GLOBAL TECH INDUSTRIES GROUP, INC. - Quarter Report: 2011 June (Form 10-Q)

Unassociated Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For Quarterly Period Ended June 30, 2011

¨ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition period from _______________ to ______________

Commission File Number:	000-10210

TREE TOP INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

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

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

(775) 261-3728
Registrant's telephone number, including area code


(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check One).

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.

As of August 12, 2011, the number of shares outstanding of the registrant’s class of common stock was 275,199,100.

TABLE OF CONTENTS

		Pages

PART I. FINANCIAL INFORMATION		3

Item 1.	Financial Statements	3

	Unaudited Condensed Consolidated Balance Sheets at June 30, 2011 and December 31, 2010	3

	Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months ended June 30, 2011 and 2010, and From Inception of the Development Stage on August 1, 2007 through June 30, 2011	4

	Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2011 and 2010, and From Inception of the Development Stage on August 1, 2007 through June 30, 2011	5

	Notes to Unaudited Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	17

Item 4.	Controls and Procedures	17

PART II OTHER INFORMATION		18

Item 1.	Legal Proceedings	18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 3.	Defaults Upon Senior Securities	18

Item 5.	Other Information	19

Item 6.	Exhibits	19

SIGNATURES		20

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TREE TOP INDUSTRIES, INC.

(A Development Stage Company)

Condensed Consolidated Balance Sheets

	June 30,			December 31,
	2011			2010
	(unaudited)
ASSETS

CURRENT ASSETS

Cash and cash equivalents	$	278		$	2,674

Total Current Assets		278			2,674

PROPERTY AND EQUIPMENT (NET)		55,899			72,280

TOTAL ASSETS	$	56,177		$	74,954

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES

Accounts payable and accrued expenses		697,711			672,457
Accrued interest		116,597			99,463
Due to officers and directors		2,818,238			2,409,012
Convertible note payable (Net of discounts of $14,236 and $0, respectively)		35,764			-
Notes payable		597,860			597,860

Total Current Liabilities		4,266,170			3,778,792

Total Liabilities		4,266,170			3,778,792

STOCKHOLDERS' DEFICIT

Common stock, par value $0.001 per share, 350,000,000 shares authorized; 275,199,100 and 271,199,100 shares issued and outstanding, respectively		275,199			271,199
Additional paid-in-capital		139,200,724			138,984,050
Stock payable (2,000,000 common shares)		26,800			-
Unearned ESOP shares		(1,100,000	)		(1,100,000	)
Deficit accumulated during the development stage		(142,612,716	)		(141,859,087	)

Total Stockholders' Deficit		(4,209,993	)		(3,703,838	)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$	56,177		$	74,954

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

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Tree Top Industries, Inc.

(A Development Stage Company)

Condensed Consolidated Statements of Operations

(unaudited)

													From Inception
													on August 1,
	For the Three Months						For the Six Months						2007 through
	Ended June 30,						Ended June 30,						June 30,
	2011			2010			2011			2010			2011
				(restated)						(restated)

REVENUES	$	-			-		$	-		$	-			2,967

COST OF SALES		-			-			-			-			-

GROSS PROFIT (LOSS)		-			-			-			-			2,967

OPERATING EXPENSES

General and administrative		50,644			45,552			148,642			310,821			5,459,107
Impairment of assets		-			-			-			-			2,275,000
Compensation and professional fees		220,800			17,645,994			496,929			18,159,733			134,595,556
Depreciation		8,190			8,088			16,381			16,177			110,496

Total Operating Expenses		279,634			17,699,634			661,952			18,486,731			142,440,159

LOSS FROM OPERATIONS		(279,634	)		(17,699,634	)		(661,952	)		(18,486,731	)		(142,437,192	)

OTHER INCOME (EXPENSE)

Loss on disposal of assets		-			-			-			-			(2,915	)
Interest income		-			-			-			-			9
Interest expense		(63,854	)		(8,322	)		(91,677	)		(16,644	)		(172,618	)

Total Other Income (Expense)		(63,854	)		(8,322	)		(91,677	)		(16,644	)		(175,524	)

NET LOSS BEFORE INCOME TAXES		(343,488	)		(17,707,956	)		(753,629	)		(18,503,375	)		(142,612,716	)

PROVISION FOR INCOME TAXES		-			-			-			-			-

NET LOSS	$	(343,488	)	$	(17,707,956	)	$	(753,629	)	$	(18,503,375	)	$	(142,612,716	)

LOSS PER SHARE - BASIC & DILUTED	$	(0.00	)	$	(0.12	)	$	(0.00	)	$	(0.13	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		272,894,752			152,071,682			272,506,792			139,966,807

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

- 4 -

Tree Top Industries, Inc.

