UNITED
STATES


SECURITIES AND EXCHANGE
COMMISSION




Washington,
DC 20549






FORM
10-Q






[X]
            QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934




For
the quarterly period ended September 30, 2008





[ 
      ]
            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 0-12122





APOLLO SOLAR ENERGY,
INC


(Exact
name of registrant as specified in its charter)














Nevada
            84-0601802(State or other
      jurisdiction of
            (I.R.S.
      Employerincorporation or
      organization)
            Identificatin
      No.)






c/o American Union
      Securities, 100 Wall St. 15th Fl., New York,
      NY
            10005


(Address of
      principal executive offices)
            ZipCode









(212)
232-0120


(Registrant's
telephone number, including area code)







Check
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.   [x] Yes  [ ]
No




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting
company.  See the definitions of “large accelerated filer,”
“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.




Large
accelerated filer ___    Accelerated filer
___   Non-accelerated filer
___    Small reporting
company  X









The
number of shares outstanding of each of the issuer's classes of common equity,
as of November 12, 2008:  44,555,131 common stock, $.001 par
value.












EXPLANATORY
NOTE

















TABLE OF
    CONTENTS
            PagePART I. FINANCIAL
      INFORMATION





Item 1. Financial Statements
            1Condensed Balance
      Sheets as of September 30, 2008 (Unaudited) and March 31, 2008
      (Unaudited)
            1Condensed Statements
      of Operations for the six and three months ended September 30, 2008 and
      2007 (Unaudited)
            2Condensed Statements
      of Cash Flows for the six months ended September 30, 2008 and 2007
      (Unaudited)
            3Notes to Condensed
      Financial Statements
            4-7Item 2. Management's
      Discussion and Analysis of Financial Condition and Results of
      Operation
            8Item 3. Quantitative
      and Qualitative Disclosures About Market Risk
            8Item 4. Controls and
      Procedures
            8PART
      II. OTHER INFORMATION
            9Item 1. Legal
      Proceedings
            9Item 2. Unregistered
      Sales of Equity Securities and Use of Proceeds
            9Item 3. Defaults
      Upon Senior Securities
            9Item 4. Submission
      of Matters to a Vote of Security Holders
            9Item 5. Other
      Information
            9


Item 6.
      Exhibitions
            9Signatures
            10




PART I -
FINANCIAL INFORMATION
  APOLLO
      SOLAR ENERGY, INC. (FORMERLY KNOWN AS WINCROFT, INC.)CONDENSED
      BALANCE SHEET (in USD)(UNAUDITED)September
      30, 2008
                
                
                March
      31, 2008ASSETSCurrent
      AssetsCash
                
                $
                -
                
                
                $
                -Total
      Current Assets
                
                
                -
                
                
                
                -TOTAL
      ASSETS
                
                $
                -
                
                
                $
                -LIABILITIES & AND
      STOCKHOLDERS' DEFICIENCYCurrent
      LiabilitiesAccounts
      payable & accrued expenses
                
                $
                9,293
                
                
                $
                9,293Related
      party payables
                
                
                24,289
                
                
                
                5,620Total
      Current Liabilities
                
                
                33,582
                
                
                
                14,913STOCKHOLERS'
      DEFFICIENCYPreferred
      stock, $.001 par value; 25,000,000 sharesauthorized,
      none issued and outstandingCommon
      stock, $0.001 par value; 100,000,000 sharesauthorized,
      555,131 issued and outstanding
                
                
                555
                
                
                
                555Additional
      paid in capital
                
                
                1,208,112
                
                
                
                1,208,112Accumulated
      (Deficit)
                
                
                (1,242,249
                )
                
                
                (1,223,580
                )Total
      Stockholder's Deficiency
                
                
                (33,582
                )
                
                
                (14,913
                )TOTAL
      LIABILITIES & STOCKHOLDERS' DEFICIENCY
                
                $
                -
                
                
                $
                -
   1
  APOLLO
      SOLAR ENERGY, INC.
 (FORMERLY KNOWN AS WINCROFT. INC)CONDENSED
      STATEMENTS OF OPERATIONS (in USD)(UNAUDITED)For
      the six months ended
                
