| Delaware                                 |                 | 20-3148296          |
|------------------------------------------|----------------------|---------------------|
| (State of other jurisdiction of          |                 | (IRS Employer       |
| incorporation or organization            |                 | Identification No.) |
|                                     |                 |                |
| One Penn Plaza, Suite 1612, New York, NY | 10119                |
| (Address of principal executive offices) | (Zip Code)           |
|                                     |  (212) 994-5374 |                |
| (Registrant’s telephone number)    |

|                                                                                                                                                                         Page No |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Part I                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |   |
| Item 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Business | 5 |
| Item 1A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Risk Factors | 8 |
| Item 2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Description of Properties | 10 |
| Item 3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Legal Proceedings | 10 |
| Item 4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Submission of Matters to a Vote of Security Holders | 10 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
| Part II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| Item 5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Market for Registrant’s Common Equity, Related Stockholder Matters |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | and Issuer Purchase of Equity Securities | 11 |
| Item 6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Selected Financial Data |   |
| Item 7                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Management’s Discussion and Analysis | 12 |
| Item 8                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Financial Statements and Supplementary Data | 15 |
| Item 9                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Changes and Disagreements with Accountants on Accounting and Financial Disclosure | 27 |
| Item 9A                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Controls and Procedures | 27 |
| Item 9B                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Other Information | 28 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
| Part III                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |
| Item 10                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Directors, Executive Officers and Corporate Governance | 29 |
| Item 11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Executive Compensation | 30 |
| Item 12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Security Ownership of Certain Beneficial Owners and Management and Related |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Stockholder Matters | 30 |
| Item 13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Certain Relationships and Related Transactions and Director Independence | 30 |
| Item 14                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Principal Accountant Fees and Services | 31 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
| Part IV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |
| Item 15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Exhibits and Financial Statement Schedules | 31 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |   |
| Signatures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |

| Ø | Include restated financial statements as described in Note 12 to the financial statements;                                              |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|
| Ø | Amend Item 7, Management’s Discussion and Analysis, to reflect the amended financial statements;                                  |
| Ø | Amend the following notes under Item 8, Financial Statements and Supplementary Schedules, to reflect the amended financial statements;  |
|   | Ø                                                                                                                                       | Report of Independent Auditor to indicate that the audit was conducted in accordance with the standards of the PCAOB as discussed in PCAOB Auditing Standard One and to include dual dating of report due to the restatements;  |
|   | Ø                                                                                                                                       | Note 12, Restatements, was updated to outline the additional changes that were made to the financial statements;   |
|   |                                                                                                                                         |   |
|   | Ø                                                                                                                                       | Item 9A, Controls and Procedures was revised to disclose that disclosure control procedures were not adequate at December 31, 2008;  |
|   | Ø                                                                                                                                       | Item 11, Executive Compensation, was revised to disclose compensation accurately;  |
|   | Ø                                                                                                                                       | Item 13, Certain Relationships And Related Transactions And Director Independence, was revised to disclose the relationship with GreenShift Corporation;  |
|   | Ø                                                                                                                                       | Item 14, Principal Accountant Fees and Services, was revised to indicate that Board approval was required; and |
|   |                                                                                                                                         |   |
|   | Ø                                                                                                                                       | Item 15, Exhibits, was revised to include additional exhibits. |
|   |                                                                                                                                         |   |

| Ø   | the volatility and uncertainty of commodity prices; |
|--------------------|-----------------------------------------------------|

| Ø   | the costs and business risks associated with developing new products and entering new markets; |
|--------------------|------------------------------------------------------------------------------------------------|

| Ø   | our ability to locate and integrate future acquisitions; |
|--------------------|----------------------------------------------------------|

| Ø   | the impact of new, emerging and competing technologies on our business; |
|--------------------|-------------------------------------------------------------------------|

