**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 **Washington,
        D.C. 20549**
  
  **FORM 10-QSB**
 
  x
              **QUARTERLY
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE
                  ACT
                  OF 1934**
 **For
        the quarter ended June 30, 2006**
 **-OR-**
 
 o
              **TRANSITION
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE
                  ACT
                  OF 1934**
 **For
        the transition period
        from:                                    to**
  **Commission
        File Number** **000-28339**
 
  **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 (Exact
        Name of Registrant as Specified in Its Charter)
  **NEVADA**
              **000-28339**(State
                  or other jurisdiction of
              (I.R.S.
                  Employer Identification No.)incorporation
                  or organization)
  **2F-B,
                  Xieton Bldg.**
                **No.
                  2 Gaoxin 2 Rd.**
                **New
                  and Hi-Tech Industry Zone**
                **Xian,
                  Shaanxi, China**
              **710000**(Address
                  of principal executive offices)
              (Zip
                  code)
 
 Registrant’s
        telephone number, including area code: 86-29-8837-2530
 
 (Former
        name, former address or former fiscal year, if changed since last
        report)
 
 Check
        whether the issuer: (1) filed all reports required to be filed by
        Section 13 or 15(d) of the Exchange Act during the past 12 months (or
        for such shorter period that the registrant was required to file such reports),
        and (2) has been subject to such filing requirements for the past
        90 days. Yes þ No o
 
 Indicate
        by check mark whether the registrant is a large accelerated filer, an
        accelerated filer, or a non-accelerated filer. See definition of “accelerated
        filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check
        one): Large accelerated filer o Accelerated filer o Non-accelerated filer þ
 
 Indicate
        by check mark whether the registrant is a shell company (as defined in
        Rule 12b-2 of the Exchange)  Yes o No þ
 
 The
        number of shares outstanding of each of the Registrant’s classes of common
        stock, as of November 14, 2007, there are 103,561,000.
  
  **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **FORM
        10-QSB**
 **Quarter
        Ended June 30, 2006**
 
 **TABLE
        OF CONTENTS**
  **PAGE****FINANCIAL
                    INFORMATION**Item
                    1.
                Consolidated
                    Financial StatementsConsolidated
                    Balance Sheet as June 30, 2006 (unaudited)
                4Consolidated
                    Statement of Operations for the Nine Months Ended June 30, 2006
                    and June
                    30, 2005
                5Consolidated
                    Statement of Stockholders’ Equity/(Deficit)
                6Consolidated
                    Statement of Cash Flow for the Nine Months Ended June 30, 2006
                    and June
                    30, 2005
                7Notes
                    to Consolidated Financial Statements
                8Item
                    2.
                Managements
                    Discussion and Analysis of Financial Condition or Plan of
                    Operation
                14Item
                    3.
                Controls
                    and Procedures
                18**PART
                    II—OTHER INFORMATION**Item
                    1.
                Legal
                    Proceedings
                19Item
                    2.
                Unregistered
                    Sales of Equity Securities and Use of Proceeds
                19Item
                    3.
                Defaults
                    Upon Senior Securities
                19Item 4.
                Submission
                    of Matters to a Vote of Security Holders
                19Item
                    5.
                Other
                    Information
                19Item
                    6.
                Exhibits
                    and Reports on Form 8-K
                19**SIGNATURES**
                **20**
  Page
            2 of
            20
  **SPECIAL
        NOTE ON FORWARD LOOKING STATEMENTS**
 
 This
        Quarterly Report on Form 10-QSB, including "Management's Discussion and Analysis
        of Financial Condition and Results of Operations" in Item 2 of Part I of
        this
        report include forward-looking statements. These statements involve known
        and
        unknown risks, uncertainties and other factors that may cause our actual
        results, levels of activity, performance or achievements to be materially
        different from any future results, levels of activity, performance, or
        achievements expressed or implied by forward-looking statements.
 
 In
        some
        cases, you can identify forward-looking statements by terminology such as
        "may,"
        "should," "expects," "plans," "anticipates," "believes," "estimates,"
        "predicts," "potential," "proposed," "intended," or "continue" or the negative
        of these terms or other comparable terminology. You should read statements
        that
        contain these words carefully, because they discuss our expectations about
        our
        future operating results or our future financial condition or state other
        "forward-looking" information. There may be events in the future that we
        are not
        able to accurately predict or control. Before you invest in our securities,
        you
        should be aware that the occurrence of any of the events described in this
        Annual Report could substantially harm our business, results of operations
        and
        financial condition, and that upon the occurrence of any of these events,
        the
        trading price of our securities could decline and you could lose all or part
        of
        your investment. Although we believe that the expectations reflected in the
        forward-looking statements are reasonable, we cannot guarantee future results,
        growth rates, levels of activity, performance or achievements. We are under
        no
        duty to update any of the forward-looking statements after the date of this
        Quarterly Report to conform these statements to actual results.
  Page
            3 of
            20
  **PART
        1: FINANCIAL INFORMATION**
 
 **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **(F/K/A
        Easy Groups Limited)**
 
 **Balance
        Sheets**
 (Unaudited)
 June
                    30,
                  2006
                
                September 30,
                  2005
                  (Audited)**ASSETS**Current
                    AssetsCash
                
                $
                -
                
                $
                -Total
                    Assets
                
                $
                -
                
                $
                -**LIABILITIES
                    AND STOCKHOLDERS' EQUITY**Current
                    LiabilitiesNet
                    Liabilities of Discontinued Operations
                
                $
                -
                
                $
                -Total
                    Liabilities
                
                
                -
                
                
                -Stockholders'
                    EquityCommon
                    Stock: 50,000,000 shares authorized, $0.001 par value; 13,561,100
                    shares
                    issued and outstanding at June 30, 2006 and September 30, 2005
                    respectively
                
