UNITED
      STATES


SECURITIES
      AND EXCHANGE COMMISSION


WASHINGTON,
      D.C. 20549





FORM
      10-QSB





(MARK
      ONE)





[X]
      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT
      OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2006 OR





[
      ]
      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT
      OF 1934 FOR THE TRANSITION PERIOD FROM _________ TO __________





COMMISSION
      FILE NUMBER: 002-95836-NY





_______________





**CHINA
      INDUSTRIAL WASTE MANAGEMENT INC.**


(EXACT
      NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)






**NEVADA**
            **13-3140715**(STATE
                OR OTHER JURISDICTION
                OF INCORPORATION OR ORGANIZATION
            (I.R.S.
                EMPLOYER IDENFIFICATION
                NO.)




**1
      Shuang Qiang Road, Jinzhou, Dalian, People’s Republic of China
      116100**


**________________________________________________________________**


(ADDRESS
      OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)





ISSUER
      'S
      TELEPHONE NUMBER, INCLUDING AREA CODE: **011-86-411-9770-3333**





_______________





Indicate
      by check mark whether the Registrant (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      preceding 12 months (or for such shorter period that the Registrant was required
      to file such reports), and (2) has been subject to such filing requirements
      for
      the past 90 days. Yes x No o .





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes o No x .





The
      number of shares of Common Stock of the Registrant, par value $.001 per share,
      outstanding at March 31, 2006 was13,140,841.





Transitional
      Small business Disclosure Format (Check one): Yes o ;
      No x .








**CHINA
      INDUSTRIAL WASTE MANAGEMENT INC.**


**INDEX
      TO MARCH 31, 2006 FORM 10-QSB**





Page**Part
                I - Financial Information**Item
                1 - Financial Statements
            
            3Consolidated
                Balance Sheet as of March 31, 2006 (unaudited)
            
            3Consolidated
                Statements of Operations for the three months ended March 31, 2006
                and
                March 31, 2005 (unaudited)
            
            4Consolidated
                Statements of Cash Flows for the three months ended March 31, 2006
                and
                March 31, 2005 (unaudited)
            
            5Notes
                to the Consolidated Financial Statements (unaudited)
            
            6-14Item
                2 - Management's Discussion and Analysis of Results of Operations
                and
                Financial Condition
            
            15Item
                3 - Controls and Procedures
            
            18**Part
                II - Other Information**Item
                1 - Legal Proceedings
            
            19Item
                6 - Exhibits
            
            20Signature
                Page
            
            21







2


**PART
      I. FINANCIAL INFORMATION**





**Item
      1. Financial Statements**







CHINA
        INDUSTRIAL WASTE MANAGEMENT, INC.
 CONSOLIDATED
        BALANCE SHEET
 March
        31,
        2006
 (Unaudited)
  ASSETSCurrent
                  assetsCash
                  and cash equivalents
              
              
              
              $
              3,128,840Accounts
                  receivable, net
              
              
              
              
              436,482Other
                  receivables
              
              
              
              
              277,612Inventory
              
              
              
              
              412,574Advances
                  to suppliers
              
              
              
              
              199,868Prepaid
                  expenses
              
              
              
              
              41,250Total
                  current assets
              
              
              
              
              4,496,626Property
                  and equipment, net
              
              
              
              
              2,226,947Construction
                  in progress
              
              
              
              
              338,015Other
                  assetsLong-term
                  investment
              
              
              
              
              36,991Intangible
                  asset, net
              
              
              
              
              1,493,2541,530,245Total
                  assets
              
              
              
              
              8,591,833LIABILITIES
                  AND STOCKHOLDERS' EQUITYCurrent
                  liabilitiesAccounts
                  payable and accrued expenses
              
              
              
              
              119,392Other
                  payables
              
              
              
              
              206,515Total
                  current liabilities
              
              
              
              
              325,907Stockholders'
                  equitySeries
                  A preferred stock $.001 par value; authorized shares5,000,000,
                  issued and outstanding 64,000
              
              
              
              
              64Common
                  stock, .001 par value; Authorized shares60,000,000;
                  issued and outstanding shares 13,140,841
              
              
              
              
              13,141Additional
                  paid-in capital
              
              
              
              
              2,164,795Other
                  comprehensive income
              
              
              
              
              (146,001
              )Statutory
                  reserve
              
              
              
              
              832,235Retained
                  earnings
              
              
              
              
              5,401,692Total
                  stockholders' equity
              
              
              
              
              8,265,926Total
                  liabilities and stockholders' equity
              
              
              
              $
              8,591,833
    3
   CHINA
                    INDUSTRIAL WASTE MANAGEMENT, INC.CONSOLIDATED
                    STATEMENTS OF OPERATIONS**(Unaudited)**For
                    the three months endedMarch
                    31,2006
                
                2005Revenue
                
                $
                1,551,437
                
                $
                1,217,325Costs
                    of revenue
                
                
                438,778
                
                
                395,585Gross
                    profit
                
                
                1,112,659
                
                
                821,741Operating
                    expensesSelling
                    expenses
                
                
                153,479
                
                
                86,165General
                    and administrative expenses
                
                
                253,037
                
                
                376,015Total
                    operating expenses
                
                
                406,516
                
                
                462,180Income
                    from operations
                
                
                706,143
                
                
                359,561Non-operating
                    income (expense)Investment
                    income
                
                
                55,487
                
                
                11,962Other
                    income
                
                
                
                
                
                13,877Other
                    expense
                
                
                (35
                )
                
                (5,015
                )Total
                    non-operating income (expense)
                
                
                55,452
                
                
                20,824Net
                    income before minority interest and income tax
                
                
                761,595
                
                
                380,385Minority
                    interest
                
                
                
                
                
                27,661Net
                    income before income tax
                
                
                761,595
                
                
                408,046Income
                    tax
                
                
                138,213
                
                
                126,459Net
                    income
                
                
                623,382
                
                
                281,587Foreign
                    currency translation adjustment
                
                
                81,826
                
                
                (56,957
                )Comprehensive
                    net income
                
                
                705,208
                
                
                224,631Basis
                    and diluted weighted average shares outstanding
                
                
                15,973,096
                
                
                15,973,096Basic
                    and diluted net earnings per share
                
                $
                0.04
                
                $
                0.01
    4
  CHINA
                    INDUSTRIAL WASTE MANAGEMENT, INC.CONSOLIDATED
                    STATEMENTS OF CASH FLOWS(Unaudited)For
                    the three months endedMarch
                    31,2006
                
