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

| Large      Accelerated    Filer   (    )        | Accelerated      Filer (   ) |
|------------------------------------------------------------------------------------|---------------------------------------------|
| Non-Accelerated      Filer     (    ) | Smaller      Reporting Company ( x )        |

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|                                                                                                                                                                                                                     |                                                                                                  | Page   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|--------|
| PART      I – FINANCIAL INFORMATION                                                                                                                                                                                |                                                                                                  |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| Item      1.                                                                                                                                                                                                             | Financial      Statements                                                                             |   |
|                                                                                                                                                                                                                     |                                                                                                  |   |
|     Condensed      Consolidated Balance Sheets – September 30, 2008 and December 31, 2007      (Unaudited)                                                                                     | 3                                                                                                     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
|     Condensed      Consolidated Statements of Operations for the Three Months and Nine Months      Ended        September 30,      2008 and 2007 (Unaudited) | 4                                                                                                     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
|     Condensed      Consolidated Statements of Cash Flows for the Nine Months      Ended        September 30,      2008 and 2007 (Unaudited)                  | 5                                                                                                     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
|  Notes      to Condensed Consolidated Financial Statements (Unaudited)                                                                                                                                              | 6                                                                                                     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| Item      2.                                                                                                                                                                                                             | Management’s      Discussion and Analysis of Financial Condition and Results of      Operations | 9      |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| 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 Security Holders                                              | 12     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| Item      5.                                                                                                                                                                                                             | Other      Information                                                                                | 12     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| Item      6.                                                                                                                                                                                                             | Exhibits                                                                                              | 12     |
|                                                                                                                                                                                                                     |                                                                                                  |   |
| Signatures                                                                                                                                                                                                               |                                                                                                  | 13     |

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| RECYCLENET      CORPORATION AND SUBSIDIARIES                                                           |   |               |       |   |              |   |
|--------------------------------------------------------------------------------------------------------|--------|--------------------|------------|--------|-------------------|--------|
| CONDENSED      CONSOLIDATED BALANCE SHEETS                                                             |   |               |       |   |              |   |
| (Unaudited)                                                                                            |   |               |       |   |              |   |
|                                                                                                   |   | September      30, |       |   | December      31, |   |
|                                                                                                   |   | 2008               |       |   | 2007              |   |
| ASSETS                                                                                                 |   |               |       |   |              |   |
| Current      Assets                                                                                    |   |               |       |   |              |   |
| Cash                                                                                                   |   | $                  | 51,053     |   |              | $      | 52,364 |   |
| Trade      accounts receivable, net of $2,500 and $2,500, respectively, of      allowance for bad debt |   |               | 18,380     |   |              |   | 16,928 |   |
| Prepaid      expenses                                                                                  |   |               | 4,327      |   |              |   | 5,621 |   |
|     Total      Current Assets                                                      |   |               | 73,760     |   |              |   | 74,913 |   |
| Property      and Equipment                                                                            |   |               |       |   |              |   |   |   |
| Equipment                                                                                              |   |               | 21,422     |   |              |   | 21,422 |   |
| Less:      Accumulated depreciation                                                                    |   |               | (11,782    | )      |              |   | (8,568 | ) |
|    Net      Property and Equipment                                                      |   |               | 9,640      |   |              |   | 12,854 |   |
| Related      Party Receivable                                                                          |   |               | 159,180    |   |              |   | 151,185 |   |
| Total      Assets                                                                                      |   | $                  | 242,580    |   |              | $      | 238,952 |   |
|                                                                                                   |   |               |       |   |              |   |   |   |
| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                              |   |               |       |   |              |   |   |   |
| Current      Liabilities                                                                               |   |               |       |   |              |   |   |   |
| Accrued      liabilities                                                                               |   | $                  | 13,582     |   |              | $      | 31,109 |   |
| Deferred      revenue                                                                                  |   |               | 74,842     |   |              |   | 91,549 |   |
| Total      Current Liabilities                                                                         |   |               | 88,424     |   |              |   | 122,658 |   |
| Stockholders'      Equity                                                                              |   |               |       |   |              |   |   |   |
| Class      N convertible shares $0.01 par value;                                                       |   |               |       |   |              |   |   |   |
|   70,896,789      shares authorized; 56,800,000 and 56,800,000 Class Nshares                 |   |               |       |   |              |   |   |   |
|   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                                                                               |   |               | (1,209,220 | )      |              |   | (1,247,082 | ) |
|         Total Stockholders' Equity                                                           |   |               | 154,156    |   |              |   | 116,294 |   |
| Total      Liabilities and Stockholders' Equity                                                        |   | $                  | 242,580    |   |              | $      | 238,952 |   |

