**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended:  **June 30, 2011**

or

**[ ] 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: 000-53526

**GreenTek Corp.**

*(Exact Name of Registrant as specified  in its Charter)*
| **Utah**

**90-0666440**

*(State or other Jurisdiction of Incorporation or organization)*

*(I.R.S. Employer Identification No.)*

**9900 Corporate Campus Drive, Ste 3000**

**Louisville, Kentucky  40223**

* (Address of Principal Executive Offices)*

**(502) 657-6005**

*(Registrant’s Telephone Number, including area code)*

Securities registered pursuant to Section 12(b) of the Act: None 

Securities registered pursuant to Section 12(g) of the Act: Common Stock, par value $0.001

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes [  ] No [X]

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes [  ]   No [X]

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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. 

(1) Yes [X] No [  ]     (2) Yes [X] No [  ]

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

Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [  ] 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company:

 

 

Large accelerated filer       [   ]

Accelerated filed                     [   ]

Non-accelerated filer         [   ]

Smaller reporting company     [X]

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

Yes [X] No [  ]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant as of October 10, 2011 was $42,500 as computed by reference to the price at which the common equity was last sold, which was $0.10 on October 1, 2010.

As of October 10, 2011, the Registrant had 1,715,004 shares of common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE:  **NONE**

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**TABLE OF CONTENTS**

PART I

4

ITEM 1.  BUSINESS

4

ITEM 1A.  RISK FACTORS

10

ITEM 2:  PROPERTIES

14

ITEM 3:  LEGAL PROCEEDINGS

15

ITEM 4:  (Removed and Reserved).

15

PART II

15

ITEM 5:  MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES                                                                                                                 15

ITEM 6.  SELECTED FINANCIAL DATA.

18

ITEM 7:  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION                                                                                                                                                                              18

ITEM 7A:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

19

ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

20

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE                                                                                                                                                                             37

ITEM 9A.  CONTROLS AND PROCEDURES

37

ITEM 9B:  OTHER INFORMATION

37

PART III

38

ITEM 10:  DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

38

ITEM 11:  EXECUTIVE COMPENSATION

41

ITEM 12:  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS                                                                                                                               43

ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORS INDEPENDENCE                                                                                                                                                                       45

ITEM 14:  PRINCIPAL ACCOUNTING FEES AND SERVICES

45

PART IV

46

ITEM 15:  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

46

SIGNATURES

46

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**PART I**

**FORWARD-LOOKING STATEMENTS**

Statements made in this Annual Report about us that are not purely historical are forward-looking statements with respect to our goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncerFtainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions nationally and/or in the communities in which we may conduct business; changes in the interest rate environment; legislation or regulatory requirements; conditions of the securities markets; our ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; or other economic, competitive, governmental, regulatory and technical factors affecting our operations, products, services and prices, among others.

Accordingly, results actually achieved may differ materially from expected results in these statements.  Forward-looking statements speak only as of the date they are made.  We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

**ITEM 1.  BUSINESS**

**Business Development**

**Introduction**

We (“GreenTek Corp.” or our “Company,” and “we,” “our,” “us” and words of similar import) were organized under the laws of the State of Utah on August 21, 1978, under the name “Sampson Resources,” to engage in any lawful business and for the purpose of acquiring any business or enterprise that would be beneficial to us and our stockholders.  Accordingly, we were deemed to be a “shell company.” 

We had business operations during the years beginning in 1978 through early 1987, and we are now a “shell company” as defined in Rule 12b-2 of the Securities and Exchange Commission (the “SEC”) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  See the heading “Business Development” below.

The following is a summary of material organizational and business development events since our inception:

·

We were incorporated under the laws of the state of Utah on August 21, 1978, under the name “Samson Resources,” with an authorized capital of Ten Million (10,000,000) authorized shares of a par value of One Cent ($0.01) per share.

·

On or about January 24, 1980, we filed Articles of Amendment to our Articles of Incorporation whereby we changed our authorized shares to Fifty Million (50,000,000) shares of a par value of One Mill ($0.001) per share.

·

On or about April 17, 1984, we effected a reverse split of our outstanding securities on a basis of one for five, while retaining the then present authorized capital and par value, with appropriate adjustments to our capital accounts.  All computations hereafter take into account this recapitalization.

·

We acquired all of the outstanding stock of PSP Synfuels & Technology, Inc. (“PSP Michigan”), a Michigan corporation, in exchange for 858,750 of our common stock on or about April 17, 1984.

·

We also acquired all of the outstanding stock of Dynel Todd Corporation, also a Michigan corporation (“DTC”), in exchange for 120,000 shares of our common stock on or about May 8, 1984.

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·

In 1987, we ceased business operations and disposed of the shares of stock of PSP Michigan and DTC acquired in 1984 for nominal consideration.

·

On January 18, 1994, the Company was reinstated as a profit corporation in the State of Utah after filing an Application for Reinstatement with the Utah Division of Corporations and Commercial Code.

·

On or about October 13, 1995, we filed an Amendment to our Articles of Incorporation, changing our name to “PSP Industries, Inc.”

·

We discontinued our business operations in late 1996 for lack of funding.

·

On October 29, 1998, the Company was reinstated as a profit corporation in the State of Utah after filing an Application for Reinstatement with the Utah Division of Corporations and Commercial Code.

·

On December 9, 2003, we filed Amended and Restated Articles of Incorporation whereby our authorized shares were increased to Two Hundred Million (200,000,000) shares and our par value was changed to One Cent ($0.01) per share.

·

Also on December 9, 2003, we filed Second Amended and Restated Articles of Incorporation whereby our par value was changed to One Mill ($0.001) per share.

·

On or about December 15, 2003, we effected a reverse split of our outstanding securities on a basis of one for 10, and while retaining the then present authorized capital and par value, with appropriate adjustments to our capital accounts.    

·

Effective March 3, 2009, we acquired and canceled an aggregate total of 12,387,500 shares of our common stock for consideration of a $20 payment made by a related party.  

·

On March 24, 2011, pursuant to a Common Stock Purchase Agreement (the “Stock Purchase Agreement”) entered into among the Seller’s Representative, who represented each of the persons listed on Exhibit A thereto (collectively, the “Sellers”) and GreenTek (Hong Kong) Limited (“GreenTek”). The Sellers provided for the purchase by GreenTek of 898,170 shares of Common Stock, representing 52.3% of the outstanding shares of our Company.  The sale of the shares closed on April 21, 2011.  

·

On April 25, 2011, we filed an Information Statement on Schedule 14F-1 with the SEC in connection with the change of control of the Board of Directors of the Company and the appointment of new officers and directors by GreenTek in compliance with the notification requirements of Rule 14f-1 under the Securities Exchange Act of 1934, as amended.  The Information Statement on Schedule 14F-1 was subsequently mailed to shareholders.  The new directors that were appointed and their titles are Min-Chul Shin, Chief Executive Officer and President, and Young-Kyung Lee, Chief Financial Officer.  Both are citizens and residents of South Korea.

·

On May 23, 2011, we filed a Definitive Information Statement on Schedule 14C with the SEC and subsequently mailed the same to shareholders in connection with the written consent of the holder of a majority of our issued and outstanding voting securities approving a Charter Amendment.  The Charter Amendment contemplated a name change of the Company from “PSP Industries, Inc.” to “GreenTek Corp.” and the creation of 10,000,000 shares of blank check preferred stock, par value $.001.  This action was approved by our Board of Directors on May 6, 2011 and on May 6, 2011 the holder of approximately 52.3% of our issued and outstanding common stock, being our only class of voting securities, also consented to these actions by a written consent in lieu of a special meeting of stockholders in accordance with the Utah Revised Business Corporation Act.

·

The name change and creation of 10,000,000 shares of blank check preferred stock became effective on June 23, 2011, upon filing of an Amendment to Articles of Incorporation with the Utah Division of Corporations and Commercial Code.

**Description of Business**

We are currently seeking potential assets, property or businesses to acquire, in a business combination, by reorganization, merger or acquisition.  We have had no material business operations since early 1987.  Our plan of operation for the next 12 months is to: (i) consider guidelines of industries in which we may have an interest; (ii) adopt a business plan regarding engaging in the business of any selected industry; and (iii) to commence operations through funding and/or the acquisition or business combination with a “going concern” engaged in any industry selected.  We are unable to predict the time as to when and if we may actually participate in any specific business endeavor, and we will be unable to do so until we determine any particular industry in which we may conduct business operations.

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We are not currently engaged in any substantive business activity except the search for potential assets, property or businesses to acquire, and we have no current plans to engage in any other activity in the foreseeable future unless and until we complete any such acquisition.  In our present form, we are deemed to be a shell company seeking to acquire or merge with a business or company.  We do not intend to restrict our search for business opportunities to any particular business or industry, and the areas in which we will seek out business opportunities may include all lawful businesses.  We recognize that the number of suitable potential business ventures that may be available to us will be extremely limited, and may be restricted to businesses or entities that desire to become a publicly-held company while avoiding what many may deem to be the adverse factors related to an initial public offering (“IPO”) as a method of “going public.”  The most prevalent of these factors include the substantial time requirements, legal and accounting costs, the inability to obtain an underwriter who is willing to publicly offer and sell securities on behalf of the particular entity, the lack of or the inability to obtain the required financial statements for such an undertaking, state limitations on the amount of dilution to public investors in comparison to the stockholders of any such entity, along with other conditions or requirements imposed by various federal and state securities laws, rules and regulations and federal and state agencies that implement them. 

Amendments to SEC Form 8-K regarding shell companies and transactions with shell companies require the filing of all information about an acquired company that would have been required to have been filed had any such company filed a Form 10 Registration Statement with the SEC, along with required audited, interim and proforma financial statements, within four business days of the closing of any such transaction (Item 5.01(a)(8) of Form 8-K); and the recent amendments to SEC Rule 144 adopted by the SEC that were effective on February 15, 2008, that limit the resale of most securities of shell companies until 12 months after the filing of such information (the “Form 10 Information”), may eliminate many of the perceived advantages of going public transactions with shell companies.  These types of transactions are customarily referred to as “reverse” reorganizations or mergers in which the acquired company’s stockholders become the controlling stockholders in the acquiring company and the acquiring company becomes the successor to the business operations of the acquired company.  Regulations governing shell companies also deny the use of SEC Form S-8 for the registration of securities and limit the use of SEC Form S-8 to a reorganized shell company until the expiration of 60 days from when any such entity is no longer considered to be a shell company. This prohibition could further restrict opportunities for us to acquire companies that may already have stock option plans in place that cover numerous employees.  In such instances, there may be no exemption from registration for the issuance of securities in any business combination to these employees, thereby necessitating the filing of a registration statement with the SEC to complete any such reorganization, and incurring the time and expenses that are normally avoided by reverse reorganizations or mergers.  

Recent amendments to Rule 144, adopted by the SEC and effective on February 15, 2008, codify the SEC’s prior position limiting the tradability of certain securities of shell companies, including those issued by us in any business combination, and further limit the tradability of additional securities of shell companies; these proposals will further restrict the availability of opportunities for us to acquire any business or enterprise that desires to utilize us as a means of going public.  See the heading “Rule 144,” of Item 5, for a discussion of the general requirements of Rule 144 and the limitations of Rule 144 with respect to shell companies.

Any of these types of business combination transactions, regardless of the particular prospect, would require us to issue a substantial number of shares of our common stock that could amount to as much as 95% or more of our outstanding voting securities; accordingly, investments in the private enterprise, if available, would be much more favorable than any investment in us.