                
                13,561
                
                
                13,561Paid
                    in Capital
                
                
                4,124,041
                
                
                4,109,041Accumulated
                    Deficit
                
                
                (4,137,602
                )
                
                (4,122,602
                )Total
                    Stockholders' Equity
                
                
                -
                
                
                -Total
                    Liabilities and Stockholders' Equity
                
                $
                -
                
                $
                -
  The
        accompanying notes are an integral part of these statements
  Page
            4 of
            20
  **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **(F/K/A
        Easy Groups Limited)**
 
 **Consolidated
        Statements of Operations**
 (Unaudited)
 
 Nine
                  Months Ended
              
              Three
                  Months EndedJune
                  30,
              
              June
                  30,2006
              
              2005
              
              2006
              
              2005Revenue,
                  net
              
              $
              -
              
              $
              -
              
              $
              -
              
              $
              -Operating
                  ExpensesGeneral
                  and Administrative
              
              
              -
              
              
              -
              
              
              -
              
              
              -Loss
                  From Operations
              
              
              -
              
              
              -
              
              
              -
              
              
              -Extraordinary
                  Items:Discontinued
                  Operations
              
              
              (15,000
              )
              
              (82,608
              )
              
              -
              
              
              30,762Total
                  Extraordinary Income (Expense)
              
              
              (15,000
              )
              
              (82,608
              )
              
              -
              
              
              30,762Net
                  (Loss)
              
              $
              (15,000
              )
              $
              (82,608
              )
              $
              -
              
              $
              30,762Basic
                  and Diluted (Loss) per ShareContinuing
                  Operations
              
              $
              0.00
              
              $
              0.00
              
              $
              0.00
              
              $
              0.00Discontinued
                  Operations
              
              $
              (0.00
              )
              $
              (0.01
              )
              $
              (0.00
              )
              $
              0.00Weighted
                      Average Number of Shares
              
              
              13,561,100
              
              
              13,561,100
              
              
              13,561,100
              
              
              13,561,100
  The
        accompanying notes are an integral part of these statements
  Page
            5 of
            20
 
 **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **(F/K/A
        Easy Groups Limited)**
 
 **Consolidated
        Statement of Stockholders' Equity/(Deficit)**
 (Unaudited)
  Common
                  Stock
              
              Paid
                  in
              
              Accumulated
              
              TotalShares
              
              Amount
              
              Capital
              
              (Deficit)
              
              Equity**Balance,
                  October 1, 2003**
              
              
              13,561,100
              
              
              13,561
              
              
              3,990,193
              
              
              (5,005,872
              )
              
              (1,002,118
              )Dissolution
                  of Acquisition
              
              
              
              
              
              
              
              
              (688,400
              )
              
              2,019,880
              
              
              1,331,480Contributed
                  Capital
              
              
              
              
              
              
              
              
              673,840
              
              
              
              
              
              673,840Net
                  (Loss)
              
              
              
              
              
              
              
              
              
              
              
              (1,068,585
              )
              
              (1,068,585
              )**Balance,
                  September 30, 2004**
              
              
              13,561,100
              
              
              13,561
              
              
              3,975,633
              
              
              (4,054,577
              )
              
              (65,383
              )Contributed
                  Capital
              
              
              
              
              
              
              
              
              133,408
              
              
              
              
              
              133,408Net
                  (Loss)
              
              
              
              
              
              
              
              
              
              
              
              (68,025
              )
              
              (68,025
              )**Balance,
                  September 30, 2005**
              
              
              13,561,100
              
              
              13,561
              
              $
              4,109,041
              
              $
              (4,122,602
              )
              $
              -Contributed
                  Capital
              
              
              -
              
              
              -
              
              
              15,000
              
              
              -
              
              
              15,000Net
                  (Loss)
              
              
              
              
              
              
              
              
              
              
              
              (15,000
              )
              
              (15,000
              )**Balance,
                  June 30, 2006**
              
              
              13,561,100
              
              
              13,561
              
              $
              4,124,041
              
              $
              (4,137,602
              )
              $
              -
 
 The
        accompanying notes are an integral part of these statements
  Page
            6 of
            20
 
 **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **(F/K/A
        Easy Groups Limited)**
 
 **Consolidated
        Statements of Cash Flows**
 (Unaudited)
 
 Nine
                  Months EndedJune
                  30,2006
              
              2005Operating
                  ActivitiesNet
                  Income (Loss)
              
              $
              (15,000
              )
              $
              (82,608
              )Adjustments
                  to reconcile net income (Loss):Discontinued
                  Operations
              
              
              -
              
              
              82,608Balance
                  Sheet Adjustments:(Increase)
                  Decrease in Accounts Receivable
              
              
              -
              
              
              -Increase
                  (Decrease) in Accrued Liabilities
              
              
              -
              
              
              -Net
                  Cash (Used) by Operating Activities
              
              
              (15,000
              )
              
              -Investing
                  ActivitiesDisposal/(Purchase)
                  of Equipment
              
              
              -
              
              
              -Cash
                  (Used) in Investing Activities
              
              
              -
              
              
              -Financing
                  ActivitiesContributed
                  Capital
              
              
              15,000
              
              
              -Cash
                  provided by financing
              
              
              15,000
              
              
              -Net
                  Increase (Decrease) in Cash
              
              
              -
              
              
              -Cash,
                  Beginning of Period
              
              
              -
              
              
              -Cash,
                  End of Period
              
              $
              -
              
              $
              -Supplemental
                  InformationTaxes
              
              $
              -
              
              $
              -Interest
              
              $
              2,222
              
              $
              34,220
 
 The
        accompanying notes are an integral part of these statements
  Page
            7 of
            20
 
 **CHINA
        BIONANOMETER INDUSTRIES CORPORATION**
 **(F/K/A
        Easy Group Limited)**
 
 **Notes
        to the Unaudited Consolidated Financial Statements**
 (June
        30,
        2006 and September 30, 2005)
 
 **NOTE
        1- ORGANIZATION AND BUSINESS ACTIVITY**
 
 China
        Bionanometer Industries Corporation (The Company) was incorporated under
        the
        laws of the state of Nevada on October 24, 1996, under the name Almost Country
        Productions, Inc. and changed its name to Xvariant, Inc. (Xvariant) in August,
        2001 and subsequent to the period reported on these statements the Company
        changed its name to China Ethanol Corporation on August 28, 2006 and finally
        to
        Easy Groups Limited on November 17, 2006.
 
