SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
  
  FORM
10-KSB/A
 Amendment No.
2
 
 (Mark
One)
 [ X
      ]
              ANNUAL
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934.
  For the
fiscal year ended December 31, 2007
 OR
 [     ]
              TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 For
      the transition period from _________ to _________
 
 Commission
file number   000-52407
  
 ENVIROSAFE
CORPORATION
 (Name of
Small Business Issuer in Its Charter)
  
 DELAWARE                                                                                                                            94-3251254
 (State or
Other Jurisdiction
of                                                                                                           
   (I.R.S. Employer Incorporation or
Organization)                                                                                                           
  Identification
No.)
 8/F,
Tower B, National Software Industry Zone,
 Gao
Tang Xin Jian Zone, Tian He District
 Guangzhou,
P.R.China  510663
 (Address
of principal executive offices)
  (8620)
6108-8998 - Tel
 (8620)
6108-8999 - Fax
 (Issuer's
telephone number)
 Securities
registered under Section 12(b) of the Exchange Act:  None
 Securities
registered under Section 12(g) of the Exchange Act:
 Common
Stock, par value $.0001 per share
 Preferred
Stock, par value $.0001 per share
 (Title of
Class)
 
 
 1
  Check
whether the issuer is not required to file reports pursuant to Section 13 or
15(d) of the Exchange Act.  [  ]
 
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act.  Yes [X]   No
[   ]
 
 Check
whether the issuer: (1) filed all reports required to be filed by Sections 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
[X]   No [   ]
 
 Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure will be contained, to
the best of registrant’s knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-KSB or any
amendment to this Form 10-KSB.   [X]
 
 Issuer’s
revenues for its most recent fiscal year were $-0-.
 
 The
aggregate market value of the issuer’s Common Stock held by non-affiliates
(1,509,122 shares) was approximately $354,644, based on the average closing bid
and ask price for the Common Stock on April 11, 2008.
 
 As of
April 11, 2008, there were outstanding 2,141,375shares of the
issuer’s Common Stock, par value $.0001.
 
 Transitional
Small Business Disclosure Format (check one):      Yes
[ ] No [X]
  
 Copies
to:
 Jared
P. Febbroriello, Esq. LL.M. - Principal
 JPF
Securities Law, LLC
 19720
Jetton Road, 3rd Floor
 Cornelius,
NC 28031
 Phone:
(704) 897-8334
 Fax:
(888) 608-5705
   CAUTIONARY
STATEMENT REGARDING FORWARD LOOKING INFORMATION
  The
discussion contained in this 10-KSB under the Securities Exchange Act of 1934,
as amended, (the “Exchange Act”) contains forward-looking statements that
involve risks and uncertainties. The issuer’s actual results could differ
significantly from those discussed herein. These include statements about our
expectations, beliefs, intentions or strategies for the future, which we
indicate by words or phrases such as “anticipate,” “expect,” “intend,” “plan,”
“will,” “we believe,” “the Company believes,” “management believes” and similar
language, including those set forth in the discussion under “Description of
Business,” including the “Risk Factors” described in that section, and
“Management’s Discussion and Analysis or Plan of Operation” as well as those
discussed elsewhere in this Form 10-KSB.  We base our forward-looking
statements on information currently available to us, and we assume no obligation
to update them. Statements contained in this Form 10-KSB that are not historical
facts are forward-looking statements that are subject to the “safe harbor”
created by the Private Securities Litigation Reform Act of 1995.
  2
  TABLE OF CONTENTS
  Part  I
  Item                       Page
  1.       Description of
Business ........................................................................................................................................................................4
 2.       Description of
Property ........................................................................................................................................................................4
 3.       Legal
Proceedings ...............................................................................................................................................................................4
 4.       Submission of Matters to a Vote of Security
Holders..............................................................................................................................4
  Part  II
  5.       Market for Common Equity and Related
Stockholder..............................................................................................................................5
 6.       Management’s Discussion and Analysis or Plan of
Operation ..................................................................................................................5
 7.       Financial
Statements  ............................................................................................................................................................................6
 8.       Changes in and Disagreements with Accountants on
Accounting and Financial
Disclosure.......................................................................14
 8A.   
Controls and
Procedures........................................................................................................................................................................14
 8B.    Other
Information .................................................................................................................................................................................14
  Part  III
  9.       Directors, Executive Officers, Promoters and Control Person;
Compliance  with Section 16(a) of  the
Exchange Act ..................................15
 10.     Executive
Compensation.......................................................................................................................................................................15
 11.     Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters ......................................................15
 12.    Certain
Relationships and Related
Transactions.......................................................................................................................................15
 13.    Exhibits and
Reports on Form
8-K.......................................................................................................................................................... 15
 14.    Principal
Accountant Fees and
Services.................................................................................................................................................. 15
  Other
  Index to
Exhibits................................................................................................................................................................................... 16
 Signature
Page......................................................................................................................................................................................17
 
 3
 Table of Contents
  PART  I
  Item
1. Description of Business
  History
  We were
incorporated in the state of Delaware in 1996. We were formed to produce a
comprehensive suite of disinfecting, cleaning, and bioremediation products for
the consumer, commercial, institutional and municipal markets. We were not
successful in developing this business model and had very limited
revenues.
 
 In 2007, former management resigned
and was replaced by a new board and new officers and directors. Recognizing the
need to increase
shareholder  value,  the  new  Board was
determined that the only way to enhance
shareholder  value  was  to  seek  potential  business
opportunities and effect a
business  combination  with  a target business
with significant growth potential
which,  in  the  opinion  of  our
management, could provide a profit to both the Company and our
shareholders.
 
