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| [X]                  | QUARTERLY REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934  |
|----------------------|----------------------------------------------------------------------------------------------------|
|                 |                                                                                               |
|                 |      FOR THE QUARTERLY PERIOD ENDED: March 31,      2008                       |
|                 |                                                                                               |
| OR                   |
|                 |                                                                                               |
| [        ] | TRANSITION REPORT      PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|                 |                                                                                               |
|                 |      FOR THE TRANSITION PERIOD      FROM __________ TO__________          |

| Utah                                                                          |   | 87-0301924                             |
|-------------------------------------------------------------------------------|--------|----------------------------------------|
| (State or other      jurisdiction of incorporation      or organization) |   | (IRS Employer      Identification No.) |

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|                                      |                                                                                                                     | Page   |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|--------|
|                                      |                                                                                                                     |   |
| PART I – FINANCIAL      INFORMATION |                                                                                                                     |
|                                      |                                                                                                                     |   |
| Item      1.                              | Financial Statements                                                                                                     |   |
|                                      |                                                                                                                     |   |
|                                      | Condensed Consolidated Balance Sheets – March 31, 2008 and December      31, 2007 (Unaudited)                      | 3      |
|                                      |                                                                                                                     |   |
|                                      | Condensed Consolidated Statements of Operations for the Three      Months Ended March      31, 2008 and 2007 (Unaudited) | 4      |
|                                      |                                                                                                                     |   |
|                                      | Condensed Consolidated Statements of Cash Flows for the Three      Months Ended March      31, 2008 and 2007 (Unaudited) | 5      |
|                                      |                                                                                                                     |   |
|                                      | Notes      to Condensed Consolidated Financial Statements                                                                | 6      |
|                                      |                                                                                                                     |   |
| Item      2.                              | Management’s Discussion and Analysis of Financial Condition and      Results      of Operations                    | 8      |
|                                      |                                                                                                                     |   |
| Item      3.                              | Quantitative And Qualitative Disclosures About Market      Risk                                                          | 11     |
|                                      |                                                                                                                     |   |
| Item      4T.                             | Controls and Procedures                                                                                                  | 11     |
|                                      |                                                                                                                     |   |
| PART II – OTHER      INFORMATION    |                                                                                                                     |
|                                      |                                                                                                                     |   |
| Item      1.                              | Legal      Proceedings                                                                                                   | 12     |
|                                      |                                                                                                                     |   |
| Item      1A.                             | Risk      Factors                                                                                                        | 12     |
|                                      |                                                                                                                     |   |
| Item      2.                              | Unregistered Sales of Equity Securities and Use of      Proceeds                                                         | 12     |
|                                      |                                                                                                                     |   |
| Item      3.                              | Defaults Upon Senior Securities                                                                                          | 12     |
|                                      |                                                                                                                     |   |
| Item      4.                              | Submission of Matters to a Vote of SecurityHolders                                                                       | 12     |
|                                      |                                                                                                                     |   |
| Item      5                               | Other      Information                                                                                                   | 12     |
|                                      |                                                                                                                     |   |
| Item      6.                              | Exhibits                                                                                                                 | 12     |
|                                      |                                                                                                                     |   |
| Signatures                                |                                                                                                                     | 13     |