(A Development Stage Company)

Condensed Consolidated Statements of Cash Flows

(unaudited)

							From Inception
							on August 1,
	For the Six Months						2007 through
	Ended June 30,						June 30,
	2011			2010			2011
				(restated)
CASH FLOWS FROM OPERATING ACTIVITIES

Net loss	$	(753,629	)	$	(18,503,375	)	$	(142,612,716	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense		-			179,000			192,000
Depreciation and amortization		16,381			16,177			110,496
Shares owed for services		26,800			-			26,800
Stock options granted for services rendered		-			8,054,126			44,870,540
Impairment of intangible assets		-			-			2,275,000
Common stock issued for services rendered		112,307			9,896,655			89,396,495
Imputed interest on loan		6,720			-			19,167
Interest expense from BCF		60,764			-			60,764
Loss on diposal of fixed assets		-			-			2,915
Change in operating assets and liabilities, net of acquisition:
(increase) decrease in prepaid expenses		-			-			-
Increase (decrease) in accounts payable and accrued expenses		377,847			164,477			2,572,685

Net Cash Used in Operating Activities		(152,810	)		(192,940	)		(3,085,854	)

CASH FLOWS FROM INVESTING ACTIVITIES

Cash advanced on note receivable		-			(179,000	)		(192,000	)
Cash received in acquisition		-			-			44,303
Purchases of property and equipment		-			-			(169,310	)

Net Cash Used in Investing Activities		-			(179,000	)		(317,007	)

CASH FLOWS FROM FINANCING ACTIVITIES

Cash contribution from shareholders		-			-			50,375
Cash received from issuance of common stock		-			-			1,662,700
Cash received from notes payable		75,000			192,000			559,860
Cash paid to related party loans		(80,746	)		(122,817	)		(361,486	)
Cash received from related party loans		156,160			199,396			1,491,690

Net Cash Provided by Financing Activities		150,414			268,579			3,403,139

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,396	)		(103,361	)		278

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		2,674			104,891			-

CASH AND CASH EQUIVALENTS, END OF PERIOD	$	278		$	1,530		$	278

SUPPLEMENTAL DISCLOSURES:

Cash paid for interest	$	-		$	-		$	-
Cash paid for income taxes	$	-		$	-		$	-

NON-CASH INVESTING AND FINANCING ACTIVITIES:

Common stock issued for acquisition of sub	$	-		$	-		$	2,275,000
Common stock issued to ESOP	$			$	1,100,000		$	1,100,000
Discount on convertible debt due to beneficial conversion feature	$	75,000		$	-		$	75,000
Share cancellation	$	1,500		$	-		$	1,500
Conversion of debt and interest	$	26,647		$	-		$	26,647

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

- 5 -

TREE TOP INDUSTRIES, INC.

(A Development Stage Company)

Notes to the Unaudited Consolidated Financial Statements

June 30, 2011 and 2010

NOTE 1 - CONDENSED FINANCIAL STATEMENTS

The accompanying financial statements have been prepared by Tree Top Industries, Inc. (“the Company”) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at June 30, 2011, and for all periods presented herein, have been made.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2010 audited financial statements. The results of operations for the period ended June 30, 2011 are not necessarily indicative of the operating results for the full year.

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as disclosed in Item 2 below. All significant inter-company balances and transactions have been eliminated.

NOTE 2 - GOING CONCERN

The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

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

NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

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

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.

Recent Accounting Pronouncements

No accounting pronouncements were issued during the second quarter 2011 that would have a material effect on the accounting policies of the Company when adopted.

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:

- 6 -

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

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

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

The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The carrying value of notes payable approximates fair value because negotiated terms and conditions are consistent with current market rates as of June 30, 2011 and December 31, 2010.

