UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-Q

[X]
     QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED May 31, 2008OR[  ]
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934


Commission file number 000-51198GLOBAL GREEN SOLUTIONS INC.(Exact name of registrant as specified in its charter)NEVADA(State or other jurisdiction of incorporation or organization)789 West Pender Street, Suite 1010Vancouver, British ColumbiaCanada V6C 1H2(Address of principal executive offices, including zip code.)

(604) 408-0153Toll Free (866) 408-0153(telephone number, including area code)

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 last 90 days.YES [X]     NO [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer, non-accelerated filer, and smaller reporting company in Rule 12b-2 of the Exchange Act.

Large accelerated filer
     [   ]
     Accelerated filer
     [   ]Non-accelerated filer
     [   ]
     Smaller reporting company
     [X]


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-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:44,326,749 as of July 7, 2008.





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PART I  FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS.

GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)INTERIM CONSOLIDATED BALANCE SHEETS(Unaudited)(Stated in U.S. Dollars)

MAY 31
     
     NOVEMBER 302008
     
     2007ASSETSCurrentCash and cash equivalents
     $
     7,786
     $
     11,779Amounts receivable
     
     182,382
     
     70,640Prepaid expenses
     
     93,288
     
     152,597283,456
     
     235,016Equipment
     
     32,803
     
     40,929$
     316,259
     $
     275,945LIABILITIESCurrentAccounts payable and accrued liabilities
     $
     998,100
     $
     542,900Loans payable (Note 5)
     
     551,590
     
     362,0581,549,690
     
     904,958Minority Interest
     
     -
     
     4,7141,549,690
     
     909,672Commitments And Contractual Obligations (Note 8)STOCKHOLDERS DEFICIENCYCapital Stock (Note 6)Authorized:100,000,000 Common shares, par value $0.00001 per shareIssued and outstanding:44,326,749 common shares at May 31, 2008
     
     443
     
     40240,248,808 common shares at November 30, 2007Additional Paid-In Capital
     
     17,574,552
     
     14,548,580Shares To Be Issued (Notes 3 and 8)
     
     196,600
     
     -Warrants
     
     2,016,650
     
     2,341,150Deferred Compensation
     
     (554,840
     )
     (609,400
     )Deficit Accumulated During The Development Stage
     
     (20,466,836
     )
     (16,914,459
     )(1,233,431
     )
     (633,727
     )$
     316,259
     $
     275,945


The accompanying condensed notes are an integral part of these interim consolidated financial statements.F-1

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(Stated in U.S. Dollars)CUMULATIVEPERIOD FROMINCEPTIONJUNE 10, 2003THREE MONTHS ENDED
     
     SIX MONTHS ENDED
     
     TOMAY 31
     
     MAY 31
     
     MAY 312008
     
     2007
     
     2008
     
     2007
     
     2008Revenue
     $
     -
     $
     -
     $
     -
     $
     -
     $
     -Operating ExpensesConsulting fees
     
     417,877
     
     287,218
     
     677,176
     
     694,933
     
     2,312,967Finance charges
     
     -
     
     153,226
     
     -
     
     382,837
     
     2,019,584Interest and bank charges
     
     2,372
     
     9,919
     
     5,841
     
     26,319
     
     97,490Office and sundry
     
     138,425
     
     205,925
     
     322,750
     
     327,635
     
     1,114,965Professional fees
     
     86,615
     
     113,427
     
     134,866
     
     185,496
     
     639,907Project development expenses
     
     891,551
     
     409,199
     
     1,857,284
     
     606,006
     
     4,727,235Stock-based compensation
     
     86,651
     
     941,100
     
     573,151
     
     2,028,400
     
     6,850,489Impairment of intangibles
     
     -
     
     -
     
     -
     
     -
     
     357,100Impairment of advances for pilot project
     
     -
     
     -
     
     -
     
     -
     
     2,718,160Operating loss, before other income andminority interest
     
     (1,623,491
     )
     (2,120,014
     )
     (3,571,068
     )
     (4,251,626
     )
     (20,837,897
     )Other IncomeInterest income
     
     -
     
     20,902
     
     -
     
     29,737
     
     59,005Loss Before Minority Interest
     
     (1,623,491
     )
     (2,099,112
     )
     (3,571,068
     )
     (4,221,889
     ) $
     (20,778,892
     )Minority interest in net loss of consolidatedsubsidiaries
     
     8,857
     
     39,345
     
     18,691
     
     39,345
     
     312,056Net Loss
     $
     (1,614,634)
     $
     (2,059,767)
     $
     (3,552,377
     )$
     (4,182,544)
     $
     (20,466,836
     )Basic And Diluted Loss Per CommonShare
     $
     (0.04
     )$
     (0.06
     )$
     (0.08
     )$
     (0.12
     )Weighted Average Number Of CommonShares Outstanding
     
     43,780,553
     
     36,261,601
     
     43,221,313
     
     33,836,060






The accompanying condensed notes are an integral part of these interim consolidated financial statements.F-2

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(Stated in U.S. Dollars)CUMULATIVEPERIOD FROMINCEPTIONSIX MONTHS ENDED
     
     JUNE 10, 2003MAY 31
     
     TO MAY 31,2008
     
     2007
     
     2008Cash Used In Operating ActivitiesNet loss for the period
     $
     (3,552,377
     )$
     (4,182,544
     )   $
     (20,466,836
     )Adjustments to reconcile net loss to net cash used by operatingactivitiesDepreciation
     
     13,229
     
     1,392
     
     27,356Minority interest in net loss of consolidated subsidiaries
     
     (18,691
     )
     (39,345
     )
     (312,056
     )Non-cash finance charges
     
     -
     
     382,837
     
     2,019,584Stock-based compensation
     
     573,151
     
     2,028,400
     
     6,850,489Non-cash consulting services
     
     108,260
     
     262,150
     
     630,640Non-cash license fee
     
     165,000
     
     -
     
     165,000Interest
     
     -
     
     18,533
     
     75,278Impairment of intangible assets
     
     -
     
     100
     
     357,100Impairment of advances to pilot project
     
     -
     
     -
     
     2,718,160Changes to operating assets and liabilitiesAmounts receivable
     
     (125,862
     )
     (8,525
     )
     (182,382
     )Prepaid expenses
     
     59,309
     
     (13,537
     )
     (93,288
     )Accounts payable and accrued liabilities
     
     455,200
     
     13,607
     
     998,100(2,322,781
     )
     (1,536,932
     )
     (7,212,855
     )Cash Flows Used In Investing ActivitiesPurchase of intangible asset
     
     -
     
     -
     
     (100
     )Acquisition of equipment
     
     (5,103
     )
     -
     
     (60,159
     )Pilot project facilities and equipment
     
     -
     
     (2,478,816
     )
     (2,718,160
     )(5,103
     )
     (2,478,816
     )
     (2,778,419
     )Cash Flows From Financing ActivitiesIssue of share capital, net of issuance costs
     