Management intends to consider a number of factors prior to making any decision to participate in any specific business endeavor, none of which may be determinative or provide any assurance of success.  These may include, but will not be limited to, as applicable, an analysis of the quality of the particular business or entity’s management and personnel; the anticipated acceptability of any new products or marketing concepts that any such business or company may have; the merits of any such business’ or company’s technology or intellectual property; the present financial condition, projected growth potential and available technical, financial and managerial resources; working capital, history of operations and future prospects; the nature of present and expected competition; the quality and experience of any such business’ or company’s management services and the depth of management; the business’ or the company’s potential for further research, development or exploration; risk factors specifically related to the business’ or company’s operations; the potential for growth, expansion and profit; the perceived public recognition or acceptance of products, or services offered and trademarks and name identification; and numerous other factors 

6

that are difficult, if not impossible, to properly or accurately quantify or analyze, let alone describe or identify, without referring to specific objective criteria of an identified business or company.

Regardless, the results of operations of any specific entity may not necessarily be indicative of what may occur in the future, by reason of changing market strategies, plant or product expansion, changes in product emphasis, future management personnel and changes in innumerable other factors.  Further, in the case of a new business venture or one that is in a research and development mode, the risks will be substantial, and there will be no objective criteria to examine the effectiveness or the abilities of its management or its business objectives.  Also, a firm market for its products or services may yet need to be established, and with no past track record, the profitability of any such business will be unproven and cannot be predicted with any certainty. 

Our management will attempt to meet personally with management and key personnel of any entity providing a potential business opportunity for us, visit and inspect material facilities, obtain independent analysis or verification of information provided and gathered, check references of material personnel and conduct other reasonably prudent measures calculated to ensure a reasonably thorough review of any particular business opportunity; however, due to time constraints of management and limited capital, these activities may be limited.  

We are unable to predict the time as to when and if we may actually participate in any specific business endeavor or if at all.  We anticipate that proposed business ventures will be made available to us through personal contacts of directors, executive officers and principal stockholders, professional advisors, broker dealers in securities, venture capital personnel and others who may present unsolicited proposals.  In certain cases, we may agree to pay a finder’s fee or to otherwise compensate the persons who submit a potential business endeavor in which we eventually participate. Such persons may include our directors, executive officers and beneficial owners of our securities or their affiliates. In this event, such fees may become a factor in negotiations regarding any potential venture and, accordingly, may present a conflict of interest for such individuals.  Management does not presently intend to acquire an interest in any business enterprise in which any member has an ownership interest. 

Although we currently have no plans to do so, depending on the nature and extent of services rendered, we may compensate members of our management in the future for services that they may perform for us.  Because we currently have extremely limited resources, and we are unlikely to have any significant resources until we have determined a business or enterprise to engage in or have completed a business combination, management expects that any such compensation would take the form of an issuance of shares of our common stock to these persons; this would have the effect of further diluting the holdings of our other stockholders.  There are presently no preliminary agreements or understandings between us and members of our management respecting such compensation.  Any shares issued to members of our management would be required to be resold under an effective registration statement filed with the SEC or could not be publicly sold until 12 months after we file the Form 10 information about the business combination with the SEC as now required by SEC Form 8-K.  These provisions could further inhibit our ability to complete any business combination where finders or others who may be subject to these resale limitations refuse to provide us with any introductions or to close any such transactions unless they are paid requested fees in cash rather than our shares or unless we agree to file a registration statement with the SEC that includes any shares that are to be issued to them, at no cost to them.  These expenses could limit potential acquisition candidates, especially those in need of cash resources, and could affect the number of shares that our stockholders retain following any such transaction, by reason of the increased expense.

Substantial fees are also often paid in connection with the completion of all types of business combinations, ranging from a small amount to as much as $600,000 or more. These fees are usually divided among promoters or founders or finders, after deduction of legal, accounting and other related expenses, and it is not unusual for a portion of these fees to be paid to members of management or to principal stockholders as consideration for their agreement to retire a portion of their shares of common stock or as consideration to them to provide an indemnification for all of our prior liabilities.  Members of management may also actively negotiate or otherwise consent to the purchase of all or any portion of their shares of common stock as a condition to, or in connection with, a proposed business combination.  It is not anticipated that any such opportunity will be afforded to other stockholders or that such other stockholders will be afforded the opportunity to approve or consent to any particular stock buy-out transaction.  In the event that any such fees are paid or shares are purchased, these requirements may become a factor in negotiations regarding any business combination with us and, accordingly, may also present a conflict of interest for such individuals. We have no present arrangements or understandings respecting any of these types of fees or 

7

opportunities.  Any of these types of fees that are paid in shares of our common stock will also be subject to the resale limitations embodied in the recent amendments to Rule 144 that prohibit, among other requirements, the public resale of these shares until 12 months after the filing of the Form 10 Information with the SEC.  

None of our directors, executive officers, founders or their affiliates or associates are currently involved in any negotiations with any representatives of the owners of any business or company regarding the possibility of a business combination with us. 

**Distribution Methods of the Products or Services**

None; not applicable.

**Status of any Publicly Announced New Product or Service**

None; not applicable.

**Competitive Business Conditions and Smaller Reporting Company’s Competitive Position in the Industry and Methods of Competition**

Management believes that there are literally thousands of shell companies engaged in endeavors similar to those engaged in by us; many of these companies have substantial current assets and cash reserves.  Competitors also include thousands of other publicly-held companies whose business operations have proven unsuccessful, and whose only viable business opportunity is that of providing a publicly-held vehicle through which a private entity may have access to the public capital markets via a reverse reorganization or merger.  There is no reasonable way to predict our competitive position or that of any other entity in these endeavors; however, we, having limited assets and no cash reserves, will no doubt be at a competitive disadvantage in competing with shell companies that have significant cash resources and have recent operating histories when compared with the complete lack of any substantive operations by us since early 1987. 

**Sources and Availability of Raw Materials and Names of Principal Suppliers**

None; not applicable.

**Dependence on One or a Few Major Customers**

None; not applicable.

**Patents, Trademarks, Licenses, Franchises, Concessions, Royalty Agreements or Labor Contracts, including Duration**

None; not applicable.

**Need for any Governmental Approval of Principal Products or Services**

Because we currently have no business operations, produce no products nor provide any services, we are not presently subject to any governmental regulation in this regard.  However, in the event that we complete a business combination transaction, we will become subject to all governmental approval requirements to which the reorganized, merged or acquired entity is subject or may become subject. 

**Effect of Existing or Probable Governmental Regulations on the Business**

We are subject to the following regulations of the SEC and applicable securities laws, rules and regulations:

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**Securities and Exchange Commission and Sarbanes/Oxley Act**

**Smaller Reporting Company**

We are subject to the reporting requirements of Section 13 of the Exchange Act, subject to the disclosure requirements of Regulation S-K of the Securities and Exchange Commission, as a “smaller reporting company.”  That designation will relieve us of some of the informational requirements of Regulation S-K applicable to larger companies.

 

**Sarbanes/Oxley Act**

We are subject to the Sarbanes-Oxley Act of 2002.  The Sarbanes/Oxley Act created a strong and independent accounting oversight board to oversee the conduct of auditors of public companies and strengthens auditor independence.  It also requires steps to enhance the direct responsibility of senior members of management for financial reporting and for the quality of financial disclosures made by public companies; establishes clear statutory rules to limit, and to expose to public view, possible conflicts of interest affecting securities analysts; creates guidelines for audit committee members’ appointment, compensation and oversight of the work of public companies’ auditors; management assessment of our internal controls; prohibits certain insider trading during pension fund blackout periods; requires companies and auditors to evaluate internal controls and procedures; and establishes a federal crime of securities fraud, among other provisions. Compliance with the requirements of the Sarbanes/Oxley Act will substantially increase our legal and accounting costs.

**Exchange Act Reporting Requirements**

Section 14(a) of the Exchange Act requires all companies with securities registered pursuant to Section 12(g) of the Exchange Act to comply with the rules and regulations of the Securities and Exchange Commission regarding proxy solicitations, as outlined in Regulation 14A. Matters submitted to our shareholders at a special or annual meeting thereof or pursuant to a written consent will require us to provide our shareholders with the information outlined in Schedules 14A or 14C of Regulation 14; preliminary copies of this information must be submitted to the Securities and Exchange Commission at least 10 days prior to the date that definitive copies of this information are forwarded to shareholders. 

We are also required to file annual reports on Form 10-K and quarterly reports on Form 10-Q with the Securities and Exchange Commission on a regular basis, and will be required to timely disclose certain material events (e.g., changes in corporate control; acquisitions or dispositions of a significant amount of assets other than in the ordinary course of business; and bankruptcy) in a Current Report on Form 8-K. 

**Research and Development Costs During the Last Two Fiscal Years**

None; not applicable.

**Cost and Effects of Compliance with Environmental Laws**

Our current business operations are not subject to any material environmental laws, rules or regulations that would have an adverse material effect on our business operations or financial condition or result in a material compliance cost; however, we will become subject to all such governmental requirements to which the reorganized, merged or acquired entity is subject or may become subject, on the closing of a business combination. 

**Number of Total Employees and Number of Full-Time Employees**

We have no employees.

**Additional Information**

You may read and copy any materials that we file with the Securities and Exchange Commission at the Securities and Exchange Commission’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549.  You may also 

9

find all of the reports or registration statements that we have filed electronically with the Securities and Exchange Commission at its Internet site at www.sec.gov.  Please call the Securities and Exchange Commission at 1-202-551-8090 for further information on this or other Public Reference Rooms.  Our Securities and Exchange Commission reports and registration statements are also available from commercial document retrieval services, such as CCH Washington Service Bureau, whose telephone number is 1-800-955-0219.

**ITEM 1A.  RISK FACTORS**

In any business venture, there are substantial risks specific to the particular enterprise which cannot be ascertained until a potential acquisition, reorganization or merger candidate has been identified; however, at a minimum, our present and proposed business operations will be highly speculative and will be subject to the same types of risks inherent in any new or unproven venture, and will include those types of risk factors outlined below. 

**Extremely Limited Assets and No Source of Revenue; Accordingly, We May Fail.**

We have no assets and have had no revenue since 1987; nor will we receive any revenue until we complete a business combination, at the earliest.  We can provide no assurance that any acquired or commenced business will produce any material revenues for us or benefit for our stockholders or that any such business will operate on a profitable basis. 

**We Are Deemed to be a Shell Company Until We Adopt a Business Plan and Commence Principal Significant Operations.**

Our present limited business operations involve those of a shell company.  The only activities to be conducted by us include maintaining our good standing in the State of Utah, compliance with our reporting requirements with the SEC and the seeking out and investigating the potential acquisition of any viable business opportunity in a business combination. 

**Discretionary Use of Proceeds; Blank Check or Shell Company.**

Because we are not currently engaged in any substantive business activities, as well as management’s broad discretion with respect to selecting a business or industry for commencement of operations or completing a business combination, we are deemed to be a blank check or shell company.  Although management intends to apply any proceeds we may receive through the issuance of our common stock or debt securities to a suitable business enterprise or combination, subject to the criteria identified in Item 1, such proceeds will not otherwise be designated for any more specific purpose.  We can provide no assurance that any use or allocation of such proceeds will allow us to achieve our business objectives. 

**We Are Not Currently Engaged in any Substantive Business Activity, and We Have No Plans to Engage in any Such Activity in the Foreseeable Future, Except the Search for a Business or an Entity to Acquire that May Be Beneficial to Us and that May Benefit Our Stockholders.**

When and if we will complete a business combination is presently unknown, and will depend upon various factors, including but not limited to, funding and its availability; and if and when any potential acquisition may become available to us on terms acceptable to us.  No assurance can be given that any such opportunity will be made available to us or will be completed; and if made available or completed, will benefit us or our stockholders.

**We Will Seek Out Business Opportunities.**

Management will seek out and investigate business opportunities through every reasonably available fashion, including personal contacts, professionals, securities broker dealers, venture capital personnel, members of the financial community and others who may present unsolicited proposals; we may also advertise our availability as a vehicle to bring a company to the public market through a reverse reorganization or merger business combination, subject to the limitations on any such advertising that are included in the Securities Act of 1933, as amended (the “Securities Act”), and the General Rules and Regulations of the SEC promulgated thereunder. 

