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      the
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      Pre-commencement communications pursuant
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>
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      1.02. Termination of a Material Definitive Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
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      shares of our common stock granted on August 8, 2006 pursuant to our 2006 Stock
      Option Plan to two of our directors, one of whom is our Chief Executive Officer.
      These option grants were issued prematurely and were previously reported by
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      Commission on August 10, 2006.</font></div>
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      to the requirements of the Securities Exchange Act of 1934, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Company has duly caused this report to be signed on its behalf by the
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">undersigned,
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          <tr>
            <td align="left" valign="top" width="55%">&#160;</td>
            <td align="left" valign="top" width="45%">
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                MOUNTAIN CAPITAL INC.</font></div>
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          <tr>
            <td align="left" valign="top" width="55%">&#160;</td>
            <td align="left" valign="top" width="45%">&#160;</td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By
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            <td align="left" valign="top" width="55%">&#160;</td>
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                August 17, 2006</font></div>
            </td>
          </tr>

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{"company-data": {"conformed-name": "Green Mountain Capital Inc.", "cik": "0001081856", "assigned-sic": "3743", "irs-number": "161728655", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14883", "film-number": "061041925"}, "business-address": {"street1": "1207 DELAWARE AVE.", "street2": "SUITE 410", "city": "BUFFALO", "state": "NY", "zip": "14209", "phone": "716 332 6143"}, "mail-address": {"street1": "1207 DELAWARE AVE.", "street2": "SUITE 410", "city": "BUFFALO", "state": "NY", "zip": "14209"}, "former-company": [{"former-conformed-name": "Green Mountain Capital Inc", "date-changed": "20040923"}, {"former-conformed-name": "ARS NETWORKS INC", "date-changed": "20001012"}, {"former-conformed-name": "AMERI-CAN RAILWAY SYSTEMS INC", "date-changed": "19990511"}]}
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      DC 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
      of
      Report (Date of earliest event reported): August 14, 2006
GREEN
      MOUNTAIN CAPITAL INC.
(Exact
      Name of Registrant as Specified in Charter)
Nevada
001-14883
16-1728655
(State
                or Other Jurisdiction
(Commission
(
                I.R.S. Employer
of
                Incorporation)
File
                Number)
Identification
                No.)
201
                South Biscayne Boulevard, 28
th
Floor, Miami FL
06901
(Address
                of Principal Executive Offices)
(Zip
                Code)
Registrant's
      telephone number, including area code:
(917) 620-6401
Former
      name or former address, if changed since last report
Check
      the
      appropriate box below if the Form 8-K filing is intended to
simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (see General Instruction A.2. below):
o
Written communications
      pursuant to Rule 425 under the Securities Act (17
CFR
      230.425)
o
Soliciting material pursuant to Rule
      14a-12 under the Exchange Act (17 CFR 240.14a -12)
o
Pre-commencement communications pursuant
      to Rule 14d-2(b) under the
Exchange
      Act (17 CFR 240.14d -2(b))
o
Pre-commencement communications pursuant
      to Rule 13e-4(c) under the
Exchange
      Act (17 CFR 240.13e -4(c))
ITEM
      1.02. Termination of a Material Definitive Agreement.
On
      August
      14, 2006, the Board of Directors of Green Mountain Capital, Inc. ("we", "us" or
      the "Company") cancelled stock options to purchase an aggregate of 2,750,000
      shares of our common stock granted on August 8, 2006 pursuant to our 2006 Stock
      Option Plan to two of our directors, one of whom is our Chief Executive Officer.
      These option grants were issued prematurely and were previously reported by
      the
      Company in a Current Report on Form 8-K, filed with the Securities and Exchange
      Commission on August 10, 2006.
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934,
the
      Company has duly caused this report to be signed on its behalf by the
undersigned,
      thereunto duly authorized.
GREEN
                MOUNTAIN CAPITAL INC.
By
                /s/ Charlie Yiasemis
Charlie
                Yiasemis, Chief Executive Officer
Date:
                August 17, 2006