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INVESTMENT IN JOINT VENTURE
12 Months Ended
Dec. 31, 2012
Investment [Abstract]  
INVESTMENT IN JOINT VENTURE

4.     INVESTMENT IN JOINT VENTURE

 

On June 8, 2012, the Company signed a joint venture agreement with Diamond V Associates, Inc. to fund the research, planning and development of tungsten and other rare earths and precious metals in North America and Africa. According to the agreement, all profits, losses and other allocations to the joint venture shall be allocated a 50:50 basis between GTSO and Diamond V Associates. GTSO will contribute $2,000 per month to the joint venture for working capital for the joint venture’s operations. GTSO reserves the right to reduce or increase this contribution based on performance by Diamond V Associates. If we determine that additional funding is required after projects are identified, we will negotiate the amount of any contribution that we would make with Diamond V Associates. During the year ended December 31, 2012, the Company paid $10,000 as working capital. As of December 31, 2012, management determined that it was necessary to write off the intangible asset related to this joint venture agreement due to the fact the joint venture will need to raise significant additional capital in order to fully realize the value of our claims in the joint venture