0001144204-12-018449.txt : 20120330 0001144204-12-018449.hdr.sgml : 20120330 20120330114743 ACCESSION NUMBER: 0001144204-12-018449 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20111231 FILED AS OF DATE: 20120330 DATE AS OF CHANGE: 20120330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TREE TOP INDUSTRIES, INC. CENTRAL INDEX KEY: 0000356590 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 830250943 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10210 FILM NUMBER: 12726970 BUSINESS ADDRESS: STREET 1: 511 SIXTH AVENUE, SUITE 800 CITY: NEW YORK STATE: NY ZIP: 10011 BUSINESS PHONE: 7752613728 MAIL ADDRESS: STREET 1: 511 SIXTH AVENUE, SUITE 800 CITY: NEW YORK STATE: NY ZIP: 10011 FORMER COMPANY: FORMER CONFORMED NAME: GOHEALTH MD INC DATE OF NAME CHANGE: 20000201 FORMER COMPANY: FORMER CONFORMED NAME: NUGGET EXPLORATION INC DATE OF NAME CHANGE: 19920703 10-K 1 v307350_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

Commission file number: 000-10210

TREE TOP INDUSTRIES, INC.

Nevada		83-0250943
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

511 Sixth Avenue, Suite 800, New York,		10011
New York
(Address of principal executive offices)		(Zip Code)

	(775) 261-3728
	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 Shares, par value $0.001 per share

(Title of class)

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 Section 15(d) of the 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 Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark 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. o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (all as defined in Rule 12b-2 of the Exchange Act).

Large Accelerated filer	o	Accelerated filer	o

Non-accelerated filer	o	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 o No x

The aggregate market value of voting stock held by non-affiliates of the registrant was approximately $7,746,082 as of March 26, 2012 (computed by reference to the last sale price of a share of the registrant’s common stock on that date as reported by Financial Industry Regulatory Authority Bulletin Board).

There were 421,716,111 shares outstanding of the registrant’s common stock as of March 26, 2012.

Table of Contents

PART I

Item 1.	Business	1

Item 2.	Properties	7

Item 3.	Legal Proceeding	7

Item 4.	Removed and Reserved

PART II

Item 5.	Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of Equity Securities	7

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8

Item 8.	Financial Statements and Supplementary Data	12

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	34

Item 9A.	Controls and Procedures	36

PART III

Item 10.	Directors and Executive Officers and Corporate Governance	38

Item 11.	Executive Compensation	42

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	45

Item 13.	Certain Relationships and Related Transactions, and Director Independence	45

Item 14.	Principal Accounting Fees and Services	45

PART IV

Item 15.	Exhibits, Financial Statements Schedules	46

	Signatures	48

	Certifications

PART I

ITEM 1. BUSINESS

General

Tree Top Industries, Inc. (“TTI”, “Tree Top”, “we”. “our”, “us”, “the Company”, “management”) is a Nevada corporation which has been operating under several different names since 1980.

Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Tree Top Industries, Inc. MLN, Inc., BioEnergy Applied Technologies, Inc. (“BAT”), Universal Energy and Services Group, Inc. Sky Entertainment, Inc., Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc. and TTI Strategic Acquisitions and Equity Group, Inc. are also wholly owned subsidiaries of Tree Top Industries, Inc. Several of these subsidiaries have been formed by Tree Top in the anticipation of technologies, products or services being acquired. Not all subsidiaries are currently active.

Effective August 12, 2009, Tree Top completed a stock exchange with BAT, BioEnergy Systems Management Inc., Wimase Limited and Energetic Systems Inc., LLC. whereby Tree Top acquired 100% of the issued and outstanding stock of BAT. BAT is the originator of various proprietary, clean-tech, environmentally friendly technologies and intellectual properties in the areas of hazardous waste destruction, energetic materials, chemical recycling processes, and coal gasification. BAT also maintains unique electrolytic technology that simplifies the production of bio fuels, specifically biodiesel and its byproducts. Tree Top acquired all of the issued and outstanding shares of BAT. Tree Top issued 3,500,000 shares of its common stock, par value $.001 per share, to the stockholders of BAT in exchange for the transfer of all of the issued and outstanding shares of common stock of BAT by such stockholders.

BAT was acquired to exploit its key intellectual properties, which have been applied to the construction of systems and equipment designed to facilitate the destruction of pharmaceutical, medical, biological, chemical, red bag and other hazardous wastes, with clean reusable energy produced as a byproduct. The system utilizes cold plasma technology to initiate a chemical reaction inside the unit. The chemical reaction causes enough heat to facilitate the waste destruction, resulting in a drastically reduced carbon footprint, as no incineration is needed. The energy needed to start the process is the equivalent of only five light bulbs, resulting in a significantly lower cost of operation. The unit is relatively compact, can be retrofitted into existing structures or made mobile for smaller venues, and can be scaled up to meet the hazardous waste destruction needs of almost any user. Tree Top is actively engaged in developing a business platform to showcase the BAT technologies, and will spend the majority of its resources in support of this opportunity.

The Company also owns NetThruster, Inc., a Nevada corporation (“NetThruster”), which was formally known as Ludicrous, Inc. (“Ludicrous”). On January 28, 2011, the Board of Directors of Tree Top adopted resolutions approving the disposition by the Company of all of the common stock of its wholly-owned subsidiary, NetThruster, Inc., a Delaware corporation (“NetThruster”), in a spin-off to Tree Top’s shareholders on a pro rata basis (the “Spin-Off”). Thereafter, NetThruster would be owned by Tree Top’s shareholders. David Reichman, the CEO of Tree Top was named Chairman of the Board, CEO and CFO of NetThruster. Kathy M. Griffin was named a Director and corporate secretary. The Board of Directors of NetThruster is comprised of David Reichman and Kathy Griffin. On February 9, 2011, Tree Top entered into a distribution agreement with NetThruster (the “Distribution Agreement”). The Spin-Off is governed by the Distribution Agreement. A copy of the Distribution Agreement is attached hereto as exhibit 10.5. The Spin-Off was disclosed in a Form 8–K, filed on February 9, 2011, which announced that the NetThruster division would be spun-off into a separate entity.

Tree Top owns all of the issued and outstanding shares of common stock of NetThruster. NetThruster currently had no shares of preferred stock issued or outstanding. Pursuant to the Distribution Agreement, Tree Top had agreed to distribute all of the common stock of NetThruster to Tree Top’s shareholders, such that each shareholder of record of Tree Top common stock on February 14, 2011 (the “Distribution Record Date”) would receive one share of the common stock of NetThruster for every share of Tree Top’s common stock owned by such shareholder. Each Tree Top shareholder must have proof of ownership of the Tree Top common stock in order to be eligible to receive the distribution of the common stock of NetThruster in the Spin-Off. Tree Top expected to make the distribution for the Spin-Off on or before March 10, 2011. Subsequent to that date, Tree Top, upon authorization and a resolution from the Board of Directors, decided to postpone the spin-off indefinitely until management had more time and the information needed to effectively calculate the cost and possible result of such spin-off.

On April 18, 2011, Tree Top signed a non-binding term sheet agreement with Sky Corporation, doo, a Belgrade, Serbia based event production and management company. Sky Corporation is a distributor of professional musical equipment across the Adriatic region, and is the largest retailer of musical instruments and equipment in Serbia. Sky Corporation is a distributor for over 80 brands in the fields of music and light equipment. Sky Solutions doo, a division of Sky Corporation, is one of the largest production companies in Eastern Europe. Adriatic Region Distribution doo, a division of Sky Corporation, is a regional distribution company for musical and sound/light equipment. Sky Music, doo is another division of Sky Corporation. Sky Music, doo’s main activity is selling professional audio and light equipment, as well as installing it in discothèques, clubs, public institutions, venues, and concert halls. Sky Corporation’s growth plan calls for double digit growth over the next three years and a planned expansion into the rest of Eastern Europe and eventually to Western Europe. The term agreement expired on July 18, 2011, but Tree Top and Sky Corporation signed an extension to the Letter of Intent on November 15, 2011.

On May 24, 2011, Tree Top signed an engagement letter with PIN Financial, LLC. PIN Financial was engaged by Tree Top to use their best efforts to successfully complete a private placement of the securities of Tree Top for the purposes of a bridge loan and a capital raise. On January 9, 2012, Tree Top disengaged with PIN Financial, for lack of performance on the part of PIN Financial. No payment was made by Tree Top to PIN Financial and the two parties mutually disengaged on the above mentioned date.

On May 25, 2011, Tree Top signed a licensing agreement with WorldWithoutBlindness (“WWB”) for the right to market and sell their patented eye screening equipment on a global basis outside the United States, for a period of two years. Eye Care Centers International, Inc. was formed to support the further growth and development of (“WWB”), an organization whose primary mission is to bring patented eye screening equipment to the developing world. The WWB technology uses objective parameters instead of traditional subjective eye chart examinations, to screen children as young as six months old. The screening can accurately indicate predisposition for glaucoma and other eye diseases which can lead to blindness, as well as a host of other possible diseases, completely unrelated to eyesight. Tree Top’s management, upon approval by the board of directors, made a trip to Canar, Ecuador, among other cities, to observe how how the test markets would be set up.

On October 12, 2011, Tree Top signed a binding term sheet agreement with Adesso Biosciences, Ltd. to acquire 93% of the outstanding stock of Adesso Diagnostics, LLC and 47.5% of the outstanding stock of Adeda Therapeutics, Ltd., both subsidiaries of Adesso Biosciences Ltd. Adesso Diagnostics is the holder of an exclusive license with Columbia University for two patents in the fields of molecular science and nanoscience. Adeda Therapeutics is involved in the development of a novel sinus medication system. Tree Top and Adesso Biosciences are presently engaged in the mutual due diligence phase of the acquisition, with an expected close during the second quarter of 2012.

History

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. GoHealthMD, Inc. continues to exist as a wholly owned subsidiary of Tree Top Industries, Inc. NetThruster, Inc., MLN, Inc. BioEnergy Applied Technologies, Inc., Universal Energy and Services Group, Inc. Sky Entertainment, Inc. , Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc. and TTI Strategic Acquisitions and Equity Group, Inc. are also wholly owned subsidiaries of Tree Top Industries, Inc.

Effective October 19, 2007, TTI entered into an Agreement and Plan of Reorganization (the “Agreement”) with all of the stockholders of Ludicrous pursuant to which TTI agreed to acquire all of the issued and outstanding common stock of Ludicrous from the stockholders in consideration for the issuance of a total of 68,000,000 newly issued shares of TTI’s common stock, allocated among the stockholders of Ludicrous on a pro rata basis. Accordingly, after the closing of the stock exchange on November 1, 2007 as contemplated by the Agreement, Ludicrous became a wholly owned subsidiary of TTI, and the prior shareholders of Ludicrous became the majority shareholders of TTI. In the Agreement, the stockholders of Ludicrous agreed to confer upon a designee of TTI, voting power over their shares of TTI’s common stock acquired by them for a period equal to the lesser of (i) two years or (ii) the sale of the common stock by the stockholder in accordance with Rule 144 of the Securities Act of 1933. However, the shares of the two (2) largest stockholders, James Black, and The Davis Family, who held an aggregate of over 80% of the issued and outstanding shares of common stock of Ludicrous, were each required to execute a two (2) year lock-up agreement. The business combination between TTI and Ludicrous closed on November 1, 2007, and David Reichman, the Chief Executive Officer of TTI, was designated by TTI to be the voting trustee for 68,000,000 outstanding shares of TTI currently owned by the prior stockholders of Ludicrous. Subsequently, due to the departure of James Black and the non-development and deployment of the technology, approximately 72% or 49,000,000 shares were cancelled and or returned to the Company.

On April 24, 2009, Tree Top entered into a stock exchange agreement (the “Exchange Agreement”) with BAT, BioEnergy Systems Management Inc ., Wimase Limited and Energetic Systems Inc., LLC. Under the terms of the Exchange Agreement, the Company agreed to acquire all of the issued and outstanding shares of BAT. The acquisition resulted in BAT becoming a wholly-owned subsidiary of the Company. The Exchange Agreement called for the issuance of a total of 3,500,000 shares of common stock of the Company, par value $.001 per share, in exchange for the transfer of all of the issued and outstanding shares of common stock of BAT to the Company.

BAT is the originator and incubator of environmentally friendly technologies useful in the areas of energetic materials, chemicals and chemical processes, gasification, and the safe and novel destruction of biological and other hazardous wastes. The Company has been focused on the incubation growth and commercialization of novel technology platforms designed to address the fundamental limitations of many of today’s technologies and businesses. The Company will seek to provide key technologies to the biofuels sector, designed to help make biofuels more cost effective and of a higher quality.

BAT is also the originator of various proprietary, clean-tech, environmentally-friendly technologies and intellectual properties in the areas of hazardous waste destruction, energetic materials, chemical recycling processes, and coal gasification. BAT also maintains unique electrolytic technology that simplifies the production of bio fuels, specifically biodiesel and its byproducts.

BAT was acquired by Tree Top in August of 2009 in order to exploit its key intellectual properties, which have been applied to the construction of systems and equipment designed to facilitate the destruction of pharmaceutical, medical, biological, chemical, red bag and other hazardous wastes, with clean reusable energy produced as a byproduct. The system utilizes cold plasma technology to initiate a chemical reaction inside the unit. The chemical reaction causes enough heat to facilitate the waste destruction, resulting in a drastically reduced carbon footprint, as no incineration is needed. The energy needed to start the process is the equivalent of only five light bulbs, resulting in a significantly lower cost of operation. The unit is relatively compact, can be retrofitted into existing structures or made mobile for smaller venues, and can be scaled up to meet the hazardous waste destruction needs of almost any user.

Research and Development

Although Tree Top’s staff is limited, it continues to monitor new developments and any emerging technologies.

Intellectual Property

Tree Top’s success depends in part upon it’s ability to protect it’s core technology and other intellectual capital. To accomplish this, Tree Top relies on a combination of intellectual property rights, including patents, trade secrets, copyrights, trademarks, domain registrations and contractual protections. With the acquisition of Adesso Biosciences, Tree Top will acquire two patents, associated intellectual properties, and other proprietary information in the field of molecular science.

As of December 31, 2011, Tree Top had received no patents in the United States and no patents in foreign jurisdictions. Tree Top has no pending patent applications in the United States and no pending patent applications in foreign jurisdictions. It had received no trademarks and had no pending trademark applications in the United States. It had no pending trademark applications in foreign countries and no non-U.S. trademark applications had been issued.

Tree Top generally controls access to and use of its software and other confidential information through (a) the use of internal and external controls, including physical and electronic security, contractual protections with employees, contractors, customers and partners, and (b) domestic and foreign copyright laws.

Government Regulation

BAT

According to the Environmental Protection Agency (“EPA”), no registration of the BAT system is required because the waste destruction process does not involve incineration. Incineration processes are subject to regulation by the EPA. However, any hazardous waste destruction system that is constructed will be subject to the state laws and regulations where the system is located, as well as any regulations pertaining to the storage, transporting and/or destroying hazardous waste. BAT is also subject to government laws and regulations governing health, safety, working conditions, employee relations, wrongful termination, wages, taxes and other matters applicable to businesses in general.

NetThruster

NetThruster is subject to various federal, state and local laws affecting the telecommunications and Internet industries. Laws and regulations that apply to communications and commerce conducted over the Internet are becoming more prevalent, both in the United States and internationally, and may impose additional burdens on companies conducting business online or providing Internet-related services such as ours. The laws relating to the liability of private network operators for information carried on or disseminated through their networks are unsettled, both in the United States and abroad. Network operators have been sued in the past, sometimes successfully, based on the content of material disseminated through their networks. The Federal Trade Commission and equivalent state agencies regulate advertising and representations made by businesses in the sale of their products, which apply to us. NetThruster is also subject to government laws and regulations governing health, safety, working conditions, employee relations, wrongful termination, wages, taxes and other matters applicable to businesses in general.

GoHealthMD Nano Pharmaceuticals, Inc.

Governmental authorities in the U.S. and other countries extensively regulate the research, development, testing, manufacture, labeling, promotion, advertising, distribution and marketing, among other things, of biologic products. All of our foreseeable product candidates are expected to be regulated.

In the U.S., the Food and Drug Administration (“FDA”) regulates drug products under the Federal Food, Drug and Cosmetic Act, and other laws within the Public Health Service Act. Failure to comply with applicable U.S. requirements, both before and after approval, may subject us to administrative and judicial sanctions, such as a delay in approving or refusal by the FDA to approve pending applications, warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, and/or criminal prosecutions. Before our biologic products are marketed they must be approved by the FDA. The steps required before a novel product is approved by the FDA include: (1) pre-clinical laboratory, animal, and formulation tests; (2) submission to the FDA of an Investigational New Drug Application (“IND”) for human clinical testing, which must become effective before human clinical trials may begin; (3) adequate and well-controlled clinical trials to establish the safety and effectiveness of the product for each indication for which approval is sought; (4) submission to the FDA of a New Drug Application (“NDA”); (5) satisfactory completion of a FDA inspection of the manufacturing facility or facilities at which the drug product is produced to assess compliance with Current Good Manufacturing Practice (“cGMP”); and FDA review and finally (6) approval of an NDA.

Other countries where we are considering developing and marketing our products have similar drug regulation regimes.

Competition

BAT

There are currently no direct competitors offering this new and novel technology into the waste destruction market. The major companies that deal in hazardous waste management are companies such as Waste Management, Inc. Those companies treat, haul and store hazardous waste in landfills across the country. Some companies destroy hazardous waste, or any carbon based waste in general, through incineration, which produces a significant carbon footprint and can be as expensive as the storing model. The BAT technology would destroy the hazardous waste completely through the use of a chemical process, which involves minor energy output to begin, and produces no carbon footprint at the end. The competitive disadvantage for the BAT process is that it is uncommercialized technology at present, which makes the process of acquiring adequate funding more difficult.

NetThruster

The content delivery network market is highly competitive and is characterized by constantly declining prices and multiple types of vendors offering varying combinations of computing and bandwidth to content providers. A few of NetThruster’s current competitors, as well as a number of NetThruster’s potential competitors, have longer operating histories, greater name recognition, broader customer relationships and industry alliances, and substantially greater financial, technical and marketing resources than we do. NetThruster’s primary competitors include content delivery service providers such as Limelight Networks, Akamai, Level 3 Communications and Internap Network Services Corporation, which acquired VitalStream. Also, as a result of the growth of the content delivery market, a number of companies are attempting to enter the market, either directly or indirectly, some of which may become significant competitors of NetThruster in the future. Internationally, NetThruster competes with local content delivery service providers, many of which are very well positioned within their local markets.

We believe that the principal competitive factors affecting the content delivery market include such attributes as:

●

Performance, as measured by file delivery time and end-user media consumption rates;

●

Scalability; both in terms of average capacity and special event capacity;

●

Proprietary software designed to efficiently locate and deliver large media files;

●

Ease of implementation;

●

Flexibility in designing delivery systems for unique content types and mixes;

●

Reliability; and

●

Cost efficiency.

Because of the above situation, our continued inability to raise sufficient capital and our focus on the BAT technology, we ceased further development of the NetThruster technology. Furthermore, on January 28, 2011, the Board of Directors of TreeTop adopted resolutions approving the disposition by the Company of all of the common stock of NetThruster in the Spin-Off. However, Tree Top management, upon a resolution by the board of directors, decided to postpone the spin-off of NetThruster indefinitely.

GoHealthMD Nano Pharmaceuticals, Inc.

This subsidiary has been organized for the future acquisition of companies involved in the treatment of human disease through nanotechnology and molecular diagnostics. However, such acquisitions have not yet been completed. Therefore this subsidiary is currently inactive with no operations. However, other companies, such as Nanoshpere, Inc., are in the treatment of human disease through nanotechnology and the molecular diagnostics industry.

Employees

As of December 31, 2011, we employed two people on a full-time basis. Both employees are in executive positions. We project that during the next 12 months, our workforce is likely to increase. To support our need for technical staffing, we have established relationships with technical staffing organizations that continuously offer qualified personnel to meet our requirements.

Seasonality

Our operations are not expected to be affected by seasonal fluctuations, although our cash flow may be affected by fluctuations in the timing of cash receipts from our potential future customers.

ITEM 2. PROPERTIES

Currently, TTI does not lease, rent or own any property, other than its office which acts only as a mail receipt center.

ITEM 3. LEGAL PROCEEDINGS

TTI is not involved in any legal proceedings at this time.

PART II

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

TTI’s common stock is quoted through the over-the-counter market on the OTC Market Group, Inc. Board (“OTCQB”) and the Financial Industry Regulatory Authority Bulletin Board (“OTC Bulletin Board”) under the symbol “TTII.” Prior to 2010, there was limited trading of TTI’s common stock. Liquidity improved in 2010. The following table sets forth high and low sales prices of TTI common stock for each fiscal quarter for the last two fiscal years as reported by the OTCBB Bulletin Board, based on closing prices. The prices in the table reflect inter-dealer prices, without retail markup, markdown or commission and may not represent actual transactions.

Year Ended December 31, 2010	High		Low
First Quarter ended March 31, 2010	$	0.85	$	0.52
Second Quarter ended June 30, 2010	$	1.25	$	.20
Third Quarter ended September 30, 2010	$	.50	$	.05
Fourth Quarter ended December 31, 2010	$	.20	$	.04

Year Ended December 31, 2011	High		Low
First Quarter ended March 31, 2011	$	0.110	$	0.015
Second Quarter ended June 30, 2011	$	0.023	$	0.010
Third Quarter ended September 30, 2011	$	0.016	$	0.007
Fourth Quarter ended December 31, 2011	$	0.040	$	0.012

As of March 31, 2012, there were approximately 824 record holders of TTI’s common stock, not including shares held in “street name” in brokerage accounts, which are unknown. As of March 31,2012, there were approximately 421,716,111 shares of TTI’s common stock outstanding on record.

Dividends

TTI has not declared or paid any cash dividends on its common stock.

Transfer Agent and Registrar

The transfer agent and registrar for TTI’s common stock is VStock Transfer, LLC, 77 Spruce Street, Suite 201, Cedarhurst, NY 11516., telephone 212-828-8436.

Repurchases of Our Securities

None of the shares of our common stock were repurchased by the Company during the fiscal year ended December 31, 2011.

Sales of Our Unregistered Securities during 2011 Not Previously Disclosed

On February 18, 2011, the Board of Directors authorized the issuance of 2,000,000 shares of common stock to a Tree Top investor and shareholder for the continued use of his apartment in New York City by the president. The issuance was valued at $48,200, the market price at the date of authorization.

During March 2011, the Company agreed to settle the outstanding balance due to the Crone Law group and recorded an additional vesting of the shares held by them, that had been deferred, and recorded consulting expense of $64,107. This left a balance of unused and unearned shares of 1,500,000 shares for future issuance to cover additional fees. In April 2011, the 1,500,000 shares were cancelled and returned to the Company.

On June 6, 2011, the Company accepted the return of 3,500,000 shares held in escrow, and re-issued them to a Note Holder as payment on a $25,000 note with accrued interest of $1,647. The number of shares issued were within the terms of the convertible note agreement therefore no gain or loss was recorded on the conversion.

The recording of the beneficial conversion features on the convertible notes discussed previously required an increase in paid in capital in the amount of $75,000.

On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options, and 8,000,000 shares to consultants to the Company for services rendered. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The Company also recorded $60,000 in connection with the shares issued to the consultants. On this same day the board authorized the issuance of 5,000,000 common shares to Highest Star for the continued use of their office in Burbank California. This issuance was recorded as rent expense in the amount of $37,500, the market price on the date of grant.

On November 14, 2011, the Board of Directors approved the cancellation of the 5,000,000 shares held for issuance to various colleges and universities as approved in September 2010. The universities had no yet accepted the issuances and the Board opted to cancel the shares and return to treasury.

Also on November 14, 2011, the company authorized the issuance of 2,941,176 for cash of $25,000 pursuant to the Adesso agreement disclosed in this annual report.

On December 21, 2011, the company authorized the issuance of 1,200,000 shares to the transfer agent for services to be included in 2012. The share issuance was valued at $36,000, the market value on the day of grant, and has been deferred until the services have been performed in 2012.

On December 28, 2011, the Board authorized the issuance of 1,500,000 shares to a consultant, valued at $45,000, the market value on the day of grant.

On December 29, 2011, the Board authorized the issuance of 12,700,000 to various consultants of the Company for services performed or to be performed in 2012. The issuance was valued at $378,000, however $99,990 was deferred compensation to be recorded in 2012 when the services are performed.

On December 29, 2011, the Board authorized the issuance of 20,000,000 shares to the Company’s Employee Stock Option Trust account. The issuance was valued at $600,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.

During the twelve months ended December 31, 2011, the Company recorded imputed interest on a non-interest bearing note in the amount of $13,440, with an increase in paid in capital.

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

Cautionary Statements

This Form 10-K may contain “forward-looking statements,” as that term is used in federal securities laws, about Tree Top’s consolidated financial condition, results of operations and business. These statements include, among others:

●

statements concerning the potential benefits that may be experienced from business activities and certain transactions contemplated or completed; and

●

statements of our expectations, beliefs, future plans and strategies, anticipated developments and other matters that are not historical facts. These statements may be made expressly in this Form 10-K. You can find many of these statements by looking for words such as “believes,” “expects,” “anticipates,” “estimates,” “opines,” or similar expressions used in this Form 10-K. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause our actual results to be materially different from any future results expressed or implied in those statements. The most important facts that could prevent us from achieving our stated goals include, but are not limited to, the following:

volatility or decline of Tree Top’s stock price;

potential fluctuation of quarterly results;

failure to earn revenues or profits;

inadequate capital to continue or expand our business, and inability to raise additional capital or financing to implement our business plans;

failure to commercialize our technology or to make sales;

decline in demand for our products and services;

rapid adverse changes in markets;

litigation with or legal claims and allegations by outside parties against TTI, including but not limited to challenges to intellectual property rights;

insufficient revenues to cover operating costs; and

failure of the BAT technology to function properly.

There is no assurance that we will be profitable, we may not be able to successfully develop, manage or market our products and services, we may not be able to attract and retain qualified executives and technology personnel, we may not be able to obtain customers for our products or services, our products and services may become obsolete, government regulation may hinder our business, additional dilution in outstanding stock ownership may be incurred due to the issuance of more shares, warrants and stock options, or the exercise of outstanding warrants and stock options, and other risks inherent in our businesses.

Because the statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. We caution you not to place undue reliance on the statements, which speak only as of the date of this Form 10-K. The cautionary statements contained or referred to in this section should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this Form 10-K, or to reflect the occurrence of unanticipated events.

PLAN OF OPERATIONS

In considering the entire waste destruction business and analyzing where the opportunities can be found, it is apparent that the pharmaceutical, medical, biological, chemical, and red bag waste industries should be the best fit for the BAT technology, both from an environmental and a cost structure perspective.