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**Absence of Substantive Disclosure Relating to Prospective Acquisitions.**

Because we have not yet identified any industry or potential business combination that we may engage in or acquire, potential investors in us will have virtually no substantive information upon which to base a decision of whether to invest in us.  Potential investors would have access to significantly more information if we had already identified a potential acquisition or business combination, or if the acquisition or business combination target had made an offering of its securities directly to the public.  We can provide no assurance that any investment in us will not ultimately prove to be less favorable than such a direct investment. 

**Unspecified Industry and Acquired Business and Unascertainable Risks May Cause us to Fail.**

We have not identified any particular industry or business in which to concentrate our efforts.  Accordingly, prospective investors in us currently have no basis to evaluate the comparative risks and merits of investing in the industry or business in which we may acquire or otherwise engage in.  To the extent that we may acquire a business in a high risk industry, we will become subject to those risks.  Similarly, if we acquire a financially unstable business or a business that is in the early stages of development, we will become subject to the numerous risks to which such businesses are subject.  Although management intends to consider the risks inherent in any industry and business in which we may become involved, there can be no assurance that we will correctly assess such risks. 

**Uncertain Structure of Any Acquisition and Unknown Dilution to Our Stockholders.**

Management has had no preliminary contact or discussions regarding, and there are no present plans, proposals or arrangements, to engage in or acquire any specific business, assets or property in a business combination or otherwise.  Accordingly, it is unclear whether such an acquisition or business combination would take the form of an exchange of capital stock, a merger or an asset acquisition.  However, because we have virtually no resources as of the date of this Annual Report, management expects that any such acquisition or business combination would take the form of an exchange of our capital stock that would further dilute our stockholders. 

**Auditor’s “Going Concern” Opinion that Expresses Doubt About Our Ability to Continue as a Going Concern.**

Our auditors who audited our financial statements for the calendar years ended June 30, 2011, and 2010, have expressed substantial doubt about our ability to continue as a going concern in Note 8 of our financial statements for the years ended June 30, 2011, and 2010, which accompany this Annual Report, due to our status as a shell company and our lack of profitable operations or available funds.  See our financial statements, Item 8.

**There Are Losses Associated with Startup Companies, and We May Fail.**

We have not had a profitable operating history; and we cannot guarantee that we will become profitable or that we will complete any business combination of any kind or that if one is completed, that it will become profitable. 

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**Federal and State Restrictions on Blank Check or Shell Companies that Will Further Limit Our Opportunities.  **

**Federal Restrictions**

Recent amendments to SEC Form 8-K by the SEC regarding shell companies and transactions with shell companies require the filing of the Form 10 Information about an acquired company that would have been required to have been filed had any such company filed a Form 10 Registration Statement with the SEC, along with required audited, interim and proforma financial statements, within four business days of the closing of any such transaction. These new regulations also deny the use of SEC Form S-8 for the registration of securities of a shell company, and limit the use of SEC Form S-8 to a reorganized shell company until the expiration of 60 days from when any such shell company is no longer considered to be a shell company.  This prohibition could further restrict opportunities for us to acquire companies that may already have stock option plans in place that cover numerous employees.  In such instances, there may be no exemption from registration under the Securities Act for the issuance of securities in any business combination to these employees, thereby necessitating the filing of a registration statement with the SEC to complete any such business combination, and incurring the time and expense normally avoided by reverse reorganizations or mergers.

Further, recent amendments to Rule 144 adopted by the SEC and effective on February 15, 2008, codify the SEC’s prior position limiting the tradeability of certain securities of shell companies, including those issued by shell companies in any acquisition or business combination, and further limit the tradeability of additional securities of shell companies; these proposals will further restrict the availability of opportunities for us to acquire any business or enterprise that may desire to utilize us as a means of going public.  See the heading “Rule 144” of Item 5 for a discussion of the general requirements of Rule 144 and the limitations of Rule 144 with respect to shell companies.

If we publicly offer any securities as a condition to the closing of any acquisition or business combination while we are a blank check or shell company, we will have to fully comply with SEC Rule 419 and deposit all funds in escrow pending advice about the proposed transaction to our stockholders fully disclosing all information required by Regulation 14 of the SEC and seeking the vote and agreement of investment of those stockholders to whom such securities were offered; if no response is received from these stockholders within 45 days thereafter or if any stockholder elects not to invest following our advice about the proposed transaction, all funds that must be held in escrow by us under Rule 419, as applicable, will be promptly returned to any such stockholder.  All securities issued in any such offering will likewise be deposited in escrow, pending satisfaction of the foregoing conditions.  This is only a brief summary of Rule 419.  We do not anticipate making any public offerings of our securities that would come within the context of an offering described in Rule 419.

All of these laws, rules and regulations could severely restrict us from completing an acquisition of any business combination for the following reasons, among others:

·

The time and expense in complying with any of the foregoing could be prohibitive and eliminate the reasons for a reverse reorganization or merger.

·

Management or others who own or are to receive shares that may be subject to the new resale limitations of Rule 144 may demand registration rights for these shares, and the acquisition or business combination candidate may refuse to grant them by reason of the time, cost and expense involved; or because the filing of any such registration statement may be integrated with planned financing options of the acquisition or business combination candidate that could prohibit or interfere with such options or such registration statement. 

·

Demands for cash in lieu of securities could be too high a cost of dilution to the acquisition or business combination candidate, especially when taking into account the dilution that results from the shareholdings that are retained by our stockholders.

·

These costs and expenses, if agreed upon, would no doubt further dilute our stockholders, as any acquisition or business combination candidate may not be willing to leave as many shares with our stockholders in any such transaction, had these issues not been present.

12

·

Finder’s and parties who may introduce acquisition or business combination candidates to us may be unwilling to introduce any such candidates if shares to be issued to them are not registered for resale with the SEC, which would restrict our ability to attract potential candidates.

·

Will limit resales of securities issued in acquisitions or business combinations by providing a 12 month holding period from the filing of the Form 10 information required to be filed with the SEC within four days of the closing of any such transaction, thereby denying acquired companies’ stockholders the newly proposed six month holding period that they would be subject to if their company went public by means other than the use of a shell company.

**State Restrictions**

Presently, a total of 34 states prohibit or substantially restrict the registration and sale of shares of blank check or shell companies within their borders.  We intend to comply fully with all state securities laws, and plan to take the steps necessary to ensure that any future offering of our securities are limited to those states in which such offerings are allowed.  However, while we have no substantive business operations and are deemed to be a blank check or shell company, these legal restrictions may have a material adverse impact on our ability to raise capital, because potential purchasers of our securities must be residents of states that permit the purchase of such securities.  These restrictions may also limit or prohibit stockholders from reselling shares of common stock within the borders of regulating states.  Section 18 of the Securities Act exempts private sales of shares of blank check or shell companies from state registration laws, rules and regulations if sold under SEC Rule 506.

By regulation or policy statement, some states place various restrictions on the sale or resale of equity securities of blank check or shell companies.  These restrictions include, but are not limited to, heightened disclosure requirements, exclusion from “manual listing” registration exemptions for secondary trading privileges and outright prohibition of public offerings of such companies.

In most jurisdictions, blank check and shell companies are not eligible for participation in the Small Corporate Offering Registration (“SCOR”) program, which permits an issuer to notify the SEC of certain offerings registered in such states by short form filing.  All states (with the exception of Alabama, Minnesota, Nebraska and New York) have adopted some form of SCOR.  States participating in the SCOR program also allow applications for registration of securities by qualification via filing of a Form U-7 with the states’ securities commissions.  Nevertheless, while we are a blank check or shell company, we do not anticipate making any SCOR offering or other public offering in the foreseeable future, even in any jurisdiction where we may be eligible for participation in SCOR.

The net effect of the above-referenced laws, rules and regulations will be to place significant restrictions on our ability to register, offer and sell and/or to develop a secondary market for shares of our common stock in virtually every jurisdiction in the United States.  These restrictions should cease once and if we acquire a venture by acquisition or business combination, so long as the business operations succeeded to involve sufficient activities of a specific nature.

**Management to Devote Insignificant Time to Activities of Our Company, Which Will Limit Opportunities that May Be Made Available to Us and Our Business Model May Fail.**

Members of our management are not required to devote their full time to our affairs.  Because of their time commitments, as well as the fact that we have limited business operations and funds, the members of our management currently devote approximately one hour per week to our activities, and will continue to do so until such time as we have identified a suitable acquisition or business combination candidate, or have determined to engage in a particular business or industry and have commenced such operations.

**There is a Limited Market for Our Common Stock.**

Our common stock is quoted on the OTC Bulletin Board of FINRA, with the symbol GRTK, however there is no guarantee that any market for our common stock will be maintained.  Any market price for shares of our common 

13

stock is likely to be very volatile, and numerous factors beyond our control may have a significant effect.  In addition, the stock markets generally have experienced, and continue to experience, extreme price and volume fluctuations that have affected the market price of many small capital companies and that have often been unrelated to the operating performance of these companies.  These broad market fluctuations, as well as general economic and political conditions, may adversely affect the market price of shares of our common stock in any market that may develop.  Sales of “restricted securities” under Rule 144 or pursuant to registration statements may also have an adverse effect on any market that may develop.  See the heading “Rule 144” of Item 5.

**Our Common Stock is “Penny Stock” Under SEC General Rules and Regulations, Which Means There Will be a Very Limited Trading Market for Our Shares if Any Trading Market Ever Develops.**

Our common stock is deemed to be “penny stock” as that term is defined in SEC Rule 3a51-1.  Penny stocks are stocks (i) with a price of less than $5.00 per share; (ii) that are not traded on a “recognized” national exchange; (iii) whose prices are not quoted on the NASDAQ automated quotation system (NASDAQ-listed stocks must still meet requirement (i) above); or (iv) in issuers with net tangible assets less than $2,000,000 (if the issuer has been in continuous operation for at least three years) or $5,000,000 (if in continuous operation for less than three years), or with average revenues of less than $6,000,000 for the last three years. 

Section 15(g) of the Exchange Act and Rule 15g-2 of the SEC require broker dealers dealing in penny stocks to provide potential investors with a document disclosing the risks of penny stocks and to obtain a manually signed and dated written receipt of the document before effecting any transaction in a penny stock for the investor’s account. Potential investors in our common stock are urged to obtain and read such disclosure carefully before purchasing any shares that are deemed to be penny stock.

Moreover, SEC Rule 15g-9 requires broker dealers in penny stocks to approve the account of any investor for transactions in such stocks before selling any penny stock to that investor.  This procedure requires the broker dealer to (i) obtain from the investor information concerning his or her financial situation, investment experience and investment objectives; (ii) reasonably determine, based on that information, that transactions in penny stocks are suitable for the investor and that the investor has sufficient knowledge and experience as to be reasonably capable of evaluating the risks of penny stock transactions; (iii) provide the investor with a written statement setting forth the basis on which the broker dealer made the determination in (ii) above; and (iv) receive a signed and dated copy of such statement from the investor, confirming that it accurately reflects the investor’s financial situation, investment experience and investment objectives.  Compliance with these requirements may make it more difficult for investors in our common stock to resell their shares to third parties or to otherwise dispose of them. 

**Our Shares Are Subject to Additional Rule 144 Resale Restrictions Applicable to Shell Companies that May Make an Acquisition or Business Combination With Us Less Suitable as a Means of Becoming a Publicly-Held Company.**

Any securities issued by us while we are a shell company will be subject to resale limitations imposed on shell companies that limit the resale of securities issued by shell companies until 12 months after the cessation of a shell company status and the filing of the Form 10 Information about the acquired company as required by Item 5.01(a)(8) of SEC Form 8-K.  

