UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED ~~September~~MARCH 3031, ~~2010~~2011

COMMISSION FILE NO.: 333-164868

Global Smoothie Supply, Inc.

(Exact name of registrant as specified in its charter)

Texas	20-2784-176
(State of incorporation)	(IRS identification number)

4428 University Blvd. Dallas, TX	75205
(Address of principal executive offices)	(Zip Code)

(214) 769-0836

(Registrant’s telephone number)

Check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant as required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

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 (Check One): Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X]

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

The number of outstanding shares of no-par common stock as of ~~September~~March 3031, ~~2010~~2011 was 77,~~626~~814,~~604~~504.

	GLOBAL SMOOTHIE SUPPLY, INC.
	TABLE OF CONTENTS
	PART I. FINANCIAL INFORMATION
		Page
		Number
ITEM 1. FINANCIAL STATEMENTS		1
	Balance Sheets (Unaudited) as of September 30, 2010 and (Audited) December 31, 2009	1
	Statement of Operations (Unaudited) for the Three Months and Nine Months Ending September 30, 2010 and 2009	2
	Statement of Stockholders' Equity December 31, 2009 to September 30, 2010	3
	Statement of Cash Flows	4
	Notes To Financial Statements (Unaudited) For 3 Months Ending 9/30/2010	5
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS		10
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		11
ITEM 4. CONTROLS AND PROCEDURES		11
	PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS		11
ITEM 1A. RISK FACTORS		11
ITEM 2. UREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		11
ITEM 3. DEFAULTS UPON SENIOR SECURITIES		12
ITEM 4. (Removed and reserved)		12
ITEM 5. OTHER INFORMATION		12
ITEM 6. EXHIBITS		12
SIGNATURES		13

GLOBAL SMOOTHIE SUPPLY, INC.

~~PART~~TABLE ~~1. FINANCIAL~~OF ~~INFORMATION~~ CONTENTS

~~ITEM~~PART 1:I. FINANCIAL ~~STATEMENTS~~INFORMATION

Global Smoothie Supply, Inc

		Page Number

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS		1

	Balance Sheets (Unaudited) as of March 31, 2011 and (Audited) December 31, 2010	1
	Statement of Operations (Unaudited) for the Three Months Ending March 31, 2011 and 2010	2
	Statement of Cash Flows	3
	Notes To Financial Statements (Unaudited) For 3 Months Ending 3/31/2010	4

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS		8

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		9

ITEM 4. CONTROLS AND PROCEDURES		9


PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS		9

ITEM 1A. RISK FACTORS		9

ITEM 2. UREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS		9

ITEM 3. DEFAULTS UPON SENIOR SECURITIES		9

ITEM 4. (Removed and reserved)		9

ITEM 5. OTHER INFORMATION		9

ITEM 6. EXHIBITS		10

SIGNATURES		11

PART I. FINANCIAL INFORMATION

ITEM 1. Financial statements

Global Smoothie Supply, Inc.

Balance Sheets

	September 30,			December 31,
	2010			2009
	Unaudited
ASSETS
Current Assets
Cash	$	13,572		$	106,537
Accounts Receivable Net		1,264			162
Inventory Asset		9,915			9,303
Prepaid Insurance		3,080			10,547
Total Current Assets	$	27,831		$	126,549
Fixed Assets
Furniture and Equipment	$	3,600		$	3,600
Accumulated Depreciation		(2,069	)		(1,412	)
Total Net Fixed Assets	$	1,532		$	2,188
Total Assets	$	29,363		$	128,737
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts Payable	$	17,589		$	17,163
Payroll Liabilities		8,000			8,000
Warranty Liability		9,600			9,600
Sales Tax Payable		-			1,263
Total Current Liabilities	$	35,189		$	36,025
Total Liabilities	$	35,189		$	36,025
Stockholders' Equity
(See Note 3 for Pro-forma treatment of former Subchapter S Corp)
Total Preferred Shares Authorized 50,000,000
Preferred Stock issued at zero par as of
6/30/2010: 0
12/31/2009: 0
Total Common Shares Authorized 100,000,000
Common Stock issued at zero par as of
6/30/2010: 77,626,604
12/31/2009: 77,456,604
Paid In Capital	$	1,548,485		$	791,735
Retained Earnings		(1,554,311	)		(699,023	)
Total Stockholders Equity	$	(6,043	)	$	92,712
Total Liabilities and Stockholders' Equity	$	29,363		$	128,737