NOTE 4 - RELATED PARTY TRANSACTIONS

The balance due to related parties as of June 30, 2011 of $2,818,238 consisted of advances, payables and accrued wages to David Reichman, the Company’s Chief Executive Officer of $2,536,481 and accrued wages to Kathy Griffin, the Company’s President of $281,757. As of December 31, 2010, the related party balance was $2,409,012, consisting of a balance due David Reichman of $2,205,654, and a balance due Kathy Griffin of $203,358. During the three month period ended June 30, 2011, Mr. Reichman advanced the company $89,078 and was repaid $53,073. During the six month period ended June 30, 2011, Mr Reichman advanced the company $158,966 and was repaid $80,746 The amounts due to the officers are due on demand, have no formal agreements, and accrue interest equal to that being charged individually on the debt. Interest accrued during the six months ended June 30, 2011 was $5,413, for credit cards used on the Company’s behalf.

- 7 -

TREE TOP INDUSTRIES, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

June 30, 2011 and 2010

NOTE 5 - NOTES PAYABLE

(a)

NOTES PAYABLE

Notes payable consist of various notes bearing interest at rates from 5% to 7%, which are unsecured, with original due dates between August 2000 and December 2009. Five notes with maturity dates that have passed are currently in default with the remaining note due on demand and thus all notes are classified as current liabilities. At June 30, 2011 and December 31, 2010, notes payable amounted to $597,860. Below is a table summarizing the notes owed by the Company.

					Interest Expense
Principal		Interest Rate			6/30/2011		6/30/2010		Maturity
$	292,860		9.00	%	$	13,178	$	13,178	6/27/2010
	192,000		0	%		6,720		6,720	On Demand(1)
	18,000		6.00	%		540		540	9/1/2002
	30,000		6.00	%		900		900	9/12/2002
	25,000		5.00	%		626		626	8/31/2000
	40,000		7.00	%		1,400		1400	7/10/2002
$	597,860				$	23,364	$	23,364

(1)

Imputed interest due to 0% interest rate

(b)

CONVERTIBLE NOTES PAYABLE:

During the three months ended March 31, 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 will be accreted over the life of the respective notes using the effective interest method. The accretion was recorded as interest expense in the amount of $47,847 and $60,764 for the three and six months ended June 30, 2011, respectively. The details of the new convertible notes payable 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.		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, in default, Conversion shares limited to total available authorized shares		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		12,500

Total Convertible Notes at June 30, 2011	$	50,000

Discount on Convertible Debt		(14,236	)

Net Convertible Notes Payable at June 30, 2011	$	35,764

At June 30, 2011 and December 31, 2010, accrued interest on the notes and convertible notes was $116,597 and $99,463, respectively. Interest expense on the notes, including amortization /accretion of the debt discount, amounted to $86,264 and $16,644 for the six months ended June 30, 2011 and 2010.

On June 6, 2011, a convertible note holder converted $25,000 in principal and $1,647 in accrued interest into 3,500,000 shares of common stock, The terms of the convertible note agreement required a conversion rate at double the market value of the shares at the conversion date. The number of shares was determined using the stated market value of the shares on June 3, 2011, no additional expense was recorded.

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TREE TOP INDUSTRIES, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

March 31, 2011 and 2010

NOTE 6 - STOCKHOLDERS' DEFICIT

ISSUANCES OF COMMON STOCK

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 current business climate, as well as management’s continued effort and focus on finding additional sources of capital, potential acquisitions, and investment partners, made it essential that the president spend a significant amount of her time in New York. The issuance was valued at $48,200, the market price at the date of authorization.

On May 24, 2011, the Board of Directors authorized the issuance of 2,000,000 shares of common stock to a consultant for services to be performed in assisting the Company to raise capital. The stock was not issued as of June 30, 2011 and has been recorded as Stock payable in the equity section. The shares were valued at the market price on the date of execution, in the amount of $26,800.

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.

During the six months ended March 31, 2011, the Company recorded imputed interest on a non-interest bearing note in the amount of $6,720, with an increase in paid in capital.

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.

A summary of the status of options outstanding as of June 30, 2011, is presented below:

		Options Outstanding						Options Exercisable
Range of Exercise prices		Number Outstanding		Weighted Average Remaining Life (Years)		Weighted Average Exercise Price		Number exercisable		Weighted Average Exercise Price
$	0.20		61,500,000		3.49	$	0.20		61,500,000	$	0.20

During the six months ended June 30, 2011, the Company did not issue any stock options or warrants

NOTE 7 – AGREEMENTS

On January 28, 2011, the Board of Directors of the Company 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 the Company’s shareholders on a pro rata basis (the “Spin-Off”). Thereafter, NetThruster would be owned by the Company’s shareholders. David Reichman, the CEO of the Company 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, the Company entered into a distribution agreement with NetThruster (the “Distribution Agreement”). The Spin-Off is governed by the Distribution Agreement. 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.

