UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549








Form
10-K








x   Annual
report under section 13 or 15(d) of the Securities Exchange Act of
1934





For the
fiscal year ended September 30,
2008






o   Transition
report under section 13 or 15(d) of the Securities Exchange Act of
1934





For the
transition Period from __________ to __________








Commission
File Number: 000-30096








Global 8 Environmental
Technologies, Inc.


(Name of
small business issuer in its charter)








ORGANIC RECYCLING
TECHNOLOGIES, INC.


(Former
name, former address and former fiscal year, if changed since last
report)








Nevada
              
              77-0454933(State
      or other jurisdiction of incorporation or organization)
              
              (I.R.S.
      Employer Identification No.)








620
Newport Center Drive, Suite 1100


Newport Beach, CA
92660


(Address
of principal executive offices, including Zip Code)








(949)
718-4425


(Issuer’s
telephone number)







- 1
-








Securities
registered under Section 12(b) of the Act:





(Title
      of Class)
                
                Name
      of exchange on which registeredNone
                
                None







Securities
registered under Section 12(g) of the Act: Common
Stock, $0.001 par value







Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined by
Rule 405 of the Securities Act.     Yes o    
No x







Indicate
by checkmark if the registrant is not required to file reports pursuant to
Section 13 or 15(d) of the Act.      Yes o    
No x







Indicate
by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 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 o







Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of
Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of the registrant’s knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.    o







Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company. See
definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.




Large
accelerated filer o   Accelerated
filer o  Non-accelerated filero(Do not
check if a smaller reporting
company)          Smaller
reporting company x






Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).      Yes o    
No x







The
aggregate market value of the voting common equity held by non-affiliates as of
January 9, 2009, based on the closing sales price of the Common Stock as quoted
on the Over-the-Counter Bulletin Board was $10,822,488. For purposes of this
computation, all officers, directors, and five percent (5%) beneficial owners of
the registrant are deemed to be affiliates. Such determination should not be
deemed an admission that such directors, officers, or five percent (5%)
beneficial owners are, in fact, affiliates of the registrant.







As of
January 9, 2009, there were 70,562,356 shares of registrant’s common stock
outstanding.







- 2
-


GLOBAL
8 ENVIRONMENTAL TECHNOLOGIES, INC.


(Formerly
– Organic Recycling Technologies, Inc.)





Index
to


Annual
Report on Form 10-K


For
the Year Ended September 30, 2008





PagePart
      IItem
      1.
                    Description
      of Business
                    4Item
      1A.
                    Risk
      Factors
                    7Item
      2.
                    Description
      of Property
                    9Item
      3.
                    Legal
      Proceedings
                    9Item
      4.
                    Submission
      of Matters to a Vote of Security Holders
                    10Part
      IIItem
      5.
                    Market
      for Common Equity and Related Stockholder Matters
                    10Item
      6.
                    Management’s
      Discussion and Analysis of Financial Condition or Plan of
      Operation
                    11Item
      6A.
                    Quantitative
      and Qualitative Disclosures about Market Risk
                    14Item
      7.
                    Financial
      Statements
                    15Item
      8.
                    Changes
      In and Disagreements With Accountants on Accounting and Financial
      Disclosure
                    28Item
      8A.
                    Controls
      and Procedures
                    28Item
      8B.
                    Other
      Information
                    28Part
      IIIItem
      9.
                    Directors,
      Executive Officers, Promoters and Control Persons; Compliance With Section
      16(a) of the Exchange Act
                    29Item
      10.
                    Executive
      Compensation
                    30Item
      11.
                    Security
      Ownership of Certain Beneficial Owners and Management and Related
      Stockholder Matters
                    31Item
      12.
                    Certain
      Relationships and Related Transactions
                    33Item
      13.
                    Principal
      Accountant Fees and Services
                    33Part
      IVItem
      14.
                    Exhibits
                    34Signatures
                    35





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PART
I





FORWARD-LOOKING
STATEMENTS





This
Annual Report on Form 10-K includes the accounts of Global 8 Environmental
Technologies, Inc.  and its wholly -owned subsidiaries, collectively
“we”, us” or the "Company".





This
Annual Report on Form 10-K (including the section regarding Management's
Discussion and Analysis of Financial Condition and Results of Operations)
contains forward-looking statements regarding our business, financial condition,
results of operations and prospects. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar expressions or
variations of such words are intended to identify forward-looking statements,
but are not deemed to represent an all-inclusive means of identifying
forward-looking statements as denoted in this Annual Report on Form
10-K.  Additionally, statements concerning future matters are
forward-looking statements.





Although
forward-looking statements in this Annual Report on Form 10-K reflect the good
faith judgment of our Management, such statements can only be based on facts and
factors currently known by us. Consequently, forward-looking statements are
inherently subject to risks and uncertainties and actual results and outcomes
may differ materially from the results and outcomes discussed in or anticipated
by the forward-looking statements. Factors that could cause or contribute to
such differences in results and outcomes include, without limitation, those
specifically addressed under the heading "Risks Related to Our Business" below,
as well as those discussed elsewhere in this Annual Report on Form 10-K. Readers
are urged not to place undue reliance on these forward-looking statements, which
speak only as of the date of this Annual Report on Form 10-K. We file reports
with the Securities and Exchange Commission ("SEC"). You can read and copy any
materials we file with the SEC at the SEC's Public Reference Room at 100 F
Street, NE, Washington, DC 20549.  You can obtain additional
information about the operation of the Public Reference Room by calling the SEC
at 1-800-SEC-0330. In addition, the SEC maintains an Internet site (www.sec.gov)
that contains reports, proxy and information statements, and other information
regarding issuers that file electronically with the SEC, including
us.





We
undertake no obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the date of this
Annual Report on Form 10-K. Readers are urged to carefully review and consider
the various disclosures made throughout the entirety of this annual Report,
which attempt to advise interested parties of the risks and factors that may
affect our business, financial condition, results of operations and
prospects.





In this
document, unless the context otherwise requires, the "Company" refers to Global
8 Environmental Technologies, Inc. and it’s subsidiaries. All dollar amounts in
this Annual Report are in U.S. dollars unless otherwise stated.





ITEM
1.    DESCRIPTION OF BUSINESS





OVERVIEW





In early
January 2005, the Company’s Board of Directors determined to change the
direction of the Company’s business focus to waste management and recycling
technologies. The Company has investigated several potential opportunities in
the United States, Canada, Europe, Latin America and Asia, where opportunities
exist for various segments of the waste management business and the exploitation
of recycling technologies for both organic and inorganic waste materials. The
Company has identified and is pursing its due diligence with respect to a
variety of specific projects which it is pursing  it continues to seek
out additional opportunities in environmental technologies directly related to
waste management and recycling.  In addition, the Company intends to
explore and seek out opportunities in alternative energy, air and water related
environmental technologies. To date the Company has not generated any revenues
or has the Company concluded any definitive agreements for any specific
opportunities in the waste management or environmental technology industries,
and there are no assurances that the Company will be able to do so in the
future.





