U.S.
SECURITIES AND EXCHANGE COMMISSION


Washington,
D.C.20549




FORM
10-Q




x
            Quarterly
      Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934





For
the quarterly period ended September 30, 2010




o
            Transition
      Report pursuant to 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.


(formerly
Sunrise Energy Resources, Inc.)


(Exact
name of Registrant as specified in its charter)




Delaware
            
            84-0938688(State
      or other jurisdiction of
            
            (I.R.S.
      Employerincorporation
      or organization)
            
            Identification
      Number)





2880
      Zanker Road, Suite 203San
      Jose, CA
            
            95134(Address
      of principal executive offices)
            
            (Zip
      Code)




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




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 x   No o




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 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 x


(Do not
check if a 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 x




As of
November 15, 2010, the Registrant had 26,747,827 shares of common stock $.001
par value issued and outstanding.









GREEN
TECHNOLOGY SOLUTIONS, INC.


(formerly
Sunrise Energy Resources, Inc.)




FORM
10-Q


TABLE
OF CONTENTS




PagePART I.
      FINANCIAL INFORMATION
              3Item
      1.
              Financial
      Statements (unaudited)
              3Balance
      Sheets – September 30, 2010 and December 31, 2009
              3Statements
      of Operations and Comprehensive Loss - for the three and nine months ended
      September 30, 2010 and 2009
              4Statements
      of Changes in Stockholder’s Equity (Capital Deficit) – September 30, 2010
      and December 31, 2009
              5Statements
      of Cash Flows - for the six months ended September 30, 2010 and
      2009
              6Notes
      to the Unaudited Financial Statements
              7Item
      2.
              Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
              14Item
      3.
              Quantitative
      and Qualitative Disclosures about Market Risk
              17Item
      4.
              Controls
      and Procedures
              17PART
      II.
              OTHER
      INFORMATION
              18Item
      1.
              Legal
      Proceedings
              18Item
      1A.
              Risk
      Factors
              18Item
      2.
              Unregistered
      Sales of Equity Securities and Use of Proceeds
              18Item
      3.
              Defaults
      upon Senior Securities
              18Item
      4.
              [Removed
      and Reserved]
              18Item
      5.
              Other
      Information
              18Item
      6.
              Exhibits
              18SIGNATURES
              19




2




PART
I.




GREEN
TECHNOLOGY SOLUTIONS, INC.


(formerly
Sunrise Energy Resources, Inc.)


BALANCE
SHEETS


(Expressed
in US Dollars)





September
      30,
              2010
            
            
            December
      31, 2009ASSETS
            
            (UNAUDITED)CURRENT
      ASSETSCash
      and cash equivalents
            
            $
            29,341
            
            
            $
            38TOTAL
      ASSETS
            
            $
            29,341
            
            
            $
            38LIABILITIES
      AND STOCKHOLDERS' EQUITYCURRENT
      LIABILITIESAccounts
      payable
            
            $
            52,597
            
            
            $
            -Other
      accounts payable – related party
            
            
            -
            
            
            
            382,365Interest
      payable – related party
            
            
            -
            
            
            
            22,476Advances
      payable – related party
            
            
            109,471
            
            
            
            -Other
      accounts payable
            
            
            32,276
            
            
            
            28,276Total
      current liabilities
            
            
            194,344
            
            
            
            433,117Convertible
      notes payable
            
            
            411,465
            
            
            
            -TOTAL
      LIABILITIES
            
            
            605,809
            
            
            
            433,117STOCKHOLDERS’
      EQUITYCommon
      Stock, $.001 par value, 75,000,000 authorized, 26,747,827 and 23,690,037
      issued and outstanding as of September 30, 2010 and December 31, 2009,
      respectively
            
            
            26,748
            
            
            
            23,690Additional
      Paid-in Capital
            
            
            6,653,665
            
            
            
            6,626,723Retained
      earnings (Accumulated deficit)
            
            
            (7,256,881
            )
            
            
            (7,083,492
            )Total
      stockholders' equity (deficit)
            
            
            (576,468
            )
            
            
            (433,079
            )TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
            
            $
            29,341
            
            
            $
            38




See notes
to condensed consolidated financial statements.





3





GREEN
TECHNOLOGY SOLUTIONS, INC.


(formerly
Sunrise Energy Resources, Inc.)


