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<SEC-DOCUMENT>0001010549-08-000319.txt : 20080430
<SEC-HEADER>0001010549-08-000319.hdr.sgml : 20080430
<ACCEPTANCE-DATETIME>20080430115215
ACCESSION NUMBER:		0001010549-08-000319
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20080428
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080430
DATE AS OF CHANGE:		20080430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA RECYCLING ENERGY CORP
		CENTRAL INDEX KEY:			0000721693
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				900093373
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		08788601

	BUSINESS ADDRESS:	
		STREET 1:		429 GUANGDONG ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001
		BUSINESS PHONE:		86-21 6336-8686

	MAIL ADDRESS:	
		STREET 1:		429 GUANGDONG ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA DIGITAL WIRELESS INC
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER ACQUISITIONS  INC
		DATE OF NAME CHANGE:	20020430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER BREWING CO
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>creg043008form8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>

<head>
<title>China Recycling Energy Corporation: Form 8-K</title>
</head>

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<b><font size="5">UNITED STATES <br>
SECURITIES AND EXCHANGE COMMISSION <br>
</font><font size="2">Washington, DC 20549 <br>
</font>____________________</b></p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b><font size="5">FORM 8-K</font></b><b><br>
____________________</b></p>


<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b><font size="2">CURRENT REPORT </font></b></p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b><font size="2">Pursuant to Section&nbsp;13 or 15(d) of The Securities Exchange Act
of 1934 </font></b></p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b><font size="2">Date of Report (Date of earliest event reported): <br>
April 28, 2008</font></b></p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b><font size="5">CHINA RECYCLING ENERGY CORPORATION <br>
</font><font size="2">(Exact name of registrant as specified in its charter)
</font></b></p>
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    <b>Nevada</b></td>
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    &nbsp;</td>
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    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; padding: 0pt" align="center">
    <b>000-12536</b></td>
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    &nbsp;</td>
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    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; padding: 0pt" align="center">
    <b>90-0093373</b></td>
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    <p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; padding: 0pt" align="center">
    <font size="2">(State or other jurisdiction of incorporation)</font></td>
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    &nbsp;</td>
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    <p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; padding: 0pt" align="center">
    <font size="2">(Commission File Number)</font></td>
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    &nbsp;</td>
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    <p style="color: #000000; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; padding: 0pt" align="center">
    <font size="2">(IRS Employer Identification No.)</font></td>
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    </td>
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    </td>
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    </td>
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    <font FACE="Times New Roman" SIZE="2"><b>0000721693</b></font><font FACE="Times New Roman" LANG="JA" SIZE="2">
    </font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="center" width="5%" height="15">
    </td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="center" width="30%" height="15">
    <font FACE="Times New Roman" SIZE="2"><b>4911-Eletric Services</b></font><font FACE="Times New Roman" LANG="JA" SIZE="2">
    </font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="center" width="5%" height="15">
    </td>
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    <font FACE="Times New Roman" SIZE="2"><b>06628887</b></font><font FACE="Times New Roman" LANG="JA" SIZE="2">
    </font></td>
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    <font FACE="Times New Roman" size="2">(Central Index Key)</font><font FACE="Times New Roman" LANG="JA" size="2">
    </font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="center" width="5%" height="15">
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    <font FACE="Times New Roman" size="2">(Standard Industrial Classification)</font><font FACE="Times New Roman" LANG="JA" size="2">
    </font></td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt" vAlign="top" align="center" width="5%" height="15">
    </td>
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    <font FACE="Times New Roman" size="2">(Film Number.)</font><font FACE="Times New Roman" LANG="JA" size="2">
    </font></td>
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<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b>429 Guangdong Road<br>
Shanghai 200001<br>
People's Republic of China<br>
</b><font size="2">&nbsp;(Address of principal executive offices, including zip code)
</font></p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b>(86-21) 6336-8686 <br>
</b><font size="2">(Registrant's telephone number, including area code) </font>
</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="center">
<b>Not Applicable <br>
</b><font size="2">(Former name or former address, if changed since last report.)
</font></p>
<p style="color: #000000; text-indent: 0pt; margin-left: 0pt; padding: 0pt" align="justify">
<font size="2">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 (see General Instruction A.2. below): </font>
</p>
<font lang="JA" face="Wingdings 2" size="3">
<p>&#163;</font><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font>
<font lang="JA" face="Sim Sun" size="3"></p>
</font><font lang="JA" face="Wingdings" size="3">
<p><font lang="JA" face="Wingdings 2" size="3">&#163;</font><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font><font face="Times New Roman" size="2">Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font>
<font lang="JA" face="Sim Sun" size="3"></p>
</font><font lang="JA" face="Wingdings" size="3">
<p><font lang="JA" face="Wingdings 2" size="3">&#163;</font><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font><font face="Times New Roman" size="2">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </font><font lang="JA" face="Sim Sun" size="3"></p>
</font><font lang="JA" face="Wingdings" size="3">
<p><font lang="JA" face="Wingdings 2" size="3">&#163;</font><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></font><font face="Times New Roman" size="2">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </font></p>