 On
        March
        15, 2001, Xvariant acquired Real Estate Federation, Inc. ("REF") in a
        transaction recorded as a recapitalization of REF with Xvariant being the
        legal
        survivor and REF being the accounting survivor and the operating entity.REF
        was
        established to provide technology for the real estate market that enhances
        the
        use of the Internet in the home-buying process. The technology allows potential
        homebuyers to search for real estate properties from all participating real
        estate brokers' listings. REF had a wholly owned subsidiary, Xvariant, Inc.
        (a
        Utah corporation) which designed web sites for real estate brokers along
        with
        other real estate related services. Xvariant (the Utah corporation) was disposed
        of in October 2001 (see Note 13).
 
 During
        January 2002, Xvariant executed the acquisition of 360House.com,Inc. (360House),
        pursuant to a stock exchange agreement. Xvariant acquired 360House by issuing
        1,000,000 shares of common stock to the shareholders of 360House in exchange
        for
        all of the issued and outstanding shares of 360House. In addition, the exchange
        agreement provides for issuance of additional shares of Xvariant's common
        stock
        based on the performance of 360House. Xvariant agreed to issue common stock,
        including the 1,000,000 shares issued upon execution of the agreement, at
        a
        price equal to either 1) a value equal to six times 360House's earnings before
        interest, taxes, depreciation, and amortization during the twelve month period
        ending December 31, 2003; or 2) the value defined by a valuation consultant
        mutually agreeable by the parties. Either party may demand an independent
        valuation. 360House provides services to the real estate industry principally
        in
        the form of photographic virtual tours of real estate properties available
        for
        viewing on the internet and other video media.
 
 During
        December 2003 the company dissolved the acquisition of 360House because
        performance was not at the expected level.
 
 The
        Company was engaged in the development of technology and Internet services
        targeted at the real estate industry and were considered to be in the
        development stage through December 31, 2001. The Company began substantial
        operations in January 2002 with the acquisition of 360house and became an
        operating company during the year ended September 30, 2003.
 
 The
        consolidated financial statements include Xvariant and its wholly owned
        subsidiaries, Real Estate Federation, Inc. however, with the dissolution
        of the
        acquisition of 360House.com, Inc., the financials have been reclassified
        to
        remove the activity of 360House.com, Inc. All significant intercompany accounts
        and transactions have been eliminated.
 
 Effective
        August 28, 2006 the Company filed a Certificate of Amendment with the State
        of
        Nevada to change its name from XVARIANT, INC. to China Ethanol
        Corporation.
 
 On
        November 27, 2006 the Company filed a Certificate of Amendment with the State
        of
        Nevada to change its name from China Ethanol Corporation to Easy Groups Limited.
 
 On
        June
        20, 2007 the Company changed its name to China Bionanometer Industries
        Corporation.
  Page
            8 of
            20
  **NOTE
        2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**
 
 a.
        Accounting Methods
 
 The
        Company's consolidated financial statements are prepared using the accrual
        method of accounting with a September 30 fiscal year-end.
 
 b.
        Accounts Receivable
 
 The
        Company has discontinued its operations and has no accounts
        receivable.
 
 c.
        Property and Equipment
 
 Property
        and equipment is recorded at cost. Major additions and improvement are
        capitalized. The cost and related accumulated depreciation of equipment retired
        or sold are removed from the accounts and any differences between the
        undepreciated amount and the proceeds from the sale are recorded as gain
        or loss
        on sale of equipment. Depreciation is computed using the straight-line method
        over the estimated useful life of the assets as follows:
  Description
              
              Estimated
                  Useful LifeFurniture
                  and fixtures
              
              3-4
                  yearsMachinery
                  and equipment
              
              3
                  yearsComputers
              
              3
                  years
 e.
        Estimates
 
 The
        preparation of consolidated financial statements in conformity with generally
        accepted accounting principles requires management to make estimates and
        assumptions that affect the reported amounts of assets and liabilities and
        disclosure of contingent assets and liabilities at the date of the consolidated
        financial statements and the reported amounts of revenues and expenses during
        the reporting period. Actual results could differ from those
        estimates.
 
 g.
        Revenue Recognition
 
 The
        Company currently has no sources of revenue.
 
 h.
        Stock
        Options
 
 As
        permitted by FASB Statement 123 and amended by SFAS No. 148 "Accounting for
        Stock Based Compensation" (SFAS No. 123), the Company elected to measure
        and
        record compensation cost relative to employee stock option costs in accordance
        with Accounting Principles Board ("APB") Opinion 25, "Accounting for Stock
        Issued to Employees," and related interpretations and make pro-forma disclosures
        of net income and earnings per share as if the fair value method of valuing
        stock options had been applied. Under APB Opinion 25, compensation cost is
        recognized for stock options granted to employees when the option price is
        less
        that the market price of the underlying common stock on the date of
        grant.
 
