UNITED STATES

SECURITY AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(MARK ONE)

þ	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2014~~2015

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: 1-11248

GREEN TECHNOLOGY SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

Nevada		84-0938688
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification Number)
2880 Zanker Road, Suite 203 San Jose, CA		95134
2880 Zanker Road, Suite 203 San Jose, California		95134
(Address of principal executive offices)		(Zip code)

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

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class	Name of Each Exchange on which Registered
Common stock, $0.0010 par value	OTC QB
Common stock, $0.001 par value	OTC QB

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes o No þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes o No þ

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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, 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 þ No o

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Indicate by check mark if disclosures of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

Yes þ No o

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	þ
(Do not check is smaller reporting company)

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

Yes o No þ

The Aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter, June 30, ~~2014~~2015 was $~~673~~1,~~042~~356,616.

There were 414,~~318~~069,~~908~~575 shares of the Registrant’s common stock outstanding as of April 711, ~~2015~~2016.

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GREEN TECHNOLOGY SOLUTIONS, INC.

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PART I	5
Item 1. Business	5
Item 1A. Risk Factors	6
Item 1B. Unresolved Staff Comments	6
Item 2. Properties	6
Item 3. Legal Proceedings	6
Item 4. Mine Safety Disclosures	6
PART II	7
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	7
Item 6. Selected Financial Data	98
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of operations	9
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	11
Item 8. Financial Statements and Supplementary Data	12
Reports of Independent Registered Public Accounting Firms	13
Report of Independent Registered Public Accounting Firm	13
Consolidated Balance Sheets	14
Consolidated Statements of Operations	15
Consolidated Statement of Changes in Shareholders’ Deficit	16
Consolidated Statement of Change in Shareholders’ Equity (Deficit)	16
Consolidated Statements of Cash Flows	17
Consolidated Statement of Cash Flows	17
Notes to the Consolidated Financial Statements	18
Notes to the Financial Statements	18
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	31
Item 9A. Controls and Procedures	31
Item 9B. Other Information	32
PART III	33
Item 10. Directors, Executive Officers and Corporate Governance	33
Item 11. Executive Compensation	3534
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	3635
Item 13. Certain Relationships and Related Transactions, and Director Independence	3736
Item 14. Principal Accounting Fees and Services	3736
PART IV	3837
Item 15. Exhibits, Financial Statement Schedules	3837

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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this report contain or may contain forward-looking statements. These statements, identified by words such as “plan”, “anticipate”, “believe”, “estimate”, “should”, “expect” and similar expressions include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements ~~are~~were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, our ability to secure suitable financing to continue with our existing business or change our business and conclude a merger, acquisition or combination with a business prospect, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto and the risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2013~~2014. We advise you to carefully review the reports and documents we file from time to time with the Securities and Exchange Commission (the “SEC”), particularly our quarterly reports on Form 10-Q and our current reports on Form 8-K. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

OTHER PERTINENT INFORMATION

When used in this report, the terms, “we,” the “Company,” “GTSO,” “our,” and “us” refers to Green Technology Solutions, Inc., a Nevada corporation.

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PART I

ITEM 1. BUSINESS

Overview

Green Technology Solutions, Inc. (“GTSO”, “we”, “us”, “our” or the “Company”) was incorporated as XCL Sunrise, Inc. in ~~the State of~~ Delaware on ~~April~~June 112, ~~1991~~2010. We changed our name to Sunrise Energy Resources, Inc. on November 1, 2004. On October 26, 2010, we changed our name to Green Technology Solutions, Inc. On July 28, 2014, the Company reincorporated from Delaware to Nevada. Our principal executive offices are at 2880 Zanker Road, Suite 203, San Jose, California. Our year-end is December 31.

On July 28, 2014, the Company reincorporated from Delaware to Nevada. Our board of directors and the owners of a majority of our outstanding voting stock approved the reincorporation. Each of our shareholders as of the record date received one share of the Nevada company’s common stock for each 300 shares of our common stock they owned in the Delaware company, with fractional shares to be rounded up to the next whole share, and number of additional whole shares such that each shareholder will own at least five shares. The board of directors and officers of the Nevada company consists of the same persons who are directors and officers prior to the reincorporation. Our daily business operations will continue at the principal executive offices at 2880 Zanker Road, Suite 203, San Jose, California.

GTSO is in the business of trying to keep the world a greener place to live. Having a greener environment is what we strive to provide so that we may live healthier lives. The corporate mission is to support the health and wellness sub-market of medical cannabis.

Plan of Operations

GTSO will be focusing directly on health and wellness. One of the fastest growing emerging markets in health and wellness is the medical cannabis market. It has experienced exponential growth and is expected to be a $6 billion market this year.

With the medical cannabis market, our product focus within the subsidiary can be categorized into three parts:

· Business and Support services o Payment processing

o ~~Payment~~Security ~~processing~~o Transport

· Developing more efficient ways to utilize hemp delivery systems o ~~Security~~Edibles

o ~~Transport~~Topical treatments o Drinks

· ~~Developing~~Products, ~~more~~methods, ~~efficient~~or ~~ways~~services tosupporting ~~utilize~~the ~~hemp~~actual ~~delivery~~producers ~~systems~~of the product in this industry. o Specialty organic soils and fertilizers

o ~~Edibles~~Lighting systems o Methods to produce other cannabinoid products

o Topical treatments

o Drinks

· Products, methods, or services supporting the actual producers of the product in this industry.

o Specialty organic soils and fertilizers

o Lighting systems

o Methods to produce other cannabinoid products

On November 3, 2014, we closed the acquisition of Mother Parker’s Soil, LLC, a California limited liability company, (“Mother Parker”) for $125,000 to be paid in monthly increments. Mother Parker is a cultivator of organic soils. Through December 31, 2014, we have made payments of $60,000 toward this acquisition. The acquisition of Mother Parker has solidified the Company’s mission to support the horticultural side of the medical cannabis industry.

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In order to more fully support the horticultural market and medical cannabis markets, we plan to expand our operations by researching opportunities in the following areas:

·	Develop more efficient lighting systems and growing mediums. This will require extensive testing with experienced horticulture groups.

·	Assist the newly opened market for hemp products by bringing new delivery technologies to this industry. This would include oral, topical, drinks and vapor inhalants.

·	Provide business support services to the medical cannabis industry, specifically providing secure payment processing services to make retail transactions quicker and safer.

·	Explore the options to enhance security for medical cannabis suppliers in the areas of standard building security and mobile security units, among others. In addition, we plan to explore methods for providing secure transport of product and funds.

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Employees and Employment Agreements

~~Our~~We ~~sole~~have one employee, is our CEO~~, Wallace Browne~~. ~~Mr.~~We ~~Browne~~do ~~does~~ not have a written ~~employment~~contract ~~agreement~~with him, nor is he subject to collective bargaining agreements.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 1B. UNRESOLVED STAFF COMMENTS

As a smaller reporting company, we are not required to provide the information required by this item.

ITEM 2. PROPERTIES

We maintain our corporate offices at 2880 Zanker Road, Suite 203, San Jose, CACalifornia 95134. Our telephone number is (408) 432-7285.

ITEM 3. LEGAL PROCEEDINGS

We know of no material, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder are an adverse party or has a material interest adverse to us.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market Information

Our common stock began trading on the “Over the Counter” Bulletin Board (“OTC”) under the symbol “GTSO” in May 2005. The following table sets forth, for the period indicated, the prices of the common stock in the over-the-counter market, as reported and summarized by OTC Markets Group, Inc. These quotations represent inter-dealer quotations, without adjustment for retail markup, markdown, or commission and may not represent actual transactions. There is an absence of an established trading market for the Company’s common stock, as the market is limited, sporadic and highly volatile, which may affect the prices listed below.

	High		Low
Fiscal Year Ended December 31, 2015
Quarter ended December 31, 2015	$	0.14	$	0.03
Quarter ended September 30, 2015	$	0.40	$	0.06
Quarter ended June 30, 2015	$	2.10	$	0.24
Quarter ended March 31, 2015	$	4.94	$	1.29
Fiscal Year Ended December 31, 2014
Quarter ended December 31, 2014	$	8.91	$	2.01
Quarter ended September 30, 2014	$	11.00	$	2.21
Quarter ended June 30, 2014	$	5.86	$	3.00
Quarter ended March 31, 2014	$	6.91	$	2.34
Fiscal Year Ended December 31, 2013
Quarter ended December 31, 2013	$	11.41	$	3.30
Quarter ended September 30, 2013	$	13.51	$	7.48
Quarter ended June 30, 2013	$	27.03	$	6.01
Quarter ended March 31, 2013	$	27.03	$	10.54

Holders

As of the date of this filing, there were one thousand two hundred seventy-~~one~~two holders of record of our common stock.

Dividends

To date, we have not paid dividends on shares of our common stock and we do not expect to declare or pay dividends on shares of our common stock in the foreseeable future. The payment of any dividends will depend upon our future earnings, if any, our financial condition, and other factors deemed relevant by our Board of Directors.

Preferred Stock

We are authorized to issue 20,000,000 shares of $0.001 par value preferred stock. Our preferred stock is not traded on any public markets. There were 1,000,000 shares of Series E preferred stock issued and outstanding as of April 7, 2015. The outstanding shares of Series E preferred stock have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of common stock. The Series E preferred stock ranks subordinate to the Company’s common stock.

Common Stock

We are authorized to issue 480,000,000 shares of common stock, with a par value of $0.~~0010~~001. The closing price of our common stock on April 711, ~~2015~~2016, as quoted by OTC Markets Group, Inc., was $10.740752. There were 414,~~318~~069,~~908~~575 shares of common stock issued and outstanding as of April 711, ~~2015~~2016. All shares of common stock have one vote per share on all matters including election of directors, without provision for cumulative voting. The common stock is not redeemable and has no conversion or preemptive rights. The common stock currently outstanding ~~was~~is ~~issued~~ validly issued, fully paid and non-assessable. In the event of liquidation of the Company, the holders of common stock will share equally in any balance of the Company’s assets available for distribution to them after satisfaction of creditors and preferred shareholders, if any. The holders of the Company’s common are entitled to equal dividends and distributions per share with respect to the common stock when, as and if, declared by the Board of Directors from funds legally available.

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Our Articles of Incorporation, our Bylaws, and the applicable statutes of the state of Nevada contain a more complete description of the rights and liabilities of holders of our securities.

During the year ended December 31, ~~2014~~2015, there was no modification of any instruments defining the rights of holders of the Company’s common stock and no limitation or qualification of the rights evidenced by the Company’s common stock as a result of the issuance of any other class of securities or the modification thereof.

Non-cumulative voting

Holders of shares of our common stock do not have cumulative voting rights, which means that the holders of more than 50% of the outstanding shares, voting for the election of directors, can elect all of the directors to be elected, if they so choose, and, in that event, the holders of the remaining shares will not be able to elect any of our directors.

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Securities Authorized for Issuance under Equity Compensation Plans

The following table shows the number of shares of common stock that could be issued upon exercise of outstanding options and warrants, the weighted average exercise price of the outstanding options and warrants, and the remaining shares available for future issuance as of December 31, ~~2014~~2015.

Plan Category

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance

Equity compensation plans approved by security holders.

—

Equity compensation plans not approved by security holders.

—

Total

—

Preferred Stock

Out authorized preferred stock consists of 20,000,000 shares of $0.001 par value preferred stock. As of the date of this report, there are 1,000,000 shares of preferred stock outstanding. The Company’s preferred stock ranks senior to all other equity securities, including common stock. Dividends, when, as and if declared by the Board of Directors, shall be paid out of funds at the time legally available for such purposes.

Recent Sales of Unregistered Securities

OnDuring ~~October~~the 10quarter ended December 31, ~~2014~~2015, wethe Company issued ~~17,000~~ shares of common stock inas a ~~partial~~result ~~conversion~~of ~~and~~the ~~satisfaction~~conversion of ~~$340~~Convertible ofPromissory ~~debt~~Notes, inas ~~accordance~~detailed ~~with~~in the ~~terms~~following ~~of the debt.~~table:

On October 21, 2014, we issued 17,000 shares of common stock in a partial conversion and satisfaction of $340 of debt in accordance with the terms of the debt.

Date	Amount Converted		Shares of Common Stock Issued
October 2, 2015		3,150		315,000
October 8, 2015		4,100		410,000
November 17, 2015		7,410		741,000
December 22, 2015		4,100		410,000
Total	$	18,760		1,876,000

OnEach ~~November~~issuance 4,of ~~2014,~~securities wewas issued ~~21,000~~without ~~shares~~registration ~~of common stock~~ in areliance ~~partial conversion and satisfaction~~ of ~~$420~~the ofexemption ~~debt~~from inregistration ~~accordance~~Section ~~with~~3(a)9 of the ~~terms~~Securities Act of ~~the debt~~1933.

On November 6, 2014, we issued 22,000 shares of common stock in a partial conversion and satisfaction of $440 of debt in accordance with the terms of the debt.

On November 26, 2014, we issued 46,000 shares of common stock in a partial conversion and satisfaction of $460 of debt in accordance with the terms of the debt.

On December 9, 2014, we issued 25,000 shares of common stock in a partial conversion and satisfaction of $250 of debt in accordance with the terms of the debt.

On December 11, 2014, we issued 26,000 shares of common stock in a partial conversion and satisfaction of $260 of debt in accordance with the terms of the debt.

On December 12, 2014, we issued 25,000 shares of common stock in a partial conversion and satisfaction of $250 of debt in accordance with the terms of the debt.

On December 18, 2014, we issued 25,000 shares of common stock in a partial conversion and satisfaction of $250 of debt in accordance with the terms of the debt.

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ITEM 6. SELECTED FINANCIAL DATA

As a smaller reporting company, we are not required to provide the information required by this item.