                
                For
      the three months endedSept.
      30, 2008
                
                
                Sept.30,2007
                
                
                Sept.
      30,2008
                
                
                Sept.30,2007Revenues
                
                $
                -
                
                
                $
                -
                
                
                $
                -
                
                
                $
                -General
      and Administrative Expenses
                
                
                18,669
                
                
                
                12,534
                
                
                
                14,606
                
                
                
                2,121NET
      LOSS FROM OPERATIONS
                
                
                (18,669
                )
                
                
                (12,534
                )
                
                
                (14,606
                )
                
                
                (2,121
                )NET
      LOSS BEFORE INCOME TAXES
                
                
                (18,669
                )
                
                
                (12,534
                )
                
                
                (14,606
                )
                
                
                (2,121
                )PROVISION
      FOR INCOME TAXES
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -NET
      LOSS
                
                $
                (18,669
                )
                
                $
                (12,534
                )
                
                $
                (14,606
                )
                
                $
                (2,121
                )NET
      LOSS PER SHARE-BASIC and DILUTED
                
                $
                (0.034
                )
                
                $
                (0.022
                )
                
                $
                (0.026
                )
                
                $
                (0.004
                )WEIGHTED
      AVERAGE OF COMMON SHARESOUTSTANDING-BASIC
      and DILUTED
                
                
                555,131
                
                
                
                555,131
                
                
                
                555,131
                
                
                
                555,131
 2
   APOLLO
      SOLAR ENERGY, INC. (FORMERLY
      KNOWN AS WINCORFT, INC.)CONDENSED STATEMENTS OF CASH FLOWS (in USD)(UNAUDITED)For
      the six months endedSept.
      30, 2008
                
                
                Sept.30,2007CASH
      FLOWS FROM OPERATING ACTIVITIESNet
      Loss
                
                $
                (18,669
                )
                
                $
                (12,534
                )Change
      in operating assets and liabilitiesIncrease
      in related party payable
                
                
                18,669
                
                
                
                16,095Decreased
      in accounts payable and accrued expenses
                
                
                -
                
                
                
                (3,561
                )NET
      CASH PROVIDED BY (USED) IN OPERATING ACTIVITIES
                
                
                -
                
                
                
                -CASH
      FLOWS FROM INVESTING ACTIVITIES
                
                
                -
                
                
                
                -CASH
      FLOWS FROM FINANCING ACTIVITIES
                
                
                -
                
                
                
                -NET CHANGE
      IN CASH
                
                
                -
                
                
                
                -CASH,
      beginning of the period
                
                
                -
                
                
                
                -CASH,
      end of the period
                
                $
                -
                
                
                $
                -Supplemental
      disclosures of cash flow information:Cash
      paid:Interest
                
                
                -
                
                
                
                -Taxes
                
                
                -
                
                
                