<hr color="#000000" size="5"><p style="page-break-before: always"><font FACE="Times New Roman" SIZE="2"><b>
<p>Item 4</b><font face="Times New Roman"><B>.02. Non-Reliance on Previously
Issued Financial Statements or a Related Audit Report or Completed Interim
Review </B>
</font> </p>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">China Recycling Energy Corporation (&quot;Company&quot;) concluded on April 28, 2008 and announced on April 28, 2008 that it would restate its financial statement on its Form 10-QSB for fiscal quarters ended March 31, 2007, June 30, 2007 and September 30, 2007.
</font> </P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">Accordingly, the Company's prior Form 10-QSB Quarterly Reports for Fiscal Quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 should no longer be relied upon.
</font> </P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">The Company's decision to restate was made in connection with a review of the Company's Form 10-QSB by the Corporation Finance Division of the U.S. Securities and Exchange Commission (SEC). On March 14, 2008, the Company also received &nbsp;a notice from Goldman Parks Kurland Mohidin-GPKM, LLP (&quot;GPKM&#148;), the Company&#146;s &nbsp;independent registered accounting firm, that the Company's prior Form 10-QSB Quarterly Reports for Fiscal Quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 should be restated and should no longer be relied upon.
</font> </P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">The Board of Directors made the decision to restate the Company's financial statements on April 28, 2008, following consultation with, and upon the recommendation of the management. The Company has also discussed the need to restate the previously issued financial statements and the matters disclosed in this filing with GPKM, and GPKM has concurred with the decision of the Board to proceed with the restatement and has furnished the Company a letter consenting to the statements made by the Company in this Form 8-K.
</font> </P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">The financial statements for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007 would be restated to reflect the following:</font></P>
<P style="margin-bottom:0; padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">1)</font></P>
<P style="margin-left:8%; margin-top:-11pt; margin-bottom:0; padding:0pt; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">Accounting for equipment leases as sales type leases instead of direct financing leases;</font></P>
<P style="margin-top:0; margin-bottom:0; padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">2)</font></P>
<P style="margin-left:8%; margin-top:-11pt; margin-bottom:0; padding:0pt; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">Impact of write-off of account receivable of approximately $ 3.5 million as of December 31, 2006.</font></P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">While the information contained herein describes all of the items for which the Company and GPKM have determined a restatement is appropriate at this time, there can be no assurance that further review and inquiry of the Company's financial statements will not identify additional items.
</font> </P>
<P style="padding:0pt; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman"><B>Forward Looking Statements </B></font></P>
<P style="padding:0pt; text-indent:4%; font-size:10pt; color:#000000" align="justify">
<font face="Times New Roman">Statements contained in this Form 8-K relating to the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future, including statements with the words &quot;expects&quot;, &quot;will&quot;, &quot;intends&quot; and &quot;may&quot; and statements relating to its expected adjustments to previously reported financial results, are forward-looking statements. The Company's actual results, including the items and amounts actually restated, and the timing of the completion of the restatement and related audit, could differ materially from those projected in these forward-looking statements. The actual items and amounts restated, and the actual timing of completion of the restatement and related audit, will depend on a number of factors, including any additional discussions with the SEC, the completion of the work underlying the restatement by the Company and the audit and review of the underlying work and restated financial statements by GPKM. Addition
al information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings. The Company disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events or otherwise.
</font> </P>
<hr color="#000000" size="5"><p style="page-break-before: always">
<p dir="ltr" align="justify"><b>Item 9.01 Financial Statements and Exhibits </b>
</p>
</font>
<p><font size="2">(d) Exhibits </font></p>
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    <p dir="ltr"><b><font size="2">Exhibit No. </font></b></td>
    <td width="1%" style="border-style: none; border-width: medium; font-size:10pt" dir="ltr">
    <p dir="ltr">&nbsp;</td>
    <td width="98%" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1; font-size:10pt" dir="ltr">
    <p dir="ltr"><b><font size="2">Description </font></b></td>
  </tr>
  <tr>
    <td width="1%" style="border-top-style: solid; border-top-width: 1; font-size:10pt" dir="ltr">
    <p style="margin-left: 35pt" dir="ltr">&nbsp;</td>
    <td width="0%" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; font-size:10pt" dir="ltr">
    <p style="margin-left: 35pt" dir="ltr">&nbsp;</td>
    <td width="1%" style="border-style: none; border-width: medium; font-size:10pt" dir="ltr">
    <p style="margin-left: 30pt" dir="ltr">&nbsp;</td>
    <td width="98%" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; font-size:10pt" dir="ltr">
    <p dir="ltr">&nbsp;</td>
  </tr>
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    <td width="1%" valign="top" colspan="2" style="border-right-style: none; border-right-width: medium; font-size:10pt" dir="ltr" bgcolor="#E9F1F8">
    <p dir="ltr"><font size="2">
    <a style="text-decoration: none" href="creg043008exh701.htm">7.01</a></font></td>
    <td width="1%" valign="top" style="border-style: none; border-width: medium; font-size:10pt" dir="ltr" bgcolor="#E9F1F8">
    <p dir="ltr">&nbsp;</td>
    <td width="98%" valign="top" style="border-left-style: none; border-left-width: medium; font-size:10pt" dir="ltr" bgcolor="#E9F1F8">
    <p dir="ltr"><font size="2">
    <a style="text-decoration: none" href="creg043008exh701.htm">Letter of Goldman Parks Kurland Mohidin</a></font></td>
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</table>
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<br>
&nbsp;</p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; line-height: 12pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt" align="center">
<b>SIGNATURES </b></p>
<p style="font-size: 10pt; color: #000000; text-indent: 24.5pt; line-height: 12pt; margin-left: 0pt; margin-top: 7.5pt; margin-bottom: 0pt; padding: 0pt">
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. </p>
<p style="font-size: 10pt; color: #000000; text-indent: 0pt; margin-left: 0pt; margin-top: 0pt; margin-bottom: 0pt; padding: 0pt">
&nbsp;</p>
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    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; font-size:10pt; font-family:Times New Roman" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; padding: 0pt; margin-left:0pt; margin-right:0pt" align="center">
    China Recycling Energy Corporation</td>
  </tr>
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    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; font-size:10pt; font-family:Times New Roman" vAlign="top" align="left" width="50%">
    &nbsp;</td>
    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; font-size:10pt; font-family:Times New Roman" vAlign="top" align="left" width="50%">
    &nbsp;</td>
  </tr>
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    <td style="padding-left: 7.2pt; padding-right: 7.2pt; padding-top: 0pt; padding-bottom: 0pt; font-size:10pt; font-family:Times New Roman" vAlign="top" align="left" width="50%">
    <p style="font-size: 10pt; color: #000000; text-indent: 0pt; padding: 0pt; margin-left:0pt; margin-right:0pt">
    Date: April 28, 2008</td>
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    /s/Guangyu Wu</td>
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    Guangyu Wu<br>
    Chief Executive Officer</p>
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<p style="color: #000000" align="center"><b><font size="2">EXHIBIT INDEX</font></b></p>
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    <a style="text-decoration: none" href="creg043008exh701.htm">7.01</a></font></td>


