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ACQUISITION OF GLOBAL CELL BUYERS
12 Months Ended
Dec. 31, 2012
Acquisition Of Global Cell Buyers [Abstract]  
ACQUISITION OF GLOBAL CELL BUYERS

5.      ACQUISITION OF GLOBAL CELL BUYERS

 

On October 30, 2012, we entered into an agreement to acquire Global Cell Buyers, LLC. Global Cell Buyers was acquired by GTSO Resources, LLC, for the purpose of expanding recycling and urban mining operations from cell phones to other electronic waste for the purpose of mineral recovery. GTSO Resources also plans to expand the brand name of Global Cell Buyers leveraging its parent operations Green Technology Solutions, Inc. The purchase price is $10,000 which will be paid $5,000 in cash and $5,000 through the issuance of 41,667 shares of common stock of GTSO. As of March 31, 2013, the stock has not been issued and the cash portion of the purchase price has not been paid.

 

The purchase price was allocated entirely to intangible assets related to Global Cell Buyers’ infrastructure plans related to mineral recovery from cell phone waste. Global Cell Buyers had no other tangible assets or liabilities. As of December 31, 2012, Management determined that it was necessary to write off the intangible asset related to this acquisition due to the fact that Global Cell Buyers was in the early development stages and did not have adequate operating history to support retaining the intangible asset on the consolidated balance sheet.

 

On November 14, 2012, GTSO rebranded Global Cell Buyers under the name “Global Urban Mining LLC” to build and expand its e-recycling platform within the United States and eventual global expansion plans.