STATEMENTS
OF OPERATIONS


(Expressed
in US Dollars except share amounts)


(UNAUDITED)





For
      the nine months ended
            
            
            For
      the three months endedSeptember
      30,
            
            
            September
      30,2010
            
            
            2009
            
            
            2010
            
            
            2009OPERATING
      EXPENSESSales,
      general and administrative expenses
            
            $
            152,641
            
            
            $
            272,008
            
            
            $
            132,727
            
            
            $
            34,240LOSS
      FROM OPERATIONS
            
            
            (152,641
            )
            
            
            (272,008
            )
            
            
            (132,727
            )
            
            
            (34,240
            )OTHER
      INCOME (EXPENSE)Interest
      expense, net
            
            
            (20,748
            )
            
            
            (116,123
            )
            
            
            (10,401
            )
            
            
            -Net
      loss from continuing operations
            
            
            (173,389
            )
            
            
            (388,131
            )
            
            
            (143,128
            )
            
            
            (34,240
            )DISCONTINUED
      OPERATIONSGain
      on disposal of discontinued segment
            
            
            -
            
            
            
            3,302,948
            
            
            
            -
            
            
            
            -NET
      INCOME (LOSS)
            
            $
            (173,389
            )
            
            $
            2,914,817
            
            
            $
            (143,128
            )
            
            $
            (34,240
            )NET
      INCOME (LOSS) PER COMMON SHARE – Basic and fully dilutedContinuing
      operations
            
            $
            (0.01
            )
            
            $
            (0.02
            )
            
            $
            (0.01
            )
            
            $
            -Discontinued
      operations
            
            
            -
            
            
            
            0.14
            
            
            
            -
            
            
            
            -Net
      income (loss)
            
            $
            (0.01
            )
            
            $
            0.12
            
            
            $
            (0.01
            )
            
            $
            -WEIGHTED
      AVERAGE COMMON SHARES OUTSTANDING
            
            
            24,500,721
            
            
            
            23,616,187
            
            
            
            26,095,653
            
            
            
            23,616,187


See notes
to condensed consolidated financial statements.


4




GREEN
TECHNOLOGY SOLUTIONS, INC.


(formerly
Sunrise Energy Resources, Inc.)


STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY


(CAPITAL
DEFICIT)


(Expressed
in US Dollars except share amounts)


UNAUDITED




Common
      Stock
            
            
            Additional
      Paid-In
            
            
            Accumulated
            
            
            EquityShares
            
            
            Amount
            
            
            Capital
            
            
            Deficit
            
            
            TotalBALANCE,
      DECEMBER 31, 2009
            
            
            23,690,037
            
            
            $
            23,690
            
            
            $
            6,626,723
            
            
            $
            (7,083,492
            )
            
            $
            (433,079
            )Correction
      in number of outstanding shares
            
            
            57,790
            
            
            
            58
            
            
            
            (58
            )
            
            
            -
            
            
            
            -Issuance
      of shares for conversion of note payable
            
            
            3,000,000
            
            
            
            3,000
            
            
            
            27,000
            
            
            
            -
            
            
            
            30,000Net
      loss for the six months
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (173,389
            )
            
            
            (173,389
            )BALANCE,
      SEPTEMBER 30, 2010
            
            
            26,747,827
            
            
            $
            26,748
            
            
            $
            6,653,665
            
            
            $
            (7,256,881
            )
            
            $
            (576,468
            )




See notes
to condensed consolidated financial statements.




5




GREEN
TECHNOLOGY SOLUTIONS, INC.


(formerly
Sunrise Energy Resources, Inc.)


STATEMENTS
OF CASH FLOWS


(Expressed
in US Dollars)


UNAUDITED





For
      the nine months ended September 30,2010
            
            
            2009CASH
      (USED IN) PROVIDED BY  OPERATING ACTIVITIES:Net
      loss
            
            $
            (173,389
            )
            
            $
            2,914,817Adjustments
      to reconcile net loss to net cash in operating activities:Gain
      on disposal of discontinued segment
            
            
            -
            
            
            
            (3,302,948
            )Changes
      in operating assets and liabilities:Accounts
      payable and accrued liabilities
            
            
            52,597
            
            
            
            -Accounts
      payable – related party
            
            
            -
            
            
            
            19,995Interest
      payable – related party
            
            
            -
            
            
            
            116,123Accrued
      interest payable
            
            
            20,748
            
            
            
            -NET
      CASH USED IN OPERATING ACTIVITIES
            
            
            (100,044
            )
            
            
            (252,013
            )CASH
      PROVIDED BY FINANCING ACTIVITIES:Proceeds
      from issuance of loans to related parties
            
            
            19,876
            
            
            
            86,925Proceeds
      from advances
            
            
            109,471
            
            
            
            -Proceeds
      from issuance of common stock
            
            
            -
            
            
            
            147,700NET
      CASH PROVIDED BY FINANCING ACTIVITIES
            
            
            129,347
            
            
            
            234,625CASH
      USED IN INVESTING ACTIVITIES
            
            
            -
            
            
            
            -INCREASE
      (DECREASE) IN CASH
            
            
            29,303
            
            
            
            (17,388
            )CASH,
      at the beginning of the period
            
            
            38
            
            
            
            17,428CASH,
      at the end of the period
            
            $
            29,341
            
            
            $
            40Supplemental
      Disclosures of Cash Flow Information:Cash
      paid during the period for:Interest
            
            $
            -
            
            
            $
            -Taxes
            
            $
            -
            
            
            $
            -Noncash
      investing and financing transactions:Refinancing
      of demand notes to convertible notes payable
            
            $
            420,717
            
            
            $
            -Issuance
      of stock for conversion of convertible notes payable
            
            $
            30,000




See notes
to condensed consolidated financial statements.


