10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2013

or

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________________

Commission file number: 000-54395

GREEN ENVIROTECH HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

DELAWARE	32-0218005
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

210 S. Sierra Ave Suite A Oakdale, CA	95361
(Address of principal executive offices)	(Zip Code)

(209) 848-4384

(Registrant's telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yesx  Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yesx  Noo

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" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filero	Accelerated filer o
Non-accelerated filero (Do not check if smaller reporting company)	Smaller reporting companyx

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)   Yeso Nox

Indicated the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date; 3,801,211 shares of common stock are issued and outstanding as of July 29, 2013.

i

TABLE OF CONTENTS

		Page  No.
PART I. - FINANCIAL INFORMATION
Item 1.	Financial Statements.	1
	Condensed Consolidated Balance Sheets as of June 30, 2013(Unaudited) and December 31, 2012	2
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2013 and 2012(Unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2013 and 2012 (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	7
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	13
Item 4T	Controls and Procedures.	13
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings.	14
Item 1A.	Risk Factors.	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	14
Item 3.	Defaults Upon Senior Securities.	14
Item 4.	Mine Safety Disclosures.	14
Item 5.	Other Information.	14
Item 6.	Exhibits.	15

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 Statements in this quarterly report on Form 10-Q may be “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in this quarterly report on Form 10-Q, including the risks described under  “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this quarterly report on Form 10-Q and in other documents which we file with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to our ability to raise any financing which we may require for our operations, competition, government regulations and requirements, pricing and development difficulties, our ability to make acquisitions and successfully integrate those acquisitions with our business, as well as general industry and market conditions and growth rates, and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and, except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this quarterly report on Form 10-Q.

-1-

PART 1. - FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN ENVIROTECH HOLDINGS CORP.
(A DEVELOPMENT STAGE COMPANY)
CONDENSED CONSOLIDATED BALANCE SHEETS
	JUNE 30,	DECEMBER 31,
	2013	2012
ASSETS
CURRENT ASSETS
Cash	$                       18,179	$                       1,986
Other current assets	10,119	4,784
Total current assets	28,298	6,770
Fixed Assets
Plant Equipment, not yet placed in service	133,012	125,000
Other Assets
Investment-Petrosonics Joint Venture	268,000	-
TOTAL ASSETS	$                     429,310	$                   131,770
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable	$                     895,369	$                   749,144
Accounts payable- related party	262	4,975
Accrued expenses	2,925,714	2,513,872
Secured debentures payable	305,000	305,000
Loan payable - other, net of discount of $32,144	939,206	840,750
Loan payable - related party	29,287	44,187
Total current liabilities	5,094,838	4,457,928
TOTAL LIABILITIES	5,094,838	4,457,928
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 25,000,000 shares authorized,
0 shares issued and outstanding	-	-
Common stock, $0.001 par value, 250,000,000 shares authorized,
3,801,211 and  2,499,585 shares issued and outstanding	3,801	2,500
Additional paid in capital	9,113,810	6,130,525
Deficit accumulated during development stage	(13,783,139)	(10,459,183)
Total stockholders' equity (deficit)	(4,665,528)	(4,326,158)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$                     429,310	$                   131,770

 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-2-

GREEN ENVIROTECH HOLDINGS CORP.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

AND FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012 AND

FOR THE PERIOD OCTOBER 6, 2008 (INCEPTION) THROUGH JUNE 30, 2013

						OCTOBER 6, 2008
						(INCEPTION)
		SIX MONTHS	SIX MONTHS	THREE MONTHS	THREE MONTHS	THROUGH
		JUNE 30, 2013	JUNE 30, 2012	JUNE 30, 2013	JUNE 30, 2012	JUNE 30, 2013
REVENUE		$                                 -	$                                 -	$                                   -	$                                 -	$                           1,950
COST OF REVENUES		-	-	-	-	33,633
GROSS PROFIT		-	-	-	-	(31,683)
OPERATING EXPENSES
Wages and professional fees		725,309	608,978	374,885	293,000	8,226,759
Impairment expense		-	-	-	-	118,783
Bad debt expense		-	-	-	-	261,890
General and administrative		789,957	95,417	504,832	40,761	1,599,634
	Total operating expenses	1,515,266	704,395	879,717	333,761	10,207,066
NON-OPERATING EXPENSES/INCOME
Amortization expense-debt discount		32,152	-	32,152	-	155,272
Interest expense		56,548	64,046	29,593	31,240	373,713
Interest expense-penalty		-	-	-	-	67,750
Interest expense-Equity Issues		-	(56,879)	-	1,134	254,337
Loss on debt conversion		1,719,990	266,500	1,719,990	-	2,310,236
	Total non-operating expenses	1,808,690	273,667	1,781,735	32,374	3,161,308
NET (LOSS) FROM OPERATIONS		(3,323,956)	(978,062)	(2,661,452)	(366,135)	(13,400,057)
OTHER INCOME:
Disposition of Riverbank Permits		-	-		-	250,000
DISCONTINUED OPERATIONS:
Loss on disposal of discontined operations		-	-	-	-	(429,066)
Income from discontined operations		-	-	-	-	24,186
	Total loss from discontinued operations	-	-	-	-	(404,880)
NET (LOSS)		$                   (3,323,956)	$                     (978,062)	$                     (2,661,452)	$                     (366,135)	$            (13,554,937)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		2,569,886	1,792,959	2,749,085	937,408	n/a
NET (LOSS) PER SHARE		$                            (1.29)	$                           (0.55)	$                              (0.97)	$                           (0.39)	n/a

 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-3-

GREEN ENVIROTECH HOLDINGS CORP.