**ITEM 2:  PROPERTIES**

We have no assets or property; our principal executive office address and telephone number are the business office address and telephone number of Public Equity Group Inc. in Louisville, Kentucky and are currently provided at no cost.  Because we have had no business, our activities have been limited to keeping us in good standing in the State of Utah. These activities have consumed an insignificant amount of management’s time; accordingly, the costs of providing the use of this office address and telephone have been nominal. 

14

**ITEM 3:  LEGAL PROCEEDINGS**

We are not a party to any pending legal proceeding. To the knowledge of our management, no federal, state or local governmental agency is presently contemplating any proceeding against us.  No director, executive officer or affiliate of ours or owner of record or beneficially of more than 5% of our common stock is a party adverse to us or has a material interest adverse to us in any proceeding. 

**ITEM 4:  (Removed and Reserved).**

**PART II**

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

**Market Information**

There is no “established trading market” for our shares of common stock.  Our shares of common stock are listed on the OTC Bulletin Board of the Financial Industry Regulatory Authority, Inc. (“FINRA”) under the symbol “GRTK;” however, management does not expect any established trading market to develop in our shares of common stock unless and until we have material operations.  In any event, no assurance can be given that any market for our common stock will develop or be maintained. If a public market ever develops in the future, the sale of shares of our common stock that are deemed to be “restricted securities” pursuant to Rule 144 of the SEC by members of management or others may have a substantial adverse impact on any such market.  See the heading “Rule 144” below for requirements of resales of shares of our common stock under Rule 144.  

Set forth below are the high and low closing bid prices for our common stock since the commencement of quotations on December 10, 2009 on the OTC Bulletin Board. The following quotes are through the most recent year end: 

**Quarter**

**Period**

**High Bid**

**Low Bid**

 

 

 

 

2012  First 

July 1 – September 30, 2011

None

None

 

 

 

 

2011  First 

July 1 – September 30, 2010

None

None

           Second 

October 1 – December 31, 2010

$0.10

$0.10

           Third 

January 1 – March 31, 2011

None

None

           Fourth 

April 1 – June 30, 2011

None

None

 

 

 

 

2010  Second

December 10 – December 31, 2009

$0.01

$0.01

            Third

January 1 – March 31, 2010

None

None

            Fourth

April 1 – June 30, 2010

$0.10

$0.10

15

**Rule 144**

The following is a summary of the current resale requirements of Rule 144:

 

Affiliate or Person Selling on Behalf of an Affiliate

Non-Affiliate (and has not been an Affiliate During the Prior Three Months)

Restricted Securities of Reporting Issuers

During six-month holding period – no resales under Rule 144 Permitted.  

After Six-month holding period – may resell in accordance with all Rule 144 requirements including:

·

Current public information,

·

Volume limitations,

·

Manner of sale requirements for equity securities, and

·

Filing of Form 144.

During six- month holding period – no resales under Rule 144 permitted.

After six-month holding period but before one year – unlimited public resales under Rule 144 except that the current public information requirement still applies.

After one-year holding period – unlimited public resales under Rule 144; need not comply with any other Rule 144 requirements.

Restricted Securities of Non-Reporting Issuers

During one-year holding period – no resales under Rule 144 permitted.

After one-year holding period – may resell in accordance with all Rule 144 requirements including:

·

Current public information,

·

Volume limitations,

·

Manner of sale requirements for equity securities, and

·

Filing of Form 144.

During one-year holding period – no resales under Rule 144 permitted.

After one-year holding period – unlimited public resales under Rule 144; need not comply with any other Rule 144 requirements.

**Shell Companies**

The following is an excerpt from Rule 144(i) regarding resales of securities of shell companies:

“(i)

Unavailability to securities of issuers with no or nominal operations and no or nominal non-cash assets.

(1)

This section is not available for the resale of securities initially issued by an issuer defined below:

(i)

An issuer, other than a business combination related shell company, as defined in §230.405, or an asset-backed issuer, as defined in Item 1101(b) of Regulation AB (§229.1101(b) of this chapter), that has:

(A)

No or nominal operations; and

(B)

Either:

(1)

No or nominal assets;

(2)

Assets consisting solely of cash and cash equivalents; or

(3)

Assets consisting of any amount of cash and cash equivalents and nominal other assets; or

16

(ii)

An issuer that has been at any time previously an issuer described in paragraph (i)(1)(i).

(2)

Notwithstanding paragraph (i)(1), if the issuer of the securities previously had been an issuer described in paragraph (i)(1)(i) but has ceased to be an issuer described in paragraph (i)(1)(i); is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act; has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable, during the preceding 12 months (or for such shorter period that the issue was required to file such reports and materials), other than Form 8-K reports (§249.308 of this chapter); and has filed current “Form 10 information” with the SEC reflecting its status as an entity that is no longer an issuer described in paragraph (i)(1)(i), then those securities may be sold subject to the requirements of this section after 12 months have elapsed from the date that the issuer filed “Form 10 information” with the SEC.

(3)

The term “Form 10 information” means the information that is required by Form 10 or Form 20-F (§249.220f of this chapter), as applicable to the issuer of the securities, to register under the Exchange Act each class of securities being sold under this rule.  The issuer may provide the “Form 10 information” in any filing of the issuer with the SEC.  The “Form 10 information” is deemed filed when the initial filing is made with the SEC.”

Securities of a shell company cannot be publicly sold under Rule 144 in the absence of compliance with this subparagraph.

**Section 4(1) of the Securities Act**

Since we are a shell company as defined in subparagraph (i) of Rule 144, our shares of common stock that were issued while or after we became a shell company cannot be publicly resold under Rule 144 until we comply with the requirements outlined above under the heading “Shell Companies.”  Until those requirements have been satisfied, any resales of our shares of common stock must be made in compliance with the provisions of the exemption from registration under the Securities Act provided in Section 4(1) thereof, applicable to persons other than “an issuer, underwriter or a dealer.”  That will require that such shares of common stock be sold in “routine trading transactions,” which would include compliance with substantially all of the requirements of Rule 144, including the availability of “current public information” about us as required by subparagraph (c) (1) or (c)(2) of Rule 144, regardless of the Rule’s availability; and such resales may be limited to our non-affiliates.  It has been the position of the SEC that the Section 4(1) exemption is not available for the resale of any securities of an issuer that is or was a shell company, by directors, executive officers, promoters or founders or their transferees.  See NASD Regulation, Inc., CCH Federal Securities Law Reporter, 1990-2000 Decisions, Paragraph No. 77,681, the so-called “Worm-Wulff Letter.”  The current position of the SEC that is contained in Securities Act Release No. 33-8899, effective February 15, 2008, and that codified the position of the SEC set forth in the Worm-Wulff Letter and revised Rule 144 as outlined above, is that Rule 144 now defines what resales can be made under Section 4(1) of the Securities Act, and with limited exceptions, which are set forth in footnote 172 of that Release, shares of shell companies must be sold in compliance with Rule 144(i) that is quoted above.

**Holders**

The number of record holders of our common stock as of the date of this Annual Report is approximately 197, excluding an undetermined number of holders whose shares are held in broker dealer accounts or the Depository Trust Company.

**Dividends**

We have not declared any cash dividends with respect to our common stock and do not intend to declare dividends in the foreseeable future.  Our future dividend policy cannot be ascertained with any certainty, and if and until we complete any acquisition or business combination, no such policy will be formulated. There are no material restrictions limiting, or that are likely to limit, our ability to pay dividends on our securities. 

17

**Securities Authorized for Issuance under Equity Compensation Plans**

Plan Category

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

Weighted-average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

 

(a)

(b)

(c)

Equity compensation plans approved by security holders

None

None

None

Equity compensation plans not approved by security holders

None

None

None

Total

None

None

None

**Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities**

**Recent Sales of Unregistered Securities**

None.

**Use of Proceeds of Registered Securities**

We had no proceeds from the sale of registered securities during the periods covered by this Annual Report or the fiscal periods reported in our financial statements that accompany this Annual Report.

**Purchases of Equity Securities by Us and Affiliated Purchasers**

There were no purchases of our equity securities by us or any affiliated purchasers during fiscal years ended June 30, 2011, and 2010. 

**ITEM 6.  SELECTED FINANCIAL DATA.**

Not required for smaller reporting companies.

**ITEM 7:  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION**

Statements made in this Annual Report about us that are not purely historical are forward-looking statements with respect to our goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the communities in which we conduct our business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our operations, products, services and prices, among others. 

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaims, any 

18

obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements. 

**Plan of Operation**

Our plan of operation for the next 12 months is to: (i) consider guidelines of industries in which we may have an interest; (ii) adopt a business plan regarding engaging in the business of any selected industry; and (iii) to commence such operations through funding and/or the acquisition or business combination with a going concern engaged in any industry selected. 

During the next 12 months, our only foreseeable cash requirements, which may be advanced by our management or principal stockholders as loans to us, will relate to maintaining our good standing or the payment of expenses associated with legal, accounting and other fees related to our compliance with the Exchange Act requirements of being a reporting issuer and reviewing or investigating any potential acquisition or business combination candidate. Because we have not determined any business or industry in which our operations will be commenced, and we have not identified any prospective acquisition or business combination candidate as of the date of this Annual Report, it is impossible to predict the amount of any such costs or required advances.  Any such loan will be on terms no less favorable to us than would have been made available to us from a commercial lender in an arm’s length transaction.   

**Management’s Discussion and Analysis of Financial Condition and Results of Operations**

**Year Ended June 30, 2011 compared to the Year Ended June 30, 2010**

We have had no material business operations since December, 1987. 

During the fiscal year ended June 30, 2011, we had a net loss of $52,071, compared with a net loss of $29,906 for the fiscal year ended June 30, 2010.  The increase in net loss in 2011 was due to our efforts to comply with the Sarbanes/ Oxley Act provisions and the cost to comply with the Securities Exchange Act of 1934, as amended.  Except as described above, we have received no revenues in either of our two most recent fiscal years.  See the Item 8, of this Annual Report. 

**Liquidity and Capital Resources**

We had cash or cash equivalents on hand at June 30, 2011 and June 30, 2010, of $0 and $3,660; respectively.  If additional funds are required in connection with our present planned business operations of seeking an acquisition or business combination candidate or for Exchange Act filings or other expenses, such funds may be advanced by management or principal stockholders.  During the year ended June 30, 2011, advances were made to the Company by a principal stockholder, JM International, Ltd., in the amount of $25,930 which were still outstanding as of June 30, 2011.  Other advances were made to the Company during the year ended June 30, 2011 by our former Secretary/Treasurer and a director, Eslie Barlow, in the amount of $19,600. The aggregate amount of expense advances by Mr. Barlow through June 30, 2011, is $83,850 which was paid to Mr. Barlow at the closing of the share acquisition, and led to the current change in control.

**Off-Balance Sheet Arrangements**

We had no off-balance sheet arrangements during any of the period covered by this Annual Report or the financial statements that accompany this Annual Report.

**ITEM 7A:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for smaller reporting companies.

19

**ITEM 8:  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**GREENTEK CORP.**

** (A Development Stage Company)**

Financial Statements for the Year Ended

June 30, 2011 and

from inception on August 21, 1978 through

June 30, 2010

**CONTENTS**

Report of Independent Registered Public Accounting Firm

21

Balance Sheets

22

Statements of Operations

23

Statements of Stockholders’ Deficit

24-25

Statements of Cash Flows

26

Notes to the Financial Statements

27-35

20

**Morrill & Associates, LLC**

Certified Public Accountants

563 West 500 South, Suite 425

Bountiful, Utah 84010

801-546-9068 Phone; 801-546-8211 Fax

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders

GreenTek Corp. (formerly PSP Industries, Inc.)