 **NOTE
        3 - GOING CONCERN**
 
 The
        Company's consolidated financial statements are prepared using generally
        accepted accounting principles in the United States of America applicable
        to a
        going concern which contemplates the realization of assets and liquidation
        of
        liabilities in the normal course of business. The Company has incurred losses
        which have resulted in an accumulated deficit of $4,137,602 at June 30, 2006,
        and has limited internal financial resources. These factors combined raise
        substantial doubt about the Company's ability to continue as a going concern.
        The accompanying consolidated financial statements do not include any
        adjustments relating to the recoverability and classification of asset carrying
        amounts or the amount and classification of liabilities that might result
        from
        the outcome of this uncertainty.
  Page
            9 of
            20
  The
        Company discontinued operations and is exploring the possibility of purchasing
        an operating enterprise and will have to rely on the sale of stock or capital
        contributions from its shareholders to continue as a going concern. However,
        there can be no assurance that the Company will be able to secure additional
        debt and equity financing.
 
 **NOTE
        4 - DISSOLUTION OF BUSINESS COMBINATION AND DISCONTINUED
        OPERATIONS**
 
 During
        January 2002, Xvariant executed the acquisition of 360House.com, Inc.
        (360House), pursuant to a stock exchange agreement. Xvariant acquired 360House
        by issuing 1,000,000 shares of common stock to the shareholders of 360House
        in
        exchange for all of the issued and outstanding shares of 360House. In addition,
        the exchange agreement provides for issuance of additional shares of Xvariant's
        common stock based on the performance of 360House.
 
 Xvariant
        agreed to issue common stock, including the 1,000,000 shares issued upon
        execution of the agreement, at a price equal to either 1) a value equal to
        six
        times 360House's earnings before interest, taxes, depreciation, and amortization
        during the twelve month period ending December 31, 2003; or 2) the value
        defined
        by a valuation consultant mutually agreeable by the parties. Either party
        may
        demand an independent valuation. 360House provides services to the real estate
        industry principally in the form of photographic virtual tours of real estate
        properties available for viewing on the internet and other video
        media.
 
 During
        December 2003 the company dissolved the acquisition of 360House because
        performance was not at the expected level. Because of the prior impairment
        of
        goodwill the dissolution resulted in a net gain on dissolution of $1,331,480
        as
        a result of the following equity adjustments:
 
 Paid
                  in CapitalBefore
                  Dissolution
              
              $
              3,990,193Adjustment
              
              
              (688,400
              )Adjusted
                  Paid in Capital
              
              $
              3,301,793Accumulated
                  DeficitBefore
                  Dissolution
              
              $
              (5,005,872
              )Adjustment
              
              
              2,019,880Adjusted
                  Paid in Capital
              
              $
              (2,985,992
              )Adjustment
                  to Paid in Capital
              
              $
              (688,400Adjustment
                  to Accumulated Deficit
              
              
              2,019,880Gain
                  on dissolution
              
              $
              1,331,480
 
 The
        condensed financial statements of the discontinued operations
        follow:
  Page
            10
            of 20
  **BALANCE
        SHEETS**
 
 June
                  30,
              
              June
                  30,2006
              
              2005**ASSETS**Cash
              
              $
              -
              
              $
              -Accounts
                  Receivable - Net
              
              
              -
              
              
              -Property
                  and Equipment, Net
              
              
              -
              
              
              -Net
                  Assets of Discontinued Operations
              
              $
              -
              
              $
              -**LIABILITIES**Trade
                  accounts payable and accrued expenses
              
              $
              -
              
              $
              -Capital
                  leases
              
              
              -
              
              
              -Net
                  Liabilities of Discontinued Operations
              
              $
              -
              
              $
              -
 
 **STATEMENTS
        OF OPERATIONS**
 
 For
                  the Nine Months EndedJune
                  30,2006
              
              2005Revenue
              
              $
              6,162
              
              $
              5,922Operating
                  Expenses:General
                  and Administrative
              
              
              7,999
              
              
              51,883Sales
                  and Marketing
              
              
              -
              
              
              -Depreciation
                  and amortization
              
              
              -
              
              
              2,427Total
                  Operating Expenses
              
              
              7,999
              
              
              54,310Loss
                  From Operations
              
              
              (1,837
              )
              
              (48,388
              )Total
                  other Income (Expense)
              
              
              (13,163
              )
              
              (34,220
              )Net
                  (Loss)
              
              $
              (15,000
              )
              $
              (82,608
              )Basic
                        and Diluted (Loss) per Share
              
              $
              (0.00
              )
              $
              (0.01
              )Weighted
                      Average Number of Shares
              
              
              13,561,100
              
              
              13,561,100
  Page
            11
            of 20




**NOTE
      5 - COMMON STOCK TRANSACTIONS**





The
      Company is authorized 50,000,000 common shares at a $0.001 par value and at
      September 30, 2003 had issued and outstanding 13,561,100 shares.





During
      the year ended September 30, 2005 the company received contributed capital
      in
      the amount of $133,408 in order to meet its obligations.





During
      the nine months ended June 30, 2006 the company received contributed capital
      in
      the amount of $15,000 in order to meet its obligations.




**NOTE
      6 -**  **THE
      EFFECT OF RECENTLY ISSUED ACCOUNTING STANDARDS**




Below
      is
      a listing of the most recent accounting standards SFAS 150-154 and their effect
      on the Company.





**Statement
      No. 150**  *Accounting
      for Certain Financial Instruments with Characteristics of both Liabilities
      and
      Equity* (Issued
      5/03)





This
      Statement establishes standards for how an issuer classifies and measures
      certain financial instruments with characteristics of both liabilities and
      equity.