                2005Net
                    income
                
                $
                623,382
                
                $
                281,587Adjustments
                    to reconcile net income to net cashprovided
                    by operating activities:Minority
                    interest
                
                
                
                
                
                (27,661
                )Depreciation
                    and amortization
                
                
                48,207
                
                
                121,440(Increase)
                    / decrease in current assets:Accounts
                    receivable
                
                
                (135,011
                )
                
                (54,914
                )Inventory
                
                
                (2,173
                )
                
                (131,134
                )Other
                    receivables
                
                
                54,168
                
                
                (35,718
                )Loan
                    to employee
                
                
                
                
                
                (10,026
                )Due
                    from related parties
                
                
                
                
                
                113,905Advance
                    to suppliers
                
                
                (167,216
                )
                
                38,175Prepaid
                    expense
                
                
                (16,532
                )
                
                (2,877
                )Increase
                    / (decrease) in current liabilities:Accounts
                    payable
                
                
                9,897
                
                
                (69,281
                )Other
                    payables
                
                
                (18,051
                )
                
                2,981Net
                    cash provided by operating activities
                
                
                396,671
                
                
                226,476Cash
                    flows from investing activities(Increase)
                    decrease in long-term investment
                
                
                (32,279
                )
                
                12,391Purchase
                    of property
                
                
                (195,103
                )
                
                (36,708
                )Net
                    cash used in investing activities
                
                
                (227,382
                )
                
                (24,317
                )**Cash
                    flows from financing activities**Principal
                    paid on long-term loanMinority
                    interest
                
                
                
                
                
                (35,654
                )Net
                    cash provided by financing activities
                
                
                0
                
                
                (35,654
                )**Effect
                    of exchange rate on cash**
                
                
                15,372
                
                
                (14,263
                )Net
                    increase (decrease) in cash andcash
                    equivalents
                
                
                169,289
                
                
                166,505Cash
                    and cash equivalents, beginning of year
                
                
                2,944,179
                
                
                2,372,385Cash
                    and cash equivalents, end of year
                
                $
                3,128,840
                
                $
                2,538,890
  5


**CHINA
        INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
        STATEMENTS**
 **MARCH 31, 2006**


**NOTE
        A - ORGANIZATION AND DESCRIPTION OF BUSINESS**
 
 The
        unaudited consolidated financial statements have been prepared by China
        Industrial Waste Management, Inc., formerly known as Goldtech Mining
        Corporation, (the “Company”), pursuant to the rules and regulations of the
        Securities and Exchange Commission. 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 consolidated 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
        consolidated financial statements should be read in conjunction with the
        audited
        consolidated financial statements and footnotes for the year ended December
        31,
        2005 included in the Company’s Annual Report on Form 10-KSB. The rules of the
        three months ended March 31, 2006 are not necessarily indicative of the results
        to be expected for the full year ending December 31, 2006.
 
 Dalian
        Dongtai Industry Waste Treatment Co. Ltd. (“Dongtai”) was incorporated on
        January 9, 1991. Dongtai has two subsidiaries - Precision Machine Co., Ltd
        (“Precision”) and Wafangdian Dongtai Garbage Collection (Wafangdian”). Dongtai
        is located in Economic and Technology Development Zone, Dalian, People’s
        Republic of China (PRC). Dongtai is engaged in the collection, treatment,
        disposal and recycle of industrial wastes in China. The Company recovers
        all
        types of industrial wastes which can be used as raw material to produce chemical
        and metallurgy products. They also provide incineration, burial, and water
        treatment services. Dongtai also provides service for environment protection,
        technology consultation, pollution treatment, and waste managing process
        design.
 
 Precision
        was incorporated on July 21, 2001. Dongtai has a 55% interest in this
        subsidiary. Precision is located in Economic and Technology Development Zone,
        Dalian, People’s Republic of China (PRC) and is engaged in the business of
        selling re-cycled products. The Company sold their 55% interest on September
        30,
        2005 at cost.
 
 Wafangdian
        was incorporated on February 26, 2004. Dongtai has a 51% interest in this
        subsidiary. Wafangdian is located in Wafangdian district, Dalian, People’s
        Republic of China (PRC). Wafangdian is an active company. The Company sold
        their
        51% interest on September 30, 2005 at cost.
 
 China
        Industrial Waste Management, Inc. (“CIWM”) was incorporated in the State of
        Delaware on August 16, 2005. On September 22, 2005, the CIWM acquired 90%
        of the
        outstanding shares of Dongtai from its shareholders in exchange for 1,280,000
        shares of CIWM common stock, representing 100% of the issued and outstanding
        common stock of CIWM at the date of the acquisition.
 
 The
        exchange of shares with Dongtai has been accounted for as a reverse acquisition
        under the purchase method of accounting since the shareholders of Dongtai
        obtained control of the combined company. Accordingly, the merger of the
        two
        companies will be recorded as a recapitalization of Dongtai, with Dongtai
        being
        treated as the continuing entity. The historical financial statements presented
        herein are of Dongtai and subsidiaries. Pro forma financial statements are
        not
        presented as the amounts are insignificant.
 
 On
        November 11, 2005, CIWM and its shareholders entered into a Share Exchange
        Agreement with the Company, which closed on November 11, 2005. Pursuant to
        the
        agreement, the Company acquired all of the outstanding equity stock of the
        CIWM
        from the its shareholders. As consideration for the acquisition of the CIWM,
        the
        Company issued 64,000 shares of the Company’s Series A Convertible Preferred
        stock to CIWM’s shareholders. Each share of Series A Convertible Preferred Stock
        is convertible into 10,000 shares of common stock and is entitled to 10,000
        votes on each matter submitted to the stockholders. The holders of the Series
        A
        Convertible Preferred Stock have contractually agreed not to convert such
        shares
        until the Company has increased its authorized number of shares of common
        stock.
 
