approved by the Company and is currently in the process of being
completed.   For these assets, the Company has agreed to issue up
to 30 million shares of its common stock to Boreal.




Boreal
was incorporated in 2004 to identify and develop or acquire multiple wind farms
to be owned and operated by Boreal. The primary focus of Boreal has been
directed toward wind power projects located in leading on-shore wind regimes of
North America. Over the past few years, Boreal has accumulated a substantial
proprietary “pipeline” of specific projects in the Midwestern and upper Great
Plains states of Minnesota, Wisconsin, Iowa, North and South Dakota, and
Montana, as well as in Ontario, Canada. Boreal’ s pipeline includes three wind
farms totaling 53 megawatts currently in their ongoing development stage, as
well as an estimated 1,200 megawatts of early stage projects of various sizes
and locations.




The
founders and management of Boreal have been involved actively in the wind power
industry for the past 15 years, during which they have successfully designed and
completed development of many wind farms with combined power capacity exceeding
300 megawatts. The Company regards their long and extensive industry experience
as being a key factor in our evaluation of the quality of the various wind power
projects contained in Boreal’ s pipeline for future development.




Description of Assets -
Boreal assets being purchased by the Company in this transaction include the
following:




i)  all
ownership and development rights and interests in and to wind farm projects in
North America now under development or being assessed and designed for future
development;




ii)  Navitas
replacement assets — wind turbines, substation assets, land and other tangible
assets which are being traded by Boreal to replace its interest in Navitas
Energy Inc.;




iii) all
equipment and tools, turbine and transmission assets and any purchase or option
rights thereto;




iv)  all
contracts or other rights related to current or future Boreal wind farm
projects, including interconnection and power off-take rights, power purchase
agreements, governmental permits and consents, and any other direct or indirect
contract rights of Boreal related to current or proposed wind farm
development;




v)  all
wind power leases, options or easements held by Boreal; and




vi)  all
intellectual and other intangible property rights of Boreal related to wind farm
development.




Voting
Trust - One-half (50%) of the common shares of the Company being issued
to Boreal incident to this transaction will be subject to a two-year voting
trust whereby two persons will vote these shares incident to any matter being
voted upon by stockholders, with one person being a current director of the
Company and the other being a future director nominee of the Company designated
by Boreal.




10


The Company’s Reasons for
Purchasing Boreal Assets




In
reaching its determination to approve the Purchase Agreement, the Company’s
Board of Directors considered a number of factors, including without limitation
the following:




*
Boreal’s current ongoing development assets will provide the Company with
immediate access to three firm projects already well into their development
stages.




*  Boreal’
s extensive proprietary pipeline of 1,200 megawatts of wind farm projects will
provide the Company with many future development projects in leading wind
regimes.




*  The
Company’s affiliation with Boreal will provide qualified wind energy engineering
and project development managers having extensive experience in the development,
completion and operation of wind farms in the Company’s targeted
region.




* The
Company believes it will be able to attract and obtain substantial future
capital from debt and/or equity financing due to the nature of wind energy
prospects in the Boreal pipeline.




* Future
development of the Boreal pipeline projects will provide the Company with the
opportunity to become a growing and recognized participant in the wind energy
industry, thus improving the visibility and status of the Company as a publicly
traded company.




Valuation of Boreal
Assets




Our
valuation of Boreal assets was based on a number of tangible and intangible
factors including the book value of certain assets on Boreal’s audited balance
sheet, the development status of certain wind farms now underway, the extensive
proprietary pipeline of future prospects,  the intrinsic value of
obtaining the services of experienced wind farm developers,  recent
industry transactions reflecting value creation payments for completed wind
farms and early stage pipeline prospects,  anticipated price/earnings
ratios from comparisons to peer group public companies,  and other
considerations of the Board of Directors of the Company.




Although
many of these valuation factors are very subjective in nature, the Company’s
Board believes that its evaluation process has been sound and considered the
standard factors used in our industry to evaluate wind energy
assets.




The
Company did not seek or obtain any independent appraisal of the Boreal assets
being purchased in this transaction.