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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

THIS FILING CONTAINS FORWARD-LOOKING STATEMENTS. THE WORDS “ANTICIPATED,” “BELIEVE,” “EXPECT,” “PLAN,” “INTEND,” “SEEK,” “ESTIMATE,” “PROJECT,” “WILL,” “COULD,” “MAY,” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS INCLUDE, AMONG OTHERS, INFORMATION REGARDING FUTURE OPERATIONS, FUTURE CAPITAL EXPENDITURES, AND FUTURE NET CASH FLOW. SUCH STATEMENTS REFLECT THE COMPANY’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES, INCLUDING, WITHOUT LIMITATION, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN FOREIGN, POLITICAL, SOCIAL, AND ECONOMIC CONDITIONS, REGULATORY INITIATIVES AND COMPLIANCE WITH GOVERNMENTAL REGULATIONS, THE ABILITY TO ACHIEVE FURTHER MARKET PENETRATION AND ADDITIONAL CUSTOMERS, AND VARIOUS OTHER MATTERS, MANY OF WHICH ARE BEYOND THE COMPANY’S CONTROL. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES OCCUR, OR SHOULD UNDERLYING ASSUMPTIONS PROVE TO BE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY AND ADVERSELY FROM THOSE ANTICIPATED, BELIEVED, ESTIMATED, OR OTHERWISE INDICATED. CONSEQUENTLY, ALL OF THE FORWARD-LOOKING STATEMENTS MADE IN THIS FILING ARE QUALIFIED BY THESE CAUTIONARY STATEMENTS AND THERE CAN BE NO ASSURANCE OF THE ACTUAL RESULTS OR DEVELOPMENTS.

The following discussion and analysis of our financial condition and plan of operations should be read in conjunction with our financial statements and related notes appearing elsewhere herein. This discussion and analysis contains forward-looking statements including information about possible or assumed results of our financial conditions, operations, plans, objectives, and performance that involve risk, uncertainties, and assumptions. The actual results may differ materially from those anticipated in such forward-looking statements. For example, when we indicate that we expect to increase our product sales and potentially establish additional license relationships, these are forward-looking statements. The words expect, anticipate, estimate or similar expressions are also used to indicate forward-looking statements.

Background of our Company

OnGTSO ~~September~~is ~~20,~~in ~~2012,~~the ~~GTSO~~business ~~formed~~of ~~two~~trying ~~subsidiaries~~to ~~that~~keep ~~hold~~the ~~GTSO’s~~world ~~urban~~a ~~and~~greener ~~traditional~~place ~~mining~~to ~~operations~~live. Having a greener environment is what we strive to provide so that we may live healthier lives. The ~~new~~corporate ~~subsidiaries~~mission ~~are~~is ~~GTSO~~to ~~Urban~~support ~~Mining~~the ~~LLC~~health and ~~GTSO~~wellness ~~Resources~~sub-market ~~LLC~~of medical cannabis.

Plan of Operations

We believe we do not have adequate funds to fully execute our business plan for the next twelve months unless we obtain additional funding. However, should we not raise this capital, we will allocate our funding to first assure that ~~we meet~~ all State, Federal and SEC requirements are met.

As of December 31, ~~2014~~2015, we had cash on hand of $~~15,173~~844.

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We intend to pursue capital through public or private financing, as well as borrowing and other sources in order to finance our business activities. We cannot guarantee that additional funding will be available on favorable terms, if at all. If adequate funds are not available, then our ability to continue our operations may be significantly hindered.

Results of Operations

We incurred a net loss of $46,~~103~~654,~~145~~512 for the year ended December 31, ~~2014~~2015. We had a working capital deficit of $~~575~~1,~~981~~105,754 as of December 31, ~~2014~~2015. We do not anticipate having positive net income in the immediate future. Net cash used by ~~operating~~operations ~~activities~~ for the year ended December 31, ~~2014~~2015 was $~~267~~474,~~827~~844.

We continue to rely on advances to fund operating shortfalls and do not foresee a change in this situation in the immediate future. There can be no assurance that we will continue to have such advances available. We will not be able to continue operations without them. We are pursuing alternate sources of financing, but there is no assurance that additional capital will be available to the Company when needed or on acceptable terms.

~~Fiscal year ended December 31, 2014 compared to the fiscal year ended December 31, 2013.~~9

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Fiscal year ended December 31, 2015 compared to the fiscal year ended December 31, 2014.

General and Administrative Expenses

We recognized general and administrative expenses in the amount of $3505,~~744,176~~685 and $~~337~~3,~~081~~719,176 for the ~~years~~year ended December 31, ~~2014~~2015 and ~~2013~~ended 2014, respectively. ~~General~~In ~~and administrative expense for~~ the year ended December 31, 2014, ~~includes~~we ~~expense~~had ~~for~~recognized ~~preferred~~approximately ~~stock issued for services in the amount of~~ $3~~,010,644~~.3 ~~and~~million ~~for~~in ~~common~~ stock ~~issued~~compensation ~~for~~expense ~~services~~related into the ~~amount~~issuance of ~~$300~~1,000~~. Excluding these expenses~~,000 ~~general~~Series ~~and~~E ~~administrative~~Preferred ~~expense~~shares. ~~for~~In ~~the year ended December 31~~addition, ~~2014~~professional ~~would~~fees ~~have~~increased ~~been~~by approximately $~~433~~94,~~532~~000. ~~The remaining increase is primarily due to increased professional fees.~~

Interest Expense

Interest expense ~~decreased~~increased from $~~522~~233,~~610~~969 for the year ended December 31, ~~2013~~2014 to $~~233~~478,~~969~~827 for the year ended December 31, ~~2014~~2015. Interest expense for the year ended December 31, ~~2014~~2015 included amortization of discount on convertible notes payable in the amount of $~~170~~371,~~580~~964, compared to $~~460~~170,~~420~~580 for the comparable period of ~~2013~~2014.

We incurred an additional increase of $44,000 in interest expense due to accrued interest on our convertible notes payable, as we carried higher average balances on convertible notes.

Impairment of Joint Ventures

We had impairment on joint ventures of $20,000 during the year ended December 31, 2015, as compared to $150,000 in the prior year. The decline in expense is due to our entering into fewer joint ventures in the current year.

Impairment of Intangible Asset

We recognized impairment of intangible asset of $5,650,000 for the year ended December 31, 2015 as a result of writing off the deposit for the purchase of the clean room. It is unlikely that the Company will be able to consummate the purchase of the clean room as it does not have the funds available to make the required cash payments.

Net Loss

We incurred a net loss of $46,~~103~~654,~~145~~512 for the year ended December 31, ~~2014~~2015 as compared to $~~909~~4,~~691~~103,145 for the comparable period of ~~2013~~2014. ~~The~~In ~~increase~~the inyear ~~the~~ended ~~net~~December ~~loss~~31, ~~was~~2014, ~~primarily~~we ~~the~~had ~~result~~recognized ofapproximately ~~increased~~$3.3 ~~general~~million ~~and~~in ~~administrative~~stock ~~expenses,~~compensation ~~partially~~expense ~~offset~~related byto the ~~decrease~~issuance inof ~~interest~~1,000,000 ~~expense~~Series ~~discussed~~E ~~above~~Preferred shares.

Liquidity and Capital Resources

WeAs ~~anticipate needing approximately~~ of ~~$1,000,000 to fund our operations and to effectively execute our business plan over~~ the ~~next~~date ~~eighteen months. Currently available cash is not sufficient to allow us to commence full execution~~ of ~~our~~this business plan. Our business expansion will require significant capital resources that may be funded through the issuance of common stock or of notes payable or other debt arrangements that may affect our debt structure. Despite our current financial statusfiling, we ~~believe~~had ~~that~~yet ~~we may be able~~ to ~~issue~~generate ~~notes~~any ~~payable~~revenues orfrom ~~debt instruments in order to start executing~~ our business ~~plan~~operations. ~~However, there can be no assurance that we will be able to raise money in this fashion and have not entered into any agreements that would obligate a third party to provide us with capital.~~

~~For~~We ~~the~~anticipate ~~year~~needing ~~ended~~additional ~~December~~financing ~~31,~~to ~~2014,~~fund weour ~~have~~operations ~~incurred~~and ato ~~net~~effectively ~~loss~~execute ofour ~~$4,103,145.~~business Weplan ~~had~~over ~~negative~~the next eighteen months. Currently available cash ~~flow~~is ~~from~~not ~~operating~~sufficient ~~activities~~to allow us to commence full execution of ~~$267,827~~our business plan. WeOur ~~raised~~business ~~the~~expansion ~~cash~~will ~~amounts~~require ~~used~~significant incapital ~~these~~resources ~~activities~~that ~~from~~may be funded through the ~~sale~~issuance of common stock ~~and~~or ~~from~~of ~~advances~~notes payable or other debt arrangements that may affect our debt structure. WeDespite ~~currently~~our ~~have~~current ~~negative~~financial ~~working~~status, ~~capital~~we ofbelieve ~~$575~~that we may be able to issue notes payable or debt instruments in order to start executing our business plan. However,~~981~~ there can be no assurance that we will be able to raise money in this fashion and have not entered into any agreements that would obligate a third party to provide us with capital.

AsWe ofraised ~~December~~the ~~31,~~cash ~~2014,~~amounts weto ~~had~~be ~~$15,173~~used ofin ~~cash~~these onactivities ~~hand.~~from ~~This~~the ~~amount~~sale of ~~cash~~common ~~will~~stock beand ~~adequate~~from toadvances. ~~fund~~We ~~our~~currently ~~operations~~have ~~for~~negative ~~less~~working ~~than~~capital ~~one~~of ~~month~~$1,105,754.

WeAs ~~have~~of noDecember ~~known~~31, ~~demands~~2015, orwe ~~commitments~~had ~~and~~$844 ~~are not aware~~ of ~~any~~cash ~~events~~on orhand. ~~uncertainties~~This asamount of ~~December~~cash ~~31, 2014 that~~ will ~~result~~be inadequate orto ~~that~~fund ~~are~~our ~~reasonably~~operations ~~likely~~for toapproximately ~~materially~~less ~~increase~~than orone ~~decrease our current liquidity~~month.

We have no known demands or commitments and are not aware of any events or uncertainties as of December 31, 2015 that will result in or that are reasonably likely to materially increase or decrease our current liquidity.

Capital Resources

We had no material commitments for capital expenditures as of December 31, ~~2014~~2015 and ~~2013~~2014. However, should we execute our business plan as anticipated, we would incur substantial capital expenditures and require financing in addition to what is required to fund our present operation.

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Additional Financing

Additional financing is required to continue operations. Although actively searching for available capital, the Company does not have any current arrangements for additional outside sources of financing and cannot provide any assurance that such financing will be available.

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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.

Critical Accounting Policies and Estimates

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends, and other factors that management believes to be important at the time the financial statements are prepared; actual results could differ from our estimates and such differences could be material. We have identified below the critical accounting policies, which are assumptions made by management about matters that are highly uncertain and that are of critical importance in the presentation of our financial position, results of operations and cash flows. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation our financial statements.

USE OF ESTIMATES - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

GOING CONCERN - The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended December 31, ~~2014~~2015, the Company had a net loss of $46,~~103~~654,~~145~~512 and generated negative cash flow from ~~operating~~operations ~~activities~~ in the amount of $~~267~~474,~~827~~844. In view of these matters, the Company’s ability to continue as a going concern is dependent upon its ability to achieve a level of profitability or to obtain additional capital to finance its operations. The Company intends on financing its future activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

New Accounting Pronouncements

For a description of recent accounting standards, including the expected dates of adoption and estimated effects, if any, on our financial statements, see “Note 3: Significant Accounting Polices: Recently Issued Accounting Pronouncements” in Part II, Item 8 of this Form 10-K.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, we are not required to provide the information required by this item.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Green Technology Solutions, Inc.

Consolidated Financial Statements

December 31, ~~2014~~2015

Contents

Reports of Independent Registered Public Accounting Firms	13
Report of Independent Registered Public Accounting Firm	13
Consolidated Balance Sheets	14
Consolidated Statements of Operations	15
Consolidated Statement of Changes in Shareholders’ Deficit	16
Consolidated Statement of Change in Shareholders’ Equity (Deficit)	16
Consolidated Statements of Cash Flows	17
Consolidated Statement of Cash Flows	17
Notes to the Consolidated Financial Statements	18
Notes to the Financial Statements	18

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors

of Green Technology Solutions, Inc.

We have audited the accompanying consolidated balance sheets of Green Technology Solutions, Inc. as of December 31, ~~2014~~2015 and ~~2013~~2014 and the related ~~statements~~consolidated statement of operations, ~~shareholders~~changes in stockholders’ equity (deficit), and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company ~~was~~is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our ~~audit~~audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements., ~~An audit also includes~~ assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our ~~audit~~audits ~~provides~~provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Green Technology Solutions, Inc. as of December 31, ~~2014~~2015 and ~~2013~~2014, and the results of its operations, ~~and~~changes ~~its~~in stockholders’ equity (deficit) and cash flows for the periods ~~described~~then ~~above~~ended in conformity with accounting principles generally accepted in the United States of America.