CORPORATE
BACKGROUND





The
Company is a Nevada corporation incorporated on September 15, 1995, under the
name Home Web, Inc. In January 2001, the Company changed its name from "Home
Web, Inc." to "Duro Enzyme Products Inc." In May 2003, the Company changed its
name from “Duro Enzyme Products Inc.” to “EAPI Entertainment, Inc.” and the
Company’s accounting year was changed from a December 31 year-end to a September
30 year-end. On July 7, 2005 the Company changed its name to Organic Recycling
Technologies Inc. and effective May 7, 2008, the Company again changed its name
to Global 8 Environmental Technologies, Inc.





From 2000
to December 2002, the Company was engaged in the business of developing
technologies based on the production of natural stable enzymes and the
development of various applications for those enzymes. Early in 2003, the
Company undertook a reorganization of its corporate affairs in connection with a
determination by its Board of Directors to pursue business opportunities in the
areas of electronic computer entertainment, education, music and other areas of
the entertainment industry.





In the
second quarter of 2005, the Company’s Board of Directors determined that better
opportunities existed for it outside of the entertainment industry. The Company
is now directing its business activities to seeking out opportunities in the
field of waste management, focusing on inorganic and organic recycling
technologies, environmental technologies and recycling technologies. The Company
is also exploring the acquisition of technologies and considering development of
projects in the renewable energy, water and air pollution treatment fields. The
Company is in the development stage.





- 4
-






INDUSTRY
BACKGROUND





The
environmental technology business is undergoing rapid growth worldwide. Every
country and every community are experiencing environmental crises and there are
no single solutions to challenges being faced, whether that be climate change,
water supply, energy supply or waste disposal. Countries such as China and India
are emerging from third world status into modern industrial consumer states. The
governments in these countries are turning their attention to dealing with the
environmental changes being created by their newly emerging industrial and
consumer societies and they are seeking ways to protect their environments.
Industrialized nations are facing crises in waste management, spiraling energy
costs, water supply and contamination of the air, water, and soil environments
amongst other things. Finally, the global climate change movement is putting
pressure on all levels of government throughout the world to reduce the
emissions of greenhouse gases such as carbon dioxide and methane gas which is
emitted from conventional landfills.





The
environmental technology industry is highly competitive; however, opportunities
exist for start up companies that have strong connections with technology and
financial partners and who have innovative technologies and solutions to address
these various environmental challenges facing the world today. While the company
has assembled a strong team of partners for the business, there is no guarantee
of success in respect to the Company’s ability to conclude successfully any
particular business venture that it may embark upon within the
industry.





BUSINESS
STRATEGY





The
Company has determined that its resources and energies would best be utilized in
partnering with technology developers and waste management companies in a wide
range of environmental technologies. Worldwide problems in dealing with various
forms of waste management continue to grow, as does the need for the utilization
of new and improved technologies that allow for a more environmentally efficient
utilization of resources. Issues such as global warming and environmental
pollution increase the need for various methods to deal with both organic and
inorganic waste in ways that are constantly undergoing innovation and
refinement. As landfills near capacity and, in some cases, are shut down, and as
composting is severely limited in its application, the need for new approaches
to waste management is constant. If these problems exist in North America, the
problems in Asia are perhaps even more extensive as the industrial and
population base continues to grow and, as the infrastructure for waste
management is less developed, the need for, and opportunities for, solutions
continue to grow. As a consequence of the many opportunities that are perceived
to exist in China, most of the Company’s focus has been on that
country.





Although
not directly related to the waste problem, the industry is also focused on
technologies that may lead to better ways to produce energy, cut emissions and
halt the growth of greenhouse gases in the environment. The Company does not
intend to restrict itself to waste recycling, but will seek out new technologies
to better utilize existing resources in an environmentally friendly way and
thereby reduce those by-products that are destructive to the
environment.





The
Company is exploring various opportunities to market environmental technologies
through the development of its Environmental Technology Centers. Each of these
Environmental Technology Centers is a facility that uses leading-edge
technologies to handle and solve the needs for the four elements of the
environment in your community. These four elements are Earth, Air, Fire, and Water.  The Earth side includes all
aspects of waste management including collection, transportation, sorting and
depackaging, recycling and reuse and finally, disposal of residuals. The
production of revenue-producing end products such as pellet fuel, biogas,
ethanol, soil fertilizers, and recycle products is important. The Air element of this center is
focused on leading-edge technologies for air pollution reduction, reduction of
greenhouse gases, and the production of green electricity through wind
energy.  The Fire element further expands
this focus on air quality enhancement in your community by using technologies
that capture and utilize methane gas from existing landfills and that reduce the
use of carbon emitting fossil fuels by bringing in alternative energy from solar
power, geothermal power, tidal power, biofuels and biogases and other
appropriate hybrid electrical systems that may apply in the community. Lastly,
the Water element
employs technologies that use leading-edge solutions for water purification,
wastewater treatment, seawater desalination and even cleanup of receiving waters
where necessary.





In
response to the worldwide opportunities to develop its Environmental Technology
Centers, the company has formed four wholly owned subsidiaries to address the
four elements. Global 8 BioOrganics Inc. includes the Earthelement, covering all
aspects of waste management and recycling. Global 8 AirFlow Inc. addresses the
airelement; Global 8
BioEnergy Inc. addresses the capture and utilization of methane gas from organic
waste sources and the application of emerging renewable energy technologies, and
finally, Global 8 WaterFlow Inc. deals with cutting-edge application of water
and wastewater purification technologies. Each Environmental Technology Center
is overseen by one of these four subsidiary companies.





RECYCLING





One of
the most important aspects of waste management is that of recycling. This
process allows waste that would find its way into landfills or garbage dumps to
be treated and utilized as raw materials in the production of new products and
energy. In North America and in Europe, recycling and energy production has
become common place. The separation of waste streams into glass, plastics and
mixed organics has allowed new uses for some of the materials that formerly
would have been discarded. As new technologies evolve, it is anticipated that
recycling technologies will continue to emerge. For example, in recent years,
new technologies have been developing to convert organic wastes into new
products such as fertilizers, feed supplements and bio fuels.





Worldwide
demand for new and existing technologies appears to be so extensive that it is
not possible to fully evaluate the potential of the worldwide market. It is a
competitive market like any other, however, and from a business standpoint there
is no assurance that the Company will in fact be able to exploit any new
technologies or maintain a successful posture in respect to the goals it is
seeking to achieve in the aforesaid business activities.





- 5
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MARKETING
WASTE TECHNOLOGIES





The
Company is exploring various opportunities to market waste management and other
relevant technologies through the development of web-based and traditional
marketing centers. The Company is at the initial stages of this activity. It is
intended that this on-line marketing center will provide information and sales
on various technologies to market to both consumers and retailers.