(A Development Stage Company)

Louisville, KY 

We have audited the accompanying balance sheet of GreenTek Corp. (formerly PSP Industries, Inc.) (a development stage company) as of June 30, 2011 and 2010 and the related statements of operations, stockholders’ deficit and cash flows for the years then ended and from inception on August 21, 1978 through June 30, 2011. These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of GreenTek Corp. (formerly PSP Industries, Inc.) (a development stage company) as of June 30, 2011 and 2010 and the results of its operations and cash flows for the years ended June 30, 2011 and 2010 and from inception on August 21, 1978 through June 30, 2011 in conformity with generally accepted accounting principles in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company has suffered recurring losses and has no operations which raise substantial doubt about its ability to continue as a going concern.  Management’s plans in regard to these matters are described in Note 8. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

*/s/ Morrill & Associates*

Morrill & Associates

Bountiful, Utah 84010

October 10, 2011

 

21

**GREENTEK CORP.**

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

2011

 

2010

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 $                        -

 

 $               3,660

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

 

 

 

 $                        -

 

 $               3,660

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

 

 

 $                2,668

 

 $             18,259

 

Notes payable

 

 

 

 

               - 

 

                2,700

 

Notes payable - related party

 

 

 

             25,930 

 

64,250

 

 

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

 

 

 

28,598

 

85,209

 

 

TOTAL LIABILITIES

 

 

 

 

28,598

 

85,209

STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares

 

 

 

 

 

 authorized, 1,715,004 shares issued and outstanding

 

1,715

 

1,715

 

Additional paid-in capital

 

 

 

 

           258,845 

 

153,823

 

Deficit accumulated during the development stage

 

 

         (289,158)

 

          (237,087)

 

 

 

 

 

 

 

 

 

 

 

 

Total Stockholders' Deficit

 

 

 

 

           (28,598)

 

            (81,549)

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS'  DEFICIT

 

 $                        -

 

 $               3,660

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

22

**GREENTEK CORP.**

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 From Inception 

 

 

 

 

 

 

 

 

 

 on August 21, 

 

 

 

 

 

For the Year Ended

 

1978 Through

 

 

 

 

 

June 30,

 

June 30,

 

June 30,

 

 

 

 

 

2011

 

2010

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET REVENUES

 

 

 $                   -   

 

 $                -   

 

 $                   - 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

46,252

 

24,212

 

267,238

 

Interest expense

 

 

5,819

 

5,694

 

21,920

 

 

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

 

52,071

 

29,906

 

289,158

 

 

 

 

 

 

 

 

 

 

NET LOSS BEFORE INCOME TAXES

 

 

(52,071)

 

           (29,906)

 

(289,158)

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

                      -   

 

                      -   

 

                    -   

 

 

 

 

 

 

 

 

 

 

NET LOSS

 

 

(52,071) 

 

$        (29,906)

 

 $      (289,158)

 

 

 

 

 

 

 

 

 

 

BASIC NET LOSS PER SHARE

 

 

 $             (0.03)

 

 $             (0.02)

 

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF

 

 

 

 

 

 

 

 SHARES OUTSTANDING

 

 

1,715,004

 

1,715,004

 

 

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

23

**GREENTEK CORP.**

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Statements of Stockholders' Deficit From Inception on

August 21, 1978 through June 30, 2011

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

Additional

 

During the

 

 

Common Stock

 

Paid-In

 

Development

 

 

Shares

 

Amount

 

Capital

 

Stage

Balance at Inception on

 

 

 

 

 

 

 

 

 August 21, 1978

 

                         - 

 

 $                   -   

 

 $                   -   

 

 $              -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for cash at $0.01 per share

 

              20,000 

 

                      20 

 

                 9,980 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for cash at $0.001 per share

 

                 5,000 

 

                        5 

 

                 2,495 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for mining claims

 

              80,000 

 

                      80 

 

              39,920 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for cash at $0.001 per share

 

            141,250 

 

                    141 

 

              70,609 

 

                 -   

Issuance of common stock for

 

 

 

 

 

 

 

 

 costs to develop mining claims

 

              40,000 

 

                      40 

 

                 1,960 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 in exchange for all of the

 

 

 

 

 

 

 

 

 outstanding stock of PSP

 

 

 

 

 

 

 

 

 Synfuels & Technology, Inc.

 

 

 

 

 

 

 

 

 and subsidiary, March 1984

 

            978,750 

 

                    979 

 

                 8,809 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for services at $0.001 per share,

 

 

 

 

 

 

 

 

 October 1996

 

              50,000 

 

                      50 

 

                    450 

 

                 -   

Issuance of common stock

 

 

 

 

 

 

 

 

 for services at $0.001 per share,

 

 

 

 

 

 

 

 

 November 2000

 

            400,000 

 

                    400 

 

                 3,600 

 

                 -   

Contributed capital for expenses

 

                     -   

 

                     -   

 

                 3,500 

 

                 -   

Net loss from inception to

 

 

 

 

 

 

 

 

 June 30, 2001

 

                     -   

 

                     -   

 

                     -   

 

     (150,302)

 

 

 

 

 

 

 

 

 

Balance, June 30, 2001

 

         1,715,000 

 

 $             1,715 

 

 $         141,323 

 

 $  (150,302)

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2002

 

                       -  

 

                   -   

 

                    -   

 

         (3,378)

 

 

 

 

 

 

 

 

 

Balance, June 30, 2002

 

         1,715,000 

 

                 1,715 

 

            141,323 

 

     (153,680)

The accompanying notes are an integral part of these financial statements

24

**GREENTEK CORP.**

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Statements of Stockholders' Deficit From Inception on

August 21, 1978 through June 30, 2011 (Continued)

 

 

 

 

 

 

 

 

Deficit

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Additional

 

During the

 

 

Common Stock

 

Paid-In

 

Development

 

 

Shares

 

Amount

 

Capital

 

Stage

Balance, June 30, 2002

 

         1,715,000 

 

 $             1,715 

 

 $         141,323 

 

 $  (153,680)

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2003

 

                       -   

 

                     -   

 

                      -   

 

            (971)

Balance, June 30, 2003

 

         1,715,000 

 

                 1,715 

 

            141,323 

 

     (154,651)

Contributed capital for expenses

 

                       -   

 

                     -   

 

                   112 

 

                 -   

Fractional shares issued in the

 

 

 

 

 

 

 

 

 reverse stock split

 

                        4 

 

                     -   

 

                     -   

 

                 -   

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2004

 

                    -   

 

                   -   

 

                   -   

 

      (4,199)

Balance, June 30, 2004

 

         1,715,004 

 

                 1,715 

 

            141,435 

 

     (158,850)

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2005

 

                       -   

 

                      -   

 

                     -   

 

       (1,421)

Balance, June 30, 2005

 

         1,715,004 

 

                 1,715 

 

            141,435 

 

    (160,271)

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2006

 

                       -   

 

                     -   

 

                     -   

 

       (1,487)

Balance, June 30, 2006

 

         1,715,004 

 

                 1,715 

 

            141,435 

 

     (161,758)

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2007

 

                       -   

 

                     -   

 

                     -   

 

        (1,390)

Balance, June 30, 2007

 

         1,715,004 

 

                 1,715 

 

            141,435 

 

     (163,148)

Issuance of common stock for

 

 

 

 

 

 

 

 

 note payable and interest at

 

 

 

 

 

 

 

 

 $0.001 per share, October 2007

 

       12,387,500 

 

              12,388 

 

                      -   

 

                 -   

Net loss for the year ended

 

 

 

 

 

 

 

 

 June 30, 2008

 

                       -   

 

                     -   

 

                    -   

 

     (15,853)

Balance, June 30, 2008

 

       14,102,504 

 

            14,103 

 

          141,435 

 

   (179,001)

Common stock cancelled

 

(12,387,500)

 

(12,388)

 

12,388

 

-

Net loss for the year ended June 30, 2009

 

-

 

-

 

-

 

(28,180)

Balance, June 30, 2009

 

1,715,004

 

              1,715

 

           153,823

 

  (207,181)

Net loss for the year ended June 30, 2010

 

-

 

-

 

-

 

(29,906)

Balance, June 30, 2010

 

1,715,004

 

$            1,715

 

$          153,823

 

$   (237,087)

Equity contributed to pay liabilities

 

-

 

-

 

105,022

 

-

Net loss for the year ended June 30, 2011

 

-

 

-

 

-

 

(52,071)

Balance, June 30, 2011

 

1,715,004

 

$            1,715

 

$          258,845

 

$   (289,158)

The accompanying notes are an integral part of these financial statements

25

**GREENTEK CORP.**

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 From Inception 

 

 

 

 

 

 

 

 

 

 on August 21, 

 

 

 

 

 

For the Year Ended

 

1978 Through

 

 

 

 

 

June 30,

 

June 30,

 

June 30,

 

 

 

 

 

2011

 

2010

 

2011

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

Net loss

 

 

 $        (52,071)

 

 $          (29,906)

 

 $       (289,158)

 

Adjustments to reconcile net loss to net cash 

 

 

 

 

 

 

 

 used by operating activities:

 

 

 

 

 

 

 

 

Common stock issued for services rendered

 

               - 

 

-

 

            57,597 

 

Notes payable issued for services rendered

 

                    -   

 

                    -   

 

                5,400 

 

Notes payable - related party issued for

 

 

 

 

 

 

 

 services rendered

 

 

                    -   

 

                      -   

 

                4,000 

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts payable and

 

 

 

 

 

 

 

 

 accrued expenses

 

 

3,481

 

8,877

 

29,369

 

 

Net Cash Used by Operating Activities

 

(48,590)

 

               (21,029)

 

          (192,792)

CASH FLOWS FROM INVESTING ACTIVITIES

 

                    -   

 

                      -   

 

                       -   

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

Proceeds from notes payable - related parties

 

44,930

 

20,000

 

105,930

 

Contributed capital for expenses

 

 

                    -   

 

                      -   

 

                3,612 

 

Net proceeds from issuance of common stock

 

                    -   

 

                      -   

 

              83,250 

 

 

Net Cash Provided by Financing Activities

 

44,930

 

20,000

 

192,792

 

 

 

 

 

 

 

 

 

 

DECREASE IN CASH 

 

 

 

 

 

 

 

 AND CASH EQUIVALENTS

 

 

(3,660)

 

(1,029)

 

-

CASH AND CASH EQUIVALENTS AT

 

 

 

 

 

 

 

 BEGINNING OF PERIOD

 

 

3,660

 

4,689

 

                       -

CASH AND CASH EQUIVALENTS AT

 

 

 

 

 

 

 

 END OF PERIOD

 

 

 $                     -

 

 $              3,660

 

 $                      -

SUPPLEMENTAL DISCLOSURES:

 

 

 

 

 

 

 

 

Cash paid for interest

 

 

 $                  -   

 

 $                   -   

 

 $                   -   

 

Cash paid for income taxes

 

 

 $                  -   

 

 $                   -   

 

 $                   -   

NON-CASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

Common stock issued for services rendered

 

 $                  -   

 

 $                   -   

 

 $            57,597 

 

Notes payable and notes payable - related

 

 

 

 

 

 

 

 party issued for services rendered

 

 

 $                  -   

 

 $                   -   

 

 $             9,400 

 

Common stock issued for notes payable

 

 $                  -   

 

 $                   -   

 

 $             2,700 

 

Common stock  issued for notes payable - related party

 

$                  -   

 

$                   -    

 

$           13,400

 

Stock repurchase paid by related party

 

$                  -    

 

$                   -    

 

$                  20

 

Capital contributed for liabilities

 

$         105,022

 

$                   -    

 

$         105,022

The accompanying notes are an integral part of these financial statements

26

GREENTEK CORP.

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 1 -

ORGANIZATION AND DESCRIPTION OF BUSINESS

PSP Industries, Inc. (the Company) was incorporated in the State of Utah on August 21, 1978 with authorized common stock of 10,000,000 shares at $0.01 par value.  On January 30, 1980, the authorized common stock was increased to 50,000,000 shares with a change in par value to $0.001.  Effective February 17, 1984 the Company completed a reverse stock split of its common stock at 1 for 5 in conjunction with the acquisition of all of the outstanding stock of PSP Synfuels & Technology, Inc. (PSP), a Michigan corporation, in exchange for 978,750 shares of the Company.