 As of March 4, 2008, we executed a Plan
of Exchange (the "Agreement"), between and among us, ADDE EDUCATION HLDS LTD., a
corporation organized and existing under the laws ofHong KongSpecial Administrative Region of
People’s Republic of China("ADDE"), the
shareholders of ADDE (the "ADDE Shareholders") and our majority shareholder (the
"EVSF Shareholders").
  Pursuant
to the terms of the Agreement, the transaction will not immediately close but
shall be conditioned upon: (1)
EVSF shall eliminate all know or potential liabilities of EVSF as of the closing
date. This shall include, but is not limited to, any accounts payable, accrued
expenses, as well as any liabilities shown on its annual report for the fiscal year of 2007 in
FORM 10-KSB filed with the Securities and Exchange Commission prior to the
closing; (2)
EVSF  and EVSF shareholders shall pledge that any expenses concerning
any known or unknown lawsuits, legal disputes or any correlation expenses caused by original EVSF
Corporation and their shareholders, EVSF shall undertake full responsibility and
afford the correlation expenses after theclosing.A comfort letter
referencing  EVSF prepared by a third party law firm confirming that
to the best of their knowledge after reasonable due diligence, EVSF has no
pending or threatened litigation; (3) a deposit of 632,253 shares of common
stock of EVSF into the escrow account of Greentree Financial Group, Inc.
("Escrow Agent") in exchange for the cash payment of $260,000 and $260,000
promissory note made by ADDE Shareholders to Guoqiang Zhan ("Mr. Zhan"), the new
president of EVSF, which shall also be simultaneously deposited into the escrow
account of escrow agent, (4) the issuance of 20,000,000 new shares of common
stock and 1,350,000 new shares of preferred stock of EVSF to the ADDE
shareholders, which should take no longer than 60 days, (5) the resignation of
Mr. Zhan from the board of directors and as officer of EVSF and appointment of
his successor(s) as designated by ADDE and/or the ADDE Shareholders, (6) a
pledge of 10,000,000 shares of EVSF common stock to be used as collateral on the
above mentioned promissory note, (7) a fully executed guarantee of the
promissory note from EVSF in favor of Mr. Zhan. Upon completion of the exchange,
ADDE will be our 100% owned subsidiary.
  Upon the
delivery of 20,632,253 shares of common stock (including 632,253 common shares
from the EVSF Shareholders), and 1,350,000 new shares of our preferred stock, to
ADDE Shareholders, ADDE Shareholders will hold a 'controlling interest' in us
representing approximately 93.2% of the then issued and outstanding our common
shares. Furthermore, the designees of ADDE will be appointed to the Board of
Directors after the closing. Subsequent to the appointment of ADDE designees,
our current management will resign from the Board of Directors.
  We have
agreed to use our best efforts to insure the escrow conditions under the escrow
agreement will be satisfied as promptly as practicable so that the closing
conditions under the agreement will occur. We expect that the closing will occur
in the second quarter of 2008. An additional current report on Form 8-K will be
filed after the closing.
 
 If we are successful with the closing
of this transaction, we will provide the detailed business description and
audited financials of the acquired company within the time periods proscribed by
the federal securities laws.
  Going
Concern Issues
  As shown in our financial statements,
we suffered recurring losses from operations to date. We experienced a loss of
($233,606) for 2007, a net stockholders’ deficit of $10,000 and a net working
capital deficit of ($10,000) at December 31, 2007. These factors raise
substantial doubt about our ability to continue as a going concern. Our ability
to continue as a going concern will depend on many factors. Pending the
successful closing of the above transaction, of which there can be no assurance,
there will be a continuing need to raise additional equity capital in order to
improve liquidity and develop operations.
  Item 2. Description of Property
  The Company currently does not own or
lease any property.
  Item 3. Legal Proceedings
  None
  Item 4. Submission of Matters to a Vote of Security
Holders
  No matter
was submitted during the fourth quarter of the fiscal year covered by this
report to a vote of security holders, through the solicitation of proxies or
otherwise.
  4
 Table of Contents
  PART  II
   Item 5.
              Market for Common Equity and Related and
      Stockholder
  Market
for Common Stock
  Our
Common Stock is quoted on the Over the Counter Bulletin Board quotation service,
a service maintained by The NASDAQ Stock Market, Inc., under the symbol
“EVSF.OB”. Trading in our common stock has been limited and sporadic and the
quotations set forth below are not necessarily indicative of actual market
conditions. Further, these quotations reflect inter-dealer prices, without
retail mark-up, markdown, or commission, and do not necessarily reflect actual
transactions. Set forth below is the range high and low bid information for our
common stock for each quarter of the years ended December 31, 2007 and
2006.
  High
              
              
              Low2007Quarter
      Ended March 31, 2007
              
              $
              0.01
              
              
              $
              0.05Quarter
      Ended June 30, 2007
              
              $
              0.20
              
              
              $
              0.45Quarter
      Ended September 30, 2007
              
              $
              0.10
              
              
              $
              0.25Quarter
      Ended December 31, 2007
              
              $
              0.10
              
              
              $
              0.20High
              
              
              Low2006Quarter
      Ended March 31, 2006
              
              $
              0.06
              
              
              $
              0.01Quarter
      Ended June 30, 2006
              
              $
              0.11
              
              
              $
              0.02Quarter
      Ended September 30, 2006
              
              $
              0.04
              
              
              $
              0.01Quarter
      Ended December 31, 2006
              
              $
              0.02
              
              
              $
              0.004
  On April
11, 2008, the closing price of our Common Stock was $.21 per share.
  As of
April 11, 2008, there were approximately 125 stockholders of record of our
common stock. Our registrar and transfer agent is Guardian Registrar &
Transfer Agency, Inc., located at 7951 S.W. 6th Street,
Suite #216, Plantation, Florida, 33324. Their telephone number is (954)
915-0105, and their facsimile number is (954) 449-0582.
  Limited
Market for Common Stock
  There is
currently a limited trading market for our shares of Common Stock, and there can
be no assurance that a more substantial market will ever develop or be
maintained. Any market price for our shares of Common Stock is likely to be very
volatile, and numerous factors beyond our control may have a significant adverse
effect.  In addition, the stock markets generally have experienced,
and continue to experience, extreme price and volume fluctuations which have
affected the market price of many small capital companies and which have often
been unrelated to the operating performance of these companies.  These
broad market fluctuations, as well as general economic and political conditions,
may also adversely affect the market price of our Common Stock. Further, there
is no correlation between the present limited market price of our Common Stock
and our revenues, book value, assets or other established criteria of value. The
present limited quotations of our Common Stock should not be considered
indicative of the actual value of the Company or our Common Stock.
  Dividends
  We have
not paid any cash dividends to date and does not anticipate or contemplate
paying cash dividends in the foreseeable future until earnings would generate
funds in excess of those required to provide for our growth needs.We currently
intend to retain any future earnings to fund the development and growth of our
business.
  Recent
Sales of Unregistered Securities
  On June
20, 2007, the Company issued 500,000 restricted shares of common stock to Bryan
Kuskie for the services rendered. The fair value of this restricted stock
issuance was determined using the fair value of the Company’s common stock on
the grant date, at a price of $0.30 per share.  The Company
calculated a stock-based compensation cost of $150,000 and recognized in full
for the second quarter of 2007.
  During the fourth quarter of 2007, we
issued 500,000 shares of common stock to Greentree Financial Group, Inc. for
services rendered in connection with the assistance and preparation of documents
filed with the Securities and Exchange Commission and other
contracts.
 Item 6. Management’s Discussion and Analysis or Plan of
Operation
  Introduction
and Plan of Operation
  We are a shell company with no assets
and nominal operations as our former business was unsuccessful.
  Year
Ended December 31, 2007 Compared to Year Ended December 31, 2006
  We tried to pursue marketing relations
for our products. These relationships were not established, and no revenues were
recorded. We are forced to seek the sale of our securities to generate funds to
carry on our operations. Sales were $-0- in 2007 and $-0- in 2006. Losses
decreased from $765,161 in 2006 to $233,606 in 2007. Such decrease was due
primarily to an decrease in professional fees from $717,048 in 2006 to $207,000
in 2007, each resulting from the private financings and for professional
services received.
  Liquidity
  Capital
raises through the sale of shares support our existence. Our working capital
deficit has decreased from ($108,456) at December 31, 2006 to ($10,000) at
December 31, 2007, and stockholders’ equity improved from a deficit of
($104,331) to ($10,000) for the same periods. The primary reason for the
improvement in 2007 was due to fewer shares issued for services in
2007.
  5
 Table of Contents
  Item
7. Financial Statements
  CONTENTS
 
