10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2011

o Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ___ to ____

Commission File Number 1-11248

GREEN TECHNOLOGY SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Delaware	84-0938688
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)

2880 Zanker Road, Suite 203
San Jose, CA	95134
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (408) 432-7285

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

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). Yes o No x

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 filer	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x

(Do not check if a smaller reporting company)

1

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o   No x

As of July 31, 2011, the Registrant had 34,133,745 shares of common stock issued and outstanding.

2

GREEN TECHNOLOGY SOLUTIONS, INC.

EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 (“Form 10-Q”) is to submit Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the Interactive Data Files from the Registrant's Form 10-Q for the quarterly period ended June 30, 2011, filed with the Securities and Exchange Commission on August 15, 2011.

PART II – OTHER INFORMATION

ITEM 6.  EXHIBITS

Exhibit No.	Description of Exhibit
3.1	Amended and Restated Certificate of Incorporation of the Company (1)
3.2	Bylaws of the Company (1)
10.1	10% Subordinated Note Due June 6, 2009 (4)
10.2	10% Subordinated Note Due June 6, 2009 (5)
10.3	Joint Venture Agreement (6)
10.4	Sale and Assignment of Rights Under Joint Venture Agreement (6)
10.5	Profit Participation Agreement dated January 29, 2011 with Integrated Smart Solutions, Inc. (3)
10.6	Joint Venture Agreement dated January 30, 2011 with Rare Earth Exporters of Mongolia Pte. Ltd. (3)
10.7	Sale and Assignment of Rights Under Joint Venture Agreement dated November 8, 2010  (3)
10.8	Profit Participation Agreement with AR Ehkes dated June 8, 2011 (7)
10.9	Profit Participation Agreement with AR Ehkes dated June 27, 2011 (7)
14	Code of Ethics (2)
31.1	Section 302 Certification (7)
32.1	Section 906 Certification (7)
101	XBRL Interactive Data File (8)

(1)	Incorporated by reference from the Form SB-2 filed on September 15, 2006.
(2)	Incorporated by reference from the Form 10-K for the Annual Period Ended December 31, 2009.
(3)	Incorporated by reference from the Form 10-K for the Annual Period Ended December 31, 2010.
(4)	Incorporated by reference from the 10-QSB for the Six Month Period Ended June 30, 2006.
(5)	Incorporated by reference from the 10-KSB for the Fiscal Year Ended December 31, 2006.

(6)	Incorporated by reference from the 8-K filed on December 13, 2010.
(7)	Filed on August 15, 2011 as an exhibit to the Registrant’s Form 10-Q for the quarterly period ended June 30, 2011.
(8)	Furnished herewith.

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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 Technology Solutions, Inc.
	/s/ John Shearer
Date: September 14, 2011	John Shearer
	Chief Executive Officer (Principal Executive, Financial and Accounting Officer)

4

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BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2011	Dec. 31, 2010
Investment in joint venture, allowance for impairment	$ 260,000
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, authorized	75,000,000	75,000,000
Common Stock, issued	25,133,745	20,133,745
Common Stock, outstanding	25,133,745	20,133,745

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STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
OPERATING EXPENSES
Sales, general and administrative expenses	$ 270,401	$ 13,709	$ 470,136	$ 19,914	$ 851,750
LOSS FROM OPERATIONS	(270,401)	(13,709)	(470,136)	(19,914)	(851,750)
OTHER (EXPENSE)
Interest expenses, net	(29,807)	(10,347)	(53,906)	(10,347)	(97,902)
Impairment of joint venture					(260,000)
Total other (expense)	(29,807)	(10,347)	(53,906)	(10,347)	(357,902)
NET LOSS	$ (300,208)	$ (24,056)	$ (524,042)	$ (30,261)	$ (1,209,652)
NET LOSS PER COMMON SHARE - Basic and fully diluted	$ (0.01)	$ (0.20)	$ (0.02)	$ (0.26)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING	25,133,745	118,450	23,448,662	118,450

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Document and Entity Information	6 Months Ended
	Jun. 30, 2011	Jul. 31, 2011
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Trading Symbol	GTSO
Entity Registrant Name	GREEN TECHNOLOGY SOLUTIONS, INC.
Entity Central Index Key	0000874792
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,133,745

