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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001144204-09-045578.txt : 20090825
<SEC-HEADER>0001144204-09-045578.hdr.sgml : 20090825
<ACCEPTANCE-DATETIME>20090825164551
ACCESSION NUMBER:		0001144204-09-045578
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090819
ITEM INFORMATION:		Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
FILED AS OF DATE:		20090825
DATE AS OF CHANGE:		20090825

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		091034400

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068
		BUSINESS PHONE:		86-29-8765-1096

	MAIL ADDRESS:	
		STREET 1:		SUITE 909, TOWER B, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068

	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
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></font></div>
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></font></div>
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</font></font></div>
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      4.02</font></div>
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              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Non-Reliance
      on Previously Issued Financial Statements or a Related Audit Report or
      Completed Interim Review.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;China
Recycling Energy Corporation (the &#8220;Company&#8221;), on management&#8217;s recommendation and
in consultation with Goldman Parks Kurland Mohidin, LLP (&#8220;GPKM&#8221;), the Company&#8217;s
independent registered public accounting firm, concluded on August 19, 2009 that
the financial statements&#160;for the fiscal year ended December 31, 2008, as
presented in our Annual Report on Form 10-K, and for each of the three months
ended June 30, 2008, September 30, 2008 and March 31, 2009, as presented in our
Quarterly Reports on Form 10-Q, should no longer be relied upon due to the
accounting issues set forth below.</font></div>
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accounting issues relate to (i) the reclassification of current tax payable to
deferred tax liability on the Company&#8217;s sales-type leases, as the Company did
not separately record the deferred tax liability; (ii) the expensing of the
unamortized amount of the beneficial conversion feature in connection with the
2008 amendment of a convertible note that was issued by the Company to certain
investors in 2007; (iii) the reclassification of interest expense from interest
income for the three months ended June 30, 2008; and (iv) the reclassification
of 3,000,000 stock options under the Company&#8217;s 2007 Nonstatutory Stock Option
Plan from the fair value of the options as a liability to equity recorded as
additional paid in capital.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Accordingly, the Company will restate
its financial statements for the fiscal year ended December 31, 2008 and for
each of the three month periods ended June 30, 2008, September 30, 2008 and
March 31, 2009, by disclosing the effect of these errors in an amended Form 10-K
for the fiscal year ended December 31, 2008 and in an amended Form 10-Q for each
of the three months ended June 30, 2008, September 30, 2008 and March 31, 2009,
respectively.</font></div>
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executive officers have discussed the above matters with GPKM.</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">SIGNATURES</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; COLOR: #000000">Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.</font></font></div>
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            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">China Recycling Energy
      Corporation</font></font></div>
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            <td align="left" valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160;
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              <div style="MARGIN-LEFT: 9pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; COLOR: #000000">Date: August </font><font style="DISPLAY: inline; COLOR: #000000">25</font><font style="DISPLAY: inline; COLOR: #000000">,
    2009</font></font></font></div>
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      Peng</font></font></font></div>
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      Officer</font></font></div>
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