  INDEPENDENT
AUDITOR’S REPORT....................................................7
  BALANCE
SHEET...............................................................................8
  STATEMENTS
OF OPERATIONS...........................................................9
  STATEMENTS
OF CASH FLOWS...........................................................10
  STATEMENT
OF STOCKHOLDERS’ DEFICIT...........................................11
  NOTES
TO FINANCIAL
STATEMENTS...................................................12-13
  6
 Table of Contents
  REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
  To
the Board of Directors and Stockholders
 Envirosafe
Corporation
  I
have audited the accompanying balance sheet of Envirosafe Corporation as of
December 31, 2007, and the related statements of operations, stockholders’
deficit and comprehensive income, and cash flows for the years ended December
31, 2007 and 2006. These financial statements are the responsibility of the
company’s management. My responsibility is to express an opinion on these
financial statements based on my audits.
  I
conducted my audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audits provide a reasonable
basis for my opinion.
  In
my opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Envirosafe Corporation as of
December 31, 2007, and the results of its operations and its cash flows for the
years ended December 31, 2007 and 2006 in conformity with accounting principles
generally accepted in the United States of
America.
  The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern.  The Company has suffered recurring
losses and has yet to generate an internal cash flow that raises substantial
doubt about its ability to continue as a going concern.  Management’s
plans in regard to these matters are described in Note D.  The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
  /s/ Traci J. Anderson,
CPA
 Traci
J. Anderson, CPA
 Huntersville,
NC
 April
10, 2008
  7
 Table of Contents
 ENVIROSAFE
      CORPORATIONBALANCE
    SHEETDECEMBER 31,
      2007AssetsCurrent
    assets:Cash and cash
      equivalents
                
                $
                —Total current
      assets
                
                
                —Total
assets
                
                $
                —Liabilities and Shareholders’
      DeficitCurrent
      liabilities:Accounts
      payable and accrued expenses
                
                $
                10,000Total current
      liabilities
                
                
                10,000Commitments and contingencies
      (note 8)Shareholders’
      deficit:Common stock, $0.0001 par.
      Authorized 500,000,000 shares;issued and outstanding 2,141,375
      shares at December 31, 2007
                
                
                214Preferred stock, $0.0001 par.
      Authorized 10,000,000 shares;no shares issued and outstanding
      at December 31, 2007
                
                
                —Additional paid in
      capital
                
                
                2,312,230Retained
      deficit
                
                
                (2,322,444
                )Total shareholders'
      deficit
                
                
                (10,000
                )Total liabilities and
      shareholders’ deficit
                
                $
                0See accompanying notes to
      financial statements.
  8
 Table of Contents
  ENVIROSAFE
      CORPORATIONSTATEMENTS OF
      OPERATIONSFOR THE YEARS ENDED DECEMBER 31,
      2007 AND 2006For the
    YearsEnded December
      31,2007
                
                
                2006REVENUESSales
                
                $
                -
                
                
                $
                -Cost of
    sales
                
                
                -
                
                
                
                -GROSS
PROFIT
                
                
                -
                
                
                
                -OPERATING
      EXPENSESGeneral and administrative
      expenses
                
                
                62
                
                
                
                46,727Professional
      fees
                
                
                233,544
                
                
                
                717,048TOTAL OPERATING
      EXPENSES
                
                
                233,606
                
                
                
                763,775OPERATING
      (LOSS)
                
                
                (233,606
                )
                
                
                (763,775
                )OTHER INCOME
      (EXPENSE)Interest
      expense
                
                
                -
                
                
                
                (1,386
                )NET (LOSS) BEFORE
      TAXES
                
                
                (233,606
                )
                
                
                (765,161
                )NET (LOSS)
                
                $
                (233,606
                )
                
                $
                (765,161
                )NET LOSS PER COMMON
      SHAREBasic and fully
      diluted
                
                $
                (0.16
                )
                
                $
                (0.77
                )WEIGHTED AVERAGE COMMON SHARES
      OUTSTANDING
                
                
                1,462,953
                
                
                
                997,917The accompanying notes are an
      integral part of these financial
  statements.
  9
 Table of Contents
   ENVIROSAVE
      CORPORATION
                  CONSOLIDATED
      STATEMENT OF STOCKHOLDERS' EQUITYFOR THE YEARS
      ENDED DECEMBER 31, 2007 AND 2006AdditionalCommon
Stock
                
                
                Paid-in
                
                
                RetainedShares
                
                
                Amount
                
                
                Capital
                
                
                DeficitBalances, December 31,
      2005
                
                
                99,958
                
                
                $
                10
                
                
                $
                693,121
                
                
                $
                (1,323,677
                )Issuance of common stock for
      services
                
                
                354,000
                
                
                
                35
                
                
                
                1,156,341
                
                
                
                -Issuance of common stock for
      cash
                
                
                45,000
                
                
                
                5
                
                
                
                134,995
                
                
                
                -Issuance of common stock for stock
      split
                
                
                498,958
                
                
                
                50
                
                
                
                (29,887
                )
                
                
                -Net loss for the year ended
      December 31, 2006
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                (765,161
                )Balances, December 31,
      2006
                
                
                997,917
                
                
                $
                100
                
                
                $
                1,954,570
                
                
                $
                (2,088,838
                )Issuance of common stock for
      services
                
                
                1,143,458
                
                
                
                114
                
                
                
                357,660
                
                
                
                -Net loss for the year ended
      December 31, 2007
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                (233,606
                )Balances, December 31,
      2007
                
