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

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

| Large accelerated filer      |  ̈ | Accelerated filer                                            |  ̈ |
|-----------------------------------------------------------------|--------|-------------------------------------------------------------------|--------|
| Non-accelerated filer                                      |  ̈ | Smaller reporting company      | x      |
| (Do not check if a smaller reporting company)                   |   |                                                              |

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|                            |                                                                                                                                                                               |      | Page      |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|-----------|
| PART I.                         | FINANCIAL INFORMATION                                                                                                                                                              |      |      |
|                            |                                                                                                                                                                               |      |      |
| Item 1.                         | Financial Statements (unaudited)                                                                                                                                                   |      |      |
|                            |                                                                                                                                                                               |      |      |
|                            | Balance Sheets – March 31, 2011 and December 31, 2010                                                                                                                        |      |   3  |
|                            |                                                                                                                                                                               |      |      |
|                            | Statements of Operations - for the three months ended March 31, 2011 and 2010 and for the period from June 12, 2010 (date of re-entry to development stage) through March 31, 2011 |      |   4  |
|                            |                                                                                                                                                                               |      |      |
|                            | Statements of Changes in Stockholder’s Equity (Deficit) – for the period from June 12, 2010 (date of re-entry to development stage) through March 31, 2011             |      |   5  |
|                            |                                                                                                                                                                               |      |      |
|                            | Statements of Cash Flows - for the three months ended March 31, 2011 and 2010 and for the period from June 12, 2010 (date of re-entry to development stage) through March 31, 2011 |      |   6  |
|                            |                                                                                                                                                                               |      |      |
|                            | Notes to the Unaudited Financial Statements                                                                                                                                        |      |   7  |
|                            |                                                                                                                                                                               |      |      |
| Item 2.                         | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                        |      |   10 |
|                            |                                                                                                                                                                               |      |      |
| Item 3.                         | Quantitative and Qualitative Disclosures about Market Risk                                                                                                                         |      |   13 |
|                            |                                                                                                                                                                               |      |      |
| Item 4.                         | Controls and Procedures                                                                                                                                                            |      |   13 |
|                            |                                                                                                                                                                               |      |      |
| PART II.    | OTHER INFORMATION                                                                                                                                                                  |      |      |
|                            |                                                                                                                                                                               |      |      |
| Item 1.                         | Legal Proceedings                                                                                                                                                                  |      |   14 |
|                            |                                                                                                                                                                               |      |      |
| Item 1A.                        | Risk Factors                                                                                                                                                                       |      |   14 |
|                            |                                                                                                                                                                               |      |      |
| Item 2.                         | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                        |      |   14 |
|                            |                                                                                                                                                                               |      |      |
| Item 3.                         | Defaults upon Senior Securities                                                                                                                                                    |      |   14 |
|                            |                                                                                                                                                                               |      |      |
| Item 4.                         | [Removed and Reserved]                                                                                                                                                             |      |   14 |
|                            |                                                                                                                                                                               |      |      |
| Item 5.                         | Other Information                                                                                                                                                                  |      |   15 |
|                            |                                                                                                                                                                               |      |      |
| Item 6.                         | Exhibits                                                                                                                                                                           |      |   15 |
|                            |                                                                                                                                                                               |      |      |
| SIGNATURES                      |                                                                                                                                                                          |   15 |