     2,106,262
     
     4,293,591
     
     7,906,914Net proceeds from convertible notes
     
     -
     
     -
     
     1,425,000Advances from minority interest
     
     28,097
     
     -
     
     115,556Loan advances
     
     189,532
     
     -
     
     551,5902,323,891
     
     4,293,591
     
     9,999,060Increase (Decrease) In Cash and Cash Equivalents
     
     (3,993
     )
     277,843
     
     7,786Cash and Cash Equivalents, Beginning
     
     11,779
     
     748,309
     
     -Cash and Cash Equivalents, Ending
     $
     7,786
     $
     1,026,152
     $
     7,786Cash And Cash Equivalents Are Comprised Of:Cash
     $
     7,786
     $
     1,026,152Supplemental InformationCash Activities:Interest paid
     $
     -
     $
     -Income taxes paid
     $
     -
     $
     -Non-Cash Investing and Financing Activities (Note 9)


The accompanying condensed notes are an integral part of these interim consolidated financial statements.F-3

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|1. | NATURE OF OPERATIONS AND GOING CONCERN                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Global Green Solutions Inc. is a development stage company and is devoting substantially all of its present efforts to establishing a new business. That business is primarily focused on two areas: biodiesel feedstock production; and biomass combustion to generate industrial process steam and electrical power.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   | The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred a net loss of $20,466,836 for the period from June 10, 2003 (inception) to May 31, 2008, has a stockholders deficiency, and has no revenue. The future of the Company is dependent upon its ability to obtain financing and upon future profitable operations from the development and marketing of its projects. The Company plans to continue as a going concern by actively developing and marketing its biodiesel feedstock and biomass combustion projects. It intends to raise additional capital for the development and marketing of its projects primarily through the issuance of common shares and or the issuance of debt securities. It may also raise additional capital by selling interests in its projects, although there are no current plans to do so at this time. There can be no assurance that the Company will be successful in marketing and developing its projects or in securing financing. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue in existence.
|  
|   | The unaudited financial information furnished herein reflects all adjustments, which in the opinion of management are necessary to fairly state the Companys financial position and the results of its operations for the periods presented. These statements should be read in conjunction with the Companys financial statements and notes thereto for the fiscal year ended November 30, 2007. The Company assumes that users of the interim financial information herein have read or have access to the audited financial statements for the preceding fiscal year and that the adequacy of additional disclosure needed for a fair presentation may be determined in that context. Accordingly, certain footnote disclosure, which would substantially duplicate the disclosure contained in the November 30, 2007 financial statements has been omitted. The results of operations for the six month period ended May 31, 2008 are not necessarily indicative of results for the entire year ending November 30, 2008.                                                                                                                                                                                                                                                                                                                                                         
|  
|   | Subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  
|   | The Company has seven subsidiary corporations. They are Global Greensteam LLC, a California corporation; Global Green Solutions Ltd, a United Kingdom corporation; Global Green Solutions Pty Ltd., a South African corporation, Greensteam Development Inc. and Greensteam Energy LLC, both of which are Delaware corporations, Florida Greensteam Equine Energy LLC, a Florida corporation, and Vertigro Algae Technologies LLC, a Texas corporation. The Company conducts a portion of its operations through some of these subsidiaries. Global Greensteam LLC and Global Green Solutions Pty Ltd. are active; Greensteam Development Inc. and Greensteam Energy LLC are inactive. Other than through its holding in Global Green Solutions Pty Ltd., Global Green Solutions Ltd. currently has no other operations or activity. Florida Greensteam Equine Energy LLC was formed in November, 2007 and is not yet operational. The operating agreement for Vertigro Algae Technologies LLC (VAT) was executed in May, 2008. VAT is the entity through which the Company and its 50% partner, Valcent USA, Inc. will continue development of their project to use algae as a source for biodiesel feedstock and other products.                                                                                                                                                    
|  
|   | The Company held a 57% interest in Global Greensteam LLC at November 30, 2007 and was the operating partner. The Companys ownership interest increased to 95% in December, 2007 when it acquired the 38% of Global Greensteam LLC held by ITS Engineered Systems, Inc. The Company acquired the remaining 5% from the Onix Corporation in April, 2008. Global Greensteam LLC is developing and marketing steam generator systems that convert biomass (primarily wood and crop waste) to low-cost steam. The steam can be used for industrial purposes or to generate electrical power.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  

F-4

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Principles of Consolidation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|  
|   | The accompanying consolidated financial statements include the Company and its subsidiaries or entities consolidated under the provisions of Financial Accounting Standards Board ("FASB") Interpretation No.46, as revised, Consolidation of Variable Interest Entities ("FIN46R"). All inter-company balances and transactions have been eliminated in consolidation.                                                                                                                                                                                       
|  
|   | FIN46R addresses the consolidation of certain business entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties ("variable interest entities"). Variable interest entities are required to be consolidated by their primary beneficiaries.                                                                                                               
|  
|   | Use of Estimates and Assumptions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  
|   | Preparation of the Companys financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The significant areas requiring managements estimates and assumptions relate to determining the fair value of stock-based compensation, fair value of shares issued for services and the acquisitions, and useful lives of long-lived assets.
|  
|   | Development Stage Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  
|   | The Company is a development stage company as defined by Financial Accounting Standards No. 7. The Company is devoting substantially all of its present efforts to establishing a new business. All losses accumulated since inception have been considered as part of the Companys development stage activities.                                                                                                                                                                                                                                            
|  
|   | Equipment and Depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  
|   | Equipment is stated at cost. Depreciation is computed using the straight line method, over twenty-four months, to allocate the cost of depreciable assets.                                                                                                                                                                                                                                                                                                                                                                                                    
|  
|   | Deferred Financing Costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|  
|   | The Company defers direct costs incurred in connection with the sale of common shares which are offset against the proceeds of the financing upon completion. Costs incurred in connection with convertible notes are deferred and amortized as a financing cost over the term of the convertible loans. Upon conversion of the loan, any unamortized amount of deferred financing costs is charged to stockholders' equity as a cost of financing.                                                                                                           
|  
|   | Financial Instruments and Concentration Risk                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   | The fair value of financial instruments which include cash, amounts receivable, accounts payable and accrued liabilities and loan payable were estimated to approximate their carrying value due to the immediate or relatively short maturity of these instruments. Management does not believe that the Company is subject to significant interest currency or credit risks arising from these financial instruments.                                                                                                                                       
|  
|   | The Company accounts for common stock purchase warrants at fair value in accordance with EITF 00-19, Accounting for Derivative Financial Instruments Indexed to and Practically Settled in, a Companys Own Stock. The Black-Scholes option pricing valuation method is used to determine fair value of these warrants.                                                                                                                                                                                                                                     
|  
|   | Use of this method requires that the Company make assumptions regarding stock volatility, dividend yields, expected term of the warrants and risk-free interest rates.                                                                                                                                                                                                                                                                                                                                                                                        
|  