While municipal, restaurant and/or household wastes cost upwards of $ .30 per pound to incinerate or store, hazardous waste disposal has been calculated at upwards of $2.00 per pound, without taking the volatility of the price of fuel into account. This is because, in order to comply with governmental and environmental regulations, a work-intensive system of processing, handling, storing, transporting, and finally burying hazardous waste is required at most pharmaceutical companies. Once hazardous waste has been produced, its disposition is the responsibility of the producer thereafter. If there is an environmental issue resulting from hazardous waste production, the waste generator is solely responsible.

In spite of this, many companies who produce hazardous waste in the pharmaceutical industry and biological / hospital red bag waste area currently use conventional haul-destroy companies and methods to eliminate the waste. This exposes them to several increased costs, including:

●

environmental costs

●

transportation costs

●

insurance costs

●

storage costs

●

overall handling costs

The BAT technology allows companies to destroy hazardous material streams in-line before they exit the consolidated system, and therefore such companies never become hazardous waste generators. This provides a commercial solution for the processing of hazardous waste in-house and on demand at local sites. Byproducts from the system are essentially water and carbon dioxide, plus trace amounts of organics. The system specifically eliminates oxides of nitrogen, chlorine gas, and other toxic gasses typically produced by conventional incinerators. The process is completely “green”, converting all the waste into water, carbon dioxide and nitrogen. And, the technology allows for the potential capturing of reusable energy. This excess energy, in the form of heat, can be utilized within other facility operations.

In the next twelve months, Tree Top plans to target the pharmaceutical industry on a global basis. In the United States alone, the top pharmaceutical companies produce upwards of 600,000,000 pounds of active pharmaceutical intermediates waste per year. That translates into over $1.2 billion dollars of cost connected to the management of hazardous waste. Tree Top will be taking steps to produce several working demonstration units that can be showcased to the pharmaceutical industry. We will be actively seeking partners who may want to share the cost of building the units and testing them at their facilities. On the international side, we have acquired a strategic partner, Asia Pacific Capital, who will be making introductions for us to industry insiders in Vietnam and China. We are also actively pursuing, through partnerships with other individuals, government agencies to position us in front of possible funding partners.

This plan is totally dependent on the Chairman, David Reichman’s continued support, as well as our ability to raise capital. Execution of the business plan is subject to this constraint as well as the finding of sufficient funding.

RESULTS OF OPERATIONS

We realized revenues of $-0-during the year ended December 31, 2011. We presently do not have a steady source of revenue. Our operating expenses decreased from $27,053,670 in 2010 to $1,618,304 in 2011. The decrease was primarily the result of stock compensation expenses to officers, directors and consultants. General and administrative expenses decreased from $592,644 to $413,226 or 30%. Compensation and professional fees decreased by $25,254,654, due to the decrease in the value of the stock compensation given to each. Depreciation expense decreased from $34,056 to $32,762.

Our net loss decreased by $25,426,455 from $27,115,709 in 20110 to $1,689,254 in 2011. This translates to a $.16 decrease in loss per share from $(0.17) in 2010 to $(0.01) in 2011. Included in our net loss was $681,508 and $25,637,647 for the value of common stock and common stock purchase warrants and options which were issued in 2011 and 2010 respectively. Excluding these non cash expenses, our net loss would have been $1,020,236 and $1,478,063, respectively. We expect that our losses will continue to be approximately $100,000 per month until we are able to establish a reliable revenue flow.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2011 we had cash on hand of $517 compared to $2,674 at December 31, 2010. We used cash in our operations of $314,036 in 2011 compared to $513,739 in 2010, a 39% decrease. We also used cash of $0 in 2011 in our investing activities compared to net cash used of $186,532 in 2010, due to the loan we made to GeoGreen. GeoGreen BioFuels is a start-up company in Vernon, CA. creating Bio-Diesel fuels from processing of restaurant waste-oils. We raised $25,000 and $52,575 from the sale of our common stock or exercises of stock options in 2011 and 2010, respectively. Additionally, we raised $369,345 and $574,464 from related party loans in 2011 and 2010, and $75,000 and $192,000 from other notes payable, respectively. We anticipate that we will continue to have a negative cash flow from operations of approximately $100,000 per month for 2012. We do not have sufficient cash on hand at December 31, 2011 to cover our negative cash flow. We will attempt to raise capital through the sale of our common stock or through debt financing.

Some of Tree Top’s past due obligations, including $338,000 of accounts payable, and $113,000 of notes payable and judgments, some of which are duplicative, were incurred or obtained prior to 2005. No actions have been taken by any of the applicable creditors. Action by any such creditor would materially decrease our liquidity. Tree Top has no credit facilities with which to resolve these outstanding obligations from prior years, but will fully resolve them upon a successful capital raise and monetary action of the business. This may have a negative impact on our future liquidity in the event we must prioritize the repayment of these obligations when capital becomes available. Tree Top shall attempt to negotiate favorable repayment schedules, if and when any applicable creditor takes any collection related actions. In addition, there is an amount due to officers and Directors equal to $3,186,130 as of December 31, 2011 and $2,409,012 as of December 31, 2010 respectively, which may increase if such officers and/or Directors continue to provide additional sums of money and/or services that are payable upon demand. Our liquidity would decrease materially if any such officer or Director demanded repayment. These loans must be considered in any capital raise and could continue to restrict our liquidity upon such capital raise if repayment is thereby demanded. Tree Top shall attempt to cause these officers and Directors to request repayment in a way as to not materially harm Tree Top’s liquidity.

Any remedy to our current lack of liquidity must take into account all the foregoing liabilities. Tree Top intends to continue its pursuit to raise capital in order to monetize its business and pay all its liabilities. Capital raise plans are under consideration but it cannot be assured that they will materialize in the current economic environment. Currently, Tree Top is without adequate financing or assets. Because no actions have been taken on the aforementioned past due obligations and demand has not been made by the applicable officers or Directors, we are unable to accurately quantify the effect the overdue accounts have on Tree Top’s financial condition, liquidity and capital resources. However, in the event that all of these obligations and notes payable were required to be paid in an amount equal to the full balance of each, Tree Top would not be able to meet the obligations based upon its current financial status. The liquidity shortfall of $4,644,505 would cause Tree Top to default and, further, would put our continued viability in jeopardy.

CONTRACTUAL OBLIGATIONS

None

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. These principles require us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, cash flow and related disclosure of contingent assets and liabilities. Our estimates include those related to revenue recognition, accounts receivable reserves, income and other taxes, stock-based compensation and equipment and contingent obligations. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. To the extent that there are material differences between these estimates and our actual results, our future financial statements will be affected.

We define our “critical accounting policies” as those U.S. generally accepted accounting principles that require us to make subjective estimates about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations as well as the specific manner in which we apply those principles. Our estimates are based upon assumptions and judgments about matters that are highly uncertain at the time the accounting estimate is made and applied and require us to continually assess a range of potential outcomes. A detailed discussion of the critical accounting policies that most affect our company is located in Footnote 2 of the notes to our financial statements.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders

Tree Top Industries, Inc.

(A Development Stage Company)

We have audited the accompanying balance sheets of Tree Top Industries, Inc. (A Development Stage Company) as of December 31, 2011 and 2010, and the related statements of operations, stockholders' equity (deficit), and cash flows for the years then ended. 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 audits in accordance with 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide 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 Tree Top Industries, Inc. (A Development Stage Company) as of December 31, 2011 and 2010, and the results of its operations and cash flows for the periods described above in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that Tree Top Industries, Inc. will continue as a going concern. As discussed in Note 1 to the financial statements, Tree Top Industries, Inc. has suffered recurring losses from operations, has a working capital deficit and is dependent on financing to continue operations. These issues raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

/s/ M&K CPAS, PLLC

www.mkacpas.com

Houston, Texas

March 26, 2012

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Balance Sheets

	December 31, 2011			December 31, 2010

ASSETS
CURRENT ASSETS
Cash	$	517		$	2,674
Total Current Assets		517			2,674

PROPERTY AND EQUIPMENT, NET		39,518			72,280

TOTAL ASSETS	$	40,035		$	74,954

LIABILITIES AND STOCKHOLDERS’ (DEFICIT)

CURRENT LIABILITIES
Accounts payable and accrued expenses	$	676,853		$	672,457
Accrued interest payable		134,179			99,463
Due to officers and directors		3,186,130			2,409,012
Notes payable – in default		647,860			597,860
Total Current Liabilities		4,645,022			3,778,792

STOCKHOLDERS’ (DEFICIT)
Preferred stock, $0.001 par value, 50,000 shares authorized,-0- shares issued and outstanding		-			-
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 379,380,276 and 271,199,100 shares issued and 339,380,276 and 251,199,100 outstanding, respectively		379,380			271,199
Additional paid-in capital		140,263,974			138,984,050
Unearned ESOP Shares		(1,700,000	)		(1,100,000	)
(Deficit) accumulated during the development stage		(143,548,341	)		(141,859,087	)
Total Stockholders’ (Deficit)		(4,604,987	)		(3,703,838	)
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT)	$	40,035		$	74,954

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

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statements of Operations

	For the Years Ended December 31,						From Inception on August 1, 2007 through December 31,
	2011			2010			2011
							(Unaudited)
REVENUES, net	$	-		$	-		$	2,967

COST OF SALES, net		-			-			-

GROSS PROFIT		-			-			2,967

OPERATING EXPENSES

General and administrative		413,226			592,644			5,723,691
Impairment of assets		-			-			2,275,000
Compensation and professional fees		1,172,316			26,426,970			135,270,943
Depreciation		32,762			34,056			126,877

Total Operating Expenses		1,618,304			27,053,670			143,396,511

OPERATING LOSS		(1,618,304	)		(27,053,670	)		(143,393,544	)

OTHER INCOME (EXPENSES)

Loss on disposal of assets		-			(2,915	)		(2,915	)
Gain on debt forgiveness		63,865						63,865
Interest income		-			-			9
Interest expense		(134,815	)		(59,124	)		(215,756	)

Total Other Income (Expenses)		(70,950	)		(62,039	)		(154,797	)

LOSS BEFORE INCOME TAXES		(1,689,254	)		(27,115,709	)		(143,548,341	)
INCOME TAX EXPENSE		-			-			-

NET LOSS	$	(1,689,254	)	$	(27,115,709	)	$	(143,548,341	)

BASIC AND DILUTED LOSS PER SHARE	$	(0.01	)	$	(0.19	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		280,493,899			142,966,429

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

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statement of Stockholders’ Equity (Deficit)

From Inception on August 1, 2007 through December 31, 2011

														Deficit
														Accumulated
									Additional			Unearned		During the
	Preferred Stock				Common Stock				Paid-In			ESOP		Development			Total
	Shares		Amount		Shares		Amount		Capital			Shares		Stage			Equity
Balance, August 1, 2007 (inception)		-	$	-		-	$	-	$	-		$	-	$	-

Issuance of founder shares at inception at $0.007 per share		-		-		68,000,000		68,000		432,000			-		-			500,000

Shares issued in recapitalization		-		-		987,791		988		(988	)		-		-			-

Stock options issued for services at $0.74 per share		-		-		-		-		1,494,298			-		-			1,494,298

Stock options issued for cash at $0.10 per share		-		-		-		-		200,000			-		-			200,000

Stock options issued for services at $0.85 per share		-		-		-		-		126,210			-		-			126,210

Exercise of stock options at $0.25 per share		-		-		500,000		500		124,500			-		-			125,000

Shares issued for services at $0.85 per share		-		-		2,590,000		2,590		2,198,910			-		-			2,201,500

Shares issued for services at $2.00 per share		-		-		250,000		250		499,750			-		-			500,000

Net loss for the year ended December 31, 2007		-		-		-		-		-			-		(5,657,322	)		(5,657,322	)

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statement of Stockholders’ Equity (Deficit)

From Inception on August 1, 2007 through December 31, 2011

Balance, December 31, 2007 (Unaudited)	-	$	-	72,327,791		$	72,328		$	5,074,680	$	-	$	(5,657,322	)	(510,314	)

Fractional shares	-		-	609			-			-		-		-		-

Exercise of stock options at $0.25 per share	-		-	1,100,000			1,100			723,900		-		-		725,000

Common stock cancelled	-		-	(24,600,000	)		(24,600	)		24,600		-		-		-

Stock options granted for services	-		-	-			-			1,993,000		-		-		1,993,000

Exchange of Ludicrous, Inc. stock options for Tree Top stock options	-		-	-			-			932,779		-		-		932,779

Net loss for the year ended December 31, 2008	-		-	-			-			-		-		(4,140,807	)	(4,140,807	)

Balance, December 31, 2008 (Unaudited)	-		-	48,828,400			48,828			8,748,959		-		(9,798,129	)	(1,000,342	)

Stock options granted for services	-		-	-			-			32,145,311		-		-		32,145,311

Common stock issued for services	-		-	74,850,000			74,850			68,807,150		-		-		68,882,000

Common stock issued for acquisition of subsidiary	-		-	3,500,000			3,500			2,271,500		-		-		2,275,000

Common stock issued for cash	-		-	315,700			316			110,184		-		-		110,500

Stock based compensation earned	-		-	-			-			241,983		-		-		241,983

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statement of Stockholders’ Equity (Deficit)

From Inception on August 1, 2007 through December 31, 2011

Net loss for the year ended December 31, 2009 (Restated)	-		-	-		-		-		-			(104,945,249	)		(104,945,249	)

Balance, December 31, 2009 (Restated)	-	$	-	127,494,100	$	127,494	$	112,325,087	$	-		$	(114,743,378	)		(2,290,797	)

Stock options granted for services	-		-	-		-		8,024,977		-			-			8,024,977

Valuation of stock option re-pricing	-		-	-		-		153,965		-			-			153,965

Common stock issued for services	-		-	123,485,000		123,485		17,121,310		-			-			17,244,795

Common stock issued for cash	-		-	220,000		220		1,980		-			-			2,200

Stock based compensation earned	-		-	-		-		213,910		-			-			213,910

Imputed interest - loan	-		-	-		-		12,446		-			-			12,446

Contribution from shareholders	-		-	-		-		50,375		-			-			50,375

Common stock issued to ESOP	-		-	20,000,000		20,000		1,080,000		(1,100,000	)		-			-

Net loss for the year ended December 31, 2010	-		-	-		-		-		-			(27,115,709	)		(27,115,709	)

Balance, December 31, 2010	-	$	-	271,199,100	$	271,199	$	138,984,050	$	(1,100,000	)	$	(141,859,087	)	$	(3,703,838	)

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

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statement of Stockholders’ Equity (Deficit)

From Inception on August 1, 2007 through December 31, 2011

Valuation of Beneficial Conversion Feature	-		-	-			-			75,000		-			-			75,000

Common stock issued for cancellation of options	-		-	57,940,000			57,940			57,261		-			-			115,201

Common stock issued for services	-		-	25,300,000			25,300			405,910		-			-			431,210

Cancellation of common stock	-		-	(6,500,000	)		(6,500	)		6,500		-			-			-

Common stock issued for cash	-		-	2,941,176			2,941			22,059		-			-			25,000

Stock based compensation earned	-		-	-			-			64,107		-			-			64,107

Imputed interest - loan	-		-	-			-			13,440		-			-			13,440

Common Stock issued for rent	-		-	5,000,000			5,000			32,500		-			-			37,500

Common Stock issued for convertible debt	-		-	3,500,000			3,500			23,147		-			-			26,647

Common stock issued to ESOP	-		-	20,000,000			20,000			580,000		(600,000	)		-			-

Net loss for the year ended December 31, 2011	-		-	-			-			-		-			(1,689,254	)		(1,689,254	)

Balance, December 31, 2011	-	$	-	379,380,276		$	379,380		$	140,276,464	$	(1,700,000	)	$	(143,548,341	)	$	(4,604,987	)

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

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statements of Cash Flows

	For the Years Ended December 31,						From Inception on August 1, 2007 through December 31,
	2011			2010			2011
							(Unaudited)
CASH FLOW FROM OPERATING ACTIVITIES

Net loss	$	(1,689,254	)	$	(27,115,709	)	$	(143,548,341	)
Adjustments to reconcile net loss to net used in operating activities:
Bad debt expense		-			179,000			192,000
Depreciation and amortization		32,762			34,056			126,877
Stock issued for option cancellation		115,201						115,201
Stock issued for rent		37,500						37,500
Gain on debt settlement		(63,865	)					(63,865	)
Stock options granted for services rendered		-			8,178,942			44,870,540
Impairment of intangible assets		-			-			2,275,000
Common stock issued for services rendered		495,317			17,458,705			89,779,505
Imputed interest on loan		13,440			12,446			25,887
Loss on disposal of fixed assets		-			2,915			2,915
Amortization of debt discount		75,000						75,000
Changes in operating assets and liabilities
(Increase) decrease in prepaid expenses		-			-			-
Increase (decrease) in accounts payable and accrued expenses		669,863			735,906			2,864,702

Net Cash Used in Operating Activities		(314,036	)		(513,739	)		(3,247,079	)

CASH FLOW FROM INVESTING ACTIVITIES

Cash advanced on note receivable		-			(179,000	)		(192,000	)
Cash received in acquisition		-			-			44,303
Cash paid for property and equipment		-			(7,532	)		(169,310	)

Net Cash Used in Investing Activities		-			(186,532	)		(317,007	)

CASH FLOW FROM FINANCING ACTIVITIES

Bank overdraft		-			-			-
Cash contribution from shareholders		-			50,375			50,375
Cash received from issuance of common stock		25,000			2,200			1,687,700
Cash received from notes payable		75,000			192,000			559,860
Cash paid to related party loans		(157,466	)		(220,985	)		(438,206	)
Cash received from related party loans		369,345			574,464			1,704,874

Net Cash Provided by Financing Activities		311,879			598,054			3,564,603

NET INCREASE (DECREASE) IN CASH		(2,157	)		(102,217	)		517
CASH AT BEGINNING OF PERIOD		2,674			104,891			-
CASH AT END OF PERIOD	$	517		$	2,674		$	517

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

Tree Top Industries, Inc.

(A Development Stage Company)

Consolidated Statements of Cash Flows (Continued)

	For the Years Ended December 31,				From Inception on August 1, 2007 through December 31,
	2011		2010		2011
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR:
Interest	$	-	$	-	$	-
Income
Taxes		-		-		-

NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of Debenture	$	25,000	$	-	$	25,000
Common stock issued for acquisition of subsidiary	$	-	$	-	$	2,275,000
Common stock issued to ESOP	$	600,000	$	1,100,000	$	1,700,000

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

NOTE 1 - NATURE OF OPERATIONS

A) HISTORY

On April 24, 2009, the Company entered into a stock exchange agreement (the “Exchange Agreement”) with BioEnergy Applied Technologies Inc., a Nevada corporation (“BAT”), BioEnergy Systems Management Inc., Wimase Limited and Energetic Systems Inc., LLC. Under the terms of the Exchange Agreement, the Company agreed to acquire all of the issued and outstanding shares of BAT. The acquisition resulted in BAT becoming a wholly-owned subsidiary of the Company upon closing. The Exchange Agreement calls for the issuance of a total of 3,500,000 shares of common stock of the Company, par value $.0001 per share, in exchange for the transfer of all of the issued and outstanding shares of common stock of BAT to the Company.

The Company has not realized significant revenues as of December 31, 2011 and is classified as a development stage enterprise in accordance with ASC 915.

B) GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $1,689,254 during the fiscal year ended December 31, 2011 and has an accumulated deficit of $143,560,831. During 2010 the Company incurred losses totaling $27,115,709 and is in default on several notes payable (see Note 5). The Company also has negative working capital of $4,644,505 and $3,776,118 at the years ended December 31, 2011 and 2010, respectively, and negative cash flow from operations of $314,036 and $513,739.

Since inception (August 1, 2007) through December 31, 2011, the Company has not generated any significant business. Through the date of these financial statements viable operations have not been achieved and the Company has been unsuccessful in raising all the capital that it requires. The Company has had no revenues and requires substantial financing. Most of the financing has been provided by David Reichman, the present Chief Executive Officer and Chairman. The Company is dependent upon his ability and willingness to continue to provide such financing which is required to meet reporting and filing requirements of a public company.

In order for the Company to remain a going concern, it will need to continue to receive funds from equity or debt financing. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

A) PRINCIPLES OF CONSOLIDATION

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Universal Energy and Services Group, Inc. Sky Entertainment, Inc., Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc. and TTI Strategic Acquisitions and Equity Group, Inc. All subsidiaries of the Company currently have no financial activity. All significant inter-company balances and transactions have been eliminated.

B) USE OF MANAGEMENT’S ESTIMATES

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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These financial statements have material estimates for valuation of stock and option transactions.

C) CASH EQUIVALENTS

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At December 31, 2011 and 2010, no excess existed. There were no cash equivalents at December 31, 2011 and 2010.

D) FIXED ASSETS

Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, ranging from 3 to 7 years for furniture, fixtures, machinery and equipment. Leasehold improvements are amortized over the lesser of the term of the lease or the economic life of the asset. Routine repairs and maintenance are expensed when incurred.

E) INCOME TAXES

The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes. The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.

The Company adopted ASC 740 at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards 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 bases. 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 to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

F) REVENUE RECOGNITION

We recognize service revenues in accordance with the SEC’s ASC 605 Revenue Recognition and Revenue Arrangements with Multiple Deliverables. Revenue is recognized when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. At the inception of a customer contract for service, we make an assessment as to that customer’s ability to pay for the services provided. If we subsequently determine that collection from that customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all of that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.

G) STOCK-BASED COMPENSATION

The Company accounts for stock-based compensation in accordance with the provisions of ASC 718. ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.

Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 and ASC 595, “Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling Goods and Services”, and are periodically revalued as the stock options vest and are recognized as expense over the related service period.

H) INTANGIBLE ASSETS AND BUSINESS COMBINATIONS

The Company adopted ASC 805, “Business Combinations”, and ASC 350, “Goodwill and Other Intangible Assets”, effective June 2001 and revised in December 2007. ASC 805 requires the use of the purchase method of accounting for any business combinations initiated after June 30, 2002, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are no longer amortized, but are reviewed for impairment annually.

With the acquisition of BAT, Tree Top acquired fifteen (15) intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as an enhanced configuration and novel method for coal gasification. These intangibles have an undefined life as the intellectual property has yet to be commercialized. However, because there are no comparable properties, and because there is no cash-flow being generated from these intangibles, the Company could not determine a fair value at December 31, 2009 and therefore recorded an impairment of the entire capitalized value of $2,275,000.

I) FAIR VALUE OF FINANCIAL INSTRUMENTS

On January 1, 2008, the Company adopted ASC 820, “Fair Value Measurements” ASC 820 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:

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 the valuation methodology are unobservable and significant to the fair measurement.

The carrying amounts reported in the balance sheets for cash and cash equivalents, 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 December 31, 2011 and 2010.

The following table presents the Company’s Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2011 and 2010:

	Level 1		Level 2		Level 3
Notes payable — 2011		-0-		-0-	$	647,860
Notes payable — 2010		-0-		-0-	$	597,860

The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of December 31, 2011 and 2010:

	Notes payable
Balance, December 31, 2009	$	405,860
Purchases, sales, issuances and settlements (net)		192,000
Balance, December 31, 2010		597,860
Purchases, sales, issuances and settlements (net)		50,000
Balance, December 31, 2011	$	647,860

J) BASIC AND DILUTED LOSS PER SHARE

The Company calculates earnings per share in accordance with ASC 260, “Computation of Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2011 and 2010, 0 and 61,500,000 , common equivalent shares were excluded from the calculation as their effects are anti-dilutive, respectively. The ESOP shares issued during 2011 and 2010 have also been excluded from the calculation as they were issued but not outstanding.

	For the Years Ended
	December 31,
	2011			2010
Loss (numerator)	$	(1,689,254	)	$	(27,115,709	)
Shares (denominator)		280,493,899			142,966,429
Basic and diluted loss per share	$	(0.01	)	$	(0.19	)

K) RECENT ACCOUNTING PRONOUNCEMENTS

In December 2011, the FASB issued Accounting Standards Update (“ASU") 2011-11 “Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities”. The amendments in this Update require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for interim and annual periods beginning after January 1, 2013. The adoption of ASU 2011-08 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.

In September 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-08 “Intangibles-Goodwill and Other (Topic 350) Testing Goodwill for Impairment”. Under the amendments in this Update, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit, as described in paragraph 350-20-35-4. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9. This guidance is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-08 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.

In June 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-05,” Comprehensive Income (Topic 220) Presentation of Comprehensive Income”. The objective of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. To increase the prominence of items reported in other comprehensive income and to facilitate convergence of U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), the FASB decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity, among other amendments in this Update. This guidance is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-05 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.

In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, which is included in the Codification under ASC 820 “Fair Value Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments in this Update result in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this Update to result in a change in the application of the requirements in Topic 820.Some of the amendments clarify the Board’s intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. This guidance is effective for interim and annual periods beginning after December 15, 2011.. The adoption of ASU 2010-11 by the Company is not expected to not have a material impact on the Company’s consolidated financial statements.

In March 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-11, which is included in the Codification under ASC 815, “Derivatives and Hedging” (“ASC 815”). This update clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements. Only an embedded credit derivative that is related to the subordination of one financial instrument to another qualifies for the exemption. This guidance is effective for interim and annual reporting periods beginning January 1, 2010. The adoption of ASU 2010-11 did not have a material impact on the Company’s consolidated financial statements

In February 2010, the FASB issued Accounting Standards Update No. 2010-09 (“ASU 2010-09”) as amendments to certain recognition and disclosure requirements. The amendments remove the requirement for an SEC filer to disclose a date in both issued and revised financial statements. Revised financial statements include financial statements revised as a result of either correction of an error or retrospective application of U.S. GAAP. Those amendments remove potential conflicts with the SEC’s literature. All of the amendments in ASU 2010-09 were effective upon issuance for interim and annual periods. The adoption of ASU 2010-09 did not have a material impact on the Company’s consolidated financial statements.

In January 2010, the FASB issued ASU No. 2010-06 regarding fair value measurements and disclosures and improvement in the disclosure about fair value measurements. This ASU requires additional disclosures regarding significant transfers in and out of Levels 1 and 2 of fair value measurements, including a description of the reasons for the transfers. Further, this ASU requires additional disclosures for the activity in Level 3 fair value measurements, requiring presentation of information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU 2010-06 did not have a material impact on the Company’s consolidated financial statements.

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 de-recognition 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. Adoption of the provisions of ASU 2010-02 did not 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. Adoption of the provisions of ASU 2010-01 did not have a material effect on the financial position, results of operations or cash flows of the Company.

L) Beneficial Conversion Feature of Debentures and Convertible Notes Payable

In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert his debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of the debentures and related accruing interest, and is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method.