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has ainsufficient ~~net~~working ~~loss of $4~~capital,~~103,145~~ ~~and negative cash flow from operating activities of $267,827,~~ which raises substantial doubt about its ability to continue as a going concern. Management’s plans ~~concerning~~regarding ~~these~~those matters ~~are~~ also are described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ M&K CPAS, PLLC

Houston, TX

www.mkacpas.com

~~April 8~~Houston, ~~2015~~Texas

April 14, 2016

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GREEN TECHNOLOGY SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS

	December 31, 2014			December 31, 2013
	December 31, 2015			December 31, 2014
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	~~15,173~~844		$	415,~~198~~173
Total current assets		~~15,173~~844			415,~~198~~173
Investments net of impairment of $445,000 and $320,000, respectively		—			—
Investments in joint ventures, net of impairment of $465,000 and $445,000, respectively		—			—
TOTAL ASSETS	$	~~15,173~~844		$	415,~~198~~173
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	328,705		$	123,000
Accounts payable and accrued expenses	$	359,546		$	328,705
Advances payable		—			31,250
Accounts payable to related parties		127,500			—
Current portion of convertible notes payable, net of discount of $280,892 and $0, respectively		193,824			—
Advances payable		3,235			—
Current portion of accrued interest payable		68,625			—
Current portion of convertible notes payable, net of discount of $286,267 and $280,892, respectively		482,814			193,824
Total current liabilities		591,154			154,250
Current portion of accrued interest payable		133,503			68,625
Convertible notes payable, net of discount of $355,753 and $442,118, respectively.		9,353			81,958
Total current liabilities		1,106,598			591,154
Accrued interest payable		8,214			34,823
Convertible notes payable, net of discount of $578,194 and $355,753, respectively		21,586			9,353
TOTAL LIABILITIES		608,721			271,031
Accrued interest payable		18,979			8,214
TOTAL LIABILITIES		1,147,163			608,721
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY (DEFICIT)
SHAREHOLDERS’ DEFICIT
Preferred Stock, $0.0010 stated value; 20,000,000 shares authorized; 1,000,000 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively.		1,000			—
Common stock, $0.001 par value; 480,000,000 shares authorized; 13,154,875 shares and 616,908 shares issued; 12,744,875 and 616,858 shares outstanding at December 31, 2015 and December 31, 2014, respectively		12,745			617
Common Stock, $0.0010 par value; 616,908 and 208,087 shares issued; and 616,858 and 208,087 outstanding at December 31, 2014 and December 31, 2013, respectively.		617			208
Preferred stock, $0.001 stated value; 20,000,000 shares authorized; 1,000,000 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively.		1,000			1,000
Treasury shares, 50 shares at December 31, 2014		(55	)		—
Treasury shares, 17 and 50 shares as of December 31, 2015 and December 31, 2014, respectively.		(19	)		(55	)
Common stock payable		5,000			5,000
Additional paid-in capital		20,908,716			14,823,239
Additional paid-in capital		14,823,239			11,048,163
Common stock payable		9,100			5,000
Accumulated deficit		(1522,~~423~~077,~~349~~861	)		(1115,~~320~~423,~~204~~349	)
Total shareholders’ equity (deficit)		(593,548	)		(266,833	)
Total shareholders’ deficit		(1,146,319	)		(593,548	)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT	$	~~15,173~~844		$	415,~~198~~173

The ~~accompanying~~accompany notes are an integral part of these consolidated financial statements.

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GREEN TECHNOLOGY SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Year ended December 31,
	2014			2013
	2015			2014
REVENUE	$	—		$	—
OPERATING EXPENSES
General and administrative expenses	$	3505,~~719,176~~685		$	~~337~~3,~~081~~719,176
LOSS FROM OPERATIONS		(3505,~~719,176~~685	)		(~~337~~3,~~081~~719,176	)
OTHER INCOME (EXPENSE)
Interest expense		(~~233~~478,~~969~~827	)		(~~522~~233,~~610~~969	)
Impairment of investment		(150,000	)		(50,000	)
Impairment of deposit for acquisition of fixed asset		(5,650,000	)		—
Total other income (expense)		(383,969	)		(572,610	)
Impairment on investment		(20,000	)		(150,000	)
NET LOSS	$	(4,103,145	)	$	(909,691	)
Total other income (expense)		(6,148,827	)		(383,969	)
NET LOSS PER COMMON SHARE – Basic and diluted	$	(12.55	)	$	(5.55	)
NET LOSS	$	(6,654,512	)		(4,103,145	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – Basic and diluted		326,834			163,846
NET LOSS PER COMMON SHARE – Basic and diluted	$	(0.94	)		(12.55	)
WEIGHT AVERAGE COMMON SHARES OUTSTANDING – Basic and diluted		7,079,137			326,834

The ~~accompanying~~accompany notes are an integral part of these consolidated financial statements.

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GREEN TECHNOLOGY SOLUTIONS, INC.

CONSOLIDATED STATEMENT OF ~~CHANGES~~CHANGE IN SHAREHOLDERS’ EQUITY (DEFICIT)

	Preferred stock					Common stock				Additional paid in			Common stock			Treasury Shares						Accumulated
	Common Stock					Series E Preferred Stock				Treasury Shares						Additional Paid-In			Common Stock			Accumulated
	Shares			Amount		Shares		Amount		~~capital~~Shares			~~payable~~Amount			~~Shares~~Capital			~~Amount~~Payable			Deficit			Total
BALANCE, December 31, 2012		—		$	—		114,009	$	114	$	9,902,818		$	5,000			—		$	—		$	(10,410,513	)	$	(502,581	)
BALANCE, December 31, 2013		208,087		$	208		—	$	—		—		$	—		$	11,048,163		$	5,000		$	(11,320,204	)	$	(266,833	)
Common stock issued for conversion of notes payable		—			—		94,078		94		545,341			—			—			—			—			545,435
											—			—
Beneficial conversion discount on convertible note payable		—			—		—		—		575,958			—			—			—			—			575,958
Imputed interest expense		—			—		—		—		24,046			—			—			—			—			24,046
Net loss		—			—		—		—		-			—			—			—			(909,691	)		(909,691	)
BALANCE, December 31, 2013		—		$	—		208,087	$	208	$	11,048,163		$	5,000			—		$	—			(11,320,204	)	$	(266,833	)
Common stock issued for:
Cash and services		—			—		100,000		100		329,900			—			—			—			—			330,000
Services		100,000			100		—		—		—			—			329,900			—			—			330,000
Conversion of notes payable		—			—		278,000		278		63,072			—			—			—			—			63,350
Debt conversion		278,000			278		—		—		—			—			63,072			—			—			63,350
Share rounding on reverse split		—			—		30,821		31		(31	)		—			—			—			—			—
Share rounding		30,821			31		—		—		—			—			(31	)		—			—			—
Purchase of treasury shares		—			—		—		—		—			—			50			(55	)		—			(55	)
Preferred stock issue for services		—			—		1,000,000		1,000		—			—			3,009,644			—			—			3,010,644
Preferred stock issued for services		1,000,000		$	1,000		—		—		3,009,644			—			—			—			—			3,010,644
Treasury shares purchased		—			—		—		—		50			(55	)		—			—			—			(55	)
Beneficial conversion discount on convertible note		—			—		—		—		365,107			—			—			—			—			365,107
Discount on issuance of convertible note payable		—			—		—		—		—			—			365,107			—			—			365,107
Imputed interest expense		—			—		—		—		7,384			—			—			—			—			7,384
Imputed interest		—			—		—		—		—			—			7,384			—			—			7,384
Net loss		—			—		—		—		—			—			—			—			(4,103,145	)		(4,103,145	)
BALANCE, December 31, 2014		1616,~~000,000~~908		$	~~1,000~~617		~~616~~1,~~908~~000,000	$	~~617~~1,000	$	~~14,823,239~~50		$	~~5,000~~(55	)	$	5014,823,239		$	~~(55~~5,000	)	$	(15,423,349	)	$	(593,548	)
Common stock issued for:
Debt conversion		9,128,000			9,128		—		—		—			—			82,152			—			—			91,280
Fixed asset purchase		3,000,000			3,000		—		—		—			—			5,397,000			—			—			5,400,000
Common stock payable for debt conversion		—			—		—		—		—			—			—			4,100			—			4,100
Treasury shares retired		(33	)		—		—		—		(33	)		36			(36	)		—			—			—
Discount on issuance of convertible note payable		—			—		—		—		—			—			599,780			—			—			599,780
Imputed interest		—			—		—		—		—			—			6,581			—			—			6,581
Net loss		—			—		—		—		—			—			—			—			(6,654,512	)		(6,654,512	)
BALANCE, December 31, 2015		12,744,875		$	12,745		1,000,000	$	1,000		17		$	(19	)	$	20,908,716		$	9,100		$	(22,077,861	)	$	(1,146,319	)

The ~~accompanying~~accompany notes are an integral part of these consolidated financial statements.

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GREEN TECHNOLOGY SOLUTIONS, INC.

CONSOLIDATED ~~STATEMENTS~~STATEMENT OF CASH FLOWS

	Year ended December 31,
	2014			2013
	2015			2014
CASH FLOW FROM OPERATING ACTIVITIES:
Net loss	$	(46,~~103~~654,~~145~~512	)	$	(~~909~~4,~~691~~103,145	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on convertible note payable		~~170~~371,~~580~~964			~~460~~170,~~420~~580
Imputed interest expense		76,~~384~~581			247,~~047~~384
Loss on acquisition		125,000			—
Impairment of intangible asset		5,650,000			—
Impairment of investment in joint venture		25,000			50,000
Impairment of investment		20,000			25,000
Common stock issued for services		~~300,000~~—			—300,000
Preferred stock issued for services		~~3,010,644~~—			—3,010,644
Loss on acquisition		—			125,000
Changes in operating assets and liabilities:
Accounts receivable		—			—
Accounts payable and accrued liabilities		30,841			140,705
Accounts payable and accrued liabilities		140,705			46,847
Accrued interest payable		100,282			56,005
Accrued interest payable		56,005			38,143
NET CASH USED IN OPERATING ACTIVITIES		(474,844	)		(267,827	)
NET CASH USED IN OPERATING ACTIVITIES		(267,827	)		(290,234	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of subsidiary		(60,000	)		—
Investment in Elevated Industries		(20,000	)		(25,000	)
Investment in joint ventures		(25,000	)		(50,000	)
Acquisition of Mother Parker Soils		—			(60,000	)
NET CASH USED IN INVESTING ACTIVITIES		(8520,000	)		(5085,000	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock		30,000			—
Payment on fixed asset account payable to related party		(122,500	)		—
Proceeds from advances		333,857			343,560
Proceeds from issuance of common stock		—			30,000
Purchase of treasury shares		(55	)		—
Proceeds from advances		603,015			333,857
NET CASH PROVIDED BY FINANCING ACTIVITIES		363,802			343,560
Purchase of treasury shares		—			(55	)
NET INCREASE (DECREASE) IN CASH		10,975			3,326
NET CASH PROVIDED BY FINANCING ACTIVITIES		480,515			363,802
CASH, at the beginning of the period		4,198			872
NET INCREASE (DECREASE) IN CASH		(14,329	)		10,975
CASH, at the end of the period	$	15,173		$	4,198
CASH, at the beginning of the period		15,173			4,198
CASH, at the end of the period	$	844		$	15,173
Supplemental Disclosures of Cash Flow Information:
Cash paid during the period for:
Interest	$	—		$	—
Taxes	$	—		$	—
Noncash investing and financing transaction:
Refinancing of advances into convertible notes payable	$	365,107		$	575,957
Refinance of advances into convertible notes payable	$	599,780		$	365,107
Beneficial conversion of convertible note payable	$	365,107		$	575,957
Beneficial conversion discount on convertible note payable	$	599,780		$	365,107
Conversion of convertible notes payable	$	6391,~~350~~280		$	~~486~~63,~~202~~350
Common stock issued for services	$	—		$	300,000
Common stock payable for conversion of convertible note payable	$	4,100		$	—
Preferred stock issued for services	$	—		$	3,010,644
Common stock issued for fixed asset	$	5,400,000		$	—
Payable issued for fixed asset	$	250,000		$	—
Cancellation of treasury shares	$	36		$	—

The ~~accompanying~~accompany notes are an integral part of these consolidated financial statements.

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GREEN TECHNOLOGY SOLUTIONS, INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, ~~2014~~2015

Note 1. Background Information

Note 2. Going Concern

For the fiscal year ended December 31, ~~2014~~2015, the Company had a net loss of $46,~~103~~654,~~145~~512 and negative cash flow from ~~operating~~operations ~~activities~~ of $~~267~~474,~~827~~844. As of December 31, ~~2014~~2015, the Company has negative working capital of $~~575~~1,~~981~~105,754. ~~The Company has not begun to generate significant revenue from its operations. It does not expect to generate significant revenue or positive cash flow in the near future.~~

These factors raise a substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.

Management has plans to address the Company’s financial situation as follows:

In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raises doubts about the Company’s ability to continue as a going concern.

In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company that will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

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Note 3. Significant Accounting Policies

The significant accounting policies that the Company follows are:

Basis of Presentation

The consolidated financial statements and related disclosures have been prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

~~Principles~~Consolidated ofFinancial ~~Consolidation~~Statements

The consolidated financial statements include the accounts and operations of Green Technology Solutions, Inc., and its wholly -owned subsidiaries, GTSO Urban Mining, LLC; GTSO Resources, LLC; Mother Parker’s Soil, LLC; and Global Cell Buyers, LLC (collectively referred to as the “Company”). All material intercompany accounts and transactions ~~have~~are ~~been~~ eliminated in consolidation.

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Use of Estimates

The preparation of financial statements in conformity with ~~GAAP~~accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of ~~revenues~~revenue and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

~~All~~For ~~cash is on deposit with major financial institutions in~~ the ~~United~~purpose ~~States~~ of ~~America. Deposits with these banks may occasionally exceed~~ the ~~amount~~financial ofstatements, ~~insurance~~cash ~~provided~~equivalents oninclude ~~such~~all ~~deposits.~~highly ~~Temporary~~liquid ~~cash~~ investments with ~~an original~~ maturity of three months or less ~~are considered cash equivalents~~. Cash and cash equivalents were $~~15,173~~844 and $415,~~198~~173 at December 31, ~~2014~~2015 and ~~2013~~December 31, 2014, respectively.

Revenue ~~and cost recognition~~Recognition

InThe ~~accordance~~Company ~~with~~follows ASC 605, Revenue Recognition, ~~the~~recognizing ~~Company recognizes~~ revenue when persuasive evidence of an arrangement exists, product delivery has occurred or the services have been rendered, the price is fixed or determinable and collectability is reasonably assured.

Common ~~stock~~Stock

The Company records common stock issuances when all of the legal requirements for the issuance of such common stock have been satisfied.