| Ø   | the possibility of one or more of the markets in which we compete being impacted by political, legal and regulatory changes or other external factors over which they have no control; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | changes in or elimination of governmental laws, tariffs, trade or other controls or enforcement practices; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| Ø   | our reliance on key management personnel; |
|--------------------|-------------------------------------------|

| Ø   | limitations and restrictions contained in the instruments and agreements governing our indebtedness; |
|--------------------|------------------------------------------------------------------------------------------------------|

| Ø   | our ability to raise additional capital and secure additional financing; |
|--------------------|--------------------------------------------------------------------------|

| Ø   | our ability to implement additional financial and management controls, reporting systems and procedures and comply with Section 404 of the Sarbanes-Oxley Act, as amended; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | other risks referenced from time to time in our filings with the SEC and those factors listed in this Form 10k under Item 1A, Risks Factors, beginning on page 5. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Rapid conversion of waste into biomass; |
|--------------------|-----------------------------------------|

| Ø   | Low energy demand and favorable carbon footprint; |
|--------------------|---------------------------------------------------|

| Ø   | High tolerance to contamination equates to increased caloric uptake and survival until harvesting; |
|--------------------|----------------------------------------------------------------------------------------------------|

| Ø   | Works by itself or with other organisms in an engineered food chain; and, |
|--------------------|---------------------------------------------------------------------------|

| Ø   | Low cost distributed deployment based on the localized food, fuel and other resource requirements. |
|--------------------|----------------------------------------------------------------------------------------------------|

| Ø   | Up to one quarter of all fresh fruits and vegetables in the U.S. are lost between the field and the table; |
|--------------------|------------------------------------------------------------------------------------------------------------|

| Ø   | In Australia it is estimated that food waste makes up half of that country's landfill; |
|--------------------|----------------------------------------------------------------------------------------|

| Ø   | Almost one-third of all food purchased in the United Kingdom every year is not eaten; |
|--------------------|---------------------------------------------------------------------------------------|

| Ø   | Over one third of the world's cereals are being used as animal feed, rising to 50 per cent by 2050 – continuing to feed cereals to growing numbers of livestock will aggravate environmental degradation; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | Recycling food wastes and deploying new technologies, aimed at producing biofuels, to produce sugars from discards such as straw and even nutshells could be a key environmentally-friendly alternative to increased use of cereals for livestock; and |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | The world could feed its entire projected population growth alone simply by becoming more efficient. |
|--------------------|------------------------------------------------------------------------------------------------------|

| Period                  |                                                               | High   |   |   | Low    |   |
|-------------------------|--------------------------------------------------------------------|--------|--------|--------|--------|--------|
| 2008 First Quarter      |                                                               |   | 0.0552 |   |   |   | 0.0552 |   |
| 2008 Second Quarter     |                                                               |   | 0.0100 |   |   |   | 0.0060 |   |
| 2008 Third Quarter      |                                                               |   | 0.0010 |   |   |   | 0.0007 |   |
| 2008 Fourth Quarter     |                                                               |   | 0.0028 |   |   |   | 0.0026 |   |
| 2007 First Quarter      |                                                               |   | 0.0014 |   |   |   | 0.0012 |   |
| 2007 Second Quarter     |                                                               |   | 0.0012 |   |   |   | 0.0010 |   |
| 2007 Third Quarter      |                                                               |   | 0.0006 |   |   |   | 0.0005 |   |
| 2007 Fourth Quarter     |                                                               |   | 0.0003 |   |   |   | 0.0002 |   |
|   Title of Class   |  Approximate Number of Holders of Record as of April 11, 2008 |   |   |   |
| Common Stock, 0.001 par |                                                               |   | 268    |   |   |   |   |   |

| Page No                                                 |
|---------------------------------------------------------|
| FINANCIAL STATEMENTS                                    |   |
|                                                    |   |
| Report of Independent Registered Public Accounting Firm | 16 |
|                                                    |   |
| Balance Sheets                                          | 17 |
|                                                    |   |
| Statements of Operations                                | 18 |
|                                                    |   |
| Statements of Stockholders’ Equity                | 19 |
|                                                    |   |
| Statements of Cash Flows                                | 20 |
|                                                    |   |
| Notes to Financial Statements                           | 21 |

