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<SEC-DOCUMENT>0001010549-08-000421.txt : 20080519
<SEC-HEADER>0001010549-08-000421.hdr.sgml : 20080519
<ACCEPTANCE-DATETIME>20080519171731
ACCESSION NUMBER:		0001010549-08-000421
CONFORMED SUBMISSION TYPE:	10QSB/A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20080519
DATE AS OF CHANGE:		20080519

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:		10QSB/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		08846088

	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>10QSB/A
<SEQUENCE>1
<FILENAME>creg051608form10q2.htm
<DESCRIPTION>FORM 10QSB/A
<TEXT>
<html>

<head>
<title>China Recycling Energy Corporation: Form 10-Q</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">

<hr color="#000000" size="5">
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<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="5">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION</font><font size="2"><br>
</font></b><font size="2">Washington, D.C. 20549</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="5">FORM 10-QSB/A</font></b></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">For the quarterly period ended <b>June 30, 2007</b></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">For the Transition Period From _________ to _________</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="2">0-12536<br>
</font></b><font size="2">(Commission File Number)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="6">CHINA RECYCLING ENERGY CORPORATION<br>
</font></b><font size="2">(Exact Name of Small Business Issuer as Specified in Its Charter)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="2">Nevada<br>
</font></b><font size="2">(State or Other jurisdiction of Incorporation or Organization)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="2">90-0093373<br>
</font></b><font size="2">(IRS Employer Identification No.)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="2">429 Guangdong Road<br>
Shanghai, People's Republic of China 200001<br>
</font></b><font size="2">(Address of Principal Executive Offices)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">Issuer's Telephone Number, Including Area Code: <b>(86 21) 6336-8686</b></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 the filing requirements for at least the past 90 days. [X]Yes [ ]No</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ]Yes [X]No</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">As of August 15, 2007, there were 17,147,268 shares of $.001 par value common stock outstanding.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Transitional Small Business Disclosure Format: [ ]Yes [X] No</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center>
<b><font size="2">TABLE OF CONTENTS</font></b></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">PART I - FINANCIAL INFORMATION</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">3</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">3</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2007 (UNAUDITED)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">3</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED) FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2007 AND 2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">4</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) FOR THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">5</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding-left:36pt; padding-top:0pt; padding-right:0pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">6</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">16</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 3. CONTROLS AND PROCEDURES</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">20</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">PART II - OTHER INFORMATION</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">21</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 1. LEGAL PROCEEDINGS</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">21</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">21</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 3. DEFAULTS UPON SENIOR SECURITIES</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">22</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">22</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 5. OTHER INFORMATION</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">22</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">ITEM 6. EXHIBITS</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">23</font></P>
</TD></TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top width="90%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">SIGNATURES</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">23</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#FF0000" align=center>
<font size="2"><BR><font color="#000000">2</font></font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">PART I - FINANCIAL INFORMATION</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">CHINA RECYCLING ENERGY CORPORATION<br>
(FORMERLY CHINA DIGITAL WIRELESS INC.)<br>
CONDENSED CONSOLIDATED BALANCE SHEET<br>
AS OF JUNE 30, 2007<br>
(Currency expressed in United States Dollars (&#147;US$&#148;), except for number of shares)<br>
(RESTATED)</font></B></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr"><B>
  <font size="2">ASSETS</font></B></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">CURRENT ASSETS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash &amp; cash equivalents
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,593
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in sales type leases, net</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">771,973 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to suppliers</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">77,516 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">1,326,852 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">2,179,934 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">INVESTMENT IN SALES TYPE LEASES, NET</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">3,760,351 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">CONSTRUCTION IN PROGRESS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">3,802 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">TOTAL ASSETS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr"><B>
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,944,087
  </font> </B></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr"><B>
  <font size="2">LIABILITIES AND STOCKHOLDERS' EQUITY</font></B></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">CURRENT LIABILITIES</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,309,774
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">26,274 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">248,341 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other payables</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">2,395,889 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance from shareholder</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">36,630 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,016,908
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">CONTINGENCIES AND COMMITMENTS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">STOCKHOLDERS' EQUITY</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 100,000,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares authorized, 17,147,268 shares issued <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and outstanding &nbsp;&nbsp;</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">17,148 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,229,845
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory reserve</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696,224
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727,594
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,743,632)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">927,179 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" dir="ltr">
  <font size="2">TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr"><B>
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,944,087
  </font> </B></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">See accompanying notes to condensed consolidated financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">3</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">&nbsp;CHINA RECYCLING ENERGY CORPORATION</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">(FORMERLY CHINA DIGITAL WIRELESS INC.)</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS </font> </B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">AND COMPREHENSIVE INCOME (LOSS)</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2007 AND 2006</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">&nbsp;(Currency expressed in United States Dollars (&#147;US$&#148;), except for number of shares)</font></B></P>
<P style="margin-left:0pt; margin-top:0; padding:0pt; text-indent:0pt; color:#000000" align=center><B>
<font size="2">(Unaudited)</font></B></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="30%" colspan=2 dir="ltr">
  <p align="center">
  <font size="2">Six Months Ended June 30,</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="30%" colspan=2 dir="ltr">
  <p align="center">
  <font size="2">Three Months Ended June 30,</font></TD>
  </TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
  <font size="2">2007</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
  <font size="2">2006</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
  <font size="2">2007</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
  <font size="2">2006</font></TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
<font size="2">(RESTATED)</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  <p align="center">
<font size="2">(RESTATED)</font></TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:solid; border-top-width:1" align=left valign=top width="15%" dir="ltr" nowrap>
  &nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Net sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,781,163
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="40%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Cost of sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,677,818)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Gross profit</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,103,345
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Interest income in sales-type leases</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">198,386 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">148,150 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,301,731
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,150
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Operating expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(343,543)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156,267)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86,501)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(343,543)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(156,267)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(86,501)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Income (loss) from operations</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">958,188 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(156,267)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">61,649 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Non-operating income (expenses)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,909
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,909
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest (expense) income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial expense</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-operating (income) expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,918
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,968
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Income (loss) before income tax</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">1,167,106 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(156,147)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">270,617 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Income tax expense</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211,593)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51,436)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Net income (loss) from continuing operations</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">955,513 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(156,147)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">219,181 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Income from operations of discontinued component</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,105
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204,199
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom-style:solid; border-bottom-width:1" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-top-style:solid; border-top-width:1" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-top-style:solid; border-top-width:1" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-top-style:solid; border-top-width:1" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-top-style:solid; border-top-width:1" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; font-size:10pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Net income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">978,618 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">48,052 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">219,181 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(20,082)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Other comprehensive item </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(303,894)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">50,798 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">40,098 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">12,803 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Comprehensive Income </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674,724
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,850
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259,279
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,279)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Basic and diluted weighted average shares outstanding</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">17,147,268 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">17,147,268 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">17,147,268 </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">17,147,268 </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">Basic and diluted net earnings per share</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">See accompanying notes to condensed consolidated financial statements</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">4</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">CHINA RECYCLING ENERGY CORPORATION</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">(FORMERLY CHINA DIGITAL WIRELESS INC.)</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">FOR THE SIX MONTHS ENDED JUNE 30, 2007 and 2006</font></B></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">(Currency expressed in United States Dollars (&#147;US$&#148;))</font></B></P>
<P style="margin-left:0pt; margin-top:0; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr"><B>
<font size="2">(Unaudited)</font></B></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0">
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  &nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-top:medium none #000000; border-bottom:1px solid #000000; " align=left valign=top dir="ltr" colspan="2">
  <p align="center">
  <font size="2">Six Months Ended June 30,</font></TD>
  </TR>
<TR>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000; border-top-color:#000000" align=left valign=top width="15%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">2007<br>
  (RESTATED)</font></P>
</TD>
  <TD style="padding-left:7.2pt; padding-top:0pt; padding-right:7.2pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000; border-top-color:#000000" align=left valign=top width="15%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">2006</font></P>
</TD></TR>
</TABLE>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">CASH FLOWS FROM OPERATING ACTIVITIES:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978,618
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,052
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provided by (used in) operating activities:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,296
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt recovery</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,722)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,398
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Increase) decrease in current assets:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,361
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87,741
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances to suppliers</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688,311
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15,695)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,309,002)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,414
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from related parties</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50,531)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in current liabilities:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,278,701
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98,785)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7,776)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,888)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance from customers</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,527)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,109