The Company owns all of the 274,699,100 issued and outstanding shares of common stock of NetThruster. NetThruster currently has no shares of preferred stock issued or outstanding. Pursuant to the Distribution Agreement, the Company has agreed to distribute all of the common stock of NetThruster to the Company’s shareholders, such that each shareholder of record of Tree Top common stock on February 14, 2011 would receive one share of the common stock of NetThruster for every share of the Company’s common stock owned by such shareholder. Each Tree Top shareholder must have proof of ownership of the Company’s 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. In a subsequent Board of Directors meeting held on June 30, 2011, the Board directed management to indefinitely postpone the spin-off of NetThruster until such time as management had the resources and time to effectively evaluate the pros and cons of the possible spin-off. As of, and for the periods ended December 31, 2010 and June 30, 2011, NetThruster had no material operations.

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TREE TOP INDUSTRIES, INC.

(A Development Stage Company)

Notes to the Consolidated Financial Statements

March 31, 2011 and 2010

NOTE 7 – AGREEMENTS (Continued)

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.

On May 24, 2011, the company engaged Pin Financial, LLC, to act as an exclusive agent to the Company for four months, in connection with a private placement and capital raise. As of June 30, 2011, the Company owes Pin 2,000,000 shares of common stock related to this agreement, which is accrued for as a “Stock payable”.

NOTE 8 – 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, except as follows:

The Board of Directors gave the authority to management to cancel all outstanding options and issue 72,940,000 shares to some holders of the options and other consultants of the Company, by August 29, 2011.

NOTE 9 – RESTATEMENT

The Company’s condensed consolidated statement of operations for the period ended June 30, 2010 have been restated to record stock based compensation based on the market price on the date of grant verses a weekly averaging method, and bad debt expense from uncollectable notes receivable.

	Six Months Ended June 30, 2010
	As Reported			Adjustments			As Restated

REVENUES	$	-		$	-		$	-

OPERATING EXPENSES
General and administrative expenses		154,897			155,924			310,821
Compensation and professional fees		22,897,097			(4,737,364	)		18,159,733
Depreciation		16,177			-			16,177
Total Expenses		23,068,171			(4,581,440	)		18,486,731

OPERATING LOSS		(23,068,171	)		4,581,440			(18,486,731	)

OTHER INCOME (EXPENSE)
Interest expense		(16,644	)		-			(16,644	)
Total Other Income (Expense)		(16,644	)		-			(16,644	)
NET LOSS	$	(23,084,815	)	$	4,581,440		$	(18,503,375	)

BASIC AND DILUTED NET LOSS PER SHARE
Net loss per share	$	(0.16	)	$	.03		$	(0.13	)

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		139,966,807			-			139,966,807

- 10 -

	Three Months Ended June 30, 2010
	As Reported			Adjustments			As Restated

REVENUES	$	-		$	-		$	-

OPERATING EXPENSES
General and administrative expenses		67,653			(22,101	)		45,552
Compensation and professional fees		22,597,226			(4,951,232	)		17,645,994
Depreciation		8,089			(1	)		8,088
Total Expenses		22,672,968			(4,973,334	)		17,699,634

OPERATING LOSS		(22,672,968	)		4,973,334			(17,699,634	)

OTHER INCOME (EXPENSE)
Interest expense		(8,322	)		-			(8,322	)
Total Other Income (Expense)		(8,322	)		-			(8,322	)
NET LOSS	$	(22,681,290	)	$	4,973,334		$	(17,707,956	)

BASIC AND DILUTED NET LOSS PER SHARE
Net loss per share	$	(0.15	)	$	.03		$	(0.12	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		152,071,682			-			152,071,682

Balance Sheet –Restated

	June 30, 2010
	As Reported			Adjustments			As Restated

Assets
Cash		1,530			-			1,530
Employee advances		6,000			(6.000	)		-
Loan advances		192,000			(192,000	)		-
Total Current Assets		199,530			(198,000	)		1,530
Property & Equipment (Net)		85,542			-			85,542
Total Assets		285,072			(198,000	)		87,072