Unaudited

	March 31,			December 31
	2011			2010

ASSETS
Current Assets
Cash	$	5,696		$	23,667
Accounts Receivable Net		264			-
Inventory Asset		1,724			216
Prepaid Insurance		-			9,813
Total Current Assets		7,684			33,696
Fixed Assets
Furniture and Equipment		3,600			3,600
Accumulated Depreciation		(2,467	)		(2,287	)
Total Net Fixed Assets		1,133			1,313
Total Assets	$	8,817		$	35,009
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts Payable & Accrued Expenses	$	23,212		$	29,957
Payroll Liabilities		8,000			8,000
Warranty Liability		9,600			9,600
Total Current Liabilities		40,812			47,557
Total Liabilities		40,812			47,557
Stockholders' Equity
(See Note 3 for Pro-forma treatment of former Subchapter S Corp)
Total Preferred Shares Authorized 50,000,000
Preferred Stock issued at zero par as of
03/31/2011: 0
12/31/2010: 0
Total Common Shares Authorized 100,000,000
Common Stock issued at zero par as of
03/31/2011: 77,814,504
12/31/2010: 77,784,504
Paid In Capital		2,082,960			1,831,710
Retained Deficit		(2,114,955	)		(1,844,257	)
Total Stockholders Equity		(31,995	)		(12,548	)
Total Liabilities and Stockholders' Equity	$	8,817		$	35,009

The accompanying notes are an integral part of these statements

Global Smoothie Supply, Inc.

Statement of Operations

	3 Months Ended						9 Months Ended
	30-Sep						30-Sep
	2010			2009			2010			2009
	Unaudited			Unaudited			Unaudited			Unaudited
Revenue
Machine Revenue	$	-		$	-		$	475		$	-
Puree Revenue		4,489			9,044			15,365			18,443
Cups Revenue		170						170			-
Service Revenue		-									800
Parts Revenue		-									535
Shipping Revenue		-									455
Total Revenue		4,659			9,044			16,010			20,234
Cost of Goods Sold		3,501			6,405			13,965			13,372
Gross Margin		1,158			2,639			2,045			6,861
Expenses
Advertising and Promotion		2,187			36,344			26,699			42,323
Officer Stock Compensation		243,750			243,750			731,250			325,000
General and Administrative		23,198			31,853			98,728			62,012
Depreciation Expense		219			173			656			519
Income (Loss) from Operations		(268,197	)		(309,482	)		(855,288	)		(422,992	)
Interest Expense		-									3,421
Net (Loss)	$	(268,197	)	$	(309,482	)	$	(855,288	)	$	(426,413	)
(Loss) Earnings per Common Share
Basic and Diluted		**			**		$	(0.01	)		**	)
Weighted average common shares outstanding:
Basic & Diluted		77,626,604			53,281,523			77,552,937			53,071,224
Proforma (See Note 3)
Net (Loss) as above		(268,197	)		(309,482	)		(855,288	)		(426,413	)
Proforma Income Tax Adjustment		-			-			-			-
Proforma Net Income	$	(268,197	)	$	(309,482	)	$	(855,288	)	$	(426,413	)
Proforma (Loss) Earnings per Common Share
Basic and Diluted		**			**		$	(0.01	)		**

Unaudited

** - Less than $.01 per share

	Quarter Ended
	March 31
	2011			2010

Revenue
Puree Revenue	$	1,675		$	4,385
Total Revenue		1,675			4,385
Cost of Goods Sold		1,093			3,034
Gross Margin		582			1,351
Expenses
Advertising and Promotion		6,236			918
Officer Stock Compensation		243,750			243,750
General and Administrative		21,114			31,758
Depreciation Expense		180			219
Income (Loss) from Operations		(270,698	)		(275,294	)
Interest Expense		-			-
Net (Loss)	$	(270,698	)	$	(275,294	)
(Loss) Earnings per Common Share
Basic and Diluted		**			**
Weighted average common shares outstanding:
Basic & Diluted		77,807,025			77,552,937
Proforma (See Note 3)
Net (Loss) as above		(270,698	)		(275,294	)
Proforma Income Tax Adjustment
Proforma Net Income	$	(270,698	)	$	(275,294	)

Proforma (Loss) Earnings per Common Share
Basic and Diluted		**			**

** - Less than $.01 per share

The accompanying notes are an integral part of these statements

Statement of Stockholders' Equity

December 31, 2009 to September 30, 2010

	Common Stock				Paid in		Retained			Total
	Shares		Amount		Capital		Earnings (Deficit)			Equity
Balance, December 31, 2009		77,456,604		-	$	791,735	$	(699,023	)	$	92,712
Additional Paid In Capital from Director Compensation		-		-		243,750					243,750
Common Shares Issued @ $0.15/Share		170,000				25,500					25,500
Net Gain (Loss)								(275,294	)		(275,294	)
Balance, March 31, 2010 (Unaudited)		77,626,604		-	$	1,060,985	$	(974,317	)	$	86,668
Additional Paid In Capital from Director Compensation		-		-		243,750					243,750
Net Gain (Loss)								(311,798	)		(311,798	)
Balance, June 30, 2010 (Unaudited)		77,796,604		-	$	1,304,735	$	(1,286,114	)	$	18,620
Additional Paid In Capital from Director Compensation		-		-		243,750					243,750
Net Gain (Loss)								(268,197	)		(268,197	)
Balance, September 30, 2010 (Unaudited)		77,796,604		-	$	1,548,485	$	(1,554,311	)	$	(5,827	)