**Statement
      No. 151**  *Inventory
      Costs* -an
      amendment of ARB No. 43, Chapter 4 (Issued 11/04)





This
      statement amends the guidance in ARB No. 43, Chapter 4, *Inventory
      Pricing* ,
      to
      clarify the accounting for abnormal amounts of idle facility expense, freight,
      handling costs, and wasted material (spoilage). Paragraph 5 of ARB 43, Chapter
      4, previously stated that “...under some circumstances, items such as idle
      facility expense, excessive spoilage, double freight and re-handling costs
      may
      be so abnormal ass to require treatment as current period charges....” This
      Statement requires that those items be recognized as current-period charges
      regardless of whether they meet the criterion of “so abnormal.” In addition,
      this Statement requires that allocation of fixed production overheads to the
      costs of conversion be based on the normal capacity of the production
      facilities.





**Statement
      No. 152**  *Accounting
      for Real Estate Time-Sharing Transactions* (an
      amendment of FASB Statements No. 66 and 67)





This
      Statement amends FASB Statement No. 66, *Accounting
      for Sales of Real Estate* ,
      to
      reference the financial accounting and reporting guidance for real estate
      time-sharing transactions that is provided in AICPA Statement of Position (SOP)
      04-2, *Accounting
      for Real Estate Time-Sharing Transactions* .





This
      Statement also amends FASB Statement No. 67, Accounting *for
      Costs and Initial Rental Operations of Real Estate Projects* ,
      states
      that the guidance for (a) incidental operations and (b) costs incurred to sell
      real estate projects does not apply to real estate time-sharing transactions.
      The accounting for those operations and costs is subject to the guidance in
      SOP
      04-2.





**Statement
      No. 153**  *Exchanges
      of Non-monetary Assets* (an
      amendment of APB Opinion No. 29)





The
      guidance in APB Opinion No. 29, *Accounting
      for Non-monetary Transactions* ,
      is
      based on the principle that exchanges of non-monetary assets should be measured
      based on the fair value of the assets exchanged. The guidance in that Opinion,
      however, includes certain exceptions to the principle. This Statement amends
      Opinion 29 to eliminate the exception for non-monetary exchanges of similar
      productive assts and replaces it with a general exception for exchanges of
      non-monetary assets that do not have commercial substance. A non-monetary
      exchange has commercial substance if the future cash flows of the entity are
      expected to change significantly as a result of the exchange.




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**Statement
      No. 154** Accounting Changes and Error Corrections (a replacement of APB Opinion No.
      20
      and FASB Statement No. 3)





This
      Statement replaces APB Opinion No. 20, *Accounting
      Changes,* and FASB
      Statement No. 3, *Reporting
      Accounting Changes in Interim Financial Statements,* and
      changes the requirements for the accounting for and reporting of a change in
      accounting principle. This Statement applies to all voluntary changes in
      accounting principle. It also applies to changes required by an accounting
      pronouncement in the unusual instance that the pronouncement does not include
      specific transition provisions. When a pronouncement includes specific
      transition provisions, those provisions should be followed.





The
      adoption of these new Statements is not expected to have a material effect
      on
      the Company’s current financial position, results or operations, or cash flows.


Below
      is
      a listing of the most recent accounting standards SFAS 146-150 and their effect
      on the Company.





**NOTE
      7- SUBSEQUENT EVENTS**





As
      of
      October 24, 2006 none of the criteria upon which execution of outstanding
      warrants and options were meet. Accordingly, all warrants and options have
      been
      cancelled.





Effective
      August 28, 2006 the Company filed a Certificate of Amendment with the State
      of
      Nevada to change its name from XVARIANT, INC. to China Ethanol
      Corporation.





On
      November 27, 2006 the Company filed a Certificate of Amendment with the State
      of
      Nevada to change its name from China Ethanol Corporation to Easy Groups
      Limited.





On
      June
      20, 2007, the Company filed a Certificate of Amendment with the State of Nevada
      to change its name from Easy Groups Limited to China Bionanometer Industries
      Corporation.





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**ITEM
      2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS OR PLAN OF OPERATION**





Forward-Looking
      Information





This
      report on Form 10-QSB includes "forward-looking statements" within the meaning
      of Section 27A of the Securities Act of 1933, and Section 21E of the Securities
      Exchange Act of 1934. These forward-looking statements may relate to such
      matters as anticipated financial performance, future revenues or earnings,
      business prospects, projected ventures, new products and services, anticipated
      market performance and similar matters. When used in this report, the words
      "may," "will," expect," anticipate," "continue," "estimate," "project,"
      "intend," and similar expressions are intended to identify forward-looking
      statements within the meaning of Section 27A of the Securities Act of 1933
      and
      Section 21E of the Securities Exchange Act of 1934 regarding events, conditions,
      and financial trends that may affect the Company's future plans of operations,
      business strategy, operating results, and financial position. The Private
      Securities Litigation Reform Act of 1995 provides a safe harbor for
      forward-looking statements. To comply with the terms of the safe harbor, we
      caution readers that a variety of factors could cause our actual results to
      differ materially from the anticipated results or other matters expressed in
      forward-looking statements. These risks and uncertainties, many of which are
      beyond our control, include (i) the sufficiency of existing capital resources
      and the Company's ability to raise additional capital to fund cash requirements
      for future operations; (ii) uncertainties involved in the rate of growth of
      the
      Company's business and acceptance of the Company's products and services; (iii)
      volatility of the stock market, particularly within the technology sector;
      and
      (iv) general economic conditions. Although the Company believes the expectations
      reflected in these forward-looking statements are reasonable, such expectations
      may prove to be incorrect.





*History*





China
      Bionanometer Industries Corporation, formerly Easy Groups Limited, formerly
      Xvariant, Inc. (the "Company") was organized on October 24, 1996, under the
      laws
      of the State of Nevada, as "Almost Country Productions, Inc.," for the purpose
      of producing and marketing music. In approximately March 1997, the Company
      sold
      100,000 shares of its common stock at $.30 per share in an offering pursuant
      to
      Rule 504 and Section 3(b) of the Securities Act of 1933. In November, 2000
      the
      Company discontinued its music production business and actively sought new
      business opportunities.