 6
 **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
   The
        exchange of shares with the Company will be accounted for as a reverse
        acquisition under the purchase method of accounting since the shareholders
        of
        CIWM obtained control of the Company. Accordingly, the merger of the two
        companies will be recorded as a recapitalization of the CIWM, with CIWM being
        treated as the continuing entity. The financial statements of the legal acquiree
        (the Company) are not significant, therefore, no pro forma financial information
        is submitted.
 
 On
        May
        15, 2006, the Company will change its name to “China Industrial Waste
        Management, Inc.” and will begin trading under a new trading symbol (CIWT). In
        addition the Company will do a 1:100 reverse split of its outstanding common
        shares.
 
 **NOTE
        B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
 
 **Principles
        of consolidation**
  The
        accompanying consolidated financial statements include the accounts of China
        Industrial Waste Management, Inc. and its majority owned subsidiaries of
        which
        the Company has the ability to control and direct operations and the minority
        interests do not possess participatory rights. All inter-company accounts
        and
        transactions have been eliminated in the consolidation.
 
 **Basis
        of presentation**
 
 The
        accompanying consolidated financial statements have been prepared in conformity
        with accounting principles generally accepted in the United States of America.
        The Company’s functional currency is the Chinese Renminbi, however the
        accompanying consolidated financial statements have been translated and
        presented in United States dollars ($).
 
 **Foreign
        currency translation**
 
 As
        of
        March 31, 2006 and 2005, the accounts of the Company were maintained, and
        the
        consolidated financial statements were expressed in the Chinese Yuan Renminbi
        (CNY). Such consolidated financial statements were translated into U.S. dollars
        (USD) in accordance with the Statement of Financial Accounting Standards
        (“SFAS”) No. 52, “Foreign Currency Translation,” with the CNY as the functional
        currency. According to the Statement, all assets and liabilities were translated
        at the exchange rate on the balance sheet date, stockholders’ equity are
        translated at the historical rates and the statement of operations items
        are
        translated at the weighted average exchange rate for the year. The resulting
        translation adjustments are reported under other comprehensive income in
        accordance with SFAS No. 130, “Reporting Comprehensive Income.”
 
 **Use
        of estimates**
 
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect the reported amounts of assets and liabilities and disclosure of
        contingent assets and liabilities at the date of the financial statements
        and
        the reported amounts of revenues and expenses during the reporting period.
        Actual results could differ from those estimates.
 
 7
 **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
 
 
 **Cash
        and cash equivalents**
 
 Cash
        and
        cash equivalents include cash on hand and cash in time deposits, certificates
        of
        deposit and all highly liquid debt instruments with original maturities of
        three
        months or less.
 
 **Accounts
        and other receivables**
 
 Accounts
        and other receivables are recorded at net realizable value consisting of
        the
        carrying amount less an allowance for uncollectible accounts, as needed.
        Allowance for uncollectible accounts as of March 31, 2006 is not
        significant.
 
 The
        Company maintains reserves for potential credit losses on accounts receivable.
        Management reviews the composition of accounts receivable and analyzes
        historical bad debts, customer concentrations, customer credit worthiness,
        current economic trends and changes in customer payment patterns to evaluate
        the
        adequacy of these reserves. Terms of the sales vary from COD through a credit
        term of up to nine to twelve months. Reserves are recorded primarily on a
        specific identification basis.
 
 **Advances
        to suppliers**
 
 The
        Company makes advances to certain vendors for purchase of its material. The
        advances to suppliers are interest free and unsecured.
 
 **Inventory**
 
 Inventories
        are stated at the lower of cost, as determined on a first-in, first-out basis,
        or market. Management compares the cost of inventories with the market value,
        and allowance is made for writing down the inventories to their market value,
        if
        lower.
 
 **Property,
        equipment and construction in progress**
 
 Property
        and equipment are stated at cost. Expenditures for maintenance and repairs
        are
        charged to earnings as incurred; additions, renewals and betterments are
        capitalized. When property and equipment are required 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. Depreciation of
        property and equipment is provided using the straight-line method for
        substantially all assets with estimated lives as follows:
  YearsBuildings
              30Machinery
              10Office equipment
              5Vehicles
              8
 
 Construction
        in progress consists of the design expenses, architects fee and cost of the
        equipment to treat waste.
 
 8
 **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
   **Long-lived
        assets**
 
 Effective
        January 1, 2002, the Company adopted Statement of Financial Accounting Standards
        No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (“SFAS
        144”), which addresses financial accounting and reporting for the impairment
        or
        disposal of long-lived assets and supersedes SFAS No. 121, “Accounting for the
        Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
        Of,”
and the accounting and reporting provisions of APB Opinion No.30, “Reporting the
        Results of Operations for a Disposal of a Segment of a Business.” The
        Company periodically evaluates the carrying value of long-lived assets to
        be
        held and used in accordance with SFAS 144. SFAS 144 requires impairment losses
        to be recorded on long-lived assets used in operations when indicators of
        impairment are present and the undiscounted cash flows estimated to be generated
        by those assets are less than the assets’ carrying amounts. In that event, a
        loss is recognized based on the amount by which the carrying amount exceeds
        the
        fair market value of the long-lived assets. Loss on long-lived assets to
        be
        disposed of is determined
        in a similar manner, except that fair market values are reduced for the cost
        of
        disposal. Based on its review, the Company believes that, as of March 31,
        2006
        there were no significant impairments of its long-lived assets.
 
 **Intangible
        assets**
 
 Intangible
        assets consist of “Rights to use land and build a plant” for fifty years and
“Rights of use landfill” for twenty years. The methods to amortize intangible
        assets are a fifty year straight-line method and a twenty year straight-line
        method for landfill. The Company also evaluates intangible assets for
        impairment, at least on an annual basis and whenever events or changes in
        circumstances indicate that the carrying value may not be recoverable from
        its
        estimated future cash flows. Recoverability of intangible assets, other
        long-lived assets and, goodwill is measured by comparing their net book value
        to
        the related projected undiscounted cash flows from these assets, considering
        a
        number of factors, including past operating results, budgets, economic
        projections, market trends and product development cycles. If the net book
        value
        of the asset exceeds the related undiscounted cash flows, the asset is
        considered impaired, and a second test is performed to measure the amount
        of
        impairment loss.
 