6





GREEN
TECHNOLOGY SOLUTIONS, INC.
 (formerly
Sunrise Energy Resources, Inc.)
 NOTES
TO THE FINANCIAL STATEMENTS (UNAUDITED)
  1.  INTERIM
FINANCIAL STATEMENTS AND NATURE OF BUSINESS
 
 The
accompanying unaudited interim financial statements include all adjustments,
which in the opinion of management are necessary in order to make the
accompanying financial statements not misleading, and are of a normal recurring
nature.  However, the accompanying unaudited financial statements do
not include all of the information and footnotes necessary for a complete
presentation of financial position, results of operations, cash flows and
stockholders’ equity in conformity with generally accepted accounting
principles.  Except as disclosed herein, there has been no material
change in the information disclosed in the notes to the financial statements
included in our annual financial statements for the period ended December 31,
2009 included in Form 10-K.  Operating results for the period ended
September 30, 2010 are not necessarily indicative of the results that can be
expected for the fiscal year ending December 31, 2010.
 
 Until
December 31, 2008 all operating activities of Green Technology Solutions, Inc.
(formerly Sunrise Energy Resources Inc.) (the “Company”) were conducted through
its wholly owned Ukrainian subsidiaries, TOV Energy-Servicing Company
EskoPivnich (“EskoPivnich” or “EP”) and Pari(“Pari”) both formed as Ukrainian
Closed Joint Stock Companies ("CJSC").EskoPivnich and Pari were engaged in oil
and gas exploration and development in the country of Ukraine.  While
the Company had 8 leases which were licensed to the Company’s wholly owned
subsidiaries EskoPivnich and Pari, the production activities were limited to
Karaikozovsk field in Eastern Ukraine. In addition to selling oil and gas
produced from its Karaikozovsk lease, the Company purchased oil and gas from
third parties. The purchased hydrocarbons were subsequently resold to third
parties in order to enable EskoPivnich to fulfill its monthly delivery
obligations.  On October 26, 2010, the Company changed its name to
Green Technology Solutions, Inc.
 
 Green
Technology Solutions Inc. cultivates early stage, breakthrough green
technologies and works to develop them into major market products that can
capture maximum revenue. The company’s mission is to focus its resources on
discovering the best new innovative technologies before the competition does.
This allows Green Technology Solutions Inc. to work with the best young
companies and inventors to deliver profitable innovation in the real world. The
company concentrates its efforts on developing practical, useful products that
make a real and measurable difference in the near term. The Company has located
its new offices in the Silicon Valley city of Palo Alto, which is home to
technology stalwarts such as Hewlett-Packard, VMware, and Facebook and is a
proven synergistic center of successful cutting edge technology
development.
  The
Company currently has its headquarters at 2880 Zanker Road, Suite 203, San Jose,
California 95134. As of September 30, 2010 the Company has one
employee.
  2. PRESENTATION
OF FINANCIAL STATEMENTS
  Basis of
Presentation–The accompanying unaudited condensed financial statements
have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions
to Form 10-Q. Accordingly, they do not include all of the information and
footnotes required by GAAP for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included.
  Going concern —The Company’s financial statements have been presented on the basis that
it is a going concern, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business. As shown in the
financial statements, the Company incurred a net loss of $173,389 during the
nine months ended September 30, 2010, while the Company’s current liabilities
exceeded its current assets by $165,003.
  7
  In view
of the matters described in the preceding paragraph, recoverability of a major
portion of the recorded asset amounts shown in the accompanying balance sheet is
dependent upon continued operations of the Company, which in turn is dependent
upon the Company’s ability to meet its financing requirements on a continuing
basis by raising additional funds through debt or equity financing. The Company
expects to satisfy its cash requirements by obtaining additional loans; however,
there is no assurance that additional capital will be available to the Company
when needed and on acceptable terms.  The financial statements do not
include any adjustments relating to the recoverability and classification of
recorded asset amounts or amounts and classification of liabilities that might
be necessary should the Company be unable to continue in existence.
  Use of Estimates
and Assumptions– The preparation of financial statements in accordance
with United States generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures 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 materially differ from these
estimates.
  3. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
 
 Accounts
Receivable – Accounts receivable are stated at their net realizable value
after deducting provisions for uncollectible amounts.
 
 Cash and Cash
Equivalents – Cash includes petty cash and cash held on current bank
accounts. Cash equivalents include short-term investments with an original
maturity of three months or less that are readily convertible to known amounts
of cash which are subject to insignificant risk of changes in value. Cash and
cash equivalents as of September 30, 2010 and December 31, 2009 consisted mainly
of USD denominated current accounts held at major banks.
  Loans and Other
Borrowings– All loans and borrowings are recorded at the proceeds
received, net of direct issue costs.
  Borrowing
Costs– Borrowing costs are recognized as an expense in the period in
which they are incurred.
 
 Trade and Other
Payables– Liabilities for trade and other amounts payable are stated at
their nominal value.
 