                -
  3


APOLLO
SOLAR ENERGY, INC.
 (FORMERLY KNOWN AS
WINCROFT, INC)
  NOTES
TO CONDENSED FINANCIAL STATEMENTS
  AS OF SEPTEMBER 30,
2008
  (UNAUDITED)
 NOTE
A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
  Interim
Statements
  The
accompanying unaudited financial statements have been prepared in accordance
with the instructions to Form 10-Q and do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements.
  In the
opinion of management, all adjustments (consisting of normal recurring accruals)
considered necessary for a fair presentation have been included. These
statements should be read in conjunction with the audited financial statements
and notes thereto included in the registrant's annual Form 10-KSB for the year
ended March 31, 2008.
  Organization
  The
Company was organized in May, 1980, as part of a quasi reorganization of Colspan
Environmental Systems. On May 18, 1998, the Company amended the Articles of
Incorporation to the Company's name to Wincroft, Inc., to effect a 100 for 1
forward stock split to increase the number of shares outstanding without
effecting the stated value of the common shares, and to authorize a class of
preferred shares.
  Effective
at close of business on February 1, 2008, the Company, which had been a Colorado
corporation, reincorporated in the State of Nevada by merging into its
subsidiary, a Nevada corporation.  As a result of this change in
domicile, the Company is now governed by Nevada law, and the articles of
incorporation and bylaws of the Nevada corporation became the Company’s
governing instruments.  The change in domicile had no effect on the
Company’s financial condition or its business.
  In
connection with the reincorporation merger, one new share of the Nevada
corporation was exchanged for every eight shares of the Colorado corporation
that had been outstanding, with any resulting fractional shares of the Nevada
corporation being rounded up to one whole share.  The effect of this
exchange was a 1-for-8 reverse split of the Company?痵 common
stock.  In addition, the authorized common stock was increased from
75,000,000 shares to 100,000,000 shares.
  Capital
Stock
  At September
30, 2008, the Company was authorized to issue 25,000,000 shares of $0.001 par
value preferred stock and 100,000,000 shares of $0.001 par value common
stock.  As of September 30, 2008 there were no preferred shares
issued and outstanding and there were 555,131 common shares issued and
outstanding.
  The
holders of the Company's stock are entitled to receive dividends at such time
and in such amounts as may be determined by the Company's Board of Directors.
All shares of the Company's common stock have equal voting rights, each share
being entitled to one vote per share for the election of directors and for all
other purposes. All shares of the Company's
preferred stock have a preference over the common stock in the event of
liquidation or similar action. The Board of Directors of the Company is
authorized to create a series of preferred shares designating the rights of the
holders of the series. The preferred shares have no voting
rights.





4





APOLLO
SOLAR ENERGY, INC.
 (FORMERLY KNOWN AS
WINCROFT, INC)
  NOTES
TO CONDENSED FINANCIAL STATEMENTS
  AS OF SEPTEMBER 30,
2008
  (UNAUDITED)


NOTE
A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)




Use
of Estimates
  The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect reported amount 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
differ from the estimates.
 
 Reclassifications
  Certain
previously reported amounts have been reclassified to conform to classifications
adopted in the quarter ended September 30, 2008.
  Recently
issued accounting pronouncements
  In
December 2007, the Financial Accounting Standards Board (“FASB”) revised
Statement of Financial Accounting Standards ("SFAS”) No. 141, “Business
Combinations” ("SFAS No. 141(R)"). SFAS No. 141(R) requires an acquirer to
measure the identifiable assets acquired, the liabilities assumed, and any
noncontrolling interest in the acquired entity at their fair values on the
acquisition date, with goodwill being the excess value over the net identifiable
assets acquired. SFAS No. 141(R) is effective as of the beginning of the
Company’s first fiscal year beginning on or after December 15, 2008. The Company
does not expect application of SFAS No. 141 (R) to have a material effect on its
financial statements.
 
 In
December 2007, the FASB issued SFAS No. 160, “Noncontrolling Interests in
Consolidated Financial Statements – an amendment of ARB No. 51” ("SFAS No.
160"). SFAS No. 160 clarifies that a noncontrolling interest in a subsidiary
should be reported as equity in consolidated financial statements. The
calculation of earnings per share will continue to be based on income amounts
attributable to the parent. SFAS No. 160 is effective as of the beginning of the
Company’s first fiscal year that begins on or after December 15, 2008. The
Company does not expect application of SFAS No. 160 to have a material effect on
its financial statements.
  In
February of 2007, the FASB issued SFAS No. 159, “The Fair Value Option for
Financial Assets and Financial Liabilities—including an amendment of FASB
Statement No. 115” ("SFAS 159"). SFAS 159 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. The fair value option established by SFAS 159 permits all
entities to choose to measure eligible items at fair value at specified election
dates. A business entity shall report unrealized gains and losses on items for
which the fair value option
has been elected in earnings (or another performance indicator if the business
entity does not report earnings) at each subsequent reporting date. This
requirement is effective for the fiscal year ended March 31, 2009. The Company
is currently reviewing this pronouncement, but believes it will not have a
material impact on the financial statements.