Liabilities and Stockholders’ Deficit
Accounts payable and accrued expenses		671,631			(8,177	)		663,454
Accrued interest		82,819			-			82,819
Due to officers and directors		1,598,225			(11,894	)		1,586,331
Notes payable		597,860			-			597,860
Total Current Liabilities		2,950,535			(20,071	)		2,930,464
Total Liabilities		2,950,535			(20,071	)		2,930,464
Common stock		161,879			-			161,879
Additional paid in capital		91,529,457			38,712,026			130,241,483
Accumulated Deficit		(94,356,799	)		(38,889,955	)		(133,246,754	)
Total Stockholders’ Deficit		(2,665,463	)		(177,929	)		(2,843,392	)
Total Liabilities and Stockholders’ Deficit		285,072			(198,000	)		87,072

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statements

This Form 10-Q may contain "forward-looking statements," as that term is used in federal securities laws, about Tree Top Industries, Inc.'s financial condition, results of operations and business. These statements include, among others:

o	statements concerning the potential benefits that Tree Top Industries, Inc. ("TTI" , “Tree Top”, “we”, “our”, “us”, the “Company”, “management”) may experience from its business activities and certain transactions it contemplates or has completed; and

statements of TTI's 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-Q. 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-Q. These forward-looking statements are subject to numerous assumptions, risks and uncertainties that may cause TTI's actual results to be materially different from any future results expressed or implied by TTI in those statements. The most important facts that could prevent TTI from achieving its stated goals include, but are not limited to, the following:

(a)

volatility or decline of TTI's stock price;

(b)

potential fluctuation of quarterly results;

(c)

failure of TTI to earn revenues or profits;

(d)

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

(e)

failure to commercialize TTI's technology or to make sales;

(f)

decline in demand for TTI's products and services;

(g)

rapid adverse changes in markets;

(h)

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

(i)

insufficient revenues to cover operating costs;

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(j)

failure of the BAT technology to function properly

There is no assurance that TTI will be profitable, TTI may not be able to successfully develop, manage or market its products and services, TTI may not be able to attract or retain qualified executives and technology personnel, TTI may not be able to obtain customers for its products or services, TTI's products and services may become obsolete, government regulation may hinder TTI's 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 TTI's 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. TTI cautions you not to place undue reliance on the statements, which speak only as of the date of this Form 10-Q. 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 TTI or persons acting on its behalf may issue. TTI does 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-Q, or to reflect the occurrence of unanticipated events.

Current Overview

Tree Top Industries, Inc. (“TTI”, “Tree Top”, “we”, “our”, “us”, “the Company”, “management”) is a Nevada corporation, originally incorporated in 1980. Tree Top has the following active wholly owned subsidiaries:

GoHealthMD, Inc. was formed to house global healthcare products and technologies, primarily geared towards the developing world. GoHealthMD looks for prospective acquisition candidates in various emerging areas of scientific research, such as nanoscience, cancer research, and healthy lifestyle products in order to bring them into a public entity for the purpose of transparency and possible capital infusion.

NetThruster, Inc. was formed to provide high-definition content delivery network services to the media, music, video and software industries. Tree Top is currently evaluating the value of spinning the NetThruster subsidiary out as its own private company.

BioEnergy Applied Technologies, (“BAT”) was formed to house and develop 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 was also acquired to exploit its 15 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 warrant. 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 warrant 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 plans a capital raise for BAT in early 2012.

Eye Care Centers International, Inc. was formed to support the further growth and development of WorldWithoutBlindness, (“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.

Sky Entertainment, Inc. was formed to house the potential acquisition of Sky Corporation. Sky Corporation is headquartered in Belgrade, Serbia and is an event production and management company, a distributor of professional musical equipment across the Adriatic region and the largest retailer of musical instruments and equipment in Serbia. Started as a local guitar shop and demo studio in 1995, Sky Corporation became 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. It provides high level production for concerts, corporate events, festivals, etc. Sky Solutions is a turnkey solution for all types of private and corporate events. Adriatic Region Distribution doo, a division of Sky Corporation, is a regional distribution company for musical and sound/light equipment. It is the exclusive distributor in the region of ex-Yugoslavia and Albania for the top industry brands. Sky Music doo is another division of Sky Corporation. Sky Music’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 Music has done more than five hundred audio & light installations all over Serbia. This division also is in direct sales, oriented to selling musical instruments, studio and broadcast equipment, as well as testing and demonstrating instruments, and offering the service of consulting and equipment installation in radio and TV stations, studios, conference rooms and rooms for multimedia presentations. 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.