STATUS
OF BUSINESS DEVELOPMENT





The
Company has been actively involved in reviewing various technologies in the
waste management business as well as other environmental technologies. The
following major corporate developments occurred during the past two fiscal
years:




(1)
                Engagement of HDR Brown Vence
      and Associates, Inc.: In June 2006, the Company entered into a
      consulting services agreement with California based HDR Brown Venice and
      Associates, Inc. (“HDR”) a worldwide engineering and architectural
      consulting company, which provides a wide range of technical related and
      professional services for various complex industrial projects. HDR will be
      utilized by the Company in the evaluation of its projects in respect to
      project feasibility, design, implementation and operational supervision.
      The Company has paid approximately $235,000 to HDR as of September 30,
      2008. The Company intends to continue to work closely with HDR with
      respect to its opportunities for various projects and in the development
      of technologies that will be proprietary to the
Company.(2)
                Wind Power Technologies:
      The Company has retained HDR to conduct certain feasibility studies with
      respect to wind power alternative energy project opportunities in China.
      There is no assurance that the Company will be successful in concluding
      any definitive agreements with respect to these alternative energy project
      opportunities.(3)
                The
      Company announced that it has signed a license agreement with Osaw Maskwa
      Consulting Ltd., a multidisciplinary consulting firm that is wholly-owned
      by First Nations Canada and that has gained wide acceptance throughout the
      leadership within Aboriginal communities. For a license fee of $9,000,000
      and ongoing royalties, Osaw Maskwa has acquired from Global 8 the
      worldwide license rights to develop Environmental Technology Centers on
      Aboriginal traditional lands by utilizing the know-how, technologies,
      patents pending and experience of Global 8. The first of these projects is
      already underway following receipt by the company of a Letter of
      Engagement from the community of Fort Providence, an Aboriginal community
      in Canada’s Northwest Territories. Discussions for numerous other sites
      are also underway.





COMPETITION





The waste
management industry is highly competitive, consisting of a number of large, well
established companies that operate on a national and international scale, as
well as a number of smaller companies that operate on a regional basis. Almost
all of these companies are more established and have greater financial resources
than the Company.





We intend
to differentiate ourselves from competitors in this industry by seeking out and
partnering with leading-edge environmental technology and project developers to
offer a wide range of solutions for waste management and recycling, wastewater
and water treatment, greenhouse gas reduction and bioenergy capture and wind
energy production. As part of this development plan, we intend to seek out
business opportunities on an international scale, with a particular focus on
emerging industrial countries such as China, India, Canada and the Middle
East.





INTELLECTUAL
PROPERTY





Our
performance and ability to compete are somewhat dependent on our ability to seek
out and utilize these various technologies that are summarized above. Although
we are primarily in the business of developing these technologies, we will
explore the possibility of developing some of our own technologies through our
relationship with HDR and others. The main intention of the Company is to seek
out new technologies to apply to waste management, renewable energy and other
environmental problems. It is possible that the technologies that we seek to
exploit in carrying out our business plan may have patent or other protections.
The Company itself does not possess any patents or other protection in respect
to intellectual property.





EMPLOYEES





For the
past twelve months ending September 30, 2008, we have continued to have one
employee and fifteen outside consultants. Our consultants and employee do not
belong to a collective bargaining unit, and we are not aware of any labor union
organizing activity. We believe our future success will depend in large part on
its continuing ability to attract, train and retain skilled technical, sales,
marketing and customer support personnel.





GOVERNMENT
REGULATION





The waste
industry is highly regulated. Any waste disposal or recycling facility that we
construct or operate will be required to pass strict government requirements.
These regulations will vary from country to country and may include regulations
at the federal, state and municipal levels. As a result, we expect that a
significant portion of its capital expenditures in constructing or operating any
waste disposal or recycling facilities will be allocated to complying with
environmental regulations at various levels of government. We expect that these
costs will include those associated with surveying, designing, operating,
monitoring and maintaining any facilities that it constructs or operates.
Although we expect that considerable time, effort and funds will be expended on
obtaining and maintaining necessary environmental and other government permits
and approvals, there are no assurances that we will be able to obtain or
maintain such permits or approvals.





- 6
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ITEM
1A.  RISK FACTORS





Shareholders
and prospective purchasers of the Company's Common Stock should carefully
consider the following risk factors in addition to the other information
appearing in this Annual Report on Form 10-K.





WE
MAY NOT BE ABLE TO CONTINUE AS A GOING CONCERN.





Our
ability to continue as a going concern is dependent upon our ability to obtain
additional financing, restructure its debt, streamline our business and reduce
our costs. We are currently in the process of identifying sources of additional
financing, negotiating changes to its debt structure and evaluating its
strategic options. However, there are no assurances that these plans can be
accomplished on satisfactory terms, or at all, or that they will provide
sufficient cash to fund our operations, pay the principal of, and interest on,
tour indebtedness, fund our other liquidity needs or permit us to refinance its
indebtedness. Our inability to obtain additional financing, restructure our
indebtedness, streamline our business or reduce our costs would have a material
adverse effect on our financial condition, results of operations and ability to
satisfy our obligations, and may result in our pursuing a restructuring of our
indebtedness either on a consensual basis or under the provisions of bankruptcy
legislation, or liquidating our business and operations. Further, our inability
to obtain additional financing or restructure our indebtedness, or pursue a
restructuring of our indebtedness either on a consensual basis or under the
provisions of bankruptcy legislation, may result in our security holders losing
all or a material portion of their investment in our securities.





OUR
INDEPENDENT AUDITORS HAVE EXPRESSED SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO
CONTINUE AS A GOING CONCERN, WHICH MAY HINDER OUR ABILITY TO OBTAIN FUTURE
FINANCING.





In their
report dated January 12, 2009, our independent auditors stated that our
financial statements for the year ended September 30, 2008 were prepared
assuming that we would continue as a going concern. Our ability to continue as a
going concern is an issue raised as a result of recurring losses from
operations. We continue to experience net operating losses. Our ability to
continue as a going concern is subject to our ability to generate a profit
and/or obtain necessary funding from outside sources, including obtaining
additional funding from the sale of our securities, increasing sales or
obtaining loans and grants from various financial institutions where possible.
Our continued net operating losses increase the difficulty in meeting such goals
and there can be no assurances that such methods will prove
successful.





WE
HAVE A HISTORY OF LOSSES WHICH MAY CONTINUE, WHICH MAY NEGATIVELY IMPACT OUR
ABILITY TO ACHIEVE OUR BUSINESS OBJECTIVES.





We
incurred net losses of $5,587,009 and $3,120,010 for the years ended September
30, 2008 and 2007, respectively. We cannot assure you that we can achieve or
sustain profitability on a quarterly or annual basis in the future. Our
operations are subject to the risks and competition inherent in the
establishment of a business enterprise. There can be no assurance that future
operations will be profitable. Revenues and profits, if any, will depend upon
various factors, including whether we will be able to continue expansion of our
revenue. We may not achieve our business objectives and the failure to achieve
such goals would have an adverse impact on us.





WE
MAY ACQUIRE UNRELATED BUSINESS AND CHANGE ITS CURRENT OPERATIONS.





We are
currently looking at other business models and business operations. These new
operations may be materially different from the current business model and
operation that currently exist. Any change in the business operations may
materially affect our share price and revenue generation ability.