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| RECYCLENET      CORPORATION AND SUBSIDIARIES                                               |   |                      |       |                     |
|--------------------------------------------------------------------------------------------|--------|---------------------------|------------|--------------------------|
| CONDENSED      CONSOLIDATED STATEMENTS OF OPERATIONS                                       |   |
| (Unaudited)                                                                                |   |                      |       |                     |   |   |   |   |   |   |   |   |
|                                                                                       |   | For      the Three Months |       |                     | For      the Nine Months |   |
|                                                                                       |   | Ended      September 30,  |       | Ended      September 30, |   |
|                                                                                       |   | 2008                      |       |                     | 2007 |   |   | 2008 |   |   | 2007 |   |
| Sales                                                                                      |   | $                         | 137,054    |                     |   | $ | 204,842 |   |   | $ | 473,260 |   |   | $ | 728,036 |   |
| Operating      Expenses                                                                    |   |                      |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Selling,      general and administrative expenses                  |   |                      | 142,084    |                     |   |   | 222,616 |   |   |   | 435,398 |   |   |   | 745,086 |   |
|           Total Operating Expenses                                     |   |                      | 142,084    |                     |   |   | 222,616 |   |   |   | 435,398 |   |   |   | 745,086 |   |
|           Income (Loss) From Continuing Operations                     |   |                      | (5,030     | )                        |   |   | (17,774 | ) |   |   | 37,862 |   |   |   | (17,050 | ) |
| Discontinued      Operations                                                               |   |                      |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |
|     Loss      from discontinued operations - Oldwebsites.com, Inc      |   |                      | -          |                     |   |   | (9,397 | ) |   |   | - |   |   |   | (32,935 | ) |
|     Gain      (loss) from discontinued operations - RecycleNet Ontario |   |                      | -          |                     |   |   | (5,450 | ) |   |   | - |   |   |   | 14,634 |   |
|           Net Income (Loss)                                            |   | $                         | (5,030     | )                        |   | $ | (32,621 | ) |   | $ | 37,862 |   |   | $ | (35,351 | ) |
|                                                                                       |   |                      |       |                     |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic      Income (Loss) Per Common Share From                                             |   |                      |       |                     |   |   |   |   |
|           Continuing Operations                                        |   | $                         | -          |                     |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|           Discontinued Operations                                      |   |                      | -          |                     |   |   | - |   |   |   | - |   |   |   | - |   |
|           Basic Income (Loss) Per Common Share                         |   | $                         | -          |                     |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Diluted      Income (Loss) Per Common Share From                                           |   |                      |       |                     |   |   |   |   |
|           Continuing Operations                                        |   | $                         | -          |                     |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|           Discontinued Operations                                      |   |                      | -          |                     |   |   | - |   |   |   | - |   |   |   | - |   |
|           Diluted Income (Loss) Per Common Share                       |   | $                         | -          |                     |   | $ | - |   |   | $ | - |   |   | $ | - |   |
| Basic      Weighted-Average Common Shares Outstanding                                      |   |                      | 79,091,412 |                     |   |   | 77,709,515 |   |   |   | 79,091,412 |   |   |   | 77,310,850 |   |
| Diluted      Weighted-Average Common Shares Outstanding                                    |   |                      | 79,091,412 |                     |   |   | 77,709,515 |   |   |   | 135,891,412 |   |   |   | 77,310,850 |   |