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119,879)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other payables</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,432,657
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,854
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,956
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,178,452
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39,747)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">CASH FLOWS FROM INVESTING ACTIVITIES:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in sales-type leases</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,471,351)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,751)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan to related parties</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,494,699)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,475,102)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,494,699)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">CASH FLOWS FROM FINANCING ACTIVITIES:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance from shareholder</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,137
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,137
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">EFFECT OF EXCHANGE RATE CHANGE ON CASH &amp; CASH EQUIVALENTS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,981
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,410
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">NET DECREASE IN CASH &amp; CASH EQUIVALENTS</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260,513)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:0pt" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,534,446)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">CASH &amp; CASH EQUIVALENTS, BEGINNING OF PERIOD </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252,125
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,578,367
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">CASH &amp; CASH EQUIVALENTS, END OF PERIOD </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,593
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,085,331
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Supplemental Cash flow data:</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;Income tax paid</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,281
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap bgcolor="#E9F1F8">
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156,911
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;Interest paid</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="15%" dir="ltr" nowrap>
  <P style="padding:0pt; color:#000000; margin-right:4" align=right dir="ltr">
  <font size="2">&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
  </font> </P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="70%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="15%" dir="ltr" nowrap>
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">See accompanying notes to condensed consolidated financial statements</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">5</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">1. ORGANIZATION AND DISCRIPTION OF BUSINESS</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">China Recycling Energy Corporation (the &quot;Company&quot; or &quot;CREG&quot;) (formerly China Digital Wireless, Inc.) was incorporated on May 8, 1980, under the laws of the State of Colorado. The Company, through its subsidiary, Data Technology Co., Ltd. (&#147;TCH&#148;), sells and leases energy saving systems. &nbsp;The businesses of mobile phone distribution and provision of pager and mobile phone value-added information services were discontinued in 2007. On March 8, 2007, the Company changed its name to &quot;China Recycling Energy Corporation&quot;. &nbsp;On September 21, 2007, the Company&#146;s subsidiary, TCH changed its name to &quot;Shanghai TCH Energy Technology Co., Ltd.&quot;.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since January 2007, the Company has gradually phased out and substantially scaled down most of its business of mobile phone distribution and provision of pager and mobile phone value-added information services. In the first and second quarters of 2007, the Company did not engage in any substantial transactions or activity in connection to these businesses. On May 10, 2007, the Company completely discontinued these businesses. These businesses are reflected in continuing operations for all periods presented based on the criteria for discontinued operations prescribed by Statement of Financial Accounting Standards (SFAS) No. 144, &quot;Accounting for the Impairment or Disposal of Long-Lived Assets&quot;.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">On February 1, 2007, the Company&#146;s subsidiary, TCH, entered into two TRT Project Joint-Operation Agreements (&quot;Joint-Operation Agreement&quot;) with Xi&#146;an Yingfeng Science and Technology Co., Ltd. (&quot;Yingfeng&quot;). Yingfeng is a joint stock company registered in Xi&#146;an, Shaanxi Province, people&#146;s republic of China (the &#147;PRC&#148;), and engages in the business of designing, installing, and operating TRT systems and sales of other renewable energy products. &nbsp;In October 2007, the Company terminated the joint operation agreement with Yingfeng and became fully entitled to the rights, titles, benefits and interests in the TRT Projects.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Under the Joint-Operation Agreement, TCH and Yingfeng jointly operate a top gas recovery turbine project (&quot;TRT Project&quot;) which designed, constructed, installed and operates a TRT system and leased it to Zhangzhi Iron and Steel Holdings Ltd. (&quot;Zhangzhi&quot;). The total investment costs contributed by TCH are approximately $1,426,000 (equivalent to RMB 10,690,000). TCH provides various forms of investments and properties into the TRT Project including cash, hardware, software, equipments, major components and devices. The construction of the TRT Project was completed and put into operation in August 2007. In October 2007, the Company terminated the joint operation agreement with Yingfeng. TCH became fully entitled to the rights, titles, benefits and interests in the TRT Project and received a monthly rental payment of approximately $147,000 (equivalent to RMB 1,100,000) from Zhangzhi for a lease term of thirteen years. At the end of the lease term, TCH will transfer the rights an
d titles of the TRT Project to Zhangzhi without cost.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Under another Joint-Operation Agreement, TCH and Yingfeng jointly operate a TRT Project which designed, constructed, installed and operates a TRT system and lease it to Xingtai Iron and Steel Company Ltd. (&quot;Xingtai&quot;). TCH provides various forms of investments and properties into the TRT Project including cash, hardware, software, equipments, major components and devices. The total estimated investment cost of this TRT Project is approximately $3,900,000 (equivalent to RMB 30,000,000). The construction of the TRT Project was completed and put into operation in February 2007. In October 2007, the Company terminated the joint operation agreement with Yingfeng. TCH became fully entitled to all the rights, titles, benefits and interests of the TRT Project and received a monthly rental payment of approximately $116,930 (equivalent to RMB 900,000) from Xingtai for a lease term of five years. At the end of the lease term, TCH will transfer all the rights and titles of the TRT Project to Xing
tai without cost.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify dir="ltr">
<font size="2">The unaudited&nbsp;financial statements have been prepared by&nbsp;the Company, pursuant to the rules and regulations of the Securities and Exchange Commission.&nbsp; The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These&nbsp;financial statements should be read in conjunction with the audited&nbsp;financial statements and footnotes included in the Company&#146;s&nbsp;audited financial statements.&nbsp; The results for the six months ended June 30, 2007 are not necessarily indicative of the results to be expected for the full year ending December 31, 2007.</font><
/P>
<P style="margin-left:0pt; padding:0pt; color:#000000" align=center dir="ltr">
<font size="2">6</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">Basis of presentation </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (&quot;US GAAP&quot;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&quot;SEC&quot;) for interim financial statements.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Basis of consolidation </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The consolidated financial statements include the accounts of CREG and, its subsidiaries, Sifang Holdings, and TCH. &nbsp;Substantially all of the Company's revenues are derived from the operations of TCH, which represents substantially all of the Company&#146;s consolidated assets and liabilities as of June 30, 2007. All significant inter-company accounts and transactions have been eliminated in consolidation. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Use of estimates </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the year reported. Actual results may differ from these estimates.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify"><B>
<font size="2">Cash and cash equivalents </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify"><B>
<font size="2">Accounts receivable and concentration of credit risk </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Accounts receivable are recorded at the invoiced amounts and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance for doubtful accounts is established and determined based on managements&#146; assessment of known requirements, aging of receivables, payment history, the customer&#146;s current credit worthiness and the economic environment. As of June 30, 2007, the Company recorded no allowance for doubtful accounts.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Financial instruments that potentially subject the Company to credit risk consist primarily of accounts receivable and other receivables. The Company does not require collateral or other security to support these receivables. The Company conducts periodic reviews of its clients' financial condition and customer payment practices to minimize collection risk on accounts receivable.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The operations of the Company are located in the PRC. &nbsp;Accordingly, the Company's business, financial condition, and results of operations may be influenced by the political, economic, and legal environments in the PRC, as well as by the general state of the PRC economy.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">Inventory</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Inventory is valued at the lower of cost or market. Cost of work in progress and finished goods comprises direct material, direct production cost and an allocated portion of production overheads.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">Property and Equipment</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Property and equipment are stated at cost, net of accumulated depreciation. Expenditures for maintenance and repairs are expensed as incurred; additions, renewals and betterments are capitalized. &nbsp;When property and equipment are retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts, and any gain or loss is included in operations. &nbsp;Depreciation of property and equipment is provided using the straight-line method over the estimated lives ranging from 5 to 20 years as follows:</font></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Building</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:0; padding:0pt; text-indent:144pt; color:#000000" align=justify dir="ltr">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 years</font></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Vehicle</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:0; padding:0pt; text-indent:108pt; color:#000000" align=justify dir="ltr">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;2 - 5 years</font></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Office and Other Equipment</font></P>
<P style="margin-left:0pt; margin-top:-11pt; margin-bottom:0; padding:0pt; text-indent:144pt; color:#000000" align=justify dir="ltr">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 - 5 years</font></P>
<P style="margin-left:0pt; margin-top:0; margin-bottom:0; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Software &nbsp;</font></P>
<P style="margin-left:0pt; margin-top:-11pt; padding:0pt; text-indent:144pt; color:#000000" align=justify dir="ltr">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 - 3 years</font></P>
<p style="color: #000000; margin-left: 0pt; padding: 0pt" align="center" dir="ltr">
<font size="2">7</font></p>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Impairment of long-life assets </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">In accordance with SFAS No. 144,<I> </I>&quot;Accounting for the Impairment or Disposal of Long-Lived Assets,&quot; the Company reviews its long-lived assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If the total of the expected undiscounted future net cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between the fair value and carrying amount of the asset. There has been no impairment as of June 30, 2007.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify"><B>
<font size="2">Sales-type leasing and related revenue recognition </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">The Company invests and leases a TRT system to Xingtai. Ultimately, the Company will transfer all benefits, risks and ownership of the TRT system to Xingtai at the end of the lease term. The Company&#146;s investment in the project is recorded as Sales-type lease in accordance with SFAS No. 13, &quot;Accounting for Leases&quot; and its various amendments and interpretations. The sales and cost of goods sold is recognized at the point of sale. The investment in sales-type lease consists of the sum of the total minimum lease payments receivable less unearned interest income. Unearned interest income is amortized to income over the lease term as to produce a constant periodic rate of return on the net investment in the lease. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify"><B>
<font size="2">Cost of Goods Sold </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Cost of revenue consists primarily of purchase price of the two TRT machines, and expenses occurred directly for project construction.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify"><B>
<font size="2">Income Taxes</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company utilizes SFAS No. 109, &#147;Accounting for Income Taxes,&#148; which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. &nbsp;Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. &nbsp;Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">TCH is governed by the Income Tax Law of the PRC concerning the private-run enterprises in a special district, which are generally subject to tax at a statutory rate of 15% on income reported in the statutory financial statements after appropriated tax adjustments.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">There is no income tax for Sifang Holding Co., the holding company of TCH, domiciled in the Cayman Islands. Accordingly, the Company's consolidated financial statements do not present any income tax provisions related to Cayman Islands tax jurisdiction.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company does not have any significant deferred tax asset or liability that related to tax jurisdictions not covered by the tax holiday.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, on January 1, 2007. &nbsp;As a result of the implementation of FIN 48, the Company made a comprehensive review of its portfolio of tax positions in accordance with recognition standards established by FIN 48. &nbsp;As a result of the implementation of Interpretation 48, the Company recognized no material adjustments to liabilities or stockholders equity. &nbsp;When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. &nbsp;The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including th
e resolution of appeals or litigation processes, if any. &nbsp;Tax positions taken are not offset or aggregated with other positions. &nbsp;Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">8</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Interest associated with unrecognized tax benefits are classified as interest expense and penalties are classified in selling, general and administrative expenses in the statements of income. The adoption of FIN 48 did not have a material impact on the Company&#146;s financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Statement of Cash Flows</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In accordance with SFAS No. 95, &#147;Statement of Cash Flows,&#148; cash flows from the Company's operations are calculated based upon the local currencies. &nbsp;As a result, amounts related to assets and liabilities reported on the statement of cash flows may not necessarily agree with changes in the corresponding balances on the balance sheet.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Fair Value of Financial Instruments</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">SFAS No. 107, &#147;Disclosures about Fair Value of Financial Instruments,&#148; requires that the Company&nbsp; disclose estimated fair values of financial instruments. &nbsp;The carrying amounts reported in the statements of financial position for current assets and current liabilities qualifying as financial instruments are a reasonable estimate of fair value.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">Basic and diluted earning per share (EPS)</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Basic EPS is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Diluted net earning per share is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. &nbsp;The Company did not have any potentially dilutive common share equivalents as of June 30, 2007 and 2006.</font></