| ASSETS                                                                                               |   | 12/31/08 |       |   | 12/31/07      |   |
|------------------------------------------------------------------------------------------------------|--------|----------|------------|--------|---------------|--------|
|                                                                                                 |   |     |       |   | (As Restated) |   |
| Current assets:                                                                                      |   |     |       |   |          |   |
| Cash                                                                                                 |   | $        | --         |   |          | $      | 91 |   |
| Due from related parties                                                                             |   |     | --         |   |          |   | 1,007,751 |   |
| Total current assets                                                                                 |   |     | --         |   |          |   | 1,007,842 |   |
| TOTAL ASSETS                                                                                         |   | $        | --         |   |          | $      | 1,007,842 |   |
|                                                                                                 |   |     |       |   |          |   |   |   |
| LIABILITIES AND STOCKHOLDER’S EQUITY                                                           |   |     |       |   |          |   |   |   |
| Current liabilities:                                                                                 |   |     |       |   |          |   |   |   |
| Due to related party                                                                                 |   |     | 3,612      |   |          |   | 400,863 |   |
| Accounts payable and accrued expenses                                                                |   |     | 152,517    |   |          |   | -- |   |
| Convertible debenture, net of discounts - affiliate                                                  |   |     | --         |   |          |   | 170,293 |   |
| Total current liabilities                                                                            |   |     | 156,129    |   |          |   | 571,156 |   |
|                                                                                                 |   |     |       |   |          |   |   |   |
| TOTAL LIABILITIES                                                                                    |   |     | 156,129    |   |          |   | 571,156 |   |
|                                                                                                 |   |     |       |   |          |   |   |   |
| STOCKHOLDERS’ EQUITY                                                                           |   |     |       |   |          |   |   |   |
|  Preferred stock, $0.001 par value:                                                             |   |     |       |   |          |   |   |   |
| Series D: 1,000,000 authorized, 0 issued and outstanding                                             |   |     | --         |   |          |   | 921 |   |
| Common stock, $0.001 par value, 5,000,000,000 authorized;                                            |   |     |       |   |          |   |   |   |
| 8,354,328 issued and outstanding as of 12/31/07 and500,000,000 issued and outstanding as of 12/31/08 |   |     |       |   |          |   |   |   |
|                                                                                                 |   |     | 500,000    |   |          |   | 8,354 |   |
| Additional paid-in capital                                                                           |   |     | 6,574,119  |   |          |   | 6,852,007 |   |
| Accumulated deficit                                                                                  |   |     | (7,230,248 | )      |          |   | (6,424,596 | ) |
|                                                                                                 |   |     |       |   |          |   |   |   |
| TOTAL STOCKHOLDERS’ EQUITY                                                                     |   |     | (156,129   | )      |          |   | 436,686 |   |
| TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY                                                     |   | $        | --         |   |          | $      | 1,007,842 |   |