WE
REQUIRE ADDITIONAL FINANCING IN ORDER TO PURSUE ITS PLAN OF
OPERATIONS.





Our plan
of operation will require an estimated $5,000,000 to be spent over the next
twelve months. We currently do not earn revenue from our operations and do not
anticipate earning revenue in the near future. As such, our current operating
funds are insufficient to complete its plan of operation without additional
financing. Due to our substantial working capital deficit, the amount of
financing required for pursuing our plan of operation and our current inability
to generate revenues, we will require financing in order to pursue our plan of
operation. In addition, there is no assurance that our actual cash requirements
will not exceed our estimates. If the actual cost of building and developing our
proposed projects in China is greater than expected, then our ability to
complete our plan of operation may be adversely affected. If we are unable to
acquire sufficient financing on terms acceptable to it, our operations could be
severely limited and we may not be able to implement its plan of
operation.





It is
anticipated that any additional financing obtained by us will be by way of
equity financing through private placements of the Company’s common stock. If
such equity financing is obtained, the interests of our existing stockholders
may be diluted. We continue to seek out debt financing private or institution
for our projects in China. We do not have any finalized financing arrangements
in place at this time and there is no assurance that we will be able to acquire
sufficient financing on terms acceptable to it. No commitments to provide
additional funds have been made by our management or our existing
stockholders.




- 7
-




WE
MAY NOT BE ABLE TO MEET OUR COMMITMENTS TO BUILD PLANTS IN CHINA OR
ELSEWHERE.
 
 Even if
sufficient financing is obtained, there is no assurance that we will be able to
successfully build waste management facilities in China or elsewhere. The
construction of these projects is dependent on a number of factors outside of
our control, including the availability of contract workers, qualified
tradespersons and federal and local government permits. As the Company will be
operating in a foreign jurisdiction local issues may prevent the Company from
completing its agreements to build these plants or, once built, to put them into
operation.


WE
MAY NOT BE ABLE TO SECURE AGREEMENT WITH POTENTIAL JOINT VENTURE PARTNERS OR
SUCH PARTNERS MAY BE UNRELIABLE OR UNABLE TO CARRY THROUGH WITH THEIR
OBLIGATIONS UNDERS SUCH AGREEMENTS.





Although
we have entered into joint venture agreements with Chongqing Jinxibeina Complete
Equipment Import & Export Co. (CJCE) with respect to the construction of
waste management facilities in China, there is no assurance that CJCE will be
able or willing to fulfill their obligations under those agreements. If CJCE
fails to meet its obligations with respect to the joint venture in Chongqing,
China, our future business prospects will be significantly damaged.





OUR
BUSINESS IS DEPENDENT ON OUR ABILITY TO MARKET ITSELF AND TO LOCATE PROMISING
TECHNOLOGIES AND BUSINESS OPPORTUNITIES IN WASTE MANAGEMNT.





As we do
not have any specific technology that we owns, we are attempting to market
ourself as a Company that is able to locate waste management and recycling
opportunities and find joint venture partners to realize those opportunities. As
we are a start-up company, there is no guarantee that we will be able to either
locate or exploit opportunities that may exist.





WE
OPERATE IN AN INTENSLEY COMPETITIVE INDUSTRY.





The waste
management and recycling industry is highly competitive with many large
companies with extensive resources and contacts that will compete with us.
Although we are attempting to locate opportunities that larger companies may
have less interest in, we expect that we will continue to face strong
competition within this industry. Certain of the markets in which we expect to
compete will be served by one or more established waste management companies of
varying sizes and resources. We also compete with various government
corporations at the local, provincial and federal levels. We expect that many of
our competitors will have significant competitive advantages in that they may be
better funded and better established than us. This industry competition could
have a materially adverse effect on our business prospects, financial condition
and operating results.





OUR
OPERATING RESULTS ARE LIKELY TO FLUCTUATE SIGNIFICANTLY, WHICH COULD INCREASE
THE VOLATILITY OF OUR STOCK PRICE.





As a
result of the Company’s limited operating history and the planned expansion of
its business operations, our quarterly and annual revenues and operating results
are likely to fluctuate from period to period. For this reason, you should not
rely on period-to-period comparisons of the Company’s financial results as
indications of future results. Our future operating results could fall below the
expectations of public market analysts or investors and significantly reduce the
market price of our common stock. Fluctuations in the Company’s operating
results could increase the volatility of its stock price.





WE
DEPEND UPON A SMALL NUMBER OF KEY PERSONS TO IMPLEMENT ITS BUSINESS PLAN, AND
THE LOSS OF ANY OF THEM MAY AFFECT ITS BUSINESS OPERATIONS.





The
Company is dependent on several key employees and consultants to implement its
business plan, and the loss of any of them may affect the Company’s ability to
provide the required quality of service and technical support necessary to
achieve and maintain a competitive market position. There is no assurance that
these key employees and consultants will continue to manage our affairs in the
future. The Company has not obtained key man insurance with respect to its
employee.





WE
DO NOT ANTICIPATE PAYING DIVIDENDS TO OUR SECURITY HOLDERS IN THE FORSEEABLE
FUTURE WHICH MAKES INVESTMENTS IN OUR STOCK SPECULATIVE OR RISKY.





The
Company has not paid dividends on its common stock and does not anticipate
paying dividends on its common stock in the foreseeable future. The Board of
Directors has sole authority to declare dividends payable to the Company’s
shareholders. The fact that the Company has not and does not plan to pay
dividends indicates that the Company must use all of its funds generated by
operations for reinvestment in its operating activities and also emphasizes that
the Company may not continue as a going concern. Investors also must evaluate an
investment in the Company solely on the basis of anticipated capital
gains.




- 8
-




Risks Relating to Our Common
Stock:





IF
WE FAIL TO REMAIN CURRENT IN OUR REPORTING REQUIREMENTS, WE COULD BE REMOVED
FROM THE OTC BULLETIN BOARD WHICH WOULD LIMIT THE ABILITY OF BROKER-DEALERS TO
SELL OUR SECURITIES AND THE ABILITY OF STOCKHOLDERS TO SELL THEIR SECURITIES IN
THE SECONDARY MARKET.





Companies
trading on the OTC Bulletin Board, such as us, must be reporting issuers under
Section 12 of the Securities Exchange Act of 1934, as amended, and must be
current in their reports under Section 13, in order to maintain price quotation
privileges on the OTC Bulletin Board. If we fail to remain current on our
reporting requirements, we could be removed from the OTC Bulletin Board. As a
result, the market liquidity for our securities could be severely adversely
affected by limiting the ability of broker-dealers to sell our securities and
the ability of stockholders to sell their securities in the secondary
market.




OUR
COMMON STOCK IS SUBJECT TO THE "PENNY STOCK" RULES OF THE SEC AND THE TRADING
MARKET IN OUR SECURITIES IS LIMITED, WHICH MAKES TRANSACTIONS IN OUR STOCK
CUMBERSOME AND MAY REDUCE THE VALUE OF AN INVESTMENT IN OUR STOCK.