NOTE 3 - RELATED PARTY TRANSACTIONS

Due to officers and directors as of December 31, 2011 and 2010 totals $3,186,130 and $2,409,012, respectively. These balances consist of net cash advances, bonuses, unpaid wages and unpaid expense reimbursements due to David Reichman and Kathy Griffin. The payables are unsecured, due on demand and do not bear interest. During 2011 Mr. Reichman advanced $369,345 to the Company to cover operating expenses, and was repaid $157,466. During 2009 Mr. Reichman advanced $574,464 to the Company and was repaid $220,985. At December 31, 2011 and 2010, the balances due each officer are as follows: Mr. Reichman: $2,817,373 and $2,205,654, respectively, and Mrs. Griffin: $368,757 and $203,358, respectively.

NOTE 4 - FIXED ASSETS

Depreciation expense was $32,762 and $34,056 during the years ended December 31, 2011 and 2010, respectively.

Fixed assets consist of the following:

	2011			2010
Computer equipment	$	128,311		$	128,311
Office equipment		22,600			22,600
Telephone equipment		12,900			12,900
		163,811			163,811
Accumulated Depreciation		(124,293	)		(91,531	)
	$	39,518		$	72,280

During 2010, the Company disposed of various computer equipment with a net book value of $2,915. The asset and associated accumulated depreciation was removed from the books, generating a loss from disposal of assets of $2,915.

NOTE 5 - NOTES PAYABLE AND CONVERTIBLE NOTES – IN DEFAULT

(a)

NOTES PAYABLE:

Notes payable consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and September 2011. All of the notes are unpaid to date and are in default and are thus classified as current liabilities. At December 31, 2011, notes payable amounted to $647,860. Below is a discussion of the details to the notes payable and a table summarizing the notes owed by the Company.

During 2002, the Company settled a trade payable in litigation by executing a note payable to a company on the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, in default.

Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default.

During 2000, the company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default.

In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default.

On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860, interest accrues at 9% per annum, unsecured, and is due upon demand after 6 months of execution. No demand has been made as of the date of these financial statements.

In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements. Interest expense in the amount of $12,446 has been imputed for this note. An offsetting entry to Paid in Capital was made in connection with this adjustment.

None of the above notes are convertible or have any covenants.

(b)

CONVERTIBLE NOTES:

During March 2011, the Company engaged in four separate convertible note agreements with two individuals. Because the conversion feature was beneficial, a note discount using the intrinsic value was recorded as a contra liability, with the offsetting entry to paid in capital. The note discount was equal to each respective note principal amount. The discount was accreted over the life of the respective notes using the effective interest method. The accretion was recorded as interest expense in the amount of $75,000 for the year ended December 31, 2011. One of the Convertible Notes was converted on June 6, 2011 and is not outstanding at December 31, 2011.The details of the convertible debentures outstanding as of December 31, 2011 are as follows:

March 3, 2011 – Convertible Note payable to an individual, payable in stock at double the principal amount on the date of maturity on September 3, 2011, unsecured, interest included in conversion. Conversion shares limited to total available authorized shares, in default.	$	25,000

March 28, 2011 – Convertible Note payable to an individual, bears interest at 15%, convertible into Common stock at double the principal amount at the market rate on the date of maturity, due on June 28, 2011, unsecured, Conversion shares limited to total available authorized shares, in default.		12,500

March 28, 2011 – Convertible Note payable to an individual, payable in stock at double the principal amount on the date of maturity on September 28, 2011, unsecured, interest included in conversion, Conversion shares limited to total available authorized shares, in default.		12,500

Total Convertible Notes	$	50,000

		Interest			Interest Expense
Principal		Rate			12/31/2011		12/31/2010		Maturity
$	25,000		0	%		25,000		-	9/3/2011
	12,500		0	%		12,500		-	9/28/2011
	12,500		15.00	%		13,927		-	6/28/2011
	292,860		9.00	%	$	26,356	$	26,358	6/27/2010
	192,000		0	%		13,440		12,446	Demand
	18,000		6.00	%		1,080		1,080	9/1/2002
	30,000		6.00	%		1,800		1,800	9/12/2002
	25,000		5.00	%		1,252		1,250	8/31/2000
	40,000		7.00	%		2,800		2,800	7/10/2002
$	647,860				$	98,155	$	45,734

At December 31, 2011 and 2010, accrued interest on the outstanding notes payable and convertible notes was $134,178 and $99,463, respectively. Interest expense on the outstanding notes amounted to $98,155 and $45,734 for the years ended December 31, 2011 and 2010, including the imputed interest discussed above. Total interest expense on outstanding and converted notes amounted to $124,802 and $45,734 for the years ended December 31, 2011 and 2010, respectively.

NOTE 6 - INCOME TAXES

The 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 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.

Deferred tax assets and the valuation account are as follows:

	2011			2010
Deferred tax assets:
NOL carryover	$	3,753,800		$	3,377,400
Valuation allowance		(3,753,800	)		(3,377,400	)
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 39% to pretax income from continuing operations for the years ended December 31, 2011 and 2010.

The components of income tax expense are as follows:

	2011			2010
Book loss	$	(1,689,254	)	$	(27,115,709	)
Stock based compensation		660,508			25,637,647
Gain on debt settlement		(63,865	)		-
Impairment of assets		-			179,000
Valuation allowance		1,092,611			1,299,062
	$	-		$	-

The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $9,625,200 and $8,660,000 as of December 31, 2011 and 2010, respectively, which may be offset against future taxable income from 2028 through 2032. No tax benefit has been reported in the financial statements.

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

	December 31,
	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	$	-	$	-

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in the provision for income taxes. As of December 31, 2011 and 2010, the Company had no accrued interest or penalties related to uncertain tax positions.

The tax years that remain subject to examination by major taxing jurisdictions are for the years ended December 31, 2011, 2010 and 2009.

NOTE 7 - STOCKHOLDERS’ DEFICIT

A) NUMBER OF SHARES AUTHORIZED

Under the Company’s charter, 75,000,000 shares of $0.001 par value common stock were authorized as of December 31, 2006. On November 28, 2007, the stockholders approved the increase in the Company’s authorized shares of common stock from 75 million to 350 million shares, changed the par value to $0.001 and authorized 50,000 shares of $0.001 par value “blank check” preferred stock. On December 18, 2011, the Board of Directors approved an increase in the Company’s authorized common stock to 1,000,0000,000. As of December 31, 2011 and 2010, 379,380,276 and 271,199,100 shares of common stock are issued and 339,380,276 and 251,199,100 shares are outstanding, respectively. There were no shares of preferred stock issued and outstanding.

B) PREFERRED STOCK

As described above, the stockholders voted to authorize 50,000 shares of “blank check” preferred stock. The terms, rights and features of the preferred stock will be determined by the Board of Directors upon issuance. Subject to the provisions of the Company’s certificate of amendment to the articles of incorporation and the limitations prescribed by law, the Board of Directors would be expressly authorized, at its discretion, to adopt resolutions to issue shares, to fix the number of shares and to change the number of shares constituting any series and to provide for or change the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, including dividend rights (including whether the dividends are cumulative), dividend rates, terms of redemption (including sinking fund provisions), redemption prices, conversion rights and liquidation preferences of the shares constituting any series of the preferred stock, in each case without any further action or vote by the stockholders. The Board of Directors would be required to make any determination to issue shares of preferred stock based on its judgment as to the best interests of the Company.

C) ISSUANCES OF COMMON STOCK

Effective November 1, 2007, the Company closed an Agreement and Plan of Reorganization with Ludicrous and the stockholders of Ludicrous received 68,000,000 shares of the Company’s common stock. The disclosure of shares issued and outstanding for the Company has been restated to inception as though a forward stock split had occurred.

On December 6, 2007, the Board of Directors authorized the issuance of 200,000 shares of common stock to its directors, valued at $400,000, for services rendered to the Company.

On September 24, 2007, the Board of Directors authorized the issuance of 2.55 million shares of common stock to David Reichman, valued at $2,167,500, for services rendered to the Company. The shares were issued on November 1, 2007.

On September 24, 2007, the Board of Directors authorized the issuance of 40,000 shares of common stock to its directors, valued at $34,000, for services rendered to the Company. The shares were issued on November 1, 2007.

On December 6, 2007, the Board of Directors authorized the issuance of 50,000 shares of common stock to its attorney, valued at $100,000, for services rendered to the Company.

On December 17, 2007, the Company issued 500,000 shares of common stock relating to the exercise of 500,000 options. The Company received proceeds totaling $125,000.

On January 16, 2008, the Board of Directors authorized the grant of 250,000 shares of common stock relating to the exercise of 250,000 options. The Company received proceeds totaling $62,500.

On March 26, 2008, the Board of Directors authorized the issuance of 850,000 shares of common stock relating to the exercise of 850,000 options. The Company received proceeds totaling $662,500.

During the year ended December 31, 2008, the Company authorized the grant of 1,000,000 of stock options. The Company recorded an expense of $527,805 at the date of grant.

During the year ended December 31, 2008, the Company cancelled 24,600,000 shares with a par value of $0.001.

During 2008 the Company authorized the exchange of options to purchase shares of Ludicrous common stock for options to purchase common stock of the Company. The Company revalued the options and recorded $932,779 as additional compensation expense for incremental value of the Company’s options.

On February 13, 2009, the Board of Directors authorized the issuance of 12,500,000 shares of common stock to officers and directors and consultants, valued at $37,500,000 for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On April 28, 2009, the Board of Directors authorized the issuance of 3,950,000 shares of common stock to officers and directors and consultants, valued at $2,054,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On May 28, 2009, the Board of Directors authorized the issuance of 1,000,000 million shares of common stock to officers and directors and consultants, valued at $520,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On July 9, 2009, the Board of Directors authorized the issuance of 3,500,000 shares of common stock, valued at $2,275,000 for the acquisition of BAT, including environmental remediation technology. The issuance was valued at the fair market price of the shares listed on the date of closing on August 13, 2009.

On August 21, 2009, the Board of Directors authorized the issuance of 1,000,000 shares of its common stock for future legal services. The shares were valued at $1,040,000, the fair market price listed on the day of issuance. $241,983 of shares were earned during 2009 and the remainder ($798,017) was deferred until earned. During 2010 an additional $213,910 was earned.

On December 16, 2009, the Board of Directors authorized the issuance of 55,900,000 shares of common stock to officers and directors and consultants, valued at $29,068,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant. 1,000,000 shares of this issuance was for future legal services and was deferred in the amount of $520,000 until services are rendered.

On December 20, 2009, the Board of Directors authorized the issuance of 500,000 shares of common stock to consultants valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During October 2009, the Company authorized the issuance of 315,700 shares of common stock for cash received, totaling $110,500.

During February 2010, the Board of Directors authorized the issuance of 500,000 shares to a consultant, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010 the Board of Directors authorized the issuance of 12,500,000 shares to five board members, valued at $4,125,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010, the Board of Directors authorized the issuance of 15,000,000 shares to officers of the company, valued at $3,900,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010, the Board of Directors authorized the issuance of 1,000,000 shares to four consultants, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During May 2010, the Board of Directors authorized the issuance of 5,385,000 shares to 6 individuals and a corporation for consulting services rendered. The value of this issuance was $1,077,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 8,000,000 shares to seven universities as an incentive. The valuation of the issuance was $440,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 12,000,000 shares to three individuals as an incentive. The issuance was valued at $660,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 20,000,000 shares to an Employee Stock Option Trust. The issuance was valued at $1,100,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.

During October 2010, the Board of Directors authorized the issuance of 700,000 shares to several individuals as an incentive. The issuance was valued at $38,500, the fair market price listed on the day of grant.

During October 2010, the Board of Directors authorized the issuance of 3,000,000 shares to an individual as an incentive. The issuance was valued at $186,000, the fair market price listed on the day of grant.

During November 2010, the Board of Directors authorized the issuance of 3,400,000 shares to 3 individuals as incentives or for services rendered, valued at $532,300, the fair market price listed on the day of grant.

During November 2010, the Board of Directors authorized the issuance of 220,000 shares for cash of $2,200.

During December 2010, the Board of Directors authorized the issuance of 2,000,000 shares for legal services valued at $186,000, the fair market price listed on the day of grant.

During December 2010, the Board of Directors authorized the issuance of 5,000,000 shares to board member valued at $465,000, the fair market price listed on the day of grant.

During December 2010, the Board of Directors authorized the issuance of 55,000,000 shares to officers valued at $5,115,000, the fair market price listed on the day of grant.

During 2010, the Company received a contribution from a shareholder in the amount of $50,375. The contribution was recorded as an increase to Additional Paid in Capital.

As discussed above in Note 5, the Company recorded imputed interest on a non-interest bearing note. The imputed interest was recorded as an increase to Additional Paid in Capital in the amount of $12,446.

On June 6, 2011, the Company accepted the return of 3,500,000 shares held in escrow, and cancelled them. On the same day the Company issued 3,500,000 shares to a Note Holder as payment on a $25,000 note with accrued interest of $1,647. The number of shares issued were within the terms of the convertible note agreement therefore no gain or loss was recorded on the conversion.

The recording of the beneficial conversion features on the convertible notes discussed previously required an increase in paid in capital in the amount of $75,000.

On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options, and 8,000,000 shares to consultants to the Company for services rendered. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The Company also recorded $60,000 in connection with the shares issued to the consultants, valued at the market price on the day of grant. On this same day the board authorized the issuance of 5,000,000 common shares to Highest Star for the continued use of their office in Burbank California. This issuance was recorded as rent expense in the amount of $37,500, the market price on the date of grant.

On November 14, 2011, the Board of Directors approved the cancellation of the 5,000,000 shares held for issuance to various colleges and universities as approved in September 2010. The universities had not yet accepted the issuances and the Board opted to cancel the shares.

Also on November 14, 2011, the company authorized the issuance of 2,941,176 for cash of $25,000 pursuant to the Adesso agreement disclosed in this annual report.

On December 28, 2011, the Board authorized the issuance of 1,500,000 shares to a consultant, valued at $45,000, the market value on the day of grant.

On December 29, 2011, the Board authorized the issuance of 12,600,000 to various consultants of the Company for services performed or to be performed in 2012. The issuance was valued at $378,000, however $99,990 was deferred compensation to be recorded in 2012 when the services are performed.

During the twelve months ended December 31, 2011, the Company recorded imputed interest on a non-interest bearing note in the amount of $13,440, with an increase in paid in capital.

D) 2007 OMNIBUS STOCK AND INCENTIVE PLAN

On September 24, 2007, the Board of Directors authorized the creation of the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”). The 2007 Plan was approved by the stockholders on November 28, 2007. An aggregate of 6 million shares of common stock are reserved for issuance and available for awards under the 2007 Plan.

Awards under the 2007 Plan may include non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of common stock, restricted units and performance awards. For a complete description of the Plan, see Tree Top’s Form 8-K filed with the SEC on November 7, 2007.

E) STOCK BASED COMPENSATION

The stock options authorized by the Company prior to the acquisition of Ludicrous, Inc. are accepted by the combined company and included in the following disclosure. On October 1, 2007, the Company issued three-year options to purchase a total of 2 million shares of its common stock at an exercise price of $.25 per share to two outside consultants. Each stock option was sold for a price of $.10 per option for a total of $200,000. The options expire on September 30, 2010. The term of the options is divided into two periods, the Primary Option Period which is from October 1, 2007 through September 30, 2008 and the Secondary Option Period which is from October 1, 2008 through September 30, 2010. The exercise of the options has been restricted during the Primary Option Period. The option holders can only exercise a maximum of 250,000 shares during any calendar quarter through September 30, 2008. Therefore, during the entire Primary Option Period, the option holders can each exercise a maximum of 1 million shares of common stock. There are no restrictions during the Secondary Option period. The fair value of the options as calculated under the Black-Scholes model totaled $1,694,298. For the year ended December 31, 2007, the Company recognized $1,494,298 of compensation expense related to these options.

On October 1, 2007, pursuant to his employment agreement, the Company issued five year options to David Reichman to purchase 1.2 million shares of its common stock at an exercise price of $.55 per share. The shares vest in 24 equal installments of 50,000 stock options each, commencing on October 1, 2007. The fair value of the options as calculated under the Black-Scholes model totaled $1,009,678.

The fair values of the 2007 options issued were determined using the following assumptions: risk free rate of 3.71% to 4.05%, no dividend yield, an expected life of three years and a volatility factor of 312.9% to 285.7%.

Effective January 1, 2008, the Company’s Board of Directors approved for issuance 250,000 stock options to each of its four directors, to be issued effective January 1, 2008, with an exercise price of $4.50 per share, expiring in 2018. The options vest 1/24th upon grant and then 1/24th each subsequent month. The fair value of the options as calculated under the Black-Scholes model totaled $4,498,441 which vested over a 2 year period. For the year ended December 31, 2010 and 2009, the Company recognized $0 and $2,604,854 of compensation expense related to these options, respectively. The fair value of these options was determined using the following assumptions: risk free rate of 3.45%, no dividend yield, an expected life of five years and a volatility factor of 318%.

During the year ended December 31, 2008, the Company recorded the value of 1,000,000 stock options issued to a shareholder with an exercise price of $1.00 per share, expiring in 2018. The fair value of the options as calculated under the Black-Scholes model totaled $527,805 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 3.48%, no dividend yield, an expected life of five years and a volatility factor of 191%.

On February 13, 2009, the Company recorded the value of 5,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $1.20 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $14,981,194 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 1.88%, no dividend yield, an expected life of 5 years and a volatility factor of 275%.

On May 28, 2009, the Company recorded the value of 7,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.55 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $3,639,297 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.46%, no dividend yield, an expected life of 5 years and a volatility factor of 333%.

On December 16, 2009, the Company recorded the value of 21,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.52 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $10,919,967 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.35%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.

On May 25, 2010, the Company granted 27,500,000 options to the officers and directors of the Company with an exercise price of $.26 per share, expiring in 2020. The fair value of the options as calculated under the Black-Scholes model totaled $8,024,977 which was recorded as option expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.61%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.

Also on May 25, 2010, the Company’s board of directors approved the re-valuation of all previously issued and outstanding options. The original terms of the options remained in effect; the only change was the exercise price, which was changed to $.20 for all options. The fair value of the re-valuation of the 65,700,000 options outstanding was determined using the Black-Scholes model and totaled $153,965, using the following assumptions: risk free rate of 0.17% to 2.01%, no dividend yield, expected lives between .25 and 5 years, and volatility factor of 418%. The options were valued originally at $12,736,806, and with the new terms the value was determined to be $12,890,771, thus the difference recorded for the re-valuation was an additional expense of $153,965.

On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The options were valued at the cancellation date using the Black-Scholes model using the following assumptions: risk free rate of 0.33%, no dividend yield, expected lives between 2.25 and 3.75 years, and a volatility factor of 193%.

A summary of the Company’s stock option activity is as follows for the years ended December 31, 2011 and 2010 and was retroactively restated for the change in conversion price as noted above:

				Range of		Weighted		Remaining
				Exercise		Average		Contractual
				Prices		Exercise		Life
	SHARES			Per Share		Price		(Years)
Options outstanding at December 31, 2009		38,200,000		$	.20		.20		3.98
Granted		27,500,000			.20		0.20		4.32
Exercised		-			-		-		-
Expired		(4,200,000	)		.20		.20		-
Options outstanding at December 31, 2010		61,500,000		$	.20	$	.20		3.99
Granted		-			-		-		-
Exercised		-			-		-		-
Expired/Forfeited		(61,500,000	)		.20		.20
Options outstanding at December 31, 2011		-		$	-	$	-		-

F) STOCK WARRANTS

In conjunction with the stock issued for cash during the year ended December 31, 2009 the Company issued a total of 631,400 warrants. Each unit of common stock sold included 1,000 class A warrants and 1,000 class B warrants. Class A warrants have a strike price of $0.50 and are exercisable for 180 days from issuance. Class B warrants have a strike price of $1.00 and are exercisable for one year from the date of issuance.

A summary of the Company’s stock warrant activity is as follows for the years ended December 31, 2011 and 2010:

			Range of		Weighted		Remaining
			Exercise		Average		Contractual
			Prices		Exercise		Life
	SHARES		Per Share		Price		(Years)
Warrants outstanding at December 31, 2009		631,400	$	0.50-1.00		0.75		0.5
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		631,400		.50-1.00		.75		-
Warrants outstanding at December 31, 2010		631,400	$	0.50-1.00	$	0.75		0.5
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		631,400	$	.50-1.00		.75		-
Warrants outstanding at December 31, 2011		-	$	-	$	-		-

The aggregate intrinsic value of stock warrants outstanding and exercisable at December 31, 2011 and 2010 totaled $0 and $0, respectively. The weighted average grant date fair value of warrants granted during the periods ended December 31, 2011 and 2010 is $0 and $0, respectively. The fair value of warrants vested during the years ended December 31, 2011 and 2010 totaled $0 and $0, respectively.

DEFERRED STOCK COMPENSATION

During 2009, the Company issued 2,000,000 shares at separate times as a retainer for legal work to be performed. 1,000,000 shares were valued at $1.04 per share and the second 1,000,000 shares were valued at $.52. A deferral of $1,560,000 was established initially and decreased as legal services were performed and the shares were released from trust. During 2011, the company realized an additional $64,107 in compensation related to this deferral. Then in April 2011, the remaining 1,500,000 shares were returned to treasury.

During December 2011, the Company issued 4,116,666 shares to service providers for services to be performed in 2012. The Company recorded deferred compensation of $135,990 pursuant to these future services, and will record the expense and paid in capital as the service periods occur.

As of December 31, 2011 and 2010, the balance remaining in the deferral account is $135,990 and $1,104,107, respectively. The deferral is presented on the balance sheet net with Additional Paid in Capital.

UNEARNED ESOP SHARES

During 2010, the Company issued 20,000,000 shares to a Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6. The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $1,100,000.

In December 2011, the Company issued an additional 20,000,000 shares to the ESOP Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6. The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $600,000. The total balance at December 31, 2011 and 2010 was $1,700,000 and $1,100,000, respectively.

The fair market value of the ESOP shares at December 31, 2011 and 2010 is $1,320,000 and $660,000, respectively, using the fair market price at December 31, 2011.

NOTE 8- COMMITMENTS AND CONTINGENCIES

LEASES

Tree Top Industries, Inc. currently does not lease, rent or own any property.

LITIGATION

The Company was a defendant in a lawsuit from a supplier that is alleging non-payment of amounts owed for services rendered. The amount asserted was $54,712 and a judgment was entered in the matter for $55,512. Tree Top has included this amount in accounts payable at December 31, 2011 and 2010.

The Company was a defendant in a lawsuit from another supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $4,298. A judgment was entered for $4,352 and the Company has included this amount in accounts payable at December 31, 2011 and 2010.

The Company was a defendant in a lawsuit from a third supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $9,675. Management has included this amount in accounts payable at December 31, 2011 and December 31, 2010. All the notes payable discussed in this section, were incurred before 2002 and before present management took control of the company.

The Company was a defendant in a lawsuit from a supplier alleging nonpayment of amounts owed for services rendered. Management settled this lawsuit on November 30, 2001 and issued a note payable for $18,000 due September 1, 2002 with interest at 6% per annum in full settlement of this claim. As reflected in Notes Payable, the amount due on this note remains unpaid, and management has indicated that it has received no demand for payment from this note holder.

The Company was a defendant in a lawsuit from another supplier also alleging nonpayment of amounts owed for services rendered. This lawsuit was settled on May 1, 2002 by issuing a non interest bearing note payable for $25,000 due on September 12, 2002. The Company defaulted on this note, has not paid it to date and received a notice of motion dated October 22, 2002, seeking entry of a judgment for $30,000 plus interest effective December 6, 2002. The Company adjusted the note balance to $30,000 and has recorded interest expense at 6% per annum from May 1, 2002, the date of settlement, through the end of 2011.

The Company was a defendant in another lawsuit from a former consultant alleging nonpayment of amounts owed for services rendered. Management has executed a note payable to this plaintiff for $40,000 which was due on July 10, 2002 and remains unpaid. Pursuant to the terms of this note, the Company has recorded interest payable at 7% for the period July 10, 2002 through December 31, 2011.

TTI has filed suit in United States District Court against Dr. Steven Hoefflin for libel. The suit seeks redress in the form of enjoining the shareholder from any further harassment and in the form of damages from the shareholder and others who have allegedly abetted the shareholder’s actions. This case was dismissed in New York and we are currently evaluating if it would be productive to file the claim in the Los Angeles County Federal Court.

In addition, this same shareholder filed a third party cross complaint against TTI and one of its officers, in Los Angeles Superior Court. On May 25, 2010, the third party litigation case brought by Dr. Steven Hoefflin against TTI, and one of its officers, in LA Superior Court, index No .BC 392424, was dismissed with prejudice.

EMPLOYMENT AGREEMENT

Effective October 1, 2007, the Company entered into a two-year employment agreement with David Reichman, Chief Executive Officer, pursuant to which Mr. Reichman was paid an annual salary of $250,000, payable in semi-monthly installments. In addition, Mr. Reichman may be paid a bonus or bonuses during each year, as determined at the sole discretion of the Board of Directors and receive stock options to purchase 1.2 million shares of common stock as discussed above. During the year ended December 31, 2009, the Board of Directors approved the extension of this contract an additional two years from the date of expiration, at an annual salary of $500,000. During the year ended December 31, 2011, the Board of Directors approved the extension of this contract until March 31, 2012, at which time the Board anticipates renewing Mr. Reichman’s contract for another two years. Mr. Reichman’s salary has been accruing because Tree Top is without the resources to pay the salary in full. This employment agreement was filed on November 7, 2007, as exhibit 99.2 to a current report of the Company on Form 8-K and is incorporated herein by reference.

Effective April 1, 2009, the Company entered into a three-year employment agreement with Kathy Griffin, President, pursuant to which Mrs. Griffin was paid an annual salary of $127,500, payable in semi-monthly installments. In addition, Mrs. Griffin may be paid a bonus or bonuses during each year, as determined at the discretion of the CEO, and receive stock options to purchase shares of common stock as discussed above. Mrs. Griffin was given a salary increase effective April 1, 2010 to an annual salary of $180,000. This salary increase accrued in 2010 because Tree Top was without resources to pay the salary increase. This employment agreement was filed on March 25, 2010 as exhibit 10.1 to a current report of the Company on Form 8-K and is incorporated herein by reference.

NOTE 9 – MATERIAL AGREEMENTS

On May 11, 2011, the Company entered an agreement with World Without Blindness, Inc. (WWB), wherein, the Company’s wholly owned subsidiary Eye Care Centers International, Inc. was granted the global rights, exclusive of the United States, to represent WWB to the public for 24 months. No assets or liabilities were recorded pursuant to this agreement.