 Net
        intangible assets at March 31, 2006 and 2005 were as follows:
   Right
                to use land
              
              $
              1,602,151
              
              $
              1,586,642Less
                - Accumulated
                amortization
              
              
              108,897
              
              
              65,768$
              1,493,254
              
              $
              1,520,874
  Amortization
        expense for the Company’s intangible assets for the year ended March 31, 2006
        and 2005 totaled $683 and $8,959 respectively.
 
 Amortization
        expense for the Company’s intangible assets over the next five years is
        estimated to be $35,835 annually.
  
 **Minority
        interest**
 
 Minority
        interest represents a 45% equity interest in Precision Machine Co., Ltd.
        and a
        49% equity interest in Wafangdian Dongtai Garbage Collection. At March 31,
        2006,
        minority interest amounted to $ -0- Minority share of income was $27,661
        for the
        three months ended March 31, 2005.
 
 9
 **** **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
    **Fair
        value of financial instruments**
 
 Statements
        of financial accounting standards No. 107, “Disclosures About Fair Value of
        Financial Instruments, requires that the Company disclose estimated fair
        values
        of financial instruments. 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.
 
 
 **Revenue
        recognition**
 
 The
        Company’s revenue recognition policies are in compliance with Staff Accounting
        Bulletin (SAB) 104. Revenue is recognized when services are rendered to
        customers when a formal arrangement exists, the price is fixed or determinable,
        the delivery is completed, no other significant obligations of the Company
        exist
        and collectibility is reasonably assured. Payments received before all of
        the
        relevant criteria for revenue recognition are satisfied are recorded as unearned
        revenues.
 
 **Advertising
        costs**
 
 The
        Company expenses the cost of advertising as incurred or, as appropriate,
        the
        first time the advertising takes place. Advertising costs for the three months
        ended March 31, 2006 and 2005 were insignificant.
 
 
 **Stock-based
        compensation**
 
 In
        October, 1995, the FASB issued SFAS No. 123, “Accounting for Stock-Based
        Compensation”. SFAS No. 123 prescribes accounting and reporting standards for
        all stock based compensation plans, including employee stock options, restricted
        stock, employee stock purchase plans and stock appreciation rights. SFAS
        No. 123
        requires compensation expense to be recorded using the new fair value method
        or
        using the existing accounting rules prescribed by Accounting Principles Board
        Opinion No. 25, “Accounting for stock issued to employees””(APB 25) and related
        interpretations with proforma disclosure of what net income and earnings
        per
        share would have been had the Company adopted the new fair value method.
        The
        Company uses the intrinsic value method prescribed by APB 25 and has opted
        for
        the disclosure provisions of SFAS No. 123. No options have been granted for
        the
        periods ended March 31, 2006 and 2005.
 
 **Income
        taxes**
 
 The
        Company utilizes SFAS No. 109, “Accounting for Income Taxes” 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. 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. Valuation allowances are
        established, when necessary, to reduce deferred tax assets to the amount
        expected to realized.
 
 10
 **** **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
  **Local
        PRC income tax**
 
 The
        Company is subject to People’s Republic of China (“PFC””) Enterprise Income Tax
        at a rate of fifteen percent on the net income. According to PRC ruling,
        any
        joint venture with foreigner investment will get special tax exempt treatment
        for the first two years. The Company received tax exempt treatment for the
        years
        ending December 31, 2005 and 2004.
 
 
 **Basic
        and diluted net earnings per share**
 
 Net
        earnings per share is calculated in accordance with the Statement of Financial
        Accounting Standards No. 128 (“SFAS No. 128), “Earnings per share”. SFAS No. 128
        superseded
 Accounting
        Principles Board Opinion No. 15 (APB 15). Net earnings per share for all
        periods
        presented has been restated to reflect the adoption of SFAS No. 128. Basic
        net
        loss per share is based upon the weighted average number of common shares
        outstanding. Diluted net earnings 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.
 
 **Statement
        of cash flows**
 
 In
        accordance with Statement of Financial Accounting Standards No. 95, “Statement
        of Cash Flows,” cash flows from the Company’s operations is calculated based
        upon the local currencies. As a result, amounts related to assets and
        liabilities reported on the statement of cash flows will not necessarily
        agree
        with changes in the corresponding balances on the balance sheet.
 
 **Segment
        reporting**
 
 Statement
        of Financial Accounting Standards No. 131 (“SFAS 131”), “Disclosure About
        Segments of an Enterprise and Related Information” requires use of the
“management approach” model for segment reporting. 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. 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 consolidated financial statements as the
        Company consists of one reportable business segment. All revenue is from
        customers in People’s Republic of China. All of the Company’s assets are located
        in the People’s Republic of China.
 
 **Recently
        issued accounting pronouncements**
 
 In
        May,
        2005, the FASB issued SFAS No. 154, “Accounting Changes and Error Corrections.”
This statement applies to all voluntary changes in accounting principles
        and
        requires retroactive application to prior periods’ financial statements of
        changes in accounting principle, unless this would be impracticable. This
        statement also makes a distinction between “retrospective application” of an
        accounting principle and the “restatement” of financial statements to reflect
        the correction of an error. This statement is effective for accounting changes
        and corrections of errors made in fiscal years beginning after December 15,
        2005.
 
 In
        February, 2006, FASB issued SFAS No. 155, “Accounting for Certain Hybrid
        Financial Instruments”. SFAS No. 155 amends SFAS No. 133, “Accounting for
        Derivative Instruments and Hedging Activities”, and SFAF No. 140, “Accounting
        for Transfers and Servicing of Financial Assets and Extinguishments of
        Liabilities”. SFAS No. 155, permits fair value remeasurement for any hybrid
        financial instrument that contains an embedded derivative that otherwise
        would
        require bifurcation, clarifies which interest-only strips and principal-only
        strips are not subject to the requirements of SFAS No. 133, establishes a
        requirement to evaluate interest in securitized financial assets to identify
        interests that are freestanding derivatives or that are hybrid financial
        instruments that contain an embedded derivative requiring bifurcation, clarifies
        that concentrations of credit risk in the form of subordination are not embedded
        derivatives, and amends SFAS No. 140 to eliminate the prohibition on the
        qualifying special-purpose entity from holding a derivative financial instrument
        that pertains to a beneficial interest other than another derivative financial
        instrument. This statement is effective for all financial instruments acquired
        or issued after the beginning of the Company’s first fiscal year that begins
        after September 15, 2006.
 