Wind
Energy Assets Owned by the Company




During
2007, the Company purchased a substantial core holding of wind energy assets
from Northern Alternative Energy Inc, consisting of the developer’s stake in
various wind farms located on Buffalo Ridge in southwestern Minnesota. The
geologic formation of Buffalo Ridge is well known in the wind power industry for
its consistently high wind speeds, and accordingly is one of the best locations
in the USA for generation of electricity through wind power. The Company
believes its Buffalo Ridge wind farm interests provide it with key opportunities
for future development and profitability.




The
Company’s purchase of Buffalo Ridge wind assets included two transactions, the
first including the developer’s stake in the two wind farms of Shaokatan Hills
LLC and Lakota Ridge LLC, and the second transaction including the developer’s
stake in 16 small wind farms collectively known as CHI Energy wind farms. All
Buffalo Ridge wind farm interests owned by the Company are located in Lincoln
County, which adjoins South Dakota.




11


Shaokatan Hills/Lakota Ridge
—The Shaokatan Hills wind farm has 18 modern wind turbines (Vestas 660 kw) on
1,000 acres having a total rated capacity of 11.88 megawatts, and the Lakota
Ridge wind farm has 15 modern wind turbines (Micon 750 kw) on 640 acres having a
total rated capacity of 11.25 megawatts. For the past several years, the 33 wind
turbines on Shaokatan Hills/Lakota Ridge have generated electricity at an
average annual rate of 68,300,000 kilowatt hours (kWh). Lakota Ridge is north of
and adjoins Shaokatan Hills.




CHI Energy Wind Farms - This
group of small wind farms consists of 16 separate wind farms which are managed
and maintained collectively, and they contain a total of 46 modern wind turbines
(Vestas 660 kw) having a total rated capacity of 30.36 megawatts. For the past
several years, these CHI Energy wind farms have generated electricity at an
average annual rate of 93,000,000 kilowatt hours (kWh).  CHI Energy
wind farms are located both in the north end of Lincoln County near Shaokatan
Hills/Lakota Ridge and in the south end of Lincoln County near Lake
Benton.




Our
ownership interests of the developer’s stake in these Buffalo Ridge wind farms
only amounts to a tiny interest with minimal revenues until 2010, when the
Company’s ownership will increase dramatically to from 30% to 80% interests
depending on the specific wind farms. When the developer’s stake in these wind
farms converts to such substantial percentage interests in 2010, the wind farms
will then provide the Company with substantial net cash flow for many
years.




Besides
its Buffalo Ridge wind farm properties, the Company in 2007 also acquired a
$200,000 equity interest in Averill Wind LLC, which is a 10 megawatt wind farm
currently being developed in Minnesota near Fargo, North Dakota.  As
with Buffalo Ridge, the Averill site is located in a particularly favorable
region of the country for wind power resources. The Company believes its Averill
wind asset acquisition will provide a good and predictable future cash flow
return on this investment.




The
Company intends to continue acquiring additional wind farm assets, both on
Buffalo Ridge and in other superior wind regimes in the country. The Company
believes that improved wind turbine technology, increasing worldwide energy
demands, mandated renewable energy requirements of utilities, global warming
concerns, and other factors offer the Company an outstanding opportunity to
participate both responsibly and profitably in this fast-growing sector of the
“green energy” marketplace.




WIND
POWER OPPORTUNITY IN THE USA




Electric
generating capacity of the USA wind power industry has increased significantly
over the past few years. In 2006 alone, for example, generating electricity from
wind power turbines increased almost 30%, and it is estimated that 2007 had a
much larger increase of over 40%.  The Company believes that these
impressive growth levels of wind farm installations will continue for many
future years. There is currently approximately 15,000 megawatts of installed
wind power capacity in the USA. Nonetheless, the proportion of electricity from
wind power in the USA is still only approximately 1% of the country’s total
electricity demands. The American Wind Energy Association (AWEA) has projected
that the cumulative installed wind power capacity in the USA will exceed 25,000
megawatts by 2010. One megawatt of wind power capacity produces enough
electricity during a typical year to satisfy the electricity needs of 250-300
residences.




12


The USA
has enormous wind power potential, far exceeding the established leading
European wind regimes. In particular, the huge and sparsely populated flat
plains areas in certain Midwestern and all Great Plains states provide virtually
unlimited wind power resources. Accordingly, the Company has directed its
strategic business plan toward wind power asset acquisition and development in
these plains regions, which the Company believes have the best and most
accessible wind regimes in the USA. Moreover, these targeted regions of the
Company are located relatively near to the Company’s base of operations in
Minneapolis/St. Paul, Minnesota.