The
Securities and Exchange Commission has adopted Rule 15g-9 which establishes the
definition of a "penny stock," for the purposes relevant to us, as any equity
security that has a market price of less than $5.00 per share or with an
exercise price of less than $5.00 per share, subject to certain exceptions. For
any transaction involving a penny stock, unless exempt, the rules
require:




·
              that
      a broker or dealer approve a person's account for transactions in penny
      stocks; and·
              the
      broker or dealer receive from the investor a written agreement to the
      transaction, setting forth the identity and quantity of the penny stock to
      be purchased.





In order
to approve a person's account for transactions in penny stocks, the broker or
dealer must:




·
              obtain
      financial information and investment experience objectives of the person;
      and·
              make
      a reasonable determination that the transactions in penny stocks are
      suitable for that person and the person has sufficient knowledge and
      experience in financial matters to be capable of evaluating the risks of
      transactions in penny stocks.





The
broker or dealer must also deliver, prior to any transaction in a penny stock, a
disclosure schedule prescribed by the Commission relating to the penny stock
market, which, in highlight form:





·
            sets
      forth the basis on which the broker or dealer made the suitability
      determination; and·
            that
      the broker or dealer received a signed, written agreement from the
      investor prior to the transaction.





Generally,
brokers may be less willing to execute transactions in securities subject to the
"penny stock" rules. This may make it more difficult for investors to dispose of
our common stock and cause a decline in the market value of our
stock.





Disclosure
also has to be made about the risks of investing in penny stocks in both public
offerings and in secondary trading and about the commissions payable to both the
broker-dealer and the registered representative, current quotations for the
securities and the rights and remedies available to an investor in cases of
fraud in penny stock transactions. Finally, monthly statements have to be sent
disclosing recent price information for the penny stock held in the account and
information on the limited market in penny stocks.





ITEM
2.  DESCRIPTION OF PROPERTY





The
Company had leased its principal executive office, consisting of approximately
2,500 square feet, at a monthly rent of $2,420, located at 204 – 3970 East
Hastings Street, Burnaby, British Columbia, Canada, V5C 6C1. We leased this
property from 696092 B.C. Ltd., a private company owned by one of our directors,
Peter Gardner. In March 2007, we entered into a 3 year lease with a
non-affiliated party to lease an office space of approximately 1,100 square feet
in Orangeville, Ontario, at a monthly rental of $1,244. Although maintaining its
British Columbia office, our corporate headquarters were relocated to
Orangeville, Ontario. The lease arrangement for Orangeville, Ontario facility
was terminated on September 30, 2008. On October 01, 2008, we entered in to a
month to month lease arrangement for our corporate offices headquartered in
Newport Beach, California for a monthly rent of $1,700.





ITEM
3.  LEGAL PROCEEDINGS





To our
knowledge, neither the Company nor its subsidiaries are party to any legal
proceeding or litigation and it knows of no other threatened or contemplated
legal proceedings or litigation.




- 9
-


ITEM
4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 On March
31, 2008, the Board of Directors of the Company and shareholders owning
approximately 51.4% of the Company’s issued and outstanding common stock
approved an amendment to the Company’s Articles of Incorporation to change the
name of the Company to Global 8 Environmental Technologies, Inc. effective May
7, 2008. The Company has filed an information statement on Form 14-C with the
Securities and Exchange Commission on April 2, 2008 and mailed a Definitive Form
14-C to its registered shareholders on April 17, 2008.




PART
II





ITEM
5.  MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
MATTERS





MARKET
INFORMATION





Our
common stock is traded on the Over-the-Counter Bulletin Board (the “OTC BB”)
under the symbol “GBLE.” Our trading symbol was changed from “ORCY” to “GBLE” on
May 15, 2008 concurrent with our change of name. Subsequently the Company’s
common stock was traded on the Pink Sheets Electronic Quotation systems in other
over-the-counter trading.





The
following table sets forth, the range of high and low bid prices of the
Company’s common stock for the last two fiscal years of actual trading, as
reported by the OTCBB/Pink Sheets:





FISCAL
      QUARTERS ENDED
                      
                      HIGH
($)*
                      
                      LOW
  ($)*December
      31, 2006
                      
                      $0.75
                      
                      $0.45March
      31, 2007
                      
                      $0.80
                      
                      $0.58June
      30, 2007
                      
                      $0.75
                      
                      $0.41September
      30, 2007
                      
                      $0.68
                      
                      $0.31December
      31, 2007
                      
                      $0.58
                      
                      $0.40March
      31, 2008
                      
                      $0.72
                      
                      $0.35June
      30, 2008
                      
                      $0.42
                      
                      $0.35September
      30, 2008
                      
                      $0.39
                      
                      $0.21





*The
share price information was obtained from the OTCBB/Pink Sheets as the case may
be.





The above
quotations reflect inter-dealer prices, without retail mark-up, markdown or
commission and may not represent actual transactions.





HOLDERS





As of
September 30, 2008, the Company’s issued and outstanding common stock totaled
69,162,152 shares, held by approximately 1,284 stockholders of
record.





DIVIDENDS





We have
not paid dividends in prior years and has no plans to pay dividends in the near
future. The Company intends to reinvest its earnings, if any are achieved, in
the continued development and operation of its business. Any payment of
dividends would depend upon our pattern of growth, profitability, financial
condition, and such other factors as the Board of Directors may deem
relevant.





SECURITIES
AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS





On March
24, 2008, we entered into a consulting agreement for one year with a director
whereby, the Company is obligated to grant 75,000 shares of its common stock per
calendar quarter commencing April 1, 2008.





On
October 1, 2008, the Company entered into an employment agreement with its
President and Chief Executive Officer for a three year period and agreed to
issuance of 1,500,000 common shares upon signing of the employment agreement. As
of the date of filing this report, the Company has not issued such
shares.





RECENT
SALES OF UNREGISTERED SECURITIES





Between
July 1, 2008 and September 30, 2008, the Company sold under a private placement,
3,959,025 common shares to investors at prices ranging from 0.28 to 0.50 per
share for a total consideration of $1,764,059.52. Common shares sold include
warrants of 1,439,443 shares exercised by shareholders. The common shares
were sold at the fair market value on the date of sale. The shares were sold
pursuant to an exemption from registration under Regulation S of The Exchange
Act.





- 10
-




ITEM
6.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR
PLAN OF OPERATION





This
Management's Discussion and Analysis of Financial Condition and Results of
Operations includes a number of forward-looking statements that reflect
Management's current views with respect to future events and financial
performance. You can identify these statements by forward-looking words such as
“may,” “will,” “expect,” “anticipate,” “believe,” “estimate” and “continue,” or
similar words.  Those statements include statements regarding the
intent, belief or current expectations of us and members of its management team
as well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risk and uncertainties, and that
actual results may differ materially from those contemplated by such
forward-looking statements.





