9.	SUBSEQUENT EVENTS

On October 13, 2011, the Company’s majority shareholders approved a one-for-300 reverse stock split and an increase in the authorized capital to 100 million post-split shares. These changes will not be effective until they are approved by FINRA. As of November 15, 2011, these changes have not been approved by the State of Delaware or FINRA. No adjustment to share or per share amounts has been reflected in the accompanying financial statements.

On November 2, 2011, John Shearer, Director and CEO of the Company, resigned from all positions held with the Company, including resigning from Board service. There was no disagreement between the Company and Mr. Shearer at the time of his resignation from the Board of Directors.

Also on November 2, 2011, the Company appointed Paul Watson as Director, CEO and President to replace Mr. Shearer. A seasoned executive, Mr. Watson, age 36, brings a wealth of experience in finance, corporate strategy and management to GTSO. From 2005 through 2009, Mr. Watson served as a mergers and acquisitions advisor and private equity group manager for KPMG Financial Advisory Services in Shanghai, China. From 2009 until 2011, he was Managing Director of Hermes Investment Group, a merchant bank focused on clean technology and environmental science established in Shanghai China, and headquartered in the United States. Mr. Watson also currently serves as a Director and CEO of Obscene Jeans Corporation. He is a graduate of the University of Houston, Bauer College of Business with a bachelor’s degree in Finance. He speaks English, Chinese and Spanish.

Mr. Watson does not have any employment agreement or other compensatory agreement in place with the Company. He is being paid $5,000 per month for his services to the Company.

On October 20, 2011, we signed an option agreement regarding the potential acquisition of Chery Minerals, LLC. The option agreement provides us with 45 days to perform due diligence and negotiate a final purchase price. We paid $5,000 for this option. Chery Minerals, LLC is in the business of rare earth exploration and mineral development with a focus on gold in Africa. We have not completed our due diligence as of the filing of this report.

On November 2, 2011, we entered into an agreement with New World Energy Ltd. to form a joint venture (“NEWCO”) for the purpose of exploring potential mineral claims in Indonesia. Each party will own 50% of the joint venture. NEWCO will acquire the mineral rights, make any and all necessary disbursements on behalf of NEWCO, and collect and distribute profits in accordance with the ownership percentages of the joint venturers. We have committed to fund the cash flow requirements of NEWCO. New World Energy Ltd. will manage and operate NEWCO as its contribution to the joint venture.