P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">Foreign Currency Translation and Comprehensive Income (Loss)</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company&#146;s functional currency is the Renminbi (&#147;RMB&#148;). For financial reporting purposes, RMB has been translated into United States dollars (&quot;USD&quot;) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity as &quot;Accumulated other comprehensive income&quot;. Gains and losses resulting from foreign currency transactions are included in income. There has been no significant fluctuation in exchange rate for the conversion of RMB to USD after the balance sheet date.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company uses SFAS 130 &#147;Reporting Comprehensive Income&#148;. Comprehensive income is comprised of net income and all changes to the statements of stockholders&#146; equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">Segment Reporting</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">SFAS No. 131, &quot;Disclosures about Segments of an Enterprise and Related Information&quot; requires use of the &#147;management approach&#148; model for segment reporting. &nbsp;The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. &nbsp;Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. SFAS 131 has no effect on the Company's financial statements as substantially all of the Company's operations are conducted in one industry segment. &nbsp;&nbsp;&nbsp;All of the Company's assets are located in the PRC.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<font size="2">9</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">New Accounting Pronouncements</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Fair Value Measurements</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the FASB issued SFAS No. 157, &#147;Fair Value Measurements,&#148; which establishes a framework for measuring fair value, and expands disclosures about fair value measurements required under the accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. Additionally, it establishes a fair value hierarchy that prioritizes the information used to develop those assumptions. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for fiscal year, including financial statements for an interim period within the fiscal year. The Company is currently evaluating the impact, if any, that SFAS No. 157 will have on its financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB Statements No. 87, 88, 106, and 132R</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the FASB, issued SFAS, No. 158, &#147;Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB Statements No. 87, 88, 106, and 132R,&#148; which requires employers to recognize the underfunded or overfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in the funded status in the year in which the changes occur through accumulated other comprehensive income. Additionally, SFAS No. 158 requires employers to measure the funded status of a plan as of the date of its year-end statement of financial position. The new reporting requirements and related new footnote disclosure rules of SFAS No. 158 are effective for fiscal years ending after December 15, 2006. We adopted the provisions of SFAS No. 158 for the year end 2006, and the effect of recognizing the funded status in accumulated other comprehensive income was not significant. The new m
easurement date requirement applies for fiscal years ending after December 15, 2008.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Considering the Effects of Prior Year Misstatements in Current Year Financial Statements</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the SEC issued SAB No. 108, &#147;Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements&#148; (&#147;SAB 108&#148;), which provides interpretive guidance on the consideration of the effects of prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. The Company adopted SAB 108 in the
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">fourth quarter of 2006 with no impact on its financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Fair Value Option for Financial Assets and Financial Liabilities</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In February of 2007 the FASB issued SFAS 159, &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#151;Including an amendment of FASB Statement No. 115.&#148; &nbsp;The statement permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. &nbsp;The statement is effective as of the beginning of an entity&#146;s first fiscal year that begins after November 15, 2007. &nbsp;The Company is analyzing the potential accounting treatment.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">3. NET INVESTMENT IN SALES-TYPE LEASES </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Under sales-type leases, TCH leased TRT systems to Xingtai with a term of five years. The components of the net investment in sales-type leases as of June 30, 2007 are as follows:
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">10</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; " align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; " dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; " align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Total future minimum lease payments receivables</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=right dir="ltr">
  <font size="2">6,027,670</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Less: unearned .interest income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; " dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=right dir="ltr"><U>
  <font size="2">(1,495,346</font></U><font size="2">)</font></P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Net investment in sales - type leases</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; " dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=right dir="ltr">
  <font size="2">4,532,324</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; " dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Current portion</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=right dir="ltr">
  <font size="2">771,973</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Noncurrent portion</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="margin:0 0pt; padding:0pt; text-indent:0pt; color:#000000; " dir="ltr">
  <font size="2">&nbsp;$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=right dir="ltr">
  <font size="2">3,760,351</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">As of June 30, 2007, the future minimum rentals to be received on non-cancelable sales type leases are as follows:</font></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <p dir="ltr" align="right">&nbsp;</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <p dir="ltr" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">For the years ended June 30,</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">2008</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">1,312,047</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">2009</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">1,315,988</font></P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">2010</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">1,315,988</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">2011</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">1,315,988</font></P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">2012</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="3%" dir="ltr">
  <p dir="ltr" align="right">&nbsp;</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:5pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">767,659</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.75pt solid #000000" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.75pt solid #000000" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=left valign=top width="12%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:3pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">6,027,670</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">4. INVENTORY</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Inventory at June 30, 2007 were two TRT equipments in the amount of $1,326,852.&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">5. TAX PAYABLE</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Tax payable consisted of the following at June 30, 2007:</font></P>
<div align="center">
  <center>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="50%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
  <font size="2">Business tax payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="3%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="12%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;29,559</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
  <font size="2">Income tax payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="3%" dir="ltr">
  <p dir="ltr" style="margin-left: 5; margin-right: 5">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="12%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=right dir="ltr">
  <font size="2">218,634</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="85%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
  <font size="2">Other tax payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="3%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-left: 5; margin-right: 5">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-left:0.5pt solid #000000; border-top:0.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:1.5pt solid #000000" align=left valign=top width="12%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=right dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
  &nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border:0.5pt solid #000000" align=left valign=top width="3%" dir="ltr">
<P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=justify dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-left:0.5pt solid #000000; border-top:1.5pt solid #000000; border-right:0.5pt solid #000000; border-bottom:0.5pt solid #000000" align=left valign=top width="12%" dir="ltr">
<P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:5; margin-right:5" align=right dir="ltr">
<font size="2">248,341</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">6. ACCRUED LIABILITIES AND OTHER PAYABLES </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Accrued liabilities and other payables consisted of the following at June 30, 2007<B>:</B>
</font> </P>
<div align="center">
  <center>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="50%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Other payables</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">2,132,864</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Employee welfare payable</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="12%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">219,377</font></P>
</TD></TR>
<TR>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Accrued expenses</font></P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt solid #000000" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#E9F1F8; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt solid #000000" align=right valign=top width=101.667 dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">43,648</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.75pt solid #000000" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.75pt solid #000000" align=right valign=top width=101.667 dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">&nbsp;</P>
</TD></TR>
<TR>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="85%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=right valign=top width="3%" dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="background-color:#FFFFFF; padding-top:0pt; padding-bottom:0pt; border-bottom:0.75pt double #000000" align=right valign=top width=101.667 dir="ltr">
  <P style="padding:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,395,889</font></P>
</TD></TR>
</TABLE>
  </center>
</div>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Other payable mainly consisted of employee training and social insurance payable, short term advances from third parties and payable to Yingfeng for the cost of obtaining the ownership of two TRT projects which was previously owned by Yinfeng for $1,804,804.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">7. ADVANCE FROM SHAREHOLDER</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Advance from shareholder represented the balances due to a shareholder for $36,630 which is interest free and repayable in the next twelve months.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">8. DISCONTINUED OPERATIONS </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since January 2007, the Company has gradually phased out and substantially scaled down most of its business of mobile phone distribution and provision of pager and mobile phone value-added information services. In the first and second quarter of 2007, the Company did not engage in any substantial transaction or activity in connection with these businesses. On May 10, 2007, the Company completely ceased and discontinued these businesses. Accordingly, the results of the discontinued operations have been segregated from continuing operations. The discontinued operations incurred an income of $23,105 and $204,199 for six months ended June 30, 2007 and 2006, respectively. &nbsp;The income represented the write down of deferred revenue generated from the provision of pager value-added information services. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">11</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">9. STATUTORY RESERVES</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Pursuant to the new corporate law of the PRC effective January 1, 2006, the Company is now only required to maintain one statutory reserve by appropriating from its after-tax profit before declaration or payment of dividends. The statutory reserve represents restricted retained earnings.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Surplus Reserve Fund</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company is now only required to transfer 10% of its net income, as determined under PRC accounting rules and regulations, to a statutory surplus reserve fund until such reserve balance reaches 50% of the Company&#146;s registered capital. &nbsp;&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The surplus reserve fund is non-distributable other than during liquidation and can be used to fund previous years&#146; losses, if any, and may be utilized for business expansion or converted into share capital by issuing new shares to existing shareholders in proportion to their shareholding or by increasing the par value of the shares currently held by them, provided that the remaining reserve balance after such issue is not less than 25% of the registered capital.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B><U>
<font size="2">Common Welfare Fund</font></U></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Common welfare fund is a voluntary fund that the Company can elect to transfer 5% to 10% of its net income to this fund. &nbsp;The Company did not make any contribution to this fund for six months ended June 30, 2007 and 2006.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">This fund can only be utilized on capital items for the collective benefit of the Company&#146;s employees, such as construction of dormitories, cafeteria facilities, and other staff welfare facilities. This fund is non-distributable other than upon liquidation.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">10. CONTINGENCIES</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company&#146;s operations in the PRC are subject to specific considerations and significant risks not typically associated with companies in the North America and Western Europe. These include risks associated with, among others, the political, economic and legal environments and foreign currency exchange. The Company&#146; s results may be adversely affected by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion and remittance abroad, and rates and methods of taxation, among other things.&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company&#146;s sales, purchases and expenses transactions are denominated in RMB and all of the Company&#146;s assets and liabilities are also denominated in RMB. The RMB is not freely convertible into foreign currencies under the current law. In China, foreign exchange transactions
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">are required by law to be transacted only by authorized financial institutions. Remittances in currencies other than RMB may require certain supporting documentation in order to affect the remittance.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">11. COMMITMENT</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">As of June 30, &nbsp;2007, &nbsp;the &nbsp;Company &nbsp;has &nbsp;contracted &nbsp;to invest on a TRT &nbsp;System project &nbsp;amounting &nbsp;to &nbsp;approximately &nbsp;$3,900,000 &nbsp;(RMB &nbsp;30,000,000), &nbsp;of &nbsp;which $3,790,000 (RMB 28,722,145) was paid to purchase the project equipments.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><B>
<font size="2">12. RESTATEMENT </font> </B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font SIZE="2">The financial statements for the six months ended June 30, 2007
have been restated to reflect the correction of error for the sales-type leases
which were originally accounted for as direct financing leases ; and the
write-off of accounts receivable of $3,446,275 in the fourth quarter of 2006 as