Readers
are urged to carefully review and consider the various disclosures made by us in
this report and in our other reports filed with the Securities and Exchange
Commission.  Important  factors  currently  known  to
Management  could  cause  actual  results  to
differ  materially  from  those in
forward-looking  statements.  We undertake no obligation to
update or revise forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated events or changes in the future operating results
over time. We believe that our assumptions are based upon reasonable data
derived from and known about our business and operations.  No
assurances are made that actual results of operations or the results of our
future activities will not differ materially from its
assumptions.  Factors that could cause differences include, but are
not limited to, expected market demand for our services, fluctuations in pricing
for materials, and competition.





PLAN
OF OPERATION





The
Company’s plan of operation for the next twelve months is to locate, integrate
and implement leading waste management, recycling and renewable energy
technologies with the objective of creating a cleaner and healthier global
environment and capitalizing on profitable opportunities for our shareholders.
The Company is currently evaluating several projects in North America and China
related to waste management and alternate power. No agreements have been
concluded and therefore capital requirements remain unknown.





Over the
next twelve months, the Company estimates that it will require approximately
$5,000,000 to pursue its stated plan of operation. Of this amount approximately,
$3,500,000 will be comprised of overhead expenses. The actual amounts required
will depend on whether the Company commences building waste facilities under its
joint venture agreement with CJCE or elsewhere in the next twelve months. It is
important to note that our actual expenditures and financial requirements during
this period may be greater than or less than the amounts that we have estimated
herein. The Company is also continuing to seek out new business opportunities,
and may find new opportunities which have not been accounted for in the
Company’s budget estimates.





RESULTS
OF OPERATIONS





Summary of Year End
Results





Year
      Ended September 30,
                                          
                                          Percentage2008
                                          
                                          2007
                                          
                                          Increase/(Decrease)Revenue
                                          $
                                          --
                                          
                                          $
                                          --
                                          
                                          N/AOperating
      Expenses
                                          
                                          (5,633,922
                                          )
                                          
                                          (3,449,890
                                          )
                                          62.0
                                          %Other
      Income (Expense)
                                          
                                          (3,088
                                          )
                                          
                                          329,880
                                          
                                          (100.9)
                                          %Net
      Income (Loss)
                                          $
                                          (5,637,009
                                          )
                                          $
                                          (3,120,010
                                          )
                                          (79.1)
                                          %




Revenue





We do not
anticipate earning revenues until such time as we have completed commercial
development of planned products and businesses. We are presently in the
development stage of our business and we can provide no assurance that we will
be able to complete commercial development or successfully sell or license our
planned products once development is complete.




Operating Costs and
Expenses




The
Company incurred total operating expenses of $5,633,922 for the year ended
September 30, 2008, which was an increase of $2,184,032 over the operating
expenses incurred by the Company for the year ended September 30,
2007.








- 11
-




An
analysis of the major operating items shows the following changes:
 
 (1)
                Consulting
      and professional fees for the year ended September 30, 2008 increased to
      $4,885,093 from $2,846,752 for the same period in 2007, as a result of
      increase in the use and cost of management consultants retained to locate,
      research, conduct feasibility studies with respect to leading waste
      management, recycling and reusable energy technologies.(2)
                General
      and administration expenses for the year ended September 30, 2008
      increased to $748,829 from $603,137 for the same period in 2007, as a
      result of increase in advertising cost, office & administration,
      investor relations & communications expenses, and decrease in travel
      expenses.(3)
                Interest
      expense for the year ended September 30, 2008 was $3,088 compared to
      $90,466 for the same period in 2007. Interest expense decreased due to
      repayment of short term notes payable to related parties during the year
      ended September 30, 2008 as compared to the same period in
      2007.
  As the
Company anticipates that its business operations will continue at approximately
the same level during the next twelve months, the Company expects its expenses
to continue to remain at the same level during the next fiscal
year.


LIQUIDITY
AND FINANCIAL CONDITION





Cash
      Flows
                                      
                                      Year
      Ended September 30,2008
                                      
                                      
                                      2007Net
      Cash used in Operating Activities
                                      
                                      $
                                      (4,832,140
                                      )
                                      
                                      $
                                      (1,861,248
                                      )Net
      Cash used in Investing Activities
                                      
                                      
                                      (172,715
                                      )
                                      
                                      
                                      (8,206
                                      )Net
      Cash provided by Financing Activities
                                      
                                      
                                      4,399,738
                                      
                                      
                                      
                                      2,438,419Effects
      of Foreign Currency Translations
                                      
                                      
                                      (6,577
                                      )
                                      
                                      
                                      130,050Net
      Increase (decrease) in Cash During Period
                                      
                                      $
                                      (598,540
                                      )
                                      
                                      $
                                      699,014





Working
      Capital
                                                
                                                At
                                                  September
      30, 2008
                                                
                                                
                                                At
                                                  September
      30, 2007
                                                
                                                
                                                PercentageIncrease/(Decrease)Current
      Assets
                                                
                                                $
                                                436,836
                                                
                                                
                                                $
                                                891,923
                                                
                                                
                                                
                                                (51.0
                                                )%Current
      Liabilities
                                                
                                                
                                                (2,351,355
                                                )
                                                
                                                
                                                (4,456,611
                                                )
                                                
                                                
                                                47.2
                                                %Working
      Capital Deficit
                                                
                                                $
                                                (1,914,519
                                                )
                                                
                                                $
                                                (3,564,688
                                                )
                                                
                                                
                                                46.3
                                                %





The
Company had cash on hand of $162,825 as of September 30, 2008 compared to
$761,365 as of September 30, 2007. As of September 30, 2008, the Company had a
net stockholders’ deficit of $1,003,519 with accumulated losses of $24,860,259
including a net loss of $5,637,009 for the year ended September 30, 2008. Due to
the Company’s substantial working capital deficit and its current inability to
generate revenues, there is no assurance that the Company will be able to
continue as a going concern or achieve material revenues or profitable
operations. In addition, there can be no guarantee that financing adequate to
carry out the Company’s business plan will be available on terms acceptable to
the Company, or at all.





The
Company is indebted the following amounts to related parties, as described in
greater detail in Item 12 of this Annual Report on Form 10-K:





Related
      Parties - Creditors
                                        
                                        As
      of
                                          September
      30, 2008
                                        
                                        
                                        As
      of
                                          September
      30, 2007Dynasty
      Farms (ALTA) Ltd.
                                        
                                        $
                                        539,374
                                        
                                        
                                        $
                                        -Sanclair
      Holdings Ltd.
                                        
                                        
                                        111,439
                                        
                                        
                                        
                                        249,484Rene
      Branconnier
                                        
                                        
                                        17,839
                                        
                                        
                                        
                                        28,449Milverton
      Capital Corporation
                                        
                                        
                                        1,087
                                        
                                        
                                        
                                        1,521,773Total
                                        
                                        $
                                        669,739
                                        
                                        
                                        $
                                        1,799,706





-
12 -




FINANCING
NEEDS





The
Company anticipates that it will require approximately $5,000,000 to finance its
stated plan of operation which is being implemented in the fiscal year ending
September 2009. These cash requirements are in excess of the Company’s current
cash and working capital resources. Accordingly, the Company will require
additional financing in order to pursue its plan of operation. The Company plans
to complete equity financings through private placements of the Company’s common
stock in order to raise the funds necessary to enable the Company to proceed
with its plan of operation. The Company is seeking governmental environmental
funds investment or institutional and or private debt financing for the purposes
of achieving its goals in North America and China. The Company has no
arrangements in place for any additional financing and there is no assurance
that the Company will be able to acquire the necessary financing when and if
required. There is no assurance that any party will advance additional funds to
the Company in order to enable it to sustain its plan of operation.