On
      March
      15, 2001, the Company completed the acquisition of Real Estate Federation,
      Inc.
      ("REF"), pursuant to a Stock Purchase Agreement (the "Agreement") between the
      Company and the shareholders of REF. (See "Acquisition of REF"
      below).





The
      Company changed its name to "Xvariant, Inc.," in August, 2001.





In
      January, 2002, the Company completed the acquisition of 360House.com, Inc.,
      a
      Utah corporation ("360House"), pursuant to a Stock Exchange Agreement (the
      "Exchange Agreement") among the Company, 360House, and the shareholders of
      360House. (See "Acquisition of 360House" below).





In
      December 2003, the Company unwound the acquisition of 360House with its
      shareholder through settlement agreements. (See “Disposition of 360House”
below).





The
      Company changed its name to “China Ethanol Corporation” in August
      2006.





In
      September 2006, the Company completed the acquisition of Easy Groups Limited,
      a
      Hong Kong corporation (“Easy Groups”), pursuant to an Exchange Agreement among
      the Company and Easy Groups (See “Acquisition of Easy Groups”
below).





The
      Company changed its name to “Easy Groups Limited” in November 2006.




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In
      January 2007, the Company rescinded the agreement between China Ethanol
      Corporation and Easy Groups. The Company on February 26, 2007 filed a Form
      8-K
      filed with the Commission stating the recession agreement between the Registrant
      and Easy Groups. (See “Recession of Easy Groups” below.)





In
      April
      2007, the Company completed the acquisition of FullCo Limited, a limited
      liability company organized under the laws of Hong Kong (“FullCo”), pursuant to
      an Exchange Agreement among the Company and FullCo (See “Acquisition of FullCo”
below).





The
      Company changed its name to “China Bionanometer Industries Corporation” in June
      2007.





*Acquisition
      of REF*





The
      Company acquired REF as a wholly owned subsidiary by issuing 20,500,000 shares
      of the Company's authorized common stock, 20,000,000 of which were issued to
      the
      shareholders of REF in exchange for their interests in REF, and 500,000 of
      which
      were issued as a fee to one of the Company's shareholders. The newly issued
      shares aggregated approximately 97% of the then issued and outstanding shares
      of
      the Company, and resulted in a change in control of the Company. At the closing
      of the acquisition, REF had no liabilities other than ordinary overhead
      expenditures, a real estate lease obligation, employment agreements with the
      three founders of REF, and a consulting agreement with another shareholder
      of
      REF. REF had no significant assets other than its intellectual property,
      copyrights, and computers used to deliver its service. It did, however, have
      a
      subscription agreement with one of its shareholders to provide up to $2,500,000
      in capital funding over the next one-year period. To date, the full capital
      commitment has been received and utilized to pursue Company business
      operations.





*Disposition
      of REF*





On
      or
      about October 12, 2001, 5,500,000 shares were cancelled in connection with
      Separation Agreements entered into by two of the founders, Messrs. Craig and
      Knapp. Messrs. Craig and Knapp were each reissued 100,000 shares of restricted
      common stock, and were paid $12,500 and $17,500, respectively, as reimbursement
      for all accrued salary, benefits and expenses. On or about July 12, 2002, Mr.
      Thomas Wright, a founder, agreed to cancel 4,400,000 shares owned by him
      pursuant to an employment arrangement of that date. Mr. Wright was paid a total
      of $12,500 as reimbursement for all accrued salary, benefits and expenses.
      A
      total of 500,000 shares of common stock was reissued to Mr. Wright.





*Acquisition
      of Bid Trac*





In
      November, 2001, the Company issued 450,000 shares of restricted common stock
      to
      Bid Trac, Inc. ("Bid Trac"), for the acquisition of certain assets and software
      that allowed the Company to provide an additional on-line service to its
      customers, and six contracts with customers subscribing to the service. In
      addition, the Company granted to Bid Trac, a warrant to purchase up to 600,000
      shares of common stock at an exercise price of $2.00 per share, exercisable
      at
      any time prior to November 21, 2011. The warrant provides that, in the event
      gross revenue derived from the Bid Trac service contracts was less than $200,000
      for the twelve months following the acquisition, only 300,000 shares could
      be
      purchased by Bid Trac, and if gross revenue was less than $100,000 for such
      twelve month period, then the warrant terminated and no shares could be
      purchased. Gross revenue from the Bid Trac contracts aggregated less than
      $100,000 for the initial twelve months following the acquisition.





*Acquisition
      of 360House*





In
      January, 2002, the Company completed the acquisition of 360House.com, Inc.,
      a
      Utah corporation ("360House"), under the terms of a Stock Exchange Agreement
      (the "Exchange Agreement") among the Company, 360House, and the shareholders
      of
      360House.





The
      Company acquired 360House as a wholly-owned subsidiary by initially issuing
      1,000,000 shares of the Company's authorized common stock to the shareholders
      of
      360House in exchange for all of the outstanding stock of 360House. In addition,
      the Exchange Agreement provides for the issuance of additional
      shares of the Company's common stock based on the performance of 360House.
      The
      Company has agreed to issue stock, including the 1,000,000 shares issued upon
      execution of the Agreement, at a price equal to either (a) a value equal to
      six
      times 360House's earnings before interest, taxes, depreciation and amortization
      ("EBITDA") in the twelve month period ending December 31, 2003 ("Earnout
      Shares"); or (b) the value defined by a valuation consultant agreed to by the
      parties (the "Earnout"). Either party may demand an independent valuation,
      and
      the party making such demand must bear the cost. The value of the Company's
      common stock for purposes of the Earnout, shall be calculated based on the
      average closing price of the stock for the 30 trading days prior to December
      31,
      2003.