F-5

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | 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", which 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 if their effect is anti dilutive.                                                                                                                                           
|  
|   | Foreign Currency Translation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|  
|   | The Companys functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated 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 or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financials statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.                                                                                                                                                                                                                                                                                                                                                      
|  
|   | Stock-Based Compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|  
|   | On December 1, 2005, the Company adopted the fair value recognition provisions of Financial Accounting Standards Board (FASB) Statement No. 123(R),Share-Based Payment,(SFAS 123R). The Company adopted SFAS 123R using the modified- prospective-transition method. Under this method, compensation cost recognized for all periods prior to December 1, 2005 includes: a) compensation cost for all share-based payments granted prior to, but not yet vested as of November 30, 2005, based on the grant-date fair value estimated in accordance with the original provisions of SFAS 123, and b) compensation cost for all share-based payments granted subsequent to November 30, 2005, based on the grant-date fair value estimated in accordance with the provisions of SFAS 123R. In addition, deferred stock compensation related to non-vested options is required to be eliminated against additional paid-in capital upon adoption of SFAS 123R. The results for periods prior to December 1, 2005 were not restated.
|  
|   | The Company accounts for equity instruments issued in exchange for the receipt of goods or services from parties other than employees in accordance with SFAS No. 123 and the conclusions reached by the Emerging Issues Task Force (EITF) in Issue No. 96-18. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by EITF 96-18.                                                                                                                                                                                                                                                                                                                                
|  
|   | Recent Accounting Pronouncements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|  
|   | In December 2007, the FASB issued SFAS No. 141 (Revised 2007), Business Combinations (SFAS No. 141R). SFAS No. 141R will change the accounting for business combinations. Under SFAS No. 141R, an acquiring entity will be required to recognize all the assets acquired and liabilities assumed in a transaction at the acquisition-date fair value with limited exceptions. SFAS No. 141R will change the accounting treatment and disclosure for certain specific items in a business combination. SFAS No. 141R applies prospectively to business combinations for which the acquisition date is on or after the beginning of the entitys first annual reporting period beginning on or after December 15, 2008. Accordingly, any business combinations completed by the Company prior to December 1, 2009 will be recorded and disclosed following existing GAAP. Management has not determined the effect that adopting this statement would have on the Companys financial position or results of operations.             
|  

F-6

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Recent Accounting Pronouncements (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  
|   | In December 2007, the FASB issued SFAS No. 160, Non-controlling Interest in Consolidated Financial Statements, an amendment of ARB No. 51 ("SFAS No. 160"), which will change the accounting and reporting for minority interests, which will be recharacterized as non-controlling interests and classified as a component of equity within the consolidated balance sheets. SFAS No. 160 is effective as of the beginning of an entitys first fiscal year beginning on or after December 15, 2008. Earlier adoption is prohibited. Management has not determined the effect that adopting this statement would have on the Companys financial position or results of operations.                                                                                                                                                                                                                                                                                                                         
|  
|   | In March 2008, the FASB issued FASB Statement No. 161, Disclosures about Derivative Instruments and Hedging Activities  An Amendment of FASB Statement No. 133 (SFAS 161).SFAS 161 amends and expands the disclosure requirements of Statement 133 with the intent to provide users of financial statements with an enhanced understanding of how and why an entity uses derivative instruments, how derivative instruments and related hedged items are accounted for under Statement 133 and its related interpretations, and how derivative instruments and related hedged items affect an entitys financial position, financial performance, and cash flows.SFAS 161 is effective for fiscal years, and interim periods within those fiscal years, beginning on or after November 15, 2008.The Company will adopt SFAS 161 in December, 2009.                                                                                                                                                        
|  
|3. | PILOT PROJECT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  
|   | On October 2, 2006, and as amended June 25, 2007 the Company entered into an agreement with Pagic LP, Valcent Products Inc. (Valcent), and West Peak Ventures of Canada Limited. Under the terms of the agreement, Valcent and the Company agreed to jointly participate in the development of a patent pending, biomass system to produce hydrocarbons while sequestering CO2, by growing certain algae. The amended agreement was to be the basis for a definitive contract between the Company and Valcent, which will be the governing document for the new venture.                                                                                                                                                                                                                                                                                                                                                                                                                                   
|  
|   | The agreement in place at November 30, 2007 required the Company to contribute up to $3 million to cover the estimated cost of the plant, with any further costs to be shared 50/50 with Valcent. The method of recovering the $3 million initial startup loan capital was to be determined in the final, definitive agreement. Costs incurred to November 30, 2007 in connection with the advances made by the Company, have been for (i) the acquisition and construction of the project facilities; (ii) acquisition of project equipment; (iii) materials, supplies and other project costs; and (iv) general and administrative expenses.                                                                                                                                                                                                                                                                                                                                                               
|  
|   | At November 30, 2007, the Company was still in negotiations with Valcent for a final agreement. In May, 2008, the Company and Valcent formalized an agreement to continue the development of the project through Vertigro Algae Technologies, LLC (the LLC) of which the Company and Valcent USA, Inc. (a subsidiary of Valcent) each own 50 percent. Under the new agreement, the existing assets will be transferred to Valcent Manufacturing Inc., a wholly owned subsidiary of Valcent, while the Company is to receive $3 million on a priority basis from the net cash flow of the LLC. The Company will receive 70% of any such net cash flow until it has received $3 million in excess of its percentage interest of such cash flow. In connection with a license technology agreement entered into by the LLC, the Company agreed to issue 300,000 restricted common shares with a combined fair value of $165,000 as its share of a one-time license fee. The amount was expensed in the period.
|  
|   | The preliminary carrying value of the advances at November 30, 2007 was deemed to be impaired owing to uncertainty that cash flow will result from the project and was charged to operations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|  

F-7

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|3. | PILOT PROJECT (Continued)                                                
|-- | -------------------------------------------------------------------------
|  
|   | The carrying value of the Companys investment was determined as follows:
|  

| | Balance November 30, 2005 | $ | -          |  
| | ------------------------- | - | ---------- | -
| | Project facilities        |   | 393,271    |  
| |                          
| | Balance November 30, 2006 |   | 393,271    |  
| | Project equipment         |   | 1,520,309  |  
| | Project facilities        |   | 858,448    |  
| | Amount due to venture     |   | (53,868    | )
| | Impairment                |   | (2,718,160 | )
| |                          
| | Balance November 30, 2007 | $ | -          |  

Costs incurred in connection with the project during the six months ended May 31, 2008 total $838,825 and have been charged to project development expenses.