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|                                                                                                                                                            |   | March 31,2011 |       |   | December 31,2010 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|------------|--------|-----------------------|--------|
|                                                                                                                                                            |   | (Unaudited)        |       |   |                  |   |
| ASSETS                                                                                                                                                          |   |               |       |   |                  |   |
|                                                                                                                                                            |   |               |       |   |                  |   |
| CURRENT ASSETS                                                                                                                                                  |   |               |       |   |                  |   |
| Cash and cash equivalents                                                                                                                                       |   | $                  | 15,829     |   |                  | $      | 2,613 |   |
| Total current assets                                                                                                                                            |   |               | 15,829     |   |                  |   | 2,613 |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| Investment in joint venture, net of allowance for impairment of $260,000                                                                                        |   |               | -          |   |                  |   | - |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| TOTAL ASSETS                                                                                                                                                    |   | $                  | 15,829     |   |                  | $      | 2,613 |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                            |   |               |       |   |                  |   |   |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| CURRENT LIABILITIES                                                                                                                                             |   |               |       |   |                  |   |   |   |
| Accounts payable                                                                                                                                                |   | $                  | 16,631     |   |                  | $      | 14,820 |   |
| Advances payable                                                                                                                                                |   |               | 872,823    |   |                  |   | 661,683 |   |
| Total current liabilities                                                                                                                                       |   |               | 889,454    |   |                  |   | 676,503 |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| Convertible notes payable                                                                                                                                       |   |               | 174,733    |   |                  |   | 219,252 |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| TOTAL LIABILITIES                                                                                                                                               |   |               | 1,064,187  |   |                  |   | 895,755 |   |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| STOCKHOLDERS’ EQUITY (DEFICIT)                                                                                                                            |   |               |       |   |                  |   |   |   |
| Common Stock, $.001 par value, 75,000,000 authorized, 25,133,745 and 20,133,745 issued and outstanding as of March 31, 2011 and December 31, 2010, respectively |   |               | 25,134     |   |                  |   | 20,134 |   |
| Additional Paid-in Capital                                                                                                                                      |   |               | 6,949,705  |   |                  |   | 6,886,087 |   |
| Accumulated deficit                                                                                                                                             |   |               | (7,113,753 | )      |                  |   | (7,113,753 | ) |
| Deficit accumulated during the development stage                                                                                                                |   |               | (909,444   | )      |                  |   | (685,610 | ) |
| Total stockholders' equity (deficit)                                                                                                                            |   |               | (1,048,358 | )      |                  |   | (893,142 | ) |
|                                                                                                                                                            |   |               |       |   |                  |   |   |   |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                            |   | $                  | 15,829     |   |                  | $      | 2,613 |   |

----

----

|                                                      |   | For the three months ended |       |   | For the periodfrom June 12,2010 (date re-entereddevelopmentstage) through |   |
|-----------------------------------------------------------|--------|------------------------------------------------|------------|--------|--------------------------------------------------------------------------------------------------------------|--------|
|                                                      |   | March 31,                                      |       |   | March 31,                                                                                                    |   |
|                                                      |   | 2011                                           |       |   | 2010                                                                                                         |   |   | 2011 |   |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |
| OPERATING EXPENSES                                        |   |                                           |       |   |                                                                                                         |   |   |   |   |
| Sales, general and administrative expenses                |   | $                                              | 199,735    |   |                                                                                                         | $      | 6,205 |   |   | $ | 581,349 |   |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| LOSS FROM OPERATIONS                                      |   |                                           | (199,735   | )      |                                                                                                         |   | (6,205 | ) |   |   | (581,349 | ) |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSE)                                    |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| Interest expenses, net                                    |   |                                           | (24,099    | )      |                                                                                                         |   | - |   |   |   | (68,095 | ) |
| Impairment of joint venture                               |   |                                           | -          |   |                                                                                                         |   | - |   |   |   | (260,000 | ) |
| Total other income (expense)                              |   |                                           | (24,099    | )      |                                                                                                         |   | - |   |   |   | (328,095 | ) |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| NET LOSS                                                  |   | $                                              | (223,834   | )      |                                                                                                         | $      | (6,205 | ) |   | $ | (909,444 | ) |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| NET LOSS PER COMMON SHARE – Basic and fully diluted |   | $                                              | (0.01      | )      |                                                                                                         | $      | (0.05 | ) |   |   |   |   |
|                                                      |   |                                           |       |   |                                                                                                         |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING                |   |                                           | 21,744,856 |   |                                                                                                         |   | 118,450 |   |   |   |   |   |