5


APOLLO
SOLAR ENERGY, INC.
 (FORMERLY KNOWN AS
WINCROFT, INC)
  NOTES
TO CONDENSED FINANCIAL STATEMENTS
  AS OF SEPTEMBER 30,
2008
  (UNAUDITED)
 NOTE B: RELATED PARTY TRANSACTIONS
  The
Company's President has advanced funds to pay creditors of the company. During
the six months ended September 30, 2008 a total of $18,669 was
advanced.  As a result, the Company owed $24,289 to its President at
September 30, 2008.
  NOTE
C: GOING CONCERN
  Since its
inception, the Company has incurred an accumulated deficit of
$1,242,249. Since April 2000, the Company has been dependent upon receipt
of capital investment or other financing to fund its continuing activities.
These factors indicate substantial doubt that the Company will be able to
continue as a going concern. The accompanying financial statements have been
presented on the basis of the continuation of the Company as a going concern and
do not include any adjustments relating to the recoverability and classification
of recorded asset amounts or the amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going
concern.
  6
  APOLLO
SOLAR ENERGY, INC.
 (FORMERLY KNOWN AS
WINCROFT, INC)
  NOTES
TO CONDENSED FINANCIAL STATEMENTS
  AS OF SEPTEMBER 30,
2008
  (UNAUDITED)
 NOTE
D: SUBSEQUENT EVENT
  On August
18, 2008, the Company entered into a Merger Agreement dated August 8, 2008, as
amended and restated on October 14, 2008, with Apollo Solar Energy, Inc., a
Delaware corporation (“ASE”) and Apollo Solar Energy, Inc., a Nevada
corporation and a wholly owned subsidiary of the Company (“Merger
Sub”).
 
 Pursuant
to this Merger Agreement, on October 14, 2008, Merger Sub was merged with
and into ASE.   Each share of ASE common stock outstanding
immediately prior to the closing of the Merger was converted into the right to
receive Four Thousand (4,000) shares of the Company's common
stock.  After the consummation of the Merger, and prior to any
issuance of shares pursuant to the Entrusted Management Agreement, the former
stockholders of ASE owned approximately 96.87% of the outstanding common stock
of the Company.  As a result of the completion of the Merger, ASE
became a wholly owned subsidiary of the Company.
  On
October 20, 2008, the Company entered into an Entrusted Management
Agreement with the Apollo Managers.  Pursuant to the terms of the
Entrusted Management Agreement, the
Company will issue the Apollo Managers an aggregate of 26.8 million newly
issued shares of common stock of the Company with the result that
the Apollo Managers will own approximately 60.15% of the common stock of the
Company, after giving effect to such issuance. A copy of the Entrusted
Management Agreement can be found on the Company's Current Report on Form 8-K,
filed with the SEC on October 20, 2008.
 
  7




Item
      2.
            Management
      Discussion and Analysis of Financial Condition and Results of
      Operations




Results
of Operations




We currently have no assets and no
operations.  During the three months that ended on September 30,
2008, we realized no revenue and incurred $14,606 in operating
expenses.  Our operating expenses consist of fees to lawyers and
accountants necessary to maintain our standing as a fully-reporting public
company and other administration expenses attendant to the trading of our common
stock.





Our operating expenses in the three
months ended September 30, 2007 were lower than in the three months
ended September 30, 2008 because majority ownership and management of our
Company changed during the 2007 period.  This resulted in expenses for
reporting and for implementation of new management systems.  We do not
expect the level of our operating expenses to change in the future until we
commence business operations or acquire an operating business.




On August
18, 2008, we entered into a Merger Agreement dated August 8, 2008, as amended
and restated on October 14, 2008, with Apollo Solar Energy, Inc., a
Delaware corporation (“ASE”) and Apollo Solar Energy, Inc., a Nevada
corporation and a wholly owned subsidiary of the Company (“Merger
Sub”). Pursuant to this Merger Agreement, on October 14, 2008, Merger Sub was
merged with and into ASE.   Each share of ASE common stock
outstanding immediately prior to the closing of the Merger was converted into
the right to receive Four Thousand (4,000) shares of our common
stock.  After the consummation of the Merger, and prior to any
issuance of shares pursuant to the Entrusted Management Agreement, the former
stockholders of ASE owned approximately 96.87% of our outstanding common
stock.  As a result of the completion of the Merger, ASE became a
wholly owned subsidiary of the Company.
  On October 20, 2008, we entered into an Entrusted Management Agreement with
the Apollo Managers. Pursuant to the terms of the Entrusted Management
Agreement, we will
issue the Apollo Managers an aggregate of  our 26.8 million newly
issued shares of common stock with the result that the Apollo Managers will
own approximately 60.15% of the our common stock, after giving effect to such
issuance. A copy of the Entrusted Management Agreement can be found on our
Current Report on Form 8-K, filed with the SEC on October 20,
2008.