The
Company plans to utilize a combination of sale of additional equity and
potential debt to fund its longer-term growth over a period of two to five
years, subject to the Company obtaining the necessary business assets to achieve
this financing. The availability of future financing will depend on market
conditions. The forecast of the period of time through which the Company’s
financial resources will be adequate to support operations is a forward-looking
statement that involves risks and uncertainties. The actual funding requirements
may differ materially from this as a result of a number of factors including
plans to rapidly expand its new operations. There can be no assurance that
financing adequate to carry out the Company’s business plan will be available on
terms acceptable to the Company, or at all.





APPLICATION
OF CRITICAL ACCOUNTING POLICIES





Effect
of Fluctuations in Foreign Exchange Rates





The
Company’s reporting and functional currency is the US dollar. Currently, the
Company’s primary operations are located in Canada. Transactions in Canadian
dollars have been translated into U.S. dollars using the current rate method,
such that assets and liabilities are translated at the rates of exchange in
effect at the balance sheet date and revenue and expenses are translated at the
average rates of exchange during the appropriate fiscal period. As a result, the
carrying value of the Company’s investments in Canada is subject to the risk of
foreign currency fluctuations. Additionally, any revenues received from the
Company’s international operations in other than U.S. dollars will be subject to
foreign exchange risk.




Revenue
Recognition Policy





The
Company recognizes revenue as the services are provided. The Company follows the
guidelines in compliance with Staff Accounting Bulletin (SAB) 104. Payments
received before all of the relevant criteria for revenue recognition are
satisfied are recorded as deferred revenue. The Company has not earned any
revenues during the years ended September 30, 2008 and 2007,
respectively.





Stock-Based
Compensation





The
Company adopted SFAS No. 123 (Revised 2004), Share Based Payment(“SFAS
No. 123R”), under the modified-prospective transition method on January 1, 2006.
SFAS No. 123R requires companies to measure and recognize the cost of
employee services received in exchange for an award of equity instruments based
on the grant-date fair value. Share-based compensation recognized under the
modified-prospective transition method of SFAS No. 123R includes share-based
compensation based on the grant-date fair value determined in accordance with
the original provisions of SFAS No. 123, Accounting for Stock-Based
Compensation,for all share-based payments granted prior to and not yet
vested as of January 1, 2006 and share-based compensation based on the
grant-date fair-value determined in accordance with SFAS No. 123R for all
share-based payments granted after January 1, 2006. SFAS No. 123R
eliminates the ability to account for the award of these instruments under the
intrinsic value method prescribed by Accounting Principles Board (“APB”) Opinion
No. 25, Accounting for Stock
Issued to Employees, and allowed under the original provisions of SFAS
No. 123. Prior to the adoption of SFAS No. 123R, the Company accounted for our
stock option plans using the intrinsic value method in accordance with the
provisions of APB Opinion No. 25 and related interpretations.





Issuance
of Shares for Services





The
Company accounts for the issuance of equity instruments to acquire goods and
services based on the fair value of the goods and services or the fair value of
the equity instrument at the time of issuance, whichever is more reliably
measurable.





- 13
-






Recent
Accounting Pronouncements





In
December 2007, the FASB issued SFAS No. 141 (Revised 2007), “Business Combinations”.The
objective of this statement will significantly change the accounting for
business combinations. Under Statement 141R, an acquiring entity will be
required to recognize all the assets acquired and liabilities assumed in a
transaction at the acquisition date fair value with limited exceptions.
Statement 141 applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. The Company does not expect the
adoption of SFAS No. 141R to have a material impact on the consolidated
financial statements.





In
December 2007, the FASB issued SFAS No. 160, “Non-controlling Interests in
Consolidated Financial Statements-An Amendment of ARB No. 51".The
objective of this statement is to establish new accounting and reporting
standards for the Non-controlling interest in a subsidiary and for the
deconsolidation of a subsidiary.. Statement 160 is effective for fiscal years,
and interim periods within those fiscal years, beginning on or after December
15, 2008. The Company does not expect the adoption of SFAS No. 160 to have a
material impact on the consolidated financial statements.





In March
2008, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No.
161, Disclosures about
Derivative Instruments and Hedging Activities, an amendment of FASB Statement
No. 133,which requires additional disclosures about the objectives of
the derivative instruments and hedging activities, the method of accounting for
such instruments under SFAS No. 133 and its related interpretations, and a
tabular disclosure of the effects of such instruments and related hedged items
on our financial position, financial performance, and cash flows. The Company
does not expect the adoption of SFAS No. 161 to have a material impact on the
consolidated financial statements.





In May
2008, FASB issued SFASB No.162, “The Hierarchy of Generally Accepted Accounting
Principles”. The pronouncement mandates the GAAP hierarchy reside in the
accounting literature as opposed to the audit literature. This has the practical
impact of elevating FASB Statements of Financial Accounting Concepts in the GAAP
hierarchy. This pronouncement will become effective 60 days following SEC
approval. The Company does not believe this pronouncement will impact its
financial statements.





In May
2008, FASB issued SFASB No. 163, “Accounting for Financial Guarantee Insurance
Contracts-an interpretation of FASB Statement No. 60”. The scope of the
statement is limited to financial guarantee insurance (and reinsurance)
contracts. The pronouncement is effective for fiscal years beginning after
December 31, 2008. The Company does not believe this pronouncement will impact
its financial statements.





Off
Balance Sheet Arrangements





None.





ITEM
6A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.





Not
required under Regulation S-K for “smaller reporting companies”.





- 14
-




ITEM
7.  CONSOLIDATED FINANCIAL STATEMENTS





Financial
Statements are referred to in Item 13(a), listed in the Index to Financial
Statements and filed and included herein as a part of this Annual Report on Form
10-K.










REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM








To the
Board of Directors of


Global 8
Environmental Technologies, Inc. and Subsidiaries


(Formerly
known as Organic Recycling Technologies, Inc.)





We have
audited the accompanying consolidated balance sheet of Global 8 Environmental
Technologies, Inc. and Subsidiaries as of September 30, 2008, and the related
consolidated statements of operations, changes in stockholders’ deficit and cash
flows for the year ended September 30, 2008. These financial statements are the
responsibility of the Company’s management. Our responsibility is to express an
opinion on these consolidated financial statements based on our
audits.





We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform an audit of its internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s internal control over financial
reporting.  Accordingly, we express no such opinion. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the consolidated 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. We believe that our
audits provide a reasonable basis for our opinion.