On October 12, 2011, the Company signed a “Term Sheet Agreement” (the “Agreement”), between GoHealth, MD, Inc. (“GoHealth”) a wholly owned subsidiary of Tree Top Industries, Inc. (“TreeTop”) and Adesso Biosciences Limited, a Cayman Island corporation. Adesso Biosciences Limited is the majority owner of Adesso Diagnostics Ltd., (“Adesso”) and a 47.5% owner of Adeda Therapeutics, Ltd. (“Adeda”),which companies are being investigated to be potentially acquired by GoHealth. Upon closing and approval of the Board of Directors of all entities involved, GoHealth will acquire 93% of the stock of Adesso and 47.5% of the stock of Adeda in exchange for GoHealth convertible preferred stock with two provisions, either of which is exercisable after 2 years and one day, converting into a majority of common stock of GoHealth or converting into Tree Top common shares. In addition, at closing Tree Top will issue 10% of its outstanding stock to the shareholders of Adesso and Adeda. The entire agreement was filed in an 8-K dated October 18, 2011. Pursuant to this agreement, on November 14, 2011, the Company issued Adesso 2,941,176 shares of common stock for cash of $25,000. Subsequently, in January , 2012, the Company issued an additional 34,613,910 shares to be held in escrow for the close of the Agreement. Also on February 14, 2012, the Company issued 1,282,051 share for cash of $25,000 pursuant to the agreement.

NOTE 10 – NOTE RECEIVABLE

On January 15, 2010, the Company entered into a loan agreement with GeoGreen Biofuels, Inc. (“GeoGreen”), which is effective as of December 1, 2009. Under the terms of the Agreement, the Company agreed to finance the final stages of a facility build-out in order to begin processing waste cooking oils into biofuels. Under the terms of the agreement, the Company shall also help GeoGreen secure additional financing. Furthermore, the Agreement provides the Company with the right of first refusal on future equity financings of GeoGreen. To date, the Company has advanced a total of approximately $192,000 to GeoGreen. During 2010 the Company ceased funding GeoGreen, as it was suffering financially and went out of business. The Company tried to collect on the $192,000 Note with no success, therefore an allowance for doubtful collection of $192,000 was established. During 2009, the Company advanced $13,000 to GeoGreen which was allowed for in the 2009 balance sheet with the remaining $179,000 being allowed for during 2010.

NOTE 11 – SUBSEQUENT EVENTS

In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and there are no material subsequent events to report other than those reported below.

In January 2012, the Company organized a wholly owned subsidiary named “TTII STRATEGIC ACQUISITIONS & EQUITY GROUP, INC. – DE”. The subsidiary was organized to facilitate and assist with funding the company’s several subsidiaries and projects.

In January , 2012, the Company issued 34,613,910 shares to be held in escrow for the close of the Adesso agreement.

On January 31, 2012, the Board of Directors extended Mr. Reichman’s employment agreement until March 31, 2012.

In February 2012, the Company issued 2,689,874 shares for the conversion of the $50,000 convertible notes payable.

On February 14, 2012, the Company issued 1,282,051 shares for cash of $25,000 pursuant to the Adesso agreement.

On February 6, 2012 the Company issued 1,500,000 shares for services to be rendered by Story-Corp, LLC

On March 2, 2012 the Company issued 750,000 shares for services to be rendered by Mass Media 77, Inc.

On March 12, 2012 the Company issued 1,500,000 shares for services to be rendered by West-Main Communications, Inc.

ITEM 9A. CONTROLS AND PROCEDURES

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information we are required to disclose is recorded, processed, summarized and reported, within the time periods specified in the rules and forms of the Commission. David Reichman, our Chief Executive Officer and our Principal Accounting Officer, is responsible for establishing and maintaining our disclosure controls and procedures.

Under the supervision and with the participation of our management, including the Chief Executive Officer and Principal Accounting Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Principal Accounting Officer has concluded that, as of December 31, 2010, these disclosure controls and procedures were not effective to ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rule and forms; and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Principal Accounting Officer, as appropriate to allow timely decisions regarding required disclosure. The Company’s controls are not effective due to a lack of the segregation of duties. The Company lacks the appropriate personnel to handle all the varying recording and reporting tasks on a timely basis. The Company plans to address these material weaknesses as resources become available by hiring additional professional staff, such as a Chief Financial Officer, as funding becomes available, outsourcing certain aspects of the recording and reporting functions, and separating responsibilities.

The term “internal control over financial reporting” is defined as a process designed by, or under the supervision of, the registrant’s principal executive and principal financial officers, or persons performing similar functions, and effected by the registrant’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

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

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

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

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the Chief Executive Officer and Principal Accounting Officer and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The framework our management uses to evaluate the effectiveness of our internal control over financial reporting is based on the guidance provided by the Committee of Sponsoring Organizations of the Treadway Commission in its 1992 report: INTERNAL CONTROL – INTEGRATED FRAMEWORK. Based on our evaluation under the framework described above, our management has concluded that our internal control over financial reporting was ineffective as of December 31, 2011 due to the same material weaknesses that rendered our disclosure controls and procedures ineffective. The Company’s internal control over financial reporting is not effective due to a lack of sufficient resources to hire a support staff in order to separate duties between different individuals. The Company lacks the appropriate personnel to handle all the varying recording and reporting tasks on a timely basis. The Company plans to address these material weaknesses as resources become available by hiring additional professional staff, such as a Chief Financial Officer, as funding becomes available, outsourcing certain aspects of the recording and reporting functions, and separating responsibilities.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation requirements by the company’s registered public accounting firm pursuant to 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 Controls over Financial Reporting

During the year ended December 31, 2011 there was no significant change in our internal controls over financial reporting or in other factors that materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Inherent Limitations over Internal Controls

TTI’s management does not expect that its disclosure controls or its internal control over financial reporting will prevent or detect all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within TTI have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

Our disclosure controls and procedures are designed to provide reasonable assurance of that our reports will be accurate. Our Chief Executive Officer and Principal Accounting Officer concludes that our disclosure controls and procedures were not effective at that reasonable assurance level, as of the end of the period covered by this Form 10-K due to the lack of sufficient segregation of duties and the lack of appropriate personnel. The Company plans to address these material weaknesses as resources become available by hiring additional professional staff, such as a Chief Financial Officer, as funding becomes available, outsourcing certain aspects of the recording and reporting functions, and separating responsibilities. Our future reports shall also indicate that our disclosure controls and procedures are designed for this reason and shall indicate the related conclusion by the Chief Executive Officer and Principal Accounting Officer as to their effectiveness.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

As of December 31, 2011, the Board of Directors consisted of five Directors. The Board of Directors has determined that each of the Directors, with the exception of Mr. Reichman and Mrs. Griffin, qualifies as “independent” as defined by SEC rules. In making this determination, the Board has concluded that none of these members has a relationship which, in the opinion of the Board, would interfere with the exercise of independent judgment in carrying out the responsibilities of a Director.

During the fiscal year ended December 31, 2011, the Board of Directors held a total of 12 meetings. Mr. Reichman, Mr. Benintendo, Mr. Gilbert and Mrs. Griffin attended at least 75% of the meetings of the Board of Directors and at least 75% of the meetings of the committees on which he or she served. Mr. Hantman did not attend 75% of the meetings.

The Board of Directors is currently comprised as follows:

David Reichman is the Chairman of the Board and Chief Executive Officer, and has been an executive officer for more than five years. Previously, for more than 27 years, Mr. Reichman maintained a Business Management and Tax Law consulting group. He is an enrolled agent and licensed by the US Treasury/Internal Revenue Service. In addition to his Tax Law Consulting practice, Mr. Reichman was Co -General Partner and Tax Matters Partner in Harrison Re-cycling Associates, a company that maintained and operated the first recycling equipment for non-biodegradable Styrofoam and Styrene plastic in North America. Prior to that, from early 1970 to late April 1975, Mr. Reichman was employed by The American Express Company, where he held several positions, including Manager, Budget and Cost. During his tenure at American Express, Mr. Reichman created and developed, together with Control Data Corporation, the Flexible Budgeting for Management Control of International Operations Program , as well as the use of Time-Share computer equipment. Mr. Reichman’s education includes an MBA from Northeastern University through the Harvard Case Study Program, as well as specialized education in financial and scientific theory from The Wharton School of University of Pennsylvania and IBM Systems Scientific Institute.

Kathy M. Griffin, President of the Company is also a member of the Board of Directors. Mrs. Griffin has been with the Company for two years, and has over thirty years of significant professional experience, on the domestic and international scene. Mrs. Griffin has significant experience in marketing, sales, new business development and general business management, both in the United States and internationally. Mrs. Griffin started her career at Superior Brands, where, from December, 1977 to December, 1990, she held several positions, including International Marketing Manager. She was responsible for the successful start up and implementation of the first international joint venture for Superior Brands, Inc. In addition, Mrs. Griffin managed Koning USA, Inc., a consumer products marketing company from 1993 to 2004, and, from January, 2006 to February 2009, was employed as an executive in the New Business Development Group, by Shuster Laboratories, Inc., a division of Specialized Technology Resources, Inc., a global provider of supply chain services, corporate social responsibility, and consulting services. Mrs. Griffin’s education includes a Bachelor’s degree from Boston College University, as well as advanced study in International Relations through the University of Massachusetts John McCormack Institute for Public Policy and the American Marketing Association.

Frank Benintendo, Secretary, 65, has been a Director and Secretary of TTI since 2004. Mr. Benintendo has spent over 40 years in the graphic arts/communication field. Mr. Benintendo is currently the Chief Creative Director of Dale & Thomas Popcorn Inc. From 1999-2000, he was the director of Internet development at ProTeam.Com and from 1998 to 1999 he was responsible for the creative/marketing of a brand driven company to transform each of the company’s niche-market catalog businesses into an e-commerce retailer. Mr. Benintendo’s skills and background were attractive to TTI since the Company has no creative staff. Mr. Benintendo has designed the current TTI logo, designed and updated all stationary, presentation material and marketing tools and has worked several versions of the TTI website, including the current iteration.

Don Gilbert, Treasurer, 76, has been a Director of TTI since November 2006 and a member of the Audit Committee since November 1, 2007. Since 1995, Mr. Gilbert has been an Enrolled Agent, licensed to practice before the U.S. Treasury Department and Department of Taxation for all 50 States. Mr. Gilbert worked with the U.S. Treasury Department from 1960 to 1994 in various capacities. Mr. Gilbert is a member of the New York State Society of Enrolled Agents. Having worked in the corporate world with executives across the country, Mr. Gilbert has accumulated business connections that may be helpful to Tree Top.

Robert Hantman, Director, 62, has been a Director for two years. Mr. Hantman is the principal and founder of Hantman & Associates, which specializes in entertainment, litigation, intellectual property and business law. He maintains offices in New York, NY and Miami, FL. Through his practice representing national and international companies, Mr. Hantman has a working knowledge of international law which may aid Tree Top in several business opportunities. Mr. Hantman graduated from the University Of Miami Law School in 1975, and is a member of the bars in the states of New York, New Jersey, Florida and Pennsylvania.

The executive officers of TTI are as follows:

Name	Age	Position
David I. Reichman	67	Chief Executive Officer
Kathy M. Griffin	57	President

Committees of the Board of Directors

The Board of Directors currently has four standing committees: the Audit Committee, the Compensation Committee, Outside Advisory Committee, and the Science & Technology Committee.

Family Relationships

There are no family relationships between or among the directors, executive officers or persons nominated or chosen by us to become directors or executive officers.

Involvement in Certain Legal Proceedings

To the best of our knowledge, during the past five years, none of the following occurred with respect to a present or former director, executive officer, or employee: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offences); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his or her involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodities Futures Trading Commission to have violated federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

Code of Conduct

We have adopted a Code of Conduct that governs the required ethical conduct of our Directors, officers and employees. The text of the Code of Conduct has been posted on TTI’s website and can be viewed at www.TreeTopIndustriesInc.com. Any waiver of the provisions of the Code of Conduct for executive officers and Directors may be made only by the Audit Committee and, in the case of a waiver for members of the Audit Committee, by the Board of Directors. Any such waivers will be promptly disclosed to our shareholders.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires our Directors and executive officers and persons who own more than 10% of a registered class of our equity securities, to file with the SEC and the OTCQB initial reports of ownership and reports of changes in ownership of shares of common stock of TTI. Officers, Directors and greater than 10% stockholders are required by SEC regulations to furnish us with copies of all Section 16(a) forms they file.

Prior to the date of this filing, each of our Directors failed to file Form 3s and/or Form 4s in a timely manner. However, this was corrected on July 19, 2010, by the filing of all of the required Form 3s and Form 4s by each of the Directors.

Robert Hantman should have filed a Form 3 on February 19, 2009, disclosing his receipt of 2,100,000 shares of common stock of TTI. Frank Benintendo and Donald Gilbert should have filed Form 4s on February 19, 2009, disclosing their respective receipt of 1,000,000 shares of common stock of TTI. David Reichman should have filed a Form 4 on February 19, 2009, disclosing his receipt of 3,900,000 shares of common stock of TTI. Kathy Griffin should have filed a Form 3 on June 8, 2009, disclosing her receipt of 2,400,000 shares of common stock of TTI. David Reichman should have filed a Form 4 on December 30, 2009, disclosing his receipt of 46,000,000 shares of common stock of TTI. Kathy Griffin should have filed a Form 4 on May 6, 2010, disclosing her receipt of 7,500,000 shares of common stock of TTI. On May 25, 2010:, Frank Benintendo should have filed a Form 4 disclosing receipt of 5,166,665 options; Donald Gilbert should have filed a Form 4 disclosing receipt of 5,166,665 options; Kathy Griffin should have filed a Form 4 disclosing receipt of 9,500,000 options; Robert Hantman should have filed a Form 4 disclosing receipt of 4,916,665 options and David Reichman should have filed a Form 4 disclosing receipt of 26,366,675 options.

Prior to the date of this filing, David Reichman failed to file a Form 4 in a timely manner. However, this was corrected on April 8 th , 2011, by the filing the required Form 4.

David Reichman should have filed a Form 4 on December 29th, 2010 disclosing his receipt of 51,000,000 shares of common stock.

Board Vacancies

In the event of a vacancy on the Board of Directors, the Board will seek to identify and evaluate director candidates. Such evaluation involves (i) soliciting recommendations, (ii) meetings and background material relating to potential candidates and (iii) interviews of selected potential candidates by members of the Board of Directors.

In considering whether to recommend any particular candidate for inclusion in the Board of Directors’ slate of recommended director nominees, the Board reviews each potential candidate’s integrity, business acumen, knowledge of our business and industry, experience, diligence, absence of conflicts of interest and the ability to act in the interest of all stockholders. We believe that the backgrounds and qualifications of our Directors, considered as a group, should provide a composite mix of experience, knowledge and abilities that will best allow the Board of Directors to fulfill its responsibilities.

Stockholders may recommend individuals to the Board for consideration as potential director candidates by submitting their names, together with appropriate biographical information and background materials and a statement as to whether the stockholder or group of stockholders making the recommendation has beneficially owned more than 5% of our common shares for at least a year as of the date such recommendation is made. The recommendation should be sent to the Board of Directors, c/o Frank Benintendo, Secretary, Tree Top Industries, Inc. 511 Sixth Avenue, Suite 800, New York, N.Y. 10011. Assuming that appropriate biographical and background material has been provided on a timely basis, the committee will evaluate stockholder-recommended candidates by following substantially the same process, and applying substantially the same criteria, as it follows for candidates recommended by our Board or others. If the Board of Directors determines to nominate a stockholder-recommended candidate and recommends his or her election, then his or her name will be included in the proxy card for the next annual meeting.

Nominating Committee

We do not currently have a nominating committee. We feel this is appropriate due to the small size of our company. Therefore, this function is handled directly by the Board of Directors.

Audit Committee

Our Audit Committee was established in accordance with section 3(a) (58) (A) of the Exchange Act. It is chaired by Donald Gilbert, a former US Treasury/IRS executive. Our Audit Committee does not have charter. Our Audit Committee has reviewed and discussed the audited financial statements with management, and has discussed with the independent auditors the matters required to be discussed by the statement on Auditing Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1, AU section 380),1 and as adopted by the Public Company Accounting Oversight Board in Rule 3200T;

The Audit Committee has received the written disclosures and the letter from the independent accountant required by the applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the Audit Committee concerning independence, and has discussed with the independent accountant the independent accountant's independence; and

The Audit Committee recommended to the Board of Directors that the audited financial statements be included in TTI's annual report on Form 10-K.

ITEM 11. Executive Compensation

The following table sets forth the aggregate compensation earned by our Chief Executive Officer and others officers during 2011 and 2010.

Name and Principal Position	Year		Salary ($)		Bonuses		Stock Awards ($000’s)(1)		Option Awards ($000’s)		Non- Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All other compensation (in excess of $10,000)		Total ($)

David Reichman,		2011		500,000		-		56	$	-		—		—		—		556,000
CEO		2010		500,000		250,000		8,186		2,600								11,518,000

Kathy Griffin,		2011		180,000		-		38		-								218,000
President		2010		166,875		127,500		2,683		1,300		—		—		—		4,277,375

(1)	Stock issuances have been made to both Mr. Reichman and Mrs. Griffin as compensation for their continued work and support of Tree Top, without salary.

The Board determined the compensation for David Reichman, Chairman and Chief Executive Officer for 2011. Mr. Reichman’s salary remained at $500,000 for 2011. This is less than the competitive labor market median for someone with his skills and talents, but reflective of the Company’s current cash position. The Company has entered into an employment agreement with Mr. Reichman regarding his responsibility for implementing the policies adopted by the Board of Directors 2010 Due to Mr. Reichman’s continued willingness to forego his salary payment while the Company attempts to raise capital, the Board of Directors decided to issue 28,000,000 shares of Tree Top common stock to Mr. Reichman on August 18, 2011.

The Board also determined the compensation for Mrs. Griffin, President, based on her undeterred commitment to Tree Top. Her salary remained at $180,000 in 2011. Due to the fact that Mrs. Griffin was willing to forego her salary for the entire year of 2011, and any bonus due her, the Board of Directors issued 19,100,000 shares of common stock to Mrs. Griffin on August 18, 2011. Currently, her salary is less than the competitive labor market median for someone in her position, but reflective of the Company’s current cash position.Employment Agreements

Mr. Reichman’s employment agreement provides for:

a twenty-four months term through December 31, 2013 at an annual base salary of $500,000;

at least one annual salary review by the Board of Directors;

participation in any discretionary bonus plan established for senior executives;

retirement and medical plans, customary fringe benefits, vacation and sick leave

Mrs. Griffin’s employment agreement provides for:

a thirty-six month term through March 31, 2012 at an annual base salary of $127,500. Mrs. Griffin was given a salary increase to $180,000 during the second year of her contract;

at least one annual salary review by the Chief Executive Officer;

participation in any discretionary bonus plan established for senior executives;

retirement and medical plans, customary fringe benefits, vacation and sick leave

Director Compensation

The members of the Board of Directors are compensated by grants of stock and options, in lieu of cash payments. The Directors were not issued any stock or options in 2011. Two of the Directors were issued stock for services rendered outside the duties and repsonsibities of Board membership.

Director Summary Compensation Table

2011
Name and Principal Position	Year			Bonus ($)		Stock Awards ($000’s)		Option Awards ($)		Non-Equity Incentive Plan Compensation ($)		Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)		All Compensation (in excess of $10,000)		Total ($000’s)
David Reichman, Chairman/Director		2011	—		—		59		-		—		—		—		59
Frank Benintendo, Treasurer/Director		2011	—		—		12		-		—		—		—		12
Don Gilbert, Secretary/Director		2011	—		—		12		-		—		—		—		12
Kathy Griffin, Director		2011	—		—		21		-		—		—		—		21
Robert Hantman, Director		2011	—		—		11		-		—		—		—		11

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

OPTION AWARDS

Name
(a)

Number
of
Securities
Underlying
Unexercised
options
(#) (b)

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

Equity

Incentive

Plan

Awards:

Number of

Securities

Underlying

Unexercised

Unearned

Options

(#)

(d)

Option
Exercise
Price
($)
(e)

Option
Expiration
Date
($)
(f)

David I. Reichman

N/A

Kathy M. Griffin

N/A

Donald H. Gilbert

N/A

Frank Benintendo

N/A

Robert Hantman

N/A

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

Security Ownership of Certain Beneficial Owners and Management

Title of class

Name and address of
beneficial owner (1)

Amount of
Shares

Nature of beneficial
ownership

Percent of
class (2)

Common Stock

David Reichman

144,556,955

Direct

34.59

Common Stock

Frank Benintendo

10,000,000

Direct

2.39

Common Stock

Don Gilbert

10,000,000

Direct

2.39

Common Stock

Kathy Griffin

35,025,000

Direct

8.37

Common Stock

Robert Hantman

5,600,000

Direct

1.34

(1)	In care of Tree Top Industries , Inc. 511 Sixth Ave., Suite 800, New York, NY 10011

(2)	Calculated from the total of outstanding shares of common stock as of March 21,2012(417,966,111).

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The Company has not and does not provide business services to executives or Directors of the Company or their family members. The Company has no agreement with Mr. Reichman for repayment of loans, other than the Board acknowledges and agrees that such loans, both of cash, as well as non-payment of salary and expenses are due on demand and without interest, except to the extent that interest charged by a bank, credit card, or other institution or person who loaned money. The Board also acknowledges and agrees that loans by Mrs. Griffin, specifically the non-payment of her salary, are due on demand and without interest.

Mr. Reichman is the principle shareholder in the Company, and has been since 2002. He also operates as the CEO of the company and Chairman of the Board. If not for the continued monetary support of Mr. Reichman, the Company would not have been able to meet its obligations for the last eight years. Mrs. Griffin is the second principle shareholder and is President of the Company. She has operated as President since May 28, 2009.

The aggregate amount of the loans outstanding and due to Mr. Reichman and Mrs. Griffin, is $3,186,130 and $2,409,012 as of December 31, 2011 and 2010 respectively. They are non-interest bearing, due on demand loans. At December 31, 2011 and 2010, the balances due each officer are as follows: Mr. Reichman: $2,817,373 and $2,205,654, respectively, and Mrs. Griffin: $368,757 and $203,358, respectively.

The Company’s Code of Conduct provides that when any potential conflict exists, it must be properly disclosed and an appropriate determination made by the Company. The Chairman and CEO is ultimately responsible for the determination. The Company’s policies and procedures were followed in connection with all of the above.

Director Independence

The Board of Directors has determined that each of the Directors, with the exception of Mr. Reichman and Mrs. Griffin, qualifies as “independent” directors, as that term is defined under the FINRA listing standards.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

M&K CPAS, PLLC served as the Company’s independent registered public accounting firm for the year ended December 31, 2011 and 2010.

Fees for professional services rendered to the Company during the fiscal year ended December 31, 2011 were as follows:

Audit Fees	$	15,000
Audit Related Fees		-
All Other Fees		-
Total Fees	$	15,000

Fees for professional services rendered to the Company during the fiscal years ended December 31, 2010 were as follows:

Audit Fees	$	35,750
Audit Related Fees		-
All Other Fees		-
Total Fees	$	35,750

Audit Fees: The audit fees for the fiscal years ended December 31, 2011 and 2010 were for professional services rendered in connection with the audit of the Company’s annual financial statements, assistance with review of documents filed with the SEC, consents and other services required to be performed by our independent registered public accounting firm.

Audit-Related Fees: There were no audit-related fees during the fiscal years ended December 31, 2011 and December 31, 2010.

Tax Fees: No fees were billed to the Company.

All Other Fees: There were no fees billed in the fiscal years ended December 31, 2011 and 2010 for products and services provided by the independent auditors, other than the services reported above under other captions of this Item 14.

Pre-Approval Policies and Procedures

Our Board of Directors adopted resolutions in accordance with the Sarbanes-Oxley Act of 2002 requiring pre-approval of all auditing services and all audit related, tax or other services not prohibited under Section 10A(g) of the Securities Exchange Act of 1934, as amended to be performed for us by our independent auditors, subject to the de minimus exception described in Section 10A(i)(1)(B) of the Exchange Act. These resolutions authorized our independent auditor to perform audit services required in connection with the annual audit relating to the fiscal years ended December 31, 2011 and 2010. Our Board of Directors also appointed and authorized David Reichman to grant pre-approvals of other audit, audit-related, tax and other services requiring board approval to be performed for us by our independent auditor, provided that the designee, following any such pre-approvals, thereafter reports the pre-approvals of such services at the next following regular meeting of the Board. The percentage of audit-related, tax and other services that were approved by the board of directors is 100%.

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

The following documents are filed as part of this 10-K:

1. Financial Statements

The following documents are filed in Part II, Item 8 of this annual report on Form 10-K:

Report of M&K CPAS, PLLC, Independent Registered Public Accounting Firm

Balance Sheets as of December 31, 2011 and 2010

Statements of Operations for the years ended December 31, 2011 and 2010

Statement of Stockholders’ Deficit for the years ended December 31, 2011 and 2010

Statements of Cash Flows for the years ended December 31, 2011 and 2010

Notes to Financial Statements

2. Financial Statement Schedules

None

3. Exhibits

EXHIBIT NO.		DESCRIPTION
3.1		Articles of incorporation of Tree Top Industries, as amended (1)

3.2		By-Laws (2)

10.1		Employment Agreement, dated October 1, 2007, by and between Tree Top Industries, Inc. and David Reichman (3)

10.2		Employment Agreement, dated April 1, 2009, by and between Tree Top Industries Inc. and Kathy Griffin (4)

10.3		Bridge Loan Term Sheet, dated January 11, 2010, by and between Tree Top Industries, Inc. and GeoGreen Biofuels, Inc.(5)

10.4		Business and Financial Consulting Agreement, dated February 22, 2010 by and between Tree Top Industries, Inc. and Asia Pacific Capital Corporation(6)

10.5		Distribution Agreement, by and between Tree Top Industries, Inc. and NetThruster, Inc., dated February 9, 2011(7)

10.6		Term Agreement by and between Tree Top Industries, Inc. and Sky Corporation, doo, dated April 18, 2011 (8)

10.7		Term Agreement by and between Tree Top Industries, Inc. and Adesso Biosciences, Ltd, dated October 12, 2011(9)

21.1		Subsidiaries of the registrant

31.1		Section 302 Certification of Chief Executive Officer and Chief Financial Officer

32.1		Section 906 Certification of Chief Executive Officer

(1)	Filed November 13, 2009, as an exhibit to a Form 10–Q and incorporated herein by reference.

(2)	Filed July 19, 2010, as an exhibit to a Form 10–K/A and incorporated herein by reference.

(3)	Filed November 7, 2007, as an exhibit to a Form 8–K and incorporated herein by reference.

(4)	Filed March 25, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(5)	Filed January 19, 2010, as an exhibit to a Form 8-K and incorporated herein by reference.

(6)	Filed July 19, 2010, as an exhibit to a Form 10–Q/A and incorporated herein by reference.

(7)	Filed February 9, 2011, as an exhibit to a Form 8-K and incorporated herein by reference.