 Income
Taxes– Income tax has been computed based on the results for the year as
adjusted for items that are non-assessable or non-tax deductible.
 
 The
Company has adopted Financial Accounting Standards Board (“FASB”) authoritative
guidance, under which the deferred tax is accounted for using the balance sheet
liability method in respect of temporary differences arising from differences
between the carrying amount of assets and liabilities in the financial
statements and the corresponding tax basis used in the computation of taxable
profit. Deferred tax liabilities are generally recognized for all taxable
temporary differences and deferred tax assets are recognized to the extent that
it is probable that taxable profits will be available against which deductible
temporary differences can be utilized. Deferred tax assets and liabilities are
offset when they relate to income taxes levied by the same taxation authority
and the Company intends to settle its tax assets and liabilities on a net
basis.
 
 Deferred
tax is calculated at rates that are expected to apply to the period when the
asset is realized or the liability is settled. It is charged or credited to the
income statement, except when it relates to items credited or charged directly
to equity, in which case the deferred tax is also dealt with in
equity.
 
 Fair Value of
Financial Instruments – Authoritative guidance issued by the
FASB requires disclosure of the fair value of certain financial
instruments. Unless otherwise noted, it is management’s opinion that the Company
is not exposed to significant interest, currency or credit risks arising from
these financial instruments. The fair value of financial instruments approximate
their carrying values due to the immediate or short term maturity of these
financial instruments.
  8
 
 Earnings (Loss)
per Share – Earnings (loss) per share are computed in accordance with
authoritative guidance issued by the FASB . Basic earnings (loss) per share
are calculated by dividing the net income (loss) available to common
stockholders by the weighted average number of shares outstanding during the
year. Diluted earnings per share reflect the potential dilution of securities
that could share in earnings of an entity. In a loss year, dilutive common
equivalent shares are excluded from the loss per share calculation as the effect
would be anti-dilutive.
  Comprehensive
Income (Loss) -Authoritative guidance issued by the FASB 
establishes standards for reporting and displaying of comprehensive income, its
components and accumulated balances. Comprehensive income (loss) is defined to
include all changes in equity except those resulting from investments by owners
and distributions to owners. Among other disclosures, SFAS 130 requires that all
items that are required to be recognized under current accounting standards as
components of comprehensive income (loss) be reported in a financial statement
that is displayed with the same prominence as other financial statements.
Foreign exchange translation gains and losses of the Company are reflected in
comprehensive gains and losses.
  4.  OTHER
ACCOUNTS PAYABLE AND ACCRUALS
  Other
accounts payable and accruals as of September 30, 2010 and December 31, 2009
consisted of the following:
 
 September
      30, 2010
              
              
              December
      31, 2009Professional
      Services
              
              $
              32,276
              
              
              $
              28,276Related
      partiesAdvances
      from shareholders
              
              
              -
              
              
              
              382,365Total
              
              $
              32,276
              
              
              $
              410,641
 
 The
amounts of $32,276 and $28,276were due to the Company’s auditor, transfer agent
and financial printer as of September 30, 2010 and December 31, 2009,
respectively.  The amount of $382,365 owed as of December 31, 2009
represents advances from shareholders with no specific terms paid to the Company
during 2005-2006 and 2009-2010. As discussed in Note 5 below, those amounts were
converted into a convertible note payable during the nine months ended September
30, 2010.
  9
  5. CONVERTIBLE
NOTE PAYABLE
  On April
1, 2010, the lenders on the Company’s outstanding related party demand notes
instructed the Company to repay those notes along with accrued interest at the
earliest possible date.  The Company has been unable to obtain
replacement financing to repay those notes.  Therefore the Company and
the lenders agreed to refinance the debt as described below.
  On May
23, 2010, the Company entered into a 10% Subordinated Convertible Note payable
with Infox Ltd. (a related party) in the amount of $297,567 in repayment of
demand notes in the amount of $275,091 and accrued interest of
$22,476.  The note bears interest at 10% per annum, matures on March
31, 2013 and is convertible into shares of common stock at $0.01 per
share.  The note requires quarterly payments of interest or, upon
agreement of both parties, the interest may be capitalized to principal each
quarter.  There have been no payments of interest on the
note.  All interest accrued during the nine months ended September 30,
2010 was capitalized to principal.
  On May
23, 2010, the Company entered into a 10% Subordinated Convertible Note payable
with Zaccam Trading Ltd. (a related party) in the amount of $109,441 in
repayment of demand notes in the same amount.  The note bears interest
at 10% per annum, matures on March 31, 2013 and is convertible into shares of
common stock at $0.01 per share.  The note requires quarterly payments
of interest or, upon agreement of both parties, the interest may be capitalized
to principal each quarter.  There have been no payments of interest on
the note.  All interest accrued during the nine months ended September
30, 2010 was capitalized to principal.
  On June
2, 2010, the Company entered into a 10% Subordinated Convertible Note payable
with Zaccam Trading Ltd. (a related party) in the amount of $13,709 in repayment
of demand notes in the same amount.  The note bears interest at 10%
per annum, matures on March 31, 2013 and is convertible into shares of common
stock at $0.01 per share.  The note requires quarterly payments of
interest or, upon agreement of both parties, the interest may be capitalized to
principal each quarter.  There have been no payments of interest on
the note.  All interest accrued during the nine months ended September
30, 2010 was capitalized to principal.
  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 three
notes listed above and concluded that the revised terms constituted a debt
modification rather than a debt extinguishment because the present value of the
cash flows under the terms of each of the new instruments was less than 10% from
the present value of the remaining cash flows under the terms of the original
notes.  No gain or loss on the modifications was required to be
recognized.
  The
Company evaluated the terms of the three notes 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 feature 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 notes and was deemed to be
greater than the market value of underlying common stock at the inception of the
note.  Therefore, no beneficial conversion feature was
recognized.
  On June
4, 2010, Infox Ltd. and Zaccam Trading Ltd. each assigned their outstanding 10%
Subordinated Convertible Notes to two unrelated third parties.  No
other terms of the notes were modified.
  On July
20, 2010, the holder of the 10% Subordinated Convertible Note Payable originally
issued to Infox Ltd. elected to convert principal in the amount of $30,000 into
3,000,000 shares of common stock.
  6.      ADVANCES
PAYABLE – RELATED PARTY
  During
the nine months ended September 30, 2010, the Company has received working
capital advances in the amount of $109,471 from an entity which also provides
back office support services to the Company.  These advances are
non-interest bearing and payable upon demand.  The advances are
expected to be converted into interest bearing notes payable during the fourth
quarter of 2010.
 