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|                                                                                                 |   | March      31, |       |   | December      31, |   |
|------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|-------------------|--------|
|                                                                                                 |   | 2008           |       |   | 2007              |   |
| ASSETS                                                                                               |   |           |       |   |              |   |
| Current      Assets                                                                                  |   |           |       |   |              |   |
| Cash                                                                                                 |   | $              | 66,315     |   |              | $      | 52,364 |   |
| Trade      accounts receivable, net of $2,500 and $2,500 respectively of      allowance for bad debt |   |           | 16,914     |   |              |   | 16,928 |   |
| Prepaid      expenses                                                                                |   |           | 4,786      |   |              |   | 5,621 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Total      Current Assets                                                                            |   |           | 88,015     |   |              |   | 74,913 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Property      and Equipment                                                                          |   |           |       |   |              |   |   |   |
| Computer      equipment                                                                              |   |           | 21,422     |   |              |   | 21,422 |   |
| Less:      Accumulated depreciation                                                                  |   |           | (9,640     | )      |              |   | (8,568 | ) |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Net      Property and Equipment                                                                      |   |           | 11,782     |   |              |   | 12,854 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Related      party receivable                                                                        |   |           | 153,685    |   |              |   | 151,185 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Total      Assets                                                                                    |   | $              | 253,482    |   |              | $      | 238,952 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                            |   |           |       |   |              |   |   |   |
| Current      Liabilities                                                                             |   |           |       |   |              |   |   |   |
| Accrued      liabilities                                                                             |   | $              | 27,908     |   |              | $      | 31,109 |   |
| Deferred      revenue                                                                                |   |           | 86,021     |   |              |   | 91,549 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Total      Current Liabilities                                                                       |   |           | 113,929    |   |              |   | 122,658 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Stockholders'      Equity                                                                            |   |           |       |   |              |   |   |   |
| Class      N convertible shares (and Class X shares of Amalco) $0.01 par      value;                 |   |           |       |   |              |   |   |   |
| 70,896,789      shares authorized; 56,800,000 and 56,800,000 N and Xshares                           |   |           |       |   |              |   |   |   |
| issued      and outstanding, respecitvely                                                            |   |           | 568,000    |   |              |   | 568,000 |   |
| Common      shares - $0.01 par value; 179,103,211 shares authorized;                                 |   |           |       |   |              |   |   |   |
| 79,091,412      and 79,091,412 shares issued and oustanding, respectively                            |   |           | 790,914    |   |              |   | 790,914 |   |
| Additional      paid-in capital                                                                      |   |           | 4,462      |   |              |   | 4,462 |   |
| Accumulated      deficit                                                                             |   |           | (1,223,823 | )      |              |   | (1,247,082 | ) |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Total      Stockholders' Equity                                                                      |   |           | 139,553    |   |              |   | 116,294 |   |
|                                                                                                 |   |           |       |   |              |   |   |   |
| Total      Liabilities and Stockholders' Equity                                                      |   | $              | 253,482    |   |              | $      | 238,952 |   |

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| For      The Three Months Ended March 31,                |   | 2008   |        |   | 2007   |   |
|---------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                          |   |   |        |   |   |   |   |   |
| Sales                                                         |   | $      | 188,605     |   |   | $      | 286,807 |   |
| Operating      Expenses                                       |   |   |        |   |   |   |   |   |
|                                                          |   |   |        |   |   |   |   |   |
| Selling,      general and administrative expenses             |   |   | 165,346     |   |   |   | 289,159 |   |
|                                                          |   |   |        |   |   |   |   |   |
| Total      Operating Expenses                                 |   |   | 165,346     |   |   |   | 289,159 |   |
|                                                          |   |   |        |   |   |   |   |   |
| Income      (Loss) From Continuing Operations                 |   |   | 23,259      |   |   |   | (2,352 | ) |
| Discontinued      Operations                                  |   |   |        |   |   |   |   |   |
|                                                          |   |   |        |   |   |   |   |   |
| Loss      from discontinued operations - Oldwebsites.com, Inc |   |   | -           |   |   |   | (9,492 | ) |
|                                                          |   |   |        |   |   |   |   |   |
| Gain      from discontinued operations - RecycleNet Ontario   |   |   | -           |   |   |   | 12,840 |   |
|                                                          |   |   |        |   |   |   |   |   |
| Net      Income                                               |   | $      | 23,259      |   |   | $      | 996 |   |
|                                                          |   |   |        |   |   |   |   |   |
| Basic      Income Per Common Share From                       |   |   |        |   |   |   |   |   |
|                                                          |   |   |        |   |   |   |   |   |
| Continuing      Operations                                    |   | $      | -           |   |   | $      | - |   |
|                                                          |   |   |        |   |   |   |   |   |
| Discontinued      Operations                                  |   |   | -           |   |   |   | - |   |
|                                                          |   |   |        |   |   |   |   |   |
| Basic      Income Per Common Share                            |   | $      | -           |   |   | $      | - |   |
| Diluted      Income Per Common Share From                     |   |   |        |   |   |   |   |   |
|                                                          |   |   |        |   |   |   |   |   |
| Continuing      Operations                                    |   | $      | -           |   |   | $      | - |   |
|                                                          |   |   |        |   |   |   |   |   |
| Discontinued      Operations                                  |   |   | -           |   |   |   | - |   |
|                                                          |   |   |        |   |   |   |   |   |
| Diluted      Income Per Common Share                          |   | $      | -           |   |   | $      | - |   |
| Basic      Weighted-Average Common Shares Outstanding         |   |   | 79,091,412  |   |   |   | 77,108,214 |   |
| Diluted      Weighted-Average Common Shares Outstanding       |   |   | 135,891,412 |   |   |   | 137,647,473 |   |