(8)	Filed April 19, 2011, as an exhibit to a Form 8 – K and incorporated herein by reference.

(9)	Filed October 18, 2011 as an exhibit to a Form 8 – K and incorporated herein by reference.

SIGNATURES

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

	TREE TOP INDUSTRIES, INC.

Dated: March 26, 2012	By:	\s\ David Reichman
		David Reichman,
		Chairman of the Board,
		Chief Executive Officer,
		Chief Financial Officer and
		Principal Accounting Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	\s\ David Reichman	Dated: March 26, 2012
	David Reichman,
	Chairman of the Board,
	Chief Executive Officer,
	Chief Financial Officer and
	Principal Accounting Officer

By:	\s\ Kathy M. Griffin	Dated: March 26, 2012
	Kathy M. Griffin,
	Director and President

By:	\s\ Donald Gilbert	Dated: March 26, 2012
	Donald Gilbert,
	Director & Treasurer

EX-21.1 2 v307350_ex21-1.htm EXHIBIT 21.1

EXHIBIT 21.1

Subsidiaries of the Registrant:

	1.	Universal Energy and Services Group, Inc.
		Nevada Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	2.	NetThruster, Inc.
		Nevada Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	3.	MLN, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	4.	Gohealth.MD, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	5.	BioEnergy Applied Technologies, Inc.
		Nevada Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	6	Eye Care Centers International, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	7.	Sky Entertainment, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	8.	GoHealthMD, Inc. Nano Pharmaceuticals, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

	9.	TTI Strategic Acquisitions & Equity Group, Inc.
		Delaware Corporation
		511 Sixth Avenue, Suite 800
		New York, NY 10011

EX-31.1 3 v307350_ex31-1.htm EXHIBIT 31.1

EXHIBIT 31.1

CERTIFICATION

I, David Reichman, certify that:

I have reviewed this Annual Report on Form 10-K of Tree Top Industries, Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (of persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer’s internal control over financial reporting.

Date: March 26, 2012

/s/ David Reichman
David Reichman,
Chief Executive Officer, and
Chief Financial Officer
(Principal Executive Officer/
Principal Accounting Officer)

EX-32.1 4 v307350_ex32-1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Tree Top Industries, Inc. (the “Company”) on Form 10-K for the period ending December 31, 2011 (the “Report”) I, David Reichman, Chairman, Chief Executive Officer, and Chief Financial Officer of the Company, certify, pursuant to 18 USC Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: March 26, 2012

\s\ David Reichman
David Reichman,
Chairman, Chief Executive Officer,
Chief Financial Officer and
Principal Accounting Officer

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

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FY No TTII TREE TOP INDUSTRIES, INC. Yes false Smaller Reporting Company 2011 10-K 2011-12-31 0000356590 No --12-31

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<div> NOTE 7 - STOCKHOLDERS’ DEFICIT   A)           NUMBER OF SHARES AUTHORIZED   Under the Company’s charter, 75,000,000 shares of $0.001 par value common stock were authorized as of December 31, 2006. On November 28, 2007, the stockholders approved the increase in the Company’s authorized shares of common stock from 75 million to 350 million shares, changed the par value to $0.001 and authorized 50,000 shares of $0.001 par value “blank check” preferred stock. On December 18, 2011, the Board of Directors approved an increase in the Company’s authorized common stock to 1,000,0000,000. As of December 31, 2011 and 2010, 379,380,276 and 271,199,100 shares of common stock are issued and 339,380,276 and 251,199,100 shares are outstanding, respectively. There were no shares of preferred stock issued and outstanding.   B)           PREFERRED STOCK   As described above, the stockholders voted to authorize 50,000 shares of “blank check” preferred stock. The terms, rights and features of the preferred stock will be determined by the Board of Directors upon issuance. Subject to the provisions of the Company’s certificate of amendment to the articles of incorporation and the limitations prescribed by law, the Board of Directors would be expressly authorized, at its discretion, to adopt resolutions to issue shares, to fix the number of shares and to change the number of shares constituting any series and to provide for or change the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, including dividend rights (including whether the dividends are cumulative), dividend rates, terms of redemption (including sinking fund provisions), redemption prices, conversion rights and liquidation preferences of the shares constituting any series of the preferred stock, in each case without any further action or vote by the stockholders. The Board of Directors would be required to make any determination to issue shares of preferred stock based on its judgment as to the best interests of the Company.   C)           ISSUANCES OF COMMON STOCK   Effective November 1, 2007, the Company closed an Agreement and Plan of Reorganization with Ludicrous and the stockholders of Ludicrous received 68,000,000 shares of the Company’s common stock. The disclosure of shares issued and outstanding for the Company has been restated to inception as though a forward stock split had occurred.   On December 6, 2007, the Board of Directors authorized the issuance of 200,000 shares of common stock to its directors, valued at $400,000, for services rendered to the Company.   On September 24, 2007, the Board of Directors authorized the issuance of 2.55 million shares of common stock to David Reichman, valued at $2,167,500, for services rendered to the Company. The shares were issued on November 1, 2007.   On September 24, 2007, the Board of Directors authorized the issuance of 40,000 shares of common stock to its directors, valued at $34,000, for services rendered to the Company. The shares were issued on November 1, 2007.   On December 6, 2007,  the Board of Directors  authorized  the issuance of 50,000 shares  of  common  stock to its  attorney,  valued at  $100,000,  for  services rendered to the Company.   On December 17, 2007, the Company issued 500,000 shares of common stock relating to the exercise of 500,000 options.  The Company received proceeds totaling $125,000.   On January 16, 2008, the Board of Directors authorized the grant of 250,000 shares of common stock relating to the exercise of 250,000 options. The Company received proceeds totaling $62,500.   On March 26, 2008, the Board of Directors authorized the issuance of 850,000 shares of common stock relating to the exercise of 850,000 options. The Company received proceeds totaling $662,500.   During the year ended December 31, 2008, the Company authorized the grant of 1,000,000 of stock options. The Company recorded an expense of $527,805 at the date of grant.     During the year ended December 31, 2008, the Company cancelled 24,600,000 shares with a par value of $0.001.   During 2008 the Company authorized the exchange of options to purchase shares of Ludicrous common stock for options to purchase common stock of the Company.  The Company revalued the options and recorded $932,779 as additional compensation expense for incremental value of the Company’s options.   On February 13, 2009, the Board of Directors authorized the issuance of 12,500,000 shares of common stock to officers and directors and consultants, valued at $37,500,000 for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.   On April 28, 2009, the Board of Directors authorized the issuance of 3,950,000 shares of common stock to officers and directors and consultants, valued at $2,054,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.   On May 28, 2009, the Board of Directors authorized the issuance of 1,000,000 million shares of common stock to officers and directors and consultants, valued at $520,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.   On July 9, 2009, the Board of Directors authorized the issuance of 3,500,000 shares of common stock, valued at $2,275,000 for the acquisition of BAT, including environmental remediation technology. The issuance was valued at the fair market price of the shares listed on the date of closing on August 13, 2009.   On August 21, 2009, the Board of Directors authorized the issuance of 1,000,000 shares of its common stock for future legal services. The shares were valued at $1,040,000, the fair market price listed on the day of issuance. $241,983 of shares were earned during 2009 and the remainder ($798,017) was deferred until earned. During 2010 an additional $213,910 was earned.   On December 16, 2009, the Board of Directors authorized the issuance of 55,900,000 shares of common stock to officers and directors and consultants, valued at $29,068,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant. 1,000,000 shares of this issuance was for future legal services and was deferred in the amount of $520,000 until services are rendered.   On December 20, 2009, the Board of Directors authorized the issuance of 500,000 shares of common stock to consultants valued at $260,000. The shares were valued at the fair market price listed on the day of grant.   During October 2009, the Company authorized the issuance of 315,700 shares of common stock for cash received, totaling $110,500.   During February 2010, the Board of Directors authorized the issuance of 500,000 shares to a consultant, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.   During April 2010 the Board of Directors authorized the issuance of 12,500,000 shares to five board members, valued at $4,125,000. The shares were valued at the fair market price listed on the day of grant.   During April 2010, the Board of Directors authorized the issuance of 15,000,000 shares to officers of the company, valued at $3,900,000. The shares were valued at the fair market price listed on the day of grant.   During April 2010, the Board of Directors authorized the issuance of 1,000,000 shares to four consultants, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.   During May 2010, the Board of Directors authorized the issuance of 5,385,000 shares to 6 individuals and a corporation for consulting services rendered. The value of this issuance was $1,077,000, the fair market price listed on the day of grant.   During September 2010, the Board of Directors authorized the issuance of 8,000,000 shares to seven universities as an incentive. The valuation of the issuance was $440,000, the fair market price listed on the day of grant.   During September 2010, the Board of Directors authorized the issuance of 12,000,000 shares to three individuals as an incentive. The issuance was valued at $660,000, the fair market price listed on the day of grant.     During September 2010, the Board of Directors authorized the issuance of 20,000,000 shares to an Employee Stock Option Trust. The issuance was valued at $1,100,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.   During October 2010, the Board of Directors authorized the issuance of 700,000 shares to several individuals as an incentive. The issuance was valued at $38,500, the fair market price listed on the day of grant.   During October 2010, the Board of Directors authorized the issuance of 3,000,000 shares to an individual as an incentive. The issuance was valued at $186,000, the fair market price listed on the day of grant.   During November 2010, the Board of Directors authorized the issuance of 3,400,000 shares to 3 individuals as incentives or for services rendered, valued at $532,300, the fair market price listed on the day of grant.   During November 2010, the Board of Directors authorized the issuance of 220,000 shares for cash of $2,200.   During December 2010, the Board of Directors authorized the issuance of 2,000,000 shares for legal services valued at $186,000, the fair market price listed on the day of grant.   During December 2010, the Board of Directors authorized the issuance of 5,000,000 shares to board member valued at $465,000, the fair market price listed on the day of grant.   During December 2010, the Board of Directors authorized the issuance of 55,000,000 shares to officers valued at $5,115,000, the fair market price listed on the day of grant.   During 2010, the Company received a contribution from a shareholder in the amount of $50,375. The contribution was recorded as an increase to Additional Paid in Capital.   As discussed above in Note 5, the Company recorded imputed interest on a non-interest bearing note. The imputed interest was recorded as an increase to Additional Paid in Capital in the amount of $12,446.   On February 18, 2011, the Board of Directors authorized the issuance of 2,000,000 shares of common stock to a Tree Top investor and shareholder for the continued use of his apartment in New York City by the president. The issuance was valued at $48,200, the market price at the date of authorization.   During March 2011, the Company agreed to settle the outstanding balance due to the Crone Law group and recorded an additional vesting of the shares held by them, that had been deferred, and recorded consulting expense of $64,107. This left a balance of unused and unearned shares of 1,500,000 shares for future issuance to cover additional fees. In April 2011, the 1,500,000 shares were cancelled and returned to the Company.   On June 6, 2011, the Company accepted the return of 3,500,000 shares held in escrow, and cancelled them. On the same day the Company issued 3,500,000 shares to a Note Holder as payment on a $25,000 note with accrued interest of $1,647. The number of shares issued were within the terms of the convertible note agreement therefore no gain or loss was recorded on the conversion.   The recording of the beneficial conversion features on the convertible notes discussed previously required an increase in paid in capital in the amount of $75,000.     On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options, and 8,000,000 shares to consultants to the Company for services rendered. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The Company also recorded $60,000 in connection with the shares issued to the consultants, valued at the market price on the day of grant. On this same day the board authorized the issuance of 5,000,000 common shares to Highest Star for the continued use of their office in Burbank California. This issuance was recorded as rent expense in the amount of $37,500, the market price on the date of grant.   On November 14, 2011, the Board of Directors approved the cancellation of the 5,000,000 shares held for issuance to various colleges and universities as approved in September 2010. The universities had not yet accepted the issuances and the Board opted to cancel the shares.   Also on November 14, 2011, the company authorized the issuance of 2,941,176 for cash of $25,000 pursuant to the Adesso agreement disclosed in this annual report.   On December 21, 2011, the company authorized the issuance of 1,200,000 shares to the transfer agent for services to be included in 2012. The share issuance was valued at $36,000, the market value on the day of grant, and has been deferred until the services have been performed in 2012.   On December 28, 2011, the Board authorized the issuance of 1,500,000 shares to a consultant, valued at $45,000, the market value on the day of grant.   On December 29, 2011, the Board authorized the issuance of 12,600,000 to various consultants of the Company for services performed or to be performed in 2012. The issuance was valued at $378,000, however $99,990 was deferred compensation to be recorded in 2012 when the services are performed.   On December 29, 2011, the Board authorized the issuance of 20,000,000 shares to the Company’s Employee Stock Option Trust account. The issuance was valued at $600,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.   During the twelve months ended December 31, 2011, the Company recorded imputed interest on a non-interest bearing note in the amount of $13,440, with an increase in paid in capital.   D)           2007 OMNIBUS STOCK AND INCENTIVE PLAN   On September 24, 2007, the Board of Directors authorized the creation of the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”). The 2007 Plan was approved by the stockholders on November 28, 2007. An aggregate of 6 million shares of common stock are reserved for issuance and available for awards under the 2007 Plan.   Awards under the 2007 Plan may include non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of common stock, restricted units and performance awards. For a complete description of the Plan, see Tree Top’s Form 8-K filed with the SEC on November 7, 2007.   E)           STOCK BASED COMPENSATION   The stock options authorized by the Company prior to the acquisition of Ludicrous, Inc. are accepted by the combined company and included in the following disclosure. On October 1, 2007, the Company issued three-year options to purchase a total of 2 million shares of its common stock at an exercise price of $.25 per share to two outside consultants. Each stock option was sold for a price of $.10 per option for a total of $200,000. The options expire on September 30, 2010. The term of the options is divided into two periods, the Primary Option Period which is from October 1, 2007 through September 30, 2008 and the Secondary Option Period which is from October 1, 2008 through September 30, 2010. The exercise of the options has been restricted during the Primary Option Period. The option holders can only exercise a maximum of 250,000 shares during any calendar quarter through September 30, 2008. Therefore, during the entire Primary Option Period, the option holders can each exercise a maximum of 1 million shares of common stock. There are no restrictions during the Secondary Option period. The fair value of the options as calculated under the Black-Scholes model totaled $1,694,298. For the year ended December 31, 2007, the Company recognized $1,494,298 of compensation expense related to these options.   On October 1, 2007, pursuant to his employment agreement, the Company issued five year options to David Reichman to purchase 1.2 million shares of its common stock at an exercise price of $.55 per share. The shares vest in 24 equal installments of 50,000 stock options each, commencing on October 1, 2007. The fair value of the options as calculated under the Black-Scholes model totaled $1,009,678.   The fair values of the 2007 options issued were determined using the following assumptions: risk free rate of 3.71% to 4.05%, no dividend yield, an expected life of three years and a volatility factor of 312.9% to 285.7%.     Effective January 1, 2008, the Company’s Board of Directors approved for issuance 250,000 stock options to each of its four directors, to be issued effective January 1, 2008, with an exercise price of $4.50 per share, expiring in 2018. The options vest 1/24th upon grant and then 1/24th each subsequent month. The fair value of the options as calculated under the Black-Scholes model totaled $4,498,441 which vested over a 2 year period. For the year ended December 31, 2010 and 2009, the Company recognized $0 and $2,604,854 of compensation expense related to these options, respectively. The fair value of these options was determined using the following assumptions: risk free rate of 3.45%, no dividend yield, an expected life of five years and a volatility factor of 318%.   During the year ended December 31, 2008, the Company recorded the value of 1,000,000 stock options issued to a shareholder with an exercise price of $1.00 per share, expiring in 2018. The fair value of the options as calculated under the Black-Scholes model totaled $527,805 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 3.48%, no dividend yield, an expected life of five years and a volatility factor of 191%.   On February 13, 2009, the Company recorded the value of 5,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $1.20 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $14,981,194 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 1.88%, no dividend yield, an expected life of 5 years and a volatility factor of 275%.   On May 28, 2009, the Company recorded the value of 7,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.55 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $3,639,297 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.46%, no dividend yield, an expected life of 5 years and a volatility factor of 333%.   On December 16, 2009, the Company recorded the value of 21,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.52 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $10,919,967 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.35%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.   On May 25, 2010, the Company granted 27,500,000 options to the officers and directors of the Company with an exercise price of $.26 per share, expiring in 2020. The fair value of the options as calculated under the Black-Scholes model totaled $8,024,977 which was recorded as option expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.61%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.   Also on May 25, 2010, the Company’s board of directors approved the re-valuation of all previously issued and outstanding options. The original terms of the options remained in effect; the only change was the exercise price, which was changed to $.20 for all options. The fair value of the re-valuation of the 65,700,000 options outstanding was determined using the Black-Scholes model and totaled $153,965, using the following assumptions: risk free rate of 0.17% to 2.01%, no dividend yield, expected lives between ..25 and 5 years, and volatility factor of 418%. The options were valued originally at $12,736,806, and with the new terms the value was determined to be $12,890,771, thus the difference recorded for the re-valuation was an additional expense of $153,965.   On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The options were valued at the cancellation date using the Black-Scholes model using the following assumptions: risk free rate of 0.33%, no dividend yield, expected lives between 2.25 and 3.75 years, and a volatility factor of 193%.   A summary of the Company’s stock option activity is as follows for the years ended December 31, 2011 and 2010 and was retroactively restated for the change in conversion price as noted above:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Range of</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Weighted</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Remaining</td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Exercise</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Average</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Contractual</td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Prices</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Exercise</td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2">Life</td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2">SHARES</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Per Share</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Price</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">(Years)</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; WIDTH: 42%"> Options outstanding at December 31, 2009</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">38,200,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 12%">.20</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">.20</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%">3.98</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">27,500,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">.20</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.20</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.32</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (4,200,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..20</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..20</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt">Options outstanding at December 31, 2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">61,500,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">.20</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">.20</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3.99</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expired/Forfeited</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (61,500,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..20</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..20</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">  </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt"> Options outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>     F)           STOCK WARRANTS   In conjunction with the stock issued for cash during the year ended December 31, 2009 the Company issued a total of 631,400 warrants.  Each unit of common stock sold included 1,000 class A warrants and 1,000 class B warrants.  Class A warrants have a strike price of $0.50 and are exercisable for 180 days from issuance.  Class B warrants have a strike price of $1.00 and are exercisable for one year from the date of issuance.   A summary of the Company’s stock warrant activity is as follows for the years ended December 31, 2011 and 2010:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">  </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Range of</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Remaining</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">  </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Exercise</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Contractual</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">  </td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Prices</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Exercise</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Life</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; FONT-WEIGHT: bold" colspan="2" nowrap="nowrap">SHARES</td> <td style="PADDING-BOTTOM: 1pt; FONT-WEIGHT: bold" nowrap="nowrap">  </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Per Share</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Price</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">(Years)</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt; WIDTH: 48%"> Warrants outstanding at December 31, 2009</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">631,400</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">0.50-1.00</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">0.75</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">0.5</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 631,400</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..50-1.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..75</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt">Warrants outstanding at December 31, 2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">631,400</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.50-1.00</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0.75</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.5</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 631,400</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..50-1.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> ..75</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt; TEXT-INDENT: -9.9pt; PADDING-LEFT: 9.9pt"> Warrants outstanding at December 31, 2011</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The aggregate intrinsic value of stock warrants outstanding and exercisable at December 31, 2011 and 2010 totaled $0 and $0, respectively. The weighted average grant date fair value of warrants granted during the periods ended December 31, 2011 and 2010 is $0 and $0, respectively. The fair value of warrants vested during the years ended December 31, 2011 and 2010 totaled $0 and $0, respectively.   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 4%"> </td> <td style="WIDTH: 4%">G)</td> <td style="TEXT-ALIGN: justify; WIDTH: 92%">DEFERRED STOCK COMPENSATION</td> </tr> </table>   During 2009, the Company issued 2,000,000 shares at separate times as a retainer for legal work to be performed. 1,000,000 shares were valued at $1.04 per share and the second 1,000,000 shares were valued at $.52. A deferral of $1,560,000 was established initially and decreased as legal services were performed and the shares were released from trust. During 2011, the company realized an additional $64,107 in compensation related to this deferral. Then in April 2011, the remaining 1,500,000 shares were returned to treasury.   During December 2011, the Company issued 4,116,666 shares to service providers for services to be performed in 2012. The Company recorded deferred compensation of $135,990 pursuant to these future services, and will record the expense and paid in capital as the service periods occur.   As of December 31, 2011 and 2010, the balance remaining in the deferral account is $135,990 and $1,104,107, respectively. The deferral is presented on the balance sheet net with Additional Paid in Capital.   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 5%"> </td> <td style="WIDTH: 5%">H)</td> <td style="TEXT-ALIGN: justify; WIDTH: 90%">UNEARNED ESOP SHARES</td> </tr> </table>   During 2010, the Company issued 20,000,000 shares to a Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6.  The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $1,100,000.   In December 2011, the Company issued an additional 20,000,000 shares to the ESOP Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6.  The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $600,000. The total balance at December 31, 2011 and 2010 was $1,700,000 and $1,100,000, respectively.   The fair market value of the ESOP shares at December 31, 2011 and 2010 is $1,320,000 and $660,000, respectively, using the fair market price at December 31, 2011. </div>

<div> NOTE 8- COMMITMENTS AND CONTINGENCIES   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="WIDTH: 0.25in">A)</td> <td style="TEXT-ALIGN: justify">LEASES</td> </tr> </table>   Tree Top Industries, Inc. currently does not lease, rent or own any property.   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="WIDTH: 0.25in">B)</td> <td style="TEXT-ALIGN: justify">LITIGATION</td> </tr> </table>   The Company was a defendant in a lawsuit from a supplier that is alleging non-payment of amounts owed for services rendered. The amount asserted was $54,712 and a judgment was entered in the matter for $55,512. Tree Top has included this amount in accounts payable at December 31, 2011 and 2010.   The Company was a defendant in a lawsuit from another supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $4,298. A judgment was entered for $4,352 and the Company has included this amount in accounts payable at December 31, 2011 and 2010.   The Company was a defendant in a lawsuit from a third supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $9,675. Management has included this amount in accounts payable at December 31, 2011 and December 31, 2010. All the notes payable discussed in this section, were incurred before 2002 and before present management took control of the company.      The Company was a defendant in a lawsuit from a supplier alleging nonpayment of amounts owed for services rendered. Management settled this lawsuit on November 30, 2001 and issued a note payable for $18,000 due September 1, 2002 with interest at 6% per annum in full settlement of this claim. As reflected in Notes Payable, the amount due on this note remains unpaid, and management has indicated that it has received no demand for payment from this note holder.   The Company was a defendant in a lawsuit from another supplier also alleging nonpayment of amounts owed for services rendered. This lawsuit was settled on May 1, 2002 by issuing a non interest bearing note payable for $25,000 due on September 12, 2002. The Company defaulted on this note, has not paid it to date and received a notice of motion dated October 22, 2002, seeking entry of a judgment for $30,000 plus interest effective December 6, 2002. The Company adjusted the note balance to $30,000 and has recorded interest expense at 6% per annum from May 1, 2002, the date of settlement, through the end of 2011.   The Company was a defendant in another lawsuit from a former consultant alleging nonpayment of amounts owed for services rendered. Management has executed a note payable to this plaintiff for $40,000 which was due on July 10, 2002 and remains unpaid. Pursuant to the terms of this note, the Company has recorded interest payable at 7% for the period July 10, 2002 through December 31, 2011.   TTI has filed suit in United States District Court against Dr. Steven Hoefflin for libel. The suit seeks redress in the form of enjoining the shareholder from any further harassment and in the form of damages from the shareholder and others who have allegedly abetted the shareholder’s actions.  This case was dismissed in New York and we are currently evaluating if it would be productive to file the claim in the Los Angeles County Federal Court.     In addition, this same shareholder filed a third party cross complaint against TTI and one of its officers, in Los Angeles Superior Court. On May 25, 2010, the third party litigation case brought by Dr. Steven Hoefflin against TTI, and one of its officers, in LA Superior Court, index No .BC 392424, was dismissed with prejudice.   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"> </td> <td style="WIDTH: 0.25in">C)</td> <td>EMPLOYMENT AGREEMENT</td> </tr> </table>   Effective October 1, 2007, the Company entered into a two-year employment agreement with David Reichman, Chief Executive Officer, pursuant to which Mr. Reichman was paid an annual salary of $250,000, payable in semi-monthly installments. In addition, Mr. Reichman may be paid a bonus or bonuses during each year, as determined at the sole discretion of the Board of Directors and receive stock options to purchase 1.2 million shares of common stock as discussed above. During the year ended December 31, 2009, the Board of Directors approved the extension of this contract an additional two years from the date of expiration, at an annual salary of $500,000.  During the year ended December 31, 2011, the Board of Directors approved the extension of this contract until March 31, 2012, at which time the Board anticipates renewing Mr. Reichman’s contract for another two years. Mr. Reichman’s salary has been accruing because Tree Top is without the resources to pay the salary in full.  This employment agreement was filed on November 7, 2007, as exhibit 99.2 to a current report of the Company on Form 8-K and is incorporated herein by reference.   Effective April 1, 2009, the Company entered into a three-year employment agreement with Kathy Griffin, President, pursuant to which Mrs. Griffin was paid an annual salary of $127,500, payable in semi-monthly installments.  In addition, Mrs. Griffin may be paid a bonus or bonuses during each year, as determined at the discretion of the CEO, and receive stock options to purchase shares of common stock as discussed above. Mrs. Griffin was given a salary increase effective April 1, 2010 to an annual salary of $180,000. This salary increase accrued in 2010 because Tree Top was without resources to pay the salary increase.  This employment agreement was filed on March 25, 2010 as exhibit 10.1 to a current report of the Company on Form 8-K and is incorporated herein by reference. </div>

-314036

75000

-1689254

-13440

669863

134815

<div> NOTE 11 – SUBSEQUENT EVENTS   In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and there are no material subsequent events to report other than those reported below.   In January 2012, the Company organized a wholly owned subsidiary named “TTII STRATEGIC ACQUISITIONS & EQUITY GROUP, INC. – DE”. The subsidiary was organized to facilitate and assist with funding the company’s several subsidiaries and projects.   In January , 2012, the Company issued 34,613,910 shares to be held in escrow for the close of the Adesso agreement.   On January 31, 2012, the Board of Directors extended Mr. Reichman’s employment agreement until March 31, 2012.   In February 2012, the Company issued 2,689,874 shares for the conversion of the $50,000 convertible notes payable.   On February 14, 2012, the Company issued 1,282,051 shares for cash of $25,000 pursuant to the Adesso agreement.   On February 6, 2012 the Company issued 1,500,000 shares for services to be rendered by Story-Corp, LLC   On March 2, 2012 the Company issued 750,000 shares for services to be rendered by Mass Media 77, Inc.   On March 12, 2012 the Company issued 1,500,000 shares for services to be rendered by West-Main Communications, Inc. </div>