----

|                                                            |   | Common Stock |       |   | AdditionalPaid-In |   |   | Accumulated |   |   | Deficitaccumulatedduring thedevelopment |   |   |   |       |
|----------------------------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|--------|-------------|--------|--------|----------------------------------------------|--------|--------|--------|------------|
|                                                                 |   | Shares            |       |   | Amount            |   |   | Capital     |   |   | Deficit                                      |   |   | stage  |       |   | Total |   |
| BALANCE, JUNE 12, 2010                                               |   |              | 118,745    |   |              | $      | 119    |        |   | $      | 6,650,294                                    |   |   | $      | (7,113,753 | ) |   | $ | - |   |   | $ | (463,340 | ) |
|                                                                 |   |              |       |   |              |   |   |        |   |   |                                         |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Issuance of shares for conversion of note payable                    |   |              | 15,000     |   |              |   | 15     |        |   |   | 29,985                                       |   |   |   | -          |   |   |   | - |   |   |   | 30,000 |   |
| Issuance of shares for conversion of note payable                    |   |              | 20,000,000 |   |              |   | 20,000 |        |   |   | 180,000                                      |   |   |   | -          |   |   |   | - |   |   |   | 200,000 |   |
| Imputed interest expense                                             |   |              | -          |   |              |   | -      |        |   |   | 25,808                                       |   |   |   | -          |   |   |   | - |   |   |   | 25,808 |   |
| Net loss for the period from June 12, 2010 through December 31, 2010 |   |              | -          |   |              |   | -      |        |   |   | -                                            |   |   |   | -          |   |   |   | (685,610 | ) |   |   | (685,610 | ) |
|                                                                 |   |              |       |   |              |   |   |        |   |   |                                         |   |   |   |       |   |   |   |   |   |   |   |   |   |
| BALANCE, DECEMBER 31, 2010                                           |   |              | 20,133,745 |   |              | $      | 20,134 |        |   | $      | 6,886,087                                    |   |   | $      | (7,113,753 | ) |   | $ | (685,610 | ) |   | $ | (893,142 | ) |
|                                                                 |   |              |       |   |              |   |   |        |   |   |                                         |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Issuance of shares for conversion of note payable                    |   |              | 5,000,000  |   |              |   | 5,000  |        |   |   | 45,000                                       |   |   |   | -          |   |   |   | - |   |   |   | 50,000 |   |
| Imputed interest expense                                             |   |              | -          |   |              |   | -      |        |   |   | 18,618                                       |   |   |   | -          |   |   |   | - |   |   |   | 18,618 |   |
| Net loss                                                             |   |              | -          |   |              |   | -      |        |   |   | -                                            |   |   |   | -          |   |   |   | (223,834 | ) |   |   | (223,834 | ) |
|                                                                 |   |              |       |   |              |   |   |        |   |   |                                         |   |   |   |       |   |   |   |   |   |   |   |   |   |
| BALANCE, MARCH 31, 2011                                              |   |              | 25,133,745 |   |              | $      | 25,134 |        |   | $      | 6,949,705                                    |   |   | $      | (7,113,753 | ) |   | $ | (909,444 | ) |   | $ | (1,048,358 | ) |

----

----

|                                                                   |   | For the three months endedMarch 31, |     |   | For theperiod fromJune 12,2010 (datere-entereddevelopmentstage)throughMarch 31, |   |
|------------------------------------------------------------------------|--------|--------------------------------------------------------------|----------|--------|----------------------------------------------------------------------------------------------------------|--------|
|                                                                   |   | 2011                                                         |     |   | 2010                                                                                                     |   |   | 2011 |   |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |
| CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES:                       |   |                                                         |     |   |                                                                                                     |   |   |   |   |
| Net loss                                                               |   | $                                                            | (223,834 | )      |                                                                                                     | $      | (6,205 | ) |   | $ | (909,444 | ) |
| Adjustments to reconcile net loss to net cash in operating activities: |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| Impairment of investment in joint venture                              |   |                                                         | -        |   |                                                                                                     |   | - |   |   |   | 260,000 |   |
| Imputed interest expense                                               |   |                                                         | 18,618   |   |                                                                                                     |   | - |   |   |   | 44,426 |   |
| Changes in operating assets and liabilities:                           |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                               |   |                                                         | 1,811    |   |                                                                                                     |   | 6,167 |   |   |   | (25,992 | ) |
| Accrued interest payable                                               |   |                                                         | 5,481    |   |                                                                                                     |   | - |   |   |   | 34,016 |   |
| NET CASH (USED IN) OPERATING ACTIVITIES                                |   |                                                         | (197,924 | )      |                                                                                                     |   | (38 | ) |   |   | (596,994 | ) |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| CASH (USED IN) INVESTING ACTIVITIES                                    |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| Cash used in investment in joint venture                               |   |                                                         | -        |   |                                                                                                     |   | - |   |   |   | (260,000 | ) |
| NET CASH (USED IN) INVESTING ACTIVITIES                                |   |                                                         | -        |   |                                                                                                     |   | - |   |   |   | (260,000 | ) |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| CASH PROVIDED BY FINANCING ACTIVITIES:                                 |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| Proceeds from advances                                                 |   |                                                         | 211,140  |   |                                                                                                     |   | - |   |   |   | 872,823 |   |
| NET CASH PROVIDED BY FINANCING ACTIVITIES                              |   |                                                         | 211,140  |   |                                                                                                     |   | - |   |   |   | 872,823 |   |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH                                        |   |                                                         | 13,216   |   |                                                                                                     |   | (38 | ) |   |   | 15,829 |   |
| CASH, at the beginning of the period                                   |   |                                                         | 2,613    |   |                                                                                                     |   | 38 |   |   |   | - |   |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| CASH, at the end of the period                                         |   | $                                                            | 15,829   |   |                                                                                                     | $      | - |   |   | $ | 15,829 |   |
|                                                                   |   |                                                         |     |   |                                                                                                     |   |   |   |   |   |   |   |
| Supplemental 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          |   | $                                                            | 50,000   |   |                                                                                                     | $      | - |   |   | $ | 280,000 |   |