Income Taxes

The Company accounts for income taxes under ASC 740 Income Taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as of December 31, ~~2014~~2015 ~~and~~or ~~2013~~December 31, ~~respectively~~2014.

19Earnings (Loss) per Common Share

~~Table~~The Company computes basic and diluted earnings per common share amounts in accordance with ASC Topic 260, Earnings per Share. The basic earnings (loss) per common share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of ~~Contents~~common shares outstanding during the year. The diluted earnings (loss) per common share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no dilutive shares outstanding for any periods reported.

~~Earnings~~In ~~(Loss)~~periods ~~Per~~in ~~Share~~which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. The Company’s convertible debt is considered anti-dilutive due to the Company’s net loss for the year ended December 31, 2015 and 2014. As a result, the Company did not have any potentially dilutive common shares for those periods. For the three months ended October 31, 2014 and 2013, potentially issuable shares as a result of conversions of convertible notes payable have been excluded from the calculation. At December 31, 2015, the Company had 80,879,114 potentially issuable shares upon the conversion of convertible notes payable and interest.

Basic loss per share is computed in accordance with ASC Topic 260, Earnings per Share, by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the period. Diluted loss per share is computed giving effect to all potentially dilutive common shares. Potentially dilutive common shares may consist of incremental shares issuable upon the exercise of stock options and warrants and the conversion of notes payable to common stock. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. The Company’s convertible debt is considered anti-dilutive due to the Company’s net loss for the twelve months ended December 31, 2014 and 2013. As a result, the Company did not have any potentially dilutive common shares for those periods. For the three months ended October 31, 2014 and 2013, potentially issuable shares as a result of conversions of convertible notes payable have been excluded from the calculation. At December 31, 2014, the Company had 125,240,095 potentially issuable shares upon the conversion of convertible notes payable and interest.

Financial Instruments

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period between the origination of these instruments and their expected realization.

FASB Accounting Standards Codification (“ASC”) 820 Fair Value Measurements and Disclosures (“ASC 820”) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:19

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FASB Accounting Standards Codification (ASC) 820 Fair Value Measurements and Disclosures (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, ~~2014~~2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms that is not significantly different from its stated value.

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The following table presents assets that were measured and recognized at fair value as of December 31, 2014 and 2013 and the periods then ended on a recurring and nonrecurring basis:

December 31, 2014

Description

Level 1

Level 2

Level 3

Total Realized Gain

—

Totals

—

December 31, 2013

Description

Level 1

Level 2

Level 3

Total Realized Gain

—

Totals

—

Beneficial Conversion Feature

Beneficial conversion feature is a non-detachable conversion feature that is in the money at the commitment date. The Company follows the guidance of ASC Subtopic 470-20 Debt with Conversion and Other Options to evaluate as to whether beneficial conversion feature exists. Pursuant to Section 470-20-30 an embedded beneficial conversion feature recognized separately under paragraph 470-20-25-5 shall be measured initially at its intrinsic value at the commitment date (see paragraphs 470-20-30-9 through 30-12) as the difference between the conversion price (see paragraph 470-20-30-5) and the fair value of the common stock or other securities into which the security is convertible, multiplied by the number of shares into which the security is convertible. When the Company issues ana debt or equity security that is convertible into common stock at a discount from the fair value of the common stock at the date the debt or equity security counterparty is legally committed to purchase such a security (Commitment Date), a beneficial conversion charge is measured and recorded on the Commitment Date for the difference between the fair value of the Company’s common stock and the effective conversion price of the debt or equity security. If the intrinsic value of the beneficial conversion feature is greater than the proceeds allocated to the debt or equity security, the amount of the discount assigned to the beneficial conversion feature is limited to the amount of the proceeds allocated to the debt or equity security.

Commitments and Contingencies

The Company follows ~~ASC~~subtopic 450-20, ~~Loss~~of ~~Contingencies,~~the FASB Accounting Standards Codification to report accounting for contingencies. ~~Liabilities~~Certain ~~for~~conditions ~~loss~~may ~~contingencies~~exist ~~arising~~as ~~from~~of ~~claims,~~the ~~assessments,~~date ~~litigation~~the consolidated financial statements are issued, ~~fines~~which ~~and~~may ~~penalties~~result ~~and~~in ~~other~~a ~~sources~~loss ~~are~~to ~~recorded~~the Company but which will only be resolved when itone isor ~~probable~~more ~~that~~future aevents ~~liability~~occur ~~has~~or ~~been~~fail ~~incurred~~to ~~and~~occur. ~~the~~The ~~amount~~Company ofassesses ~~the~~such contingent liabilities, and such assessment ~~can~~inherently beinvolves ~~reasonably~~an ~~estimated~~exercise of judgment. There ~~were~~are no known commitments or contingencies as of December 31, ~~2014~~2015 and December 31, ~~2013~~2014.

Subsequent events

The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

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Recently Issued Accounting Pronouncements

We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Note 4. Investments

On November 3, 2014, we closed the acquisition of Mother Parker’s Soil, LLC, a California limited liability company (“Mother Parker”) for $125,000. The purchase price was to be paid $25,000 upon signing the purchase agreement on September 5, 2014, $25,000 ten days after signing the agreement, $25,000 30 days after the second payment, and five monthly payments of $10,000. Mother Parker is a cultivator of organic soils. During the years ended December 31, 2015 and 2014, we paid $0 and $60,000, respectively, toward this acquisition. The seller of Mother Parker has verbally agreed to accept the remaining payment as funds become available to the Company.

Mother Parker did not have any tangible assets or liabilities on the date of acquisition. The intangible asset that it has is a soil recipe to be used for the cultivation of medical cannabis. The Company has valued the intangible asset at $0 for accounting purposes. In order to realize the value from the soil recipe, the Company would have to have access to the capital needed to manufacture, market and distribute the soil. As a result, we have recorded a loss on acquisition of Mather Parker in the amount of $125,000 for the year ended December 31, 2014.

On December 15, 2014, we signed in a profit participation agreement with Elevated Industries Inc. (“Elevated”), a Canadian corporation. The agreement calls for the Company to contribute up to US$75,000, at its sole discretion. During the years ended December 31, 2015 and 2014, we contributed $20,000 and $25,000, respectively, toward this joint venture. We recorded these contributions as impairment expense due to the lack of current revenue and no indications of future revenue.

During the years ended December 31, 2015 and 2014, we recognized impairment of intangible assets of $20,000 and $150,000, respectively.

Note 5. Advances

During the year ended December 31, 2015, Vista View Ventures, Inc. advanced $603,015 to the Company for working capital. These advances are non-interest bearing and payable on demand. During the same period, the Company refinanced $599,780 of the advances into convertible notes payable with Vista View Ventures, Inc. As of December 31, 2015 and December 31, 2014, advances in the amount of $3,235 and $0, respectively, are included in current liabilities on the consolidated balance sheets.

During the year ended December 31, 2015, we recognized imputed interest expense of $6,581 on these advances.

Note 6. Income Taxes

There is no current or deferred income tax expense or benefit for the period ended December 31, 2015.

The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference for the periods ended December 31, 2015 and 2014 are as follows.

	2015			2014
Tax benefit at U.S. statutory rate	$	1,601,124		$	1,395,069
less: valuation allowance		(1,601,124	)		(1,395,069	)
Tax benefit, net	$	—		$	—

We have net operating loss carryforwards of approximately $4,709,190.

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InNote ~~February 2013, the FASB issued ASU No~~7. ~~2013-02,~~Deposit Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for anClean accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under GAAP. The new amendments will require an organization to:Room

·On ~~Present~~March ~~(either~~4, on2015, the ~~face~~Company ofsigned ~~the~~an ~~statement~~asset ~~where~~purchase ~~net~~agreement ~~income~~with isSRN ~~presented~~Properties orCorporation in(“SRN ~~the notes~~Properties”) ~~the~~to ~~effects~~acquire onan approximately 1,300 square foot Class 5 clean room. The Company expects to install the ~~line~~clean ~~items~~room ofin ~~net~~Colorado, ~~income~~where ofit ~~significant~~will ~~amounts~~serve ~~reclassified~~as ~~out~~a ofcenter ~~accumulated~~for ~~other~~hygienic ~~comprehensive~~testing ~~income~~and -quality ~~but~~control ~~only~~services ifto ~~the~~cannabis ~~item~~growers ~~reclassified~~and isretailers. ~~required~~The ~~under~~agreement ~~GAAP~~calls for GTSO to bepay ~~reclassified~~3,000,000 shares of common stock of the Company and $250,000 to ~~net~~be ~~income~~paid in ~~its~~cash ~~entirety~~installments. inAs ~~the~~of ~~same~~December ~~reporting~~31, ~~period;~~2015, we have made cash payments of $122,500 and ·issued ~~Cross-reference~~3,000,000 toshares ~~other~~of ~~disclosures~~our ~~currently~~common ~~required~~stock ~~under~~in ~~GAAP~~satisfaction ~~for~~of ~~other~~this ~~reclassification~~requirement. ~~items~~As ~~(that~~of ~~are~~December ~~not~~31, ~~required~~2015, ~~under~~the ~~GAAP)~~remaining cash owed to beSRN ~~reclassified~~Properties ~~directly~~of to$127,500 ~~net~~has ~~income~~been inrecorded ~~their~~as ~~entirety~~accounts inpayable ~~the~~to ~~same~~related ~~reporting~~party ~~period~~on the balance sheet. ~~This~~SRN ~~would~~Properties bewas not a related party prior to the ~~case~~acquisition; ~~when~~however, it is a ~~portion~~significant ofshareholder after the ~~amount~~acquisition. ~~reclassified~~For ~~out~~accounting ofpurposes, ~~accumulated~~the ~~other~~shares ~~comprehensive~~issued ~~income~~for isthe ~~initially~~purchase ~~transferred~~of tothe aclean ~~balance~~room ~~sheet~~were ~~account~~valued ~~(e.g.~~at $5,400,000 ~~inventory~~based ~~for~~on ~~pension-related~~the ~~amounts)~~fair ~~instead~~market value of ~~directly~~the tostock ~~income~~on orthe ~~expense~~date the agreement was signed.

~~The~~As ~~amendments~~of ~~apply~~December to31, ~~all~~2015, ~~public~~the ~~and~~Company ~~private~~determined ~~companies~~ that ~~report~~the ~~items~~asset related to the deposit for the purchase of ~~other~~the ~~comprehensive~~clean ~~income~~room was impaired and should be written off. The ~~Public~~Company ~~companies~~has ~~are~~been ~~required~~unable to ~~comply~~make ~~with~~the ~~these~~remaining ~~amendments~~cash ~~for~~payments ~~all~~required ~~reporting~~under ~~periods~~the ~~(interim~~purchase agreement and ~~annual).~~does ~~The~~not ~~amendment~~expect ~~was~~to ~~effective~~be ~~for~~able ~~the~~to ~~Company~~make ~~beginning~~those ~~January~~payments 1,in ~~2014.~~the ~~The~~near ~~adoption~~future. ofAs ~~ASU~~a ~~No.~~result, ~~2013-02~~the ~~did~~Company ~~not~~has ~~have~~recorded a ~~material~~loss ~~impact~~ on ~~our~~impairment ~~financial~~of ~~position~~fixed orassets ~~results~~ of ~~operations~~$5,650,000 during the year ended December 31, 2015.

InNote ~~January 2013, the FASB issued ASU No~~8. ~~2013-01,~~Convertible ~~Balance~~Notes Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The Company adopted ASU No. 2013-01 effective January 1, 2014. The adoption of ASU No. 2013-01 did not have a material impact on our financial position or results of operations.Payable

InConvertible ~~May~~notes ~~2014,~~payable ~~the~~consisted ~~FASB~~of ~~issued~~ the ~~FASB~~following ~~Accounting~~at ~~Standards~~December ~~Update~~31, ~~No.~~2015 ~~2014-09~~and ~~“Revenue~~December ~~from~~31, ~~Contracts with Customers (Topic 606)” (“ASU~~ 2014~~-09”).~~:

This guidance amends the existing FASB Accounting Standards Codification, creating a new Topic 606, Revenue from Contracts with Customer. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

	December 31, 2015			December 31, 2014
Convertible note dated April 1, 2010, bearing interest at 10% per annum, matured on March 31, 2013 and convertible into shares of common stock at $0.01 per share. This note is in default.	$	14,138		$	12,808
Convertible note dated May 15, 2010, bearing interest at 10% per annum, matured on March 31, 2013 and convertible into shares of common stock at $0.01 per share. This note is in default.		7,249			6,567
Convertible note dated October 31, 2012, bearing interest at 10% per annum, matures on April 30, 2014 and convertible into shares of common stock at $0.02 per share. This note is in default.		64			62
Convertible note dated April 1, 2013, bearing interest at 10% per annum, matures on March 31, 2015 and convertible into shares of common stock at $0.01 per share. This note is in default.		1,147			5,999
Convertible note dated June 30, 2013, bearing interest at 10% per annum, matures on June 30, 2015 and convertible into shares of common stock at $0.01 per share.		69,068			136,969
Convertible note dated September 30, 2013, bearing interest at 10% per annum, matures on September 30, 2015 and convertible into shares of common stock at $0.01 per share.		312,310			312,310
Convertible note dated June 30, 2014, bearing interest at 10% per annum, matures on June 30, 2016 and convertible into shares of common stock at $0.01 per share.		162,946			162,947
Convertible note dated December 31, 2014, bearing interest at 10% per annum, matures on December 31, 2016 and convertible into shares of common stock at $2.00 per share.		202,160			202,160
Convertible note dated March 31, 2015, bearing interest at 10% per annum, maturing on March 31, 2017, and convertible into shares of common stock at $1.10 per share.		87,970			—
Convertible note dated June 30, 2015, bearing interest at 10% per annum, maturing on June 30, 2017, and convertible into shares of common stock at $0.15 per share.		81,813			—
Convertible note dated September 30, 2015, bearing interest at 10% per annum, maturing on September 30, 2018, and convertible into shares of common stock at $0.06 per share.		326,402			—
Convertible note dated December 31, 2015, bearing interest at 10% per annum, maturing on December 31, 2018, and convertible into shares of common stock at $0.01 per share.		103,595			—
Total convertible notes payable	$	1,368,861		$	839,822

Less: current portion of convertible notes payable		(769,081	)		(474,716	)
Less: discount on noncurrent convertible notes payable		(578,194	)		(355,753	)
Convertible notes payable, net of discount	$	21,586		$	9,353

Current portion of convertible notes payable		769,081			474,716
Less: discount on current portion of convertible notes payable		(286,267	)		(280,892	)
Current portion of convertible notes payable, net of discount	$	482,814		$	193,824

To achieve that core principle, an entity should apply the following steps:

1. Identify the contract(s) with the customer 2. Identify the performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the performance obligations in the contract 5. Recognize revenue when (or as) the entity satisfies a performance obligations

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~~The~~Accrued ~~ASU~~interest ~~also~~payable ~~provides~~associated ~~guidance~~with onconvertible ~~disclosures~~notes ~~that~~payable ~~should~~was be$152,482 ~~provided~~and to$76,839 ~~enable~~as ~~financial~~of ~~statement~~December ~~users~~31, to2015 ~~understand~~and ~~the nature~~2014, ~~amount,~~respectively. ~~timing,~~During ~~and~~the ~~uncertainty~~years ofended ~~revenue~~December ~~recognition~~31, 2015 and ~~cash~~2014, ~~flows~~we ~~arising~~recognized ~~from~~statutory ~~contracts~~interest ~~with~~expense ~~customers.~~of ~~Qualitative~~$100,282 and ~~quantitative~~$56,005, ~~information is required about the following:~~respectively.