                
                2,141,375
                
                
                $
                214
                
                
                $
                2,312,230
                
                
                $
                (2,322,444
                )* Common stock amount and shares
      have been retroactively restated herein for the 300 for one reverse split
      in 2007.The accompanying notes are an
      integral part of these consolidated financial
      statements
  10
 Table of Contents
  ENVIROSAFE
      CORPORATIONSTATEMENTS OF CASH
      FLOWSFOR THE YEARS ENDING DECEMBER 31,
      2007 AND 20062007
                
                
                2006Cash flows from operating
      activities:Net (loss)
                
                $
                (233,606
                )
                
                $
                (765,161
                )Adjustments to reconcile net loss
      to net cash (used in)operating
      activities:Issuance of common stock for
      services rendered
                
                
                207,000
                
                
                
                1,156,376Write off of
      intangibles
                
                
                4,125
                
                
                
                —Changes in operating assets and
      liabilities:Inventory
                
                
                1,643
                
                
                
                (1,643
                )Accounts payable and accrued
      expenses
                
                
                (13,113
                )
                
                
                (481,835
                )Prepaid
      expenses
                
                
                25,000
                
                
                
                (25,000
                )Net cash (used) in operating
      activities
                
                
                (8,951
                )
                
                
                (117,263
                )Cash flows from investing
      activities:Purchase of
      intangibles
                
                
                —
                
                
                
                (4,125
                )Net cash (used in) investing
      activities
                
                
                —
                
                
                
                (4,125
                )Cash flows from financing
      activities:Repayment of notes
      payable
                
                
                —
                
                
                
                (8,000
                )Proceeds from issuance of common
      stock
                
                
                —
                
                
                
                135,000Net cash provided by financing
      activities
                
                
                —
                
                
                
                127,000Net increase (decrease) in cash
      and cash equivalents
                
                
                (8,951
                )
                
                
                5,612Cash and cash equivalents at
      beginning of year
                
                
                8,951
                
                
                
                3,339Cash and cash equivalents at end
      of year
                
                $
                0
                
                
                $
                8,951Supplemental disclosure of
      non-cash information:Common stock issued for
      services
                
                $
                207,000
                
                
                $
                1,062,000Common stock issued for accounts
      payable
                
                $
                120,000
                
                
                $
                -See accompanying notes to
      financial statements.
  11
 Table of Contents
 ENVIROSAFE
CORPORATION
 Notes
to Audited Financial Statements
 For
the Year Ended December 31, 2007
  NOTE A—SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
 
 Background—
Envirosafe Corporation (The Company) was incorporated in the state of Delaware
in 1996. The Company produces a comprehensive suite of disinfecting, cleaning,
and bioremediation products for the consumer, commercial, institutional and
municipal markets.
 
 Basis of
Presentation—The financial statements included herein include the
accounts of the Company prepared under the accrual basis of
accounting.
 
 Cash and Cash
Equivalents—For purposes of the Statement of Cash Flows, the Company
considers liquid investments with an original maturity of three months or less
to be cash equivalents.
 
 Management’s Use of
Estimates—The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and
liabilities at the date of financial statements and the reported amounts of
revenues and expenses during the reporting period.  Actual results
could differ from those estimates.  Significant items subject to such
estimates and assumptions include depreciation expense on property and
equipment, valuation allowances for receivables and deferred income tax assets,
and contract revenues.  Future changes in economic conditions may have
a significant effect on such estimates made by management.
 
 Revenue
Recognition—The Company recognizes revenue upon delivery of the products
to its customer when title and risk of loss passes to the customer.
 
 Comprehensive Income
(Loss)—The Company adopted Financial Accounting Standards Board Statement
of Financial Accounting Standards (SFAS) No. 130, “Reporting Comprehensive
Income”, which establishes standards for the reporting and display of
comprehensive income and its components in the financial statements. There were
no items of comprehensive income (loss) applicable to the Company during the
periods covered in the financial statements.
 
 Marketing and Advertising
Costs—The Company expenses the costs associated with marketing and
advertising as incurred. Marketing, advertising, promotional expenses and
product labeling were approximately $-0- and $37,736 for the years ended
December 31, 2007 and 2006, respectively.
  Common Stock Issued For
Other Than Cash—Services purchased and other transactions settled in the
Company’s stock are recorded at the estimated fair value of the stock issued if
that value is more readily determinable than the fair value of the consideration
received.
  Stock-Based
Compensation— The Company accounts for stock-based compensation using the
fair value method of Financial Accounting Standard No. 123R. Common shares
issued for services rendered by a third party (both employees and non-employees)
are recorded at the fair value of the shares issued or services rendered,
whichever is more readily determinable.
 
 Fair Value of Financial
Instruments—The carrying amounts reported in the balance sheet for cash
and cash equivalents, and accounts payable approximate fair value based on the
short-term maturity of these instruments.
 
 Loss per Common
Share—Statement of Financial Accounting Standard (SFAS) No. 128 requires
dual presentation of basic and diluted earnings per share (EPS) with a
reconciliation of the numerator and denominator of the EPS
computations.  Basic earnings per share amounts are based on the
weighted average shares of common stock outstanding.  If applicable,
diluted earnings per share would assume the conversion, exercise or issuance of
all potential common stock instruments such as options, warrants and convertible
securities, unless the effect is to reduce a loss or increase earnings per
share.  Accordingly, this presentation has been adopted for the period
presented.  There were no adjustments required to net loss for the
period presented in the computation of diluted earnings per share.
 
 Income Taxes—Income
taxes are provided in accordance with Statement of Financial Accounting
Standards (SFAS) No. 109, “Accounting for Income
Taxes.”A deferred tax asset or liability is recorded for all
temporary differences between financial and tax reporting and net operating
loss-carryforwards.
 
 Deferred
tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that, and some portion or the entire
deferred tax asset will not be realized.  Deferred tax assets and
liabilities are adjusted for the effect of changes in tax laws and rates on the
date of enactment.
 
 Concentration of Credit
Risk—Financial instruments that potentially subject the Company to
concentrations of credit risk consist principally of cash.  The
Company’s cash is deposited with major banks and financial
institutions.
 
 Impairment of Long-Lived
Assets—In accordance with SFAS No. 144, the Company reviews and evaluates
its long-lived assets for impairment whenever events or changes in circumstances
indicate that their net book value may not be recoverable.  When such
factors and circumstances exist, including those noted above, the Company
compares the assets’ carrying amounts against the estimated undiscounted cash
flows to be generated by those assets over their estimated useful lives. If the
carrying amounts are greater than the undiscounted cash flows, the fair values
of those assets are estimated by discounting the projected cash flows. Any
excess of the carrying amounts over the fair values are recorded as impairments
in that fiscal period.
  Recent Accounting
Pronouncements— In February 2007, the FASB issued Statement of Financial
Accounting Standard No. 159, “The Fair Value Option for Financial
Assets and Financial Liabilities” (“SFAS No. 159”). This statement
permits entities to choose to measure many financial instruments and certain
other items at fair value. Companies should report unrealized gains and losses
on items for which the fair value option has been elected in earnings at each
subsequent reporting date. This statement is effective as of the beginning of an
entity’s first fiscal year that begins after November 15, 2007. The Company is
currently assessing the potential impact, if any, for the adoption of SFAS
No.159 on its financial statements.
 