----

| For      The Three Months Ended March 31,                                                   |   | 2008   |   |   | 2007   |   |
|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Cash      Flows From Operating Activities:                                                  |   |   |   |   |   |   |
| Net      income                                                                             |   | $      | 23,259 |   |   | $      | 996 |   |
| Adjustments      to reconcile net income to net cash provided by operating      activities: |   |   |   |   |   |   |   |   |
| Depreciation                                                                                |   |   | 1,072  |   |   |   | 1,943 |   |
| Foreign      currency exchange loss                                                         |   |   | -      |   |   |   | (580 | ) |
| Changes      in assets and liabilities:                                                     |   |   |   |   |   |   |   |   |
| Accounts      and other receivables                                                         |   |   | 14     |   |   |   | 359 |   |
| Prepaid      expenses                                                                       |   |   | 835    |   |   |   | 11,766 |   |
| Accounts      payable and accrued liabilities                                               |   |   | (3,201 | )      |   |   | (9,115 | ) |
| Deferred      revenue                                                                       |   |   | (5,528 | )      |   |   | 2,964 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Net      Cash Provided By Operating Activities                                              |   |   | 16,451 |   |   |   | 8,333 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Cash      Flows From Investing Activities:                                                  |   |   |   |   |   |   |   |   |
| Advances      to related party                                                              |   |   | (2,500 | )      |   |   | (7,730 | ) |
|                                                                                        |   |   |   |   |   |   |   |   |
| Net      Cash Used In Investing Activities                                                  |   |   | (2,500 | )      |   |   | (7,730 | ) |
|                                                                                        |   |   |   |   |   |   |   |   |
| Cash      Flows From Financing Activities:                                                  |   |   | -      |   |   |   | - |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Net      Cash Flows From Financing Activities                                               |   |   | -      |   |   |   | - |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Effect      of Exchange Rate Changes on Cash                                                |   |   | -      |   |   |   | 2,051 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Net      Change in Cash                                                                     |   |   | 13,951 |   |   |   | 2,654 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Cash      at Beginning of Period                                                            |   |   | 52,364 |   |   |   | 315,304 |   |
|                                                                                        |   |   |   |   |   |   |   |   |
| Cash      at End of Period                                                                  |   | $      | 66,315 |   |   | $      | 317,958 |   |

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SFAS No. 133 , Accounting for DerivativeInstruments and Hedging Activities to require enhanced disclosuresconcerning the manner in which an entity uses derivatives (and the reasons ituses them),  the manner in which derivatives and related hedged itemsare accounted for under 
SFAS No. 133 andinterpretations thereof, and the effects that derivatives and related hedgeditems have on an entity's financial position, financial performance, and cashflows.  SFAS No. 161 is effective for financial statements of fiscalyears and interim periods beginning after November 15, 2008.  TheCompany has not yet determined the effects on its consolidated financialstatements, if any, that may result upon the adoption of SFAS161.

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|                                                                                                                                        |   | For      the three months ended |        |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|
|                                                                                                                                        |   | March      31,                       |        |
|                                                                                                                                        |   | 2008                                 |        |   | 2007 |   |
|                                                                                                                                        |   |                                 |        |   |   |   |
| Weighted-average      number of common shares used in basic income per common share      calculation                                        |   |                                 | 79,091,412  |   |   |   | 77,108,214 |   |
|                                                                                                                                        |   |                                 |        |   |   |   |   |   |
| Incremental      potentially issuable common shares from assumed conversion of Class N (and      Class X) common shares                     |   |                                 | 56,800,000  |   |   |   | 60,539,259 |   |
|                                                                                                                                        |   |                                 |        |   |   |   |   |   |
| Weighted-average      number of common shares and dilutive potential common shares used in      diluted income per common share calculation |   |                                 | 135,891,412 |   |   |   | 137,647,473 |   |

|                             |   | For      the three months ended |    |
|----------------------------------|--------|---------------------------------|---------|
|                             |   | March      31,                  |    |
|                             |   |                            |    |
|  Oldwebsites.com,      Inc. |   |                            |    |
|  Net      Revenue           |   | $                               | 808     |   |
|  Operating      Expenses    |   |                            | (10,300 | ) |
|                             |   |                            |    |   |
|  Loss      from operations  |   |                            | (9,492  | ) |
|                             |   |                            |    |   |
|  Net      Loss              |   | $                               | (9,492  | ) |

|                                        |   | For      the three months ended |   |
|---------------------------------------------|--------|---------------------------------|--------|
|                                        |   | March      31,                  |   |
|                                        |   |                            |   |   |
|  RecycleNet      Corporation (Ontario) |   |                            |   |   |
|  Net      Revenue                      |   | $                               | 21,891 |   |
|  Operating      Expenses               |   |                            | (9,051 | ) |
|                                        |   |                            |   |   |
|  Loss      from operations             |   |                            | 12,840 |   |
|                                        |   |                            |   |   |
|  Net      Loss                         |   | $                               | 12,840 |   |