1.The ~~Contracts~~convertible ~~with~~note ~~customers~~payable –dated ~~including~~April ~~revenue and impairments recognized~~1, ~~disaggregation~~2013 ofhad ~~revenue,~~an ~~and~~original ~~information~~beneficial ~~about~~conversion ~~contract~~discount ~~balances~~of $96,463 and ~~performance~~a ~~obligations~~remaining ~~(including~~beneficial ~~the~~conversion ~~transaction~~discount ~~price~~of ~~allocated~~$0 toas ~~the~~of ~~remaining~~December ~~performance~~31, ~~obligations)~~2015 ~~2. Significant judgments~~ and ~~changes~~2014. inDuring ~~judgments – determining~~ the ~~timing~~years ofended ~~satisfaction~~December of31, ~~performance~~2015 ~~obligations~~and ~~(over time or at a point in time)~~2014, ~~and~~we ~~determining~~recognized ~~the~~interest ~~transaction~~expense ~~price~~related ~~and amounts allocated~~ to ~~performance~~the ~~obligations~~amortization 3.of ~~Assets recognized from~~ the ~~costs~~beneficial toconversion ~~obtain~~discount orof ~~fulfill~~$0 aand ~~contract~~$14,530, respectively.

~~ASU~~The ~~2014-09~~convertible isnote ~~effective~~payable ~~for~~dated ~~periods~~June ~~beginning~~30, ~~after~~2013 had an original beneficial conversion discount of $167,185 and a remaining beneficial conversion discount of $0 and $29,904 as of December 1531, ~~2016~~2015 and 2014, ~~including~~respectively. ~~interim~~During ~~reporting~~the ~~periods~~years ~~within~~ended ~~that~~December ~~reporting~~31, ~~period~~2015 ~~for~~and ~~all~~2014, ~~public~~we ~~entities.~~recognized ~~Early~~interest ~~application~~expense isrelated ~~not~~to ~~permitted~~the amortization of the beneficial conversion discount of $29,904 and $95,141, respectively.

InThe ~~June~~convertible ~~2014,~~note ~~the~~payable ~~FASB~~dated ~~issued~~September ~~the FASB Accounting Standards Update No. 2014-10~~30, ~~Development~~2013 ~~Stage~~had ~~Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including~~ an ~~Amendment~~original tobeneficial ~~Variable~~conversion ~~Interest~~discount ~~Entities~~of ~~Guidance in Topic 810~~$312,310 ~~Consolidation,~~and ~~which~~a ~~removes~~remaining ~~all~~beneficial ~~incremental~~conversion ~~financial~~discount ~~reporting~~of ~~requirements~~$0 ~~from~~and ~~GAAP for development stage entities~~$250,980 ~~including~~as ~~the removal~~ of ~~Topic~~December ~~915~~31, ~~from~~2015 ~~the~~and ~~FASB~~2014, ~~Accounting Standards Codification~~respectively. ~~The~~During ~~presentation and disclosure requirements in Topic 915 will no longer be required for~~ the ~~first~~years ~~annual~~ended ~~period beginning after~~ December 1531, ~~2014.~~2015 ~~The~~and ~~revised consolidation standards are effective one year later~~2014, inwe ~~annual~~recognized ~~periods~~interest ~~beginning~~expense ~~after~~related ~~December~~to ~~15,~~the ~~2015.~~amortization ~~Early~~of ~~adoption~~the isbeneficial ~~permitted.~~conversion ~~The~~discount ~~Company~~of ~~adopted~~$250,980 ~~ASU~~and ~~2014-10 during the year ended December 31~~$95, ~~2014~~141, ~~thereby no longer presenting or disclosing any information required by Topic 915~~respectively.

InThe convertible note payable dated June 30, 2014 had an original beneficial conversion discount of $162,946 ~~the~~and ~~FASB~~a ~~issued~~remaining ~~the~~beneficial ~~FASB~~conversion ~~Accounting~~discount ~~Standards~~of ~~Update~~$108,369 ~~No.~~and ~~2014-12~~$153,601 ~~“Compensation—Stock~~as ~~Compensation~~of ~~(Topic~~December ~~718):~~31, ~~Accounting~~2015 ~~for~~and ~~Share-Based~~2014, ~~Payments~~respectively. ~~When~~During the ~~Terms~~years ofended anDecember ~~Award~~31, ~~Provide~~2015 ~~That~~and a2014, ~~Performance~~we ~~Target~~recognized ~~Could~~interest Beexpense ~~Achieved~~related ~~after~~to the ~~Requisite~~amortization ~~Service~~of ~~Period”~~the ~~(“ASU~~beneficial ~~2014-12”)~~conversion discount of $45,232 and $9,345, respectively.

The ~~amendments~~convertible ~~clarify~~note ~~the~~payable ~~proper~~dated ~~method~~December of31, ~~accounting~~2014 ~~for~~had ~~share-based~~an ~~payments~~original ~~when~~beneficial ~~the~~conversion ~~terms~~discount of an$202,160 ~~award~~and ~~provide that~~ a ~~performance~~remaining ~~target~~beneficial ~~could~~conversion bediscount ~~achieved~~of ~~after~~$202,160 ~~the requisite service period. The Update requires that a performance target that affects vesting~~ and ~~that~~$177,898 ~~could be achieved after the requisite service period be treated~~ as aof ~~performance~~December ~~condition.~~31, ~~The~~2015 ~~performance~~and ~~target~~2014, ~~should not be reflected in estimating the grant-date fair value of the award~~respectively. ~~Compensation~~During ~~cost should be recognized in~~ the ~~period~~years inended ~~which~~December it31, ~~becomes~~2015 ~~probable that the performance target will be achieved~~ and ~~should~~2014, ~~represent~~we ~~the~~recognized ~~compensation~~interest ~~cost~~expense ~~attributable~~related to the ~~period(s)~~amortization ~~for~~of ~~which~~ the ~~requisite~~beneficial ~~service~~conversion ~~has~~discount ~~already~~of ~~been~~$24,262 ~~rendered~~and $0, respectively.

The ~~amendments~~convertible innote ~~this~~payable ~~Update~~dated ~~are~~March ~~effective~~31, ~~for~~2015 ~~annual~~had ~~periods~~an original beneficial conversion discount of $87,970 and ~~interim~~a ~~periods~~remaining ~~within~~beneficial ~~those~~conversion ~~annual~~discount ~~periods~~of ~~beginning~~$81,085 ~~after~~as of December 1531, 2015. ~~Earlier~~During ~~adoption~~the isyear ~~permitted~~ended December 31, 2015, we recognized interest expense related to the amortization of the beneficial conversion discount of $6,885.

InThe ~~August~~convertible ~~2014,~~note ~~the~~payable ~~FASB~~dated ~~issued~~June ~~the~~30, ~~FASB~~2015 ~~Accounting~~had ~~Standards~~an ~~Update~~original ~~No.~~beneficial ~~2014-15~~conversion ~~“Presentation~~discount of ~~Financial~~$81,813 ~~Statements—Going~~and ~~Concern~~a ~~(Subtopic~~remaining ~~205-40):~~beneficial ~~Disclosure~~conversion discount of ~~Uncertainties~~$76,980 ~~about~~as anof ~~Entity’s~~December ~~Ability~~31, 2015. During the year ended December 31, 2015, we recognized interest expense related to ~~Continue~~the asamortization aof ~~Going~~the ~~Concern~~beneficial ~~(“ASU~~conversion ~~2014-15”)~~discount of $4,833.

InThe ~~connection~~convertible ~~with~~note ~~preparing~~payable ~~financial~~dated ~~statements~~September ~~for~~30, ~~each~~2015 ~~annual~~had ~~and interim reporting period,~~ an ~~entity’s~~original ~~management~~beneficial ~~should~~conversion ~~evaluate~~discount ~~whether~~of ~~there~~$326,402 ~~are~~and ~~conditions~~a orremaining ~~events,~~beneficial ~~considered~~conversion indiscount ~~the~~of ~~aggregate~~$316,533 ~~that raise substantial doubt about the entity’s ability to continue~~ as aof ~~going~~December ~~concern~~31, ~~within~~2015. ~~one~~During ~~year after~~ the ~~date that the financial statements are issued (or within one~~ year ~~after~~ended ~~the~~December date that the financial statements are available to be issued when applicable). Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events31, ~~considered in the aggregate~~2015, ~~indicate~~we ~~that~~recognized itinterest isexpense ~~probable~~related ~~that the entity will be unable~~ to ~~meet its obligations as they become due within one year after~~ the ~~date~~amortization ~~that~~of the ~~financial~~beneficial ~~statements~~conversion ~~are~~discount ~~issued~~of ~~(or available to be issued). The term probable is used consistently with its use in Topic 450~~$9, ~~Contingencies~~869.

~~When~~The ~~management~~convertible ~~identifies~~note ~~conditions~~payable ordated ~~events~~December ~~that~~31, ~~raise~~2015 ~~substantial~~had ~~doubt about~~ an ~~entity’s~~original ~~ability~~beneficial toconversion ~~continue~~discount asof ~~a going concern~~$103,595 ~~management~~and ~~should~~a ~~consider~~remaining ~~whether~~beneficial ~~its~~conversion ~~plans~~discount ~~that~~of ~~are~~$103,595 ~~intended~~as toof ~~mitigate~~December ~~those~~31, ~~relevant conditions or events will alleviate the substantial doubt~~2015. ~~The~~During ~~mitigating effect of management’s plans should be considered only to~~ the ~~extent~~year ~~that~~ended ~~(1)~~December ~~it is probable that the plans will be effectively implemented and~~31, ~~if so~~2015, ~~(2)~~we itrecognized isinterest ~~probable~~expense ~~that~~related ~~the~~to ~~plans will mitigate~~ the ~~conditions~~amortization orof ~~events that raise substantial doubt about~~ the ~~entity’s~~beneficial ~~ability~~conversion todiscount ~~continue~~of ~~as a going concern~~$0.

All principal along with accrued interest is payable on the maturity date. The notes are convertible into common stock at the option of the holder. The holder of the notes cannot convert the notes into shares of common stock if that conversion would result in the holder owning more than 4.9% of the outstanding stock of the Company.

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IfAdvances ~~conditions~~Refinanced orinto ~~events~~Convertible ~~raise~~Promissory substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the footnotes):Notes

a.During ~~Principal~~the ~~conditions~~year orended ~~events~~December ~~that~~31, ~~raised~~2015, ~~substantial doubt about~~ the ~~entity’s~~Company ~~ability~~has tosigned ~~continue~~Convertible asPromissory aNotes ~~going~~that ~~concern~~refinance ~~(before~~non-interest ~~consideration~~bearing ofadvances ~~management’s~~into ~~plans)~~convertible bnotes payable. ~~Management’s~~The ~~evaluation~~Convertible ofPromissory ~~the~~Notes ~~significance~~bear ofinterest ~~those~~at ~~conditions~~10% orper ~~events~~annum inand ~~relation~~are topayable ~~the~~along ~~entity’s~~with ~~ability~~accrued tointerest. ~~meet~~The ~~its~~Convertible ~~obligations~~Promissory c.Note ~~Management’s~~and ~~plans~~unpaid ~~that~~accrued ~~alleviated~~interest ~~substantial~~are ~~doubt~~convertible ~~about~~into ~~the~~common ~~entity’s~~stock ~~ability~~at tothe ~~continue~~option asof athe ~~going concern~~holder.

If conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information that enables users of the financial statements to understand all of the following:

Date Issued	Maturity Date	Interest Rate			Conversion Rate		Amount of Note		Beneficial Conversion Feature
March 31, 2015	March 31, 2017		10	%	$	1.10	$	87,970	$	87,970
June 30, 2015	June 30, 2017		10	%		0.15		81,813		81,813
September 30, 2015	September 30, 2018		10	%		0.06		326,402		326,402
December 31, 2015	December 31, 2018		10	%		0.01		103,595		103,595
							$	599,780	$	599,780

a.During ~~Principal~~the ~~conditions~~year orended ~~events~~December ~~that~~31, ~~raise~~2014, ~~substantial~~the ~~doubt~~Company ~~about~~signed convertible promissory notes, which refinanced non-interest bearing advances in the ~~entity’s~~amount ~~ability~~of to$365,107 ~~continue~~into asconvertible anotes ~~going~~payable. ~~concern~~These bnotes are payable along with interest at maturity and bear interest at 10% per annum. ~~Management’s~~The ~~evaluation~~holder of the ~~significance~~notes ofmay ~~those~~not ~~conditions~~convert orthe ~~events~~convertible inpromissory ~~relation~~note tointo ~~the~~common ~~entity’s~~stock ~~ability~~if tothat ~~meet~~conversion ~~its~~would ~~obligations~~result c.in ~~Management’s~~the ~~plans~~holder ~~that~~owing ~~are~~more ~~intended~~than to4.99% ~~mitigate~~of the ~~conditions~~number orof ~~events~~shares ~~that~~of ~~raise~~common ~~substantial~~stock ~~doubt~~outstanding ~~about~~on the ~~entity’s~~conversion ~~ability~~date. toThe ~~continue~~convertible aspromissory anotes ~~going~~are ~~concern~~convertible into common stock at the option of the holder.