 In
December 2007, the FASB issued two new statements: (a.) SFAS No. 141(revised
2007), Business
Combinations, and (b.) No. 160, Noncontrolling Interests in
Consolidated Financial Statements. These statements are effective for
fiscal years beginning after December 15, 2008 and the application of these
standards will improve, simplify and converge internationally the accounting for
business combinations and the reporting of noncontrolling interests in financial
statements. The Company is in the process of evaluating the impact, if any, on
SFAS 141 (R) and SFAS 160 and does not anticipate that the adoption of these
standards will have any impact on its financial statements.
 
 (a.)  SFAS
No. 141 (R) requires an acquiring entity in a business combination to: (i)
recognize all (and only) the assets acquired and the liabilities assumed in the
transaction, (ii) establish an acquisition-date fair value as the measurement
objective for all assets acquired and the liabilities assumed, and (iii)
disclose to investors and other users all of the information they will need to
evaluate and understand the nature of, and the financial effect of, the business
combination, and, (iv) recognize and measure the goodwill acquired in the
business combination or a gain from a bargain purchase.
 
 (b.) SFAS
No. 160 will improve the relevance, comparability and transparency of financial
information provided to investors by requiring all entities to: (i) report
noncontrolling (minority) interests in subsidiaries in the same manner, as
equity but separate from the parent’s equity, in financial statements, (ii) net
income attributable to the parent and to the non-controlling interest must be
clearly identified and presented on the face of the statement of income, and
(iii) any changes in the parent’s ownership interest while the parent retains
the controlling financial interest in its subsidiary be accounted for
consistently.
  12
 Table of Contents
 ENVIROSAFE
CORPORATION
 Notes to
Audited Financial Statements
 For the
Year Ended December 31, 2007
 NOTE B—SUPPLEMENTAL CASH
FLOW INFORMATION
 
 Supplemental
disclosures of cash flow information for the years ended December 31, 2007 and
2006 is summarized as follows:
 
 Cash paid
during the period for interest and income taxes:
 2007             2006
 Income
Taxes                                               
$
---                
$ ---
 Interest                                                          $
---                
$1,386
 
 NON-CASH
FINANCING
ACTIVITIES: 2007             2006
 Common
stock issued for services
rendered             
$ 207,000         $
555,376
 
 NOTE C—INCOME
TAXES
 
 Due to
the operating loss and the inability to recognize an income tax benefit there
from, there is no provision for current or deferred federal or state income
taxes for the years ended December 31, 2007 and 2006.
 
 Deferred
income taxes reflect the net tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amount used for federal and state income tax purposes.
 
 The
Company’s total deferred tax asset, calculated using federal and state effective
tax rates, as of December 31, 2007 is as follows:
 
 Total deferred tax assets
(approximate)         $
306,000
 Valuation allowance
(approximate)                
(306,000)
 Net deferred tax
asset                                    
$      ----
 =======
 
 The
reconciliation of income taxes computed at the federal statutory income tax rate
to total income taxes for the years ended December 31, 2007 and 2006 is as
follows:
 2007                      
2006
 Income
tax computed at the federal statutory
rate                                    40%40%
 Valuation
allowance                                                                             
(40%)                   
(40%)
 Total
deferred tax
asset                                                                        0%                    0%
 
 Because
of the Company’s lack of earnings history, the deferred tax asset has been fully
offset by a valuation allowance.  The valuation allowance increased
(decreased) by approximately $10,000 and $209,785 for the years ended December
31, 2007 and 2006.
  As of
December 31, 2007, the Company has approximately $768,000 of net operating
losses available that expire in various years through 2027.
 
 No tax
benefits have been recorded for the nondeductible (tax) expenses (stock for
services) totaling approximately $1,363,000.
 
 NOTE D—GOING
CONCERN
 
 As shown
in the accompanying audited financial statements, the Company has suffered
recurring losses from operations to date. It experienced losses of $233,606 and
$765,161 during 2007 and 2006, respectively. The Company had a net deficiency of
$2,322,444 and a working capital deficit of $10,000 as of December 31, 2007.
These factors raise substantial doubt about the Company’s ability to continue as
a going concern.
 
 Management’s
plans in regard to this matter are to raise equity capital and seek strategic
relationships and alliances in order to increase sales in an effort to generate
positive cash flow.  Additionally, the Company must continue to rely
upon equity infusions from investors in order to improve liquidity and sustain
operations. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
 
 NOTE E—SEGMENT
REPORTING
 
 In June
1997, the Financial Accounting Standards Board issued Statement of Financial
Accounting Standards No. 131, “Disclosures about Segments of an
Enterprise and Related Information.” This statement requires companies to
report information about operating segments in interim and annual financial
statements. It also requires segment disclosures about products and services,
geographic areas and major customers.  The Company determined that it
did not have any separately reportable operating segments as of December 31,
2007 or 2006.
 
 NOTE
F—EQUITY
 
 In 2006,
the Company issued 399,000 shares of common stock as follows:
  
 243,333    —shares issued for consulting and executive
services performed by the Company’s former CEO; valued at $730,000 or $.01
per share, before 300  for
 
 110,666    —shares
issued for professional services; valued at $426,376 or $.0129 per Share,
before 300 for 1 split below.
 45,000     —shares
issued for cash; $135,000 or $.01 per share (before the 300 for 1 split
below).
  During
2006, the Company authorized a 2 for 1 stock split for all shares. Furthermore,
the Company increased it authorized shares of common stock from 30,000,000 to
500,000,000 and the par value decreased from $.001 to $.0001 per
share.
 
 During
2007, the Company authorized a 300 for 1 stock split of all of its
shares.
 
 In 2007,
the Company issued 1,143,458 shares of common stock as follows:
 
 133,000      —shares
issued for consulting and executive services performed by the
Company’s CEO in 2006; valued at $120,000.
 10,000      —shares issued for professional
services; valued at $7,000.
 500,000      —shares issued for consulting and
executive services performed by the
Company’s CEO in 2007; $150,000
 500,000     
---shares issued for consulting services; valued at $50,000.
 