37500

-1689254

<div> NOTE 10 – NOTE RECEIVABLE   On January 15, 2010, the Company entered into a loan agreement with GeoGreen Biofuels, Inc. (“GeoGreen”), which is effective as of December 1, 2009.  Under the terms of the Agreement, the Company agreed to finance the final stages of a facility build-out in order to begin processing waste cooking oils into biofuels. Under the terms of the agreement, the Company shall also help GeoGreen secure additional financing.  Furthermore, the Agreement provides the Company with the right of first refusal on future equity financings of GeoGreen. To date, the Company has advanced a total of approximately $192,000 to GeoGreen. During 2010 the Company ceased funding GeoGreen, as it was suffering financially and went out of business. The Company tried to collect on the $192,000 Note with no success, therefore an allowance for doubtful collection of $192,000 was established. During 2009, the Company advanced $13,000 to GeoGreen which was allowed for in the 2009 balance sheet with the remaining $179,000 being allowed for during 2010. </div>

75000

-70950

<div> NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES   A)           PRINCIPLES OF CONSOLIDATION   The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Ludicrous, Inc., BioEnergy Applied Technologies Inc., GoHealthMD, Inc., MLN, Inc., Universal Energy and Services Group, Inc. Sky Entertainment, Inc., Eye Care Centers International, Inc., GoHealthMD Nano Pharmaceuticals, Inc. and TTI Strategic Acquisitions and Equity Group, Inc. All subsidiaries of the Company currently have no financial activity. All significant inter-company balances and transactions have been eliminated.   B)           USE OF MANAGEMENT’S ESTIMATES   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 as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. These financial statements have material estimates for valuation of stock and option transactions.     C)           CASH EQUIVALENTS   The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are maintained with major financial institutions in the U S. Deposits held with these banks at times exceed $250,000 of insurance provided on such deposits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash and cash equivalents. At December 31, 2011 and 2010, no excess existed. There were no cash equivalents at December 31, 2011 and 2010.   D)           FIXED ASSETS   Property, plant and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets, ranging from 3 to 7 years for furniture, fixtures, machinery and equipment.  Leasehold improvements are amortized over the lesser of the term of the lease or the economic life of the asset. Routine repairs and maintenance are expensed when incurred.   E)           INCOME TAXES   The Company applies ASC 740 which requires the asset and liability method of accounting for income taxes.  The asset and liability method requires that the current or deferred tax consequences of all events recognized in the financial statements are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years. Deferred tax assets are reviewed for recoverability and the Company records a valuation allowance to reduce its deferred tax assets when it is more likely than not that all or some portion of the deferred tax assets will not be recovered.   The Company adopted ASC 740 at the beginning of fiscal year 2008. This interpretation requires recognition and measurement of uncertain tax positions using a “more-likely-than-not” approach, requiring the recognition and measurement of uncertain tax positions. The adoption of ASC 740 had no material impact on the Company’s financial statements. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards 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 bases.  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 to be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.   F)           REVENUE RECOGNITION   We recognize service revenues in accordance with the SEC’s ASC 605 Revenue Recognition and Revenue Arrangements with Multiple Deliverables. Revenue is recognized when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. At the inception of a customer contract for service, we make an assessment as to that customer’s ability to pay for the services provided. If we subsequently determine that collection from that customer is not reasonably assured, we record an allowance for doubtful accounts and bad debt expense for all of that customer’s unpaid invoices and cease recognizing revenue for continued services provided until cash is received.   G)           STOCK-BASED COMPENSATION   The Company accounts for stock-based compensation in accordance with the provisions of ASC 718.  ASC 718 requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on the grant-date fair value of the award. That cost will be recognized over the period during which an employee is required to provide service in exchange for the reward- known as the requisite service period. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. The grant-date fair value of employee share options and similar instruments are estimated using the Black Scholes option-pricing model adjusted for the unique characteristics of those instruments.   Equity instruments issued to non-employees are recorded at their fair values as determined in accordance with ASC 718 and ASC 595, “Accounting for Equity Instruments That Are Issued to Other Than Employees for Acquiring, or in Conjunction with Selling Goods and Services”, and are periodically revalued as the stock options vest and are recognized as expense over the related service period.   H)           INTANGIBLE ASSETS AND BUSINESS COMBINATIONS   The Company adopted ASC 805, “Business Combinations”, and ASC 350, “Goodwill and Other Intangible Assets”, effective June 2001 and revised in December 2007. ASC 805 requires the use of the purchase method of accounting for any business combinations initiated after June 30, 2002, and further clarifies the criteria to recognize intangible assets separately from goodwill. Under ASC 350, goodwill and indefinite−life intangible assets are no longer amortized, but are reviewed for impairment annually.   With the acquisition of BAT, Tree Top acquired fifteen (15) intellectual properties pertaining to the construction of the mobile configuration and operation of the glyd-arc medical waste destruction unit, as well as an enhanced configuration and novel method for coal gasification. These intangibles have an undefined life as the intellectual property has yet to be commercialized. However, because there are no comparable properties, and because there is no cash-flow being generated from these intangibles, the Company could not determine a fair value at December 31, 2009 and therefore recorded an impairment of the entire capitalized value of $2,275,000.     I)           FAIR VALUE OF FINANCIAL INSTRUMENTS   On January 1, 2008, the Company adopted ASC 820, “Fair Value Measurements” ASC 820 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:   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13%"></td> <td style="WIDTH: 3%">£</td> <td style="TEXT-ALIGN: justify; WIDTH: 84%">Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</td> </tr> </table>   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13%"> </td> <td style="WIDTH: 3%">£</td> <td style="TEXT-ALIGN: justify; WIDTH: 84%">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.</td> </tr> </table>   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 13%"> </td> <td style="WIDTH: 3%">£</td> <td style="TEXT-ALIGN: justify; WIDTH: 84%">Level 3 inputs to the valuation methodology are unobservable and significant to the fair measurement.</td> </tr> </table>   The carrying amounts reported in the balance sheets for cash and cash equivalents, 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 December 31, 2011 and 2010.   The following table presents the Company’s Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2011 and 2010:    <table style="WIDTH: 80%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Level 1</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Level 2</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Level 3</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 64%">Notes payable — 2011</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-0-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-0-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">647,860</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Notes payable — 2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-0-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-0-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">597,860</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table>   The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of December 31, 2011 and 2010:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Notes payable</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; WIDTH: 88%">Balance, December 31, 2009</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">405,860</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Purchases, sales, issuances and settlements (net)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 192,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Balance, December 31, 2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">597,860</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt">Purchases, sales, issuances and settlements (net)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 50,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">Balance, December 31, 2011</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">647,860</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table>   J)           BASIC AND DILUTED LOSS PER SHARE   The Company calculates earnings per share in accordance with ASC 260, “Computation of Earnings Per Share.” Basic loss per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share gives effect to dilutive convertible securities, options, warrants and other potential common stock outstanding during the period; only in periods in which such effect is dilutive. For 2011 and 2010, 0 and 61,500,000 , common equivalent shares were excluded from the calculation as their effects are anti-dilutive, respectively. The ESOP shares issued during 2011 and 2010 have also been excluded from the calculation as they were issued but not outstanding.   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="6">For the Years Ended</td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December 31,</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 76%">Loss (numerator)</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,689,254</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(27,115,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Shares (denominator)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 280,493,899</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 142,966,429</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Basic and diluted loss per share</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.01</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> (0.19</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">)</td> </tr> </table>   K)           RECENT ACCOUNTING PRONOUNCEMENTS   In December 2011, the FASB issued Accounting Standards Update (“ASU") 2011-11 “Balance Sheet (Topic 210) Disclosures about Offsetting Assets and Liabilities”. The amendments in this Update require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. This guidance is effective for interim and annual periods beginning after January 1, 2013. The adoption of ASU 2011-08 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.      In September 2011, the FASB issued Accounting Standards Update (“ASU”) 2011-08 “Intangibles-Goodwill and Other (Topic 350) Testing Goodwill for Impairment”. Under the amendments in this Update, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit, as described in paragraph 350-20-35-4. If the carrying amount of a reporting unit exceeds its fair value, then the entity is required to perform the second step of the goodwill impairment test to measure the amount of the impairment loss, if any, as described in paragraph 350-20-35-9. This guidance is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-08 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.   In June 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-05,” Comprehensive Income (Topic 220) Presentation of Comprehensive Income”. The objective of this Update is to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. To increase the prominence of items reported in other comprehensive income and to facilitate convergence of U.S. generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS), the FASB decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity, among other amendments in this Update. This guidance is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU 2011-05 by the Company is not expected to have a material impact on the Company’s consolidated financial statements.   In May 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-04, which is included in the Codification under ASC 820 “Fair Value Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. The amendments in this Update result in common fair value measurement and disclosure requirements in U.S. GAAP and IFRSs. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. For many of the requirements, the Board does not intend for the amendments in this Update to result in a change in the application of the requirements in Topic 820.Some of the amendments clarify the Board’s intent about the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. This guidance is effective for interim and annual periods beginning after December 15, 2011.. The adoption of ASU 2010-11 by the Company is not expected to not have a material impact on the Company’s consolidated financial statements.   In March 2010, the FASB issued Accounting Standards Update (“ASU”) No. 2010-11, which is included in the Codification under ASC 815, “Derivatives and Hedging” (“ASC 815”). This update clarifies the type of embedded credit derivative that is exempt from embedded derivative bifurcation requirements. Only an embedded credit derivative that is related to the subordination of one financial instrument to another qualifies for the exemption. This guidance is effective for interim and annual reporting periods beginning January 1, 2010. The adoption of ASU 2010-11 did not have a material impact on the Company’s consolidated financial statements   In February 2010, the FASB issued Accounting Standards Update No. 2010-09 (“ASU 2010-09”) as amendments to certain recognition and disclosure requirements. The amendments remove the requirement for an SEC filer to disclose a date in both issued and revised financial statements. Revised financial statements include financial statements revised as a result of either correction of an error or retrospective application of U.S. GAAP. Those amendments remove potential conflicts with the SEC’s literature. All of the amendments in ASU 2010-09 were effective upon issuance for interim and annual periods. The adoption of ASU 2010-09 did not have a material impact on the Company’s consolidated financial statements.       In January 2010, the FASB issued ASU No. 2010-06 regarding fair value measurements and disclosures and improvement in the disclosure about fair value measurements. This ASU requires additional disclosures regarding significant transfers in and out of Levels 1 and 2 of fair value measurements, including a description of the reasons for the transfers. Further, this ASU requires additional disclosures for the activity in Level 3 fair value measurements, requiring presentation of information about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU 2010-06 did not have a material impact on the Company’s consolidated financial statements.   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 de-recognition 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. Adoption of the provisions of ASU 2010-02 did not 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. Adoption of the provisions of ASU 2010-01 did not have a material effect on the financial position, results of operations or cash flows of the Company.   L)           Beneficial Conversion Feature of Debentures and Convertible Notes Payable   In accordance with FASB ASC 470-20, Accounting for Convertible Securities with Beneficial Conversion Features or Contingently Adjustable Conversion Ratios, we recognize the advantageous value of conversion rights attached to convertible debt. Such rights give the debt holder the ability to convert his debt into common stock at a price per share that is less than the trading price to the public on the day the loan is made to us. The beneficial value is calculated as the intrinsic value (the market price of the stock at the commitment date in excess of the conversion rate) of the beneficial conversion feature of the debentures and related accruing interest, and is recorded as a discount to the related debt and an addition to additional paid in capital. The discount is amortized over the remaining outstanding period of related debt using the interest method. </div>

26647

<div> NOTE 1 - NATURE OF OPERATIONS   A)           HISTORY   Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980.  In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc.  On November 10, 1999, a wholly owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation merged with and into GoHealthMD, Inc., a Delaware corporation.  Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.   On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc.  GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Tree Top Industries, Inc. NetThruster, Inc., BioEnergy Applied Technologies, Inc., Universal Energy and Services Group, Inc. and International Eye Care Centers, Inc. are also wholly owned subsidiaries of Tree Top Industries, Inc.   On April 24, 2009, the Company entered into a stock exchange agreement (the “Exchange Agreement”) with BioEnergy Applied Technologies Inc., a Nevada corporation (“BAT”), BioEnergy Systems Management Inc., Wimase Limited and Energetic Systems Inc., LLC.  Under the terms of the Exchange Agreement, the Company agreed to acquire all of the issued and outstanding shares of BAT.  The acquisition resulted in BAT becoming a wholly-owned subsidiary of the Company upon closing. The Exchange Agreement calls for the issuance of a total of 3,500,000 shares of common stock of the Company, par value $.0001 per share, in exchange for the transfer of all of the issued and outstanding shares of common stock of BAT to the Company.   BAT is the originator and incubator of environmentally friendly technologies useful in the areas of energetic materials, chemicals and chemical processes, gasification, and the safe and novel destruction of biological and other hazardous wastes.  The Company has been focused on the incubation growth and commercialization of novel technology platforms designed to address the fundamental limitations of many of today’s technologies and businesses.  The Company will seek to provide key technologies to the biofuels sector, designed to help make biofuels more cost effective and of a higher quality.   The Company has not realized significant revenues as of December 31, 2011 and is classified as a development stage enterprise in accordance with ASC 915.   B)            GOING CONCERN   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $1,689,254 during the fiscal year ended December 31, 2011 and has an accumulated deficit of $143,560,831. During 2010 the Company incurred losses totaling $27,115,709 and is in default on several notes payable (see Note 5). The Company also has negative working capital of $4,644,505 and $3,776,118 at the years ended December 31, 2011 and 2010, respectively, and negative cash flow from operations of $314,036 and $513,739.   Since inception (August 1, 2007) through December 31, 2011, the Company has not generated any significant business. Through the date of these financial statements viable operations have not been achieved and the Company has been unsuccessful in raising all the capital that it requires. The Company has had no revenues and requires substantial financing. Most of the financing has been provided by David Reichman, the present Chief Executive Officer and Chairman.  The Company is dependent upon his ability and willingness to continue to provide such financing which is required to meet reporting and filing requirements of a public company.   In order for the Company to remain a going concern, it will need to continue to receive funds from equity or debt financing. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. </div>

63865

32762

-1618304

25000

<div> NOTE 4 - FIXED ASSETS   Depreciation expense was $32,762 and $34,056 during the years ended December 31, 2011 and 2010, respectively.   Fixed assets consist of the following:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 76%">Computer equipment</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">128,311</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">128,311</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Office equipment</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">22,600</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">22,600</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Telephone equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 12,900</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 12,900</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">163,811</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">163,811</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Accumulated Depreciation</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (124,293</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (91,531</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 39,518</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 72,280</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>     During 2010, the Company disposed of various computer equipment with a net book value of $2,915. The asset and associated accumulated depreciation was removed from the books, generating a loss from disposal of assets of $2,915. </div>

-2157

157466

<div> NOTE 6 - INCOME TAXES   The 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 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.   Deferred tax assets and the valuation account are as follows:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Deferred tax assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 76%">NOL carryover</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">3,753,800</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">3,377,400</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (3,753,800</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (3,377,400</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt">Net deferred tax asset</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The income tax provision differs from the amount of income tax determined by applying the U.S. federal and state income tax rates of 39% to pretax income from continuing operations for the years ended December 31, 2011 and 2010.   The components of income tax expense are as follows:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2010</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 76%">Book loss</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(1,689,254</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">(27,115,709</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Stock based compensation</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">660,508</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,637,647</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Gain on debt settlement</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(63,865</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td>Impairment of assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">179,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,092,611</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,299,062</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate.  A provision for income taxes has not been made due to net operating loss carry-forwards of $9,625,200 and $8,660,000 as of December 31, 2011 and 2010, respectively, which may be offset against future taxable income from 2028 through 2032. No tax benefit has been reported in the financial statements.   A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"></td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">December 31,</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"></td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2010</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 76%">Beginning balance</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 9%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Additions based on tax positions related to current year</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Additions for tax positions of prior years</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Reductions for tax positions of prior years</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Reductions in benefit due to income tax expense</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt">Ending balance</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.     The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in the provision for income taxes.  As of December 31, 2011 and 2010, the Company had no accrued interest or penalties related to uncertain tax positions.   The tax years that remain subject to examination by major taxing jurisdictions are for the years ended December 31, 2011, 2010 and 2009. </div>

1618304

<div> NOTE 3 - RELATED PARTY TRANSACTIONS   Due to officers and directors as of December 31, 2011 and 2010 totals $3,186,130 and $2,409,012, respectively.  These balances consist of net cash advances, bonuses, unpaid wages and unpaid expense reimbursements due to David Reichman and Kathy Griffin. The payables are unsecured, due on demand and do not bear interest. During 2011 Mr. Reichman advanced $369,345 to the Company to cover operating expenses, and was repaid $157,466. During 2009 Mr. Reichman advanced $574,464 to the Company and was repaid $220,985. At December 31, 2011 and 2010, the balances due each officer are as follows: Mr. Reichman: $2,817,373 and $2,205,654, respectively, and Mrs. Griffin: $368,757 and $203,358, respectively. </div>

413226

25000

311879

-0.01

115201 13440 280493899 <div> NOTE 5 - NOTES PAYABLE AND CONVERTIBLE NOTES – IN DEFAULT   <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in">(a)</td> <td>NOTES PAYABLE:</td> </tr> </table>   Notes payable consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and September 2011. All of the notes are unpaid to date and are in default and are thus classified as current liabilities. At December 31, 2011, notes payable amounted to $647,860. Below is a discussion of the details to the notes payable and a table summarizing the notes owed by the Company.   During 2002, the Company settled a trade payable in litigation by executing a note payable to a company on the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, in default.   Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default.   During 2000, the company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default.   In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default.   On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860, interest accrues at 9% per annum, unsecured, and is due upon demand after 6 months of execution. No demand has been made as of the date of these financial statements.   In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements. Interest expense in the amount of $12,446 has been imputed for this note. An offsetting entry to Paid in Capital was made in connection with this adjustment.   None of the above notes are convertible or have any covenants.   <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in">(b)</td> <td style="TEXT-ALIGN: justify">CONVERTIBLE NOTES:</td> </tr> </table>   During March 2011, the Company engaged in four separate convertible note agreements with two individuals. Because the conversion feature was beneficial, a note discount using the intrinsic value was recorded as a contra liability, with the offsetting entry to paid in capital. The note discount was equal to each respective note principal amount. The discount was accreted over the life of the respective notes using the effective interest method. The accretion was recorded as interest expense in the amount of $75,000 for the year ended December 31, 2011. One of the Convertible Notes was converted on June 6, 2011 and is not outstanding at December 31, 2011.The details of the convertible debentures outstanding as of December 31, 2011 are as follows:   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in; WIDTH: 87%">March 3, 2011 – Convertible Note payable to an individual, payable in stock at double the principal amount on the date of maturity on September 3, 2011, unsecured, interest included in  conversion. Conversion shares limited to total available authorized shares, in default.</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">25,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-INDENT: 0.5in">March 28, 2011 – Convertible Note payable to an individual, bears interest at 15%,  convertible into Common stock at double the principal amount at the market rate on the date  of maturity, due on June 28, 2011, unsecured, Conversion shares limited to total available  authorized shares, in default.</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,500</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; TEXT-INDENT: 0.5in">March 28, 2011 – Convertible Note payable to an individual, payable in stock at  double the principal amount on the date of maturity on September 28, 2011, unsecured,  interest included in conversion, Conversion shares limited to total available authorized  shares, in default.</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 12,500</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-INDENT: 0.5in"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt; TEXT-INDENT: 0px">Total Convertible Notes</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 50,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   <table style="WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt" colspan="2"> Interest</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">Interest Expense</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Principal</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">Rate</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">12/31/2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">12/31/2010</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center"> Maturity</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 15%">25,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 15%">0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 15%">25,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 26%">9/3/2011</td> <td style="WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">9/28/2011</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">15.00</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,927</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">6/28/2011</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">292,860</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.00</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">26,356</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">26,358</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">6/27/2010</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">192,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13,440</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">12,446</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">Demand</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">18,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.00</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,080</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,080</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">9/1/2002</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.00</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">9/12/2002</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5.00</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,252</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,250</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: right">8/31/2000</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 40,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">7.00</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">%</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,800</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2,800</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">7/10/2002</td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 647,860</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 98,155</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 45,734</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt"> </td> <td> </td> </tr> </table>   At December 31, 2011 and 2010, accrued interest on the outstanding notes payable and convertible notes was $134,178 and $99,463, respectively. Interest expense on the outstanding notes amounted to $98,155 and $45,734 for the years ended December 31, 2011 and 2010, including the imputed interest discussed above. Total interest expense on outstanding and converted notes amounted to $124,802 and $45,734 for the years ended December 31, 2011 and 2010, respectively. </div> <div> NOTE 9 – MATERIAL AGREEMENTS   On May 11, 2011, the Company entered an agreement with World Without Blindness, Inc. (WWB), wherein, the Company’s wholly owned subsidiary Eye Care Centers International, Inc. was granted the global rights, exclusive of the United States, to represent WWB to the public for 24 months. No assets or liabilities were recorded pursuant to this agreement.   On October 12, 2011, the Company signed a “Term Sheet Agreement” (the “Agreement”), between GoHealth, MD, Inc. (“GoHealth”) a wholly owned subsidiary of Tree Top Industries, Inc. (“TreeTop”) and Adesso Biosciences Limited, a Cayman Island corporation. Adesso Biosciences Limited is the majority owner of Adesso Diagnostics Ltd., (“Adesso”) and a 47.5% owner of Adeda Therapeutics, Ltd. (“Adeda”),which companies are being investigated to be potentially acquired by GoHealth. Upon closing and approval of the Board of Directors of all entities involved, GoHealth will acquire 93% of the stock of Adesso and 47.5% of the stock of Adeda in exchange for GoHealth convertible preferred stock with two provisions, either of which is exercisable after 2 years and one day, converting into a majority of common stock of GoHealth or converting into Tree Top common shares. In addition, at closing Tree Top will issue 10% of its outstanding stock to the shareholders of Adesso and Adeda. The entire agreement was filed in an 8-K dated October 18, 2011. Pursuant to this agreement, on November 14, 2011, the Company issued Adesso 2,941,176 shares of common stock for cash of $25,000. Subsequently, in January , 2012, the Company issued an additional 34,613,910 shares to be held in escrow for the close of the Agreement. Also on February 14, 2012, the Company issued 1,282,051 share for cash of $25,000 pursuant to the agreement. </div> 495317 1172316 75000

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} ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2011

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

A) PRINCIPLES OF CONSOLIDATION

B) USE OF MANAGEMENT’S ESTIMATES

C) CASH EQUIVALENTS

D) FIXED ASSETS

E) INCOME TAXES

F) REVENUE RECOGNITION

G) STOCK-BASED COMPENSATION

H) INTANGIBLE ASSETS AND BUSINESS COMBINATIONS

I) FAIR VALUE OF FINANCIAL INSTRUMENTS

Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

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

The following table presents the Company’s Notes Payable within the fair value hierarchy utilized to measure fair value on a recurring basis as of December 31, 2011 and 2010:

	Level 1		Level 2		Level 3
Notes payable — 2011		-0-		-0-	$	647,860
Notes payable — 2010		-0-		-0-	$	597,860

The following table presents a Level 3 reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs as of December 31, 2011 and 2010:

	Notes payable
Balance, December 31, 2009	$	405,860
Purchases, sales, issuances and settlements (net)		192,000
Balance, December 31, 2010		597,860
Purchases, sales, issuances and settlements (net)		50,000
Balance, December 31, 2011	$	647,860

J) BASIC AND DILUTED LOSS PER SHARE

	For the Years Ended
	December 31,
	2011			2010
Loss (numerator)	$	(1,689,254	)	$	(27,115,709	)
Shares (denominator)		280,493,899			142,966,429
Basic and diluted loss per share	$	(0.01	)	$	(0.19	)

K) RECENT ACCOUNTING PRONOUNCEMENTS

L) Beneficial Conversion Feature of Debentures and Convertible Notes Payable

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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NATURE OF OPERATIONS
12 Months Ended

Dec. 31, 2011

NATURE OF OPERATIONS

NOTE 1 - NATURE OF OPERATIONS

A) HISTORY

Western Exploration, Inc., a Nevada corporation, was formed on July 24, 1980. In 1990, Western Exploration, Inc. changed its name to Nugget Exploration, Inc. On November 10, 1999, a wholly owned subsidiary of Nugget Exploration, Inc., Nugget Holdings Corporation merged with and into GoHealthMD, Inc., a Delaware corporation. Shortly thereafter, Nugget Exploration, Inc. changed its name to GoHealthMD, Inc. a Nevada corporation.

On August 18, 2004, GoHealthMD, Inc., the Nevada Corporation, changed its name to Tree Top Industries, Inc. GoHealthMD, Inc. continues to exist as a Delaware corporation and wholly owned subsidiary of Tree Top Industries, Inc. NetThruster, Inc., BioEnergy Applied Technologies, Inc., Universal Energy and Services Group, Inc. and International Eye Care Centers, Inc. are also wholly owned subsidiaries of Tree Top Industries, Inc.

On April 24, 2009, the Company entered into a stock exchange agreement (the “Exchange Agreement”) with BioEnergy Applied Technologies Inc., a Nevada corporation (“BAT”), BioEnergy Systems Management Inc., Wimase Limited and Energetic Systems Inc., LLC. Under the terms of the Exchange Agreement, the Company agreed to acquire all of the issued and outstanding shares of BAT. The acquisition resulted in BAT becoming a wholly-owned subsidiary of the Company upon closing. The Exchange Agreement calls for the issuance of a total of 3,500,000 shares of common stock of the Company, par value $.0001 per share, in exchange for the transfer of all of the issued and outstanding shares of common stock of BAT to the Company.

BAT is the originator and incubator of environmentally friendly technologies useful in the areas of energetic materials, chemicals and chemical processes, gasification, and the safe and novel destruction of biological and other hazardous wastes. The Company has been focused on the incubation growth and commercialization of novel technology platforms designed to address the fundamental limitations of many of today’s technologies and businesses. The Company will seek to provide key technologies to the biofuels sector, designed to help make biofuels more cost effective and of a higher quality.

The Company has not realized significant revenues as of December 31, 2011 and is classified as a development stage enterprise in accordance with ASC 915.

B) GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company incurred a net loss of $1,689,254 during the fiscal year ended December 31, 2011 and has an accumulated deficit of $143,560,831. During 2010 the Company incurred losses totaling $27,115,709 and is in default on several notes payable (see Note 5). The Company also has negative working capital of $4,644,505 and $3,776,118 at the years ended December 31, 2011 and 2010, respectively, and negative cash flow from operations of $314,036 and $513,739.