|                                                                      |   | 12/31/08            |       |   | 12/31/07 |   |
|---------------------------------------------------------------------------|--------|---------------------|------------|--------|----------|--------|
|                                                                      |   | (As  Restated) |       |   |     |   |
| Revenues                                                                  |   | $                   | --         |   |     | $      | -- |   |
| Cost of revenues                                                          |   |                | --         |   |     |   | -- |   |
| Gross profit                                                              |   |                | --         |   |     |   | -- |   |
|                                                                      |   |                |       |   |     |   |   |   |
| Operating expenses                                                        |   |                |       |   |     |   |   |   |
| Stock based compensation                                                  |   |                | 707,028    |   |     |   | 229,231 |   |
| Selling, general and administrative expenses                              |   |                | 61,759     |   |     |   | 112,578 |   |
| Total operating expenses                                                  |   |                | 768,787    |   |     |   | 341,809 |   |
|                                                                      |   |                |       |   |     |   |   |   |
| Operating loss                                                            |   |                | (768,787   | )      |     |   | (341,809 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Other expenses and financing costs                                        |   |                |       |   |     |   |   |   |
| Interest expense                                                          |   |                | (32,069    | )      |     |   | (25,665 | ) |
| Total other expense                                                       |   |                | (32,069    | )      |     |   | (25,665 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Loss before provision for income taxes                                    |   |                | (800,856   | )      |     |   | (367,474 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Provision for income taxes                                                |   |                | (4,796     | )      |     |   | -- |   |
|                                                                      |   |                |       |   |     |   |   |   |
| Net loss from continuing operations                                       |   | $                   | (805,652   | )      |     | $      | (367,474 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Net income from discontinued operations                                   |   | $                   | --         |   |     | $      | 293,330 |   |
|                                                                      |   |                |       |   |     |   |   |   |
| Net Income                                                                |   | $                   | (805,652   | )      |     | $      | (74,144 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Net loss per common share from continuing operations, basic and diluted   |   | $                   | (.02       | )      |     | $      | (0.07 | ) |
|                                                                      |   |                |       |   |     |   |   |   |
| Net loss per common share from discontinued operations, basic and diluted |   | $                   | 0.00       |   |     | $      | 0.06 |   |
|                                                                      |   |                |       |   |     |   |   |   |
| Weighted average of shares of common stock                                |   |                |       |   |     |   |   |   |
| Outstanding, basic and diluted                                            |   |                | 53,547,882 |   |     |   | 5,260,701 |   |

|                                                            |   |  Series C    |       |   |  Series D        |   |   |  Series E  |   |
|-----------------------------------------------------------------|--------|----------------------------------|------------|--------|-----------------------|--------|--------|-----------------|--------|
|                                                            |   | Preferred Stock                  |       |   |  Preferred Stock |   |   | Preferred Stock |   |
|                                                            |   | Shares                           |       |   | Amount                |   |   | Shares          |   |   | Amount |   |   | Shares |   |   | Amount |   |
|                                                            |   |                             |       |   |                  |   |   |            |   |   |   |   |   |   |   |   |   |   |
| Balance at 12/31/06                                             |   |                             | 1,600,369  |   |                  | $      | 1,600  |            |   |   | 1,000,000 |   |   |   | 1,000 |   |   |   | 5,054,328 |   |   | $ | 5,054 |   |
| Cancellation of shares                                          |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | (60,000 | ) |   |   | (60 | ) |
| Conversion of series C to Common                                |   |                             | (1,600,369 | )      |                  |   | (1,600 | )               |   |   | -- |   |   |   | -- |   |   |   | 320,000 |   |   |   | 320 |   |
| Cashless exercise of warrants                                   |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | 123,077 |   |   |   | 123 |   |
| Shares issued for services                                      |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | 916,923 |   |   |   | 917 |   |
| Conversion of series D Preferred                                |   |                             | --         |   |                  |   | --     |            |   |   | (78,687 | ) |   |   | (79 | ) |   |   | 2,000,000 |   |   |   | 2,000 |   |
| Forgiveness of related party debt, net                          |   |                             |       |   |                  |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Transfer of subsidiaries                                        |   |                             |       |   |                  |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at 12/31/07                                             |   |                             | --         |   |                  | $      | --     |            |   |   | 921,313 |   |   | $ | 921 |   |   |   | 8,354,328 |   |   | $ | 8,354 |   |
| Cancellation of shares                                          |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | (11,407 | ) |   |   | (11 | ) |
| Shares issued for services                                      |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | 91,211,326 |   |   |   | 91,211 |   |
| Conversion of series D Preferred                                |   |                             | --         |   |                  |   | --     |            |   |   | (921,313 | ) |   |   | (921 | ) |   |   | 400,000,000 |   |   |   | 400,000 |   |
| Forgiveness of related party debt, net                          |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Issuance of fractional shares from  reverse split     |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | 445,753 |   |   |   | 446 |   |
| Beneficial conversion feature of convertible debt (As Restated) |   |                             | --         |   |                  |   | --     |            |   |   | -- |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Net loss, as restated                                           |   |                             |       |   |                  |   |   |            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance at 12/31/08                                             |   |                             | --         |   |                  | $      | --     |            |   |   | -- |   |   | $ | -- |   |   |   | 500,000,000 |   |   | $ | 500,000 |   |