 As of
December 31, 2007, the Company also has 10,000,000 shares of preferred stock,
$.0001 par value, authorized with none issued or outstanding.
 
 NOTE G—RELATED PARTY
TRANSACTIONS
 
 During
2006, the Company issued 243,333 post-split shares in common stock to its former
CEO and former major shareholder as compensation for services during 2006 and
2005. The value of the common stock is $730,000.
 
 In 2006,
an officer of the corporation loaned an additional $3,000 to the Company. The
demand note carries 6% interest. During 2006, the loans were repaid and the
balance of the outstanding note payable is $-0-.
 
 During
2007, the Company issued 500,000 shares of common stock to its form CEO and
former majority shareholder as compensation for services during 2007. the value
of the common stock is $150,000.
 
 NOTE
H—COMMITMENTS
 
 The
Company currently does not own or lease any property.
  NOTE I—SUBSEQUENT
EVENT
 
 As of
March 4, 2008, the Company executed a Plan of Exchange (the "Agreement"),
between and among the Company, ADDE EDUCATION HLDS LTD., a corporation organized
and existing under the laws ofHong Kong Special Administrative Region of People’s Republic of China("ADDE"), the
shareholders of ADDE (the "ADDE Shareholders") and the Majority Shareholder of
the Company (the "EVSF Shareholders").
  Pursuant
to the terms of the Agreement, the transaction will not immediately close but
shall be conditioned upon: (1)
EVSF shall eliminate all know or potential liabilities of EVSF as of the closing
date. This shall include, but is not limited to, any accounts payable, accrued
expenses, as well as any liabilities shown on its annual report for the fiscal year of 2007
in FORM 10-KSB filed with the Securities and Exchange Commission prior to the
Closing; (2) EVSF  and EVSF shareholders shall pledge that any
expenses concerning any known or unknown lawsuits, legal disputes or any
correlation expenses caused by original
EVSF Corporation and their shareholders, EVSF shall undertake full
responsibility and afford the correlation expenses after the Closing.A
comfort letter referencing  EVSF prepared by a third party law firm
confirming that to the best of their knowledge after reasonable due diligence,
EVSF has no pending or threatened litigation; (3) a deposit of 632,253 shares of
Common Stock of EVSF into the escrow account of Greentree Financial Group, Inc.
("Escrow Agent") in exchange for the cash payment of $260,000 and $260,000
promissory note made by ADDE Shareholders to Guoqiang Zhan ("Mr. Zhan"), the
president of EVSF, which shall also be simultaneously deposited into the escrow
account of Escrow Agent, (4) the issuance of 20,000,000 new shares of Common
Stock and 1,350,000 new shares of Preferred Stock of EVSF to the ADDE
shareholders, which should take no longer than 60 days, (5) the resignation of
Mr. Zhan from the board of directors and as officer of EVSF and appointment of
his successor(s) as designated by ADDE and/or the ADDE Shareholders, (6) a
pledge of 10,000,000 shares of EVSF common stock to be used as collateral on the
above mentioned promissory note, (7) a fully executed guarantee of the
promissory note from EVSF in favor of Mr. Zhan. Upon completion of the exchange,
ADDE will be a 100% owned subsidiary of Company.
  Upon the
delivery of 20,632,253 shares of Common Stock (including 632,253 common shares
from the EVSF Shareholders), and 1,350,000 new shares of Preferred Stock of the
Company, to ADDE Shareholders, ADDE Shareholders will hold a 'controlling
interest' in the Company representing approximately 93.2% of the then issued and
outstanding common shares of the Company. Furthermore, the designees of ADDE
will be appointed to the Board of Directors after the Closing. Subsequent to the
appointment of ADDE designees, the current management of the Company will resign
from the Board of Directors.
  13
 Table of Contents
  Item
      8.
              Changes in and Disagreements with Accountants on Accounting and
      Financial Disclosure
  None.
  Item
8A (T). Controls and Procedures
  We
maintain disclosure controls and procedures designed to ensure that information
required to be disclosed in reports filed under the Securities Exchange Act of
1934 (“Exchange Act”) is recorded, processed, summarized and reported within the
specified time periods. Our Chief Executive Officer and our Chief Financial
Officer (collectively, the “Certifying Officers”) are responsible for establishing
and maintaining adequate internal control over financial reporting for
us.The
controls and procedures established by us are designed to provide reasonable
assurance that information required to be disclosed by the issuer in the reports
that it files or submits under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the Commission’s
rules and forms.
  To
evaluate the effectiveness of our internal controls over financial reporting, we
have adopted the framework prescribed by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO ).  We believe that
this framework will assist in the provision of reasonable assurance of the
effectiveness and efficiency of operations, the reliability of financial
reporting, and compliance with applicable laws and regulations.  In
adopting the COSO framework, we maintain a control environment, perform risk
assessments, carry out control activities, emphasize quality information and
effective communication, and perform monitoring.  In the maintenance
of a control environment, we are committed to integrity and ethical values as
well as to competence.  We strive to assign authority and
responsibility in a manner that supports our internal controls, and we also
maintain human resources policies and procedures designed to support our
internal controls.  Our risk assessments are designed to ensure the
achievement of company-wide and process-level objectives as well as to identify
and analyze risks while managing change.  We believe that all of these
components together form a foundation for sound internal control through
directed leadership, shared values and a culture that emphasizes accountability
for control.
 
 As of the
end of the period covered by this report, the Certifying Officers evaluated the
effectiveness of our disclosure controls and procedures. Based on the
evaluation, the Certifying Officers concluded that our disclosure controls and
procedures were effective to provide reasonable assurance that information
required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported, within the time
periods specified in the applicable rules and forms, and that it is accumulated
and communicated to our management, including the Certifying Officers, as
appropriate to allow timely decisions regarding required
disclosure.
  The
Certifying Officers have also concluded, based on our evaluation of our controls
and procedures that as of December 31, 2007, our internal controls over
financial reporting are effective and provide a reasonable assurance of
achieving their objective.
  Due to
its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements under all potential conditions. Therefore,
effective internal control over financial reporting provides only reasonable,
and not absolute, assurance that a restatement of our financial statements would
be prevented or detected.
 
 This
annual report does not include an attestation report of our registered
public accounting firm regarding internal control over financial reporting.
Management's report was not subject to attestation by our registered public
accounting firm pursuant to temporary rules of the Securities and Exchange
Commission that permit us to provide only management's report in this
annual report.
 