Since inception (August 1, 2007) through December 31, 2011, the Company has not generated any significant business. Through the date of these financial statements viable operations have not been achieved and the Company has been unsuccessful in raising all the capital that it requires. The Company has had no revenues and requires substantial financing. Most of the financing has been provided by David Reichman, the present Chief Executive Officer and Chairman. The Company is dependent upon his ability and willingness to continue to provide such financing which is required to meet reporting and filing requirements of a public company.

In order for the Company to remain a going concern, it will need to continue to receive funds from equity or debt financing. There can be no assurance that the Company will continue to receive any proceeds from equity offerings or that the Company will be able to obtain the necessary funds to finance its operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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Consolidated Balance Sheets (USD $)

Dec. 31, 2011

Dec. 31, 2010

CURRENT ASSETS

Cash $ 517 $ 2,674

Total Current Assets 517 2,674

PROPERTY AND EQUIPMENT, NET 39,518 72,280

TOTAL ASSETS 40,035 74,954

CURRENT LIABILITIES

Accounts payable and accrued expenses 676,853 672,457

Accrued interest payable 134,179 99,463

Due to officers and directors 3,186,130 2,409,012

Notes payable - in default 647,860 597,860

Total Current Liabilities 4,645,022 3,778,792

STOCKHOLDERS' (DEFICIT)

Preferred stock, $0.001 par value, 50,000 shares authorized,-0- shares issued and outstanding

Common stock, $0.001 par value, 1,000,000,000 shares authorized, 379,380,276 and 271,199,100 shares issued and 339,380,276 and 251,199,100 outstanding, respectively 379,380 271,199

Additional paid-in capital 140,263,974 138,984,050

Unearned ESOP Shares (1,700,000) (1,100,000)

(Deficit) accumulated during the development stage (143,548,341) (141,859,087)

Total Stockholders' (Deficit) (4,604,987) (3,703,838)

TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) $ 40,035 $ 74,954

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Consolidated Statements of Cash Flows (USD $)
12 Months Ended 53 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

CASH FLOW FROM OPERATING ACTIVITIES

Net loss $ (1,689,254) $ (27,115,709) $ (143,548,341)

Adjustments to reconcile net loss to net used in operating activities:

Bad debt expense 179,000 192,000

Depreciation and amortization 32,762 34,056 126,877

Stock issued for option cancellation 115,201 115,201

Stock issued for rent 37,500 37,500

Gain on debt settlement (63,865) (63,865)

Stock options granted for services rendered 8,178,942 44,870,540

Impairment of intangible assets 2,275,000

Common stock issued for services rendered 495,317 17,458,705 89,779,505

Imputed interest on loan 13,440 12,446 25,887

Loss on disposal of fixed assets 2,915 2,915

Amortization of debt discount 75,000 75,000

Changes in operating assets and liabilities

(Increase) decrease in prepaid expenses

Increase (decrease) in accounts payable and accrued expenses 669,863 735,906 2,864,702

Net Cash Used in Operating Activities (314,036) (513,739) (3,247,079)

CASH FLOW FROM INVESTING ACTIVITIES

Cash advanced on note receivable (179,000) (192,000)

Cash received in acquisition 44,303

Cash paid for property and equipment (7,532) (169,310)

Net Cash Used in Investing Activities (186,532) (317,007)

CASH FLOW FROM FINANCING ACTIVITIES

Bank overdraft

Cash contribution from shareholders 50,375 50,375

Cash received from issuance of common stock 25,000 2,200 1,687,700

Cash received from notes payable 75,000 192,000 559,860

Cash paid to related party loans (157,466) (220,985) (438,206)

Cash received from related party loans 369,345 574,464 1,704,874

Net Cash Provided by Financing Activities 311,879 598,054 3,564,603

NET INCREASE (DECREASE) IN CASH (2,157) (102,217) 517

CASH AT BEGINNING OF PERIOD 2,674 104,891

CASH AT END OF PERIOD 517 2,674 517

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR:

Interest

Income Taxes

NON-CASH INVESTING AND FINANCING ACTIVITIES

Conversion of Debenture 25,000 25,000

Common stock issued for acquisition of subsidiary 2,275,000

Common stock issued to ESOP $ 600,000 $ 1,100,000 $ 1,700,000

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NOTE RECEIVABLE
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SUBSEQUENT EVENTS
12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS

NOTE 11 – SUBSEQUENT EVENTS

In accordance with ASC 855-10 Company management reviewed all material events through the date of this report and there are no material subsequent events to report other than those reported below.

In January 2012, the Company organized a wholly owned subsidiary named “TTII STRATEGIC ACQUISITIONS & EQUITY GROUP, INC. – DE”. The subsidiary was organized to facilitate and assist with funding the company’s several subsidiaries and projects.

In January , 2012, the Company issued 34,613,910 shares to be held in escrow for the close of the Adesso agreement.

On January 31, 2012, the Board of Directors extended Mr. Reichman’s employment agreement until March 31, 2012.

In February 2012, the Company issued 2,689,874 shares for the conversion of the $50,000 convertible notes payable.

On February 14, 2012, the Company issued 1,282,051 shares for cash of $25,000 pursuant to the Adesso agreement.

On February 6, 2012 the Company issued 1,500,000 shares for services to be rendered by Story-Corp, LLC

On March 2, 2012 the Company issued 750,000 shares for services to be rendered by Mass Media 77, Inc.

On March 12, 2012 the Company issued 1,500,000 shares for services to be rendered by West-Main Communications, Inc.

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Consolidated Statements of Operations (USD $)
12 Months Ended 53 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2011

REVENUES, net $ 2,967

COST OF SALES, net

GROSS PROFIT 2,967

OPERATING EXPENSES

General and administrative 413,226 592,644 5,723,691

Impairment of assets 2,275,000

Compensation and professional fees 1,172,316 26,426,970 135,270,943

Depreciation 32,762 34,056 126,877

Total Operating Expenses 1,618,304 27,053,670 143,396,511

OPERATING LOSS (1,618,304) (27,053,670) (143,393,544)

OTHER INCOME (EXPENSES)

Loss on disposal of assets (2,915) (2,915)

Gain on debt forgiveness 63,865 63,865

Interest income 9

Interest expense (134,815) (59,124) (215,756)

Total Other Income (Expenses) (70,950) (62,039) (154,797)

LOSS BEFORE INCOME TAXES (1,689,254) (27,115,709) (143,548,341)

INCOME TAX EXPENSE

NET LOSS $ (1,689,254) $ (27,115,709) $ (143,548,341)

BASIC AND DILUTED LOSS PER SHARE $ (0.01) $ (0.19)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 280,493,899 142,966,429

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NOTES PAYABLE AND CONVERTIBLE NOTES - IN DEFAULT
12 Months Ended

Dec. 31, 2011

NOTES PAYABLE AND CONVERTIBLE NOTES - IN DEFAULT

NOTE 5 - NOTES PAYABLE AND CONVERTIBLE NOTES – IN DEFAULT

(a) NOTES PAYABLE:

Notes payable consist of various notes bearing interest at rates from 5% to 9%, which are unsecured with original due dates between August 2000 and September 2011. All of the notes are unpaid to date and are in default and are thus classified as current liabilities. At December 31, 2011, notes payable amounted to $647,860. Below is a discussion of the details to the notes payable and a table summarizing the notes owed by the Company.

During 2002, the Company settled a trade payable in litigation by executing a note payable to a company on the amount of $18,000, interest accrues at 6% per annum, unsecured, due September 1, 2002, in default.

Also during 2002, in settlement of another trade payable, the Company executed a note payable to a Company in the amount of $30,000, interest accrues at 6% per annum, unsecured, due September 12, 2002, in default.

During 2000, the company executed a note payable to an individual in the amount of $25,000, interest accrues at 5% per annum, unsecured, due August 31, 2000, in default.

In 2002, the Company settled an obligation with a consultant by executing a note payable for $40,000, interest accrues at 7% per annum, unsecured, due July 10, 2002, in default.

On December 27, 2009, the Company executed a note payable to an individual for various advances to the Company in the amount of $292,860, interest accrues at 9% per annum, unsecured, and is due upon demand after 6 months of execution. No demand has been made as of the date of these financial statements.

In January 27, 2010, the Company executed a note payable to a corporation in the amount of $192,000, bears no interest and is due on demand after 6 months of execution and is unsecured. No demand has been made at the date of these financial statements. Interest expense in the amount of $12,446 has been imputed for this note. An offsetting entry to Paid in Capital was made in connection with this adjustment.

None of the above notes are convertible or have any covenants.

(b) CONVERTIBLE NOTES:

During March 2011, the Company engaged in four separate convertible note agreements with two individuals. Because the conversion feature was beneficial, a note discount using the intrinsic value was recorded as a contra liability, with the offsetting entry to paid in capital. The note discount was equal to each respective note principal amount. The discount was accreted over the life of the respective notes using the effective interest method. The accretion was recorded as interest expense in the amount of $75,000 for the year ended December 31, 2011. One of the Convertible Notes was converted on June 6, 2011 and is not outstanding at December 31, 2011.The details of the convertible debentures outstanding as of December 31, 2011 are as follows:

March 3, 2011 – Convertible Note payable to an individual, payable in stock at double the principal amount on the date of maturity on September 3, 2011, unsecured, interest included in conversion. Conversion shares limited to total available authorized shares, in default. $ 25,000

March 28, 2011 – Convertible Note payable to an individual, bears interest at 15%, convertible into Common stock at double the principal amount at the market rate on the date of maturity, due on June 28, 2011, unsecured, Conversion shares limited to total available authorized shares, in default. 12,500

March 28, 2011 – Convertible Note payable to an individual, payable in stock at double the principal amount on the date of maturity on September 28, 2011, unsecured, interest included in conversion, Conversion shares limited to total available authorized shares, in default. 12,500

Total Convertible Notes $ 50,000

Interest Interest Expense

Principal Rate 12/31/2011 12/31/2010 Maturity

$ 25,000 0 % 25,000 - 9/3/2011

12,500 0 % 12,500 - 9/28/2011

12,500 15.00 % 13,927 - 6/28/2011

292,860 9.00 % $ 26,356 $ 26,358 6/27/2010

192,000 0 % 13,440 12,446 Demand

18,000 6.00 % 1,080 1,080 9/1/2002

30,000 6.00 % 1,800 1,800 9/12/2002

25,000 5.00 % 1,252 1,250 8/31/2000

40,000 7.00 % 2,800 2,800 7/10/2002

$ 647,860 $ 98,155 $ 45,734

At December 31, 2011 and 2010, accrued interest on the outstanding notes payable and convertible notes was $134,178 and $99,463, respectively. Interest expense on the outstanding notes amounted to $98,155 and $45,734 for the years ended December 31, 2011 and 2010, including the imputed interest discussed above. Total interest expense on outstanding and converted notes amounted to $124,802 and $45,734 for the years ended December 31, 2011 and 2010, respectively.

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FIXED ASSETS
12 Months Ended

Dec. 31, 2011

FIXED ASSETS

NOTE 4 - FIXED ASSETS

Depreciation expense was $32,762 and $34,056 during the years ended December 31, 2011 and 2010, respectively.

Fixed assets consist of the following:

2011 2010

Computer equipment $ 128,311 $ 128,311

Office equipment 22,600 22,600

Telephone equipment 12,900 12,900

163,811 163,811

Accumulated Depreciation (124,293 ) (91,531 )

$ 39,518 $ 72,280

During 2010, the Company disposed of various computer equipment with a net book value of $2,915. The asset and associated accumulated depreciation was removed from the books, generating a loss from disposal of assets of $2,915.

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COMMITMENTS AND CONTINGENCIES
12 Months Ended

Dec. 31, 2011

COMMITMENTS AND CONTINGENCIES

NOTE 8- COMMITMENTS AND CONTINGENCIES

A) LEASES

Tree Top Industries, Inc. currently does not lease, rent or own any property.

B) LITIGATION

The Company was a defendant in a lawsuit from a supplier that is alleging non-payment of amounts owed for services rendered. The amount asserted was $54,712 and a judgment was entered in the matter for $55,512. Tree Top has included this amount in accounts payable at December 31, 2011 and 2010.

The Company was a defendant in a lawsuit from another supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $4,298. A judgment was entered for $4,352 and the Company has included this amount in accounts payable at December 31, 2011 and 2010.

The Company was a defendant in a lawsuit from a third supplier also alleging non-payment of amounts owed for services rendered. The amount asserted was $9,675. Management has included this amount in accounts payable at December 31, 2011 and December 31, 2010. All the notes payable discussed in this section, were incurred before 2002 and before present management took control of the company.



The Company was a defendant in a lawsuit from a supplier alleging nonpayment of amounts owed for services rendered. Management settled this lawsuit on November 30, 2001 and issued a note payable for $18,000 due September 1, 2002 with interest at 6% per annum in full settlement of this claim. As reflected in Notes Payable, the amount due on this note remains unpaid, and management has indicated that it has received no demand for payment from this note holder.

The Company was a defendant in a lawsuit from another supplier also alleging nonpayment of amounts owed for services rendered. This lawsuit was settled on May 1, 2002 by issuing a non interest bearing note payable for $25,000 due on September 12, 2002. The Company defaulted on this note, has not paid it to date and received a notice of motion dated October 22, 2002, seeking entry of a judgment for $30,000 plus interest effective December 6, 2002. The Company adjusted the note balance to $30,000 and has recorded interest expense at 6% per annum from May 1, 2002, the date of settlement, through the end of 2011.

The Company was a defendant in another lawsuit from a former consultant alleging nonpayment of amounts owed for services rendered. Management has executed a note payable to this plaintiff for $40,000 which was due on July 10, 2002 and remains unpaid. Pursuant to the terms of this note, the Company has recorded interest payable at 7% for the period July 10, 2002 through December 31, 2011.

TTI has filed suit in United States District Court against Dr. Steven Hoefflin for libel. The suit seeks redress in the form of enjoining the shareholder from any further harassment and in the form of damages from the shareholder and others who have allegedly abetted the shareholder’s actions. This case was dismissed in New York and we are currently evaluating if it would be productive to file the claim in the Los Angeles County Federal Court.

In addition, this same shareholder filed a third party cross complaint against TTI and one of its officers, in Los Angeles Superior Court. On May 25, 2010, the third party litigation case brought by Dr. Steven Hoefflin against TTI, and one of its officers, in LA Superior Court, index No .BC 392424, was dismissed with prejudice.

C) EMPLOYMENT AGREEMENT

Effective October 1, 2007, the Company entered into a two-year employment agreement with David Reichman, Chief Executive Officer, pursuant to which Mr. Reichman was paid an annual salary of $250,000, payable in semi-monthly installments. In addition, Mr. Reichman may be paid a bonus or bonuses during each year, as determined at the sole discretion of the Board of Directors and receive stock options to purchase 1.2 million shares of common stock as discussed above. During the year ended December 31, 2009, the Board of Directors approved the extension of this contract an additional two years from the date of expiration, at an annual salary of $500,000. During the year ended December 31, 2011, the Board of Directors approved the extension of this contract until March 31, 2012, at which time the Board anticipates renewing Mr. Reichman’s contract for another two years. Mr. Reichman’s salary has been accruing because Tree Top is without the resources to pay the salary in full. This employment agreement was filed on November 7, 2007, as exhibit 99.2 to a current report of the Company on Form 8-K and is incorporated herein by reference.

Effective April 1, 2009, the Company entered into a three-year employment agreement with Kathy Griffin, President, pursuant to which Mrs. Griffin was paid an annual salary of $127,500, payable in semi-monthly installments. In addition, Mrs. Griffin may be paid a bonus or bonuses during each year, as determined at the discretion of the CEO, and receive stock options to purchase shares of common stock as discussed above. Mrs. Griffin was given a salary increase effective April 1, 2010 to an annual salary of $180,000. This salary increase accrued in 2010 because Tree Top was without resources to pay the salary increase. This employment agreement was filed on March 25, 2010 as exhibit 10.1 to a current report of the Company on Form 8-K and is incorporated herein by reference.

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-Name Statement of Financial Accounting Standard (FAS)

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INCOME TAXES
12 Months Ended

Dec. 31, 2011

INCOME TAXES

NOTE 6 - INCOME TAXES

The 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 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.

Deferred tax assets and the valuation account are as follows:

2011 2010

Deferred tax assets:

NOL carryover $ 3,753,800 $ 3,377,400

Valuation allowance (3,753,800 ) (3,377,400 )

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 39% to pretax income from continuing operations for the years ended December 31, 2011 and 2010.

The components of income tax expense are as follows:

2011 2010

Book loss $ (1,689,254 ) $ (27,115,709 )

Stock based compensation 660,508 25,637,647

Gain on debt settlement (63,865 ) -

Impairment of assets - 179,000

Valuation allowance 1,092,611 1,299,062

$ - $ -

The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $9,625,200 and $8,660,000 as of December 31, 2011 and 2010, respectively, which may be offset against future taxable income from 2028 through 2032. No tax benefit has been reported in the financial statements.

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

December 31,

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 $ - $ -

The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.

The Company includes interest and penalties arising from the underpayment of income taxes in the consolidated statements of operations in the provision for income taxes. As of December 31, 2011 and 2010, the Company had no accrued interest or penalties related to uncertain tax positions.

The tax years that remain subject to examination by major taxing jurisdictions are for the years ended December 31, 2011, 2010 and 2009.

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STOCKHOLDERS' DEFICIT
12 Months Ended

Dec. 31, 2011

STOCKHOLDERS' DEFICIT

NOTE 7 - STOCKHOLDERS’ DEFICIT

A) NUMBER OF SHARES AUTHORIZED

Under the Company’s charter, 75,000,000 shares of $0.001 par value common stock were authorized as of December 31, 2006. On November 28, 2007, the stockholders approved the increase in the Company’s authorized shares of common stock from 75 million to 350 million shares, changed the par value to $0.001 and authorized 50,000 shares of $0.001 par value “blank check” preferred stock. On December 18, 2011, the Board of Directors approved an increase in the Company’s authorized common stock to 1,000,0000,000. As of December 31, 2011 and 2010, 379,380,276 and 271,199,100 shares of common stock are issued and 339,380,276 and 251,199,100 shares are outstanding, respectively. There were no shares of preferred stock issued and outstanding.

B) PREFERRED STOCK

As described above, the stockholders voted to authorize 50,000 shares of “blank check” preferred stock. The terms, rights and features of the preferred stock will be determined by the Board of Directors upon issuance. Subject to the provisions of the Company’s certificate of amendment to the articles of incorporation and the limitations prescribed by law, the Board of Directors would be expressly authorized, at its discretion, to adopt resolutions to issue shares, to fix the number of shares and to change the number of shares constituting any series and to provide for or change the voting powers, designations, preferences and relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, including dividend rights (including whether the dividends are cumulative), dividend rates, terms of redemption (including sinking fund provisions), redemption prices, conversion rights and liquidation preferences of the shares constituting any series of the preferred stock, in each case without any further action or vote by the stockholders. The Board of Directors would be required to make any determination to issue shares of preferred stock based on its judgment as to the best interests of the Company.

C) ISSUANCES OF COMMON STOCK

Effective November 1, 2007, the Company closed an Agreement and Plan of Reorganization with Ludicrous and the stockholders of Ludicrous received 68,000,000 shares of the Company’s common stock. The disclosure of shares issued and outstanding for the Company has been restated to inception as though a forward stock split had occurred.

On December 6, 2007, the Board of Directors authorized the issuance of 200,000 shares of common stock to its directors, valued at $400,000, for services rendered to the Company.

On September 24, 2007, the Board of Directors authorized the issuance of 2.55 million shares of common stock to David Reichman, valued at $2,167,500, for services rendered to the Company. The shares were issued on November 1, 2007.

On September 24, 2007, the Board of Directors authorized the issuance of 40,000 shares of common stock to its directors, valued at $34,000, for services rendered to the Company. The shares were issued on November 1, 2007.

On December 6, 2007, the Board of Directors authorized the issuance of 50,000 shares of common stock to its attorney, valued at $100,000, for services rendered to the Company.

On December 17, 2007, the Company issued 500,000 shares of common stock relating to the exercise of 500,000 options. The Company received proceeds totaling $125,000.

On January 16, 2008, the Board of Directors authorized the grant of 250,000 shares of common stock relating to the exercise of 250,000 options. The Company received proceeds totaling $62,500.

On March 26, 2008, the Board of Directors authorized the issuance of 850,000 shares of common stock relating to the exercise of 850,000 options. The Company received proceeds totaling $662,500.

During the year ended December 31, 2008, the Company authorized the grant of 1,000,000 of stock options. The Company recorded an expense of $527,805 at the date of grant.

During the year ended December 31, 2008, the Company cancelled 24,600,000 shares with a par value of $0.001.

During 2008 the Company authorized the exchange of options to purchase shares of Ludicrous common stock for options to purchase common stock of the Company. The Company revalued the options and recorded $932,779 as additional compensation expense for incremental value of the Company’s options.

On February 13, 2009, the Board of Directors authorized the issuance of 12,500,000 shares of common stock to officers and directors and consultants, valued at $37,500,000 for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On April 28, 2009, the Board of Directors authorized the issuance of 3,950,000 shares of common stock to officers and directors and consultants, valued at $2,054,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On May 28, 2009, the Board of Directors authorized the issuance of 1,000,000 million shares of common stock to officers and directors and consultants, valued at $520,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant.

On July 9, 2009, the Board of Directors authorized the issuance of 3,500,000 shares of common stock, valued at $2,275,000 for the acquisition of BAT, including environmental remediation technology. The issuance was valued at the fair market price of the shares listed on the date of closing on August 13, 2009.

On August 21, 2009, the Board of Directors authorized the issuance of 1,000,000 shares of its common stock for future legal services. The shares were valued at $1,040,000, the fair market price listed on the day of issuance. $241,983 of shares were earned during 2009 and the remainder ($798,017) was deferred until earned. During 2010 an additional $213,910 was earned.

On December 16, 2009, the Board of Directors authorized the issuance of 55,900,000 shares of common stock to officers and directors and consultants, valued at $29,068,000, for services rendered to the Company. The shares were valued at the fair market price listed on the day of grant. 1,000,000 shares of this issuance was for future legal services and was deferred in the amount of $520,000 until services are rendered.

On December 20, 2009, the Board of Directors authorized the issuance of 500,000 shares of common stock to consultants valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During October 2009, the Company authorized the issuance of 315,700 shares of common stock for cash received, totaling $110,500.

During February 2010, the Board of Directors authorized the issuance of 500,000 shares to a consultant, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010 the Board of Directors authorized the issuance of 12,500,000 shares to five board members, valued at $4,125,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010, the Board of Directors authorized the issuance of 15,000,000 shares to officers of the company, valued at $3,900,000. The shares were valued at the fair market price listed on the day of grant.

During April 2010, the Board of Directors authorized the issuance of 1,000,000 shares to four consultants, valued at $260,000. The shares were valued at the fair market price listed on the day of grant.

During May 2010, the Board of Directors authorized the issuance of 5,385,000 shares to 6 individuals and a corporation for consulting services rendered. The value of this issuance was $1,077,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 8,000,000 shares to seven universities as an incentive. The valuation of the issuance was $440,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 12,000,000 shares to three individuals as an incentive. The issuance was valued at $660,000, the fair market price listed on the day of grant.

During September 2010, the Board of Directors authorized the issuance of 20,000,000 shares to an Employee Stock Option Trust. The issuance was valued at $1,100,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.

During October 2010, the Board of Directors authorized the issuance of 700,000 shares to several individuals as an incentive. The issuance was valued at $38,500, the fair market price listed on the day of grant.

During October 2010, the Board of Directors authorized the issuance of 3,000,000 shares to an individual as an incentive. The issuance was valued at $186,000, the fair market price listed on the day of grant.

During November 2010, the Board of Directors authorized the issuance of 3,400,000 shares to 3 individuals as incentives or for services rendered, valued at $532,300, the fair market price listed on the day of grant.

During November 2010, the Board of Directors authorized the issuance of 220,000 shares for cash of $2,200.

During December 2010, the Board of Directors authorized the issuance of 2,000,000 shares for legal services valued at $186,000, the fair market price listed on the day of grant.

During December 2010, the Board of Directors authorized the issuance of 5,000,000 shares to board member valued at $465,000, the fair market price listed on the day of grant.

During December 2010, the Board of Directors authorized the issuance of 55,000,000 shares to officers valued at $5,115,000, the fair market price listed on the day of grant.

During 2010, the Company received a contribution from a shareholder in the amount of $50,375. The contribution was recorded as an increase to Additional Paid in Capital.

As discussed above in Note 5, the Company recorded imputed interest on a non-interest bearing note. The imputed interest was recorded as an increase to Additional Paid in Capital in the amount of $12,446.

On February 18, 2011, the Board of Directors authorized the issuance of 2,000,000 shares of common stock to a Tree Top investor and shareholder for the continued use of his apartment in New York City by the president. The issuance was valued at $48,200, the market price at the date of authorization.

During March 2011, the Company agreed to settle the outstanding balance due to the Crone Law group and recorded an additional vesting of the shares held by them, that had been deferred, and recorded consulting expense of $64,107. This left a balance of unused and unearned shares of 1,500,000 shares for future issuance to cover additional fees. In April 2011, the 1,500,000 shares were cancelled and returned to the Company.

On June 6, 2011, the Company accepted the return of 3,500,000 shares held in escrow, and cancelled them. On the same day the Company issued 3,500,000 shares to a Note Holder as payment on a $25,000 note with accrued interest of $1,647. The number of shares issued were within the terms of the convertible note agreement therefore no gain or loss was recorded on the conversion.

The recording of the beneficial conversion features on the convertible notes discussed previously required an increase in paid in capital in the amount of $75,000.

On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options, and 8,000,000 shares to consultants to the Company for services rendered. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The Company also recorded $60,000 in connection with the shares issued to the consultants, valued at the market price on the day of grant. On this same day the board authorized the issuance of 5,000,000 common shares to Highest Star for the continued use of their office in Burbank California. This issuance was recorded as rent expense in the amount of $37,500, the market price on the date of grant.

On November 14, 2011, the Board of Directors approved the cancellation of the 5,000,000 shares held for issuance to various colleges and universities as approved in September 2010. The universities had not yet accepted the issuances and the Board opted to cancel the shares.

Also on November 14, 2011, the company authorized the issuance of 2,941,176 for cash of $25,000 pursuant to the Adesso agreement disclosed in this annual report.

On December 21, 2011, the company authorized the issuance of 1,200,000 shares to the transfer agent for services to be included in 2012. The share issuance was valued at $36,000, the market value on the day of grant, and has been deferred until the services have been performed in 2012.

On December 28, 2011, the Board authorized the issuance of 1,500,000 shares to a consultant, valued at $45,000, the market value on the day of grant.

On December 29, 2011, the Board authorized the issuance of 12,600,000 to various consultants of the Company for services performed or to be performed in 2012. The issuance was valued at $378,000, however $99,990 was deferred compensation to be recorded in 2012 when the services are performed.