4.     CONVERTIBLE NOTES

On May 5, 2006, the Company issued Convertible Notes (the notes) in the aggregate amount of $1,500,000 due and payable on May 5, 2007 together with interest at the rate of 8% per annum compounded annually. Attached to the Notes were 1,399,999 Class A Warrants and 1,399,999 Class B Warrants (the Warrants). Each Class A Warrant was convertible into one share of common stock upon the payment of $0.75 per warrant. Each Class B Warrant was convertible into one restricted share of common stock upon the payment of $1.25 per warrant. All of the Class A and B Warrants expired in May, 2008 with none having been exercised.

At the election of the holder, the notes and interest accrued thereon were convertible into one restricted share of common stock at the lesser of (i) $0.75 per share or (ii) seventy percent (70%) of the average five closing bid prices of the Companys common stock as reported by Bloomberg L.P. for the five trading days preceding the election to convert. The lowest possible conversion price was $0.19 per share. Conversion of the notes did not affect the Class A Warrants and Class B Warrants.

The Company has allocated the proceeds received between the notes and the detachable warrants on a relative fair value basis. The fair value of the warrants was estimated using the Black-Scholes option pricing model at the date of issue, while the fair value of the notes was estimated by multiplying the number of shares that would result from an immediate exercise of the conversion option, by the market price on the date of issue. The relative fair values of the notes and the warrants determine the debt discount attributable to the warrants. The result was $574,500 of the proceeds being allocated to the warrants and $925,500 being allocated to the notes. The resulting discount on the notes is amortized over the term of the notes to maturity such that, in the absence of any conversions, the carrying value of the notes at maturity would be equal to the face amount of $1,500,000. In the event of a conversion of any or all of the face amount of the notes, the proportionate amount of the unamortized discount as of the date of conversion is immediately charged to operations.



F-8

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|4. | CONVERTIBLE NOTES (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | In accordance with the provisions of EITF Issue No. 00-27 Application of Issue No. 98-5 to Certain Convertible Instruments (EITF 00-27), the Company determines any intrinsic value beneficial conversion feature on the notes by comparing the market price of the Companys common stock at issuance of the notes to the effective conversion price of the notes, as determined by dividing the proceeds allocated to the notes by the number of shares that would result from an immediate exercise of the conversion option. The initial beneficial conversion feature was determined to be $1,396,774; however, in accordance with the provisions of EITF 00-27, it is limited to the proceeds allocated to the notes, being $925,500. This beneficial conversion feature is recorded as an immediate charge to additional paid-in capital and a further discount on the convertible note carrying value.This further discount is amortized over the term of the notes to maturity. In the event of a conversion of any or all of the face amount of the notes, the proportionate amount of the unamortized beneficial conversion feature as of the date of conversion is immediately charged to operations.
|  
|   | As of November 30, 2007, the Company had recorded as finance charges a cumulative total of $574,500 of amortization of the discount resulting from the allocation of proceeds to the warrants and a cumulative total of $925,500 of the intrinsic value beneficial conversion feature, leaving total unamortized amounts of $NIL (November 30, 2006 - $254,794). Consequently, no further charges were recorded in the six months ended May 31, 2008. During the six months ended May 31, 2007 the Company recorded $56,663 of amortization of the discount resulting from the allocation of proceeds to the warrants and $91,282 of the intrinsic value beneficial conversion feature.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|  
|   | As of November 30, 2007, a cumulative total of $1,500,000 of convertible note principal and a cumulative total of $75,278 of accrued interest had been converted into 2,661,090 shares of the Companys common stock leaving $NIL convertible note principal or accrued interest outstanding. Consequently, no further note principal or accrued interest was converted into common stock in the six months ended May 31, 2008.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|  
|5. | LOANS PAYABLE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|  
|   | The Company received short term loans totaling $551,590 as at May 31, 2008 from directors, officers, related parties, and another company. These loans are unsecured, are currently non-interest bearing, and have no specific terms of repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|  
|6. | CAPITAL STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|  
|   | Common Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|  
|   | During the period ended May 31, 2008, the Company issued shares of common stock as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|  
|   | i)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|  
|   | ii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   | iii)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  

F-9

-10-

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|6. | CAPITAL STOCK (Continued)
|-- | -------------------------
|  
|   | Common Stock (Continued) 
|  
|   | iv)                      
|  
|   | v)                       
|  
|   | vi)                      
|  
|   | vii)                     
|  

Stock OptionsDuring the six months ended May 31, 2008, the Company had the following stock option activity:

The Company granted a total of 900,000 stock options at exercise prices ranging from $0.00001 to $0.50 per share. In accordance with SFAS 123R, the Company expenses the fair value of these options, estimated to be $460,000 on a straight-line basis, over the related option vesting period or service contract period.

To May 31, 2008, the Company has expensed $83,839 of this fair value and $376,161 will be recorded on the future vesting of these options.

During the year ended November 30, 2007, the Company had the following stock option activity:

The Company granted a total of 1,640,000 stock options at exercise prices ranging from $0.00001 to $1.06 per share. In accordance with SFAS 123R, the Company expenses the fair value of these options, estimated to be $1,498,050 on a straight-line basis, over the related option vesting period or service contract period.

To May 31, 2008, the Company has expensed $1,139,150 (November 30, 2007 - $973,738) of this fair value, $261,700 (November 30, 2007 - $338,400) has been recorded as deferred compensation in stockholders equity, $NIL (November 30, 2007 - $185,912) will be recorded on the future vesting of options and $97,200 relates to options which were forfeited prior to vesting.

During the year ended November 30, 2006, the Company had the following stock option activity:

The Company granted a total of 7,725,000, stock options at exercise prices ranging from $0.00001 per share to $0.50 per share. In accordance with SFAS 123R, the Company expenses the fair value of these options, estimated to be $5,533,000 on a straight-line basis, over the expected term of the options, which is based on the options contractual term.

To May 31, 2008, the Company has expensed $5,485,000 (November 30, 2007 - $5,161,100) of this fair value, $Nil (November 30, 2007 - $93,700) has been recorded as deferred compensation in stockholders equity, $Nil (November 30, 2007 - $230,200) will be recorded on the future vesting of options and $48,000 relates to options which were forfeited prior to vesting.