 10
  7.      SHAREHOLDERS’
EQUITY
  No
dividends were declared or paid by the Company during the periods ended
September 30, 2010 and December 31, 2009.
 
 During
the nine months ended September 30, 2010, the Company’s transfer agent noted an
error in the number of outstanding shares.  As a result, the number of
outstanding shares was increased by 57,790 shares.  The error in the
number of outstanding shares was identified in the process of switching transfer
agents during June 2010.  The Company does not consider the prior
error material.
 
 On July
20, 2010, the Company issued 3,000,000 shares of common stock for the conversion
of $30,000 of principal of the 10% Subordinated Convertible Notes
Payable.
  8.      INCOME/LOSS
PER COMMON SHARE
  Basic net
loss per common share has been computed based on the weighted-average number of
shares of common stock outstanding during the applicable period. In accordance
with SFAS No. 128 “Earnings
per share”, diluted net income per common share is computed based on the
weighted-average number of shares of common stock and common stock equivalents
outstanding during the applicable period, as if all potentially dilutive
securities were converted into common stock. However, according to paragraph 16
of SFAS No. 128, no potential common shares shall be included in the computation
of any diluted per share amount when a loss from continuing operations
exists.
 
 Nine
      Months Ended September 30,2010
              
              
              2009(Unaudited)
                (in
      US dollars, except
                Per
      share amounts)Loss
      from continuing operations
              
              $
              (173,389
              )
              
              $
              (388,131
              )Income
      from discontinued operations
              
              
              -
              
              
              
              3,302,948Net
      income/(loss) attributable to common stockholders
              
              $
              (173,389
              )
              
              $
              2,914,817Weighted
      average common shares outstanding, basic
              
              
              24,500,721
              
              
              
              23,616,187Loss
      from continuing operations per common share, basic
              
              
              (0.01
              )
              
              
              (0.02
              )Income/(Loss)
      from discontinued operations per common share, basic
              
              
              0.00
              
              
              
              0.14Income/(Loss)
      per common share, basic
              
              $
              (0.01
              )
              
              $
              0.12Weighted
      average common shares outstanding, diluted
              
              
              24,500,721
              
              
              
              23,616,187Loss
      from continuing operations per common share, diluted
              
              
              (0.01
              )
              
              
              (0.02
              )Income/(Loss)
      from discontinued operations per common share, diluted
              
              
              0.00
              
              
              
              0.14Loss
      per common share, diluted
              
              $
              (0.01
              )
              
              $
              0.12
  9.     
RELATED PARTIES
  Related
parties include shareholders and entities under common ownership. Transactions
with related parties are performed on terms that are comparable to those
available to unrelated parties. For details of related party balances
outstanding as of September 30, 2010 and December 31, 2009 see Notes 4 and 5.
Our related parties are CJSC Infox, Zaccam Trading, Ltd.. and Burisma Holdings
Limited.
  11
 