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| RECYCLENET      CORPORATION AND SUBSIDIARIES                                                |   |   |    |   |   |   |
|---------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| CONDENSED      CONSOLIDATED STATEMENTS OF CASH FLOWS                                        |   |   |    |   |   |   |
| (Unaudited)                                                                                 |   |   |    |   |   |   |
|                                                                                        |   |   |    |   |   |   |
|                                                                                        |   |   |    |   |   |   |
| For      the Nine Months Ended September 30,                                                |   | 2008   |    |   | 2007   |   |
| Cash      Flows From Operating Activities:                                                  |   |   |    |   |   |   |
| Net      income (loss)                                                                      |   | $      | 37,862  |   |   | $      | (35,351 | ) |
| Adjustments      to reconcile net income to net cash provided by operating      activities: |   |   |    |   |   |   |   |   |
|  Depreciation                                                                          |   |   | 3,214   |   |   |   | 5,828 |   |
|  Foreign      currency exchange loss                                                   |   |   | -       |   |   |   | 3,195 |   |
| Changes      in assets and liabilities:                                                     |   |   |    |   |   |   |   |   |
|  Accounts      and other receivables                                                   |   |   | (1,452  | )      |   |   | (770 | ) |
|  Allowance      for doubtful accounts                                                  |   |   | -       |   |   |   | (250 | ) |
|  Prepaid      expenses                                                                 |   |   | 1,294   |   |   |   | 16,022 |   |
|  Accrued      liabilities                                                              |   |   | (17,527 | )      |   |   | (47,081 | ) |
|  Deferred      revenue                                                                 |   |   | (16,707 | )      |   |   | 6,490 |   |
| Net      Cash Provided By (Used In) Operating Activities                                    |   |   | 6,684   |   |   |   | (51,917 | ) |
| Cash      Flows From Investing Activities:                                                  |   |   |    |   |   |   |   |   |
|  Advances      to related party                                                        |   |   | (7,995  | )      |   |   | (30,558 | ) |
|  Contribution      from spin off of Oldwebsites.com, Inc                               |   |   | -       |   |   |   | (51,269 | ) |
| Net      Cash Used In Investing Activities                                                  |   |   | (7,995  | )      |   |   | (81,827 | ) |
| Cash      Flows From Financing Activities:                                                  |   |   |    |   |   |   |   |   |
|  Redemption      of X/N shares                                                         |   |   | -       |   |   |   | (47,414 | ) |
| Net      Cash Used In Financing Activities                                                  |   |   | -       |   |   |   | (47,414 | ) |
| Effect      of Exchange Rate Changes on Cash                                                |   |   | -       |   |   |   | 9,476 |   |
| Net      Change in Cash                                                                     |   |   | (1,311  | )      |   |   | (171,682 | ) |
| Cash      at Beginning of Period                                                            |   |   | 52,364  |   |   |   | 315,304 |   |
| Cash      at End of Period                                                                  |   | $      | 51,053  |   |   | $      | 143,622 |   |
|                                                                                        |   |   |    |   |   |   |   |   |
| Non-Cash      Investing and Financing Activities:                                           |   |   |    |   |   |   |   |   |
|  Contributions      from spin off of Oldwebsites.com                                   |   | $      | -       |   |   | $      | 48,409 |   |
|  Conversion      of 1,983,198 X/N shares to 1,983,198 common shares                    |   |   | -       |   |   |   | 19,832 |   |

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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 items areaccounted for under 
SFAS No. 133 and interpretationsthereof, and the effects that derivatives and related hedged items have on anentity'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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|  (BASIC/DILUTED      EPS)                                                               |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|                                                                                         |  For      the Three Months Ended                                                                                           |                                                                                                                            |  For      the Nine Months Ended |
|                                                                                         |  September      30,                                                                                                        |                                                                                                                            |  September      30,             |
|                                                                                         | 2008                                                                                                                            | 2007                                                                                                                            |                                 | 2008                                                 | 2007                                                                                                                            |
|                                                                                         |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
| Weighted-average      number of common shares used in basic                                  |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|      income      (loss) per common share calculation                |        79,091,412                                                                            |        77,709,515                                                                            |                                 |        79,091,412 |        77,310,850                                                                            |
|                                                                                         |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
| Incremental      potentially issuable common shares from assumed                             |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|      conversion      of Class N common shares                       |                      - |                      - |                                 |        56,800,000 |                      - |
|                                                                                         |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|  Weighted-average      number of common shares and dilutive                             |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|      potential      common shares used in diluted income (loss) per |                                                                                                                            |                                                                                                                            |                                 |                                                 |                                                                                                                            |
|      common      share calculation                                  |        79,091,412                                                                            |        77,709,515                                                                            |                                 |      135,891,412            |        77,310,850                                                                            |