(A DEVELOPMENT STAGE COMPANY)

 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2013 AND 2012

FOR THE PERIOD OCTOBER 6, 2008 (INCEPTION) THROUGH JUNE 30, 2013

			OCTOBER 6, 2008
			(INCEPTION)
	SIX MONTHS ENDED	SIX MONTHS ENDED	THROUGH
	JUNE 30, 2013	JUNE 30, 2012	JUNE 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$                           (3,323,956)	$                              (978,062)	$         (13,554,937)
Adjustments to reconcile net (loss)
to net cash used in operating activities:
Common stock issued for services, net of cancelations, including shares issued	595,300	66,700	3,320,149
for loss on disposal of discontinued operations ($104,880)
Common stock issued for services, related party	61,500	-	61,500
Common stock issued to reduce and extend debt	-	296,500	336,050
Loss on debt conversion	1,719,990	-	2,167,436
Amortization of debt discount	32,152	-	155,272
Impairment expense	-	-	118,783
Bad debt expense	-		261,890
Warrants issued as loan fees to brokers	-	2,999	33,320
Warrants issued to officers	-	-	234,357
Gain/loss on derivative liability	-	(89,878)	-
Loss on disposal of discontinued operations	-	-	429,066
Income from discontinued operations	-	-	(24,186)
Change in assets and liabilities
(Increase) in deposits and other current assets	(5,335)	70,216	(272,009)
Increase in accounts payable- related party	(4,713)	-	262
Increase in accounts payable and accrued expenses	583,067	422,426	4,088,195
Net cash (used in) operating activities	(341,995)	(209,099)	(2,644,852)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for the acquisition of Magic Bright	-	-	(300,000)
Expenditures related to purchase of equipment for Riverbank Plant	-	-	(125,000)
Expenditures related to construction of building	(8,012)	-	(126,795)
Invesment- Petrosonics joint venture	(43,000)	-	(43,000)
Net cash (used in) investing activities	(51,012)	-	(594,795)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of stock for cash	63,000	150,000	293,000
Proceeds received from loan payable - related party	2,000	2,100	1,240,956
Payments on loan payable - related party	(11,400)	(35,910)	(251,792)
Proceeds received from loan payable - other	355,600	89,000	2,172,662
Payments on loan payable - other	-	-	(382,500)
Proceeds received from loan payable - convertible	-	-	135,500
Payments on loan payable - convertible	-	-	-
Proceeds received from secured debentures	-	-	50,000
Payments on secured debentures		(75,000)
Net cash provided by financing activities	409,200	130,190	3,257,826
NET INCREASE IN CASH AND CASH EQUIVALENTS	16,193	(78,909)	18,179
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	1,986	112,103	-
CASH AND CASH EQUIVALENTS - END OF PERIOD	$                                 18,179	$                                 33,194	$                 18,179
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$                                 25,043	$                                32,806	$               240,204
NON-CASH SUPPLEMENTAL INFORMATION:
Shares issued for accrued salary	$                                 82,000	$                                         -	$               322,000
Debt discount	$                                 64,296		$                 64,296
Conversion of loans payable for common stock	$                               355,500	$                             192,000	$            2,089,538
Shares issued for accounts payable	$                                 20,000	$                                         -	$                 20,000
Accounts payable and debt issued for investment in Petrosonics joint venture	$                               225,000	$                                         -	$               225,000

 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

-4-

GREEN ENVIROTECH HOLDINGS CORP.

 (A DEVELOPMENT STAGE COMPANY)

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Basis of Presentation:

The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2012 and 2011 audited financial statements included in Form 10-K and should be read in conjunction with the Notes to Financial Statements which appear in that report.

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in these interim financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the six-months period ended June 30, 2013 and 2012. All such adjustments are of a normal recurring nature. The financial statements do not include some information and notes necessary to conform with annual reporting requirements.

Note 2

Going Concern

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has a working capital deficit of $5,066,540 and has accumulated deficit of $13,783,139 as of June 30, 2013. Further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans and/or private placement of common stock. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

Note 3

Investments

On May 27, 2013, the Company entered into a joint venture agreement a joint venture agreement with Petrosonics, LLC.  Pursuant to the Joint Venture Agreement, the parties agreed to effectuate the formation of an Irish registered company to be named Green Power Oil, LTD for the purpose of researching, development, manufacture and commercialization of oil-industry corroborated processes that remove sulfur from crude oil and refined fuels on a worldwide basis. The Company agreed to make a capital contribution of $14,000,000 (including $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement, and an additional $12,000,000 which the Company agreed to contribute within 180 days of execution of the Joint Venture Agreement) to the Joint Venture Company for a 51% interest. Petrosonics, LLC agreed to contribute certain intellectual property to the Joint Venture Company for a 49% interest.  

On June 26, 2013, the Company entered into a letter agreement with Petrosonics, LLC which amended the terms of the funding schedule under the joint venture agreement between the parties, such that the $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement will be due within 45 days of June 26, 2013.  As of June 30, 2013, the Company has invested into this agreement $268,000.  The parties are in negotiations to restructure the balance of the obligation using a class of the Company’s preferred shares.

-5-

On June 4, the Company received approval on Articles of Organization for Green EnviroTech CA1, LLC.  This new joint venture will be the operating entity for the anticipated new plant to be built in California.   

The Company dissolved its subsidiary Green EnviroTech Gilroy, Inc. on June 4, 2013 to make way for the new joint venture.

Note 4

Loan Payable – Related Party

The Company has an unsecured, loan payable in the form of a line of credit with its CEO. The CEO had provided a line of credit up to $1,000,000 at 4% interest per annum to the Company to cover various expenses and working capital infusions.  This loan has been extended to December 31, 2013.  Balance of the loan at June 30, 2013 was $29,287 with accrued interest in the amount of $29,981.  

Note 5

Loan Payable – Other

The Company has unsecured loans with H. E. Capital, S. A. in various amounts.  These loans accrue interest at the rate of 8% per annum.  The due dates of the loans have been extended to December 31, 2013.  Balance of the loans at June 30, 2013 was $643,850 with accrued interest in the amount of $115,688.  A schedule of the H. E. Capital loans is as follows:

	June 30, 2013
Beginning Balance	$663,250
Additions	330,600
Assignments	-
Non-cash conversions	(350,000)
Ending Balance	$643,850

The Company issued three promissory notes in the amount of $50,000 each at 8% on March 19, 2013 to three private investors. These three notes are due on March 18, 2014. The Company used the proceeds from these notes for working capital.   As of June 30, 2013 these loans have an outstanding balance of $150,000 and accrued interest in the amount of $3,419. The Company also has two notes outstanding for $7,500 and $170,000, respectively. The total in loans payable as of June 30, 2013 was $971,350.