|                                                            |   | Additional Paid-in Capital |       |   | Accumulated Deficit |   |       | Total Stockholders’ Equity (Deficit) |   |
|-----------------------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|------------|--------------------------------------------|--------|
|                                                            |   |                       |       |   |                     |   |       |                                       |   |
|                                                            |   |                       |       |   |                     |   |       |                                       |   |
| Balance at 12/31/06                                             |   | $                          | 8,086,959  |   |                     | $      | (6,350,452 | )                                          |   | $ | 1,744,161 |   |
| Cancellation of shares                                          |   |                       | 60         |   |                     |   | --         |                                       |   |   | -- |   |
| Conversion of series C to Common                                |   |                       | 1,280      |   |                     |   | --         |                                       |   |   | -- |   |
| Cashless exercise of warrants                                   |   |                       | (123       | )      |                     |   | --         |                                       |   |   | -- |   |
| Shares issued for services                                      |   |                       | 228,314    |   |                     |   | --         |                                       |   |   | 229,231 |   |
| Conversion of series D Preferred                                |   |                       | (1,921     | )      |                     |   | --         |                                       |   |   | -- |   |
| Forgiveness of related party debt, net                          |   |                       | (155,348   | )      |                     |   | --         |                                       |   |   | (155,348 | ) |
| Transfer of subsidiaries                                        |   |                       | (1,307,214 | )      |                     |   | --         |                                       |   |   | (1,307,214 | ) |
| Net Loss                                                        |   |                       | --         |   |                     |   | (74,144    | )                                          |   |   | (74,144 | ) |
| Balance at 12/31/07                                             |   | $                          | 6,852,007  |   |                     | $      | (6,424,596 | )                                          |   | $ | 436,686 |   |
|  Cancellation of shares                                    |   |                       | 11         |   |                     |   | --         |                                       |   |   | -- |   |
| Shares issued for services                                      |   |                       | 615,817    |   |                     |   | --         |                                       |   |   | 707,028 |   |
| Conversion of series D Preferred                                |   |                       | (399,079   | )      |                     |   | --         |                                       |   |   | -- |   |
| Forgiveness of related party debt, net                          |   |                       | (927,123   | )      |                     |   | --         |                                       |   |   | (927,123 | ) |
| Issuance of fractional shares from  reverse split     |   |                       | (446       | )      |                     |   | --         |                                       |   |   | -- |   |
| Beneficial conversion feature of convertible debt (As Restated) |   |                       | 432,932    |   |                     |   | --         |                                       |   |   | 432,932 |   |
| Net Loss, as restated                                           |   |                       | --         |   |                     |   | (805,652   | )                                          |   |   | (787,318 | ) |
| Balance at 12/31/08 (As Restated)                               |   | $                          | 6,574,119  |   |                     | $      | (7,230,248 | )                                          |   | $ | (156,129 | ) |