 On May 12, 2010, Mr. David
A. Melman, the Сhairman of the Board of Directors of the Company,
notified the Company of his decision to resign as director and Chairman of the
Board of Directors of the Company. Mr. Melman’s resignation was effective
immediately. Mr. Melman’s resignation was not basedon any disagreement with
the Company, known to any executive officer or director of the Company, on any
matter relating to the Company’s operations, policies or
practices.
  10.     COMMITMENTS
AND CONTINGENCIES
  Environmental
remediation –Under Ukrainian law, the Company is obligated to meet
certain environmental remediation obligations related to its former oil and gas
production activities. This amount cannot be estimated at this time but is
considered not to be a material amount. In accordance with the share purchase
agreement executed by the Company and Millington Solutions LLC, Millington
assumed all environmental remediation obligations relating to the oil and gas
properties previously held by the Company through its former subsidiaries
EskoPivnich and Pari.
  Litigation–
The Company has been and continues to be the subject of legal proceedings and
adjudications from time to time. Management believes that the resolution of all
business matters which will have a material impact on the Company’s financial
position or operating results have been recorded.
  11.      RISK
MANAGEMENT POLICIES
  Management
of risk is an essential element of the Company’s operations. The main risks
inherent to the Company’s operations are those related to credit risk exposures
and market movements in interest rates. A description of the Company’s risk
management policies in relation to those risks is provided below.
  Credit
risk–The Company is exposed to credit risk which is the risk that one
party to a financial instrument will fail to discharge an obligation and cause
the other party to incur a financial loss.
  Interest rate
risk –Interest rate risk arises from the possibility that changes in
interest rates will affect the value of a financial instrument.
  Currently,
the Company’s approach to the interest risk limitation is borrowing at fixed
rates and for short periods.
  12.   
CHANGE IN CONTROL
  On June
12, 2010, five purchasers acquired control of 16,503,817 shares of the Company’s
issued and outstanding common stock representing approximately 69.67% of the
total shares issued and outstanding from Burisma Holdings Limited. The aggregate
purchase price for the shares was $270,000. Cambridge Securities of Panama, a
Panama Corporation, acquired 12,082,325 shares of common stock, and four other
unrelated corporations each acquired control of 1,105,373 shares of common
stock.  As a result of this transaction, there has been a change in
control of the Company, and Cambridge Securities of Panama is now the Company’s
majority shareholder.
  12
  In
accordance with the transaction described above, effective June 12, 2010 the
Company’s directors Konstantin Tsiryulnikov and Leon Golden resigned from their
positions. In addition, Konstantin Tsiryulnikov resigned as Chief Executive
Officer of the Company and Roman Livson resigned as Chief Financial Officer of
the Company. Their resignation was not based on any disagreement with the
Company, known to any executive officer or director of the Company, on any
matter relating to the Company’s operations, policies or practices. Upon their
departure, Dean McCall was appointed as the Company’s sole director, Chief
Executive Officer and Secretary.
  Effective
August 6, 2010, Dean McCall, sole Director, CEO and Secretary of the Company,
resigned from all positions held with the Company, including resigning from
Board service.  There was no disagreement, as defined in 17 CFR
240.3b-7, between the Registrant and Mr. McCall at the time of Mr. McCall's
resignation from the Board of Directors.
  Also on
August 6, 2010, the Company appointed John Shearer as sole Director, CEO and
Secretary to replace Mr. McCall.  Mr. Shearer will serve as a director
until his successor has been elected at the next annual meeting of the Company's
shareholders or until his earlier resignation, removal, or death, and Mr.
Shearer has not been appointed to any committees of the Board as the Board does
not presently have any committees.
  12.   
SUBSEQUENT EVENTS
  In August
2010, the Company’s shareholders and Board of Directors approved a one-for-200
reverse stock split.  This reverse stock split will not be effective
until it is approved by FINRA.  As of November 15, 2010, the reverse
split has not been approved by FINRA.
  On
October 26, 2010, the Company changed its name to Green Technology Solutions,
Inc.  The primary reason for the name change is to reflect a change in
business focus by the Company.
  On
November 8, 2010, the Company paid $250,000 to acquire the rights to a joint
venture agreement with Bio Pulp Works, LLC, a manufacturer of products made from
recycled paper products.  Under the terms of agreement, the Company
will receive a 49% interest in the joint venture.  The purpose of the
joint venture is to expand the sales of Bio Pulp Works into new sales areas or
to develop new recycled products which will be manufactured by Bio Pulp
Works.  The Company has agreed to contribute $10,000 per month for a
term of six months to fund the operations of the joint venture.
  In order
to fund the acquisition, the Company borrowed an additional $250,000 of
advances.  The Company is currently negotiating the conversion of
these advances into interest bearing notes payable.
  13
  ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
  The
following discussion should be read in conjunction with the Company's unaudited
financial statements and associated notes appearing elsewhere in this Form
10-Q.
 
 As
used in this report, the terms "we", "us", "our", the "Company" and "Sunrise"
mean Sunrise Energy Resources, Inc., unless otherwise indicated.
 