-6-

The Company issued 60,000 common shares to debt holders in consideration for the proceeds provided. These shares were valued at $64,296 and a discount of $64,296 was recorded on the $150,000 in proceeds received from the third parties. As of June 30, 2013, $32,152 of the discount was amortized.

Note 6

Equity

The Company issued a total of 1,301,626 common shares during the 2^nd quarter ended June 30, 2013.   

Effective March 27, 2013, the Company completed a 1 for 100 reverse split of its common stock.  Share amounts in this report have been retroactively adjusted for the reverse split.

On June 3, 2013, the Company issued a Private Placement Memorandum to raise $600,000 at $1.00 per share for the purpose of working capital for the Company.  The PPM was extended and will expire on August 17, 2013. The Company sold 63,000 shares for total proceeds of $63,000 in the six months ended June 30, 2013.

The Company issued 750,000 unrestricted common shares to H. E. Capital, S.A. for converting $350,000 of its notes and $25,000 of its accrued interest which it was holding as obligations of the Company. A loss of $1,717,490 was recorded on the conversion of debt because the fair value of the shares issued exceeded the value of the debt.  The Company also issued 14,103 restricted common shares to settle third party debt of $5,500.

The Company issued 40,000 restricted common shares to employees of the Company for converting $80,000 of accrued salary.  A loss of $2,000 was recorded on the conversion of related party debt because the fair value of the shares issued exceeded the value of the debt.

The Company issued 124,750 restricted common shares valued at $237,025 to an advisor and consultant for public relations and relation with financial professionals.  The Company issued an additional 25,000 restricted common shares valued at $51,250 to the same consultant for an anti-dilution clause in the agreement which gives the consultant 4.99% of the outstanding common shares of the Company.  All of the shares issued to this consultant were valued at $288,275.

The Company issued to other consultants 184,750 restricted common shares valued at $307,025 for services.   Pursuant to an agreement with one of the consultants, the Company is obligated to issue a total of 40,000 shares over a period of sixteen months.

The Company issued to related parties as a bonus 30,000 restricted common shares valued at $61,500.

The Company issued 10,000 common shares valued at $20,000 to a third party to settle payables for legal services.

Note 7

Subsequent Events:

On July 23, 2013, the Company entered into a two year agreement with a consultant to provide website and social media services in exchange for 200,000 shares of restricted common stock of the Company.

-7-

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

              Green EnviroTech Holdings Corp. (the “Company”), formerly known as Wolfe Creek Mining, Inc., was incorporated in the State of Delaware on June 26, 2007. On November 20, 2009, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Green EnviroTech Acquisition Corp., a Nevada corporation, and Green EnviroTech Corp. (“Green EnviroTech”), a plastics recovery, separation, cleaning, and recycling company. Green EnviroTech is a Nevada corporation formed on October 6, 2008 under the name EnviroPlastics Corporation. On October 21, 2009, Enviroplastics Corporation changed its name to Green EnviroTech Corp. and on July 20, 2010, the Company changed its name to Green EnviroTech Holdings Corp.

Pursuant to the Merger Agreement, on November 20, 2009 (the “Closing Date”), Green EnviroTech Acquisition Corp. merged with and into Green EnviroTech, resulting in Green EnviroTech becoming a wholly-owned subsidiary of the Company (the “Merger”). As a result of the consummation of the Merger Agreement, the Company issued approximately 450,000 shares of its common stock to the shareholders of Green EnviroTech, representing approximately 45% of the issued and outstanding common stock of the Company following the closing of the Merger. Further, the outstanding shares of common stock of Green EnviroTech were cancelled. The acquisition of Green EnviroTech is treated as a reverse acquisition, and the business of Green EnviroTech became the business of the Company. Immediately prior to the reverse acquisition, Wolfe Creek was not engaged in any active business.

Recent Developments

Effective March 27, 2013, the Company completed a 1 for 100 reverse split of its common stock.  Share amounts in this report have been retroactively adjusted for the reverse split.

On June 26, 2013, the Company entered into a letter agreement with Petrosonics, LLC which amended the terms of the funding schedule under the joint venture agreement between the parties, such that the $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement will be due within 45 days of June 26, 2013.  As of June 30, 2013, the Company has invested into this agreement $268,000.  The parties are in negotiations to restructure the balance of the obligation using a class of the Company’s preferred shares.

Overview of Our Business

Green EnviroTech Holdings Corp. is a development-stage technology company that has developed a patent pending oil conversion process utilizing a mixture of plastic and tires. The "GETH Process" revolutionizes the disposal of plastic waste and tires and cleans up our landfills by producing a high grade of oil.

The Company has determined its capital needs will be $16 Million to execute phase-one of three phases of its business model.  There is no assurance such funding will be available on terms acceptable to the Company, or at all. Phase-one involves construction of the plant and the purchase and installation of three GETH process systems which will enable the Company to become operational with projected profits.  Phase-two will start within two months after the completion of phase-one.  Phase-two involves the installation of three more systems at a cost of $5 Million.  Phase three will be started three months after the completion of phase-two.  Phase-three involves the installation of six more systems at a cost of $10 Million.   Other phases will be continued as determined by the availability of feed stock.  The Company is in negotiations with a New York lending institution for a $12 Million loan with a lien against the plant and equipment. The Company has applied for Permits needed to operate and construct the plant and the Company does not anticipate any complications with its applications.  The plant’s operating systems are considered a closed system with zero emissions.  The estimated time to close funding is 60 days with an estimated seven months to complete construction and outfit the plant.

-8-

Critical Accounting Policy and Estimates

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources.

The following discussion of our financial condition and results of operations should be read in conjunction with our audited financial statements for the year ended December 31, 2012, together with notes thereto as previously filed with our Annual Report on Form 10-K.  In addition, these accounting policies are described at relevant sections in this discussion and analysis and in the notes to the financial statements included in our Quarterly Reports on Form 10-Q for prior quarter filings.

Results of Operations

Six Months Ended June 30, 2013 compared to Six Months Ended June 30, 2012.