F-10

-11-

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|6. | CAPITAL STOCK (Continued)                                                                                                                     
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Stock Options (Continued)                                                                                                                     
|  
|   | The following table provides certain information with respect to the above stock options that are outstanding and exercisable at May 31, 2008:
|  

Stock Options
     Stock Options
     Weighted AverageExercise
     Issued and
     Outstanding and
     RemainingPrices
     Outstanding
     Exercisable
     Contractual Life$0.00001
     100,000
     100,000
     1.92 years$0.50
     1,300,000
     1,300,000
     0.64 years$0.50
     675,000
     675,000
     0.67 years$0.50
     200,000
     200,000
     0.90 years$0.50
     1,100,000
     1,100,000
     1.46 years$0.50
     500,000
     500,000
     1.54 years$0.50
     15,000
     15,000
     2.13 years$0.50
     500,000
     -
     1.83 years$0.50
     300,000
     -
     1.92 years$1.00
     300,000
     300,000
     1.63 years$1.00
     300,000
     300,000
     1.88 years$1.00
     200,000
     200,000
     2.07 years5,490,000
     4,690,000


The Companys stock option activity for the periods ended May 31, 2008 and November 30, 2007 is as follows

Weighted AverageWeighted Average
     RemainingNumber of Options
     
     Exercise Price
     Contractual LifeBalance outstanding, November 30, 2006
     7,625,000
     $
     0.22
     2.39 yearsGranted during the year
     1,640,000
     
     0.78Expired / forfeited during the year
     -
     
     -Exercised during the year
     (3,827,500
     )
     0.02Balance outstanding, November 30, 2007
     5,977,500
     
     0.49
     1.64 yearsGranted during the period
     900,000
     
     0.44Expired / forfeited during the period
     (212,500
     )
     1.03Exercised during the period
     (1,175,000
     )
     0.00Balance outstanding, May 31, 2008
     5,490,000
     $
     0.59
     1.28 years






F-11

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|6. | CAPITAL STOCK (Continued)                                                                                                                                                                                                                
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Stock Options (Continued)                                                                                                                                                                                                                
|  
|   | As at May 31, 2008, the aggregate intrinsic value (AIV) under the provisions of SFAS No. 123R of all outstanding, vested stock options was $400,099 and the AIV of options exercised during the period ended May 31, 2008 was $947,113.
|  
|   | Warrants                                                                                                                                                                                                                                 
|  
|   | The Companys warrant activity for the periods ended May 31, 2008 and November 30, 2007 is as follows:                                                                                                                                   
|  

Weighted AverageNumber of
     
     
     Weighted Average
     RemainingWarrants
     
     
     Exercise Price
     Contractual LifeBalance, November 30, 2006
     4,106,998
     
     $
     0.92
     1.58 yearsGranted during the year
     2,572,014
     
     
     1.41Expired during the year
     -
     
     
     -Exercised during the year
     (25,000
     )
     
     0.75Balance, November 30, 2007
     6,654,012
     
     
     1.11
     0.67 yearsGranted during the period
     1,176,471
     
     
     1.50Expired during the period
     (2,999,998
     )
     
     0.97Exercised during the period
     (200,000
     )
     
     0.50Balance, May 31, 2008
     4,630,485
     
     $
     1.33
     0.94 years


The following table provides certain information with respect to the above share purchase warrants that are outstanding and exercisable at May 31, 2008:

Warrants
     Weighted AverageOutstanding and
     RemainingExercise Prices
     Exercisable
     Contractual Life$0.75
     522,000
     0.02 years$0.75
     210,000
     0.33 years$1.40
     531,000
     0.07 years$1.40
     1,732,190
     0.22 years$1.40
     150,000
     3.42 years$1.50
     250,000
     1.15 years$1.50
     58,824
     1.50 years$1.50
     1,176,471
     2.53 years4,630,485




F-12

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|6. | CAPITAL STOCK (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   | Warrants (Continued)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|  
|   | As at May 31, 2008, the Company had 1,000,000 unit purchase warrants outstanding at an exercise price of the greater of $1.00 or a price equivalent to a Volume Weighted Average Price for a period ending June 11, 2008. Each unit acquired through the unit purchase warrant consists of one common share and one half share purchase warrant. One whole warrant is convertible into one restricted share of common stock upon payment of the exercise price that is the greater of $1.50 or 150% of a volume weighted average price, for thirty-six months from the exercise date. The unit purchase warrants have not been included in the table of warrants outstanding above. The fair value of these unit purchase warrants of $140,000 has been included in the portion of the corresponding financing proceeds charged to additional paid in capital during the period.
|  
|7. | RELATED PARTY TRANSACTIONS AND AMOUNTS OWING                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|  
|   | During the six months ended May 31, 2008, the Company carried out a number of transactions with related parties in the normal course of business. These transactions were recorded at their exchange amount, which is the amount of consideration established and agreed to by the related parties.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|  
|   | The following are related party transactions and amounts owing at May 31, 2008 that are not disclosed elsewhere in these financial statements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|  
|8. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|  

| | i) | The Company entered into an agreement effective February 1, 2007 and having a five year term with a privately held company controlled by an officer of the Company, to provide services of a Chief Executive Officer, as well as office premises for the Company in Brussels, Belgium. This agreement superseded an earlier agreement was that was cancelled by mutual consent. The fees for providing the services are as follows:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |   
| |    | i.                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |   
| |    | ii.                                                                                                                                                                                                                                                                                                                                                                                                                                
| |   
| |    | iii.                                                                                                                                                                                                                                                                                                                                                                                                                               
| |   
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                    
| |   



F-13

-14-

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|8. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS (Continued)
|-- | ---------------------------------------------------
|  
|   | ii)                                                
|
|
|  
|   |                                                    
|  
|   |                                                    
|   |                                                    
|   |                                                    
|   |                                                    
|  
|   |                                                    
|  

The merger consideration to be paid by the Company to third parties is as follows:*   150,000 shares of restricted common stock upon execution of the definitive agreement (now issued);*   850,000 shares of restricted common stock upon execution of a steam supply contract or similar contract with a major oil company;*   500,000 shares of restricted common stock if the initial steam generating unit achieves reasonably acceptable commercial production;*   500,000 shares of restricted common stock upon the earlier of (a) the one year anniversary of the execution of a steam supply contract, or (b) commissioning of a 4th steam generating unit;









F-14

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|8. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS (Continued)
|-- | ---------------------------------------------------
|  
|   | *                                                  
|  
|   | *                                                  
|  