The accompanying notes are an integral part of these statements

Global Smoothie Supply, Inc

Statement of Cash Flows

	9 Months Ending
	September 30,
	2010			2009
	Unaudited			Unaudited
Operating Activities
Net Income/(Loss)	$	(855,288	)	$	(426,413	)
Adjustments to Reconcile Net (Loss) to Net Cash Used by Operating Activities
Change in Accounts Receivable Net		(1,102	)		2,873
Change in Inventory Asset		(612	)		(11,385	)
Change in Vertex Holding Account		-			31,660
Change in Accounts Payable		427			502
Change In Prepaid Insurance		7,467			-
Change in Sales Tax Payable		(1,263	)		(9,727	)
Depreciation		656			519
Value of Stock Compensation Vesting		731,250			325,000
Net Cash Provided by (Used) in Operating Activities	$	(118,465	)	$	(86,970	)
INVESTING ACTIVITIES
Net cash used in Investing Activities	$	-		$	-
FINANCING ACTIVITIES
Proceeds from sale of Stock		25,500			182,490
Cash Provided by Financing Activities	$	25,500		$	182,490
Net Increase in Cash	$	(92,965	)	$	95,520
Cash, Beginning of Period	$	106,537		$	6,848
Cash, End of Period	$	13,572		$	102,368
Supplemental Information:
Interest / Factoring Fees Paid	$	-		$	-
Income Taxes Paid

Unaudited

	Quarter Ending
	March 31,
	2011			2010

Operating Activities
Net Income/(Loss)	$	(270,698	)	$	(275,294	)
Adjustments to Reconcile Net (Loss) to Net Cash Used by Operating Activities
Change in Accounts Receivable Net		(162	)		(1,733	)
Change in Allowance for Doubtful Accounts		(102	)
Change in Inventory Asset		(1,506	)		1
Change In Prepaid Insurance		9,813			2,965
Change in Accounts Payable& Accrued Expenses		(6,745	)		1,803
Change in Sales Tax Payable					(1,263	)
Change in Travel Advance					(1,500	)
Depreciation		180			219
Value of Stock Compensation Vesting		243,750			243,750
Net Cash Provided by (Used) in Operating Activities	$	(25,470	)	$	(31,052	)
INVESTING ACTIVITIES
Net cash used in Investing Activities
FINANCING ACTIVITIES
Proceeds from sale of Stock		7,500			25,500
Cash Provided by Financing Activities	$	7,500		$	25,500
Net (Decrease) in Cash	$	(17,970	)	$	(5,552	)
Cash, Beginning of Period		23,667			106,536
Cash, End of Period	$	5,697		$	100,984

The accompanying notes are an integral part of these statements

Global Smoothie Supply, Inc.

NOTES TO FINANCIAL STATEMENTS ~~(Unaudited)~~

For 3 Months Ending 903/3031/~~2010~~2011

Unaudited

NOTE 1. GENERAL ORGANIZATION AND BUSINESS

Global Smoothie Supply, Inc. (the Company) was incorporated February 17, 2005, under the laws of the State of Texas. The Company is engaged in the beverage business and sells beverage machines. The Company’s fiscal year ends on December 31.

From its inception though the fiscal year ending December 31, 2008, due to limited operations, Global Smoothie Supply, Inc. elected to be taxed under Subchapter S of Chapter 1 of the Internal Revenue Code. In the first ~~quarter~~Quarter of 2009, Global Smoothie Supply, Inc. petitioned the IRS to be taxed as a C Corporation. This change was made to accommodate the needs of current and future shareholders.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Accounting Basis

These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.

Cash and Cash Equivalents

For the purpose of the statement of cash flows, cash equivalents include all highly liquid investments with maturity of three months or less.

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per 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.

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the period shown.