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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

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.

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 274,699,100 issued and outstanding shares of common stock of NetThruster. NetThruster currently has no shares of preferred stock issued or outstanding. Pursuant to the Distribution Agreement, Tree Top has 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. However, Tree Top, upon authorization and a resolution from the Board of Directors, postponed the Spin-Off until a date on or before June 1, 2011. In a subsequent Board of Directors meeting held on June 30, 2011, the Board directed management to indefinitely postpone the spin-off of NetThruster until such time as management had the resources and time to effectively evaluate the pros and cons of the possible spin-off.

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Critical Accounting Policies

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We monitor our estimates on an on-going basis for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from our estimates if past experience or other assumptions do not turn out to be substantially accurate.

Certain of our accounting policies are particularly important to the portrayal and understanding of our financial position and results of operations and require us to apply significant judgment in their application. As a result, these policies are subject to an inherent degree of uncertainty. In applying these policies, we use our judgment in making certain assumption and estimates. Our critical accounting policies are described in our Annual Report on Form 10-K for the year ended December 31, 2010. There have been no material changes to our critical accounting policies as of June 30, 2011 and for the six months then ended.

Results of Operations for the Three Months Ended June 30, 2011 Compared to Three Months Ended June 30, 2010

We had no revenues in the three months ended June 30, 2011 and 2010. Our operating expenses decreased from $17,699,634 to $279,634 during these periods. The decrease is primarily due to the decrease in compensation and professional fees recorded from the market value of shares and options issued to officers and consultants to the Company. Our net loss was $343,488 in the three months ended June 30, 2011 as compared to a net loss of $17,707,956 in the same period of 2010. The increase in interest expense of $55,532 for the three months ended June 30, 2011 as compared to June 30, 2010, was due to the accretion of the note discounts created by beneficial conversion features on convertible debt.

Results of Operations for the Six Months Ended June 30, 2011 Compared to Six Months Ended June 30, 2010

We had no revenues in the six months ended June 30, 2011 and 2010. Our operating expenses decreased from $18,486,731 to $661,952 during these periods. The decrease is primarily due to the decrease in compensation and professional fees recorded from the market value of shares and options issued to officers and consultants to the Company. During 2010 general and administrative expenses were higher due to bad debt that was recorded on a note receivable of the Company. Our net loss was $753,629 in the six months ended June 30, 2011 as compared to a net loss of $18,503,375 in the same period of 2010. Excluding non cash expenses our net loss would have been $455,361 and $381,176 in 2011 and 2010, respectively.

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Liquidity and Capital Resources

The Company's cash position was $278 at June 30, 2011 compared to $2,674 at December 31, 2010. As of June 30, 2011, the Company had current assets of $278 and current liabilities of $4,266,170 compared to $2,674 and $3,778,792 respectively as of December 31, 2010. This resulted in a working capital deficit of $4,265,892 at June 30, 2011 and $3,776,118 at December 31, 2010.

Net cash used in operating activities amounted to $152,810 for the six month period ended June 30, 2011, as compared to $192,940 of net cash used in operations for the six month period ended June 30, 2010. Net cash used in operating activities decreased by approximately $40,130.

Net cash used in investing activities amounted to $0 and $179,000 for the six months ended June 30, 2011 and 2010, respectively. Advances totaling $179,000 were made to GeoGreen Biofuels, Inc pursuant to the loan agreement entered into during January of 2010.

Net cash provided by financing activities amounted to $150,414 and $268,579 for the six months ended June 30, 2011 and 2010, respectively. The decrease from 2010 to 2011 resulted primarily from the decrease in cash received from notes payable and related party loans.

The Company does not have sufficient capital to meet its current cash needs, which include the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended. The Company intends to seek additional capital and long-term debt financing to attempt to overcome its working capital deficit. The Company will need between $150,000 and $200,000 annually to maintain its reporting obligations. Financing options may be available to the Company either via a private placement or through the public sale of stock. The Company will seek to raise sufficient capital to market the BAT technology and to sustain monthly operations. There is no assurance, however, that the available funds will be available or adequate. Its need for additional financing is likely to persist.

Going Concern Qualification

The Company has incurred significant losses from operations, and such losses are expected to continue. The Company's auditors have included a "Going Concern Qualification" in their report for the year ended December 31, 2010. In addition, the Company has limited working capital. The foregoing raises substantial doubt about the Company's ability to continue as a going concern. Management's plans include seeking additional capital and/or debt financing. There is no guarantee that additional capital and/or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to the Company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The "Going Concern Qualification" may make it substantially more difficult to raise capital.