 Changes
in Internal Control Over Financial Reporting
  There
were no changes in the our internal control over financial reporting that
occurred during the period covered by this report that have materially affected,
or are reasonably likely to materially affect, our internal control over
financial reporting.
  Item
8B. Other Information
  None
  14
 Table of Contents
  PART  III
  Item 9.
              Directors, Executive Officers, Promoters and Control Persons;
      Compliance with
              Section
      16(a) of the Exchange Act.
  Identification
of Directors and Executive Officers
  The
following table sets forth the names and ages of our directors and executive
officers, the positions and offices held with us, and the period during which
each served in such positions and offices.  Each director and
executive officer serves for a term of one (1) year and until his successor is
duly elected and qualified.
  DIRECTORS
AND OFFICERS
   Name                                           
Age                      
Position                                           
Period In
Office
  
 Guoqiang
Zhan                                            
39                      
Director                                           
2007 - Present
 Chief Executive Officer,
 President,
 Chief Financial Officer
  The
following is a summary of the business experience and other biographical
information with respect to each of the Company’s officers and directors listed
in the above-referenced table.
  Guoqiang Zhan from 2007 has been our
largest shareholder. He is also our President and Director. Mr. Zhan has been
working in managerial positions in the areas of marketing, administration, and
live performance planning. In 2005, Mr. Zhan successfully organized a Gala
Charity Dinner Show “Concert 2005—Supporting Beijing Olympics Construction” in
the China Hotel, a five-star Marriott alliance member in located in Guangzhou,
China. His outstanding organizational and marketing expertise was instrumental
to the success of the Gala Show and charity fund raiser (reaching RMB2 million).
In 2006, Mr. Zhan organized and produced the 2006 New Year Celebration
Concert—Sound of the Spirit in Shenyang, the capital city of Liaoning province
in China. The symphony concert was extremely popular and received full support
from the local government.
  Audit
Committee Financial Expert
  We do not have a separately designated
standing audit committee. The entire Board of Directors acts as an audit
committee for the purpose of overseeing our accounting and financial reporting
processes, and audits of the financial statements. The Commission recently
adopted new regulations relating to audit committee composition and functions,
including disclosure requirements relating to the presence of an “audit
committee financial expert” serving on its audit committee. In connection with
these new requirements, our Board of Directors examined the Commission’s
definition of “audit committee financial expert” and concluded that we do not
currently have a person that qualifies as suchan
expert.  Presently, there are only one (1) directors serving on our
Board, and we are not in a position at this time to attract, retain and
compensate additional directors in order to acquire a director who qualifies as
an “audit committee financial expert”, but we intend to retain an additional
director who will qualify as such an expert, as soon as reasonably practicable.
While our current director does not meet the qualifications of an “audit
committee financial expert”, the director, by virtue of his past employment
experience, has considerable knowledge of financial statements, finance, and
accounting, and has significant employment experience involving financial
oversight responsibilities. Accordingly, we believe that our current director
capably fulfills the duties and responsibilities of an audit committee in the
absence of such an expert.
  Code of Ethics
  We have adopted a code of ethics that
applies to our principal chief executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions (the “Code of Ethics”). The Code of Ethics is designed to deter
wrongdoing, and to promote the following:
  ·
              Honest and ethical conduct,
      including the ethical handling of actual or apparent conflicts of interest
      between personal and professional
  relationships.
  ·
              Full, fair, accurate, timely and
      understandable disclosure in reports and documents that a small business
      issuer files with, or submits to, the Commission and in other public
      communications made by the small business
  issuer.
  ·
              Compliance with applicable
      governmental laws, rules and
regulations.
  ·
              The prompt internal reporting of
      violations of the code to an appropriate person or persons identified in
      the code.
  ·
              Accountability for adherence to
      the code.
  Section
16(a) Beneficial Ownership Reporting Compliance
  Under Section 16(a) of the Exchange
Act, all executive officers, directors, and each person who is the beneficial
owner of more than 10% of the common stock of a company that files reports
pursuant to Section 12 of the Exchange Act, are required to report the ownership
of such common stock, options, and stock appreciation rights (other than certain
cash-only rights) and any changes in that ownership with the Commission.
Specific due dates for these reports have been established, and we are required
to report, in this Form 10-KSB, any failure to comply therewith during the
fiscal year ended December 2007. We believe that all of these filing
requirements were satisfied by our executive officer, director and by the
beneficial owners of more than 10% of our Common Stock.
  Item 10. Executive Compensation
  The following
table sets forth certain information regarding the annual and long-term
compensation for services in all capacities to us for the prior fiscal years
ended December 31, 2007, 2006 and 2005, of those persons who were either
the chief executive officer during the last completed fiscal year or any other
compensated executive officers as of the end of the last completed fiscal
year.
 Summary
      Compensation TableAnnual
      CompensationName and Principal
      Position
              Year
              
              Salary
              
              
              Other
              
              
              StockAward
              
              
              OptionAward
              
              
              TotalBrian
      Kuskie, President and Director
              2007
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              150,000
              
              
              $
              -0-
              
              
              $
              150,002006
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-2005
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-Guoqiang
      Zhan, President and
                Chief
      Executive Officer
              2007
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
              
              
              $
              -0-
  * Brian
Kuskie resigned from his positions with the Company in July of 2007 and Guoqiang
Zhan was appointed as his replacement.
  Employment
Contracts
  Guoqiang Zhan. There is no
employment agreement in place for the year 2007 between us and Guoqiang Zhan,
our Chief Executive Officer and President.
  Stock
Option Awards
  There
were no options granted to our Chief Executive Officer during 2007 or
2006.
  Item
11. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
  The following table sets forth certain
information regarding the beneficial ownership of our Common Stock as of April 11, 2008 (i) each person known
to us to be the beneficial owner of more than 5% of our Common Stock, (ii) each
director and executive officer, and (iii) all directors and executive officers
as a group. As ofApril 11, 2008,there were 2,141,375shares of Common Stock issued and
outstanding.
  Name and Address of
      Beneficial Owner(1)
                
                Amount
      and Nature
                  of
      BeneficialOwnership(2)(3)
                
                
                Percentage
                  of Class(4)Guoqiang
      Zhan
                  21205
      Hickory Forest Way
                  Germantown,
      MD 20876
                
                
                632,253
                
                
                
                29.5
                %Officers
      and directors as a group (1 person)
                
                
                632,253
                
                
                
                29.5
                %Greentree Financial Group,
      Inc.(4)
                
                
                500,000
                
                
                
                23.35
                %Brian
      Kuskie
                
                
                516,667
                
                
                