| | iii) | On July, 13, 2007 an agreement was fully executed, effective from March 1, 2007, for the services of a Vice President, strategy and business development. The agreement has a three year term and includes base annual compensation of $130,000, other payments of $8,000 per annum, incentive bonus stock options, and an option to purchase 100,000 shares at $0.00001, vesting after satisfactory completion of a continuous twelve month period from the effective date.Additional bonus stock options may be issued upon the Company initiating a bonus plan. The agreement may be terminated upon three months notice.                                                                                                      
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |     
| | iv)  | On September 18, 2007 an agreement was fully executed, effective from May 1, 2007, for the services of a Chief Operating Officer. The agreement has a five year term and includes base annual compensation of $96,000 plus $12,000 annually for providing a serviced office, and $48,000 annually for marketing and communication services.All amounts are payable monthly. The contract may be terminated upon six months notice.                                                                                                                                                                                                                                                                                                
|
| |     
| | v)   | Effective February 23, 2008, the Company entered into an agreement with a twelve month term for capital markets, corporate finance and communications advice in Europe. Compensation under this agreement is comprised of an engagement fee of $10,500; $10,500 monthly (increasing to $15,000 based on securing $2,000,000 in equity financing); and 40,000 restricted common shares of the Company per quarter, in advance. The agreement was terminated in May, 2008 and a settlement is under discussion with the service provider. 40,000 shares were recorded as payable at May 31, 2008.                                                                                                                                   
| |     
| | vi)  | Effective March 20, 2008, the Company entered into an agreement for a Finder to introduce the Company to potential lenders, investors, partners, or similar financing resources. Compensation under this agreement is comprised of a retainer of $150,000, with $25,000 due upon execution of the agreement and $25,000 per month thereafter for five months, with any outstanding balance being due immediately if $1,000,000 in equity funding has been received; plus a Success Fee consisting of 1.5% in cash of any debt raised and 8% cash and 8% as warrants of any equity raised. The Agreement has an initial term of twelve months and continues thereafter until cancelled by either party upon 30 days written notice.
| |     
| | vii) | Effective May 1, 2008, the Company entered into an agreement for the provision of services of a General Manager for its subsidiary, Global Green Solutions Pty Ltd. The agreement has a three year term ending April 30, 2011 and may be terminated on three months notice. Compensation under this agreement is comprised of a base fee of $81,600 annually, payable monthly, and an option to acquire 100,000 restricted common shares at $0.00001, vesting immediately.                                                                                                                                                                                                                                                        
| |     







F-15

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GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|8. | COMMITMENTS AND CONTRACTUAL OBLIGATIONS (Continued)    
|-- | -------------------------------------------------------
|  
|   | viii)                                                  
|  
|   | ix)                                                    
|  
|9. | NON-CASH INVESTING AND FINANCING ACTIVITIES            
|  
|   | The Company recorded non-cash finance costs as follows:
|  

Six Months EndedMay 31, 2008
     
     May 31, 2007Amortization of the discount resulting from the allocation towarrants of proceeds from convertible notes
     $
     -
     $
     97,586Amortization of the intrinsic value beneficial conversion featureof the convertible notes
     
     -
     
     157,208Amortization of deferred finance costs resulting from paymentof finders fees
     
     -
     
     128,403$
     -
     $
     383,197


During the six months ended May 31, 2008:

- The Company entered into an agreement for consulting services which included as partial compensation 40,000 restricted common shares with a combined fair value of $31,600 which was expensed in the period;
- In connection with a license technology agreement entered into by the Companys subsidiary, Vertigro Algae Technologies LLC, the Company agreed to issue 300,000 restricted common shares with a combined fair value of $165,000 as its share of a one-time license fee. The amount was expensed in the period;
- 1,000,000 unit purchase warrants with a fair value of $140,000 were issued and included in a private placement;
- The Company issued a total of 350,000 restricted common shares for consulting services with a combined fair value of $192,500 of which $34,760 was expensed during the period and $157,740 was recorded as deferred compensation.

During the six months ended May 31, 2007:

- The Company issued 274,000 restricted common shares with fair value of $275,100 for prepaid consulting service agreements. Of this amount, $262,500 was expensed during the period.

F-16

-17-

---

GLOBAL GREEN SOLUTIONS INC.(A Development Stage Company)

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS

MAY 31, 2008(Unaudited)(Stated in U.S. Dollars)

|10. | SEGMENTED INFORMATION                                                               
|--- | ------------------------------------------------------------------------------------
|   
|    | The Companys operating segment is the development of renewable energy technologies.
|   

Following are project development expenses by type of project:Three Months Ended
     
     Six Months EndedMay 31, 2008
     
     May 31, 2007
     
     May 31, 2008
     May 31, 2007Emissions reduction - pipelines
     $
     -
     $
     31,928
     $
     -
     $
     129,125Biodiesel feedstock pilot project
     
     530,396
     
     151,163
     
     1,003,826
     
     151,163Biomass-fuelled steam generation
     
     313,274
     
     104,885
     
     746,085
     
     174,888Other
     
     47,881
     
     121,223
     
     107,373
     
     150,830$
     891,551
     $
     409,199
     $
     1,857,284
     $
     606,006






























F-17



-18-

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ITEM 2.     MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS.

This section of this report includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements, which apply only as of the date of this report. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Global Green Solutions Inc. is a development stage company and is devoting substantially all of its present efforts to establishing a new business. That business is primarily focused on two areas: biodiesel feedstock production (Vertigro Algae Technologies); and biomass combustion to generate industrial process steam and electrical power (Greensteam).

Cash Requirements and Liquidity

The Company has incurred a deficit of $20,466,836 from inception to May 31, 2008 and has no revenue. Its current lack of liquidity, if continued, will prevent the Company from moving ahead with its key projects and will create serious doubt regarding its ability to continue as a going concern. From March to June, 2008, the Companys Directors and Officers loaned a total of $359,200 to the Company to maintain operations. While these loans are unsecured, non-interest bearing and have no specific terms of repayment, there is no agreement for any further such loans. The future of the Company is dependent upon its ability to obtain ongoing financing and eventually, upon future profitable operations from the development and marketing of its projects.

The Company plans to continue actively developing and marketing its biodiesel feedstock technology and to develop additional biomass combustion projects. It must obtain financing for the development and marketing of these projects through the issuance of common shares and / or the issuance of debt securities. It also plans to raise additional capital by selling interests in its projects. No revenue is expected until late 2008 at the earliest, from the first Greensteam unit, which is to be constructed under the agreement signed March 31, 2008 with Aera Energy LLC, an oil and gas company in California. Construction of that unit is entirely dependant on the companys ability to obtain approximately $3.5 to 4 million in financing.

We need to obtain financing for each of the following:

|1. | Our current estimate for funding required for in-house general and administrative expenditures is $1.1 million for the fiscal year ending November 30, 2008 and $3.7 million through to the end of May, 2009. This estimate has increased since our November 2007 year end primarily due to a higher expected level of activity as our first Greensteam project ramps up, along with additional consulting expenses related to financing efforts. These estimates include our Vancouver corporate office, our Greensteam operations office in Bakersfield, California, and our South African subsidiary.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  





-19-

---

|2. | Our share of overhead, commercialization and engineering costs for our Vertigro Algae Technologies project, together with build costs for the projects test and demonstration unit. If construction is to commence in Q4 of calendar 2008 we require an estimated $2.3 million for the fiscal year ending November 30, 2008 and $3.2 million through to May 2009.                                                                                                                                                                                                                                                                                                                                   
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|3. | The first of our Greensteam units, on which we expect to commence construction as soon as project financing is in place, will require approximately $3.5 to 4 million of capital, based on building a unit one-quarter the size of what was originally planned, that will still allow complete proof of performance and emissions levels.. We estimate that it will be possible to have this unit completed and operational within five months of start of construction. The average unit build cost for the total of ten full scale Greensteam units currently planned in California is $7 million. Construction of the full scale units is currently planned to occur from April 2009 to June 2010.
|  

We are pursuing a number of project and equity financing opportunities to address the forgoing requirements. We believe that our current Greensteam project is particularly suitable for debt financing, having hard assets and a relatively short build time per unit, followed by immediate cash flow as each unit comes into production. The fact that our Greensteam subsidiary has now signed a definitive agreement with a major oil and gas company significantly increases, in our view, the likelihood of obtaining new financing.