The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.

Date Issued	Maturity Date	Interest Rate			Conversion Rate Per Share		Amount of Note
June 30, 2014	June 30, 2016		10	%	$	0.005	$	162,947
December 31, 2014	December 31, 2016		10	%		2.00		202,160
							$	365,107

~~Management~~Conversions ~~does~~to ~~not~~Common ~~believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements.~~Stock

~~Note~~Year 4.Ended ~~Chilerecicla~~December ~~Joint~~31, ~~Venture~~2015

OnDuring ~~March~~year 4ended December 31, ~~2013~~2015, wethe ~~entered~~holders ~~into~~of athe ~~letter~~Convertible ofNote ~~intent~~Payable ~~with~~dated ~~Sociedad~~April de1, ~~Reciclaje~~2013 deelected ~~Materiales~~to ~~Metalicos,~~convert ~~Electrico,~~principal ~~Electronicos~~and yaccrued ~~Plasticas~~interest ~~Limitada~~in ~~(“Chilerecicla”)~~the toamounts ~~explore~~show ~~opportunities~~below ~~with~~into ~~Latin~~share ~~America~~of ~~electronic~~common ~~waste~~stock ~~recyclers~~at ~~for~~a ~~the~~rate ~~purpose~~ of ~~recovering~~$0.01 ~~precious~~per ~~metals~~share. On the conversion date, ~~minerals~~the ~~and~~unamortized ~~waste~~discount related to ~~energy~~the ~~possibilities~~principal amount converted was immediately amortized to interest expense. ~~Chilerecicla~~ isNo ~~based~~gain ~~near~~or ~~Santiago~~loss ~~Chile~~was ~~with~~recognized ~~operations~~on ~~across~~the conversions as they occurred within the ~~country~~terms ~~and~~of ~~surrounding~~the ~~regions~~agreement that provided for conversion.

On June 6, 2013, GTSO and Chilerecicla signed a joint venture agreement to evaluate, explore and determine the feasibility of a waste management collection, processing and sales operation wherein GTSO will contribute funding and the initial development of a project to acquire electronics and plastic waste for the purpose of selling metals and plastics reuse while Chilerecicla manages the Latin America operations. Under the terms of the agreement, GTSO commits to fund a minimum of $2,500 of the cash flow requirements of the start-up phase of the operations. Chilerecicla agrees to reserve 30% of the gross proceeds of the business for repayment of the initial contribution. At the end of the start-up phase, Chilerecicla will provide GTSO with a detailed timeline, budget and operational plan for further development. Both parties will have 60 days to agree on an appropriate funding strategy for the next phase. GTSO will have no obligation to continue funding the business.

Date	Amount Converted		Number of Shares Issued		Discount Amortized
January 12, 2015	$	300		30,000	$	—
January 14, 2015		300		30,000		—
January 27, 2015		320		32,000		—
February 6, 2015		350		35,000		—
February 16, 2015		350		35,000		—
February 16, 2015		350		35,000		—
February 16, 2015		350		35,000		—
February 26, 2015		400		40,000		—
February 26, 2015		400		40,000		—
March 11, 2015		1,900		190,000		—
Total	$	5,020		502,000	$	—

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OnDuring ~~September~~year 1ended December 31, ~~2013~~2015, ~~GTSO~~the ~~and~~holders ~~Chilerecicla~~of ~~signed~~the aConvertible ~~second~~Note ~~joint~~Payable ~~venture~~dated ~~agreement~~June ~~(the~~30, ~~“Chilerecicla~~2013 ~~JV”)~~elected to ~~execute~~convert anprincipal ~~initial spot~~ and ~~single~~accrued ~~operation~~interest ~~as a way to test~~ in ~~practice~~ the ~~planning~~amounts ~~they~~show ~~have~~below ~~designed~~into soshare ~~far. Under the terms~~ of ~~this~~common ~~second~~stock ~~agreement,~~at ~~GTSO~~a ~~will~~rate ~~contribute~~of $~~50,000~~0.01 ~~was~~per ~~paid~~share. inOn ~~two installments within~~ the 30conversion ~~days~~date, ~~after~~ the ~~agreement~~unamortized ~~was~~discount ~~signed.~~related ~~These funds will be used~~ to ~~purchase~~the ~~electronic~~principal ~~and~~amount ~~plastic~~converted ~~waste~~was inimmediately ~~Chile~~amortized ~~and~~ to ~~export~~interest ~~and sell minerals, metals and plastics for reuse~~expense. ~~Chilerecicla~~No ~~will~~gain ~~manage~~or ~~the~~loss ~~process~~was ofrecognized ~~purchasing~~on ~~and selling~~ the ~~e-waste~~conversions ~~materials.~~as ~~During~~they ~~the~~occurred ~~year~~within ~~ended December 31, 2013, GTSO paid 100% of~~ the ~~expenses of the Chilerecicla JV in the amount of $50,000. Under the~~ terms of the agreement, ~~GTSO~~that ~~will~~provided ~~receive~~for ~~a minimum of 50% of the net profits of the Chilerecicla JV~~conversion. ~~No net profits were earned during the year ended December 31, 2013. The Chilerecicla JV operates under the name Chilerecicla E-Waste Limitada.~~

The Chilerecicla JV represents an investment in an unproven start-up operation and an emerging market. Therefore, the likelihood of the Chilerecicla JV to be able to realize profitable operations and positive cash flow is unknown at this time. As a result, GTSO has expensed all investments in this joint venture, although the Company still believes that it represents a positive business opportunity.

Date	Amount Converted		Number of Shares Issued		Discount Amortized
March 12, 2015	$	1,900		190,000	$	—
April 1, 2015		2,000		200,000		—
April 13, 2015		2,000		200,000		—
April 28, 2015		2,300		230,000		—
May 5, 2015		2,300		230,000		—
May 22, 2015		2,500		250,000		—
June 2, 2015		2,500		250,000		—
June 16, 2015		2,800		280,000		—
June 23, 2015		2,900		290,000		—
June 25, 2015		1,800		180,000		—
June 26, 2015		1,400		140,000		—
June 29, 2015		1,000		100,000		—
June 30, 2015		2,800		280,000		—
July 8, 2015		2,270		227,000		—
July 15, 2015		2,250		225,000		—
July 16, 2015		1,750		175,000		—
July 17, 2015		3,750		375,000		—
July 17, 2015		3,750		375,000		—
July 21, 2015		2,350		235,000		—
July 21, 2015		1,000		100,000		—
July 31, 2015		3,100		310,000		—
August 5, 2015		1,370		137,000		—
August 13, 2015		3,280		328,000		—
August 27, 2015		3,330		333,000		—
September 11, 2015		4,850		485,000		—
September 11, 2015		3,300		330,000		—
September 11, 2015		1,500		150,000		—
September 11, 2015		1,500		150,000		—
September 24, 2015		2,650		265,000		—
September 29, 2015		1,400		140,000		—
October 2, 2015		3,150		315,000		—
October 8, 2015		4,100		410,000		—
November 17, 2015		7,410		741,000		—
Total	$	86,260		8,626,000	$	—

On December 22, 2015, the holder of the Convertible Note 5Payable dated June 30, 2013 elected to convert principal and accrued interest of $4,100 into 410,000 shares of common stock at a rate of $0.01 ~~Acquisition~~per share. No gain or loss was recognized on the conversions as they occurred within the terms of ~~Mother~~the ~~Parker~~agreement that provided for conversion. The shares were issued on January 7, 2016. As a result, the amount of $4,100 is included in common stock payable on the balance sheet as of December 31, 2015.

On November 3, 2014, we closed the acquisition of Mother Parker’s Soil, LLC, a California limited liability company (“Mother Parker”) for $125,000. The purchase price was to be paid $25,000 upon signing the purchase agreement on September 5, 2014, $25,000 ten days after signing the agreement, $25,000 30 days after the second payment, and five monthly payments of $10,000. Mother Parker is a cultivator of organic soils. As of December 31, 2014, we have paid $60,000 toward this acquisition. The seller of Mother Parker has verbally agreed to accept the remaining payment as funds become available to the Company.

Mother Parker did not have any tangible assets or liabilities on the date of acquisition. The intangible asset that it has is a soil recipe to be used for the cultivation of medical cannabis. The Company has valued the intangible asset at $0 for accounting purposes. In order to realize value from the soil recipe, the Company would have to have access to the capital needed to manufacture, market and distribute the soil. As a result, we have recorded a loss on acquisition of Mother Parker in the amount of $125,000 for the year ended December 31, 2014.

Note 6. Investment in Elevated Industries

On December 15, 2014, we signed in a profit participation agreement with Elevated Industries Inc. (“Elevated”), a Canadian corporation. The agreement calls for the Company to contribute up to US$75,000, at its sole discretion. During the year ended December 31, 2014, we have contributed $25,000 toward this joint venture. These contributions are recorded in impairment expense.

Note 7. Advances from Third Parties

The Company received working capital advances totaling $333,857 and $343,560 during the years ended December 31, 2014 and 2013, respectively. The total advances outstanding as of December 31, 2014 and 2013 were $0 and $31,250, respectively. These advances are non-interest bearing and payable upon demand. The Company recognized imputed interest of $7,384 and $24,047 during the years ended December 31, 2014 and 2013, respectively. The imputed interest was recorded as an increase in additional paid in capital.

Note 8. Income Taxes

There is no current or deferred income tax expense or benefit for the years ended December 31, 2014 and 2013.

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~~The~~Year ~~provision~~Ended ~~for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The items causing this difference for the periods ended~~ December 31, 2014 ~~and 2013 are as follows.~~

	2014			2013
Tax benefit at U.S. statutory rate	$	1,395,069		$	3,378,227
Valuation allowance		(1,395,069	)		(3,378,227	)
	$	—		$	—

Note 9. Convertible Notes Payable

Convertible notes payable consisted of the following at December 31, 2014 and 2013:

	December 31, 2014			December 31, 2013
Convertible note payable, dated April 1, 2010, bearing interest at 10% per annum, matured on March 31, 2013 and convertible into shares of common stock at $0.01 per share. This note is in default.	$	12,808		$	11,598
Convertible note payable, dated May 15, 2010, bearing interest at 10% per annum, matured on March 31, 2013 and convertible into shares of common stock at $0.01 per share. This note is in default.		6,567			5,947
Convertible note payable, dated October 31, 2012, bearing interest at 10% per annum, matures on April 30, 2014 and convertible into shares of common stock at $0.02 per share. This note is in default.		62			1,423
Convertible note payable, dated April 1, 2013, bearing interest at 10% per annum, matures on March 31, 2015 and convertible into shares of common stock at $0.01 per share.		5,999			25,613
Convertible note payable, dated June 30, 2013, bearing interest at 10% per annum, matures on June 30, 2015 and convertible into shares of common stock at $0.01 per share.		136,969			167,185
Convertible note payable, dated September 30, 2013, bearing interest at 10% per annum, matures on September 30, 2015 and convertible into shares of common stock at $0.01 per share.		312,310			312,310
Convertible note payable, dated June 30, 2014, bearing interest at 10% per annum, matures on June 30, 2016 and convertible into shares of common stock at $0.01 per share.		162,947			—
Convertible note payable, dated December 31, 2014, bearing interest at 10% per annum, matures on December 31, 2016 and convertible into shares of common stock at $2.00 per share.		202,160			—
Total convertible notes payable	$	839,822		$	524,076
Less: current portion of convertible notes payable		(474,716	)		—
Less: discount on noncurrent convertible notes payable		(355,753	)		(442,118	)
Convertible notes payable, net of discount	$	9,353		$	81,958

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Conversions of Convertible Debt into Equity

The holders of the $251,468 convertible note payable signed on October 31, 2012 elected to convert principal and interest at a rate of $0.02 per share as follows:

Date	Principal & Interest Converted		Common Stock Issued upon Conversion
October 10, 2014	$	340		17,000
October 21, 2014		340		17,000
November 4, 2014		420		21,000
November 6, 2014		440		22,000
Total	$	1,540		77,000

There was no discount balance on this note on the dates of the conversions. There was no gain or loss on the conversion, as it was effected in accordance with the terms of the convertible note payable.

The holders of the $96,463 convertible note payable signed on April 1, 2013 elected to convert principal and interest at a rate of $0.01 per share as follows:

Date	Principal & Interest Converted		Common Stock Issued upon Conversion
January 14, 2014		20,000		6,667
December 9, 2014		250		25,000
December 18, 2014		250		25,000
Total	$	20,500		56,667

The unamortized discount related to this principal was $10,450. We amortized this amount to interest expense. We recognized the $20,500 of converted principal and interest as in increase in stockholders’ equity. There was no gain or loss on the conversion, as it was effected in accordance with the terms of the convertible note payable.

The holders of the $167,185 convertible note payable signed on June 30, 2013 elected to convert principal and interest at a rate of $0.01 per share as follows:

Date	Principal & Interest Converted		Common Stock Issued upon Conversion
January 27, 2014	$	20,000		6,667
January 30, 2014		20,000		6,667
September 26, 2014		170		17,000
September 26, 2014		170		17,000
November 26, 2014		460		46,000
December 11, 2014		260		26,000
December 12, 2014		250		25,000
Total	$	41,310		144,334

The unamortized discount related to this principal was $21,399. We amortized this amount to interest expense. We recognized the $41,310 of converted principal and interest as in increase in stockholders’ equity. There was no gain or loss on the conversion, as it was effected in accordance with the terms of the convertible note payable.