the Company determined that it had insufficient basis to leave it as an asset.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">12</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The following table presents the effects of the restatement adjustment on the accompanying consolidated financial statements as of June 30, 2007 and for the six and three months ended June 30, 2007:</font></P>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Six months ended June 30, 2007</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">As Originally</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">As </font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">&nbsp;Net</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Reported</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Restated</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Adjustment</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Consolidated Statement of Income and Comprehensive Income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">397,277</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">4,781,163</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">4,383,886</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Cost of sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">32,153</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">3,677,818</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">3,645,665</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Interest income in sales-type leases</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">198,386</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">198,386</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Operating expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">76,471</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">343,543</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">267,072</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Income from operations</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">288,653</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">958,188</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">669,535</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Income before income taxes</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">288,757</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">1,167,106</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">878,349</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Net income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">275,442</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">978,618</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">703,176</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Comprehensive income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">803,620</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">674,724</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">(128,896)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" align="right" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" dir="ltr">
  <font size="2">Net income per common share &#151; basic and diluted </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">0.01</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">0.06</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">0.05</font></P>
</TD></TR>
</TABLE>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  &nbsp;</TD></TR>
  <TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Three months ended June 30, 2007</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">As Originally</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">As </font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">&nbsp;Net</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Reported</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Restated</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top colspan=2 dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:1.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=center dir="ltr">
  <font size="2">Adjustment</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Consolidated Statement of Income and Comprehensive Income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">206,561</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">(206,561)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Cost of sales</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">19,383</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">(19,383)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Interest income in sales-type leases</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">148,150</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">148,150</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Operating expenses</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">37,699</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">86,501</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">48,802</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Income from operations</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">149,479</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">61,649</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">(87,830)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Income before income taxes</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="2%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">149,538</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">270,617</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000; border-bottom:1pt solid #000000" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">121,079</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Net income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">102,924</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">219,181</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">116,257</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Comprehensive income</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">367,463</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">259,279</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:0pt" align=right dir="ltr">
  <font size="2">(108,184)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">
  <font size="2">Net income per common share &#151; basic and diluted </font> </P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:0pt" align=justify dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">0.01</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">0.01</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; font-size:10pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">&nbsp;</P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.85pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4" align=right dir="ltr">
  <font size="2">-</font></P>
</TD></TR>
</TABLE>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-right-style:none; border-right-width:medium" align=left valign=top width="4%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  &nbsp;</TD>
  <TD style="border-style:none; border-width:medium; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  &nbsp;</TD>
  <TD style="border-style:none; border-width:medium; padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:medium none #000000; ; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  &nbsp;</TD></TR>
  <TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=center dir="ltr">
  <font size="2">As Originally Reported</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=center dir="ltr">
  <font size="2">As <br>
  Restated</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top-style:none; border-top-width:medium" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000; border-top-style:none; border-top-width:medium" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=center dir="ltr">
  <font size="2">Net <br>
  Adjustment</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:1pt solid #000000" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">At June 30, 2007</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:1pt solid #000000" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Total current assets</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">4,169,752</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">2,179,934</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(1,989,818)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Investment in direct financing leases, net</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">3,595,648</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(3,595,648)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Investment in sales-type leases, net</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">3,760,351</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">3,760,351</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Total assets</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">9,134,302</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">5,944,087</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(3,190,215)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Total liabilities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">4,984,045</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">5,016,908</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">32,863</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Accumulated deficit</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(2,237,254)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(4,743,632)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0" align="right">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(2,506,378)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=justify dir="ltr">
  <font size="2">Total stockholders&#146; equity</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">4,150,257</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">927,179</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-right:4; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; color:#000000; margin-top:0; margin-bottom:0" align=right dir="ltr">
  <font size="2">(3,223,078)</font></P>
</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">13</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<TABLE style="margin-left:0pt; border-collapse:collapse" dir="ltr" width="100%" bordercolor="#111111" cellpadding="0" cellspacing="0"><TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  &nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=center dir="ltr">
  <font size="2">As Originally Reported</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=center dir="ltr">
  <font size="2">As <br>
  Restated</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-bottom:0.5pt solid #000000" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=center dir="ltr">
  <font size="2">Net <br>
  Adjustment</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.5pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.5pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.5pt solid #000000" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt; border-top:0.5pt solid #000000" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Net cash provided by (used in) operating activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">3,362,220</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">4,178,452</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr" bgcolor="#E9F1F8">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">816,232</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Net cash provided by (used in) investing activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="margin:0 0pt; padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; " dir="ltr">
  <font size="2">(4,138,798)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="4%" dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="margin:0 0pt; padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; " dir="ltr">
  <font size="2">(4,475,102)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " dir="ltr">
  <font size="2">(336,304)</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr" bgcolor="#E9F1F8">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Net cash provided by (used in) financing activities</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">-</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">36,137</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr" bgcolor="#E9F1F8">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top width="10%" dir="ltr" bgcolor="#E9F1F8">
  <P style="padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
  <font size="2">36,137</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <P style="margin:0 0pt; padding-left:0pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:0pt; color:#000000; " align=justify dir="ltr">
  <font size="2">Net increase (decrease) in cash and cash equivalents</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; " dir="ltr">
  <font size="2">(776,578)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <P style="margin:0 0pt; padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; " dir="ltr">
  <font size="2">(260,513)</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">$</font></P>
</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
<P style="padding-left:18pt; padding-top:0pt; padding-right:0.8pt; padding-bottom:0pt; text-indent:-18pt; color:#000000; margin-left:0pt; margin-right:4; margin-top:0; margin-bottom:0" dir="ltr">
<font size="2">516,065</font></P>
</TD></TR>
<TR>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=left valign=top width="58%" dir="ltr">
  <p dir="ltr" style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD>
  <TD style="padding-top:0pt; padding-bottom:0pt" align=right valign=top dir="ltr">
  <p dir="ltr" style="margin-right: 4; margin-top: 0; margin-bottom: 0">&nbsp;</TD></TR>
</TABLE>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr"><B>
<font size="2">13. SUBSEQUENT EVENTS</font></B></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">On November 13, 2007, the Company approved the 2007 Non-statutory Stock Option Plan (the &quot;2007 Plan&quot;) under the Form S-8 Registration Statement. Pursuant to the 2007 Plan, the Company may issue stock, or grant options at $1.23 per share to acquire the Company's common stock at par value $0.001 (the &quot;Stock&quot;), with an aggregate amount of 3,000,000 shares of the Stock, from time to time to employees and directors of the Company or other individuals, including consultants or advisors, all on the terms and conditions set forth in the 2007 Plan. The vesting terms of options grant under the 2007 Plan are subject to the Non-Statutory Stock Option Agreements for managerial and non-managerial employees. For managerial employees, no more than 15% of the total stock options shall vest and become exercisable on the six month anniversary of the grant date. An additional 15% and 50% of the total stock options shall vest and become exercisable on the first and second year anniversary of th
e grant date, respectively. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. For non-managerial employees, no more than 30% of the total stock options shall vest and become exercisable in the first year anniversary of the grant date. An additional 50% of the total stock options shall vest and become exercisable in the second year anniversary of the grant date. The remaining 20% of the total stock options shall vest and become exercisable on the third year anniversary of the grant date. Each stock option shall become vested and exercisable over a period of no longer than five years from the grant date.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">On November 13, 2007, the Company granted stock options with an aggregate amount of 3,000,000 shares of the Stock to twenty (20) managerial and non-managerial employees under the 2007 Plan. The fair value of all options granted is determined approximately as $2,383,430, using the Black-Scholes option pricing model.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">On November 14, 2007, the Company entered into an Assets Transfer and Share Issuance Agreement (the &quot;Agreement A&quot;) with Mr. Zheng Hanqiao (&quot;Mr. Zheng&quot;), the President and major shareholder of the Company and TCH. Under the Agreement A, Mr. Zheng sold and transferred two TRT systems (the &quot;Assets&quot;) valued at $9,677,420 (equivalent to RMB 72,000,000) to the Company in exchange for 7,867,821 shares of common stock of the Company at a 23-days weighted average market price of $1.23 per share. Under the same Agreement A, the Company subsequently sold and transferred to TCH the aforementioned Assets for a total price of $9,677,420 (equivalent to RMB 72,000,000). Currently, the management of TCH has no intention to engage the Assets to any new direct financing projects.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">14</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Also on November 14, 2007, the Company entered into a Share Purchase Agreement (the &quot;Agreement B&quot;) with Mr. Zheng for a cash investment of $4,032,258 in exchange for 3,278,259 shares of common stock of the Company issued at a 23-days weighted average market price of $1.23 per share.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">As a result of the Agreement A and the Agreement B, Mr. Zheng acquired a total of 11,146,080 shares of common stock of the Company at a 23-days weighted average market price of $1.23 per share and these shares were fully issued on November 14, 2007. As of 19 November 2007, Mr. Zheng owned approximately 68% of the issued and outstanding shares of the Company&#146;s common stock.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">On November 16, 2007, the Company entered into a Stock and Notes Purchase Agreement with two investors (the &quot;Investors&quot;) pursuant to which the Company agreed to sell and issue, and the Investors agreed to purchase, (i) $5,000,000 principal amount of 10% Senior Secured Convertible Promissory Note (the &quot;First Note&quot;), plus accrued interest thereon, expiring on November 16, 2009; (ii) 4,066,706 shares of newly issued common stock, $0.001 par value, of the Company at an offering price of $1.23 (the &quot;Purchased Shares&quot;); and (iii) $15,000,000 principal amount of 5% Senior Secured Convertible Promissory Note (the &quot;Second Note&quot;).