There may also be opportunities to pre-sell the biofuel feedstock technology or licensing thereof, which will reduce the need for raising additional funds although no such plans are currently in place.

Results of Operations

Notable Balance Sheet changes from November 30, 2007 are as follows:

-
     Amounts receivable increased due to advances for short term funding assistance to a party engagedin connection with our Greensteam project.-
     Prepaid expenses decreased as insurance premiums prepaid at November 30, 2007 were allocated tothe current period.-
     Accounts Payable increased as a result of contributions due to the Companys Vertigro project($227,000) and deferral of payments owing to Company Officers and certain consultants due tolimited cash flow ($232,000).-
     Loans payable increase of $190,000 is comprised of short term loans from Directors, Officers, majorshareholders and others in response to immediate funding requirements.-
     Additional Paid-In Capital (APIC) increased due to a share issuance in the current period withproceeds approximately $2 million in excess of par value, less a fair value estimate of $478,000attributable to the warrant component of that same issuance, plus $403,000 attributable to StockBased Compensation, the exercise of options and warrants for proceeds approximately $106,000 inexcess of par value, shares issued for consulting, having a value that was approximately $192,000 inexcess of par value , and a reallocation to APIC of $114,000 related to the exercise of warrants and$688,000 related to the expiry of warrants.Notable changes in results of operations between the interim periods presented are as follows:-
     Consulting fees in the second quarter of the period were higher than the equivalent quarter of theprior year primarily due to costs incurred in 2008 but not in 2007 of shares issued as fees forconsulting services. The opposite was true for the first quarter of the current period so that the yearover year change was relatively small.


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-
     There were no finance charges in the six month ended May 31, 2008 as all amounts related to thosecosts had been fully amortized by November 30, 2007.-
     Timing of Office and sundry expenditures resulted in a year over year decrease in the secondquarter, offset by a year over year increase in the first quarter due to a generally higher level ofactivity with Greensteam and in South Africa in that period.-
     Project development expenses increased primarily due to the fact that Greensteam had only juststarted in the 2007 period and its project development was fully underway in the current period.-
     Stock-based compensation decreased simply due to the timing of granting and hence theamortization of such compensation.


Milestones Planned for Fiscal Year 2008;

Financing, either through the issuance of common shares, project equity, and / or the issuance of debt securities is essential for the Company to be able to complete the following milestones. We do not currently having sufficient funds on hand to complete them.

Biodiesel feedstock

|(a) | Test various species of algae, carbon dioxide sequestration and biomass to vegetable oil product yields using a 100 bioreactor system.
|--- | --------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) | Engineer and source key technology equipment and materials for customer test and demonstration facilities.                            
|   
|(c) | Achieve US customer agreements and definitive contracts for European and South African customers.                                     
|   

Our share of overhead, commercialization and engineering costs for our algae to biofuel project, together with build costs for the projects small scale commercial plant on which we plan to commence construction in Q4 of calendar 2008 is currently estimated at $2.3 million for the fiscal year ending November 30, 2008 and $3.2 million through to May 2009. Costs for the above milestones (a) through (d) are included in these amounts.

Greensteam

|(a) | Continue to develop the Florida Equine energy project with the intention of securing offtake agreements for steam or electrical power before the end of 2008. Together with the Florida Thoroughbred Breeders and Owners Association (FTBOA), in November 2007 we formed Florida Greensteam Equine Energy LLC, a joint venture, to implement a waste biomass-to power project in Ocala, Florida. The project is intended to convert horse muck biomass (the combination of horse manure and straw or wood chips bedding materials) into renewable energy in the form of electrical power which will be sold to the local power grid. Our share of initial development costs for this project for the current fiscal year is not expected to exceed $50,000.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(b) | The first Greensteam Aera production unit is planned to be engineered, constructed, installed, tested and commercially operational, generating first revenues in late 2008 or early 2009. This first Greensteam unit is of scaled down size and will require approximately $3.5 to $4 million of capital.                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(c) | We expect to sign a contract with SAPPI in South Africa for the supply of steam for production purposes, fueled by the customers production biowaste materials in Q3, 2008. Costs to achieve this milestone are included as part of our share of in-house general and administrative expenditures for our South African subsidiary, which is estimated at approximately $100,000 for the remainder of the fiscal year ending November 30, 2008 and approximately $150,000 through to the end of May 2009.                                                                                                                                                                                                                                                  
|   

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|(d) | We expect to continue project development on other Greensteam opportunities with the expectation of signing contracts or letters of intent on two additional projects, in South Africa and North America.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   

ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide information under this item.

ITEM 4.     CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures- Our Principal Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures, that our disclosure controls and procedures were effective.

Internal Controls Over Financial Reporting- We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

PART II  OTHER INFORMATION

ITEM 1A.     RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 6.     EXHIBITS.

The following documents are included herein:

Exhibit No.
     Document Description10.48
     License Agreement with Onix Corporation.10.49
     Technology License Agreement with Pagic LP, West Peak Ventures of Canada Ltd. andVertigro Algae Technologies, LLC.10.50
     Vertigro Algae Technologies, LLC, Limited Liability Company, Operating Agreement.10.51
     Consultant Agreement with C&C Technologies PTY LTD.31.1
     Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002.31.2
     Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002.




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32.1
     Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the ChiefExecutive Officer.32.2
     Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the ChiefFinancial Officer.










































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SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 15thday of July, 2008.

