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Prospector
Profile
3-14-001
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| China Recycling Energy Corporation |
NAICS |
517310 |
| 429 Guangdong Road,
Shanghai, China 200001 |
Description |
Wireless Telecommunications |
| (011) 86-21-6336-8686 |
Employees |
93 |
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Revenue |
(mil) |
2.8900 |
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Income |
(mil) |
-10.5800 |
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Assets |
(mil) |
4.4600 |
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Liability |
(mil) |
1.1200 |
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(for the year ended 2006-12-31) |
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Category:
Audit Concerns
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Event:
Zhong Yi C.P.A. Company Limited raised substantial doubt about the ability of China Recycling Energy Corporation (formerly China Digital Wireless, Inc.) to continue as a going concern after it audited the Company's financial statements for the year ended December 31, 2006. The auditor pointed to the Company's substantial losses. The Company posted a net loss of $10,577,418 on total revenues of $2,889,436 for the year ended December 31, 2006, as compared with a net income of $1,811,107 on total revenues of $20,419,022 in the prior year. At December 31, 2006, the Company's balance sheet showed $4,464,612 in total assets, $1,117,975 in total liabilities, and $3,346,637 in stockholders' equity.
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Intellectual Property:
The Company's Shanghai Sifang Communication Company subsidiary has registered one trademark with China's Trademark Office for its logo, a square. Pursuant to a license agreement, the Company has the right to use the registered trademark whenever necessary. The Company also acquired all of Sifang Information's interest in the Sifang Gutong software pursuant to the terms of the spin-off of Sifang Information's business divisions
focusing on value-added information services and distribution of mobile phones. The Company has the right to use the word "Sifang" and to market through www.sifang.net with regard to both of the spun-off divisions. [SEC Filing 10-KSB 04-13-07]
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Description:
China Recycling Energy Corporation, formerly known as China Digital Wireless, Inc., provides value added information services, cellular phone distribution and advertising services through its Chinese operating subsidiaries. In 2006 and first quarter of 2007, the Company also began to engage in recycling energy business, providing energy saving and recycling products and services.
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Officers:
Ku Guohua (Chair, Pres. & Dir.); Wu Guangyu (CEO); Mingda Rong (CFO & Dir.); Zheng Hanqiao (Dir.)
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Auditor:
Zhong Yi (Hong Kong) C.P.A. Company Limited
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Securities:
Common Stock Symbol CREG.OB; OTC BB;
17,147,268 common shares outstanding as of March 31, 2006.
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