 11
 **** **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
   In
        June,
        2005, the EITF reached consensus on Issue No. 05-6, Determining the Amortization
        Period for Leasehold Improvements (“EITF 05-6.) EITF 05-6 provides guidance on
        determining the amortization period for leasehold improvements acquired in
        a
        business combination or acquired subsequent to lease inception. The guidance
        in
        EITF 05-6 will be applied prospectively and is effective for periods beginning
        after June 29, 2005. EITF 05-6 is not expected to have a material effect
        on the
        Company’s consolidated financial position or results of operations.
 
 In
        March
        2004, the FASB approved the consensus reached on the Emerging Issues Task
        Force
        (EITF) Issue No. 03-1, "The Meaning of Other-Than-Temporary Impairment and
        Its
        Application to Certain Investments." The objective of this Issue is to provide
        guidance for identifying impaired investments. EITF 03-1 also provides new
        disclosure requirements for investments that are deemed to be temporarily
        impaired. In September 2004, the FASB issued a FASB Staff Position (FSP)
        EITF
        03-1-1 that delays the effective date of the measurement and recognition
        guidance in EITF 03-1 until after further deliberations by the FASB. The
        disclosure requirements are effective only for annual periods ending after
        June
        15, 2004. The Company has evaluated the impact of
 
 the
        adoption of the disclosure requirements of EITF 03-1 and does not believe
        it
        will have an impact to the Company's overall combined results of operations
        or
        combined financial position. Once the FASB reaches a final decision on the
        measurement and recognition provisions, the Company will evaluate the impact
        of
        the adoption of EITF 03-1.
 
 In
        November 2004, the FASB issued SFAS No. 151 "Inventory Costs, an amendment
        of
        ARB No. 43, Chapter 4”, (" SFAS No. 151"). The amendments made by SFAS 151
        clarify that abnormal amounts of idle facility expense, freight, handling
        costs,
        and wasted materials (spoilage) should be recognized as current-period charges
        and require the allocation of fixed production overheads to inventory based
        on
        the normal capacity of the production facilities. The guidance is effective
        for
        inventory costs incurred during fiscal years beginning after June 15, 2005.
        Earlier application is permitted for inventory costs incurred during fiscal
        years beginning after November 23, 2004. The Company has evaluated the impact
        of
        the adoption of SFAS 151, and does not believe the impact will be significant
        to
        the Company's overall results of operations or financial position.
 
 In
        December 2004, the FASB issued SFAS No.152, "Accounting for Real Estate
        Time-Sharing Transactions-an amendment of FASB Statements No. 66 and 67"
        ("SFAS
        152") SFAS 152 amends SFAS No. 66, "Accounting for Sales of Real Estate",
        to
        reference the financial accounting and reporting guidance for real estate
        time-sharing transactions that is provided in AICPA Statement of Position
        (SOP)
        04-2, "Accounting for Real Estate Time-Sharing Transactions". SFAS 152 also
        amends SFAS No. 67, "Accounting for Costs and Initial Rental Operations of
        Real
        Estate Projects", to state that the guidance for (a) incidental operations
        and
        (b) costs incurred to sell real estate projects does not apply to real estate
        time-sharing transactions. The accounting for those operations and costs
        is
        subject to the guidance in SOP 04-2. SFAS 152 is effective for financial
        statements for fiscal years beginning after June 15, 2005, with earlier
        application encouraged. The Company has evaluated the impact of the adoption
        of
        SFAS 152, and does not believe the impact will be significant if any, to
        the
        Company's overall results of operations or financial position since the Company
        does not enter into such transactions.
 
 In
        December 2004, the FASB issued SFAS No.153, "Exchanges of Nonmonetary Assets,
        an
        amendment of APB Opinion No. 29, Accounting for Nonmonetary Transactions."
        The
        amendments made by SFAS 153 are based on the principle that exchanges of
        nonmonetary assets should be measured based on the fair value of the assets
        exchanged. Further, the amendments eliminate the narrow exception for
        nonmonetary exchanges of similar productive assets and replace it with a
        broader
        exception for exchanges of nonmonetary assets that do not have commercial
        substance. Previously, Opinion 29 required that the accounting for an exchange
        of a productive asset for a similar productive asset or an equivalent interest
        in the same or similar productive asset should be based on the recorded amount
        of the asset relinquished. Opinion 29 provided an exception to its basic
        measurement principle (fair value) for exchanges of similar productive assets.
        That exception required that some nonmonetary exchanges, although commercially
        substantive, to be recorded on a carryover basis. By focusing the exception
        on
        exchanges that lack commercial substance, the FASB believes SFAS No.153 produces
        financial reporting that more faithfully represents the economics of the
        transactions. SFAS No.153 is effective for nonmonetary asset exchanges occurring
        in fiscal periods beginning after June 15, 2005. Earlier application is
        permitted for nonmonetary asset exchanges occurring in fiscal periods beginning
        after the date of issuance. The provisions of SFAS No.153 shall be applied
        prospectively. The Company has evaluated the impact of the adoption of SFAS
        153,
        and does not believe the impact will be significant to the Company's overall
        results of operations or financial position.
 
 12
 **** **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
   In
        December 2004, the FASB issued SFAS No.123 (revised 2004), "Share-Based Payment"
        ("SFAS 123(R)"). SFAS 123(R) will provide investors and other users of financial
        statements with more complete and neutral financial information by requiring
        that the compensation cost relating to share-based payment transactions be
        recognized in financial statements. That cost will be measured
        based on the fair value of the equity or liability instruments issued. SFAS
        123(R) covers a wide range of share-based compensation arrangements including
        share options, restricted share plans, performance-based awards, share
        appreciation rights, and employee share purchase plans. SFAS 123(R) replaces
        SFAS No. 123, "Accounting for Stock-Based Compensation", and supersedes APB
        Opinion No. 25, "Accounting for Stock Issued to Employees". SFAS 123, as
        originally issued in 1995, established as preferable a fair-value-based method
        of accounting for share-based payment transactions with employees. However,
        that
        statement permitted entities the option of continuing to apply the guidance
        in
        Opinion 25, as long as the footnotes to financial statements disclosed what
        net
        income would have been had the preferable fair-value-based method been used.
        Public entities (other than those filing as small business issuers) will
        be
        required to apply SFAS 123(R) as of the first interim or annual reporting
        period
        that begins after June 15, 2005. This pronouncement is effective for the
        Company, a small business issuer, as of the first interior annual reporting
        period that begins after December 15, 2005. The Company has evaluated the
        impact
        of the adoption of SFAS 123(R), and does not believe the impact will be
        significant to the Company's overall results of operations or financial
        position.
 