----

|              |   | March      31 |   |   | December      31, |   |
|-------------------|--------|---------------|--------|--------|-------------------|--------|
|              |   | 2008          |   |   | 2007              |   |
|              |   |          |   |   |              |   |
| Cash      on Hand |   | $             | 66,300 |   |              | $      | 52,400 |   |

|                |   | Three      Months Ended |    |
|---------------------|--------|-------------------------|---------|
|                |   | March      31           |    |
|                |   | 2008                    |    |   | 2007 |   |
| Sales      Revenues |   | $                       | 188,600 |   |   | $ | 286,800 |   |

----

|                    |   | Three      Months Ended |    |
|-------------------------|--------|-------------------------|---------|
|                    |   | March      31           |    |
|                    |   | 2008                    |    |   | 2007 |   |
| Operating      Expenses |   | $                       | 165,300 |   |   | $ | 289,200 |   |

|                   |   | Three      Months Ended |         |
|------------------------|--------|-------------------------|--------------|
|                   |   | March      31           |         |
|                   |   | 2008                    |         |   | 2007 |   |
| Net      Profit (Loss) |   | $                       |  23,300 |   |   | $ | (2,400 | ) |

|                                               |   | Three      Months Ended |   |
|----------------------------------------------------|--------|-------------------------|--------|
|                                               |   | March      31           |   |
|                                               |   | 2008                    |   |   | 2007 |   |
| Net      Loss –Oldwebsites.com, Inc.         |   | $                       | -      |   |   | $ | (9,500 | ) |
| Net      Profit – RecycleNet (Ontario)  |   | $                       | -      |   |   | $ | 12,000 |   |

|   |   | March      31 |   |   | December      31, |   |
|--------|--------|---------------|--------|--------|-------------------|--------|
|   |   | 2008          |   |   | 2007              |   |
|   |   |          |   |   |              |   |
|   |   | $             | 86,000 |   |              | $      | 91,500 |   |

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| Exhibit | Description                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------|
|    |                                                                                                                                    |   |
| 2       | Stock      Exchange Agreement as an exhibit to Form 10-SB are hereby incorporated      by reference.  Filed on April 4,2001.  |
| 3.1     | Articles of Incorporation filed as an exhibit to Form 10-SB are      hereby incorporated by reference. Filed on December 8,      1999.  |
| 3.2     | By-laws      filed as an exhibit to Form 10-SB, Amendment No. 5 are      hereby incorporated by reference. Filed on March 7,      2000. |
|    |                                                                                                                                    |
| 10      | Material Contracts                                                                                                                      |
|    | (a)                                                                                                                                     | Agreement between RecycleNet Corporation and Paul Roszel as      an exhibit to Form 10-SB, Amendment No. 6 are hereby incorporated      by reference. Filed on April 12, 2001. |
|    |                                                                                                                                    |   |
|    | (b)                                                                                                                                     | Agreement between RecycleNet Corporation and fiberglass.com, Inc.      as      an exhibit to Form 10-SB, Amendment No. 6 are hereby incorporated      by reference. Filed on April 12, 2001. |
|    |                                                                                                                                    |   |
|    | (c)                                                                                                                                     | Agreement between RecycleNet Corporation and metalworld.com, inc.      as      an exhibit to Form 10-KSB hereby incorporated by reference. Filed      on April 16, 2001. |
|    |                                                                                                                                    |
| 31.1    | Chief      Executive Officer Certification under Section 302 of the Sarbanes-Oxley      Act of 2002.                                    |
|    |                                                                                                                                    |
| 31.2    | Chief      Financial Officer Certification under Section 302 of the Sarbanes-Oxley      Act of 2002.                                    |
|    |                                                                                                                                    |
| 32.1    | Chief      Executive Officer Certification under Section 906 of the Sarbanes-Oxley      Act of 2002.                                    |
|    |                                                                                                                                    |
| 32.2    | Chief      Financial Officer Certification under Section 906 of the Sarbanes-Oxley      Act of 2002.                                    |

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|              | RecycleNet Corporation                                                                                                                                                                                                                                                                                                                                                                       |
|-------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|              |                                                                                                                                                                                                                                                                                                                                                                                         |
|              |                                                                                                                                                                                                                                                                                                                                                                                         |
| May 15,      2008 | /s/ Paul      Roszel                                                 Paul      Roszel, President and Chairman of the Board of Directors |
|              |                                                                                                                                                                                                                                                                                                                                                                                         |
|              |                                                                                                                                                                                                                                                                                                                                                                                         |
| May 15,      2008 | /s/      Richard      Ivanovick                                       Richard      Ivanovick, C.A., Chief Financial and Accounting      Officer                                           |

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