 Caution
Regarding Forward-Looking Information
 
 All
statements contained in this Form 10-Q, other than statements of historical
facts, that address future activities, events or developments are
forward-looking statements, including, but not limited to, statements containing
the words "believe," "expect," "anticipate," "intends," "estimate," "forecast,"
"project," and similar expressions . All statements other than statements of
historical fact are statements that could be deemed forward-looking statements,
including any statements of the plans, strategies and objectives of management
for future operations; any statements concerning proposed new products,
services, developments or industry rankings; any statements regarding future
economic conditions or performance; any statements of belief; and any statements
of assumptions underlying any of the foregoing.  These statements are
based on certain assumptions and analyses made by us in light of our experience
and our assessment of historical trends, current conditions and expected future
developments as well as other factors we believe are appropriate under the
circumstances. However, whether actual results will conform to the expectations
and predictions of management is subject to a number of risks and uncertainties
described under “Risk Factors” under Part II Item 1A below and in the “Risk
Factors” section of our Form 10-K for the fiscal year ended December 31, 2009
that may cause actual results to differ materially.
 
 Consequently,
all of the forward-looking statements made in this Form 10-Q are qualified by
these cautionary statements and there can be no assurance that the actual
results anticipated by management will be realized or, even if substantially
realized, that they will have the expected consequences to or effects on our
business operations.  Readers are cautioned not to place undue
reliance on such forward-looking statements as they speak only of the Company's
views as of the date the statement was made. The Company undertakes no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
 
 Discussion and Analysis of
Financial Condition
  Change
in control
 
 On June
12, 2010, five purchasers acquired control of 16,503,817 shares of the Company’s
issued and outstanding common stock representing approximately 69.67% of the
total shares issued and outstanding from Burisma Holdings Limited. The aggregate
purchase price for the shares was $270,000. Cambridge Securities of Panama, a
Panama Corporation, acquired 12,082,325 shares of common stock, and four other
unrelated corporations each acquired control of 1,105,373 shares of common
stock.  As a result of this transaction, there has been a change in
control of the Company, and Cambridge Securities of Panama is now the Company’s
majority shareholder.
  In
accordance with the transaction described above, effective June 12, 2010 the
Company’s directors Konstantin Tsiryulnikov and Leon Golden resigned from their
positions. In addition, Konstantin Tsiryulnikov resigned as Chief Executive
Officer of the Company and Roman Livson resigned as Chief Financial Officer of
the Company. Their resignation was not based on any disagreement with the
Company, known to any executive officer or director of the Company, on any
matter relating to the Company’s operations, policies or practices. Upon their
departure, Dean McCall was appointed as the Company’s sole director, Chief
Executive Officer and Secretary.
  14
  Current
activities
  The
Company is currently identifying, selecting and cultivating early stage,
breakthrough green technologies for the purpose of developing them into major
market products that can capture maximum revenue. The Company has already
identified several interesting and potentially lucrative new technology
endeavors and management is studying these endeavors for their potential
inclusion into the Company’s development process. The Company plans to focus its
resources on successfully identifying new green technologies that may have the
greatest potential to produce the most near term profits. The Company has
located its new offices in Silicon Valley city of Palo Alto to increase access
to the newest cutting edge technologies available.
  Cash
requirements
  The
Company anticipates it will require around $100,000 to sustain operations and
effectively evaluate new business opportunities over the next twelve months. The
Company intends to seek to raise these funds through equity and debt financing;
however, there is no guarantee that funds will be raised and the Company has no
agreements in place as of the date of this filing for any
financing.
  Critical
Accounting Policies and Recent Accounting Pronouncements
  We have
identified the policies below as critical to our business operations and the
understanding of our financial statements. The impact of these policies and
associated risks are discussed throughout Management’s Discussion and Analysis
where such policies affect our reported and expected financial results. A
complete discussion of our accounting policies is included in Note 3 of the
Notes to Financial Statements.
  Going
Concern
  The
accompanying financial statements have been prepared on a going concern basis
which assumes that adequate sources of financing will be obtained as required
and that our assets will be realized and liabilities settled in the ordinary
course of business. Accordingly, the financial statements do not include any
adjustments related to the recoverability of assets and classification of assets
and liabilities that might be necessary should we be unable to continue as a
going concern.
 
 In order
for us to continue as a going concern, we require additional financing. There
can be no assurance that additional financing will be available to us when
needed or, if available, that it can be obtained on commercially reasonable
terms. If we are not able to continue as a going concern, we would likely be
unable to realize the carrying value of our assets reflected in the balances set
out in the preparation of financial statements. The Company’s limited revenue
history, absence of revenue sources following the sale and discontinuation of
its oil&gas business and limited ability to raise funding raise substantial
doubt about the Company’s ability to continue as a going concern.
 