The Company was initially in the business of developing mining claims except for the acquisition of PSP stock as noted above.  The Company’s mining development activity ceased in early 1984 by the transfer of all its assets and the settlement of its liabilities.  The Company has been in the development stage since its inception and has remained inactive since 1987.

Pursuant to a Common Stock Purchase Agreement dated March 24, 2011, GreenTek Limited, a Hong Kong company, purchased 898,170 shares of common stock, representing 52.3% of the issued and outstanding shares of the Company, from various shareholders.  Subsequently, the name of the Company was changed to GreenTek Corp.  

NOTE 2 -

SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements.  The financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity.  These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.  The following policies are considered to be significant:

a.

Accounting Method

The Company recognizes income and expenses based on the accrual method of accounting.  The Company has elected a June 30 fiscal year-end.

b.

Cash and Cash Equivalents

Cash equivalents are generally comprised of certain highly liquid investments with original maturities of less than three months.

c.

Use of Estimates in the Preparation of Financial Statements

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

27

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

(A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 2 -

SIGNIFICANT ACCOUNTING POLICIES (Continued)

d.

Basic Net Loss per Share of Common Stock (Continued)

In accordance with Financial Accounting Standards No. ASC 260, “Earnings per Share,” basic net loss per common share is based on the weighted average number of shares outstanding during the periods presented.  Diluted earnings per share is computed using 

weighted average number of common shares plus dilutive common share equivalents 

outstanding during the period.  There are no common stock equivalents as of June 30, 2011.

 

 

June 30,

2011

 

June 30,

2010

 

 

 

 

 

Net income (loss) (numerator)

 

$    (52,071)

 

$     (29,906)

Weighted average shares outstanding

(denominator)

 

1,715,004

 

1,715,004

Income (loss) per share amount

 

$        (0.03)

 

$         (0.02)

e.

Income Taxes

The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48)).  FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes.  This standard requires a company to determine whether it is more likely than not that a tax position will be sustained will be sustained upon examination based upon the technical merits of the position.  If the more-likely-than- not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements.  As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10.  

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

At June 30, 2011, the Company had net operating loss carryforwards of approximately $99,000 which may be offset against future taxable income through 2029.  No tax benefit has been reported in the financial statements because the potential tax benefits of the net operating loss carryforwards are offset by a valuation allowance of the same amount.

28

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 2 -

SIGNIFICANT ACCOUNTING POLICIES (Continued)

e.

Income Taxes (continued)

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations.  Should a change in ownership occur, net operating loss carryforwards may be limited as to future use.

Net deferred tax assets consist of the following components as of June 30, 2011 and 2010:

 

2011

 

2010

Deferred tax assets:

 

 

 

NOL Carryover

$             99,000

 

$        81,000

Valuation allowance

(99,000)

 

(81,000)

Net deferred tax asset

$                      -

 

$                 -

The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 34% to pretax income from continuing operations for the years ended June 30, 2011 and 2010 due to the following:

 

2011

 

2010

Current Federal Tax

$                    -

 

$                    -

Current State Tax

-

 

-

Change in NOL Benefit

18,000

 

11,000

Valuation allowance

(18,000)

 

(11,000)

 

$                    -

 

$                    -

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

 

 

Year ended June 30,

 

 

2011

 

2010

Beginning balance

 

$                      -

 

$                     -

Additions based on tax positions related to current year

 

-

 

 -

Additions for tax positions of prior years

 

-

 

-

Reductions for tax positions of prior years

 

-

 

-

Reductions in benefit due to income tax expense

 

-

 

-

Ending balance

 

$                    -

 

$                    -                         

29

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 2 - 

SIGNIFICANT ACCOUNTING POLICIES (Continued)

f.

Recent Accounting Pronouncements

In January 2010, the FASB issued Accounting Standards Update 2010-02, Consolidation (Topic 810): Accounting and Reporting for Decreases in Ownership of a Subsidiary. This amendment to Topic 810 clarifies, but does not change, the scope of current US GAAP. It clarifies the decrease in ownership provisions of Subtopic 810-10 and removes the potential conflict between guidance in that Subtopic and asset derecognition and gain or loss recognition guidance that may exist in other US GAAP. An entity will be required to follow the amended guidance beginning in the period that it first adopts FAS 160 (now included in Subtopic 810-10). For those entities that have already adopted FAS 160, the amendments are effective at the beginning of the first interim or annual reporting period ending on or after December 15, 2009. The amendments should be applied retrospectively to the first period that an entity adopted FAS 160. The Company does not expect the provisions of ASU 2010-02 to have a material effect on the financial position, results of operations or cash flows of the Company.

In January 2010, the FASB issued Accounting Standards Update 2010-01, Equity (Topic 505): Accounting for Distributions to Shareholders with Components of Stock and Cash (A Consensus of the FASB Emerging Issues Task Force). This amendment to Topic 505 clarifies the stock portion of a distribution to shareholders that allows them to elect to receive cash or stock with a limit on the amount of cash that will be distributed is not a stock dividend for purposes of applying Topics 505 and 260. Effective for interim and annual periods ending on or after December 15, 2009, and would be applied on a retrospective basis. The Company does not expect the provisions of ASU 2010-01 to have a material effect on the financial position, results of operations or cash flows of the Company.

In December 2009, the FASB issued Accounting Standards Update 2009-17, Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities. This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 167. (See FAS 167 effective date below.)

In December 2009, the FASB issued Accounting Standards Update 2009-16, Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets. This Accounting Standards Update amends the FASB Accounting Standards Codification for Statement 166. (See FAS 166 effective date below).

In October 2009, the FASB issued Accounting Standards Update 2009-15, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing. This Accounting Standards Update amends the FASB Accounting Standard Codification for EITF 09-1. (See EITF 09-1 effective date below.)

In October 2009, the FASB issued Accounting Standards Update 2009-14, Software (Topic 985): Certain Revenue Arrangements That Include Software Elements. This update changed the accounting model for revenue arrangements that include both tangible products and software elements. Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The Company does not expect the provisions of ASU 2009-14 to have a material effect on the financial position, results of operations or cash flows of the Company.

30

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 2 - 

SIGNIFICANT ACCOUNTING POLICIES (Continued)

i.

Recent Accounting Pronouncements (continued)

In October 2009, the FASB issued Accounting Standards Update 2009-13, Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements. This update addressed the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than a combined unit and will be separated in more circumstances that under existing US GAAP. This amendment has eliminated that residual method of allocation. Effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. Early adoption is permitted. The Company does not expect the provisions of ASU 2009-13 to have a material effect on the financial position, results of operations or cash flows of the Company.

In September 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (Topic 820): Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). This update provides amendments to Topic 820 for the fair value measurement of investments in certain entities that calculate net asset value per share (or its equivalent). It is effective for interim and annual periods ending after December 15,2009. Early application is permitted in financial statements for earlier interim and annual periods that have not been issued. The Company does not expect the provisions of ASU 2009-12 to have a material effect on the financial position, results of operations or cash flows of the Company.

In July 2009, the FASB ratified the consensus reached by EITF (Emerging Issues Task Force) issued EITF No. 09-1, (ASC Topic 470) "Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance" ("EITF 09-1"). The provisions of EITF 09-1, clarifies the accounting treatment and disclosure of share-lending arrangements that are classified as equity in the financial statements of the share lender. An example of a share-lending arrangement is an agreement between the Company (share lender) and an investment bank (share borrower) which allows the investment bank to use the loaned shares to enter into equity derivative contracts with investors. EITF 09-1 is effective for fiscal years that beginning on or after December 15,2009 and requires retrospective application for all arrangements outstanding as of the beginning of fiscal years beginning on or after December 15,2009. Share-lending arrangements that have been terminated as a result of counterparty default prior to December 15, 2009, but for which the entity has not reached a final settlement as of December 15, 2009 are within the scope. Effective for share-lending arrangements entered into on or after the beginning of the first reporting period that begins on or after June 15, 2009. The Company does not expect the provisions of EITF 09-1 to have a material effect on the financial position, results of operations or cash flows of the Company.

In June 2009, FASB issued ASC 105-10 (Prior authoritative literature:  SFAS No. 168, *"The FASB Accounting Standards Codification TM and the Hierarchy of Generally Accepted Accounting Principles - a replacement of FASB Statement No. 162").*FASB ASC 105-10 establishes the FASB Accounting Standards Codification TM (Codification) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with GAAP. FASB ASC 105-10 is effective for financial statements issued for fiscal years and interim periods ending after September 15, 2009. As such, the Company is required to adopt these provisions at the beginning of the fiscal year ending December 31, 2009.  Adoption of FASB ASC 105-10 did not have a material effect on the Company’s financial statements.

31

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 2 - 

SIGNIFICANT ACCOUNTING POLICIES (Continued)

i.

Recent Accounting Pronouncements (continued)

In June 2009, the FASB issued FASB ASC 810-10-65 (Prior authoritative literature:  SFAS No. 167, “*Amendments to FASB Interpretation No. 46(R)*”) which amends the consolidation guidance applicable to a variable interest entity (“VIE”). This standard also amends the guidance governing the determination of whether an enterprise is the primary beneficiary of a VIE, and is therefore required to consolidate an entity, by requiring a qualitative analysis rather than a quantitative analysis. Previously, the standard required reconsideration of whether an enterprise was the primary beneficiary of a VIE only when specific events had occurred. This standard is effective for fiscal years beginning after November 15, 2009, and for interim periods within those fiscal years. Early adoption is prohibited.  Adoption of FASB ASC 810-10-65 did not have a material impact on the Company’s financial statements.

In June 2009, the FASB ASC 860-10 (Prior authoritative literature: issued SFAS No. 166, “*Accounting for Transfers of Financial Assets, an Amendment of FASB Statement No. 140*”), which eliminates the concept of a qualifying special-purpose entity (“QSPE”), clarifies and amends the de-recognition criteria for a transfer to be accounted for as a sale, amends and clarifies the unit of account eligible for sale accounting and requires that a transferor initially measure at fair value and recognize all assets obtained and liabilities incurred as a result of a transfer of an entire financial asset or group of financial assets accounted for as a sale. This standard is effective for fiscal years beginning after November 15, 2009. Adoption of FASB ASC 860-10 did not have a material impact on the Company’s financial statements.

NOTE 3 -

NOTES PAYABLE – RELATED PARTIES

The Company has notes payable to related parties consisting of the following:

 

June 30,

2011

 

June 30,

2010

Notes payable to a related individual, 10% interest, due on demand, unsecured

  $         25,930

 

$           64,250

Total Notes Payable – Related Parties

Less: Current Portion

25,930

(25,930)

 

64,250

(64,250)

Long Term Notes Payable – Related Parties

 $                   -

 

$                    -

Accrued interest at June 30, 2011 and 2010 was $-0- and $10,606, respectively.  

32

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 4 – NOTES PAYABLE

The Company has notes payable consisting of the following:

 

June 30,

2011

 

June 30,

2010

Notes payable to an unrelated company, 10% interest, due on demand, unsecured

$                    -

 

$             2,700

Total Notes Payable 

Less: Current Portion

-

-

 

2,700

(2,700)

Long Term Notes Payable 

$                    -

 

$                    -

Accrued interest at June 30, 2011 and 2010 was $-0- and $2,091, respectivley.

NOTE 5 -

EQUITY TRANSACTIONS

On November 15, 2003 the Company effected a 1 for 10 reverse stock split with respect to all common shares outstanding held of record as of the close of business on December 15, 2003. All references to shares issued and outstanding in the financial statements have been retroactively restated to reflect the effects of the reverse stock split.

Effective October 10, 2007, the Company issued 12,387,500 shares of common stock in the conversion and settlement of two notes payable in the principal amount of $6,700.  The total amount converted including accrued interest was $12,388.  The stock was issued at par-value of $0.001 per share.