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">Both the First Note and the Second Note were secured by a perfected first priority lien on 50% of all of the equity interests of the pledgor under the Share Pledge Agreement. Under the Share Pledge Agreement dated as of November 16, 2007, its principal shareholder of the Company, Mr. Hanqiao Zheng agreed to pledge 50% of his shareholding in an aggregate of 19,306,943 shares of common stock (equivalent to 9,653,471 of pledged shares) as collateral to the Investors.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">The Company paid a placement fee up to a maximum of $400,000. Proceeds of the financing will be used to fund the capital investments required under its Business Plan and for its other working capital needs.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">The Company has agreed to file a registration statement with the Securities and Exchange Commission in order to register the resale of the shares issuable upon conversion of the First Note and the Second Note and the Purchased Shares under the Registration Rights Agreement dated as of November 16, 2007.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr" align="justify">
<font size="2">On April 29, 2008, The Company entered into an Amendment to the Stock and Notes Purchase Agreement with the investors amending certain terms of the Stock and Notes Purchase Agreement that was dated on November 16, 2007.</font></P>
<P style="margin-left:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.9pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Under the terms of the Amendment, (i) the Company issued and the Investor subscribed for a total of 4,066,706 shares of common stock of the Company, at the price of $1.23 per share for an aggregate purchase price of $5,002,048, as originally contemplated under the Agreement; (ii) the Investors converted the principal amount under the currently outstanding 10% Secured Convertible Promissory Note in the principal amount of $5,000,000 (the &quot;First Note&quot;) (and waived any accrued interest thereon) into 4,065,040 shares of common stock of the Company at the conversion price per share of $1.23, pursuant to the terms and conditions of the First Note issued under the Agreement; unamortized discount on the first note will be expensed in the second quarter as a result of the conversion of the note; (iii) the Company issued and sold to the Investors a new 5% Secured Convertible Promissory Note in the principal amount of $5,000,000 to the Investors (the &quot;Second Note&quot;); and (iv) the Compa
ny granted to the Investors an option to purchase a 5% Secured Convertible Promissory Note in the principal amount of $10,000,000, exercisable by the Investors at any time within nine (9) months following the date of the closing of the transactions contemplated by the Amendment (the &quot;Option Note&quot;) (the foregoing transactions, together with the sale and purchase of the First Note, are hereinafter referred to as the &quot;Offering&quot;). &nbsp;&nbsp;</font></P>
<P style="margin-left:0pt; padding-left:0pt; padding-top:0pt; padding-right:0.9pt; padding-bottom:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Agreement had contemplated two subsequent transactions after issuance of the First Note in November 2007, which transactions were restructured by the Amendment. The two subsequent transactions that were to be effected by the Company and the Investors, were (i) the issuance by the Company and subscription by the Investors of a total of 4,066,706 shares of common stock of Company, at the price of $1.23 per share for an aggregate purchase price of approximately $5,000,000, and (ii) the issuance and sale by the Company to the Investors of a 5% Secured Convertible Promissory Note in the principal amount of $15,000,000.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">15</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" dir="ltr">
<font size="2">The Second Note bears interest at 5% per annum and matures on April 29, 2011. The principal face amount of the Second Note, together with any interest thereon, convert, at the option of the holders at any time on or after March 30, 2010 (or such earlier date if the audited consolidated financial statements of the Company for the fiscal year ending December 31, 2009 are available prior to March 30, 2010) and prior to maturity, into shares of the Company's common stock at an initial conversion price that is tied to the after-tax net profits of the Company for the fiscal year ending December 31, 2009, as described in the Second Note. The Second Note is subject to mandatory conversion upon the listing of the Company's common stock on the National Association of Securities Dealers Automated Quotations (NASDAQ) main-board, the New York Stock Exchange or the American Stock Exchange. As more fully described in the Second Note, the obligations of the Company under the Second Note shall rank senior to a
ll other debt of the Company.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">As collateral for the First Note, Hanqiao Zheng, the President and a major shareholder of the Company, pledged 9,653,471 of the shares of the Company's common stock held by him to secure the First Note (the &quot;Share Pledge Agreement&quot;). The Second Note and the Option Note are both secured by a security interest granted to the Investors pursuant to the Share Pledge Agreement.
</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">This report contains certain forward-looking statements that involve risks and uncertainties. &nbsp;These statements relate to future events or our future financial performance. &nbsp;In some cases, &nbsp;you can &nbsp;identify &nbsp;forward-looking &nbsp;statements &nbsp;by terminology &nbsp;such &nbsp;as &nbsp;&quot;may,&quot; &nbsp;&quot;will,&quot; &nbsp;&quot;could,&quot; &nbsp;&nbsp;&quot;expect,&quot; &nbsp;&quot;plan,&quot; &nbsp;&quot;intend,&quot; &quot;anticipate,&quot; &nbsp;&quot;believe,&quot; &quot;estimate,&quot; &quot;predict,&quot; &nbsp;&quot;potential,&quot; or &quot;continue,&quot; or the negative of such terms or other comparable terminology. These statements are only predictions and are subject &nbsp;to &nbsp;certain &nbsp;risks, &nbsp;&nbsp;uncertainties &nbsp;&nbsp;and assumptions. &nbsp;Should one or more of these risks or uncertainties materialize, or should underlying &nbsp;&nbsp;assumptions prove incorrect, &nbsp;&nbsp;actual results &nbsp;may &nbsp;vary materially
 from those described herein.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The following &nbsp;discussion &nbsp;should be read in conjunction &nbsp;with our &nbsp;consolidated financial &nbsp;statements and the notes thereto and the other financial &nbsp;information appearing elsewhere in this document. &nbsp;We do not undertake to publicly update or revise &nbsp;any of its &nbsp;forward-looking &nbsp;statements &nbsp;even if &nbsp;experience &nbsp;or &nbsp;future changes show that the indicated results or events will not be realized. &nbsp;You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Overview of Business Background</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">On May 8, 1980, &nbsp;China Recycling Energy &nbsp;Corporation &nbsp;(the &quot;Company&quot;) &nbsp;(formerly known as China Digital &nbsp;Wireless, &nbsp;Inc.) was incorporated &nbsp;under the laws of the State of Colorado. On September 6, 2001, the Company &nbsp;re-domiciled its state of incorporation &nbsp;from Colorado to Nevada.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">On June 23, 2004, &nbsp;the Company &nbsp;entered &nbsp;into a stock &nbsp;exchange &nbsp;agreement &nbsp;with Sifang Holdings Co. Ltd. (&quot;Sifang Holdings&quot;) and certain shareholders. &nbsp;Pursuant to the stock exchange &nbsp;agreement, &nbsp;the Company issued &nbsp;13,782,636 &nbsp;shares of its common stock in exchange for a 100% equity interest in Sifang &nbsp;Holdings, &nbsp;making Sifang &nbsp;Holdings a wholly owned &nbsp;subsidiary of the Company. &nbsp;Sifang Holdings was established &nbsp;under the laws of the Cayman &nbsp;Islands on &nbsp;February &nbsp;9, 2004 for the purpose of holding a 100% equity &nbsp;interest in Shanghai TCH Data Technology Co., Ltd. (&quot;TCH&quot;). TCH was established as a foreign investment enterprise in Shanghai under the laws of the PRC on May 25, 2004.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">From May 2004 to December 2006, the Company &nbsp;through TCH engaged in the business of mobile phone distribution, advertising services and other provisions of pager and mobile phone value-added &nbsp;information &nbsp;services under the Company's previous name &quot;China Digital Wireless, Inc.&quot;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">16</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since January 2007, the Company has gradually phased out and substantially scale down most of its business of mobile phone &nbsp;distribution &nbsp;and &nbsp;provision of pager and mobile phone value-added information services. In the first quarter of 2007, the &nbsp;Company &nbsp;did not engage in any &nbsp;substantial &nbsp;transaction &nbsp;and &nbsp;activity &nbsp;in connection &nbsp;to these &nbsp;businesses. &nbsp;On May 10, &nbsp;2007, &nbsp;the Company &nbsp;completely &nbsp;ceased and discontinued &nbsp;these &nbsp;businesses. &nbsp;These businesses are reflected in continuing &nbsp;operations for all periods &nbsp;presented as the criteria for &nbsp;discontinued &nbsp;operations &nbsp;prescribed by Statement of Financial Accounting &nbsp;Standards (SFAS) No. 144, &quot;Accounting for the Impairment or Disposal of Long-Lived Assets&quot;.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">On February 1, 2007, the Company's &nbsp;subsidiary, &nbsp;TCH, entered into a TRT Project Joint-Operation &nbsp;Agreement &nbsp;(&quot;Joint-Operation &nbsp;Agreement&quot;) &nbsp;with Xi'an &nbsp;Yingfeng Science and Technology &nbsp;Co., Ltd. &nbsp;(&quot;Yingfeng&quot;). &nbsp;Yingfeng is a Chinese &nbsp;company that is &nbsp;located in Xi'an, &nbsp;Shaanxi &nbsp;Province, &nbsp;China, &nbsp;and is &nbsp;engaging &nbsp;in the business of designing, &nbsp;selling, installing, and operating TRT systems and other energy renewable products.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Under the Joint-Operation &nbsp;Agreement, TCH and Yingfeng will jointly pursue a top gas recovery turbine project (&quot;Project&quot;) which is to design, construct, &nbsp;install and operate a TRT system in Xingtai Iron and Steel &nbsp;Company, &nbsp;Ltd. &nbsp;(&quot;Xingtai&quot;). This project was originally &nbsp;initiated by a Contract to Design and Construct TRT System &nbsp;(&quot;Project &nbsp;Contract&quot;) &nbsp;entered by Yingfeng and Xingtai on September &nbsp;26, 2006. TCH provides &nbsp;various forms of investments and properties into the Project including cash, hardware, software, equipments, major components and devices. In return, TCH becomes entitled to all the rights, &nbsp;titles, &nbsp;benefits and interests that &nbsp;Yingfeng &nbsp;originally &nbsp;had under the Project &nbsp;Contract, &nbsp;including &nbsp;but not limited to the cash payment made by Xingtai on regular basis and other &nbsp;property rights and &nbsp;interests. &nbsp;TCH also entered &nbsp;sales-type 