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At
      the
      closing of the acquisition, 360House had no significant tangible assets except
      computers, office furniture and equipment, and general files for its three
      employees. It had what it believed was, however, significant and valuable
      intellectual property, including, trademarks and internally developed software
      and web technology. 360House had no liabilities other than ordinary overhead
      expenditures, and employment agreements with Glade Jones, the President of
      360House, and Andy Evans, the founder and Chief Technical Officer of 360House.
      Although the employment agreements are obligations of 360House, the Company
      assumed the obligations to ensure that the salaries were paid for the six months
      following the acquisition to the extent that 360House did not have the cash
      flow
      to satisfy the salary obligations. Additionally, the Company had the obligation,
      for a period of six months from the acquisition, to ensure that 360House
      operating expenses were paid to the extent there was a cash shortfall in
      360House in meeting such expenses, which condition has been
      satisfied.





The
      Exchange Agreement contained an option allowing the shareholders of 360House
      to
      unwind the transaction in certain events. In the event the shareholders of
      360House did not want to accept the Earnout Shares at December 31, 2003, they
      could surrender all of their shares in the Company and all of the issued and
      outstanding common stock of 360House shall be returned to the shareholders
      of
      360House. In such event, however, the Company had the option to retain the
      360House shares and pay the value calculated at December 31, 2003 to the
      360House shareholders in cash. Neither of the alternatives were acceptable
      to
      either the Company or the shareholders. The Company and the shareholders
      prepared settlement documents reflecting a position somewhere in between the
      two
      positions outlined in the Exchange Agreement, and the acquisition was
      unwound.





*Disposition
      of 360House*





In
      December 2003, as stated above, the Company unwound the acquisition of 360House
      with its shareholders through settlement agreements. In these agreements, the
      Company returned all shares it had received from 360House and 360House returned
      the 1,000,000 shares of stock in the Company.





*Acquisition
      of Easy Groups Limited*





Pursuant
      to an Exchange Agreement (the "Agreement") effective September 29, 2006, and
      its
      contemplated transaction that closed October 1, 2006, (the "Closing"), the
      Registrant acquired all of the issued and outstanding capital stock and
      underlying business of Easy Groups Limited and all related companies, including
      but not limited to Easy Dynamic Advertising (Exterior Walls) Limited (herein
      referred to as “Easy Groups”) which is an outdoor advertising company (the
      "Business") in exchange for Forty Two Million Five Hundred Twenty-Seven Thousand
      (42,527,000) shares of common stock of the Registrant, which includes shares
      issued to third party consultants as a material part of this transaction in
      consideration of services rendered. As a result, the shareholders and affiliates
      of Easy Groups (collectively, the “Easy Groups Shareholders”) gained control of
      the Registrant.





Prior
      to
      the Agreement, the Registrant had 13,561,000 shares of common stock issued
      and
      outstanding. Upon the Closing of the transaction, the Registrant had 56,088,000
      shares of common stock outstanding. (See
      the
      Form 8-K filed with the Commission on November 3, 2006 *.* )




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          16 of
          20




*Recession
      of Easy Groups Limited Exchange Agreement*





On
      February 2, 2007 China Ethanol Corporation and Easy Groups Limited entered
      into
      a Rescission Agreement due to Easy Groups being unable to produce audited
      financial statements on a pro forma basis in the required filings of the annual
      and quarterly filings.





Easy
      Groups Limited agreed to deliver to China Ethanol Corporation an aggregate
      of
      Forty-Two Million Five Hundred Twenty-Seven Thousand (42,527,000) shares of
      China Ethanol Corporation’s Common Stock for cancellation and return to the
      Company’s treasury.





Prior
      to
      the Agreement, there was a commitment to issue 42,527,000 shares of China
      Ethanol Corporation which would have resulted in a total of 56,088,000 shares
      of
      common stock outstanding, however, no shares were issued which results in only
      13,561,000 shares of common stock issued and outstanding.





*Acquisition
      of FullCo Limited*





On
      April
      27, 2007, Easy Groups Limited, a Nevada corporation (the “Registrant” or “Easy
      Groups”) entered into an Agreement and Plan of Share Exchange (“Exchange
      Agreement”), FullCo Industrial Limited, a limited liability company incorporated
      under the laws of the Hong Kong, China (“FullCo”) and each of the shareholders
      of the FullCo (“FullCo Shareholders”). FullCo is specialized in research and
      development, production and sale of nanometer level health food, cosmetic,
      biologic antibacterial disinfecting product, as well as Chinese traditional
      medicine products. The company obtains the state authentication of high and
      new
      technology enterprise and is simultaneously an academician enterprise in the
      hi-tech zone.




Upon
      consummation of the Exchange Agreement on the Closing Date, Easy Groups will
      acquire FullCo by issuing 90,000,000 shares of its common stock (the “Easy
      Groups Shares”) to the FullCo Shareholders and consultants, and in exchange,
      FullCo Shareholders shall assign 100% of the outstanding common stock of the
      FullCo to Easy Groups. As a result of the transactions contemplated under the
      Exchange Agreement, (1) Easy Groups would acquire the business and operations
      of
      the FullCo, and (2) Easy Group’s principal business activities shall consist of
      the business of FullCo,





In
      connection with the execution of the Exchange Agreement, Easy Groups, FullCo
      and
      Xi’an Landway are entering into a Guarantee and Assumption Agreement (“Guarantee
      Agreement”), under which the FullCo and Xi’an Landway shall agree to be jointly
      and severally liable with FullCo and the FullCo Shareholders for each and every
      obligation and liability of FullCo and the FullCo Shareholders under the
      Exchange Agreement as if it were a party to the Exchange Agreement.