Effective March 3, 2009, the Company acquired and canceled 12,387,500 shares of its common stock for consideration of $20.  The payment was made by a related party of the Company.  

NOTE 6 -

RELATED PARTY TRANSACTIONS

From time to time shareholders, officers or directors, or relatives of shareholders, officers or directors may pay expenses on behalf of the Company.  These transactions are recorded as either contributions to capital or related party debt.  See Note 3.  

NOTE 7 -

FINANCIAL INSTRUMENTS

Fair Value of Financial Instruments – On January 1, 2008, the Company adopted SFAS No. 157, “*Fair Value Measurements.*SFAS No. 157 defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosure requirements for fair value measures. The three levels are defined as follows:

33

GREENTEK CORP.

(formerly PSP Industries, Inc.) 

 (A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 7 -

FINANCIAL INSTRUMENTS (Continued)

•

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for 

identical assets or liabilities in active markets.

•

Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

•

Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of June 30, 2011 and 2010.

NOTE 8 -

GOING CONCERN CONSIDERATIONS

As reported in the financial statements, the Company has incurred losses of approximately $289,000 from inception of the Company through June 30, 2011.  The Company’s stockholders’ deficit at June 30, 2011 was $28,598 and its current liabilities exceeded its current assets by the same amount.  Management’s plans to address and alleviate these concerns are as follows:

The Company’s management has developed a strategy of exploring all options available to it so that it can develop successful operations.  As a part of this plan, management is currently seeking a merger candidate with a well capitalized operating company.  In the meantime, shareholders of the Company have committed to the continued funding of the Company via equity and contributed capital.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually attain profitable operations.  The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 9 -

SUBSEQUENT EVENTS

The Company has evaluated subsequent events for the period of June 30, 2011 through the date the financial statements were issued, and concluded there were no other events or transactions occurring during this period that required recognition or disclosure in its financial statements.  

NOTE 10 -    CHANGE OF CONTROL

On March 24, 2011, the Seller’s Representative, who represents each of the persons listed on Exhibit A to the Common Stock Purchase Agreement, dated March 24, 2011 (the “Stock Purchase Agreement”) (collectively, the “Sellers”) entered into the Stock Purchase Agreement with GreenTek (Hong Kong) Ltd., a corporation organized and existing under the laws of the Hong Kong SAR of the People’s Republic of China, pursuant to which GreenTek (Hong Kong) agreed to purchase 898,170 shares of Common Stock, representing 52.3% of the outstanding shares of the Company, for a purchase price of $345,000.00.  The transactions contemplated by the Stock Purchase Agreement were closed and completed on April 21, 2011.  On the closing date, the Company paid and satisfied all of its “liabilities” as such term is defined by U.S. GAAP as of the closing.

34

GREENTEK CORP.

(formerly PSP Industries, Inc.)

(A Development Stage Company)

Notes to the Financial Statements

June 30, 2011 and 2010

NOTE 10 -

CHANGE OF CONTROL (Continued)

The purpose of the transaction was to consummate a change in control and composition of the Board of Directors of the Company.  GreenTek (Hong Kong) or its affiliates intend to acquire one or more businesses located in Korea and consummate a reverse merger with the Company, pursuant to which the Company will acquire the businesses and GreenTek (Hong Kong) or its affiliates will increase their ownership of the Common Stock above the current 52.3% ownership level.  After consummation of the reverse merger, the Company intends to engage in an equity line of credit financing with an investor that it has been negotiating with and with whom it has a signed terms sheet.

In connection with the transaction, Kristyne Barlow resigned from her position as President and a director on April 20, 2011.  Myron O. Barlow resigned from his position as Vice President and a director on April 20, 2011.  Min-Chul Shin, a citizen and resident of Korea, was elected to the Board of Directors and appointed to the offices of CEO and President on April 22, 2011.  Eslie Barlow resigned from his position as Secretary/Treasurer and a director on May 9, 2011 at the expiration of the ten day notice and waiting period mandated under Rule 14f-1. The appointment of Ms. Young-Kyung Lee, a citizen and resident of Korea, as a director and Chief Financial Officer was effective on May 9, 2011, following the expiration of the required ten day notice and waiting period mandated under Rule 14f-1.  As of the appointment of Ms. Young-Kyung Lee, a majority of the directors of the Company was changed.  Accordingly, on May 9, 2011, there was a change in control of the Company, with directors chosen by GreenTek (Hong Kong) having the power to manage and control the affairs of the Company.

NOTE 11 -

NAME CHANGE

                       The Company amended is Articles of Incorporation to change its name from PSP Industries, Inc. to GreenTek

                       Corp. effective on June23, 2011.

35

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

None; not applicable.

**ITEM 9A.  CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures, as of the end of the period covered by this report were effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure.  A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. 

**Management’s Annual Report on Internal Control over Financial Reporting***.*

Our management is 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 of accounting principles generally accepted in the United States. 

Because of our 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. 

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our internal control over financial reporting as of June 30, 2011.  In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control - Integrated Framework.  Based on this evaluation, our management, with the participation of the President and Secretary, concluded that, as of June 30 2011, our internal control over financial reporting was effective.

This Annual Report does not include an attestation report of our registered public accounting firm regarding internal controls over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant to the temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s report in this Annual Report.

**Changes in Internal Control over Financial Reporting**

There have been no changes in internal control over financial reporting.

**ITEM 9B:  OTHER INFORMATION**

None, not applicable.

36

**PART III**

**ITEM 10:  DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE**

**Identification of Directors and Executive Officers**

The following table sets forth the names of all of our directors and executive officers during the preceding year.  The current directors and executive officers will serve until the next annual meeting of our stockholders or until their successors are elected or appointed and qualified or their prior resignation or termination. 

**Name**

**Positions Held**

**Date of Election or Designation**

**Date of Termination or Resignation**

Min-Chul Shin

CEO, President & Director

April 22, 2011

*

Young-Kyung Lee

CFO & Director

May 5, 2011

*

Kristyne Barlow

President & Director

November 30, 2010

April 20, 2011

Tom A. Barlow

President & Director

July 10, 2008

November 30, 2010

Myron O. Barlow

Vice President & Director

July 10, 2008

April 20, 2011

Eslie O. Barlow

Secretary/Treasurer & Director

July 10, 2008

May 9, 2011

*   These persons presently serve in the capacities indicated. 

**Business Experience**

**Min-Chul Shin, age 48, CEO, President and Director.**  Mr. Shin was born in Korea. From 1987 to 1994, Mr. Shin was a device and process engineer at Samsung Semiconductor in Korea. Mr. Shin left Samsung to join Applied Materials Korea in 1995 as the manager of RTP, CVD and Ion Implant. From 2004, Mr. Shin was director of Wintech which manufactures Diffusion Furnace and Metrology. At Wintech, a company that develops and produces equipment used in semiconductor fabrication, Mr. Shin was also responsible for the management of 40 manufacturing and customer support engineers until leaving the company in 2006. After leaving Wintech, Mr. Shin established his own company in Seoul, Korea, Sain Tech Inc., which develops and produces sapphire ingots and wafers for LED products. Mr. Shin owned and managed Sain Tech from 2006 until this month. Mr. Shin earned a Bachelor's Degree in Electronics Engineering from Hongik University in Seoul, Korea in 1988.

 

**Young-Kyung Lee, age 44, CFO and Director.**  Ms. Lee was born in Korea. From 2002 to 2010, Ms. Lee was the Director of Financial Management at AET Co., Ltd., a company that provides services related to semiconductor equipment and fabrication in Yongin, Korea.  Since leaving AET Co., Ltd. in 2010, Ms. Lee has been a financial consultant to GreenTek. Ms. Lee attended Seogang University in Seoul, Korea and received a Bachelor’s Degree in German Literature in 1989.  

**Kristyne Barlow, age 44, Former President and Director.**  Ms. Barlow was born in Salt Lake City, Utah, and attended school in the Granite School District of Utah.  Ms. Barlow has been a full time homemaker for the previous five years, and a mother of six children whom she home schooled.  She completed a teacher training course through Christian Light Education in 1996.  She is an officer and director of Maxim Management Corp., a Utah based holding company, and is also a member of Bar-Es, LLC, a family trust for Kristyne Barlow and Eslie O. Barlow, who was the Company’s former Secretary/Treasurer and a director.  Ms. Barlow is the wife of Eslie O. Barlow.  Ms. Barlow resigned from her positions as President and a director of the Company on April 20, 2011.

**Tom A. Barlow, age 31, Former President and Director.**  Mr. Barlow was one of the founders of Beehive Plumbing in 2001 and CleenWater, LLC in 2006, and is still involved with both companies.  Mr. Barlow has been a licensed plumber with construction management and contracting experience since 2001, and he received his BS Degree in Technical Sales from Weber State University in 2003.  Mr. Barlow resigned from his positions of President and a director of the Company on November 30, 2010.   

**Myron O. Barlow, age 70, Former Vice President and Director.**  Mr. Barlow owned and operated Beehive Bottling Company, with facilities in Brigham City and Ogden, Utah, from 1966 to 1985.  Mr. Barlow also founded Beehive 

37

Mechanical Contractors, LLC in 2000, and is one of the founders of CleenWater, LLC.  Mr. Barlow developed East Bench Properties in South Ogden, Utah, from 1985-1988; and owned and managed several entrepreneurial ventures including business in the food, insurance and construction industries from 1988-1999.  Currently, Mr. Barlow owns and operates Beehive Plumbing and is a managing member for CleenWater, LLC.  Mr. Barlow is also a licensed General Contractor and Master Plumber.  Mr. Barlow resigned from his positions as the Vice President and a director of the Company on April 20, 2011.

**Eslie O. Barlow, age 68, Former Secretary/Treasurer and Director.**   Mr. Barlow has wide experience in the construction business, having held various positions of supervision and management from 1964 through 1975, and has been the founding member of various corporations, both public and private, from 1960 until today.  Mr. Barlow also has experience in real estate development and sales, and has owned and managed mining and other related businesses in the natural resources business.  In 1977, Mr. Barlow designed, built and managed the West Jordan Care Center, which is a leading private provider of the care for mentally handicapped persons in the Salt Lake City, Utah, area.  He has owned and managed mining and related businesses.  Mr. Barlow is partial owner of 22,000 acres of prospective oil and gas leases in Utah.  Currently, he is actively involved in CleenWater, LLC, Maxim Management Corp., Twilight Resources and affiliated entities.  Mr. Barlow resigned from his positions as Secretary/Treasurer and a director of the Company on May 9, 2011.

**Significant Employees**

We have no employees who are not executive officers, but who are expected to make a significant contribution to our business. 

**Family Relationships**

There are no family relationships between any of our current directors or executive officers. 

**Directorships Held in Other Reporting Companies**

None of our current directors or executive officers is a director of any other reporting issuer under the Exchange Act.

**Involvement in Certain Legal Proceedings**

During the past 10 years, to our knowledge, none of our present or former directors, executive officers or persons nominated to become directors or executive officers or promoters or founders has been the subject of any of the following:

 

(1) A petition under the federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two (2) years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two (2) years before the time of such filing;

(2) Such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);

(3) Such person was the subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him or her from, or otherwise limiting, the following activities:

(i) Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;

38

(ii) Engaging in any type of business practice; or

(iii) Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;

(4) Such person was the subject of any order, judgment or decree, not subsequently reversed, 

suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than sixty (60) days the right of such person to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

(5) Such person was found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated;

(6) Such person was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;

(7) Such person was the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

(i) Any federal or state securities or commodities law or regulation; or

(ii) Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or

(iii) Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

(8) Such person was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**Promoters and control person.**

See the headings “Involvement in Certain Legal Proceedings” above and “Transactions with Related Persons.” of Part III, Item 13, below.