leasing with Xingtai. Under the sales-type leasing, TCH provides various forms of investments and properties into the Project &nbsp;including &nbsp;cash, &nbsp;hardware, &nbsp;software, &nbsp;equipments, major &nbsp;components and devices to complete a TCH system and leases the TRT system to Xingtai with monthly rental payment of approximately $117,000 (equivalent to RMB 900,000) for a lease term of five years. &nbsp;At the end of the lease term, TCH will transfer all the rights and titles of the TRT Project to Xingtai without cost.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">On March 8, 2007, the name of the Company was changed to &quot;China Recycling Energy Corporation&quot; and engages in energy recycling business, &nbsp;providing energy saving and recycling &nbsp;products and &nbsp;services. &nbsp;Consequently, &nbsp;the &nbsp;businesses of mobile phone &nbsp;&nbsp;distribution &nbsp;and &nbsp;provision &nbsp;of &nbsp;pager &nbsp;and &nbsp;mobile &nbsp;phone &nbsp;value-added information services were discontinued.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since May 10, 2007, the Company changed its main business operations to energy saving and recycling systems and services. The new business &nbsp;operations include developing and constructing &nbsp;recovered energy power systems such as &nbsp;TRT (Blast-Furnace &nbsp;Top Pressure &nbsp;Recovery &nbsp;Turbine Unit), &nbsp;CHPG (Power generation by recovering &nbsp;cement residual heat without &nbsp;additional fuel), GTPG(Gas turbine power &nbsp;generation) and &nbsp;CGGE(Comprehensive &nbsp;utilization of coal gangue &nbsp;generating &nbsp;&nbsp;electricity); selling &nbsp;&nbsp;the &nbsp;electricity &nbsp;generated &nbsp;by &nbsp;the recovered energy power systems to steel plants and other customers; constructing power &nbsp;plants on a turnkey - EPC &nbsp;(Engineering, &nbsp;Procurement &nbsp;and &nbsp;Construction) basis &nbsp;for &nbsp;developers, &nbsp;industrial &nbsp;users &nbsp;and &nbsp;public &nbsp;facilities; &nbsp;developing flexible, &nbsp;custom-tailored ECO-Energy solutions that 
enable customers to quickly and easily improve energy efficiency and educe fossil fuel consumption and Green House Gases emission. &nbsp;In &nbsp;connection &nbsp;with the change of &nbsp;business &nbsp;operations, &nbsp;the &nbsp;Company has established &nbsp;a &nbsp;technical &nbsp;team &nbsp;that is &nbsp;composed &nbsp;of &nbsp;recognized &nbsp;experts &nbsp;and technicians specialized in the development and construction of energy saving and recycling systems.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Discussion and Analysis of Operating Results</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Six Months Ended June 30, 2007 Compared to Six Months Ended June 30, 2006</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Discontinued Operation</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since January 2007, the Company has gradually phased out and &nbsp;substantially scaled &nbsp;down most of its &nbsp;business &nbsp;of mobile &nbsp;phone &nbsp;distribution, &nbsp;advertising services &nbsp;and &nbsp;provision &nbsp;of pager &nbsp;and &nbsp;mobile &nbsp;phone &nbsp;value-added &nbsp;information services. On May 10, 2007, the Company completely discontinued &nbsp;these &nbsp;businesses. &nbsp;Accordingly, &nbsp;the results of the discontinued  operations have been segregated from continuing &nbsp;operations in the consolidated &nbsp;statements of operations &nbsp;for the six-month &nbsp;periods ended June 30, 2007 and 2006. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">17</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Revenues</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Revenues &nbsp;for the &nbsp;six &nbsp;month &nbsp;ended &nbsp;June &nbsp;30, &nbsp;2007 &nbsp;were &nbsp;$4,781,163, &nbsp;which represented the sale of the TRT system &nbsp;to Xingtai under the sales-type leases. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Cost of Revenues</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Total &nbsp;cost of &nbsp;revenue &nbsp;for the six &nbsp;months &nbsp;ended &nbsp;June 30, &nbsp;2007 &nbsp;consisted primarily of the cost of the TRT system that was sold to Xingtai through sales-type leases. &nbsp;Total cost of revenue for the six months ended June 30, 2007 was $3,677,818.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Gross profit</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Our gross profit for the six months ended June 30, 2007 was $1,103,345, mainly from the operation &nbsp;in the &nbsp;business &nbsp;of selling of energy &nbsp;saving and &nbsp;recycling systems.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Interest income in sales-type leases</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Interest income in sales-type leases was the interest from the sales-type leases of TRT system to Xingtai. &nbsp;Total lease payment is $6,569,430 with lease term of 5 years, of which, $1,696,437 is total interest income from this sale-type lease. &nbsp;During the six months ended June 30, 2007, we earned $198,386 for the interest income in this sales-type lease.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">General and administrative expenses</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">General and &nbsp;administrative &nbsp;expenses &nbsp;for the six months ended June 30, 2007 increased by $187,276 to $343,543 &nbsp;compared to $156,267 for the same period of the prior year, &nbsp;representing a 120% &nbsp;increase. &nbsp;The increase was mainly due to the write-off of bad debt from receivable from 'Sifang information' of $73,000, and increased in consulting expenses during six months ended June 30, 2007.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Income from operations of discontinued components</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Since January 2007, the Company has gradually phased out and &nbsp;substantially scaled down most of its business of mobile phone &nbsp;distribution &nbsp;and provision of pager and mobile &nbsp;phone  value-added &nbsp;information &nbsp;services. &nbsp;On May 10, 2007, &nbsp;the Company completely &nbsp;discontinued &nbsp;these businesses. &nbsp;Accordingly, &nbsp;the results of the discontinued &nbsp;operations have been segregated from &nbsp;continuing &nbsp;operations in the statements of operations and cash flows for the six-month &nbsp;periods ended June 30, 2007 and 2006. The &nbsp;discontinued operations &nbsp;incurred an income of $23,105 and $204,199 for the six month periods ended June 30, 2007 and 2006, &nbsp;respectively.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Liquidity and Capital Resources</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">During &nbsp;the six &nbsp;months &nbsp;ended &nbsp;June 30, 2007, our net cash provided by operating activity was $ 4,178,452 compared to net cash of &nbsp;39,747 &nbsp;used &nbsp;during the same period in 2006, &nbsp;which represented a net increase in cash of $4,218,199. &nbsp;This increase was mainly due to increase in net income, accounts payable and other payables and decrease in advance to suppliers.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Net cash used in &nbsp;investing &nbsp;activities &nbsp;was $4,475,102 during the six months ended June 30, &nbsp;2007 &nbsp;compared &nbsp;to net cash flows &nbsp;used in &nbsp;investing &nbsp;activities &nbsp;of $2,494,699 during the same period of the prior year, &nbsp;an increase of $1,980,403. &nbsp;This increase was mainly due to increase in receivable from sales-type leases.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">18</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Net cash provided by financing &nbsp;activities &nbsp;for the six months ended June 30, 2007 was $36,137 and $0 for the same period of 2006. &nbsp;This &nbsp;increase in cash &nbsp;attributed to advance from shareholder during the six months ended June 30, 2007.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">We believe that current &nbsp;cash &nbsp;balance and cash flows from &nbsp;operations, &nbsp;if any, will be &nbsp;sufficient &nbsp;to meet &nbsp;present &nbsp;growth &nbsp;strategies &nbsp;and &nbsp;related &nbsp;working capital. &nbsp;In regards to the capital &nbsp;expenditures, &nbsp;we have sufficient &nbsp;funds to expand our operations. &nbsp;We plan to utilize a combination of internally generated funds from operations &nbsp;with potential debt and/or equity &nbsp;financings to fund our longer-term &nbsp;growth &nbsp;over a period of two to five &nbsp;years. &nbsp;The &nbsp;availability &nbsp;of future financings will depend on market &nbsp;conditions. &nbsp;There is no assurance that the future funding will be available.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The forecast of the period of time through which our financial resources will be adequate to support &nbsp;operations &nbsp;is a &nbsp;forward-looking &nbsp;statement &nbsp;that involves risks and uncertainties.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Off-Balance Sheet Arrangements</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">We have never entered into any off-balance sheet financing arrangements and have not formed any special &nbsp;purpose &nbsp;entities. &nbsp;We have not &nbsp;guaranteed &nbsp;any debt or commitment &nbsp;of other &nbsp;entities &nbsp;or entered &nbsp;into any &nbsp;options &nbsp;or &nbsp;non-financial assets.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Recent Accounting Pronouncements</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><U>
<font size="2">Fair Value Measurements</font></U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the FASB issued SFAS No. 157, &#147;Fair Value Measurements,&#148; which establishes a framework for measuring fair value, and expands disclosures about fair value measurements required under the accounting pronouncements, but does not change existing guidance as to whether or not an instrument is carried at fair value. Additionally, it establishes a fair value hierarchy that prioritizes the information &nbsp;used to develop those assumptions. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Earlier application is encouraged, provided that the reporting entity has not yet issued financial statements for fiscal year, including financial statements for an interim period within the fiscal year. The Company is currently evaluating the impact, if any, that SFAS No. 157 will have on its financial statements. &nbsp;&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><U>
<font size="2">Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB Statements No. 87, 88, 106, and 132R
</font> </U><font size="2">&nbsp;&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the FASB, issued SFAS, No. 158, &#147;Employers&#146; Accounting for Defined Benefit Pension and Other Postretirement Plans, an Amendment of FASB Statements No. 87, 88, 106, and 132R,&#148; which requires employers to recognize the underfunded or overfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in the funded status in the year in which the changes occur through accumulated other comprehensive income. Additionally, SFAS No. 158 requires employers to measure the funded status of a plan as of the date of its year-end statement of financial position. The new reporting requirements and related new footnote disclosure rules of SFAS No. 158 are effective for fiscal years ending after December 15, 2006. We adopted the provisions of SFAS No. 158 for the year end 2006, and the effect of recognizing the funded status in accumulated other comprehensive income was not significant. The new m