 The
        Company believes that the adoption of these standards will have no material
        impact on its financial statements.
 
 **Note
        3 - Shareholders’ equity**
 
 At
        February 16, 2001, the Company increased it’s register capital from RMB
        $1,800,000
 (USD
        217,800) to RMB 2,000,000 (USD $242,000). At May 24, 2003, the Company increased
        their register capital from RMB 2,000,000 (USD $242,000) to RMB 18,000,000
        (USD
        $2,178,000).
 There
        were no common stock issuance during the periods ended March 31, 2006 and
        2005.
 
 **Note
        4 - Statutory Common Welfare Fund**
 
 As
        stipulated by the Company Law of the People’s Republic of China (PRC) as
        applicable to Chinese companies with foreign ownership, net income after
        taxation can only be distributed as dividends after appropriation has been
        made
        for the following:
   13
 **CHINA
          INDUSTRIAL WASTE MANAGEMENT, INC.**
 **NOTES TO THE CONSOLIDATED FINANCIAL
          STATEMENTS**
 **MARCH 31,
          2006**
  
 1.
            Making
                up cumulative prior years’ losses, if any 2.
            Allocations
                to the “Statutory surplus reserve” of at least 10% of income after tax, as
                determined under PRC accounting rules and regulations, until the
                fund
                amounts to 50% of the Company’s registered
                capital; 3.
            Allocations
                of 5 -10% of income after tax, as determined under PRC accounting
                rules
                and regulations to the Company’s “Statutory common welfare fund”, which is
                established for the purpose of providing employee facilities and
                other
                collective benefits to the Company’s employees; and 4.
            Allocations
                to the discretionary surplus reserve, if approved in the shareholders’
                general meeting. 
 The
        Company has provided a reserve for the welfare fund totaling $419,948 at
        December 31, 2005. The statutory reserve balance at December 31, 2005 is
        $1,089,000.
 
 Note
        5 -
        Earnings per share
 
 Earnings
        per share for the periods ended March 31, 2006 and 2005 were determined by
        dividing net income for the periods by the weighted average number of both
        basic
        and diluted shares of common stock and common stock equivalents
        outstanding.
 
 Note
        6 -
        Current vulnerability due to certain concentrations
 
 The
        Company had two major vendors who provided over 10% of the Company’s raw
        materials for the period ended March 31, 2006. Total purchases from these
        vendors were 19% and 10% of the Company’s total raw materials purchases for the
        periods ended March 31, 2006 and 2005. The payable balance to these vendors
        amounted to $35,096 and $6,872 at March 31, 2006 and 2005.
 
 One
        major
        customer accounted for 4% and 24% of the net revenue for the periods ended
        March
        31, 2006 and 2005. The total receivable balance due from this customer was
        $-0-
        and $-0- at March 31, 2006 and 2005.
 
 The
        Company’s operations are carried out in the People’s Republic of China.
        Accordingly, the Company’s business, financial condition and results of
        operations may be influenced by the political, economic and legal environments
        in the People’s Republic of China, by the general state of the People’s Republic
        of China’s economy. The Company’s business may be influenced by changes in
        governmental policies with respect to laws and regulations, anti-inflationary
        measures, currency conversions and remittance abroad, and rates and methods
        of
        taxation, among other things.
 
 Note
        7 -
        Other payables
 
 Other
        payables consist of the following as of March 31, 2006:
  Taxes
                payable
              
              $
              199,151Other
              
              
              7,364$
              206,515


14





**Item
      2.** **** **MANAGEMENT'S
      DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND**


**RESULTS
      OF OPERATIONS**





*FORWARD-LOOKING
      INFORMATION - Management's Discussion and Analysis of Financial Condition and
      Results of Operations ("MD&A") includes "forward-looking statements" within
      the meaning of Section 27A of the Securities Act of 1933 and Section 21E of
      the
      Securities Exchange Act of 1934. All statements, other than statements of
      historical facts, included in this MD&A regarding the Company's financial
      position, business strategy and plans and objectives of management of the
      Company for future operations are forward-looking statements. These
      forward-looking statements rely on a number of assumptions concerning future
      events and are subject to a number of uncertainties and other factors, many
      of
      which are outside of the Company's control, that could cause actual results
      to
      materially differ from such statements. While the Company believes that the
      assumptions concerning future events are reasonable, it cautions that there
      are
      inherent difficulties in predicting certain important factors, especially the
      timing and magnitude of technological advances; the prospects for future
      acquisitions; the possibility that a current customer could be acquired or
      otherwise be affected by a future event that would diminish their information
      technology requirements; the competition in the information technology industry
      and the impact of such competition on pricing, revenues and margins; the degree
      to which business entities continue to outsource information technology and
      business processes; uncertainties surrounding budget reductions or changes
      in
      funding priorities of existing government programs and the cost of attracting
      and retaining highly skilled personnel.*





**OVERVIEW**





Historically,
      the Company engaged in two lines of business: 1) explore and develop potential
      mining properties, and 2) developing, marketing and supporting computer software
      products and services. In September 2004, the Company sold its computer
      business. Since September 2005, the Company has no longer been in the mining
      line of business due to its loss of all its contractual rights in certain mining
      properties in Spain.





In
      November 2005, the Company, through its wholly-owned subsidiary, Dalian
      Acquisition Corp., a Delaware company (“Dailian Acqusition”), acquired 90% of
      the capital stock of Dalian Dongtai Industrial Waste Treatment Co., Ltd., a
      corporation located in Dalian, the People’s Republic of China, or PRC (“Dalian
      Dongtai”). As a result of the acqusition, the Company is now engaged in the
      waste management business, and Dongtai currently represents the primary
      operations and business of the Company.