|                                                  |   | 12/31/08            |     |   | 12/31/07 |   |
|-------------------------------------------------------|--------|---------------------|----------|--------|----------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                  |   |  (As Restated) |     |   |     |   |
| Net loss from continuing operations                   |   | $                   | (805,652 | )      |     | $      | (367,474 | ) |
| Net Income from discontinued operations               |   |                | --       |   |     |   | 293,330 |   |
|                                                  |   |                |     |   |     |   |   |   |
| Adjustments to reconcile net loss to net cash used in |   |                |     |   |     |   |   |   |
|   operating activities:                     |   |                |     |   |     |   |   |   |
| Stock and stock options issued for services           |   |                | 707,028  |   |     |   | 229,231 |   |
| Changes in assets and liabilities:                    |   |                |     |   |     |   |   |   |
| Increase in accounts payable and accrued expenses     |   |                | (31,575  | )      |     |   | 5,144 |   |
| Net cash provided (used) in operating activities      |   |                | (130,199 | )      |     |   | 160,231 |   |
| CASH FLOW FROM FINANCING ACTIVITIES                   |   |                |     |   |     |   |   |   |
| Proceeds from issuance of convertible debt            |   |                | 432,932  |   |     |   | -- |   |
| Repayment of related party debt                       |   |                | (302,824 | )      |     |   | (160,140 | ) |
| Net cash provided (used) by financing activities      |   |                | 130,108  |   |     |   | (160,140 | ) |
| Increase (decrease) in cash                           |   |                | (91      | )      |     |   | 91 |   |
| Cash at beginning of period                           |   |                | 91       |   |     |   | -- |   |
| Cash at end of period                                 |   | $                   | --       |   |     | $      | 91 |   |
|                                                  |   |                |     |   |     |   |   |   |
| SUPPLEMENTAL STATEMENT OF NON-CASH                    |   |                |     |   |     |   |   |   |
| INVESTING AND FINANCING ACTIVITIES:                   |   |                |     |   |     |   |   |   |
| Transfer of subsidiaries into equity                  |   | $                   | --       |   |     | $      | 1,307,214 |   |

|                                                                                         |   | 2008   |   |   | 2007   |   |
|----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Net revenues                                                                                 |   | $      | --     |   |   | $      | 5,695,482 |   |
| Cost of revenues                                                                             |   |   | --     |   |   |   | 4,385,195 |   |
| Gross profit                                                                                 |   |   | --     |   |   |   | 1,310,287 |   |
|                                                                                         |   |   |   |   |   |   |   |   |
| Selling, general and administrative expense                                                  |   |   | --     |   |   |   | 914,237 |   |
| (Loss) income from operations                                                                |   |   | --     |   |   |   | 396,050 |   |
| Other income and expenses, net                                                               |   |   | --     |   |   |   | 102,720 |   |
| Total other income and expense                                                               |   |   | --     |   |   |   | 102,720 |   |
| (Loss) income before provision for income taxes                                              |   |   | --     |   |   |   | 293,330 |   |
| Total provision for tax                                                                      |   |   | --     |   |   |   | -- |   |
| Net income (loss) from discontinued operations                                               |   |   | --     |   |   |   | 293,330 |   |
|        Gain (loss) on disposal of discontinued operations |   |   | --     |   |   |   | -- |   |
| Total income (loss) – discontinued operations                                          |   | $      | --     |   |   | $      | 293,330 |   |

|                      |   | 12/31/2008 |       |   | 12/31/2007 |   |
|---------------------------|--------|------------|------------|--------|------------|--------|
| Deferred Tax Asset:       |   |       |       |   |       |   |
| Total deferred tax assets |   |       | 1,130,000  |   |       |   | 1,130,000 |   |
| Less: Valuation allowance |   |       | (1,130,000 | )      |       |   | (1,130,000 | ) |
| Net deferred tax asset    |   | $          | --         |   |       | $      | -- |   |

|                             |   | Number of Shares |     |   | Weighted AverageExercise Price |   |
|----------------------------------|--------|------------------|----------|--------|--------------------------------|--------|
| Outstanding at December 31, 2007 |   |             | 475,000  |   |                           | $      | 0.46 |   |
| Issued                           |   |             | --       |   |                           | $      | -- |   |
| Exercised                        |   |             | (200,000 | )      |                           | $      | -- |   |
|    Cancelled      |   |             | --       |   |                           | $      | -- |   |
| Outstanding at December 31, 2008 |   |             | 275,000  |   |                           | $      | 0.46 |   |