|                             |   | For      the Three      |    |   | For      the Nine       |   |
|----------------------------------|--------|-------------------------|---------|--------|-------------------------|--------|
|                             |   | Months      Ended       |    |   | Months      Ended       |   |
|                             |   | September      30, 2007 |    |   | September      30, 2007 |   |
|  Oldwebsites.com,      Inc. |   |                    |    |   |                    |   |
|  Net      Revenue           |   | $                       | 953     |   |                    | $      | 3,129 |   |
|  Operating      Expenses    |   |                    | (10,350 | )      |                    |   | (36,064 | ) |
|                             |   |                    |    |   |                    |   |   |   |
|  Loss      From Operations  |   |                    | (9,397  | )      |                    |   | (32,935 | ) |
|                             |   |                    |    |   |                    |   |   |   |
|  Net      Loss              |   | $                       | (9,397  | )      |                    | $      | (32,935 | ) |

|                                        |   | For      the Three      |    |   | For      the Nine       |   |
|---------------------------------------------|--------|-------------------------|---------|--------|-------------------------|--------|
|                                        |   | Months      Ended       |    |   | Months      Ended       |   |
|                                        |   | September      30, 2007 |    |   | September      30, 2007 |   |
|  RecycleNet      Corporation (Ontario) |   |                    |    |   |                    |   |
|  Net      Revenue                      |   | $                       | 20,669  |   |                    | $      | 61,637 |   |
|  Operating      Expenses               |   |                    | (26,119 | )      |                    |   | (47,003 | ) |
|                                        |   |                    |    |   |                    |   |   |   |
|  Income      (Loss) From Operations    |   |                    | (5,450  | )      |                    |   | 14,634 |   |
|                                        |   |                    |    |   |                    |   |   |   |
|  Net      Income (Loss)                |   | $                       | (5,450  | )      |                    | $      | 14,634 |   |

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| Liquidity      and Capital Resources | September 30, 2008                    | December 31, 2007                     |
|--------------------------------------|---------------------------------------|---------------------------------------|
|                                 |                                  |                                  |
| Cash      on Hand                    | $          51,000 | $          52,400 |

|                | Three      Months Ended | Nine      Months Ended |
|---------------------|-------------------------|------------------------|
|                | September 30,           | September  30,         |
|                | 2008                    | 2007                   | 2008 | 2007 |
|                |                    |                   |   |   |
| Sales      Revenues | $       137,000    | $       204,800   | $       473,300 | $       728,000 |

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|                    | Three      Months Ended | Nine      Months Ended |
|-------------------------|-------------------------|------------------------|
|                    | September 30,           | September  30,         |
|                    | 2008                    | 2007                   | 2008 | 2007 |
|                    |                    |                   |   |   |
| Operating      Expenses | $       142,100    | $       222,600   | $       435,400 | $       745,100 |

|                   | Three      Months Ended | Nine      Months Ended |
|------------------------|-------------------------|------------------------|
|                   | September 30,           | September  30,         |
|                   | 2008                    | 2007                   | 2008 | 2007 |
|                   |                    |                   |   |   |
| Net      Profit (Loss) | $       (5,000)    | $       (17,800)  | $       37,900 | $       (17,100) |

|                                                | Three      Months Ended          | Nine      Months Ended |
|-----------------------------------------------------|----------------------------------|------------------------|
|                                                | September      30,               | September      30,     |
|                                                | 2008                             | 2007                   | 2008 | 2007 |
|                                                |                             |                   |   |   |
| Net      Loss – Oldwebsites.com, Inc.         | $          - | $       (9,397)   | $          - | $       (32,935) |
| Net      Profit (Loss) – RecycleNet (Ontario) | $          - | $       (5,450)   | $          - | $    14,634 |

| Deferred      Revenue | September 30, 2008  | December 31, 2007   |
|-----------------------|---------------------|---------------------|
|                  |                |                |
| Deferred      Revenue | $       74,800 | $       91,500 |

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|                   | RecycleNet      Corporation                              |
|------------------------|----------------------------------------------------------|
|                   |                                                     |
|                   |                                                     |
| November      14, 2008 |                                                     |
|                   | Paul      Roszel, President and Chairman of the Board of |
|                   | Directors                                                |
|                   |                                                     |
|                   |                                                     |
| November      14, 2008 |                                                     |
|                   | Richard      Ivanovick, C.A., Chief Financial and        |
|                   | Accounting      Officer                                  |

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