SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K
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              CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          COMMISSION FILE NO.: 0-50469



                          Date of Report: June 30, 2009





                             GREENSHIFT CORPORATION
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             (Exact name of registrant as specified in its charter)


Delaware                                                             59-3764931
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(State of other jurisdiction of                                   (IRS Employer
incorporation or organization                                Identification No.)


One Penn Plaza, Suite 1612, New York, NY                                  10019
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(Address of principal executive offices)                              (Zip Code)


                                 (212) 994-5374
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               (Registrant's telephone number including area code)



Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

__   Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

__   Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

__   Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

__   Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))





ITEM 2.01         COMPLETION OF DISPOSITION OF ASSETS

Effective June 30, 2009, pursuant to a Stock Purchase Agreement dated as of that
date, GS AgriFuels Corporation,  GreenShift's wholly-owned subsidiary,  sold the
capital stock of Sustainable Systems, Inc.  ("Sustainable") to Carbonics Capital
Corporation in return for the assumption of $4,000,000 of GS AgriFuels' debt due
to YA Global  Investments,  L.P.  ("YA  Global").  To record the  assumption  of
liability,   Carbonics  Capital  Corporation  issued  to  YA  Global  a  secured
convertible  debenture  dated as of June 30,  2009 in the  principal  amount  of
$4,000,000.  The debenture has an annual  interest rate of 12% and it matures on
December  31,  2010.  The  debenture  is  secured by a first  priority  security
position  on the assets of  Carbonics  Capital  Corporation.  The  debenture  is
guaranteed  by GS  AgriFuels  and  GreenShift  Corporation,  and by the majority
shareholder of both GreenShift and Carbonics Capital,  which is Viridis Capital,
LLC.


Item 9.01         Financial Statements and Exhibits

Financial Statements

Pro forma financial statements - to be filed by amendment.



                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



Dated:  July 2, 2009                 GREENSHIFT CORPORATION

                                     By: /s/ Kevin Kreisler
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                                             Kevin Kreisler
                                             Chief Executive Officer