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| 1. | INTERIM FINANCIAL STATEMENTS |
|----|------------------------------|

| 2. | PRESENTATION OF FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|-------------------------------------------------------------------------------------|

----

| 3. | CONVERTIBLE NOTES PAYABLE |
|----|---------------------------|

| 4. | ADVANCES PAYABLE |
|----|------------------|

| 5. | SHAREHOLDERS’ EQUITY |
|----|----------------------------|

| 6. | COMMITMENTS AND CONTINGENCIES |
|----|-------------------------------|

----

| 7. | RISK MANAGEMENT POLICIES |
|----|--------------------------|

| 8. | SUBSEQUENT EVENTS |
|----|-------------------|

----

----

----

----

|   | 1. | As of March 31, 2011, we did not maintain effective controls over the control environment. Specifically we have not developed and effectively communicated to our employees its accounting policies and procedures. This has resulted in inconsistent practices. Further, the Board of Directors does not currently have any independent members and no director qualifies as an audit committee financial expert as defined in Item 407(d)(5)(ii) of Regulation S-K. Since these entity level programs have a pervasive effect across the organization, management has determined that these circumstances constitute a material weakness. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | As of March 31, 2011, we did not maintain effective controls over financial statement disclosure. Specifically, controls were not designed and in place to ensure that all disclosures required were originally addressed in our financial statements. Accordingly, management has determined that this control deficiency constitutes a material weakness. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Exhibit No. |   | Description of Exhibit                                                                   |
|------------------|--------|----------------------------------------------------------------------------------------------------|
|             |   |                                                                                               |
| 3.1              |   | Amended and Restated Certificate of Incorporation of the Company (1)                               |
| 3.2              |   | Bylaws of the Company (1)                                                                          |
| 10.1             |   | 10% Subordinated Note Due March 30, 2009 (4)                                                       |
| 10.2             |   | 10% Subordinated Note Due June 6, 2009 (4)                                                         |
| 10.3             |   | 10% Subordinated Note Due March 30, 2009 (5)                                                       |
| 10.4             |   | 10% Subordinated Note Due June 6, 2009 (5)                                                         |
| 10.5             |   | Joint Venture Agreement (6)                                                                        |
| 10.6             |   | Sale and Assignment of Rights Under Joint Venture Agreement (6)                                    |
| 10.7             |   | Profit Participation Agreement dated January 29, 2011 with Integrated Smart Solutions, Inc. (3)    |
| 10.8             |   | Joint Venture Agreement dated January 30, 2011 with Rare Earth Exporters of Mongolia Pte. Ltd. (3) |
| 10.9             |   | Sale and Assignment of Rights Under Joint Venture Agreement dated November 8, 2010 (3)             |
| 14               |   | Code of Ethics (2)                                                                                 |
| 31.1             |   | Section 302 Certification (7)                                                                      |
| 32.1             |   | Section 906 Certification (7)                                                                      |

|   | (1) | Incorporated by reference from the Form SB-2 filed on September 15, 2006. |
|--------|-----|---------------------------------------------------------------------------|

|   | (2) | Incorporated by reference from the Form 10-K for the Annual Period Ended December 31, 2009. |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (3) | Incorporated by reference from the Form 10-K for the Annual Period Ended December 31, 2010. |
|--------|-----|---------------------------------------------------------------------------------------------|

|   | (4) | Incorporated by reference from the 10-QSB for the Six Month Period Ended June 30, 2006. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (5) | Incorporated by reference from the 10-KSB for the Fiscal Year Ended December 31, 2006. |
|--------|-----|----------------------------------------------------------------------------------------|

|   | (6) | Incorporated by reference from the 8-K filed on December 13, 2010. |
|--------|-----|--------------------------------------------------------------------|

|   | (7) | Filed herewith. |
|--------|-----|-----------------|

|               | Green Technology Solutions, Inc.                       |
|--------------------|--------------------------------------------------------|
|               |                                                   |
|               | /s/ John Shearer                                       |   |
| Date: May 10, 2011 | John Shearer                                           |
|               | Chief Executive Officer                                |
|               | (Principal Executive, Financial and AccountingOfficer) |

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