Revenues

The Company had no operating revenues for the six months ended June 30, 2013 and for the six months ended June 30, 2012.  

Cost of Revenues

The Company had no cost of revenue for the six months ended June 30, 2013 and for the six months ended June 30, 2013.  

Operating Expenses

The wages and professional fees for the six months ended June 30, 2013 were $725,309 as compared to $608,978 for the six months ended June 30, 2012. The wages and professional fees for the six months ended June 30, 2013 included $227,551 in professional fees and $497,758 in wages.  

The general and administrative expenses for the six months ended June 30, 2013 were $789,957 as compared to $95,417 for the six months ended June 30, 2012, an increase of approximately 728%. This increase of $694,540 was the result of an increase in stock compensation for consultants, travel, entertainment, advertising and marketing concerning the promotion of the company.

Non-Operating Expenses

The non operating expenses for the six months ended June 30, 2013 were $1,808,690 as compared to $273,667 for the six months ended June 30, 2012. There was an amortization expense for the discounted value of the new $150,000 in notes in the amount of $32,152 relating to the 60,000 shares of common stock issued with the notes for the 2013 period.  There was no interest expense-penalty and there were no interest expense-equity issues for the 2013 period.  There was a loss of $1,719,990 in debt conversion for the six months ended June 30, 2013. There was no amortization of debt discount and no interest expense-penalty for the six months ended June 30, 2012.  The interest expense on the working capital notes was $56,548 for the six months ended June 30, 2013 as compared to $64,046 in interest expense for the six months ended June 30, 2012.  The overall increase in non-operating expense was $1,535,023.  This was the result of the Company recording a loss of $1,719,990 on debt conversion when the Company issued shares of common stock to pay off $350,000 in notes held by H.E. Capital and $25,000 in its accrued interest.  The Company using the Black-Sholes calculation to figure the Derivative Liability on convertible notes issued to Asher Enterprises, Inc. for the six months ended June 30, 2012, calculated a Derivative Liability in the amount of $61,860; this resulted in the Company recording a credit in the amount of $56,879 against the interest expense related to equity issues when adjusting the Derivative Liability on these convertible notes for the six months ended June 30, 2012.  

-9-

Three Months Ended June 30, 2013 compared to Three Months Ended June 30, 2012.

Revenues

The Company had no operating revenues for the three months ended June 30, 2013 and 2012.

Cost of Revenues

 The Company had no cost of revenues for the three months ended June 30, 2013 and 2012.

Operating Expenses

The wages and professional fees for the three months ended June 30, 2013 were $374,885 as compared to $293,000 for the three months ended June 30, 2012. The wages and professional fees for the three months ended June 30, 2013 included $124,628 in professional fees and $250,257 in wages.  

The general and administrative expenses for the three months ended June 30, 2013 were $504,832 as compared to $40,761 for the three months ended June 30, 2012, an increase of approximately 1,138%. This increase of $464,071 was the result of an increase in stock compensation for consultants, travel, entertainment, advertising and marketing concerning the promotion of the company.

Non-Operating Expenses

The non operating expenses for the three months ended June 30, 2013 were $1,781,735 as compared to $32,374 for the three months ended June 30, 2012. There was an amortization expense for the discounted value of the new $150,000 in notes in the amount of $32,142 relating to the 60,000 shares of common stock issued with the notes for the 2013 period.  There was no interest expense-penalty and there were no interest expense-equity issues for the 2013 period.  There was a loss of $1,720,000 in debt conversion for the three months ended June 30, 2013. There was no amortization of debt discount and no interest expense-penalty for the three months ended June 30, 2012.  The interest expense on the working capital notes was $29,593 for the three months ended June 30, 2013 as compared to $31,240 in interest expense for the three months ended June 30, 2012.  The overall increase in non-operating expense was $2,201,509.  This was the result of the Company recording a loss of $1,719,990 on debt conversion when the Company issued shares of common stock to pay off $350,000 in notes held by H.E. Capital and $25,000 in its accrued interest.  The Company using the Black-Sholes calculation to figure the Derivative Liability on convertible notes issued to Asher Enterprises, Inc. for the six months ended June 30, 2012, calculated a Derivative Liability in the amount of $61,860; this resulted in the Company recording a credit in the amount of $56,879 against the interest expense related to equity issues when adjusting the Derivative Liability on these convertible notes for the six months ended June 30, 2012.  

As a result of the above, the Company had a net loss of $3,323,956 for the six months ended June 30, 2013 compared to a loss of $978,062 for the six months ended June 30, 2012.

Liquidity and Capital Resources

Green EnviroTech Holdings Corp on June 30, 2013 had a balance of cash in the bank in the amount of $18,179. The Company had no accounts receivable and no inventory on June 30, 2013.  The Company had other current assets in the amount of $10,119. The Company had accounts payable to vendors and accrued expenses in the amount of $3,821,345.

The Company has an unsecured, loan payable in the form of a line of credit with its CEO. The CEO had provided a line of credit up to $1,000,000 at 4% interest per annum to the Company to cover various expenses and working capital infusions. This note has been extended to December 31, 2013.  The CEO has advanced $1,240,956 from inception through June 30, 2013 and the Company has repaid $1,209,669 of these advances.  The Company converted $754,377 of these advances into shares of common stock on May 11, 2010 at $1.00 per share and converted $200,000 into shares of common stock on December 1, 2011 at $0.005 per share.  The remaining principal under this loan due as of June 30, 2013 is $29,287.  $29,981 of interest is accrued on the loan at June 30, 2013.

-10-

The Company has outstanding unsecured loans from H. E. Capital, S. A. in different amounts.  These loans accrue interest at the rate of 8% per annum.  The due dates of the loans have been extended to December 31, 2013.  Balance of the loans at June 30, 2013 was $643,850 with accrued interest in the amount of $115,688.  History of the H. E. Capital loans is as follows:

	June 30, 2013	December 31, 2012
Beginning Balance	$663,250	$769,750
Additions	330,600	450,500
Repayments	-	-
Assignments	-	(170,000)
Non-cash conversions	(350,000)	(387,000)
Ending Balance	$643,850	$663,250

The Company also received a loan payable from an individual in the amount of $20,000 at 10% due on demand. The Company repaid $10,000 of this note on August 10, 2010.  As of June 30, 2013 the loan has an outstanding balance of $7,500.   Interest expense for the six months ended June 30, 2013 and 2012, was $446 and $446 respectively.  The interest expense for the six months ended June 30, 2013 is now calculated at 12%.  Accrued interest as of June 30, 2013 was $3,603.