| Exercise Prices   | Number of Options Outstanding   | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | Exercisable |
|-------------------|---------------------------------|---------------------------------------------|---------------------------------|-------------|
| Number of Options | Weighted Average Exercise Price |
| $0.25             | 75,000                          | 7                                           | 0.25                            | 75,000      | 0.25 |
| $0.75             | 200,000                         | 7                                           | 0.75                            | 200,000     | 0.75 |
|              | 275,000                         |                                        |                            | 275,000     |   |

|                    | 2008    |
|-------------------------|---------|
| Dividend yield          | --      |
| Expected volatility     | 69%     |
| Risk-free interest rate | 2%      |
| Expected life           | 10 yrs. |

|                                              |   | 12/31/08    |       |   | 12/31/08    |   |
|---------------------------------------------------|--------|-------------|------------|--------|-------------|--------|
| Balance Sheets:                                   |   | As reported |       |   | As restated |   |
|                                              |   |        |       |   |        |   |
| Accounts payable and accrued expenses             |   | $           | 134,183    |   |        | $      | 152,517 |   |
| Additional paid in capital                        |   |        | 6,141,187  |   |        |   | 6,574,119 |   |
| Accumulated deficit                               |   |        | (7,211,914 | )      |        |   | (7,230,248 | ) |
|                                              |   |        |       |   |        |   |   |   |
|                                              |   | 12/31/08    |       |   | 12/31/08    |   |
| Statements of Operations:                         |   | As reported |       |   | As restated |   |
|                                              |   |        |       |   |        |   |   |   |
| Selling, general and administrative expenses      |   | $           | 43,426     |   |        | $      | 61,759 |   |
| Loss before provision for income taxes            |   |        | (782,523   | )      |        |   | (800,856 | ) |
| Net income (loss)                                 |   |        | (787,318   | )      |        |   | (805,652 | ) |
|                                              |   |        |       |   |        |   |   |   |
| Earnings (loss) per share:                        |   |        |       |   |        |   |   |   |
| Continuing operations                             |   | $           | (0.01      | )      |        | $      | (0.02 | ) |
|                                              |   |        |       |   |        |   |   |   |
|                                              |   |        |       |   |        |   |
|                                              |   | 12/31/08    |       |   | 12/31/08    |   |
| Statements of Stockholders’ Equity:         |   | As reported |       |   | As restated |   |
|                                              |   |        |       |   |        |   |   |   |
| Net income                                        |   |        | (787,318   | )      |        |   | (805,652 | ) |
|                                              |   |        |       |   |        |   |
|                                              |   | 12/31/08    |       |   | 12/31/08    |   |
| Statements of Cash Flows:                         |   | As reported |       |   | As restated |   |
|                                              |   |        |       |   |        |   |   |   |
| Net loss                                          |   | $           | (787,318   | )      |        | $      | (805,652 | ) |
| Increase in accounts payable and accrued expenses |   |        | (49,909    | )      |        |   | (31,575 | ) |

| Name                | Age | Position                              |
|---------------------|-----|---------------------------------------|
| Glen Courtright     | 48  | President and Chief Executive Officer |
| Jacqueline L. Flynn | 43  | Chief Financial Officer               |
| Kevin Kreisler      | 36  | Chairman                              |

|                                  | Name and Principal Position | Annual Compensation | Long-term Compensation                                                                                                                                                                                                   | All Other Compensation                                                                                                                                       |
|---------------------------------------|-----------------------------|---------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                  | Year                        | Salary              |                                     Bonus |                           Other | Securities Underlying Options Granted (shares) |
| Glen Courtright                       | 2008                        | $                   | 8,333                                                                                                                                                                                                                    | $                                                                                                                                                            | -- | $ | -- | -- | $ | -- |   |
| President and Chief Executive Officer | 2007                        |                | --                                                                                                                                                                                                                       |                                                                                                                                                         | -- |   | -- | -- |   | -- |   |
| Jackie Flynn                          | 2008                        | $                   | 10,000                                                                                                                                                                                                                   | $                                                                                                                                                            | -- | $ | -- | -- | $ | -- |   |
| Chief Financial Officer               | 2007                        |                | --                                                                                                                                                                                                                       |                                                                                                                                                         | -- |   | -- | -- |   | -- |   |