Liquidity
and Capital Resources




At September 30, 2008 we had a
working capital deficit of ($33,582), due to the fact that we had no assets and
owed $33,582. Our liabilities are owed primarily to our President, who has
financed our ongoing operations.  Our remaining liabilities, our
accounts payable, are owed primarily to our professional advisors.





Our operations consumed no cash during
the three months ended September 30, 2008, as our management paid our
ongoing expenses, increasing our amounts due to related parties.  In
the future, as long as we remain a shell corporation, it is likely that we will
continue to rely on loans and capital contributions to sustain our
operations.





To date we have supplied our cash needs
by making private placements of securities and obtaining loans from management
and shareholders.  We expect that our President will fund our
operations until we have completed an acquisition of an operating company and
that we will, therefore, have sufficient cash to maintain our existence as a
shell company for the next twelve months, if necessary.





The
acquisition of Apollo Solar Energy, Inc. mentioned above has resulted in a
complete change to our capital structure. This change will be reflected in
annual report for the year ended June 30, 2009. A Current Report on
Form 8-K has been filed dated October 16, 2008 containing a
discussion of the liquidity and capital resources of Apollo and its
subsidiaries.





Off-Balance
Sheet Arrangements





We do not
have any off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on our financial condition or results of
operations.





Item
      3
            Quantitative
      and Qualitative Disclosures About Market
Risk





Not
applicable.




Item
4.                      Controls
and Procedures




As of the
end of the period covered by this quarterly report, our Chief Executive Officer
and Chief Financial Officer (the "Certifying Officer") conducted evaluations of
our disclosure controls and procedures. As defined under Sections 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934 Act, as amended (the "Exchange
Act") the term "disclosure controls and procedures" means controls and other
procedures of an issuer that are designed to ensure that information required to
be disclosed by the issuer in the reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported,
within the time periods specified in the SEC's rules and forms. Disclosure
controls and procedures include, without limitation, controls and procedures
designed to ensure that information required to be disclosed by an issuer in the
reports that it files or submits under the Exchange Act is accumulated and
communicated to the issuer 's management, including the Certifying Officer, to
allow timely decisions regarding required disclosure. Based on this evaluation,
the Certifying Officer has concluded that our disclosure controls and procedures
were effective to ensure that material information is recorded, processed,
summarized and reported by our management on a timely basis in order to comply
with our disclosure obligations under the Exchange Act, and the rules and
regulations promulgated thereunder.




There was
no change in internal controls over financial reporting (as defined in Rule
13a-15(f) promulgated under the Securities Exchange Act or 1934) identified in
connection with the evaluation described in the preceding paragraph that
occurred during the Company’s first fiscal quarter that has materially affected
or is reasonably likely to materially affect the Company’s internal control over
financial reporting.






8






PART II - OTHER INFORMATION




Item 1. Legal
Proceedings




None




Item 2. Unregisted Sales of Equity
Securities and Use of Proceeds




None




Item3. Defaults Upon Senior
Securities




None




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




None




Item 5. Other
Information




None




Item 6. Exhibits




31
            Rule
      13a-14(a) Certification32
            Rule
      13a-14(b) Certification






9






SIGNATURES






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 thereto
duly authorized.




Apollo Solar Energy, Inc.





Dated:  November
12,
2008                                                                           By:/s/ Renyi Hou


Renyi Hou, Chief Executive Officer






Dated:  November
12,
2008                                                                           By:/s/ Yong
Ling
 Yong Ling, Chief Financial Officer














10