On January 24, 2011, the Company entered into a series of securities purchase agreements with accredited investors (the “Investors”), pursuant to which the Company sold an aggregate of $380,000 in 12% secured debentures (the “Debentures”). Legend Securities, Inc. a broker dealer which is a member of FINRA, received a commission of $45,600 and 1,900 warrants at an exercise price of $0.40 in connection with the sale of the Debentures. The Debentures were initially due at the earlier of 6 months from the date of issuance or upon the Company receiving gross proceeds from subsequent financings in the aggregate amount of $1,000,000. The Company raised $380,000 from the investors. The Company agreed to issue to the Investors five-year warrants to purchase an aggregate of 1,900 shares of common stock at an exercise price of $0.40, which may be exercised on a cashless basis. The Debentures bear interest at the rate of 12% per annum, payable upon maturity. The Debentures are secured by the assets of the Company pursuant to security agreements entered into between the Company and the Investors.

-11-

The $380,000 in proceeds from the financing transaction was allocated to the debt features and the warrants based upon their fair values.  The value of the warrants ($123,120) was recorded as a debt discount on the secured debentures. This discount was amortized over the life of the secured debentures, nine months.

The estimated fair value of the 1,900 warrants to the investors at issuance on January 24, 2011 was $141,362 and has been classified in Additional Paid In Capital on the Company’s condensed consolidated balance sheet. The estimated fair value of the warrants was determined using the Black-Scholes option-pricing model.

 The maturity date of these debentures has been extended to September 24, 2012. The Company issued shares of common stock and warrants to the debenture holders for prior extensions.  The Company issued 10,000 shares of common stock with a value of $30,000 and 1,000 five year warrants exercisable at $0.10 per share valued at $2,999.  The remaining balance on the Debentures on June 30, 2013 was $305,000.  Interest incurred for the six months ended June 30, 2013 and June 30, 2012 were $18,402 and $21,429 respectively. Interest accrued through June 30, 2013 was $107,087.  The Company is presently negotiating an extension on the debentures.

On March 19, 2013, the Company issued three promissory notes in the amount of $50,000 each at 8% to three private investors. These three notes are due on March 18, 2014. The Company used the proceeds from these notes for working capital.   As of June 30, 2013 these loans have an outstanding balance of $150,000 and accrued interest in the amount of $3,419.

In June 2013, the the Company sold 63,000 shares of common stock in a private placement to accredited investors for gorss proceeds of$63,000.

Cash provided by financing activities for the six months ended June 30, 2013 was $409,200 as compared to $130,190 for the six months ended June 30, 2012.

We will seek to raise additional funds to meet our working capital needs principally through the additional sales of our securities.  However, we cannot guaranty that we will be able to obtain sufficient additional funds when needed, or that such funds, if available, will be obtainable on terms satisfactory to us.

We had cash of $18,179 as of June 30, 2013. In the opinion of management, our available funds will not satisfy our working capital requirements for the next twelve months. Our forecast for the period for which our financial resources will be adequate to support our operations involves risks and uncertainties and actual results could fail as a result of a number of factors. We will need to raise additional capital to expand our operations to the point at which we are able to generate revenues and operate profitably. The Company at the present has no operations to generate revenue.  As outlined above under “Overview of Our Business,” the Company needs to complete raising $4,000,000 in equity in order to complete the balance of $16,000,000 in financial resources to start construction of its first plant.  The Company expects increases in the legal and accounting costs and costs to obtain funding.   

We intend to pursue capital through public or private financing as well as borrowings and other sources, such as our officers, directors and principal shareholders. We cannot guaranty that additional funding will be available on favorable terms, if at all.  If adequate funds are not available, then our ability to expand our operations may be significantly hindered. If adequate funds are not available, we believe that our officers, directors and principal shareholders will contribute funds to pay for our expenses to achieve our objectives over the next twelve months. However, our officers, directors and principal shareholders are not committed to contribute funds to pay for our expenses.

-12-

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Not applicable for a smaller reporting company.

Item 4T. Controls and Procedures.

Evaluation of Disclosures and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in the reports we file pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission, and that such information is accumulated and communicated to our Chief Executive Officer (“CEO”) (principal executive and financial officer), to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide a reasonable assurance of achieving the desired control objectives, and in reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Management designed the disclosure controls and procedures to provide reasonable assurance of achieving the desired control objectives. 

We carried out an evaluation, under the supervision and with the participation of our management, including our CEO, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Quarterly Report. Based upon that evaluation, the Chief Executive Officer concluded that the Company’s disclosure controls and procedures are ineffective.

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting (as such term is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended June 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

-13-

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is not party to any material legal proceedings.

Item 1A. Risk Factors.

Not applicable to a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities.

The Company is in default under promissory notes issued on January 24, 2011 for failure to make required payments of interest and principal by September 24, 2012.  The Company is currently in negotiations regarding extensions on these notes.

Aggregate principal and interest owed as of June 30, 2013 was $412,087.

Item 4. Mine Safety Disclosures.

Not Applicable

Item 5. Other Information.

None.

Item 6. Exhibits.