|                | Amount and Nature of Beneficial Ownership |
|---------------------|-------------------------------------------|
| Name and Address(1) |                                      |   |   |   | Series D |   |   |   | Percentage of |
| Of Beneficial Owner | Common                                    |   | % of Class |   | Preferred |   | % of Class |   | Voting Power |
| Kevin Kreisler(2)   | 400,320,000                               |   | 80.0% |   | -- |   | -- |   | 80.00% |
| Glen Courtright     | 7,000,000                                 |   | 1.2% |   | -- |   | -- |   | 1.2% |

|  (1) |  The address of each shareholder is One Penn Plaza, Suite 1612, New York, NY 10119. |
|-----------|------------------------------------------------------------------------------------------|

| (2) | All shares listed for Mr. Kreisler are owned of record by Viridis Capital, LLC, of which Mr. Kreisler is the sole member. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| ITEM 13 | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE |
|---------|--------------------------------------------------------------------------|

| 3.1 | Certificate of Incorporation – filed as an exhibit to the Current Report on Form 8-K filed on July 15, 2005 and incorporated herein by reference. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.1(a) | Certificate of Amendment of Certificate of Incorporation – filed as an Exhibit to the Current Report on Form 8-K filed on February 13, 2008, and incorporated herein by reference. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | By-Laws – filed as an exhibit to the Current Report on Form 8-K filed on July 15, 2005 and incorporated herein by reference. |
|-----|------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | GS AgriFuels Guaranty agreement with Stillwater Asset-Backed Fund, LP – filed as an exhibit to the current report on form 8K filed on November 7, 2006 and incorporated herein by reference. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Credit Agreement dated January 11, 2008 between GS COES (Yorkville I), LLC and YA Global Investments, LP – filed as an Exhibit to the Current Report on Form 8-K filed on January 13, 2008, and incorporated herein by reference. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | Global Guaranty Agreement dated January 11, 2008 among Viridis Capital LLC, Kevin Kreisler, Carbonics Capital Corporation, GreenShift Corporation, GS AgriFuels Corporation, each of their subsidiaries, and YA Global Investments, LP – filed as an Exhibit to the Current Report on Form 8-K filed on January 13, 2008, and incorporated herein by reference. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Unit Subscription Agreement dated July 24, 2009 among EcoSystem Corporation  and  Copperbottom  Investments,  Ltd.,  Absentia  Holdings,  Ltd.,  On Time Investments,  Ltd.,  Agri-Technologies,   Ltd.,  and  Britannia  Securities  International, Ltd. filed on Form 8/A – filed April 9, 2010, and incorporated herein by reference. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Account   Management   Agreement   dated  July  24,  2009  among  EcoSystem Corporation and Copperbottom Investments, Ltd., Absentia Holdings, Ltd., On Time  Investments,  Ltd.,  Agri-Technologies,  Ltd.,  Britannia  Securities International, Ltd., and Elco Securities, Ltd. filed on Form 8/A – filed April 9, 2010, and incorporated herein by reference. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.6 | Employment Agreement between EcoSystem Corporation and Glen Courtright. |
|------|-------------------------------------------------------------------------|

| 31.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to the Sarbanes-Oxley Act of 2002. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| By:   | /S/      GLEN COURTRIGHT           GLEN COURTRIGHT           Chief Executive Officer |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date: | May 21, 2009                                                                                                                                                                                                                     |

|   | /S/      JACQUELINE FLYNN           JACQUELINE FLYNN           Chief Financial Officer and Principal Accounting Officer |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  | May 21, 2009                                                                                                                                                                                                                                                        |

|   | /S/      KEVIN KREISLER           KEVIN KREISLER           Director |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Date:  | May 21, 2009                                                                                                                                                                                                    |