Factors
contributing to and driving the rapid growth of wind farm installations in the
USA include:




* The
huge wind power potential in the USA has been only slightly exploited,
especially in our targeted Great Plains region. Despite recent strong growth of
wind farm development in the USA, actual penetration of the ample wind power
potential is very small notwithstanding the vast areas of excellent and untapped
wind regimes;




* The
federal Production Tax Credit (PTC) provides significant credits for wind
generated electricity of $.02 per kilowatt hour (kWh) for ten
years.




* Since
the air driving wind turbines represents a free fuel, wind power provides
utilities with a natural hedge to contend with the variable and volatile nature
of fossil fuel costs.




* There
exists a large and growing demand from utility companies to obtain power from
renewable energy sources in order to satisfy their mandated requirements to add
renewable energy production to their overall electricity production (Renewable
Portfolio Standards), which wind energy is uniquely able to
satisfy.




*  Strong
and growing public pressures on legislative and executive politicians to promote
and develop green renewable energy sources to combat global warming and other
adverse environmental effects now caused by burning fossil fuels to generate
electricity.




* Wind
power constitutes an important element of our national policy to attain domestic
energy independence by reducing the amount of imported fossil fuels by our
nation.




Grand Realty Group
Inc




In July
2006, the Company formed Grand Realty Group Inc., a Minnesota corporation
wholly-owned by the Company and related to the Grand Sierra Resort Corp. (“Grand
Sierra”) complex in Reno, Nevada.  In May 2006 we obtained from Grand
Sierra a warrant to purchase up to 5,000,000 common shares of Grand Sierra at
$.40 per share, and through this warrant we purchased a total of 1,037,500
shares of common stock of Grand Sierra resulting in a less than 1% ownership
interest.  Grand Sierra is a private company incorporated in the State
of Nevada, and the Company continues to hold its common stock investment in
Grand Sierra.




Comparison
of Operations for Three Months Ended December 31, 2007 and 2006




Revenues - There were no
revenues for the three-month periods ended December 31, 2007 and
2006.




General and Administrative
Expenses - General and administrative expenses (including professional
fees) were $114,690 for the quarter ended December 31, 2007 compared
to  $117,709  for the quarter ended December 31, 2006, which
difference was not material.  The 2006 quarter included operations
from discontinued businesses, and accordingly any further specific comparisons
would not be meaningful.




13


Net losses - Net loss for the
quarter ended December 31, 2006 was $117,709 and included $66,999 in losses from
continuing operations and $50,710 in losses from discontinued
operations.  In comparison, net loss for the quarter ended December
31, 2007 was $114,690, all of which was from continuing operations.




Comparison
of Operations for Six Months Ended December 31, 2007 and 2006.




Revenues – There were no
revenues for the six-month periods ended December 31, 2007 and
2006.




General and Administrative
Expenses – General and administrative expenses (including professional
fees) were $177,613 for the six-month period ended December 31, 2007 compared to
$253,438 for the six months ended  December 31, 2006.  The
2006 six-month period included operations from discontinued businesses, and
accordingly any further specific comparisons would not be
meaningful.




Net Losses — Net loss
for the six months ended December 31, 2007 was $177,613 and was all from
continuing operations.  Net loss for the six months ended December 31,
2006 was $253,438 and included $136,100 in losses from continuing operations and
$117,338 in losses from discontinued operations.




Plan
of Operation and Liquidity




We intend
to concentrate our acquisition and development of wind energy assets primarily
toward the upper Great Plains and certain Midwestern regions of the USA,
including Minnesota, Iowa, and the Dakotas. This region is particularly suitable
for wind farms because it features large areas of flat and sparsely populated
prairies having high and consistent wind speeds. Farmers, ranchers and citizens
of rural towns in the Great Plains strongly welcome the additional profitable
“crop” of farming wind from annual turbine rental payments, as well as the
substantial construction and maintenance employment for local residents with
some of these “green collar” jobs being permanent. Also significant, there is no
NIMBY (not-in-my-back-yard) factor to contend with in our targeted region such
as is frequently encountered in more populated areas of the
country.