Dailian
      Dong Tai is one of the earliest companies specialized in centralized treatment
      of industrial waste in the People's Republic of China. Dalian Dong Tai is
      engaged in the collection, treatment, disposal and recycle of all types of
      industrial wastes. Currently, the industrial wastes will be used as raw material
      to produce chemical and metallurgy products or to receive innocuous treatment
      through incineration, burial, or water treatment. Dalian Dong Tai also provides
      waste disposal solutions and realty management services to its clients. Dalian
      Dong Tai has more than 600 clients.





On
      March
      22, 2006, Dalian Dongtai and two other shareholders formed a subsidiary,
      Liaoyang Dongtai Industrial Waste Treatment Co., Ltd (“Liaoyang Dongtai”) in the
      PRC, in which Dalian Dongtai holds a 60% ownership interest. Liaoyang Dongtai
      is
      also engaged in the collection, treatment, disposal and recycle of industrial
      wastes. It is located in Liaoyang, where large-scale chemical industrial
      enterprises concentrate. The industrial wastes generated by these enterprises
      are constantly increasing and have not properly been dealt with so far, which
      we
      believe will present huge business opportunities for the
      Company.





On
      March
      31, 2006, the Company filed a definitive 14C statement to effect the following
      changes:





·
            to
                change the name of the Company to China Industrial Waste Management,
                Inc.
                and apply for a new trading symbol of
                CIWT.OB.


·
            to
                authorize the Board of Directors to effect a one-for-one hundred
                (1:100)
                reverse stock split of the outstanding shares of Common Stock.


·
            to
                approve the Company’s 2006 Equity Incentive
                Plan.







15


The
      name
      change and the reverse stock split went effective on May 12, 2006.





Under
      certain regulations in the form of public notices issued by the PRC State
      Administration of Foreign Exchange, or SAFE, our shareholders who are PRC
      resident entities or individuals are subject to certain registration
      requirements. These regulations, among other things, would prohibit Dalian
      Dongtai from distributing dividends or profits to us unless the registration
      requirements are complied with. Our PRC shareholders are in the process of
      complying with these regulations.





**RESULTS
      OF OPERATIONS**





The
      following discussion should be read in conjunction with the consolidated
      financial statements and notes appear elsewhere in this quarterly
      report.








**Three
      Months Ended March 31, 2006 compared to the Three Months Ended March 31, 2005**





**Revenues.** The
      Company had $ 1,551,437 for the continued operations for the three months ended
      March 31, 2006, an increase of 27.4% compared to the three months ended March
      31, 2005. The Company had revenues of $1,217,325 for the three months ended
      March 31, 2005. The $334,112 increase can be attributed to the growth of the
      Company since its achieved public listing in November 2005. The increases were
      led by the continued growth at waste treatment. There were 4729 ton and 6980
      ton
      wastes processed in the first quarter of 2005 and 2006,
      respectively.







**Cost
      of Sales.** The
      Company had $438,778 for the continued operations for the three months ended
      March 31, 2006, an increase of 10.9% compared to the three months ended March
      31, 2005. The Company had cost of sales of $395,585 for the three months ended
      March 31, 2005.  The $43,193 increase can be attributed to the increase in
      revenue for the first quarter in 2006.





**Total
      Operating Expenses.** Total
      Operating expenses for the three months ended March 31, 2006 decreased by
      $55,664 to $406,516 from $462,180 for the three months ended March 31, 2005,
      a
      decrease of 12%. The decrease in operating expenses was principally attributable
      to cost cutting measures employed by the Company.




**Selling
      Expenses.** Selling
      expenses for the three months ended March 31, 2006 increased by $67,314 to
      $153,479 from $86,165 for the three months ended March 31, 2005, an increase
      of
      78.1%. This was attributable to the increase in revenues for the
      quarter.





**Foreign
      Currency Translation.** Foreign
      Currency Translation adjustments for the three months ended March 31, 2006
      increased to $81,826 from $(56,957) for the three months ended March 31, 2005.
      This increase is attributable to the revaluation of the Chinese currency
      effective July 2005.





**Operating
      Income/Loss** .
      Operating income for the three months ended March 31, 2006 increased by $
      346,582 to $706,143 from $359,561 for the three months ended March 31, 2005,
      an
      increase of 96.3%. This increase is attributable to the increase in revenues
      for
      the Company in the quarter.







**Liquidity
      and Capital Resources**







16


We
      have
      financed our operation and met capital expenditure requirements primarily
      through cash provided by operating activities, trade credit and equity
      financing.





As
      of
      March 31, 2006, the Company had cash and cash equivalents of 3,128,840, as compared
      to $2,944,179 at December 31, 2005. As of March 31, 2006, the Company had
      working capital of $4,170,719, as compared to $3,670,842 as of December 31,
      2005.




Cash
      used
      by operating activities totaled $396,671 for
      the
      three months ended March 31, 2006, as compared to cash
      provided by the operations of $226,476 for
      the
      three months ended March 31, 2005 .




We
      intend
      to use our available funds as working capital and to develop our current lines
      of business. We believe that our available funds will provide us with sufficient
      capital for at least the next twelve months; however, to the extent that we
      make
      acquisitions, we may require additional capital for the acquisition or for
      the
      operation of the combined companies. We cannot assure that such funding will
      be
      available.






**Critical
      Accounting Policies**








We
      have
      disclosed in Note B to our financial statements those accounting policies that
      we consider to be significant in determining our results of operations and
      our
      financial position which are incorporated by reference herein.




The
      preparation of financial statements requires us to make estimates and judgments
      that affect the reported amounts of assets, liabilities, revenue and expenses.
      We evaluate our estimates, including those related to bad debts, inventories
      and
      warranty obligations, on an ongoing basis. We base our estimates on historical
      experience and on various assumptions that we believe to be reasonable under
      the
      circumstances. These estimates and assumptions affect the reported amounts
      of
      assets and liabilities at the date of the financial statements and the reported
      amounts of revenue and expenses during the periods presented. The actual results
      may differ from these estimates under different assumptions or conditions.




The
      significant accounting policies which we believe are the most critical to aid
      in
      fully understanding and evaluating our reported financial results include the
      following:




Revenue
      recognition





Revenue
      is
      recognized when services are rendered to customers when a formal arrangement
      exists, the price is fixed or determinable, the delivery is completed, no other
      significant obligations of the Company exist and collectibility is reasonably
      assured. Payments received before all of the relevant criteria for revenue
      recognition are satisfied are recorded as unearned revenues.