                24.13
                %
 (1)
              As
      used herein, a person is deemed to be the “beneficial owner” of a security
      if he or she has or shares voting or investment power with respect to such
      security, or has the right to acquire such ownership within sixty (60)
      days. As used herein, “voting power” includes the power to vote or to
      direct the voting of shares, and “investment power” includes the power to
      dispose or to direct the disposition of shares, irrespective of any
      economic interest therein.
  (2)
              Except
      as otherwise indicated by footnote, the persons named in the table have
      sole voting and investment power with respect to all Common Stock
      beneficially owned by them.
  (3)
              Percentage
      ownership for a given individual or group is calculated on the basis of
      (i) the amount of outstanding shares owned as of April 11, 2008 plus, (ii) the number
      of shares that such individual or group has the right to acquire within
      sixty (60) days pursuant to options, warrants, conversion privileges or
      other rights, of which none exist.
  (4)
                Robert
      C. Cottone and Michael Bongiovanni are the owners of Greentree Financial
      Group, Inc.  Mr. Cottone and Mr. Bongiovanni share equal voting
      power over the investments of Greentree Financial Group, Inc.
 Item
12. Certain Relationships and Related Transactions
  On
July 18, 2007 the Registrant executed a written Guaranty of payments made by Si
Chuan Da Zhu Fu Da Zhu Ma Fang Zhi You Xian Gong Si to help secure financing in
order to finalize the share exchange between Si Chuan Da Zhu Fu Da Zhu Ma Fang
Zhi You Xian Gong Si and the Registrant (the "Share Exchange").  The
Guaranty was written for the benefit of R. Chris Cottone and guarantees payments
pursuant to a promissory note executed by Si Chuan Da Zhu Fu Da Zhu Ma Fang Zhi
You Xian Gong Si in the amount of $454,980. Pursuant to the terms of the
Guaranty, the Registrant was responsible for payments under the promissory note
in the event that Si Chuan Da Zhu Fu Da Zhu Ma Fang Zhi You Xian Gong Si did not
or could not make timely payments. Additionally, the loan was secured by the
30,632,250 shares acquired as part of the exchange transaction.
 
 Si
Chuan Da Zhu Fu Da Zhu Ma Fang Zhi You Xian Gong Si defaulted on the promissory
note for failure to make timely payments thereunder.  Pursuant to the
Guaranty, the Registrant was liabile for the debt of Si Chuan Da Zhu Fu Da Zhu
Ma Fang Zhi You Xian Gong Si.
 
 The
Registrant and R. Chris Cottone reached an agreement to settle the obligations
created under the Guaranty.  In settlement of the obligations under
the Guaranty, R. Chris Cottone received a payment of $150,000 cash and $232,000
in debt owed by R.Chris Cottone to Guoqiang Zhan was extinguished in exchange
for a complete release from the obligations under the Guaranty and the reversion
of 30,632,250 shares of the Registrant then held by R.Chris Cottone as
collateral pursuant to the financing agreements.
 
 In
addition, the Registrant decided it was in the best interest of all parties to
unwind the Share Exchange with Si Chuan Da Zhu Fu Da Zhu Ma Fang Zhi You Xian
Gong Si.  The 30,632,250 shares being held as collateral reverted back
to the Registrant they were retired to the treasury and the capital of Si Chuan
Da Zhu Fu Da Zhu Ma Fang Zhi You Xian Gong Si also reverted back to its previous
state prior to the Share Exchange so the Registrant could continue their
business operations prior to that transaction.
  Item
13. Exhibits and Reports on Form 8-K
  (a)   Exhibits.  The
exhibit list required by Item 13 of Form 10-KSB is provided in the “Index to Exhibits”
located herein, immediately following Item 14.
  (b)
              Reports on Form 8-K
      Filed in Last Quarter of Fiscal Year 2007.  An 8-K and
      related amendment was issued during the fourth quarter of 2007 with
      respect to the issuance of 500,000 shares of our common stock to a
      consulting firm for services rendered in
2007.
  Item
14. Principal Accountant Fees and Services
  Fees
Billed For Audit and Non-Audit Services
  The following table represents the
aggregate fees billed for professional audit services rendered to us by Traci J.
Anderson, CPA for the years 2006 and 2007 and all fees billed for other services
rendered by Traci J. Anderson, CPA during those periods.
  Year Ended December
      31,
              
              2007
              
              
              2006Audit
      Fees (1)
              
              $
              10,000
              
              
              $
              10,000Audit-Related
      Fees (2)
              
              
              --
              
              
              
              --Tax
      Fees (3)
              
              
              --
              
              
              
              --All
      Other Fees (4)
              
              
              --
              
              
              
              --Total
      Accounting Fees and Services
              
              $
              10,000
              
              
              $
              10,000
  (1)
              Audit
      Fees.  These are fees for professional services for the
      audit of our annual financial statements.
  (2)
              Audit-Related
      Fees.  These are fees for the assurance and related
      services reasonably related to the performance of the audit or the review
      of our financial statements.
  (3)
              Tax
      Fees.  These are fees for professional services with
      respect to tax compliance, tax advice, and tax planning.
  (4)
              All Other
      Fees.  These are fees for permissible work that does not
      fall within any of the other fee categories, i.e., Audit Fees,
      Audit-Related Fees, or Tax Fees.
  Pre-Approval
Policy for Audit and Non-Audit Services
  We do not have a standing audit
committee, and the full Board performs all functions of an audit committee,
including the pre-approval of all audit and non-audit services before we engage
an accountant. All of the services rendered to us by the independent accountants
during 2007 were pre-approved by our Board of Directors.
  15
 Table of Contents
  INDEX TO EXHIBITS
  Exhibit
      Number
              Description3.1
              Articles
      of Incorporation of Envirosafe Corporation **3.2
              Bylaws
      of Envirosafe Corporation **4.1
              See
      Exhibits 3.1 and 3.2 for the provisions of our Articles of Incorporation
      and Bylaws that define the rights of holders of our Common
      Stock4.2
              Specimen
      of Common Stock Certificate **14.1
              Code
      of Ethics **31.1
              Rule 13a-14(a)/15d–14(a) Certifications of Guoqiang
      Zhan, Chief Executive and Financial Officer *32.1
              Section 1350 Certifications of Guoqiang Zhan, Chief
      Executive and Financial Officer *99.1
              Cautionary
      Statements for Purposes of the Safe Harbor Provision of the Private
      Securities Litigation Reform Act of 1995 *
  *           
Filed herewith.
  **
              Contained
      in our Form 10-SB, as filed with the Commission on January 18, 2007.
  16
 Table of Contents
  SIGNATURES
  In
accordance with the Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
  Date:  August
28, 2008
  ENVIROSAFE
      CORPORATIONBy:
              /s/
      Guoqiang ZhanGuoqiang
      Zhan
  In
accordance with the Exchange Act, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.