 Accordingly,
our independent auditors included an explanatory paragraph in their report on
the December 31, 2009 financial statements regarding concerns about our ability
to continue as a going concern. Our financial statements contain additional
notes and disclosures describing the circumstances that lead to this disclosure
by our independent auditors.
  15
  Use of
Estimates
  The
preparation of financial statements in accordance with United States generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosures 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 materially differ from these
estimates.
  Revenue
Recognition
  For
revenue from product sales, the Company recognizes revenue in accordance with
SEC Staff Accounting Bulletin No. 104, “Revenue Recognition in Financial
Statements” (“SAB 104”). SAB 104 requires that four basic criteria must be met
before revenue can be recognized: (1) persuasive evidence of an arrangement
exists; (2) delivery has occurred; (3) the selling price is fixed and
determinable; and (4) collectability is reasonably assured.
  Criterion
(1) is met as every delivery is covered by a separate contract and the title
passes to the customer only upon customer’s acceptance at point of destination,
which is in compliance with criterion (2). Determination of criteria (3) and (4)
are based on management’s judgments regarding the fixed nature of the selling
prices of the products delivered and the collectability of those amounts.
Provisions for discounts and rebates to customers, and other adjustments are
provided for in the same period the related sales are recorded. The Company
defers any revenue for which the product has not been delivered and accepted by
its customers. In accordance with the Company’s standard contract terms, once
delivered and accepted the product cannot be returned and no claims can be
presented to the Company. The Company recognizes revenue on gross
basis.
  16
  ITEM
3.  Quantitative and Qualitative Disclosures about Market
Risk
  As a
smaller reporting company, the Company is not required to provide Part I, Item 3
disclosure.
  ITEM
4. CONTROLS AND PROCEDURES
  Evaluation
of Disclosure Controls and Procedures
 
 Disclosure
controls and procedures are controls and other procedures that are designed to
ensure that information required to be disclosed in our reports filed or
submitted under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the Securities and Exchange
Commission’s rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed in our reports filed under the Exchange Act is
accumulated and communicated to management, including our Chief Executive
Officer and Principal Financial Officer, to allow timely decisions regarding
required disclosure.
 
 We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act Rules
13a-15(e) and 15d-15(e)) as of June 30, 2010. Based upon that evaluation, our
Chief Executive Officer and Principal Financial Officer, concluded that our
disclosure controls and procedures were effective.The design of any system of
controls is based in part upon certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in
achieving its stated goals under all potential future conditions, regardless of
how remote.  However, management believes that our system of
disclosure controls and procedures is designed to provide a reasonable level of
assurance that the objectives of the system will be met.
 
 Changes in internal control
over financial reporting
 
 Our Chief
Executive Officer and Principal Financial Officer are responsible for
establishing and maintaining adequate internal control over financial reporting
(as defined in Rule 13a-15(f) under the Exchange Act). Our internal control over
financial reporting is a process designed 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.
 
 Because
of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Therefore, even those systems determined to be
effective can provide only reasonable assurance of achieving their control
objectives. Furthermore, smaller reporting companies face additional
limitations. Smaller reporting companies employ fewer individuals and find it
difficult to properly segregate duties. Often, one or two individuals control
every aspect of the Company's operation and are in a position to override any
system of internal control. Additionally, smaller reporting companies tend to
utilize general accounting software packages that lack a rigorous set of
software controls.
 
 The
Company’s principal executive officer and principal financial officer has
concluded that there were no changes in the Company’s internal controls over the
financial reporting or disclosure controls and procedures or in other factors
during the last quarter that have materially affected or are reasonably likely
to materially affect these controls as of the end of the quarter covered by this
report based on such evaluation.
  17
  PART
II – OTHER INFORMATION
  ITEM 1.  LEGAL
PROCEEDINGS
  There are
no outstanding legal proceedings material to the Company to which the Company or
any of its assets are subject, nor are there any such proceedings known to be
contemplated. Management believes that the resolution of all business matters
which would have a material impact on the Company’s financial position or
operating results have been recorded.
  Item
1A. Risk Factors
  In
addition to the other information set forth in this Quarterly Report, you should
carefully consider the risks discussed in our 2009 Annual Report on Form 10-K
including Risk Factors of Part I, which risks could materially affect our
business, financial condition or future results. There have been no material
changes to the risk factors disclosed in the "Risk Factors" section of our
Annual Report on Form 10-K for the year ended December 31,
2009.  These risks are not the only risks facing our Company.
Additional risks and uncertainties not currently known to us or that we
currently deem to be immaterial also may materially adversely affect our
business, financial condition or future results.
  Item
2.  Unregistered Sales of Equity Securities and Use of
Proceeds
 
 None
 
 Item
3. Defaults upon Senior Securities
 
 None
 
 Item
4. [Removed and Reserved]
 
 N/A
 
 Item
5. Other Information
 
 None
  Item
6.  EXHIBITS
  Exhibit
                Number
              
              Description
              
              Incorporation
      by Reference31.1
              
              Rule
      13a-14(a) Certification of Chief Executive
      Officer
              
              Filed
      Herewith31.2
              
              Rule
      13a-14(a) Certification of Chief Financial
      Officer
              
              Filed
      Herewith32.1
              
              Section
      1350 Certification of Chief Executive
      Officer
              
              Filed
      Herewith32.2
              
              Section
      1350 Certification of Chief Financial
      Officer
              
              Filed
      Herewith
  18
  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.
  Sunrise
      Energy Resources, Inc./s
      John ShearerDate:
      November 15, 2010
              John
      ShearerChief
      Executive Officer
                (Principal
      Executive, Financial and Accounting
Officer)
 
 19