Property,
      Plants and Equipment





Property
      and
      equipment are stated at cost. Expenditures for maintenance and repairs are
      charged to earnings as incurred; additions, renewals and betterments are
      capitalized. When property and equipment are required 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.





Bad
      debts




17


The
      Company
      maintains reserves for potential credit losses on accounts receivable.
      Management reviews the composition of accounts receivable and analyzes
      historical bad debts, customer concentrations, customer credit worthiness,
      current economic trends and changes in customer payment patterns to evaluate
      the
      adequacy of these reserves. Terms of the sales vary from COD through a credit
      term of up to nine to twelve months. Reserves are recorded primarily on a
      specific identification basis.





**OFF-BALANCE
      SHEET ARRANGEMENTS**





Neither
      the Company nor any of its subsidiaries have engaged in any off-balance sheet
      transactions since its inception.







**Item
      3. Controls and Procedures.**





(a)  *Evaluation
      of disclosure controls and procedures* .
      Our
      chief executive officer and our chief financial officer, after evaluating the
      effectiveness of the company’s “disclosure controls and procedures” (as defined
      in the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rules
      13a-15e and 15d-15e) as of the end of the period covered by this report (the
      “Evaluation Date”), have concluded that, as of the Evaluation Date, our
      disclosure controls and procedures were effective.





(b)  *Changes
      in internal controls*.
      During
      the fiscal quarter covered by this quarterly report, there was no change in
      our
      internal control over financial reporting that has materially affected, or
      is
      reasonably likely to materially affect our internal control over financial
      reporting.








18




**PART
      II**





**Item
      1.**  **Legal Proceedings.**




The
      following is a summary of recent developments in litigation involving the
      company:




On
      March 6,
      2006, a lawsuit was filed against the company encaptioned Tolan S. Furusho
      V.
      Goldtech Mining Corp., Case No.: 06-A-518343-B, in the District Court, Clark
      County, Nevada. The plaintiff alleges that he is the sole director of the
      company and prays for judgment to declare him the sole director of the company
      as of December 8, 2005, that his position as director was not, and could not
      be
      extinguished, and a ruling declaring that all actions taken by the Board of
      Directors without proper notice are voidable. The plaintiff has obtained a
      default judgment. The Company believes that he complaint is without merit and
      plans to seek to vacate the default judgment.





On
      September 24, 2004, a shareholder, Keith Robertson, on behalf of himself and
      those similarly situated (an uncertified class), filed a law suit against the
      Company, Robertson V. Goldtech Mining Corp, Case No.: CV4-2011M, in the United
      States District Court, Western District of Washington, to temporary restrain
      and
      enjoin the Company from canceling the sale of 11,110,000 shares of common stock
      of the Company issued as consideration for the purchase of assets from Goldtech
      Mining Corporation, a State of Washington corporation. On September 24, 2004,
      the court denied the plaintiff's motion for a temporary restraining order.
      On
      October 25, 2004, the Court dismissed the action for Lack of Subject Matter
      Jurisdiction. The plaintiff appealed the decision on November 24, 2004, U.S.
      Court of Appeals Docket Number: 04-36062. On April 26, 2006, the parties entered
      into a stipulation for the voluntary dismissal with prejudice of the appeal.
      An
      Order of the Court dismissing the appeal is pending.





On
      October
      14, 2004, a small group of shareholders commenced a derivative action on behalf
      of the Company, Steward, Pearce, Vizzard, Furusho and Robertson v. Kroeker,
      Jordan, Laskin, Egan, Smith, Bourgoin, Civil Action No. CV04-2130L, in the
      United States District Court for the Western District of Washington at Seattle
      alleging conversion and breach of specific duties against former directors
      of
      the Company, seeking damages to be determined at trial and equitable relief.
      On
      January 23, 2006, the Court granted in part and denied in part a motion for
      summary judgment against the plaintiffs. The Court held that the remaining
      claim
      against the defendant Kroeker may proceed. On February 9, 2006, the plaintiffs
      filed a Notice of Appeal, which was subsequently dismissed. The trial date
      in
      this case against the defendant Kroeker has been continued.





**Item
      4.** **Submission
      of Matters to a Vote of Security Holders.**





On
      March
      15, 2006, holders of more than two-thirds of the Company’s outstanding shares of
      voting stock approved to (A) amend the Company’s Certificate of Incorporation to
      (i) change the name of the Company to China Industrial Waste Management, Inc.
      and (ii) authorize the Board of Directors to effect a one-for-one hundred
      (1:100) reverse stock split of the outstanding shares of Common Stock; and
      (B)
      adopt the Company’s 2006 Equity Incentive Plan. This action was taken by written
      consent without a stockholders meeting.





The
      Company
      filed with the Securities and Exchange Commission a Preliminary Information
      Statement on Schedule 14C and a Definitive Information Statement on Schedule
      14C
      on March 16, 2006 and March 31, 2006, respectively.





19


Upon
      filing
      with the Secretary of State of Delaware, the name change and the reverse stock
      split became effective on May 12, 2006.





**Item
      6.** **** **Exhibits**





(a)
      Exhibits







31.1
            -
                Certification of Chief Executive Officer pursuant to Section 302
                of the
                Sarbanes-Oxley Act of 2002.





31.2
            -
                Certification of Chief Financial Officer pursuant to Section 302
                of the
                Sarbanes-Oxley Act of 2002.





32.1
            -
                Certification of Chief Executive Officer and Chief Financial Officer
                pursuant to Section 906 of the Sarbanes-Oxley Act of
                2002.








20





**SIGNATURES**





Pursuant
      to the requirements of the Securities Act of 1934, the Registrant has duly
      caused this report to be signed on its behalf by the undersigned there unto
      duly
      authorized.




**CHINA
                INDUSTRIAL WASTE MANAGEMENT INC.**Date:
              May 22, 2006.
            By:
            /s/ Jinqing
              DongJinqing
                DongChief
              Executive Officer





21


**INDEX
      TO EXHIBITS**














**EXHIBITNUMBER**
            **DESCRIPTION**31.1
            Certification
                of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
                Act of 200231.2
            Certification
                of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
                Act of 200232.1
            Certification
                of Chief Executive Officer and Chief Financial Officer pursuant to
                Section
                906 of the Sarbanes-Oxley Act of 2002