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    <p dir="ltr">&nbsp;</td>


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    <p dir="ltr"><font size="2">
    <a style="text-decoration: none" href="creg043008exh701.htm">Letter of Goldman Parks Kurland Mohidin</a></font></td>


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<DOCUMENT>
<TYPE>EX-7.01
<SEQUENCE>2
<FILENAME>creg043008exh701.htm
<DESCRIPTION>EXHIBIT 7.01
<TEXT>

<head>
<title>China Recycling Energy Corporation: Exhibit 7.01</title>
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Exhibit 7.01</font></P>
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<P style="padding:0pt; color:#000000" align=center dir="ltr">
<font face="Times New Roman" size="2">Letterhead of Goldman Parks Kurland Mohidin</font></P>
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<font face="Times New Roman" size="2">April 29, 2008</font></P>
<P style="padding:0pt; color:#000000" dir="ltr" align="justify">
<font face="Times New Roman" size="2">Office of the Chief Accountant<BR>
Securities and Exchange Commission<BR>
460 Fifth Street N. W.<BR>
Washington, DC 20549</font></P>
<P style="padding:0pt; color:#000000" dir="ltr" align="justify">
<font face="Times New Roman" size="2">Re: China Recycling Energy Corporation</font></P>
<P style="padding:0pt; color:#000000" dir="ltr" align="justify">
<font face="Times New Roman" size="2">Commission File Number <B>000-12536</B></font></P>
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<font face="Times New Roman" size="2">Dear Sirs:</font></P>
<P style="padding:0pt; color:#000000" align=justify dir="ltr">
<font face="Times New Roman" size="2">We have received a copy of, and are in agreement with, the statements being made by China Recycling Energy Corporation in Item 4.02 of its Form 8-K dated April 28, 2008 and captioned &#147;Non-reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.&#148;</font></P>
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<font face="Times New Roman" size="2">We hereby consent to the filing of this letter as an exhibit to the foregoing report on Form 8-K.
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<font face="Times New Roman" size="2">Sincerely,</font></P>
<P style="padding:0pt; color:#000000" dir="ltr" align="justify">
<font face="Times New Roman" size="2"><U>/s/ Goldman Parks Kurland Mohidin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</U>Goldman Parks Kurland Mohidin</font></P>
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