No.	Description
31.1	Rule 13a-14(a)/ 15d-14(a) Certification of Chief Executive Officer
32.1	Section 1350 Certification of Chief Executive Officer
EX-101.INS		XBRL INSTANCE DOCUMENT
EX-101.SCH		XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT
EX-101.CAL		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF		XBRL TAXONOMY DEFINITION LINKBASE
EX-101.LAB		XBRL TAXONOMY EXTENSION LABELS LINKBASE
EX-101.PRE		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE

-14-

SIGNATURES

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

	Green EnviroTech Holdings Corp.
Date:  August 9, 2013	By:	/s/ Gary DeLaurentiis
		Gary DeLaurentiis
		Chief Executive Officer (principal executive and financial officer)

-15-

EX-31

Exhibit 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Gary DeLaurentiis, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Green EnviroTech Holdings Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

August 9, 2013

By:	/s/Gary DeLaurentiis
	Gary DeLaurentiis
	Chief Executive Officer (Principal Executive and Financial Officer)

EX-32

Exhibit 32.1

Section 1350 Certification

In connection with the Quarterly Report of Green EnviroTech Holdings Corp. (the “Company”) on Form 10-Q for the quarter June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gary DeLaurentiis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated:August 9, 2013	By:	/s/ Gary DeLaurentiis
		Gary DeLaurentiis
		Chief Executive Officer
		(principal executive and financial officer)

XML

Loan Payable - Related Party (Details) (Chief Executive Officer [Member], USD $)	6 Months Ended
	Jun. 30, 2013
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Amount of line of credit	$ 1,000,000
Interest rate	4.00%
Loan payable, expiration date	Dec. 31, 2013
Balance of the loan	29,287
Accrued Interest	$ 29,981

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		57 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
REVENUE					$ 1,950
COST OF REVENUES					33,633
GROSS PROFIT					(31,683)
OPERATING EXPENSES
Wages and professional fees	374,885	293,000	725,309	608,978	8,226,759
Impairment expense					118,783
Bad debt expense					261,890
General and administrative	504,832	40,761	789,957	95,417	1,599,634
Total operating expenses	879,717	333,761	1,515,266	704,395	10,207,066
NON-OPERATING EXPENSES/INCOME
Amortization expense-debt discount	32,152		32,152		155,272
Interest expense	29,593	31,240	56,548	64,046	373,713
Interest expense-penalty					67,750
Interest expense-Equity Issues		1,134		(56,879)	254,337
Loss on debt conversion	1,719,990		1,719,990	266,500	2,310,236
Total non-operating expenses	1,781,735	32,374	1,808,690	273,667	3,161,308
NET (LOSS) FROM OPERATIONS	(2,661,452)	(366,135)	(3,323,956)	(978,062)	(13,400,057)
OTHER INCOME:
Disposition of Riverbank Permits					250,000
DISCONTINUED OPERATIONS:
Loss on disposal of discontined operations					(429,066)
Income from discontinued operations					24,186
Total loss from discontinued operations					(404,880)
NET (LOSS)	$ (2,661,452)	$ (366,135)	$ (3,323,956)	$ (978,062)	$ (13,554,937)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	2,749,085	937,408	2,569,886	1,792,959
NET (LOSS) PER SHARE	$ (0.97)	$ (0.39)	$ (1.29)	$ (0.55)

XML

Loan Payable - Related Party

6 Months Ended

Jun. 30, 2013

Loan Payable - Related Party [Abstract]

Loan Payable - Related Party

Note 4

Loan Payable - Related Party

The Company has an unsecured, loan payable in the form of a line of credit with its CEO. The CEO had provided a line of credit up to $1,000,000 at 4% interest per annum to the Company to cover various expenses and working capital infusions.  This loan has been extended to December 31, 2013.  Balance of the loan at June 30, 2013 was $29,287 with accrued interest in the amount of $29,981.  

XML

Loan Payable - Other (Details) (USD $)	3 Months Ended		6 Months Ended		57 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Short-term Debt [Line Items]
Non-cash conversions			$ (355,500)	$ (192,000)	$ (2,089,538)
Principal amount outstanding	971,350		971,350		971,350
Value of shares issued			595,300	66,700	3,320,149
Amortization expense-debt discount	32,152		32,152		155,272
Debt Holders [Member]
Short-term Debt [Line Items]
Number of shares issued			60,000
Value of shares issued			64,296
Three Promissory Notes [Member]
Short-term Debt [Line Items]
Interest rate	8.00%		8.00%		8.00%
Maturity date			Mar. 18, 2014
Amount of debt	50,000		50,000		50,000
Accrued Interest	3,419		3,419		3,419
Ending Balance	150,000		150,000		150,000
Amortization expense-debt discount			32,152
Note Outstanding One [Member]
Short-term Debt [Line Items]
Ending Balance	7,500		7,500		7,500
Note Outstanding Two [Member]
Short-term Debt [Line Items]
Ending Balance	170,000		170,000		170,000
Loans Payable [Member]
Short-term Debt [Line Items]
Interest rate	8.00%		8.00%		8.00%
Maturity date			Dec. 31, 2013
Accrued Interest	115,688		115,688		115,688
Beginning Balance			663,250
Additions			330,600
Assignments
Non-cash conversions			(350,000)
Ending Balance	$ 643,850		$ 643,850		$ 643,850

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical) (USD $)	6 Months Ended	57 Months Ended
	Jun. 30, 2012	Jun. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW [Abstract]
Common stock issued for loss on discontinued operations	$ 104,880	$ 104,880

XML

Going Concern

6 Months Ended

Jun. 30, 2013

Going Concern [Abstract]

Going Concern

Note 2

Going Concern

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has a working capital deficit of $5,066,540 and has accumulated deficit of $13,783,139 as of June 30, 2013. Further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans and/or private placement of common stock. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

XML

Loan Payable - Other

6 Months Ended

Jun. 30, 2013

Loan Payable - Other [Abstract]

Loan Payable - Other

Note 5

Loan Payable - Other

The Company has unsecured loans with H. E. Capital, S. A. in various amounts.  These loans accrue interest at the rate of 8% per annum.  The due dates of the loans have been extended to December 31, 2013.  Balance of the loans at June 30, 2013 was $643,850 with accrued interest in the amount of $115,688.  A schedule of the H. E. Capital loans is as follows:

	June 30, 2013
Beginning Balance	$663,250
Additions	330,600
Assignments	-
Non-cash conversions	(350,000)
Ending Balance	$643,850

The Company issued three promissory notes in the amount of $50,000 each at 8% on March 19, 2013 to three private investors. These three notes are due on March 18, 2014. The Company used the proceeds from these notes for working capital.   As of June 30, 2013 these loans have an outstanding balance of $150,000 and accrued interest in the amount of $3,419. The Company also has two notes outstanding for $7,500 and $170,000, respectively. The total in loans payable as of June 30, 2013 was $971,350.