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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Revenue and Cost Recognition

We recognize revenue at the time the products are shipped to customers or third parties. We perform services under service contracts,. ~~revenue~~Revenue is recognized upon the completion of the services on specified machines. We follow ASC 605, “Revenue Recognition. ASC 605 requires that all amounts billed to customers related to shipping and handling should be classified as revenues. Our product costs include amounts for shipping and handling, therefore, we charge our customers shipping and handling fees at the time the products are shipped or when services are performed. The cost of shipping products to the customer is recognized at the time the products are shipped to the customer and our policy is to classify them as shipping expenses. The cost of shipping products to the customer is classified as shipping expense. Shipping expense is included in the Cost of Goods. In the 93 months period ending ~~September~~March 3031, ~~2009~~2011 and 2010, respectively, the Company incurred $~~1,830~~0 and $0 of shipping costs as a part of our total Cost of Goods.

ASC 605 addresses certain criteria for revenue recognition. ASC 605 outlines the criteria that must be met to recognize revenue and provides guidance for disclosures related to revenue recognition policies. Our revenue recognition policies comply with the guidance contained in ASC 605.

Advertising and Promotion Expense

Advertising and Promotion costs are expensed as incurred. These expenses are recorded in Advertising and Promotion expenses in the Consolidated Statements of Operations. For the period ending ~~September~~March 3031, ~~2010~~2011 and ~~2009~~2010 the Company had expensed $26,~~187~~236 and $~~36,344~~918 respectively.

Inventories

Inventories are stated at the lower of cost or market value. Cost for inventory is based on an average cost method. Reserves for excess and obsolete inventories are based on an assessment of slow-moving and obsolete inventories, determined by historical usage and demand. As of ~~9/30/2010~~March 31, 2011 the company held $21,~~595~~724 in puree, $780 in cups and $~~7,336~~0 in machines for sale for a total of $101,~~009~~724. As of ~~9/30/2009~~March 31, 2010 the Company held $~~3,007~~216 in puree, $0 in cups and $~~8377~~0 in machines for sale for a total of $~~11,385~~216.

Depreciation

Depreciation used is double declining balance, 5 yrs. depreciation, ½ yr. in year of acquisition, salvage value is none.

Accounts Receivable

As accounts receivable age beyond 90 days, we reserve 50% of the amount owed as a doubtful account. When this receivable reaches over 120 days, the remainder of the amount is completely written off. ToAs ~~date~~of March 31, 2011 and 2010 we have ~~made~~written aoff $~~513~~0 ~~provision~~and $0 for ~~doubtful~~bad ~~accounts~~debt, respectively. Current Accounts Receivable of $264 at March 31, 2011, was less than 30 days.

Allowance for Sales Returns

We do not have an allowance for Sales Returns. The company does not accept sales returns except for product mis-shipment, for product that was shipped beyond guidelines for product shelf life, or for manufacturing issues. In those situations, the Company replaces the product.

Warranties

The Company’s equipment manufacturer warranties the machines sold by GSS for first 12 months of operation. GSS no longer provides additional warranties on the equipment and provides no warranty regarding product (puree.) Therefore, provisions for liability of warranty costs are not included on the financial statements.

Valuation of Stock Grants

We value stock grants as of the date they are awarded and use the stock grant date as the measurement date for valuation purposes. On June 1, 2009 26,000,000 shares were awarded to Messrs. Tiller, Roberts, Ireland and Gohsman at a cost of $0.15 per share. In accordance with ASC 718 we have separated the measurement date and the issue date. Until December, 2010, no additional shares were sold at a rate other than the $0.15 per share, and in December, 2010. and March, 2011, some additional shares were sold at a rate of $0.25 per share.

NOTE 3. INCOME TAXES:

The Company provides for income taxes under ASC 740, Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently.

For the period ended September 30, 2010, and December 31, 2009, the Company incurred net operating losses and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At September 30, 2010, the Company had approximately $1,554,311 of federal net operating losses. The net operating loss carry-forwards, if not utilized, will begin to expire in 2017. The components of the Company’s deferred tax assets/liabilities are as follows:5

	As of
	September 30			December 31
	2010			2009
Deferred tax assets:
Net operating loss carry-forwards		528,466			237,667
Total deferred tax assets		528,466			237,667
Deferred tax liabilities:
Depreciation and amortization		(703	)		(480	)
Net deferred tax assets before valuation allowance		527,762			237,187
Less: Valuation allowance		(527,762	)		(237,187	)
Net deferred tax assets	$	-0-		$	-0-

For financial reporting purposes, the Company has incurred a loss in each period since its 2007. Based on the available objective evidence, including the Company’s history of losses, management believes it is more likely than not that the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at September 30, 2010, and December 31, 2009.

A reconciliation between the amount of income tax benefit determined by applying the applicable U.S. statutory income tax rate to pre-tax loss is as follows:

	September 30			December 31
	2010			2009
Federal statutory rate	$	(527,762	)	$	(237,187	)
Change in valuation allowance on deferred tax assets		527,762			237,187
	$	-0-		$	-0-

In the first quarter of 2009, Global Smoothie Supply, Inc. petitioned the IRS to be taxed as a C Corporation.