Our
primary focus for at least the next twelve months is to acquire additional
material wind energy assets, which may involve interests either in completed
wind farms now generating electricity or in wind farms still under development.
We do not currently possess the substantial funding necessary to make any
planned additional acquisitions, although we intend to obtain the needed funding
through private placements of equity or debt securities. There is no assurance,
however, that we can obtain any anticipated material funding through any
source.  If we cannot raise such planned funding, we will be unable to
implement our business plan effectively to acquire or develop additional
significant wind energy assets. We currently have enough working capital to
support our management and administrative operations and expenses until at least
the end of our current fiscal year which ends June 30, 2008.




For the
past couple years, the Company has relied primarily upon sale of its common
stock in private placements to provide funding for both operational and asset
purchase purposes.  Currently the Company intends to obtain
substantial debt financing through a bond offering in Europe, but there is no
assurance this bond offering will be successful.




14


Forward-Looking
Statements




The
federal Private Securities Litigation Reform Act provides a safe harbor for
forward-looking statements made by the Company. All statements, other than
statements of historical fact, which address activities, actions, goals,
prospects, or new developments that we expect or anticipate will or may occur in
the future, including such things as prospects for obtaining additional capital
and our goal of participating in new wind energy business ventures and other
such matters are forward-looking statements. Any one or a combination of factors
and uncertainties could materially affect our financial condition and ability to
achieve our goal. These risk factors and uncertainties include competition for
business opportunities, unexpected costs or expenses, regulatory matters, and
conditions in the capital markets. Because of these risk factors and other
unknown factors beyond our control, actual results may differ materially from
those in these forward-looking statements.




ITEM
3. CONTROLS AND PROCEDURES




Evaluation
of disclosure controls and procedures




As of the
end of the period covered by this report, the Company conducted an evaluation,
under the supervision and with the participation of the Chief Executive Officer
and Chief Financial Officer, of the Company’s disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15(d)-15(e) under the Securities Exchange Act
of 1934 (the “Exchange Act”)). Based on this evaluation, the Chief Executive
Officer and Chief Financial Officer concluded that the Company’s disclosure
controls and procedures are effective to ensure that information required to be
disclosed by the Company in reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods
specified in Securities and Exchange Commission rules and forms.




Changes
in internal controls




There
were no changes in the Company’s internal controls over financial reporting that
occurred during the period covered by this report that have materially affected,
or are reasonably likely to materially affect, the Company’s internal control
over financial reporting.




PART
II-OTHER INFORMATION




ITEM
2. UNREGISTERED SALES OF COMMON STOCK




In
October 2007, the Company issued 100,000 shares of its common stock at $.30 per
share ($30,000 total) to satisfy the exercise of an outstanding warrant held by
a stockholder of the Company who qualified as an accredited
investor.




In
October 2007, the Company also issued 66,667 shares of its common stock at $.75
per share to satisfy an outstanding loan payable of $50,000 owed to a director
of the Company.




During
the three-month period ended December 31, 2007, the Company sold 562,649 shares
of its common stock at $.75 per share in a private placement to a limited number
of accredited investors, and the Company received proceeds of $400,417 net of
offering commissions and expenses.




In
December 2007, the Company issued 4,000,000 shares of its common stock at $.60
per share to Northern Alternative Energy Inc. to acquire the CHI Energy wind
farms, which resulted in a total valuation of $2,400,000 for these
shares.




All of
the foregoing sales of unregistered shares of common stock of the Company were
deemed exempt from registration under Section 4 (2) or Rule 506 of the
Securities Act of 1933, as amended. No advertising or general solicitation was
involved and these securities were sold only to accredited investors as defined
under Regulation D of such Act.  Stock certificates issued for these
shares were legend to prevent further transfer, resale or other disposition
thereof unless registered under applicable securities laws or exempt from such
registration.




Item
6. Exhibits




EXHIBIT
INDEX




31.1*
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.




32.1*
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
2002




* Filed
as exhibits









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.









Wind
      Energy America, Inc.Date:
            February
      19, 2008
            
            By:
            /s/
      Rober O. KnutsonRobert
      O. Knutson, Chief Executive Officer







15