The Company issued 60,000 common shares to debt holders in consideration for the proceeds provided. These shares were valued at $64,296 and a discount of $64,296 was recorded on the $150,000 in proceeds received from the third parties. As of June 30, 2013, $32,152 of the discount was amortized.

XML

Investments

6 Months Ended

Jun. 30, 2013

Investments [Abstract]

Investments

Note 3

Investments

On May 27, 2013, the Company entered into a joint venture agreement a joint venture agreement with Petrosonics, LLC.  Pursuant to the Joint Venture Agreement, the parties agreed to effectuate the formation of an Irish registered company to be named Green Power Oil, LTD for the purpose of researching, development, manufacture and commercialization of oil-industry corroborated processes that remove sulfur from crude oil and refined fuels on a worldwide basis. The Company agreed to make a capital contribution of $14,000,000 (including $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement, and an additional $12,000,000 which the Company agreed to contribute within 180 days of execution of the Joint Venture Agreement) to the Joint Venture Company for a 51% interest. Petrosonics, LLC agreed to contribute certain intellectual property to the Joint Venture Company for a 49% interest.  

On June 26, 2013, the Company entered into a letter agreement with Petrosonics, LLC which amended the terms of the funding schedule under the joint venture agreement between the parties, such that the $2,000,000 which the Company agreed to contribute within 30 days of execution of the Joint Venture Agreement will be due within 45 days of June 26, 2013.  As of June 30, 2013, the Company has invested into this agreement $268,000.  The parties are in negotiations to restructure the balance of the obligation using a class of the Company's preferred shares.

On June 4, the Company received approval on Articles of Organization for Green EnviroTech CA1, LLC.  This new joint venture will be the operating entity for the anticipated new plant to be built in California.   

The Company dissolved its subsidiary Green EnviroTech Gilroy, Inc. on June 4, 2013 to make way for the new joint venture.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012
CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract]
Loan payable - other, discount	$ 32,144
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	3,801,211	2,499,585
Common stock, shares outstanding	3,801,211	2,499,585

XML

Loan Payable - Other (Tables)

6 Months Ended

Jun. 30, 2013

Loan Payable - Other [Abstract]

Schedule of Loans Payable

A schedule of the H. E. Capital loans is as follows:

	June 30, 2013
Beginning Balance	$663,250
Additions	330,600
Assignments	-
Non-cash conversions	(350,000)
Ending Balance	$643,850

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (USD $)	6 Months Ended		57 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (3,323,956)	$ (978,062)	$ (13,554,937)
Adjustments to reconcile net (loss) to net cash used in operating activities:
Common stock issued for services, net of cancelations, including shares issued for loss on disposal of discontinued operations ($104,880)	595,300	66,700	3,320,149
Common stock issued for services, related party	61,500		61,500
Common stock issued to reduce and extend debt		296,500	336,050
Loss on debt conversion	1,719,990		2,167,436
Amortization of debt discount	32,152		155,272
Impairment expense			118,783
Bad debt expense			261,890
Warrants issued as loan fees to brokers		2,999	33,320
Warrants issued to officers			234,357
Gain/loss on derivative liability		(89,878)
Loss on disposal of discontinued operations			429,066
Income from discontinued operations			(24,186)
Change in assets and liabilities
(Increase) in deposits and other current assets	(5,335)	70,216	(272,009)
Increase in accounts payable- related party	(4,713)		262
Increase in accounts payable and accrued expenses	583,067	422,426	4,088,195
Net cash (used in) operating activities	(341,995)	(209,099)	(2,644,852)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash paid for the acquisition of Magic Bright			(300,000)
Expenditures related to purchase of equipment for Riverbank Plant			(125,000)
Expenditures related to construction of building	(8,012)		(126,795)
Invesment- Petrosonics joint venture	(43,000)		(43,000)
Net cash (used in) investing activities	(51,012)		(594,795)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of stock for cash	63,000	150,000	293,000
Proceeds received from loan payable - related party	2,000	2,100	1,240,956
Payments on loan payable - related party	(11,400)	(35,910)	(251,792)
Proceeds received from loan payable - other	355,600	89,000	2,172,662
Payments on loan payable - other			(382,500)
Proceeds received from loan payable - convertible			135,500
Payments on loan payable - convertible
Proceeds received from secured debentures			50,000
Payments on secured debentures		(75,000)
Net cash provided by financing activities	409,200	130,190	3,257,826
NET INCREASE IN CASH AND CASH EQUIVALENTS	16,193	(78,909)	18,179
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	1,986	112,103
CASH AND CASH EQUIVALENTS - END OF PERIOD	18,179	33,194	18,179
Cash paid during the period for:
Interest	25,043	32,806	240,204
NON-CASH SUPPLEMENTAL INFORMATION:
Shares issued for accrued salary	82,000		322,000
Debt discount	64,296		64,296
Conversion of loans payable for common stock	355,500	192,000	2,089,538
Shares issued for accounts payable	20,000		20,000
Accounts payable and debt issued for investment in Petrosonics joint venture	$ 225,000		$ 225,000

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2013	Dec. 31, 2012
CURRENT ASSETS
Cash	$ 18,179	$ 1,986
Other current assets	10,119	4,784
Total current assets	28,298	6,770
Fixed Assets
Plant Equipment, not yet placed in service	133,012	125,000
Other Assets
Investment-Petrosonics Joint Venture	268,000
TOTAL ASSETS	429,310	131,770
CURRENT LIABILITIES
Accounts payable	895,369	749,144
Accounts payable- related party	262	4,975
Accrued expenses	2,925,714	2,513,872
Secured debentures payable	305,000	305,000
Loan payable - other, net of discount of $32,144	939,206	840,750
Loan payable - related party	29,287	44,187
Total current liabilities	5,094,838	4,457,928
TOTAL LIABILITIES	5,094,838	4,457,928
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $0.001 par value, 25,000,000 shares authorized, 0 shares issued and outstanding
Common stock, $0.001 par value, 250,000,000 shares authorized, 3,801,211 and 2,499,585 shares issued and outstanding	3,801	2,500
Additional paid in capital	9,113,810	6,130,525
Deficit accumulated during the development stage	(13,783,139)	(10,459,183)
Total stockholders' equity (deficit)	(4,665,528)	(4,326,158)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 429,310	$ 131,770

XML

Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 7

Subsequent Events:

On July 23, 2013, the Company entered into a two year agreement with a consultant to provide website and social media services in exchange for 200,000 shares of restricted common stock of the Company.