From the Company’s inception in February 2005 to January 2009, the Company was not subject to federal income taxes since it was operating as Subchapter S Corporation. In the first Quarter of 2009, Global Smoothie Supply, Inc. petitioned the IRS to be taxed as a C Corporation and, as a result, became subject to corporate federal and state income taxes.

There is not tax or earnings per share impact due to an undistributed losses. As a Subchapter S corporation we had undistributed losses of $1,007 in 2008. Were these undistributed losses converted to Paid in Capital, our Paid in Capital would have been $3,488 and our Stockholders’ equity would not have changed. This amount is not considered to have a material impact to 2009 Stockholders’ Equity.

NOTE 4. STOCKHOLDERS’ EQUITY

Common Stock

At ~~that~~the time of inception 1,000 shares were authorized and all 1,000 shares were issued. On December 26, 2006, the number of authorized shares was increased to 50,000,000 and the Company issued a stock split of 20,000:1, with the 1,000 shares outstanding being exchanged for 20,000,000. On 12/31/2008, there were 20,000,000 shares outstanding. On March 19, 2009, the number of authorized shares was increased to 100,000,000 and the Company issued a stock split of 5:2, with the 20,000,000 outstanding shares being exchanged for 50,000,000. This March 19, 2009, stock split is being applied retroactively to the financial statements.

On June 1, 2009, the Board of Directors of the Company awarded a grant of stock for their services to ~~Messrs~~the Company to its CEO, David C. Tiller, CFO, Donald M. Roberts, CLO, Harry B. Ireland, and President, John W. Gohsman, totaling 26,000,000 shares. One third of the shares will be relieved of restriction of sale on the 2nd, 3rd, and 4th ~~anniversaries~~anniversary of the award~~, respectively~~. These shares are awarded immediately, but may be rescinded per the plan, if certain conditions are not met. The fair value of each share granted was estimated on the date of grant using external market based sales on or near the date of grant. In accordance with the guidance in ASC 505 “Equity” concerning unvested and forfeitable shares issued for services, the Company recognizes the equity issuance and corresponding expense as services are performed by the grantees. A per share value of .9375 cents was used.

As of ~~September~~March 3031, ~~2010~~2011, the Company had one (1) share- based compensation plan, which is described above. The compensation cost that has been charged against income for that plan was $~~731~~243,~~250~~750 ~~and $325,00~~ for the ~~six~~three months ending ~~September~~March 3031, ~~2010~~2011, and ~~2009~~March ~~respectively~~31, 2010.

			Weighted-Average
			Grant-Date
Non-vested Shares	Shares (000)		Fair Value
Nonvested Shares	Shares (000)		Fair Value
Non-vested at January 1, 2009		0	$	0.00
Nonvested at January 1, 2009		0	$	0.00
Granted		26,000		0.15
Vested		0		0.00
Forfeited		0		0.00
Non-vested at September 30, 2010		26,000	$	0.15
Nonvested at March 31, 2011		26,000	$	0.15

The aforementioned shares vote and carry a non-forfeitable right to dividends, should dividends be declared. Accordingly, they are classified as “participating securities” and are included in the weighted average outstanding shares in accordance with ASC 260-10-45-60A.

~~Global~~We ~~Smoothie~~value ~~Supply,~~stock ~~Inc.~~grants ~~has~~as ~~begun~~of the ~~process~~date ofthey ~~raising~~are ~~additional~~awarded ~~capital~~and ~~through~~use the ~~sales~~stock ofgrant ~~registered~~date ~~shares~~as the measurement date for valuation purposes. ~~During~~In ~~2010,~~accordance with ASC 718 we have separated the ~~company~~measurement ~~sold~~date ~~170~~and the issue date. Until December,~~000~~ 2010, no additional shares ofwere ~~stock~~sold ~~for~~at a rate other than the $250.15 per share,~~500~~ ~~all~~and in ~~the~~December, ~~first~~2010 ~~quarter~~and March, 2011, some additional shares were sold at a rate of $0.25 per share.

OnGlobal ~~June~~Smoothie 4Supply, ~~2010~~Inc. ~~the~~has ~~Company~~begun ~~amended and restated~~ the ~~Articles~~process of ~~Incorporation~~raising ~~approving~~additional capital through the ~~authorization~~sales of ~~50,000,000~~registered shares. onIn ~~no-par~~2011, ~~preferred~~the ~~stock.~~Company Ashad ofone ~~September~~cash sale of 30,000 ~~2010, 0~~ shares ~~have~~of ~~been~~stock ~~issued~~for $7,500.