Note 9. Debt Repayment Commitments

The following debt repayments are due within the next five years:

	Year ended December 31,
	2016		2017		2018		2019		2020		Total
Convertible notes payable	$	769,081	$	169,783	$	429,997		—		—	$	1,368,861
Other debt		—		—		—		—		—		—
Total	$	769,081	$	169,783	$	429,997		—		—	$	1,368,861

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Note 10. Stockholders’ Equity

Conversion of shares

During year ended December 31, 2015, the holders of our convertible notes elected to convert principal and interest into shares of common stock as detailed below:

Date	Amount Converted		Number of Shares Issued
January 12, 2015	$	300	$	30,000
January 14, 2015		300		30,000
January 27, 2015		320		32,000
February 6, 2015		350		35,000
February 16, 2015		350		35,000
February 16, 2015		350		35,000
February 16, 2015		350		35,000
February 26, 2015		400		40,000
February 26, 2015		400		40,000
March 11, 2015		1,900		190,000
March 12, 2015		1,900		190,000
April 1, 2015		2,000		200,000
April 13, 2015		2,000		200,000
April 28, 2015		2,300		230,000
May 5, 2015		2,300		230,000
May 22, 2015		2,500		250,000
June 2, 2015		2,500		250,000
June 16, 2015		2,800		280,000
June 23, 2015		2,900		290,000
June 25, 2015		1,800		180,000
June 26, 2015		1,400		140,000
June 29, 2015		1,000		100,000
June 30, 2015		2,800		280,000
July 8, 2015		2,270		227,000
July 15, 2015		2,250		225,000
July 16, 2015		1,750		175,000
July 17, 2015		3,750		375,000
July 17, 2015		3,750		375,000
July 21, 2015		2,350		235,000
July 21, 2015		1,000		100,000
July 31, 2015		3,100		310,000
August 5, 2015		1,370		137,000
August 13, 2015		3,280		328,000
August 27, 2015		3,330		333,000
September 11, 2015		4,850		485,000
September 11, 2015		3,300		330,000
September 11, 2015		1,500		150,000
September 11, 2015		1,500		150,000
September 24, 2015		2,650		265,000
September 29, 2015		1,400		140,000
October 2, 2015		3,150		315,000
October 8, 2015		4,100		410,000
November 17, 2015		7,410		741,000
December 22, 2015 *		4,100		410,000
Total	$	95,380	$	9,538,000

The shares issuable for the conversion on December 22, 2015 were issued on January 7, 2016. They are included in common stock payable on the balance sheet as of December 31, 2015.

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~~Convertible~~During year ended December 31, 2014, the holders of our convertible notes ~~issued~~elected to convert principal and interest into shares of common stock as detailed below:

Date	Principal & Interest Converted		Common Stock Issued upon Conversion
January 14, 2014	$	20,000		6,666
January 27, 2014		20,000		6,667
January 30, 2014		20,000		6,667
September 26, 2014		170		17,000
September 26, 2014		170		17,000
October 10, 2014		340		17,000
October 21, 2014		340		17,000
November 4, 2014		420		21,000
November 6, 2014		440		22,000
November 26, 2014		460		46,000
December 9, 2014		250		25,000
December 11, 2014		260		26,000
December 12, 2014		250		25,000
December 18, 2014		250		25,000
Total	$	63,350		278,000

Discount on Beneficial Conversion Feature of Convertible Notes Payable

During the year ended December 31, 2015 the Company issued convertible notes payable. At the time of the conversion, we recorded a discount to convertible notes payable to reflect the beneficial conversion feature of the note.

Date Issued	Maturity Date	Interest Rate			Conversion Rate		Amount of Note		Beneficial Conversion Feature
March 31, 2015	March 31, 2017		10	%	$	1.10	$	87,970	$	87,970
June 30, 2015	June 30, 2017		10	%		0.15		81,813		81,813
September 30, 2015	September 30, 2018		10	%		0.06		326,402		326,402
December 31, 2015	December 31, 2018		10	%		0.01		103,595		103,595
							$	599,780	$	599,780

During the year ended December 31, 2014, the Company signed convertible promissory notes, which refinanced non-interest bearing advances in the amount of $365,107 into convertible notes payable. These notes are payable along with interest at maturity and bear interest at 10% per annum. The holder of the notes may not convert the convertible promissory note into common stock if that conversion would result in the holder owing more than 4.99% of the number of shares of common stock outstanding on the conversion date. The convertible promissory notes are convertible into common stock at the option of the holder.

Date Issued	Maturity Date	Interest Rate			Conversion Rate Per Share		Amount of Note
June 30, 2014	June 30, 2016		10	%	$	0.005	$	162,947
December 31, 2014	December 31, 2016		10	%		2.00		202,160
							$	365,107

The Company evaluated the application of ASC 470-50-40/55, Debtor’s Accounting for a Modification or Exchange of Debt Instrument as it applies to the note listed above and concluded that the revised terms constituted a debt modification rather than a debt extinguishment because the present value of the cash flow under the terms of the new instrument was less than 10% from the present value of the remaining cash flows under the terms of the original note. No gain or loss on the modifications was required to be recognized.

The Company evaluated the terms of the new note in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity’s Own Stock and determined that the underlying common stock is indexed to the Company’s common stock. The Company determined that the conversion features did not meet the definition of a liability and therefore did not bifurcate the conversion feature and account for it as a separate derivative liability. The Company evaluated the conversion feature for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the note and was deemed to be less than the market value of underlying common stock at the inception of the note. Therefore, the Company recognized beneficial conversion features in the amounts of $162,947 and $202,160 on June 30, 2014 and December 31, 2014, respectively. The beneficial conversion features were recorded as an increase in additional paid-in capital and a beneficial conversion discount. The beneficial conversion discount is being amortized to interest expense over the lives of the notes.

Note 10. Related Party Transactions

Issuance of Preferred Stock for Services

On September 16, 2014, the board of directors designated 1,000,000 shares of Series E preferred stock. The Series E preferred stock has a par value of $0.001 and ranks subordinate to the Company’s common stock as to distributions of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary. The outstanding shares of Series E preferred stock have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of common stock.

On the same date, the Company issued 1,000,000 shares of Series E preferred stock to Eastern Rim Funds, a Panama corporation, (“Eastern Rim”) for services valued at $20,000. For accounting purposes, the Series E preferred stock was valued at $3,010,644, which was the estimated market value of the shares. The estimated market value was calculated to be twice the market value of the outstanding common stock on the date of issuance since the Series E preferred stockholders have the right to vote based on twice the number of all outstanding shares of common stock. Eastern Rim owned 173,521 shares of common stock, or approximately 53% of the outstanding stock, of the Company prior to this transaction. This transaction did not result in a change in control of the Company.

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~~Note~~The 11Company evaluated the terms of the new note in accordance with ASC Topic No. ~~Stockholders~~815 - 40, Derivatives and Hedging - Contracts in Entity’s ~~Equity~~Own Stock and determined that the underlying common stock is indexed to the Company’s common stock. The Company determined that the conversion features did not meet the definition of a liability and therefore did not bifurcate the conversion feature and account for it as a separate derivative liability. The Company evaluated the conversion feature for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the note and was deemed to be less than the market value of underlying common stock at the inception of the note. Therefore, the Company recognized beneficial conversion features as show in the table above. The beneficial conversion features were recorded as an increase in additional paid-in capital and a discount to the Convertible Notes Payable. Discounts to the Convertible Notes Payable are amortized to interest expense over the life of the note.

Imputed Interest

During years ended December 31, 2015 and 2014, we recognized imputed interest of $6,581 and $7,384, respectively, as an increase to shareholders’ equity.

Shares Issued to Purchase Fixed Assets

On March 13, 2015, we issued 3,000,000 shares of common stock, pursuant to the terms to acquire a class 5 clean room (See footnote 6). These shares are valued at $5,400,000. We are required to prepare and file a registration statement with the Securities and Exchange Commission to register the shares underlying this agreement within 30 days after the Closing Date and to use its best efforts to cause that registration statement to be declared effective within 270 days. The underlying asset was determined to be impaired as of December 31, 2015. See Note 7.

Reincorporation and reverse split

On July 28, 2014, the Company reincorporated from Delaware to Nevada. The reincorporation was approved by our board of directors and by the owners of a majority of our outstanding voting stock. Each of our shareholders as of the record date received one share of the Nevada company’s common stock for each 300 shares of our common stock they owned in the Delaware company, with fractional shares be rounded up to the next whole share, and number of additional whole shares such that each shareholder will own at least five shares. This effectively resulted in a one-for-300 reverse split. All share and per share amounts have been restated to reflect the reverse split.

Issuance of Common Stock for Cash

On February 6, 2014, the Company received a stock purchase agreement from Eastern Rim Funds Inc., a significant shareholder of the Company, to purchase 100,000 shares of common stock of the Company for $30,000 in cash. The Company also received a cash payment of $30,000. The par value of the common stock was included in stock payable on the balance sheet as of March 31, 2014.

The Company recorded stock compensation expense in the amount of $300,000, which represented the difference in the fair market value of the common stock as of February 6, 2014 and the price paid by Eastern Rim Funds Inc.

On May 27, 2014, our board of directors approved the issuance of these shares. Accordingly, the par value of the common stock was removed from common stock payable on our balance sheet and added to our common stock.

The issuance of these shares resulted in Eastern Rim Funds Inc. holding a total of 173,521 shares of the Company’s common stock. Eastern Rim Funds Inc. held approximately 53% of the outstanding stock of the Company after the issuance.

Imputed Interest

The Company recognized imputed interest of $7,384 and $24,047 during the years ended December 31, 2014 and 2013, respectively. We recorded the imputed interest as an increase in additional paid-in capital.

Treasury Shares

We paid $55 for 50 treasury shares on October 15, 2014. These shares were purchased from shareholders who dissented with our reincorporation into Nevada.

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~~Issuance~~Note of11. ~~Common~~Related ~~Stock~~Party ~~for Convertible Note Conversion~~Transactions

Date	Principal & Interest Converted		Common Stock Issued upon Conversion
January 14, 2014	$	20,000		6,666
January 27, 2014		20,000		6,667
January 30, 2014		20,000		6,667
September 26, 2014		170		17,000
September 26, 2014		170		17,000
October 10, 2014		340		17,000
October 21, 2014		340		17,000
November 4, 2014		420		21,000
November 6, 2014		440		22,000
November 26, 2014		460		46,000
December 9, 2014		250		25,000
December 11, 2014		260		26,000
December 12, 2014		250		25,000
December 18, 2014		250		25,000
Total	$	63,350		278,000

Issuance of Preferred Stock for Services

Note 12. Subsequent Events

OnThe ~~January~~Company ~~12,~~evaluated ~~2015,~~material ~~the~~events ~~holders~~occurring ofbetween the ~~note~~end ~~signed~~of onour ~~April~~fiscal 1year, ~~2013~~December ~~converted~~31, ~~$300~~2015, ~~of principal~~ and ~~accrued~~through ~~interest~~the ~~into~~date ~~30,000~~when ~~shares~~the ofconsolidated ~~common~~financial ~~stock~~statements atwere aavailable ~~rate~~to ofbe ~~$0.01~~issued ~~per~~for ~~share~~disclosure consideration.

On January 147, ~~2015~~2016, the ~~holders~~Company ofissued ~~the note signed on April 1~~410,000 ~~2013~~shares ~~converted $300~~ of ~~principal~~common ~~and~~stock ~~accrued~~which ~~interest~~were ~~into~~included ~~30,000~~in ~~shares of~~ common stock atpayable aas ~~rate~~ of ~~$0.01~~December ~~per~~31, ~~share~~2015.

On January 277, ~~2015~~2016, the ~~holders~~holder of ~~the~~our convertible note ~~signed~~dated onJune ~~April 1~~30, 2013 converted $~~320~~2,460 of principal and accrued interest into 32246,000 shares of common stock ~~at a rate of $0~~.~~01 per share.~~

On ~~February~~January 68, ~~2015~~2016, the ~~holders~~holder of ~~the~~our convertible note ~~signed~~dated onJune ~~April 1~~30, 2013 converted $~~350~~6,687 of principal and accrued interest into 35668,~~000~~700 shares of common stock ~~at a rate of $0~~.~~01 per share.~~

On February 16, 2015, the holders of the note signed on April 1, 2013 converted $1,050 of principal and accrued interest into 105,000 shares of common stock at a rate of $0.01 per share.

On February 26, 2015, the holders of the note signed on April 1, 2013 converted $800 of principal and accrued interest into 80,000 shares of common stock at a rate of $0.01 per share.

On March 12, 2015, the holders of the note signed on June 30, 2013 converted $1,900 of principal and accrued interest into 190,000 shares of common stock at a rate of $0.01 per share.

On April 1, 2015, the holders of the note signed on June 30, 2013 converted $2,000 of principal and accrued interest into 200,000 shares of common stock at a rate of $0.01 per share.

On March 5, 2015 (“Closing Date”), GTSO signed an asset purchase agreement (the “Agreement”) to acquire an approximately 1,300 square foot Class 5 clean room (the “Clean Room”). The Company expects to install the Clean Room in Colorado where it will serve as a center for hygienic testing and quality control services to cannabis growers and retailer. GTSO will pay a total of $2,500,000 for the Clean Room. $250,000 will be paid in cash installments of (i) $25,000 on the Closing Date; (ii) $25,000 payable 10 days after the Closing Date; and (iii) four monthly installments of $50,000 beginning 30 days after the second payment. The remaining $2,250,000 will be payable in common stock of the Company. The Company issued 3,000,000 shares of its common stock immediately in satisfaction of this requirement. These 3,000,000 shares will be registered for resale by the selling shareholder.