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STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011
CASH (USED IN) OPERATING ACTIVITIES:
Net loss	$ (524,042)	$ (30,261)	$ (1,209,652)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Impairment of investment in joint venture			260,000
Imputed interest expense	44,057		69,865
Changes in operating assets and liabilities:
Prepaid expenses	(13,649)		(13,649)
Accounts payable and accrued liabilities	2,751		(25,052)
Accrued interest payable	9,849	10,347	38,384
NET CASH (USED IN) OPERATING ACTIVITIES	(481,034)	(19,914)	(880,104)
CASH (USED IN) INVESTING ACTIVITIES
Cash used in investment in joint venture			(260,000)
NET CASH (USED IN) INVESTING ACTIVITIES			(260,000)
CASH PROVIDED BY FINANCING ACTIVITIES:
Proceeds from issuance of loans to related parties		19,876
Proceeds from advances	517,673		1,179,356
NET CASH PROVIDED BY FINANCING ACTIVITIES	517,673	19,876	1,179,356
NET INCREASE (DECREASE) IN CASH	36,639	(38)	39,252
CASH, at the beginning of the period	2,613	38
CASH, at the end of the period	39,252		39,252
Cash paid during the period for:
Interest
Taxes
Noncash investing and financing transactions:
Refinancing of demand notes to convertible notes payable		420,717	420,717
Issuance of stock for conversion of convertible notes payable	50,000		280,000
Stock payable for conversion of convertible notes payable	$ 90,000		$ 90,000

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STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $)	Total	Common Stock	Additional Paid-In Capital	Stock Payable	Accumulated Deficit	Deficit accumulated during the development stage	First Issuance	First Issuance Common Stock	First Issuance Additional Paid-In Capital	Second Issuance	Second Issuance Common Stock	Second Issuance Additional Paid-In Capital
BEGINNING BALANCE at Jun. 11, 2010	$ (463,340)	$ 119	$ 6,650,294		$ (7,113,753)
BEGINNING BALANCE (in shares) at Jun. 11, 2010		118,745
Issuance of shares for conversion of note payable (in shares)								15,000			20,000,000
Issuance of shares for conversion of note payable							30,000	15	29,985	200,000	20,000	180,000
Imputed interest expense	25,808		25,808
Net loss	(685,610)					(685,610)
ENDING BALANCE at Dec. 31, 2010	(893,142)	20,134	6,886,087		(7,113,753)	(685,610)
BEGINNING BALANCE (in shares) at Dec. 31, 2010		20,133,745
Issuance of shares for conversion of note payable (in shares)		5,000,000
Issuance of shares for conversion of note payable	50,000	5,000	45,000
Stock payable for conversion of note payable	90,000			90,000
Imputed interest expense	44,057		44,057
Net loss	(524,042)					(524,042)
ENDING BALANCE at Jun. 30, 2011	$ (1,233,127)	$ 25,134	$ 6,975,144	$ 90,000	$ (7,113,753)	$ (1,209,652)
ENDING BALANCE (in shares) at Jun. 30, 2011		25,133,745

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BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash and cash equivalents	$ 39,252	$ 2,613
Prepaid expenses	13,649
Total current assets	52,901	2,613
Investment in joint venture, net of allowance for impairment of $260,000
TOTAL ASSETS	52,901	2,613
CURRENT LIABILITIES
Accounts payable and accrued liabilities	17,571	14,820
Advances payable	1,179,356	661,683
Total current liabilities	1,196,927	676,503
Convertible notes payable	89,101	219,252
TOTAL LIABILITIES	1,286,028	895,755
STOCKHOLDERS' (DEFICIT)
Common Stock, $.001 par value, 75,000,000 authorized, 25,133,745 and 20,133,745 issued and outstanding as of June 30, 2011 and December 31, 2010, respectively	25,134	20,134
Additional Paid-in Capital	6,975,144	6,886,087
Stock payable	90,000
Accumulated deficit	(7,113,753)	(7,113,753)
Deficit accumulated during the development stage	(1,209,652)	(685,610)
Total stockholders' (deficit)	(1,233,127)	(893,142)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 52,901	$ 2,613