On June 4, 2010, the Company amended and restated the Articles of Incorporation approving the authorization of 50,000,000 shares of non-par Preferred Stock. As of March 31, 2011, 0 shares have been issued.

Sales of registered no-par common shares are being pursued by the Company.

NOTE 5. RELATED PARTY TRANSACTIONS

~~The~~(See ~~officers~~NOTE ~~and~~4 ~~directors~~for ofstock ~~the~~issued ~~Company~~to ~~are~~officers ~~involved~~for inservices ~~other~~provided ~~business~~to ~~activities and may, in~~ the ~~future, become involved in other business opportunities that become available. They may face a conflict in selecting between the~~ Company ~~and other business interests~~. ~~The Company has not formulated a policy for the resolution of such conflicts.~~)

Any amounts in Accounts Payable to Related Parties are for reimbursable expenses including but not limited to travel expenses, postage, purchased office supplies, and miscellaneous expenses.

NOTE 6. WARRANTY COSTS

The Company'’s ~~financial~~equipment ~~statements~~manufacturer ~~reflect~~warranties ~~accruals for potential warranty claims based on~~ the ~~Company's best estimation. Estimated product warranty costs are accrued at the time products are sold. For~~ machines sold inby ~~2008,~~GSS wefor ~~provide~~first a12 ~~3-year~~months ~~limited~~of ~~warranty on the machines we sell~~operation. ~~Our~~GSS ~~manufacturer~~no ~~has~~longer ~~taken~~provides ~~the~~additional ~~position~~warranties ofon ~~warranting~~ the ~~machines~~equipment ~~for the 1st year~~ and ~~Global~~provides ~~Smoothie~~no ~~Supply covers the~~ warranty ~~for~~regarding ~~the~~product ~~2nd and 3rd years~~(puree.) ~~Machines~~Therefore, ~~sold~~provisions ~~during 2009 were warranted~~ for 1liability ~~year~~of ~~and~~warranty ~~our~~costs ~~manufacturer~~are ~~has~~not ~~continued~~included ~~taking~~on the ~~position~~financial ~~of warranting the machines for the 1st year~~statements. ~~No additional warranty liability was added in 2010.~~

~~Accordingly, we have reserved amounts for those potential warranty claims. As of 12/31/2008, those amounts stood at $9,600. To date, no warranty claims have been made against these amounts.~~6

The need for additional reserves is not known at this time. We do not have sufficient historical knowledge as to determine whether our estimates are correct. As we develop additional experience, our liability may change and these reserves may be adjusted to meet the additional warranty costs.

NOTE 7. GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in the notes to the financial statements, the Company has established a limited source of revenue. This raises substantial doubt about the Company’s ability to continue as a going concern. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty. As of ~~September~~March 3031, ~~2010~~2011, the Company has an accumulated deficit of $12,~~554~~114,~~311~~955.

The Company’s activities to date have been supported by equity financing and initial preliminary sales. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan. In the alternative, the Company may be amenable to a sale, merger or other acquisition in the event such transaction is deemed by management to be in the best interests of the shareholders.

NOTE 8. ~~RENT~~ THE ~~EXPENSE~~EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS

In January 2008, the Company entered in to a verbal month to month lease agreement for a facility in Dallas, TX at a rate of $1,300 per month. The facility is used as a showroom / office and is approximately 400 square feet. We are currently in dispute with the landlord over our liability for certain operating expenses and other fees. In 2009 and 2008 we have recorded, the total amount of the dispute, $1,250 and $2,033, respectively, toward those fees and expenses as part of our rent expense and the amounts owed as part of our current liabilities. We are working to resolve this dispute.

NOTE 9. THE EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS

Recent Accounting Pronouncements

The company has reviewed the Financial Accounting Standard Board (FASB) Accounting Standards Updates that have recently taken effect or will take effect in the near future. We do not believe any of these updates will have an effect or a material effect on the financial position or results of operations of the Company.

NOTE 10 9. FORM S-1/A REGISTRATION

On September 30, 2010, the Securities and Exchange Commission declared the Company’s Form S-1/A Registration Statement filed under the Securities Act of 1933 to be effective.

NOTE 11 10. SUBSEQUENT EVENTS

~~None~~Subsequent events have been evaluated up to and including the date at which the financial statements were available May 23, 2011. There are no subsequent events to be reported.

ITEM 2:. ~~Management~~MANAGEMENT’sS ~~Discussion~~DISCUSSION ~~and~~AND ~~Analysis~~ANALYSIS

RESULTS OF OPERATIONS FOR THE 93 MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2010~~2011

The Company has limited revenue and significant expenses. Sales decreased in the quarter ended March 31, 2011, as compared to the same quarter last year due to a major reorganization by the Company’s largest client.