easurement date requirement applies for fiscal years ending after December 15, 2008.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><U>
<font size="2">Considering the Effects of Prior Year Misstatements in Current Year Financial Statements
</font> </U><font size="2">&nbsp;&nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In September 2006, the SEC issued SAB No. 108, &#147;Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements&#148; (&#147;SAB 108&#148;), which provides interpretive guidance on the consideration of the effects of prior year misstatements in quantifying current year misstatements for the purpose of a materiality assessment. The Company adopted SAB 108 in the &nbsp;fourth quarter of 2006 with no impact on its financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">19</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr"><U>
<font size="2">Fair Value Option for Financial Assets and Financial Liabilities</font></U></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In February of 2007 the FASB issued SFAS 159, &#147;The Fair Value Option for Financial Assets and Financial Liabilities&#151;Including an amendment of FASB Statement No. 115.&#148; &nbsp;The statement permits entities to choose to measure many financial instruments and certain other items at fair value. The objective is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. &nbsp;The statement is effective as of the beginning of an entity&#146;s first fiscal year that begins after November 15, 2007. &nbsp;The Company is analyzing the potential accounting treatment. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 3. CONTROLS AND PROCEDURES</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Management&#146;s Report on Internal Control over Financial Reporting
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control over financial reporting is designed 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 in the United States of America. The Company's internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles in the United States of America, and that receipts and expenditures of the Company are being made only in accordance with aut
horizations of management and directors of the Company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Any system of internal control, no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or overridden and misstatements due to error or fraud may occur and not be detected in a timely manner. Also, because of changes in conditions, internal control effectiveness may vary over time. Accordingly, even an effective system of internal control will provide only reasonable assurance with respect to financial statement preparation.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Management assessed the effectiveness of the Company's internal control over financial reporting as of June 30, 2007. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in &quot;Internal Control-Integrated Framework.&quot; Based on that evaluation, our management concluded that as of June 30, 2007, our internal control over financial reporting was not effective because of the material weaknesses described below. &nbsp;A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis. &nbsp;In its assessment of the Company&#146;s internal control over financial reporting as of June 30, 2007, management determined that our internal control over financial reporting was subje
ct to the following material weaknesses:</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Inadequate staffing and supervision within the accounting operations of our company - The relatively small number of employees who are responsible for accounting functions prevents us from segregating duties within our internal control system. &nbsp;The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews. &nbsp;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Lack of expertise in U.S accounting principles among the personnel in our Chinese headquarters - Our books are maintained at our executive offices in the City of Xi&#146;an, then translated into English and adjusted to reflect U.S accounting principles by outside financial consultant. The lack of personnel in our Xi&#146;an office who are trained in U.S. accounting principles is a weakness because it could lead to improper classification of items and other failures to make the entries and adjustments necessary to comply with U.S. GAAP.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">20</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Lack of Internal Audit System - The company lacked of internal audit department, which was ineffective in preventing and detecting control lapses and errors in the accounting of certain key areas like revenue recognition, purchase approvals, inter-company transactions, cash receipt and cash disbursement authorizations, inventory safeguard and proper accumulation for cost of products, in accordance with the appropriate costing method used by the company.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company&#146;s management has identified the steps necessary to address the material weaknesses existing as of &nbsp;June 30, 2007 described above, as follows:</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hiring additional accounting and operations personnel and engaging outside contractors with technical accounting expertise, as needed, and reorganizing the accounting and finance department to ensure that accounting personnel with adequate experience, skills and knowledge relating to complex, non-routine transactions are directly involved in the review and accounting evaluation of our complex, non-routine transactions;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Involving both internal accounting and operations personnel and outside contractors with technical accounting expertise, as needed, early in the evaluation of a complex, non-routine transaction to obtain additional guidance as to the application of generally accepted accounting principles to such a proposed transaction;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Documenting to standards established by senior accounting personnel and the principal accounting officer the review, analysis and related conclusions with respect to complex, non-routine transactions;
</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requiring senior accounting personnel and the principal accounting officer to review complex, non-routine transactions to evaluate and approve the accounting treatment for such transactions;</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interviewing prospective new Directors for our Board including a member who is appropriately credentialed as a financial expert with a goal to establish both an Audit and Compensation committee as well as sufficient independent Directors; and</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluating the internal audit function in relation to the Company&#146;s financial resources and requirements.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">This 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 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 Report.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">PART II OTHER INFORMATION</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 1. &nbsp;LEGAL PROCEEDINGS</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The Company is not currently involved in any material pending legal proceedings.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 2. &nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify dir="ltr">
<font size="2">On January 24, 2007, a group of individual purchasers entered a share purchase agreement with a group of shareholders of China Digital Wireless, Inc. (&quot;Company&quot;) to purchase 12,911,835 shares of Company&#146;s common stocks owned by Sellers, $ 0.001 par value, for an aggregate purchase price of $ 490, 000.00.&nbsp; Purchasers are Guohua Ku, Hanqiao Zheng, Ping Sun, Qianping Huang, Xiaohong Zhang and Lixia Zhang. Sellers are Caihua Tai, Ming Mao, Ying Shi, Sixing Fu, Xiaodong Zhang, Tianqi Huang, Wei Huang, Jing Song, Ruijie Yu, and Weiping Jing, all of whom are shareholders of Company. &nbsp;&nbsp;In accordance with the share purchase agreement, Guohua Ku acquired 9,073,700 shares. Hanqiao Zheng acquired 2,406,365 shares.&nbsp; Ping Sun acquired 745,880 shares. Qianping Huang acquired 157,755 shares. Xiaohong Zhang acquired 72,018 shares. Lixia Zhang acquired 456,117 shares. This sale was a sale of restricted shares between the shareholders of the Company and the individual purchaser
s under Rule 144A of the Securities Act of 1933. Therefore, the Company did not issue any new share to purchasers and this sale did not change the total number of issued and outstanding shares of the Company. The proceeds of the sale were directly paid by the purchasers to the sellers and Company neither was entitled to nor received the proceeds of the sale.
</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">21</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:36pt; color:#000000" align=justify dir="ltr">
<font size="2">On June 21, 2007, two of Company&#146;s major shareholders, Guohua Ku and Hanqiao Zheng executed and consummated a share exchange agreement with a group of individual purchasers all of whom are shareholders of Xi&#146;an Yingfeng Science and Technology Co. Ltd (&#147;Yingfeng&#148;). Guohua Ku and Hanqiao Zheng sold 289,427 and 2,406,365 shares of CREG&#146;s common stocks (&#147;CREG shares&#148;) they owned, respectively, to the purchasers for a total of 8,087,376 shares of Yingfeng&#146;s common stocks (&#147;Yingfeng Shares&#148;), at the exchange rate of one CREG share for three Yingfeng shares. The share exchange agreement was initially negotiated and signed by Guohua Ku, Hanqiao Zheng and the representative of the purchasers on February 22, 2007. On June 21, 2007, the agreement was executed and consummated when all Purchasers and Sellers received the physical stock certificates of CREG shares and Yingfeng Shares delivered by the other party, pursuant to the Execution and Closing Clause 
of the share exchange agreement. As the result of this share exchange transaction, the purchasers, who are 472 individual shareholders of Yingfeng, acquired in total 2,695,792 shares of CREG&#146;s common stocks. None of the purchasers acquired more than 1% of the total issued and outstanding common stocks of CREG in this transaction. Guohua Ku and Hanqiao Zheng own 8,784,273 and 0 shares of CREG&#146;s common stocks, respectively, upon the consummation of this transaction. &nbsp;None of the purchasers in this share exchange transaction is a U.S Person, as such term is defined in Rule 902(k) of Regulation S, or located within the United States. This transaction is between non-U.S. Persons and takes place outside of the United States. Therefore, this transaction is exempt from registration under the Securities Act of 1933 in reliance upon the exemption from registration pursuant to Regulation S of the rules and regulations promulgated by the Securities and Exchange Commission under the Securities Act of 1933.