GTSO is required to prepare and file a registration statement with the Securities and Exchange Commission to register the shares underlying this agreement within 30 days after the Closing Date and to use its best efforts to cause that registration statement to be declared effective within 270 days.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Changes in ~~Accountants~~Accounts

None.

Disagreements with Accountants

There were no disagreements with accountants on accounting and financial disclosures for the years ended December 31, ~~2014~~2015 and ~~2013~~2014.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Limitations on Systems of Controls

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. To address the material weaknesses identified in our evaluation, we performed additional analysis and other post-closing procedures in an effort to ensure our consolidated financial statements included in this annual report have been prepared in accordance with generally accepted accounting principles. Accordingly, management believes that the financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

Management’s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

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Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

As of December 31, ~~2014~~2015, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: lack of a functioning audit committee; lack of a majority of independent members and a lack of a majority of outside directors on our board of directors; inadequate segregation of duties consistent with control objectives; and, management is dominated by a single individual.. The aforementioned material weaknesses were identified by our Chief Executive Officer in connection with the review of our financial statements as of December 31, ~~2014~~2015.

Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

ITEM 9B. OTHER INFORMATION

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Our sole officer and director will serve until a successor is elected and qualified. Our officers are elected by the board of directors to a term of one (1) year and serve until their successor is duly elected and qualified, or until they are removed from office. The board of directors has no nominating, auditing or compensation committees.

The name, address, age and position of our president, secretary/treasurer, and director and vice president is set forth below:

Name	Age	Position
Wallace Browne 2880 Zanker Road, Suite 203 San Jose, CA 95134	45	President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and Director
Wallace Browne 2880 Zanker Road, Suite 203 San Jose, California 95134	46	President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and Director

Mr. Browne was appointed as CEO and a member of the board of directors on May 13, 2014.

Biographies

Mr. Browne brings to GTSO extensive experience in multiple environmental disciplines, most recently for the last nine years as the owner/vice president of Gulf Environmental Services, Inc., which specializes in asbestos abatement services. Mr. Browne also boasts experience as an environmental compliance manager and as a wastewater operator at a petrochemicals company where he oversaw the commissioning, start-up and operation of a two billion pound per year Ethylene plant.

From 2005 through 2010, Mr. Browne was an owner and vice president of Gulf Environmental Services, Inc., a Louisiana asbestos abatement service, where he was responsible for employee safety training and health compliance. From 2010 to the present, Mr. Browne served as a quality control laboratory coordinator for Omega Protein, Inc., which develops, produces and delivers essential nutrients to leading supplement and food manufacturers. He is a graduate of McNeese State University with a bachelor of science degree in environment science and a minor in chemistry.

Family Relationships

There are no family relationships among our directors, executive officers or persons nominated to become executive officers or directors.

Involvement in Certain Legal Proceedings

During the past ten (10) years, none of our directors, persons nominated to become directors, executive officers, promoters or control persons was involved in any of the legal proceedings listen in Item 401 (f) of Regulation S-K.

Arrangements

There are no arrangements or understandings between an executive officer, director or nominee and any other person pursuant to which he was or is to be selected as an executive officer or director.

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Committees of the Board of Directors

Our sole director has not established any committees, including an Audit Committee, a Compensation Committee, or a Nominating Committee, any committee performing a similar function. The functions of those committees are being undertaken by our sole director. Because we do not have any independent directors, our sole director believes that the establishment of committees of the Board would not provide any benefits to our company and could be considered more form than substance.

~~4We~~We do not have a policy regarding the consideration of any director candidates that may be recommended by our stockholders, including the minimum qualifications for director candidates, nor has our sole director established a process for identifying and evaluating director nominees. We have not adopted a policy regarding the handling of any potential recommendation of director candidates by our stockholders, including the procedures to be followed. Our sole director has not considered or adopted any of these policies, as we have never received a recommendation from any stockholder for any candidate to serve on our Board of Directors. Given our relative size and lack of directors and officers insurance coverage, we do not anticipate that any of our stockholders will make such a recommendation in the near future.

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While there have been no nominations of additional directors proposed, in the event such a proposal is made, all current members of our Board will participate in the consideration of director nominees.

Our sole director is not an “audit committee financial expert” within the meaning of Item 401(e) of Regulation S-K. In general, an “audit committee financial expert” is an individual member of the audit committee or Board of Directors who:

understands generally accepted accounting principles and financial statements,

is able to assess the general application of such principles in connection with accounting for estimates, accruals and reserves,

has experience preparing, auditing, analyzing or evaluating financial statements comparable to the breadth and complexity to our financial statements,

understands internal controls over financial reporting, and

understands audit committee functions

Our Board of Directors is comprised of solely of Mr. Browne who is involved in our day-to-day operations. We would prefer to have an audit committee financial expert on our board of directors. As with most small, early stage companies until such time our company further develops its business, achieves a stronger revenue base and has sufficient working capital to purchase directors’ and officers’ insurance, the Company does not have any immediate prospects to attract independent directors. When the Company is able to expand our Board of Directors to include one or more independent directors, the Company intends to establish an Audit Committee of our Board of Directors. It is our intention that one or more of these independent directors will also qualify as an audit committee financial expert. Our securities are not quoted on an exchange that has requirements that a majority of our Board members be independent and the Company is not currently otherwise subject to any law, rule or regulation requiring that all or any portion of our Board of Directors include “independent” directors, nor are we required to establish or maintain an Audit Committee or other committee of our Board of Directors.

WE DO NOT HAVE ANY INDEPENDENT DIRECTORS AND THE COMPANY HAS NOT VOLUNTARILY IMPLEMENTED VARIOUS CORPORATE GOVERNANCE MEASURES, IN THE ABSENCE OF WHICH, STOCKHOLDERS MAY HAVE MORE LIMITED PROTECTIONS AGAINST INTERESTED DIRECTOR TRANSACTIONS, CONFLICTS OF INTEREST, AND SIMILAR MATTERS.

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Code of Business Conduct and Ethics

We have adopted a code of ethics meeting the requirements of Section 406 of the Sarbanes-Oxley Act of 2002. We believe our code of ethics is reasonably designed to deter wrongdoing and promote honest and ethical conduct; provide full, fair, accurate, timely, and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of violations; and provide accountability for adherence to the provisions of the code of ethic.

ITEM 11. EXECUTIVE COMPENSATION

Mr. ~~Wallace~~Browne is paid $60,000 per year for his services to the company. He does not have a written employment agreement with the company.

The table below summarizes all compensation awards to, earned by, or paid to our named executive officer for all service rendered in all capacities to us for the fiscal years ended December 31, ~~2014~~2015 and ~~2013~~2014.

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SUMMARY COMPENSATION TABLE

Name and Principal Position	Fiscal Year	Salary ($)		Bonus ($)		Stock Awards ($)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Nonqualified Deferred Compensation ($)		All Other Compensation ($)		Total ($)
Wallace Browne CEO	2014		36,000		—		—		—		—		—		—		36,000
Wallace Browne	2015		59,615		—		—		—		—		—		—		59,615
Paul Watson Former CEO	2014		22,500		—		—		—		—		—		—		22,500
CEO	2014		36,000		—		—		—		—		—		—		36,000
	2013		60,000		—		—		—		—		—		—		60,000
Paul Watson	2014		22,500		—		—		—		—		—		—		22,500
	2012		60,000		—		—		—		—		—		—		60,000
Former CEO	2013		60,000		—		—		—		—		—		—		60,000

OUTSTANDING EQUITY AWARDS AT DECEMBER, 31, ~~2014~~2015

Option Awards Stock Awards Name Number of Securities Underlying Unexercised Options (#) Exercisable Number of Securities Underlying Unexercised Options (#) Unexercisable Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) Option Exercise Price ($) Option Expiration Date Number of Shares of Stock That Have Not Vested (#) Market Value of Shares of Stock That Have Not Vested ($) Equity Incentive Plan Awards: Number of Unearned Shares or Other Rights That Have Not Vested (#) Equity Incentive Plan Awards: market or Payout Value of Unearned Shares or Other Rights That Have Not Vested ($) Wallace Browne — — — — — — — — — ~~Paul Watson — — — — — — — — —~~

Employment Agreements & Retirement Benefits

None of our executive officers is subject to employment agreements, but we may enter into such agreements with them in the future. We have no plans providing for the payment of any retirement benefits.

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Director Compensation

Directors receive no compensation for serving on the Board. We ~~do not~~ have ~~any~~no non-employee directors.

Our Board of Directors is comprised of Wallace Browne. Mr. Browne also serves as the CEO of the Company. None of our directors has or had a compensation arrangement with the Company for director services, nor have any of them been compensated for director services since the Company’s inception.

We reimburse our directors for all reasonable ordinary and necessary business related expenses, but we did not pay director's fees or other cash compensation for services rendered as a director in the year ended December 31, ~~2014~~2015 to any of the individuals serving on our Board during that period. We have no standard arrangement pursuant to which our directors are compensated for their services in their capacity as directors. We may pay fees for services rendered as a director when and if additional directors are appointed to the Board of Directors.

Director Independence

We do not currently have any independent directors and we do not anticipate appointing additional directors in the foreseeable future. If we engage further directors and officers, however, we plan to develop a definition of independence.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

We do not currently have a stock option plan in favor of any director, officer, consultant, or employee of our company. No individual grants of stock options, whether or not in tandem with stock appreciation rights known as SARs or freestanding SARs have been made to our sole director and officer since our inception; accordingly, no stock options have been granted or exercised by our sole director and officer since we were founded.

The following table sets forth certain information as of April 7, 2015, with respect to the beneficial ownership of our common stock by each beneficial owner of more than 5% of the outstanding shares of common stock of the Company, each director, each executive officer named in the “Summary Compensation Table” and all executive officers and directors of the Company as a group, and sets forth the number of shares of common stock owned by each such person and group. Unless otherwise indicated, the owners have sole voting and investment power with respect to their respective shares.35

Name of Beneficial Owner	Number of Shares Beneficially Owned		Percentage of Outstanding Common Stock Owned
SRN Properties Corporation 14100 Southwest Freeway, Suite 360 Sugarland, TX 77478 (1)		3,000,000		69.5	%
Eastern Rim Funds Inc. San Francisco 65 E St House No 35 Panama City Panama (2)		104,113		2.4	%
Wallace Browne		—		0.0	%
All directors and executive officers as a group (1 person).		—		0.0	%

(1) John Nguyen, President of SRN Properties Corporation may be deemed to have voting and dispositive control over the shares of our common stock held by SRN Properties Corporation.

(2) Aleksandra Zapatrina of Eastern Rim Funds Inc. may be deemed to have voting and dispositive control over the shares of our common stock held by Eastern Rim Funds Inc. In addition to the common shares owned, Eastern Rim Funds owns 1,000,000 shares of our Series E preferred stock which represents 100% of the outstanding Series E preferred stock. The outstanding shares of Series E preferred stock have the right to take action by written consent or vote based on the number of votes equal to twice the number of votes of all outstanding shares of capital stock.

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The following table sets forth certain information as of April 11, 2016, with respect to the beneficial ownership of our common stock by each beneficial owner of more than 5% of the outstanding shares of common stock of the Company, each director, each executive officer named in the “Summary Compensation Table” and all executive officers and directors of the Company as a group, and sets forth the number of shares of common stock owned by each such person and group. Unless otherwise indicated, the owners have sole voting and investment power with respect to their respective shares.

Name of Beneficial Owner	Number of Shares Beneficially Owned		Percentage of Outstanding Common Stock Owned
SRN Properties Corporation		3,000,000		22.81	%
14100 Southwest Freeway, Suite 360
Sugarland, Texas 77478

Wallace Browne		—		0.00	%

All directors and executive officers as a group (1) person.		—		0.00	%

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

None.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table summarize the fees billed to the Company by its independent accountants, M&K CPAs PLLC, for the years ended December 31, ~~2014~~2015 and ~~2013~~2014:

	2014		2013
	2015		2014
Audit Fees	$	1628,~~250~~150	$	1916,~~700~~250
Audit Related Fees1	$	—	$	—
Tax Fees2	$	—	$	—
All Other Fees3	$	—	$	—
Total Fees	$	1628,~~250~~150		1916,~~700~~250

Notes to the Accountants Fees Table:

(1)	Consists of fees for assurance and related services by our principal accountants that are reasonably related to the performance of the audit or review of the Company’s financial statements and are not reported under “Audit Fees.”

(2)	Consists of fees for professional services rendered by our principal accountants for tax related services.

(3)	Consists of fees for products and services provided by our principal accountants, other than the services reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees” above.

As part of its responsibility for oversight of the independent registered public accountants, the Board has established a pre-approval policy for engaging audit and permitted non-audit services provided by our independent registered public accountants. In accordance with this policy, each type of audit, audit-related, tax and other permitted service to be provided by the independent auditors is specifically described and each such service, together with a fee level or budgeted amount for such service, is pre-approved by the Board. All of the services provided by M&K CPAs PLLC described above were approved by our Board.

The Company’s principal accountant did not engage any other persons or firms other than the principal accountant’s full-time, permanent employees.

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PART IV

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

3.1	Articles of Incorporation 1
3.2	Bylaws 1
21	Subsidiaries of the Registrant 2
31.1	Rule 13a-14(a) Certification of Chief Executive Officer 2
32.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer and Chief Financial Officer 2
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer and Chief Financial Officer 2
101	XBRL Interactive Data 32,43

______________

(1) Incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on ~~September~~April 1527, ~~2006~~2015.

(2)	Filed or furnished herewith.

(3) ToIn accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Annual Report on Form 10-K shall be ~~submitted~~deemed by“furnished” ~~amendment~~and not “filed.”

~~(4) In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Annual Report on Form 10-K shall be deemed “furnished” and not “filed.”~~37

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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.
Date: April 8, 2015	BY: /s/ Wallace Browne
Date: April 14, 2016	BY: /s/ Wallace Browne
	Wallace Browne
	President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and Director

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