~~Puree~~Advertising ~~sales~~and ~~were~~promotion ~~$15,365,~~costs ~~Cups~~have ~~sales~~increased ~~were~~significantly ~~$170,~~for ~~and~~the ~~machine~~quarter ~~sales~~ended ~~were~~March ~~$475~~31, ~~COGS $13~~2011,~~965~~ ~~and~~as ~~Gross~~compared ~~Margin~~to ~~was~~the ~~$2,045. During~~same ~~this~~quarter ~~time~~last ~~period~~year ~~the~~due ~~Company~~to ~~spent~~a ~~$126,084~~commitment into ~~administrative~~the ~~and business~~ development ~~expense. Payroll~~of ~~expenses~~an ~~were~~interactive ~~$731,250~~social ~~for~~media amarketing ~~restricted~~concept ~~stock~~at ~~grant~~store ~~given to Tiller, Roberts, Ireland and Gohsman~~level. The ~~Total~~cost ~~expense~~breakdown ~~was~~is $~~857~~5,~~334. The~~000 ~~Company~~for ~~had~~the aquarter ~~net~~ending ~~loss~~March ~~of ($855~~31,~~288)~~ 2011.

AtPuree ~~the~~sales ~~end~~were of$1,675, ~~the~~COGS ~~period~~$1,093 weand ~~had~~Gross Margin was $~~27,831~~582. During inthis ~~current~~time ~~assets~~period ~~made~~the upCompany ofspent $1327,~~572~~350 in ~~cash,~~administrative ~~$1,264~~and inbusiness ~~Net~~development ~~Accounts~~expense. Payroll ~~Receivable,~~expenses were $9243,~~915~~750 infor ~~inventory~~a restricted stock grant given to Tiller, Roberts, Ireland and Gohsman. Total expense was $3271,~~080~~280. The ~~prepaid~~Company ~~insurance~~had a net loss of ($270,698).

WeAt the end of the period, we had $17,~~532~~684 in ~~net~~current ~~fixed~~ assets ~~for~~made up of $295,~~363~~696 in ~~total~~cash, ~~assets~~$264 in Net Accounts Receivable, $1,724 in inventory.

~~Accounts~~We ~~payable~~had ~~balance was~~ $171,~~589. $8,000~~133 ~~remained~~in tonet befixed ~~paid~~assets ~~at some future date~~ for ~~a bonus authorized by the Board of Directors from a previous period and is shown as a payroll liability. A liability of~~ $98,~~600~~817 ~~remains for future warranty work~~ in ~~accordance~~total ~~with our warranty policy~~assets. Some of our transactions require us to collect and remit sales and use taxes to the appropriate state taxing authorities. As of the end of the period, we had remitted all funds due to the appropriate taxing authorities. Total Liabilities were $35,189.

~~Stockholders~~Accounts ~~Equity~~payable atand ~~the~~accrued ~~beginning~~expenses ofbalance ~~the period~~ was $92 23,~~712~~212. $8,000 ~~The~~remained ~~restricted~~to ~~stock~~be ~~grant~~paid toat ~~Tiller,~~some ~~Roberts~~future ~~Ireland,~~date ~~Gohsman~~for ~~increased~~a ~~paid~~bonus inauthorized ~~capital~~ by ~~$731,250.~~the ABoard ~~limited stock sale~~ of ~~$25,~~Directors ~~500~~from ~~was~~a ~~made~~previous ~~during~~period ~~the~~and ~~period.~~is ~~There~~shown ~~was~~as a ~~loss~~payroll ~~of ($855,288) for the period~~liability. Total ~~Stockholders~~Liabilities ~~equity~~were ~~at the end of the period was (~~$540,~~827)~~812.

ByStockholders ~~converting~~Equity ~~Accounts~~at ~~Receivable~~the tobeginning ~~cash, and limiting our use~~ of ~~cash~~the inperiod ~~Accounts~~was ~~Payable~~($12,548.). ~~and~~The ~~using~~restricted ~~the~~ stock ~~compensation~~grant ~~vesting~~to inTiller, ~~lieu~~Roberts ~~of spending cash~~Ireland, weGohsman ~~used~~increased ~~($118,465)~~paid in ~~cash.~~capital ~~Our~~by ~~financing activities provided~~ $25243,~~500~~750. inA limited stock ~~sales.~~sale ~~However~~of $30,000 wewas ~~had~~made aduring ~~net~~the ~~decrease~~period. inThere ~~cash~~was a loss of ($92270,~~965~~698)~~. This,~~ ~~combined~~for ~~with~~the ~~our~~period. ~~previous~~Stockholders ~~cash~~equity ~~balance,~~at ~~allowed~~the ~~us to~~ end of the period ~~with~~ was ($1331,~~572~~996).