GLOBAL GREEN SOLUTIONS INC.BY:J. DOUGLAS FRATERJ. Douglas Frater, President and PrincipalExecutive OfficerBY:ARNOLD HUGHESArnold Hughes, Principal Accounting Officer,Principal Financial Officer and Treasurer































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EXHIBIT INDEXIncorporated by referenceExhibit
     
     
     
     
     FiledNumber
     Document Description
     Form
     Date
     Number
     herewith3.1
     Articles of Incorporation.
     SB-2
     1/28/04
     3.13.2
     Bylaws.
     SB-2
     1/28/04
     3.23.3
     Amended Articles of Incorporation.
     SB-2
     6/19/06
     3.14.1
     Specimen Stock Certificate.
     SB-2
     1/28/04
     4.110.2
     Bill of Sale.
     SB-2
     1/28/04
     10.210.3
     Consulting Agreement with Windstone Financial
     10-KSB
     3/16/06
     10.2Corp.10.4
     Consulting Agreement with Woodburn Holdings
     10-KSB
     3/16/06
     10.3Ltd.10.5
     Contract with Hugh Chisholm.
     10-KSB
     3/16/06
     10.410.6
     Contract with Bruce Chisholm.
     10-KSB
     3/16/06
     10.510.7
     Corporate Consulting and Fiscal Agency
     10-KSB
     3/16/06
     10.6Agreement with West Peak Ventures of CanadaLimited.10.8
     2005 Non-Qualified Stock Option Plan.
     S-8 POS
     3/23/06
     10.110.9
     Asset Purchase Agreement with Sealweld
     10-KSB/A-2
     8/27/07
     10.9International Company Ltd.10.10
     Cooperation Agreement with Ecofys, B.V.
     SB-2
     6/19/06
     10.110.11
     Lease Agreement with MCSI Consulting Services
     SB-2
     6/19/06
     10.2Inc.10.12
     Consulting Agreement with MCSI Consulting
     SB-2
     6/19/06
     10.3Services Inc.10.13
     Agreement with Arnold Hughes.
     SB-2
     6/19/06
     10.410.14
     Agreement with James Douglas Frater.
     SB-2
     6/19/06
     10.510.15
     Amendment to Consulting Agreement with
     10-QSB
     10/16/06
     10.1Windstone Financial Corp.




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10.16
     Office Sublease Agreement with MCSI Consulting
     10-QSB
     10/16/06
     10.2Services Inc.10.17
     Consulting Agreement with MCSI Consulting
     10-QSB
     10/16/06
     10.3Services Inc.10.18
     2007 Nonqualified Stock Option Plan.
     S-8
     1/26/07
     10.110.19
     Financial Investor Relations Contract with
     10-KSB
     3/16/07
     10.1Murdock Capital Partners Corp.10.20
     Consulting Agreement with Murdock Capital
     10-KSB
     3/16/07
     10.2Partners Corp.10.21
     Agreement Letter with Pagic LP, West Peak
     10-KSB/A-2
     8/27/07
     10.21Ventures of Canada Limited and Valcent ProductsInc., including Schedule A Product DevelopmentAgreement between MK Enterprises LLC andValcent Products, Inc.10.22
     Web Services Agreement with Market Pathways
     10-KSB
     3/16/07
     10.5Financial Relations Inc. and Sweetwater CapitalCorp. on behalf of us.10.23
     Public Relations Contract with Vorticom Inc.
     10-KSB
     3/16/07
     10.610.24
     Service Agreement with McCloud
     10-KSB
     3/16/07
     10.7Communications LLC.10.25
     Addendum A to Service Agreement.
     10-KSB
     3/16/07
     10.810.26
     Agreement with Chisholm Brothers International.
     10-KSB
     3/16/07
     10.910.27
     Asset Purchase Agreement with Chisholm Brothers
     10-KSB/A-2
     8/27/07
     10.27International.10.28
     Amended Contract for Public Relations -
     10-KSB
     3/16/07
     10.11supersedes Exhibit 10.23.10.29
     Consulting Agreement with New Energy Fund LP.
     10-KSB/A-2
     8/27/07
     10.2910.30
     Cancellation Agreement of Executive Services
     10-KSB
     3/16/07
     10.13Agreement.10.31
     State of Delaware Certificate of Incorporation for
     10-KSB
     3/16/07
     10.14Greensteam Acquisition Company Inc.10.32
     Executive Services Agreement.
     10-KSB
     3/16/07
     10.15




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10.33
     Consulting and Right of First Refusal Agreement
     10-KSB
     3/16/07
     10.16with David Kahn.10.34
     Agreement and Plan of Merger.
     10-KSB
     3/16/07
     10.1710.35
     Certificate of Merger of Global Greensteam and
     10-QSB
     4/16/07
     10.18Greensteam Development.10.36
     Closing Certificate of Greensteam Development.
     10-QSB
     4/16/07
     10.1910.37
     Vertigro Stakeholders Letter of Agreement.
     8-K
     7/12/07
     10.110.38
     Independent Contractors Agreement.
     10-QSB
     7/23/07
     10.110.39
     Shareholders Operating Agreement.
     10-QSB
     7/23/07
     10.210.40
     Consulting Agreement.
     10-QSB
     7/23/07
     10.310.41
     Pilot & Production Facilities Stakeholders Letter of
     8-K
     7/26/07
     10.1Agreement.10.42
     Business Development and Support Services
     8-K
     7/26/07
     10.2Stakeholders Letter of Agreement.10.43
     MOU with The Onix Corporation.
     SB-2/A-1
     9/11/07
     10.4310.44
     MOU with ITS Engineered Systems, Inc.
     SB-2/A-1
     9/11/07
     10.4410.45
     Independent Contractor Agreement with Craig
     10-QSB
     10/22/07
     10.45Harting.10.46
     Engagement Letter with Innovator Capital Limited.
     10-KSB
     3/14/08
     10.4610.47
     Program Agreement with Area Energy LLC and
     10-Q
     4/09/08
     10.47Global Greensteam LLC.(portions of the exhibithave been omitted pursuant a request forconfidential treatment.)10.48
     License Agreement with Onix Corporation.
     
     
     
     X10.49
     Technology License Agreement with Pagic LP,
     
     
     
     XWest Peak Ventures of Canada Ltd. and VertigroAlgae Technologies, LLC.10.50
     Vertigro Algae Technologies, LLC, Limited
     
     
     
     XLiability Company, Operating Agreement.10.51
     Consultant Agreement with C&C Technologies
     
     
     
     XPTY LTD.


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14.1
     Code of Ethics.
     10-KSB
     3/11/05
     14.121.1
     Subsidiaries of the Company.
     SB-2/A-2
     1/03/08
     21.131.1
     Certification of Principal Executive Officer
     
     
     
     Xpursuant to Section 302 of the Sarbanes-Oxley Actof 2002.31.2
     Certification of Principal Financial Officer
     
     
     
     Xpursuant to Section 302 of the Sarbanes-Oxley Actof 2002.32.1
     Certification pursuant to Section 906 of the
     
     
     
     XSarbanes-Oxley Act of 2002 for the ChiefExecutive Officer.32.2
     Certification pursuant to Section 906 of the
     
     
     
     XSarbanes-Oxley Act of 2002 for the ChiefFinancial Officer.99.1
     Subscription Agreement.
     SB-2
     1/28/04
     99.199.2
     Audit Committee Charter.
     10-KSB
     3/11/05
     99.199.3
     Disclosure Committee Charter.
     10-KSB
     3/11/05
     99.2


























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