</font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 3. &nbsp;DEFAULTS UPON SENIOR SECURITIES</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">None.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 4. &nbsp;SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">None.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 5. &nbsp;OTHER INFORMATION</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Not Applicable.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">22</font></P>
<hr color="#000000" size="5"><p Style='page-break-before:always'>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">ITEM 6. &nbsp;EXHIBITS</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">The following documents are filed as part of this report:</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh311.htm" style="text-decoration: none">31.1 &nbsp;&nbsp;Chief Executive Officer Certification furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh312.htm" style="text-decoration: none">31.2 &nbsp;&nbsp;Chief Financial Officer Certification furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh313.htm" style="text-decoration: none">31.3 &nbsp;&nbsp;President and Chairman Certification furnished pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh321.htm" style="text-decoration: none">32.1 &nbsp;&nbsp;Chief Executive Officer Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh322.htm" style="text-decoration: none">32.2 &nbsp;&nbsp;Chief Financial Officer Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2"><a href="exh323.htm" style="text-decoration: none">32.3 &nbsp;&nbsp;President and Chairman Certification furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</a></font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=center dir="ltr">
<b><font size="2">SIGNATURES</font></b></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">China Recycling Energy Corporation (Registrant)</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Date: May 16, 2008 </font> </P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">/s/ &nbsp;&nbsp;Hanqiao Zheng &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
- ---------------------------------- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Hanqiao Zheng<br>
President and Chairman</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Date: May 16, 2008</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">/s/ &nbsp;&nbsp;Guangyu Wu &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
- ---------------------------------- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Guangyu Wu<br>
Chief Executive Officer</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">Date: May 16, 2008</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; color:#000000" align=justify dir="ltr">
<font size="2">&nbsp;/s/ &nbsp;&nbsp;Mingda Rong &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
- ---------------------------------- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
Mingda Rong<br>
Chief Financial Officer</font></P>
<P style="margin-left:0pt; padding:0pt; text-indent:0pt; " align=center>
<font size="2">23</font></P>
<hr color="#000000" size="5">

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<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>exh311.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 31.1</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman">
<p align="justify">Form 10Q-SB/A EXHIBIT 31.1 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO RULE 15d-14(a) (17 CFR 240.15d-14(a)) </p>
<p align="center">(AUTHORIZED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)
</p>
<p align="justify">I, Guangyu Wu, certify that: </p>
</font>
<p align="justify">1. I have reviewed this quarterly report on Form 10-QSB/A of
the Registrant, China Recycling Energy Corporation (&quot;China Digital Wireless,
Inc.&quot; prior to March 8, 2007). </p>
<p align="justify">2. 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; </p>
<p align="justify">3. 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
small business issuer as of, and for, the periods presented in this report; </p>
<p ALIGN="JUSTIFY">4. The small business issuer'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)) for the
small business issuer and have: </p>
<p align="justify">a) 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 small business
issuer, 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; </p>
<p align="justify">b) Evaluated the effectiveness of the small business issuer'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 </p>
<p align="justify">c) Disclosed in this report any change in the small business
issuer's internal control over financial reporting that occurred during the
small business issuer'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 small business
issuer's internal control over financial reporting; and </p>
<p align="justify">5. The small business issuer's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions): </p>
<p align="justify">a) 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 small business issuer's ability to
record, process, summarize and report financial information; and </p>
<p align="justify">b) 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. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td colspan="2">
    <p align="center"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="center" style="font-size: 10pt">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1; font-size:10pt">
    <font FACE="Times New Roman">/s/ Guangyu Wu</font><font FACE="Sim Sun" LANG="JA">
    </font></td>
    </font>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center" style="border-top-style: solid; border-top-width: 1; font-size:10pt">
    <font FACE="Times New Roman" SIZE="2">Guangyu Wu</font></td>
    </font>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center" style="font-size: 10pt"><font size="2">Chief Executive Officer</font></td>
    </font>
  </tr>
</table>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>exh312.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 31.2</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman">
<p>Form 10QSB/A EXHIBIT 31.2 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO RULE 15d-14(a) (17 CFR 240.15d-14(a)) </p>
<p align="center">(AUTHORIZED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)
</p>
<p>I, Mingda Rong, certify that: </p>
</font>
<p align="justify">1. I have reviewed this quarterly report on Form 10-QSB/A of
the Registrant, China Recycling Energy Corporation (&quot;China Digital Wireless,
Inc.&quot; prior to March 8, 2007). </p>
<p align="justify">2. 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; </p>
<p align="justify">3. 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
small business issuer as of, and for, the periods presented in this report; </p>
<p ALIGN="JUSTIFY">4. The small business issuer'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)) for the
small business issuer and have: </p>
<p align="justify">a) 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 small business
issuer, 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; </p>
<p align="justify">b) Evaluated the effectiveness of the small business issuer'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 </p>
<p align="justify">c) Disclosed in this report any change in the small business
issuer's internal control over financial reporting that occurred during the
small business issuer'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 small business
issuer's internal control over financial reporting; and </p>
<p align="justify">5. The small business issuer's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions): </p>
<p align="justify">a) 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 small business issuer's ability to
record, process, summarize and report financial information; and </p>
<p align="justify">b) 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. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td colspan="2">
    <p align="center"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">/s/Mingda Rong</font><font FACE="Sim Sun" LANG="JA" size="2">
    </font></td>
    </font>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" size="2">Mingda Rong</font></td>
    </font>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%" align="center"><font size="2">Chief Financial Officer</font></td>
    </font>
  </tr>
</table>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.3
<SEQUENCE>4
<FILENAME>exh313.htm
<DESCRIPTION>EXHIBIT 31.3
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 31.3</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2">
<p align="justify">Form 10QSB/A EXHIBIT 31.3 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO RULE 15d-14(a) (17 CFR 240.15d-14(a)) </p>
<p align="center">(AUTHORIZED BY SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)
</p>
<p align="justify">I, Hanqiao Zheng, certify that: </p>
<p align="justify">1. I have reviewed this quarterly report on Form 10-QSB/A of
the Registrant, China Recycling Energy Corporation (&quot;China Digital Wireless,
Inc.&quot; prior to March 8, 2007). </p>
<p align="justify">2. 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; </p>
<p align="justify">3. 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
small business issuer as of, and for, the periods presented in this report; </p>
<p ALIGN="JUSTIFY">4. The small business issuer'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)) for the
small business issuer and have: </p>
<p align="justify">a) 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 small business
issuer, 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; </p>
<p align="justify">b) Evaluated the effectiveness of the small business issuer'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 </p>
<p align="justify">c) Disclosed in this report any change in the small business
issuer's internal control over financial reporting that occurred during the
small business issuer'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 small business
issuer's internal control over financial reporting; and </p>
<p align="justify">5. The small business issuer's other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the small business issuer's auditors and the audit
committee of the small business issuer's board of directors (or persons
performing the equivalent functions): </p>
<p align="justify">a) 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 small business issuer's ability to
record, process, summarize and report financial information; and </p>
<p align="justify">b) 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. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0">
  <tr>
    <td colspan="2">
    <p align="center"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td width="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <td width="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">/s/Hanqiao Zheng</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Hanqiao Zheng</font></td>
  </tr>
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%" align="center"><font FACE="Times New Roman" SIZE="2">
    President and Chairman</font></td>
  </tr>
</table>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>exh321.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 32.1</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2">
<p align="justify">Form 10-QSB/A Exhibit 32.1 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO 18 U.S.C. ss. 1350 </p>
<p align="center">(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002) </p>
<p align="justify">I, Guangyu Wu, certify that pursuant to 18 U.S.C. ss. 1350,
as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that, based
upon a review of the Quarterly Report on Form 10-QSB/A for the period ended June
30, 2007 (&quot;Report&quot;) of the Registrant, China Recycling Energy Corporation
(&quot;China Digital Wireless, Inc.&quot; prior to March 8, 2007): </p>
<p align="justify">(1) The Report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
</p>
<p align="justify">(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of
the Registrant. </p>
<p ALIGN="JUSTIFY">A signed original of this written statement required by
Section 906 has been provided to the Registrant and will be retained by the
Registrant and furnished to the Securities and Exchange Commission or its staff
upon request. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
    <td WIDTH="50%" align="center" style="font-size: 10pt">&nbsp;</td>
    </font>
  </tr>
  <tr>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center" style="font-size: 10pt">&nbsp;</td>
    </font>
  </tr>
  <tr>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <td WIDTH="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1; font-size:10pt">
    <font FACE="Times New Roman">/s/ Guangyu Wu</font><font FACE="Sim Sun" LANG="JA">
    </font></td>
    </font>
  </tr>
  <tr>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center" style="border-top-style: solid; border-top-width: 1; font-size:10pt">
    <font FACE="Times New Roman" SIZE="2">Guangyu Wu</font></td>
    </font>
  </tr>
  <tr>
    <font FACE="Times New Roman" SIZE="2">
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center" style="font-size: 10pt"><font size="2">Chief Executive Officer</font></td>
    </font>
  </tr>
</table>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>exh322.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 32.2</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2">
<p align="justify">Form 10-QSB/A Exhibit 32.2 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO 18 U.S.C. ss. 1350 </p>
<p align="center">(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002) </p>
<p align="justify">I, Mingda Rong, certify that pursuant to 18 U.S.C. ss. 1350,
as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that, based
upon a review of the Quarterly Report on Form 10-QSB/A for the period ended June
30, 2007 (&quot;Report&quot;) of the Registrant, China Recycling Energy Corporation
(&quot;China Digital Wireless, Inc.&quot; prior to March 8, 2007): </p>
<p align="justify">(1) The Report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
</p>
<p align="justify">(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of
the Registrant. </p>
<p ALIGN="JUSTIFY">A signed original of this written statement required by
Section 906 has been provided to the Registrant and will be retained by the
Registrant and furnished to the Securities and Exchange Commission or its staff
upon request. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
    <td WIDTH="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <td WIDTH="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" size="2">/s/Mingda Rong</font><font FACE="Sim Sun" LANG="JA" size="2">
    </font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" size="2">Mingda Rong</font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center"><font size="2">Chief Financial Officer</font></td>
  </tr>
</table>
</font><hr color="#000000" size="5">
<p>&nbsp;</p>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.3
<SEQUENCE>7
<FILENAME>exh323.htm
<DESCRIPTION>EXHIBIT 32.3
<TEXT>
<html>

<head>

<title>China Recycling Energy Corporation: Exhibit 32.3</title>
</head>

<body>

<div style="border-top-style: solid; border-top-width: 1; padding-top: 1">
  <hr color="#000000" size="5">
</div>
<font FACE="Times New Roman" SIZE="2">
<p>Form 10-QSB/A Exhibit 32.3 </p>
<p align="center">CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER </p>
<p align="center">PURSUANT TO 18 U.S.C. ss. 1350 </p>
<p align="center">(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002) </p>
<p align="justify">I, Hanqiao Zheng, certify that pursuant to 18 U.S.C. ss.
1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that,
based upon a review of the Quarterly Report on Form 10-QSB/A for the period
ended June 30, 2007 (&quot;Report&quot;) of the Registrant, China Recycling Energy
Corporation (&quot;China Digital Wireless, Inc.&quot; prior to March 8, 2007): </p>
<p align="justify">(1) The Report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
</p>
<p align="justify">(2) The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of
the Registrant. </p>
<p ALIGN="JUSTIFY">A signed original of this written statement required by
Section 906 has been provided to the Registrant and will be retained by the
Registrant and furnished to the Securities and Exchange Commission or its staff
upon request. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">SIGNATURE</font></td>
    <td WIDTH="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="50%"><font FACE="Times New Roman" SIZE="2">Date: May 16, 2008</font></td>
    <td WIDTH="50%" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">/s/Hanqiao Zheng</font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Hanqiao Zheng</font></td>
  </tr>
  <tr>
    <td WIDTH="50%">&nbsp;</td>
    <td WIDTH="50%" align="center"><font FACE="Times New Roman" SIZE="2">
    President and Chairman</font></td>
  </tr>
</table>
<hr color="#000000" size="5">

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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