By converting Accounts Receivable to cash, and limiting our use of cash in Accounts Payable, and using the stock compensation vesting in lieu of spending cash, we used ($25,470) in cash. Our financing activities provided $7,500 in stock sales. However, we had a net decrease in cash of ($17,970). This, combined with our previous cash balance, allowed us to end the period with $5,697.

LIQUIDITY

We have cash assets at ~~September~~March 3031, ~~2010,~~2011 of $135,~~572~~ 696. We will be reliant upon loans, private placements or public offerings of equity to fund any kind of operations. We have secured no sources of loans. We had cash flow during the period ended ~~September~~March 3031, ~~2010~~2011 of ($9225,~~965~~470) and revenue of $161,~~010~~675.

CAPITAL RESOURCES

We have only no-par common and preferred stock as our capital resource.

As we continue to build markets for Company products and programs, substantial capital will be needed to pay for sales and marketing, website development, development of a service network, equipment and product, plus usual start up and normal operating costs.

NEED FOR ADDITIONAL FINANCING

We do not have capital sufficient to meet our expected cash requirements; therefore, we will have to seek loans or sales of the Company’s equity.

No commitments to provide additional funds have been made by our management or other stockholders. Accordingly, there can be no assurance that any additional funds will be available to usthe Company to allow it to cover ~~our~~ expenses as they ~~may~~are be incurred.

We will need additional capital to support our proposed future development. We have minimal revenues. We have no committed source for additional funding. No representation is made that any funds will be available when needed. In the event funds cannot be raised when needed, the Company may not be able to carry out its business plan, may never achieve sufficient sales or income, and could fail in business as a result of these uncertainties.

LIMITED FINANCING

The Company may borrow money to finance future operations. Any such borrowing will increase the risk of loss to the investor in the event the Company is unsuccessful in repaying such loans.

108

The Company may authorize and issue additional shares to finance future operations, although the Company does not currently contemplate doing so beyond those shares described in the Company’s ~~currently~~registration statement effective ~~registration~~September ~~statement~~30, 2010. Any such issuance will result in dilution of the interests of previous investors..

OFF-BALANCE SHEET ARRANGEMENTS

The Company maintains no off-balance sheet arrangements.

GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of its assets and the liquidation of its liabilities in the normal course of business. However, the Company has generated minimal revenues, has accumulated a deficit of ($12,~~554~~114,~~311~~955) to date, and currently lacks the capital to pursue its business plan. This raises substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty.

The Company does not have any debt or long-term commitments. It needs to raise approximately $5,000,000 to execute its initial sales goals. The Company continues to seek financing, but there are no guarantees that it will be able to do so.

ITEM 3: . QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk represents the risk of changes in the value of market risk sensitive instruments caused by fluctuations in interest rates, foreign exchange rates and commodity prices. Changes in these factors could cause fluctuations in our results of operations and cash flows.

ITEM 4: . CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of achieving the Company’s disclosure control objectives. The Company’s Chief Executive Officer and Chief Financial Officer has concluded that the Company’s disclosure controls and procedures are, in fact, effective at this reasonable assurance level as of the end of period covered by this report.

Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

As of the date hereof, there are no material legal proceedings threatened against us. In the ordinary course of our business we may become subject to litigation regarding our products or our compliance with applicable laws, rules, and regulations.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors disclosed in the “Risk Factors” section of our S10-1AK dated ~~September~~December 3031, 2010.

ITEM 2. UREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. (Removed and reserved)

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

Exhibit Number	Name and/or Identification of Exhibit
31.1	Certification of Chief Executive Officer
31.1	Rule 13a-14(a)/15d-14(a) Certifications
31.2	Certification of Acting Chief Financial Officer
31.2	Rule 13a-14(a)/15d-14(a) Certifications
32.1	Certification of Chief Executive Officer under Section 906 of the Sarbanes-Oxley Act of 2002
32.1	Certification under Section 906 of the Sarbanes-Oxley Act (18 U.S.C. Section 1350)
32.2	Certification of Acting Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification under Section 906 of the Sarbanes-Oxley Act (18 U.S.C. Section 1350)

1210

SIGNATURES

In accordance with 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.

Global Smoothie Supply, Inc. By: /s/ David C. Tiller David C. Tiller , Chief Executive Officer /s/ Donald M. Roberts Donald M. Roberts Chief Financial Officer

	Global Smoothie Supply, Inc.

Dated: June 16, 2011	By:	/s/ David C. Tiller
		David C. Tiller ,
		Chief Executive Officer


Dated: June 16, 2011		/s/ Donald M. Roberts
		Donald M. Roberts
		Chief Financial Officer

1311

Filing Compare · Global Smoothie Supply, Inc.