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Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not Applicable.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information 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 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 June 30, 2011 these disclosure controls and procedures were ineffective 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. This material weakness was discovered in the first quarter of 2009 when the Company was informed by the SEC that its acquisition of Ludicrous. on October 19, 2007 should have been accounted for as a “reverse merger”, rather than an acquisition. 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 Company believes that it would require approximately $250,000 per year in available funds in order to retain the qualified personnel required for effective disclosure controls and procedures.

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.

Changes in Internal Controls over Financial Reporting

There were no additional changes in our internal control over financial reporting that occurred during the fiscal quarter ended June 30, 2011 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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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 ineffective at that reasonable assurance level, as of the end of the period covered by this Form 10-Q. 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 II OTHER INFORMATION

Item 1. Legal Proceedings

TTI filed suit in United States District Court against Dr. Steven Hoefflin for libel against the Company. 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, and was dismissed with prejudice.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following shares of common stock were issued during the six month ended June 30, 2011 without registration:

On February 18, 2011, the Board of Directors authorized the issuance of 2,000,000 shares of common stock to an individual for the use of his New York apartment for traveling officers to use when traveling there for business. The issuance was valued at the market price of the shares at the grant date and totaled $48,200.

Item 3. Defaults Upon Senior Securities

The Company has the following note payable obligations in default:

Convertible note payable to Ballantoni, due June 28, 2011, convertible into double the value of shares, unpaid to date and in default	$	12,500

Note payable to RA Beeso due June 27, 2010, with interest accrued at 9% per annum, unsecured , unpaid to date and in default		292,860

Note payable to Facts and Comparisons due September 1, 2002, with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default		18,000

Note payable to Luckysurf.com due September 12, 2002 with interest accrued at 6% per annum, unsecured, in settlement of a trade payable; unpaid to date and in default		30,000

Note payable to Michael Marks (a shareholder) due August 31, 2000 with interest accrued at 5% per annum, unsecured; unpaid to date and in default		25,000

Note payable to Steven Goldberg (a former consultant) due July 10, 2002, unsecured with interest of 7% accrued if unpaid at due date, in settlement of liability; unpaid to date and in default		40,000

Totals	$	418,360

None of these notes have been paid, and management has indicated that no demand for payment for any of these notes has been received by the Company. However, the Company received a notice of motion from Luckysurf.com dated October 22, 2002, seeking entry of a judgment for $30,000. No further information or action has been received by the Company relating to this note.

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Item 5. Other Information

Not Applicable

Item 6. Exhibits

(a) Exhibits

EXHIBIT NO.			DESCRIPTION
3.1			Amended and Restated Articles of Incorporation(1)
3.2			By-Laws(2)
10.1			Distribution Agreement, dated February 9, 2011, by and between Tree Top Industries, Inc. and NetThruster, Inc.(3)
10.2			Term Agreement between Tree Top Industries, Inc. and Sky Music doo, Sky Solutions doo, and ARD doo
21.1			Subsidiaries of the Registrant
31.1			Section 302 Certification of Chief Executive Officer
31.2			Section 302 Certification of Chief Financial Officer
32.1			Section 906 Certification of Chief Executive Officer
32.2			Section 906 Certification of Chief Financial Officer
99.1			Agreement between Tree Top Industries, Inc. and PIN Financial, LLC
99.2			Agreement between Tree Top Industries, Inc. and WorldWithoutBlindness

(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 February 9, 2011, as an exhibit to a Form 8 – K and incorporated herein by reference

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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.

Dated: August 12, 2011	TREE TOP INDUSTRIES, INC.

	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: August 12, 2011
	David Reichman, Chairman of the Board, Chief
	Executive Officer, Chief Financial Officer
	and Principal Accounting Officer

By:	/s/ Kathy M. Griffin	Dated: August 12, 2011
	Kathy M. Griffin, Director, President

By:	/s/ Frank Benintendo	Dated: August 12, 2011
	Frank Benintendo, Director & Secretary

By:	/s/ Donald Gilbert, Phd.	Dated: August 12, 2011
	Donald Gilbert, Director & Treasurer

By:	/s/ Robert Hantman	Dated: August 12, 2011
	Robert Hantman, Director

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