**Compliance with Section 16(a) of the Exchange Act**

All of our directors and executive officers have filed Forms 3 reporting their beneficial ownership in us as outlined in this Annual Report, along with Forms 4 respecting any dispositions of those shares.

**Code of Ethics**

We adopted a Code of Ethics that is filed as Exhibit 14 to our 2009 10-K Annual Report.  See Part IV, Item 15.

39

**Corporate Governance**

**Nominating Committee**

During the fiscal year ended June 30, 2011, there were no changes in the procedures by which security holders may recommend nominees to our Board of Directors; and we do not presently have a Nominating Committee for members of our Board of Directors.  Nominations are considered by the entire Board.

**Audit Committee**

We do not have an Audit Committee, and we are not required to have an Audit Committee. We do not believe that the lack of an Audit Committee has had or will have any adverse effect on our financial statements, based upon current operations; however, our Board of Directors is presently considering adopting an Audit Committee Charter and naming members of an Audit Committee.  If and when those actions are taken, we will file an 8-K Current Report in those respects.

**ITEM 11:  EXECUTIVE COMPENSATION**

The following table sets forth the aggregate compensation paid by us for services rendered during the periods indicated: 

**Summary Compensation Table**

 

 

Name and Principal Position

(a)

Year or

Period

(b)

Salary

($)

(c)

Bonus

($)

(d)

Stock Awards*

($)

(e)

Option Awards

(f)

Non-Equity Incentive Plan Compensation

($)

(g)

Nonqualified  Deferred Compensation

($)

(h)

All Other Compensation

($)

(i)

Total

Earnings

($)

(j)

Min-Chul Chin, CEO, President & Director

06/30/11

0

0

0

0

0

0

0

0

Young-Kyung Lee, CFO & Director

06/30/11

0

0

0

0

0

0

0

0

Kristyne Barlow**(1)**, Former President & Director

06/30/11

0

0

0

0

0

0

0

0

Tom A.  Barlow**(2)**, Former President & Director

06/30/11

06/30/10

06/30/09

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Myron O. Barlow**(3)**,

Former Vice President & Director

06/30/11

06/30/10

06/30/09

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

Eslie O. Barlow**(4)**, Former Secretary/Treasurer & Director

06/30/11

06/30/10

06/30/09

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

 

 
(1)

Resigned from her positions as President and Director of the Company on April 20, 2011.

(2)

Resigned from his positions as President and Director of the Company on November 30, 2010.

(3)

Resigned from his positions as Vice President and Director of the Company on April 20, 2011.

(4)

Resigned from his positions as Secretary/Treasurer and Director of the Company on May 9, 2011.

 

40

**Outstanding Equity Awards**

**Outstanding Equity Awards at Fiscal Year-End**

Option Awards

Stock Awards

Name 

Number of Securities Underlying Unexercised Options (#) Exercisable

Number of Securities underlying Unexercised Options (#) Unexercisable

Equity Incentive Plan Awards Number of Securities Underlying Unexercised Unearned Options (#)

Option Exercise Price

($)

Option Expiration Date

Number of Shares or Units of Stock That Have Not Vested (#)

Market Value of Shares or Units of Stock That Have Not Vested

($)

Equity Incentive Plan Awards: Number of Unearned Shares, Vested Units or Other Rights That Have Not Vested (#)

Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) 

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

Min-Chul Shin, CEO, President 

None

None

None

None

None 

None

None

None

None

Young-Kyung Lee, CFO

None

None

None

None

None 

None

None

None

None

Kristyne Barlow**(1)**, Former President

None

None

None

None

None 

None

None

None

None

Tom A. Barlow**(2)**, Former President

None

None

None

None

None 

None

None

None

None

Myron O. Barlow**(3)**, Former VP

None

None

None

None

None

None

None

None

None

Eslie O. Barlow**(4)**, Former Secretary/

Treasurer

None

None

None

None

None

None

None

None

None

(1)

Resigned as President of the Company on April 20, 2011.

(2)

Resigned as President the Company on November 30, 2010.

(3)

Resigned as Vice President of the Company on April 20, 2011.

(4)

Resigned as Secretary/Treasurer of the Company on May 9, 2011.

41

**Compensation of Directors**

**Director Compensation**

Name

Fees Earned or Paid in Cash ($)

Stock Awards ($)

Option Awards ($)

Non-Equity Incentive Plan Compensation ($)

Nonqualified Deferred Compensation Earnings ($)

All Other Compensation ($)

Total ($)

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

Min-Chul Shin

None

None

None

None

None

None

None

Young-Kyung Lee

None

None

None

None

None

None

None

Kristyne Barlow**(1)**, Former Director

None

None

None

None

None

None

None

Tom A. Barlow**(2)**, Former Director

None

None

None

None

None

None

None

Myron O. Barlow**(1)**, Former Director

None

None

None

None

None

None

None

Eslie O. Barlow**(3)**, Former Director

None

None

None

None

None

None

None

(1)

Resigned as Director of the Company on April 20, 2011.

(2)

Resigned as Director the Company on November 30, 2010.

(3)

Resigned as Director of the Company on May 9, 2011.

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

**Security Ownership of Certain Beneficial Owners**

The following table sets forth the share holdings of those persons who own more than 5% of our common stock as of the date of this Annual Report, based upon 1,715,004 shares being outstanding as of the date hereof:

**Ownership of Principal Stockholders**

Title of Class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Owner(1)

Percent of Class (1)

Common Stock

GreenTek (Hong Kong) Limited

Unit 2209, 22F Wu Chung House, 213 Queen’s Rd East,

Wanchai, Hong Kong

898,170

52.4%

Common Stock

Leroy Carter

2856 Woodcliff Circle S.E.

Grand Rapids, MI 49506

100,000

5.8%

Common Stock

Richard M. Day

11831 Cottage Side Way

Draper, Utah 84020

136,247

7.9%

Common Stock

C.L. Stevens

133,838

7.8%

(1)

Includes shares that any beneficial owner has the right to acquire within 60 days, from options, warrants, rights, conversion privilege or similar obligations.

42

**Security Ownership of Management**

The following table sets forth the share holdings of management as of the date of this Annual Report, based upon 1,715,004 shares being outstanding as of the date of hereof: 

**Ownership of Management**

Title of Class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Owner(1)

Percent of Class (1)

Common Stock

Min-Chul Shin, CEO & President

9900 Corporate Campus Drive

Suite 3000

Louisville, KY  40223

0

0%

Common Stock

Young-Kyung Lee, CFO

9900 Corporate Campus Drive

Suite 3000

Louisville, KY  40223

0

0%

Common Stock

Kristyne Barlow, Former President

2206 North 640 West

West Bountiful, UT 84087

0

0%

Common Stock

Tom A. Barlow, Former President

2206 North 640 West

West Bountiful, UT 84087

0

0%

Common Stock 

Myron O. Barlow, Former Vice President

2206 North 640 West

West Bountiful, UT 84087

0

0%

Common Stock

Eslie O. Barlow, Former Secretary/Treasurer 

2206 North 640 West

West Bountiful, UT 84087

0

0%

(1)   Includes shares that any beneficial owner has the right to acquire within 60 days, from options, warrants, rights, conversion privilege or similar obligations.

**All Directors and Executive Officers as a Group (Three Persons)**

Our two directors and officers do not own any shares of our outstanding voting securities.

**Changes in Control**

There are no present arrangements or pledges of our securities which may result in a change in control. 

**Securities Authorized for Issuance under Equity Compensation Plans**

Plan Category

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

Weighted-average exercise price of outstanding options, warrants and rights

Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

 

(a)

(b)

(c)

Equity compensation plans approved by security holders

None

None

None

Equity compensation plans not approved by security holders

None

None

None

Total

None

None

None

43

**ITEM 13:  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORS INDEPENDENCE**

**Transactions with Related Persons**

There were no material transactions, or series of similar transactions, during the fiscal years ended June 30, 2011 or 2010,  or to the date hereof, or any currently proposed transactions, or series of similar transactions, to which we or any of our subsidiaries was or is to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of our total assets at year end and in which any director, executive officer or any security holder who is known to us to own of record or beneficially more than 5% of any class of our common stock, or any member of the immediate family of any of the foregoing persons, had an interest.  JM International, Ltd., a principal stockholder, and E. O. Barlow, our former Secretary/Treasurer and a director were owed $25,930 and $64,250, respectively, at June 30, 2011, and 2010, for advances made to us for expenses.  See Note 3 of our financial statements in Part II, Item 8.

**Transactions with Founders and Control Persons**

Except as indicated under the heading “Transactions with Related Persons,” above, in this Item 13, there were no material transactions involving persons in these categories.

**Parents of the Smaller Reporting Company**

We have no parents.

**Director Independence**

We do not have any independent directors serving on our Board of Directors.

**ITEM 14:  PRINCIPAL ACCOUNTING FEES AND SERVICES**

The following is a summary of the fees billed to us by our principal accountants, Morrill & Associates, during the fiscal years ended June 30, 2011, and 2010: 
**Fee Category**

**2011**

 

**2010**

 

Audit Fees

$

5,000

 

$

5,500

 

Audit-related Fees

 

0

 

 

0

 

Tax Fees

 

0

 

 

0

 

All Other Fees

 

0

 

 

0

 

Total Fees

$

5,000

 

$

5,150

 

Audit Fees:  Consists of fees for professional services rendered by our principal accountants for the audit of our annual financial statements and review of the financial statements included in our Forms 10-Q or services that are normally provided by our principal accountants in connection with statutory and regulatory filings or engagements. 

Audit-related Fees:  Consists of fees for assurance and related services by our principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit fees.” 

Tax Fees: Consists of fees for professional services rendered by our principal accountants for tax compliance, tax advice and tax planning. 

All Other Fees:  Consists of fees for products and services provided by our principal accountants, other than the services reported under “Audit fees,” “Audit-related fees,” and “Tax fees” above. 

**Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditors**

We have not adopted an Audit Committee; therefore, there is no Audit Committee policy in this regard. However, we do require approval in advance of the performance of professional services to be provided to us by our principal accountant. 

44

Additionally, all services rendered by our principal accountant are performed pursuant to a written engagement letter between us and the principal accountant.  Our Board of Directors is presently considering adopting an Audit Committee Charter and naming members of an Audit Committee.

**PART IV**

**ITEM 15:  EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a)(1)(2)    Financial Statements.  See our audited financial statements for the fiscal years ended June 30, 2009, and 2008, contained in Part II, Item 8, which are incorporated herein by this reference.

(a)(3)         Exhibits.  The following Exhibits are filed as part of this Annual Report:

**Description of Exhibits**

Exhibit No.

Title of Document

Location if other than attached hereto

3.1

Second Amended and Restated Articles of Incorporation, filed December 10, 2003.

Form 10

3.2

Bylaws

Form 10

3.3

Amendment to Articles of Incorporation, filed June 23, 2011

*

14

Code of Ethics

Form 10K for the year ended June 30, 2009

31.1

302 Certification of Min-Chul Shin

*

31.2

302 Certification of Young-Kyung Lee

*

32

906 Certification

*

*  filed herewith

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized. 

**GREENTEK CORP.**

Date:

October 13, 2011

 

By:

*/s/ Min-Chul Shin*

 

 

 

 

Min-Chul Shin, CEO, President and Director

Pursuant to the requirements of the Securities Exchange Act of 1934 this Annual Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

**GREENTEK CORP.**

Date:

October 13, 2011

 

By:

*/s/ Min-Chul Shin*

 

 

 

 

Min-Chul Shin

 

 

 

 

CEO, President and Director

 

 

 

 

 

Date:

October 13, 2011

 

By:

*/s/ Young-Kyung Lee*

 

 

 

 

Young-Kyung Lee

 

 

 

 

CFO and Director

 

 

 

 

 

Date:

October 13, 2011

 

By:

*/s/ John (Jongmoon) Choi*

 

 

 

 

John (Jongmoon) Choi

 

 

 

 

Director

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