On December 29, 2011, the Board authorized the issuance of 20,000,000 shares to the Company’s Employee Stock Option Trust account. The issuance was valued at $600,000, the fair market price listed on the day of issuance. Pursuant to the guidance in SOP 93-6, the value of the shares issued into the ESOP account is recorded as a contra equity account rather than an asset.

During the twelve months ended December 31, 2011, the Company recorded imputed interest on a non-interest bearing note in the amount of $13,440, with an increase in paid in capital.

D) 2007 OMNIBUS STOCK AND INCENTIVE PLAN

On September 24, 2007, the Board of Directors authorized the creation of the 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”). The 2007 Plan was approved by the stockholders on November 28, 2007. An aggregate of 6 million shares of common stock are reserved for issuance and available for awards under the 2007 Plan.

Awards under the 2007 Plan may include non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted shares of common stock, restricted units and performance awards. For a complete description of the Plan, see Tree Top’s Form 8-K filed with the SEC on November 7, 2007.

E) STOCK BASED COMPENSATION

The stock options authorized by the Company prior to the acquisition of Ludicrous, Inc. are accepted by the combined company and included in the following disclosure. On October 1, 2007, the Company issued three-year options to purchase a total of 2 million shares of its common stock at an exercise price of $.25 per share to two outside consultants. Each stock option was sold for a price of $.10 per option for a total of $200,000. The options expire on September 30, 2010. The term of the options is divided into two periods, the Primary Option Period which is from October 1, 2007 through September 30, 2008 and the Secondary Option Period which is from October 1, 2008 through September 30, 2010. The exercise of the options has been restricted during the Primary Option Period. The option holders can only exercise a maximum of 250,000 shares during any calendar quarter through September 30, 2008. Therefore, during the entire Primary Option Period, the option holders can each exercise a maximum of 1 million shares of common stock. There are no restrictions during the Secondary Option period. The fair value of the options as calculated under the Black-Scholes model totaled $1,694,298. For the year ended December 31, 2007, the Company recognized $1,494,298 of compensation expense related to these options.

On October 1, 2007, pursuant to his employment agreement, the Company issued five year options to David Reichman to purchase 1.2 million shares of its common stock at an exercise price of $.55 per share. The shares vest in 24 equal installments of 50,000 stock options each, commencing on October 1, 2007. The fair value of the options as calculated under the Black-Scholes model totaled $1,009,678.

The fair values of the 2007 options issued were determined using the following assumptions: risk free rate of 3.71% to 4.05%, no dividend yield, an expected life of three years and a volatility factor of 312.9% to 285.7%.

Effective January 1, 2008, the Company’s Board of Directors approved for issuance 250,000 stock options to each of its four directors, to be issued effective January 1, 2008, with an exercise price of $4.50 per share, expiring in 2018. The options vest 1/24th upon grant and then 1/24th each subsequent month. The fair value of the options as calculated under the Black-Scholes model totaled $4,498,441 which vested over a 2 year period. For the year ended December 31, 2010 and 2009, the Company recognized $0 and $2,604,854 of compensation expense related to these options, respectively. The fair value of these options was determined using the following assumptions: risk free rate of 3.45%, no dividend yield, an expected life of five years and a volatility factor of 318%.

During the year ended December 31, 2008, the Company recorded the value of 1,000,000 stock options issued to a shareholder with an exercise price of $1.00 per share, expiring in 2018. The fair value of the options as calculated under the Black-Scholes model totaled $527,805 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 3.48%, no dividend yield, an expected life of five years and a volatility factor of 191%.

On February 13, 2009, the Company recorded the value of 5,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $1.20 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $14,981,194 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 1.88%, no dividend yield, an expected life of 5 years and a volatility factor of 275%.

On May 28, 2009, the Company recorded the value of 7,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.55 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $3,639,297 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.46%, no dividend yield, an expected life of 5 years and a volatility factor of 333%.

On December 16, 2009, the Company recorded the value of 21,000,000 stock options issued to members of the Board of Directors and a consultant with an exercise price of $0.52 per share, expiring in 2019. The fair value of the options as calculated under the Black-Scholes model totaled $10,919,967 which was recorded as compensation expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.35%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.

On May 25, 2010, the Company granted 27,500,000 options to the officers and directors of the Company with an exercise price of $.26 per share, expiring in 2020. The fair value of the options as calculated under the Black-Scholes model totaled $8,024,977 which was recorded as option expense. The fair value of these options was determined using the following assumptions: risk free rate of 2.61%, no dividend yield, an expected life of 5 years and a volatility factor of 417%.

Also on May 25, 2010, the Company’s board of directors approved the re-valuation of all previously issued and outstanding options. The original terms of the options remained in effect; the only change was the exercise price, which was changed to $.20 for all options. The fair value of the re-valuation of the 65,700,000 options outstanding was determined using the Black-Scholes model and totaled $153,965, using the following assumptions: risk free rate of 0.17% to 2.01%, no dividend yield, expected lives between ..25 and 5 years, and volatility factor of 418%. The options were valued originally at $12,736,806, and with the new terms the value was determined to be $12,890,771, thus the difference recorded for the re-valuation was an additional expense of $153,965.

On August 16, 2011, the Board of Directors authorized the issuance of 57,940,000 shares of common stock to the officers, directors for the cancellation of all outstanding options. The Company recorded an expense of $115,201 in connection with the issuance of shares for options, which is the difference between the value of the options at the cancellation date and the value of the shares at the date of grant. The options were valued at the cancellation date using the Black-Scholes model using the following assumptions: risk free rate of 0.33%, no dividend yield, expected lives between 2.25 and 3.75 years, and a volatility factor of 193%.

A summary of the Company’s stock option activity is as follows for the years ended December 31, 2011 and 2010 and was retroactively restated for the change in conversion price as noted above:

Range of Weighted Remaining

Exercise Average Contractual

Prices Exercise Life

SHARES Per Share Price (Years)

Options outstanding at December 31, 2009 38,200,000 $ .20 .20 3.98

Granted 27,500,000 .20 0.20 4.32

Exercised - - - -

Expired (4,200,000 ) ..20 ..20 -

Options outstanding at December 31, 2010 61,500,000 $ .20 $ .20 3.99

Granted - - - -

Exercised - - - -

Expired/Forfeited (61,500,000 ) ..20 ..20

Options outstanding at December 31, 2011 - $ - $ - -

F) STOCK WARRANTS

In conjunction with the stock issued for cash during the year ended December 31, 2009 the Company issued a total of 631,400 warrants. Each unit of common stock sold included 1,000 class A warrants and 1,000 class B warrants. Class A warrants have a strike price of $0.50 and are exercisable for 180 days from issuance. Class B warrants have a strike price of $1.00 and are exercisable for one year from the date of issuance.

A summary of the Company’s stock warrant activity is as follows for the years ended December 31, 2011 and 2010:

Range of Weighted Remaining

Exercise Average Contractual

Prices Exercise Life

SHARES Per Share Price (Years)

Warrants outstanding at December 31, 2009 631,400 $ 0.50-1.00 0.75 0.5

Granted - - - -

Exercised - - - -

Expired 631,400 ..50-1.00 ..75 -

Warrants outstanding at December 31, 2010 631,400 $ 0.50-1.00 $ 0.75 0.5

Granted - - - -

Exercised - - - -

Expired 631,400 $ ..50-1.00 ..75 -

Warrants outstanding at December 31, 2011 - $ - $ - -

The aggregate intrinsic value of stock warrants outstanding and exercisable at December 31, 2011 and 2010 totaled $0 and $0, respectively. The weighted average grant date fair value of warrants granted during the periods ended December 31, 2011 and 2010 is $0 and $0, respectively. The fair value of warrants vested during the years ended December 31, 2011 and 2010 totaled $0 and $0, respectively.

G) DEFERRED STOCK COMPENSATION

During 2009, the Company issued 2,000,000 shares at separate times as a retainer for legal work to be performed. 1,000,000 shares were valued at $1.04 per share and the second 1,000,000 shares were valued at $.52. A deferral of $1,560,000 was established initially and decreased as legal services were performed and the shares were released from trust. During 2011, the company realized an additional $64,107 in compensation related to this deferral. Then in April 2011, the remaining 1,500,000 shares were returned to treasury.

During December 2011, the Company issued 4,116,666 shares to service providers for services to be performed in 2012. The Company recorded deferred compensation of $135,990 pursuant to these future services, and will record the expense and paid in capital as the service periods occur.

As of December 31, 2011 and 2010, the balance remaining in the deferral account is $135,990 and $1,104,107, respectively. The deferral is presented on the balance sheet net with Additional Paid in Capital.

H) UNEARNED ESOP SHARES

During 2010, the Company issued 20,000,000 shares to a Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6. The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $1,100,000.

In December 2011, the Company issued an additional 20,000,000 shares to the ESOP Trust account for the future benefit of the employees of the Company. These shares have been recorded as Unearned ESOP Shares on the balance sheet as a contra equity account, pursuant to the guidance of SOP 93-6. The value recorded for the ESOP shares was the fair value of the shares at the date of issuance, of $600,000. The total balance at December 31, 2011 and 2010 was $1,700,000 and $1,100,000, respectively.

The fair market value of the ESOP shares at December 31, 2011 and 2010 is $1,320,000 and $660,000, respectively, using the fair market price at December 31, 2011.

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- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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MATERIAL AGREEMENTS
12 Months Ended

Dec. 31, 2011

MATERIAL AGREEMENTS

NOTE 9 – MATERIAL AGREEMENTS

On May 11, 2011, the Company entered an agreement with World Without Blindness, Inc. (WWB), wherein, the Company’s wholly owned subsidiary Eye Care Centers International, Inc. was granted the global rights, exclusive of the United States, to represent WWB to the public for 24 months. No assets or liabilities were recorded pursuant to this agreement.

On October 12, 2011, the Company signed a “Term Sheet Agreement” (the “Agreement”), between GoHealth, MD, Inc. (“GoHealth”) a wholly owned subsidiary of Tree Top Industries, Inc. (“TreeTop”) and Adesso Biosciences Limited, a Cayman Island corporation. Adesso Biosciences Limited is the majority owner of Adesso Diagnostics Ltd., (“Adesso”) and a 47.5% owner of Adeda Therapeutics, Ltd. (“Adeda”),which companies are being investigated to be potentially acquired by GoHealth. Upon closing and approval of the Board of Directors of all entities involved, GoHealth will acquire 93% of the stock of Adesso and 47.5% of the stock of Adeda in exchange for GoHealth convertible preferred stock with two provisions, either of which is exercisable after 2 years and one day, converting into a majority of common stock of GoHealth or converting into Tree Top common shares. In addition, at closing Tree Top will issue 10% of its outstanding stock to the shareholders of Adesso and Adeda. The entire agreement was filed in an 8-K dated October 18, 2011. Pursuant to this agreement, on November 14, 2011, the Company issued Adesso 2,941,176 shares of common stock for cash of $25,000. Subsequently, in January , 2012, the Company issued an additional 34,613,910 shares to be held in escrow for the close of the Agreement. Also on February 14, 2012, the Company issued 1,282,051 share for cash of $25,000 pursuant to the agreement.

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Consolidated Statement of Stockholders' Equity (Deficit) (USD $)

Total

Services

Cash

Cancellation of options

Rent

Issuance During Period 1st

Founders

Issuance During Period 1st

Services

Issuance During Period 1st

Cash

Issuance During Period 2nd

Services

Issuance During Period 3rd

Services

Issuance During Period 4th

Services

Common Stock

Common Stock

Services

Common Stock

Cash

Common Stock

Cancellation of options

Common Stock

Rent

Common Stock

Issuance During Period 1st

Founders

Common Stock

Issuance During Period 3rd

Services

Common Stock

Issuance During Period 4th

Services

Additional Paid-In Capital

Additional Paid-In Capital

Services

Additional Paid-In Capital

Cash

Additional Paid-In Capital

Cancellation of options

Additional Paid-In Capital

Rent

Additional Paid-In Capital

Issuance During Period 1st

Founders

Additional Paid-In Capital

Issuance During Period 1st

Services

Additional Paid-In Capital

Issuance During Period 1st

Cash

Additional Paid-In Capital

Issuance During Period 2nd

Services

Additional Paid-In Capital

Issuance During Period 3rd

Services

Additional Paid-In Capital

Issuance During Period 4th

Services

Unearned ESOP Shares

Deficit Accumulated During the Development Stage

Beginning balance at Jul. 31, 2007

Issuance of stock (in shares) 68,000,000 2,590,000 250,000

Issuance of stock $ 500,000 $ 2,201,500 $ 500,000 $ 68,000 $ 2,590 $ 250 $ 432,000 $ 2,198,910 $ 499,750

Shares issued in recapitalization (in shares) 987,791

Shares issued in recapitalization 988 (988)

Issuance of stock 1,494,298 200,000 126,210 1,494,298 200,000 126,210

Exercise of stock options (in shares) 500,000

Exercise of stock options 125,000 500 124,500

Net loss (5,657,322) (5,657,322)

Ending Balance at Dec. 31, 2007 (510,314) 72,328 5,074,680 (5,657,322)

Ending Balance (in shares) at Dec. 31, 2007 72,327,791

Fractional shares 609

Exercise of stock options (in shares) 1,100,000

Exercise of stock options 725,000 1,100 723,900

Common stock cancelled (in shares) (24,600,000)

Common stock cancelled (24,600) 24,600

Stock options granted for services 1,993,000 1,993,000

Exchange of Ludicrous, Inc. stock options for Tree Top stock options 932,779 932,779

Net loss (4,140,807) (4,140,807)

Ending Balance at Dec. 31, 2008 (1,000,342) 48,828 8,748,959 (9,798,129)

Ending Balance (in shares) at Dec. 31, 2008 48,828,400

Issuance of stock (in shares) 74,850,000 315,700

Issuance of stock 68,882,000 110,500 74,850 316 68,807,150 110,184

Stock options granted for services 32,145,311 32,145,311

Common stock issued for acquisition of subsidiary (in shares) 3,500,000

Common stock issued for acquisition of subsidiary 2,275,000 3,500 2,271,500

Stock based compensation earned 241,983 241,983

Net loss (104,945,249) (104,945,249)

Ending Balance at Dec. 31, 2009 (2,290,797) 127,494 112,325,087 (114,743,378)

Ending Balance (in shares) at Dec. 31, 2009 127,494,100

Issuance of stock (in shares) 123,485,000 220,000

Issuance of stock 17,244,795 2,200 123,485 220 17,121,310 1,980

Stock options granted for services 8,024,977 8,024,977

Valuation of stock option re-pricing 153,965 153,965

Stock based compensation earned 213,910 213,910

Imputed interest - loan 12,446 12,446

Contribution from shareholders 50,375 50,375

Common stock issued to ESOP (in shares) 20,000,000

Common stock issued to ESOP 20,000 1,080,000 (1,100,000)

Net loss (27,115,709) (27,115,709)

Ending Balance at Dec. 31, 2010 (3,703,838) 271,199 138,984,050 (1,100,000) (141,859,087)

Ending Balance (in shares) at Dec. 31, 2010 271,199,100

Valuation of Beneficial Conversion Feature 75,000 75,000

Issuance of stock (in shares) 25,300,000 2,941,176 57,940,000 5,000,000

Issuance of stock 431,210 25,000 115,201 37,500 25,300 2,941 57,940 5,000 405,910 22,059 57,261 32,500

Common stock cancelled (in shares) (6,500,000)

Common stock cancelled (6,500) 6,500

Stock based compensation earned 64,107 64,107

Imputed interest - loan 13,440 13,440

Common Stock issued for convertible debt (in shares) 3,500,000

Common Stock issued for convertible debt 26,647 3,500 23,147

Common stock issued to ESOP (in shares) 20,000,000

Common stock issued to ESOP 20,000 580,000 (600,000)

Net loss (1,689,254) (1,689,254)

Ending Balance at Dec. 31, 2011 $ (4,604,987) $ 379,380 $ 140,276,464 $ (1,700,000) $ (143,548,341)

Ending Balance (in shares) at Dec. 31, 2011 379,380,276

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RELATED PARTY TRANSACTIONS
12 Months Ended

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RELATED PARTY TRANSACTIONS

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Consolidated Balance Sheets (USD $)	Dec. 31, 2011	Dec. 31, 2010
CURRENT ASSETS
Cash	$ 517	$ 2,674
Total Current Assets	517	2,674
PROPERTY AND EQUIPMENT, NET	39,518	72,280
TOTAL ASSETS	40,035	74,954
CURRENT LIABILITIES
Accounts payable and accrued expenses	676,853	672,457
Accrued interest payable	134,179	99,463
Due to officers and directors	3,186,130	2,409,012
Notes payable - in default	647,860	597,860
Total Current Liabilities	4,645,022	3,778,792
STOCKHOLDERS' (DEFICIT)
Preferred stock, $0.001 par value, 50,000 shares authorized,-0- shares issued and outstanding
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 379,380,276 and 271,199,100 shares issued and 339,380,276 and 251,199,100 outstanding, respectively	379,380	271,199
Additional paid-in capital	140,263,974	138,984,050
Unearned ESOP Shares	(1,700,000)	(1,100,000)
(Deficit) accumulated during the development stage	(143,548,341)	(141,859,087)
Total Stockholders' (Deficit)	(4,604,987)	(3,703,838)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 40,035	$ 74,954

Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) (USD $)	5 Months Ended	12 Months Ended
	Dec. 31, 2007	Dec. 31, 2008
Exercise of stock options, per share	$ 0.25	$ 0.25
Issuance During Period 1st \| Founders
Issuance of stock, per share	$ 0.007
Issuance During Period 1st \| Services
Issuance of stock, per share	$ 0.74
Issuance During Period 1st \| Cash
Issuance of stock, per share	$ 0.10
Issuance During Period 2nd \| Services
Issuance of stock, per share	$ 0.85
Issuance During Period 3rd \| Services
Issuance of stock, per share	$ 0.85
Issuance During Period 4th \| Services
Issuance of stock, per share	$ 2.00

Consolidated Statements of Cash Flows (USD $)	12 Months Ended		53 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (1,689,254)	$ (27,115,709)	$ (143,548,341)
Adjustments to reconcile net loss to net used in operating activities:
Bad debt expense		179,000	192,000
Depreciation and amortization	32,762	34,056	126,877
Stock issued for option cancellation	115,201		115,201
Stock issued for rent	37,500		37,500
Gain on debt settlement	(63,865)		(63,865)
Stock options granted for services rendered		8,178,942	44,870,540
Impairment of intangible assets			2,275,000
Common stock issued for services rendered	495,317	17,458,705	89,779,505
Imputed interest on loan	13,440	12,446	25,887
Loss on disposal of fixed assets		2,915	2,915
Amortization of debt discount	75,000		75,000
Changes in operating assets and liabilities
(Increase) decrease in prepaid expenses
Increase (decrease) in accounts payable and accrued expenses	669,863	735,906	2,864,702
Net Cash Used in Operating Activities	(314,036)	(513,739)	(3,247,079)
CASH FLOW FROM INVESTING ACTIVITIES
Cash advanced on note receivable		(179,000)	(192,000)
Cash received in acquisition			44,303
Cash paid for property and equipment		(7,532)	(169,310)
Net Cash Used in Investing Activities		(186,532)	(317,007)
CASH FLOW FROM FINANCING ACTIVITIES
Bank overdraft
Cash contribution from shareholders		50,375	50,375
Cash received from issuance of common stock	25,000	2,200	1,687,700
Cash received from notes payable	75,000	192,000	559,860
Cash paid to related party loans	(157,466)	(220,985)	(438,206)
Cash received from related party loans	369,345	574,464	1,704,874
Net Cash Provided by Financing Activities	311,879	598,054	3,564,603
NET INCREASE (DECREASE) IN CASH	(2,157)	(102,217)	517
CASH AT BEGINNING OF PERIOD	2,674	104,891
CASH AT END OF PERIOD	517	2,674	517
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION CASH PAID FOR:
Interest
Income Taxes
NON-CASH INVESTING AND FINANCING ACTIVITIES
Conversion of Debenture	25,000		25,000
Common stock issued for acquisition of subsidiary			2,275,000
Common stock issued to ESOP	$ 600,000	$ 1,100,000	$ 1,700,000

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000	50,000
Preferred stock, shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	379,380,276	271,199,100
Common stock, shares outstanding	339,380,276	251,199,100

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2011	Mar. 26, 2012
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Trading Symbol	TTII
Entity Registrant Name	TREE TOP INDUSTRIES, INC.
Entity Central Index Key	0000356590
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		421,716,111
Entity Public Float		$ 7,746,082

Consolidated Statements of Operations (USD $)	12 Months Ended		53 Months Ended
Consolidated Statements of Operations (USD $)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011
REVENUES, net			$ 2,967
COST OF SALES, net
GROSS PROFIT			2,967
OPERATING EXPENSES
General and administrative	413,226	592,644	5,723,691
Impairment of assets			2,275,000
Compensation and professional fees	1,172,316	26,426,970	135,270,943
Depreciation	32,762	34,056	126,877
Total Operating Expenses	1,618,304	27,053,670	143,396,511
OPERATING LOSS	(1,618,304)	(27,053,670)	(143,393,544)
OTHER INCOME (EXPENSES)
Loss on disposal of assets		(2,915)	(2,915)
Gain on debt forgiveness	63,865		63,865
Interest income			9
Interest expense	(134,815)	(59,124)	(215,756)
Total Other Income (Expenses)	(70,950)	(62,039)	(154,797)
LOSS BEFORE INCOME TAXES	(1,689,254)	(27,115,709)	(143,548,341)
INCOME TAX EXPENSE
NET LOSS	$ (1,689,254)	$ (27,115,709)	$ (143,548,341)
BASIC AND DILUTED LOSS PER SHARE	$ (0.01)	$ (0.19)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	280,493,899	142,966,429

Consolidated Statement of Stockholders' Equity (Deficit) (USD $)	Total	Services	Cash	Cancellation of options	Rent	Issuance During Period 1st Founders	Issuance During Period 1st Services	Issuance During Period 1st Cash	Issuance During Period 2nd Services	Issuance During Period 3rd Services	Issuance During Period 4th Services	Common Stock	Common Stock Services	Common Stock Cash	Common Stock Cancellation of options	Common Stock Rent	Common Stock Issuance During Period 1st Founders	Common Stock Issuance During Period 3rd Services	Common Stock Issuance During Period 4th Services	Additional Paid-In Capital	Additional Paid-In Capital Services	Additional Paid-In Capital Cash	Additional Paid-In Capital Cancellation of options	Additional Paid-In Capital Rent	Additional Paid-In Capital Issuance During Period 1st Founders	Additional Paid-In Capital Issuance During Period 1st Services	Additional Paid-In Capital Issuance During Period 1st Cash	Additional Paid-In Capital Issuance During Period 2nd Services	Additional Paid-In Capital Issuance During Period 3rd Services	Additional Paid-In Capital Issuance During Period 4th Services	Unearned ESOP Shares	Deficit Accumulated During the Development Stage
Beginning balance at Jul. 31, 2007
Issuance of stock (in shares)																	68,000,000	2,590,000	250,000
Issuance of stock						$ 500,000				$ 2,201,500	$ 500,000						$ 68,000	$ 2,590	$ 250						$ 432,000				$ 2,198,910	$ 499,750
Shares issued in recapitalization (in shares)												987,791
Shares issued in recapitalization												988								(988)
Issuance of stock							1,494,298	200,000	126,210																	1,494,298	200,000	126,210
Exercise of stock options (in shares)												500,000
Exercise of stock options	125,000											500								124,500
Net loss	(5,657,322)																															(5,657,322)
Ending Balance at Dec. 31, 2007	(510,314)											72,328								5,074,680												(5,657,322)
Ending Balance (in shares) at Dec. 31, 2007												72,327,791
Fractional shares												609
Exercise of stock options (in shares)												1,100,000
Exercise of stock options	725,000											1,100								723,900
Common stock cancelled (in shares)												(24,600,000)
Common stock cancelled												(24,600)								24,600
Stock options granted for services	1,993,000																			1,993,000
Exchange of Ludicrous, Inc. stock options for Tree Top stock options	932,779																			932,779
Net loss	(4,140,807)																															(4,140,807)
Ending Balance at Dec. 31, 2008	(1,000,342)											48,828								8,748,959												(9,798,129)
Ending Balance (in shares) at Dec. 31, 2008												48,828,400
Issuance of stock (in shares)													74,850,000	315,700
Issuance of stock		68,882,000	110,500										74,850	316							68,807,150	110,184
Stock options granted for services	32,145,311																			32,145,311
Common stock issued for acquisition of subsidiary (in shares)												3,500,000
Common stock issued for acquisition of subsidiary	2,275,000											3,500								2,271,500
Stock based compensation earned	241,983																			241,983
Net loss	(104,945,249)																															(104,945,249)
Ending Balance at Dec. 31, 2009	(2,290,797)											127,494								112,325,087												(114,743,378)
Ending Balance (in shares) at Dec. 31, 2009												127,494,100
Issuance of stock (in shares)													123,485,000	220,000
Issuance of stock		17,244,795	2,200										123,485	220							17,121,310	1,980
Stock options granted for services	8,024,977																			8,024,977
Valuation of stock option re-pricing	153,965																			153,965
Stock based compensation earned	213,910																			213,910
Imputed interest - loan	12,446																			12,446
Contribution from shareholders	50,375																			50,375
Common stock issued to ESOP (in shares)												20,000,000
Common stock issued to ESOP												20,000								1,080,000											(1,100,000)
Net loss	(27,115,709)																															(27,115,709)
Ending Balance at Dec. 31, 2010	(3,703,838)											271,199								138,984,050											(1,100,000)	(141,859,087)
Ending Balance (in shares) at Dec. 31, 2010												271,199,100
Valuation of Beneficial Conversion Feature	75,000																			75,000
Issuance of stock (in shares)													25,300,000	2,941,176	57,940,000	5,000,000
Issuance of stock		431,210	25,000	115,201	37,500								25,300	2,941	57,940	5,000					405,910	22,059	57,261	32,500
Common stock cancelled (in shares)												(6,500,000)
Common stock cancelled												(6,500)								6,500
Stock based compensation earned	64,107																			64,107
Imputed interest - loan	13,440																			13,440
Common Stock issued for convertible debt (in shares)												3,500,000
Common Stock issued for convertible debt	26,647											3,500								23,147
Common stock issued to ESOP (in shares)												20,000,000
Common stock issued to ESOP												20,000								580,000											(600,000)
Net loss	(1,689,254)																															(1,689,254)
Ending Balance at Dec. 31, 2011	$ (4,604,987)											$ 379,380								$ 140,276,464											$ (1,700,000)	$ (143,548,341)
Ending Balance (in shares) at Dec. 31, 2011												379,380,276