XML

Investments (Details) (Green Power Oil, LTD [Member], USD $)	6 Months Ended
	Jun. 30, 2013	May 27, 2013
Schedule of Equity Method Investments [Line Items]
Agreed upon capital contribution		$ 14,000,000
Percentage of equity interest		51.00%
Percentage of interest owned by partner		49.00%
Capital contribution	268,000
Within Thirty Days [Member]
Schedule of Equity Method Investments [Line Items]
Agreed upon capital contribution		2,000,000
Within One Hundred Eighty Days [Member]
Schedule of Equity Method Investments [Line Items]
Agreed upon capital contribution		$ 12,000,000

XML

Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Equity

Note 6

Equity

The Company issued a total of 1,301,626 common shares during the 2^nd quarter ended June 30, 2013.   

Effective March 27, 2013, the Company completed a 1 for 100 reverse split of its common stock.  Share amounts in this report have been retroactively adjusted for the reverse split.

On June 3, 2013, the Company issued a Private Placement Memorandum to raise $600,000 at $1.00 per share for the purpose of working capital for the Company.  The PPM was extended and will expire on August 17, 2013. The Company sold 63,000 shares for total proceeds of $63,000 in the six months ended June 30, 2013.

The Company issued 750,000 unrestricted common shares to H. E. Capital, S.A. for converting $350,000 of its notes and $25,000 of its accrued interest which it was holding as obligations of the Company. A loss of $1,717,490 was recorded on the conversion of debt because the fair value of the shares issued exceeded the value of the debt.  The Company also issued 14,103 restricted common shares to settle third party debt of $5,500.

The Company issued 40,000 restricted common shares to employees of the Company for converting $80,000 of accrued salary.  A loss of $2,000 was recorded on the conversion of related party debt because the fair value of the shares issued exceeded the value of the debt.

The Company issued 124,750 restricted common shares valued at $237,025 to an advisor and consultant for public relations and relation with financial professionals.  The Company issued an additional 25,000 restricted common shares valued at $51,250 to the same consultant for an anti-dilution clause in the agreement which gives the consultant 4.99% of the outstanding common shares of the Company.  All of the shares issued to this consultant were valued at $288,275.

The Company issued to other consultants 184,750 restricted common shares valued at $307,025 for services.   Pursuant to an agreement with one of the consultants, the Company is obligated to issue a total of 40,000 shares over a period of sixteen months.

The Company issued to related parties as a bonus 30,000 restricted common shares valued at $61,500.  

The Company issued 10,000 common shares valued at $20,000 to a third party to settle payables for legal services.

XML

Basis of Presentation

6 Months Ended

Jun. 30, 2013

Basis of Presentation [Abstract]

Basis of Presentation

Note 1 Basis of Presentation:

The Financial Statements presented herein have been prepared by us in accordance with the accounting policies described in our December 31, 2012 and 2011 audited financial statements included in Form 10-K and should be read in conjunction with the Notes to Financial Statements which appear in that report.

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

In the opinion of management, the information furnished in these interim financial statements reflect all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the six-months period ended June 30, 2013 and 2012. All such adjustments are of a normal recurring nature. The financial statements do not include some information and notes necessary to conform with annual reporting requirements.

XML

Equity (Details) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended		57 Months Ended
	Mar. 27, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013
Total shares issued during period		1,301,626
Stock split ratio	0.01
Value of Private Placement Memorandum		$ 600,000
Stock issued, price per share		$ 1.00
Common shares issued for cash		63,000
Common shares issued for cash, shares		63,000
Common shares issued for services-related party		61,500
Common shares issued for services-related party, shares		30,000
Value of shares issued for conversion of liabilities				355,500	192,000	2,089,538
Loss on conversion of debt		(1,719,990)		(1,719,990)	(266,500)	(2,310,236)
Value of shares issued				595,300	66,700	3,320,149
Advisor and Consultant [Member]
Value of shares issued		288,275
Advisor and Consultant Services [Member]
Number of shares issued		124,750
Value of shares issued		237,025
Advisor and Consultant, Antidilution Clause [Member]
Number of shares issued		25,000
Value of shares issued		51,250
Ownership percentage		4.99%
Other Consultants [Member]
Number of shares issued		184,750
Value of shares issued		307,025
Number of shares approved for issuance		40,000
Legal Services [Member]
Number of shares issued		10,000
Value of shares issued		20,000
Conversion One [Member]
Shares issued for conversion of liabilities		750,000
Value of shares issued for conversion of liabilities		350,000
Interest paid in stock		25,000
Loss on conversion of debt		(1,717,490)
Conversion Two [Member]
Shares issued for conversion of liabilities		14,103
Value of shares issued for conversion of liabilities		5,500
Conversion of Accrued Compensation [Member]
Shares issued for conversion of liabilities		40,000
Value of shares issued for conversion of liabilities		80,000
Loss on conversion of debt		$ (2,000)

XML

Going Concern (Details) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Going Concern [Abstract]
Working capital deficit	$ (5,066,540)
Deficit accumulated during the development stage	$ (13,783,139)	$ (10,459,183)

XML

Subsequent Events (Details) (Subsequent Event [Member], Website and Social Media Services Consultant [Member])	0 Months Ended
	Jul. 23, 2013
Subsequent Event [Member] | Website and Social Media Services Consultant [Member]
Subsequent Event [Line Items]
Number of shares approved for issuance	200,000

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2013	Jul. 29, 2013
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Entity Registrant Name	GREEN ENVIROTECH HOLDINGS CORP.
Entity Central Index Key	0001428765
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2013
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,801,211