Easy
      Group’s completion of the transactions contemplated under the Exchange Agreement
      are subject to the satisfaction of certain contingencies including, without
      limitation, the delivery of U.S. GAAP audited annual, interim reviewed and
      pro
      forma financial information of FullCo (on a consolidated basis with the FullCo
      and Xi’an Landway) acceptable to Easy Groups, compliance with regulatory
      requirements, and the execution of the Restructuring Agreements. Consummation
      of
      the exchange transaction is also conditioned upon, among other things, continued
      quotation of Easy Group’s common stock on the OTCBB





*Business
      of Company*





At
      this
      time, the Company has no viable business operations and is searching for
      business operations that can be incorporated into the Company.





*Employees*





The
      Company employs 1 person at the Company's executive offices.





Page
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          20





*Government
      Regulation*





The
      Company's business activities are subject only to general governmental
      regulations.





*Results
      of Operations for the NineMmonths ended June 30, 2006 and June 30,
      2005.*





Revenues.
      The Company generated $0 in revenue during the nine months ended June 30, 2006.
      During the same nine-month period in 2005, the Company generated revenue of
      $0.
      The lack of revenue is primarily due to the disposal of its subsidiary 360
      House.





Operating
      Expenses. Operating expenses for the nine months ended June 30, 2006 was $0
      compared to $0 for the nine months ended June 30, 2005. The lack of operating
      expenses is due primarily to the disposal of its subsidiary 360 House.





During
      the nine months ended June 30, 2006, the Company had a net loss of $15,000
      compared to a net loss of $82,608 for the nine months ended June 30, 2005.
      The
      decrease in net loss results primarily from the write off of the investment
      in
      360House as described above.





*Liquidity
      and Capital Resources*





As
      of
      June 30, 2006, the Company had no cash on hand, total current assets of $0,
      total current liabilities of $0 and total stockholder's equity of $0 as compared
      to stockholders' equity deficit of $0 at September 30, 2005. With the
      discontinued operations the Company is now considered to be again in the
      development stage. The Company expects to continue to experience negative cash
      flow until it is able to acquire or develop substantial operations.





The
      Company will continue to have the need for infusions of capital. To date, the
      Company has met its working capital needs through payments under subscription
      agreements or contributed capital and anticipates that such payments will
      continue over the next several months. Additional investor capital infusions
      will result in greater dilution to the existing shareholders. Therefore, future
      equity contributions may depend, to some extent, on results of acquiring or
      developing operations. There can be no assurance that the Company will be able
      to attract new investors or that the current venture investors will continue
      to
      fund operations. In such event as the loss of current funding there is no
      assurance that the Company will be able to locate a source of capital, or on
      terms acceptable to the Company or to reduce costs sufficient to maintain the
      operations of the Company at its current level.





**ITEM
      3. CONTROLS AND PROCEDURES.**





*Evaluation
      of Disclosure Controls and Procedures* .
      Our
      Chief Executive Officer Reed Benson, who is also serving as the Chief Financial
      Officer , performed an evaluation of our disclosure controls and procedures,
      which have been designed to permit us to effectively identify and timely
      disclose important information. They concluded that the controls and procedures
      were effective as of June 30, 2006 to provide reasonable assurance that the
      information required to be disclosed by the Company in reports it files under
      the Exchange Act is recorded, processed, summarized and reported within the
      time
      periods specified in the rules and forms of the SEC. While our disclosure
      controls and procedures provide reasonable assurance that the appropriate
      information will be available on a timely basis, this assurance is subject
      to
      limitations inherent in any control system, no matter how well it may be
      designed or administered.




*Changes
      in* *Internal
      Controls.* There
      was no change in our internal control over financial reporting during the
      quarter ended June 30, 2006, that materially affected, or is reasonably likely
      to materially affect, our internal control over financial
      reporting.




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**PART
      II - OTHER INFORMATION**





**ITEM
      1. LEGAL PROCEEDINGS**





We
      are
      not involved in any material pending legal proceedings at this time, and
      management is not aware of any contemplated proceeding by any governmental
      authority.





**ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
      PROCEEDS**





None





**ITEM
      3. DEFAULTS UPON SENIOR SECURITIES**





None





**ITEM
      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**





None





**ITEM
      5. OTHER INFORMATION**





This
      Form
      10-QSB filing is being filed in the name of China Bionanometer Industries
      Corporation. On August 28, 2006, Xvariant, Inc. changed its name to China
      Ethanol Corporation. On November 17, 2006, China Ethanol Corporation changed
      its
      name to Easy Groups Limited. On June 20, 2007, Easy Groups Limited changed
      its
      name to China Bionanometer Industries Corporation and obtained a new symbol
      which is CBIU.





**ITEM
      6. EXHIBITS AND REPORTS ON FORM 8-K**





(a)
      Exhibits


**INDEX
      TO EXHIBITS**


**OF**


**CHINA
      BIONANOMETER INDUSTRIES CORPORATION**





31.1
            Rule
                13a-14 (a)/15d-14 (a) Certification of Chief Executive
                Officer.31.2
            Rule
                13a-14 (a)/15d-14 (a) Certification of Chief Financial
                Officer.32
            Section
                1350 Certifications.





(b)
      None.





Page
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          20


**SIGNATURES**





Pursuant
      to the requirements of Section 13 of 15(d) of the Securities and Exchange Act
      of
      1934, the Registrant has duly caused this report to be signed on its behalf
      by
      the undersigned, thereunto duly authorized.





**China
                Bionanometer Industries Corporation**(Registrant)/s/
              Wang Wen’gengWang
                Wen’geng, Chief Executive Officer(Principal
                executive officer)




Dated:
      November 26, 2007





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