In our
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Global 8 Environmental
Technologies, Inc. and Subsidiaries as of September 30, 2008 and the results of
its operations, changes in stockholders’ deficit and cash flows for the year
ended September 30, 2008 in conformity with accounting principles generally
accepted in the United States of America.





The
Company's financial statements are prepared using the generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business. The Company has accumulated deficit of $24,860,259 as of September 30,
2008 and has incurred net loss of $5,637,009 for the year ended September 30,
2008. These factors as discussed in notes to the financial statements raise
substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in the Note 9
to the consolidated financial statements. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.









/s/
      GRUBER & COMPANY, LLCCERTIFIED
      PUBLIC ACCOUNTANTSLake
      Saint Louis, MissouriJanuary
      12, 2009





- 15
-




Report of Independent
Registered Public Accounting Firm





Hawkins
Accounting


Certified
Public Accountant


Audit  .  tax  .  consulting








To
the Board of Directors and Shareholders


Organic
Recycling Technologies, Inc.


Orangeville,
Ontario





I have
audited the consolidated balance sheet of Organic Recycling Technologies, Inc.
as of September 30, 2007 and the related consolidated statements of operations,
stockholders’ deficit and cash flows for the two years then ended. 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 audit.





I
conducted my audit 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 audit provides reasonable
basis for my opinion.





In my
opinion, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Organic Recycling
Technologies, Inc. as of September 30, 2007, the result of operations and its
cash flow for the year ended September 30, 2007 in conformity with generally
accepted accounting principles in the United States of America.





The
accompanying financial statements have been prepared assuming the Company will
continue as a going concern. As discussed in Note 7 to the financial statements,
the Company has incurred net losses since inception, which raise substantial
doubt about its ability to continue as a going concern. The Company has a
working capital deficiency of $3,564,688, a net loss of $3,120,011, and a
shareholders’ deficit of $3,555,190. The financial statements do not include any
adjustment that might result from the outcome of this uncertainty.








/s/ Hawkins
Accounting


Los
Angeles, CA


January
7, 2008




















1875
Century Park East #H-3513 Los Angeles, CA 90067 (310)-553-5707 FAX
(310)-553-5337


hawkinsaccounting1880@yahoo.com


- 16
-


Global
8 Environmental Technologies, Inc.


(Formerly
Organic Recycling Technologies, Inc.)


Consolidated
Balance Sheet




September 30,
                    2008ASSETSCurrent
      assetsCash
                  
                  $
                  162,825Non-trade
      receivable
                  
                  
                  85,488Prepaid
      expenses
                  
                  
                  188,524Total
      current assets
                  
                  
                  436,836Capital
      assetsProperty
      and equipment, net
                  
                  
                  910,999Total
      other assets
                  
                  
                  910,999TOTAL
      ASSETS
                  
                  $
                  1,347,836LIABILITIES
      AND SHAREHOLDERS' DEFICIENCYCurrent
      liabilitiesAccounts
      and fees payable
                  
                  
                  821,361Payable
      and accrued expenses
                  
                  
                  860,254Short
      term convertible notes payable to related parties
                  
                  
                  669,740Total
      current liabilities
                  
                  
                  2,351,355TOTAL
      LIABILITIES
                  
                  
                  2,351,355Shareholders'
      deficiencyPreferred
      stock, 40,000,000 shares authorized, $0.001 par value, 0 shares
      outstanding
                  
                  $
                  -Common stock, 500,000,000 authorized, $0.001 par value, 69,162,152 and
      47,621,079 outstanding, respectively
                  
                  
                  69,162Paid
      in capital
                  
                  
                  23,121,753Common
      stock to be issued
                  
                  
                  1,091,374Accumulated
      comprehensive loss
                  
                  
                  (425,549
                  )Accumulated
      deficit
                  
                  
                  (24,860,259
                  )Total
      shareholders' deficiency
                  
                  
                  (1,003,519
                  )TOTAL
      LIABILITIES AND SHAREHOLDERS' DEFICIENCY
                  
                  $
                  1,347,836





The
accompanying notes are an integral part of these audited consolidated financial
statements.


- 17
-


Global
8 Environmental Technologies, Inc.


(Formerly
Organic Recycling Technologies, Inc.)


Consolidated
Statement of Operations


Twelve
      Months Ended September 30,2008
                  
                  
                  2007Revenues
                  
                  $
                  -
                  
                  
                  $
                  -ExpensesAdvertising
                  
                  
                  321,096
                  
                  
                  
                  219,461Depreciation
                  
                  
                  3,221
                  
                  
                  
                  2,383Consulting
      and professional fees
                  
                  
                  4,885,093
                  
                  
                  
                  2,846,752Rent,
      utilities and telephone
                  
                  
                  92,680
                  
                  
                  
                  85,299Office
      and administration
                  
                  
                  21,867
                  
                  
                  
                  24,408Investor
      relations & communication
                  
                  
                  210,883
                  
                  
                  
                  133,004Travel,
      meals and entertainment
                  
                  
                  97,834
                  
                  
                  
                  135,172Insurance
      & licenses
                  
                  
                  1,035
                  
                  
                  
                  -Brokerage
      fee/Commission
                  
                  
                  212
                  
                  
                  
                  -Total
      expenses
                  
                  
                  5,633,922
                  
                  
                  
                  3,449,890Loss
      from operations
                  
                  
                  (5,633,922
                  )
                  
                  
                  (3,449,890
                  )Other
      income (expense)Interest
      expense
                  
                  
                  (3,088
                  )
                  
                  
                  (90,466
                  )Forgiveness
      of Debt
                  
                  
                  -
                  
                  
                  
                  420,345Total
      other income (expenses)
                  
                  
                  (3,088
                  )
                  
                  
                  329,879Net
      loss
                  
                  $
                  (5,637,009
                  )
                  
                  $
                  (3,120,010
                  )Other
      comprehensive income (loss)Foreign
      currency translation adjustment
                  
                  
                  6,577
                  
                  
                  
                  130,050Comprehensive
      loss
                  
                  $
                  (5,630,432
                  )
                  
                  $
                  (2,989,961
                  )Loss
      per common share - basic and diluted
                  
                  $
                  (0.09
                  )
                  
                  $
                  (0.08
                  )Weighted
      average shares outstanding during the period-
      basic and diluted
                  
                  
                  59,411,522
                  
                  
                  
                  41,556,365


The
accompanying notes are an integral part of these audited consolidated financial
statements.


- 18
-


Global
8 Environmental Technologies, Inc.


(Formerly
Organic Recycling Technologies, Inc.)


Statement
of Shareholders’ Deficiency





Common
      Stock
                                
                                
                                
                                
                                
                                AccumulatedShares
                                
                                Amount
                                
                                Paid
      in Capital
                                
                                Common
      Stock to be Issued
                                
                                Other
      Comprehensive Loss
                                
                                Accumulated
      Deficit
                                
                                TotalBalance
      - September 30, 2006
                                
                                36,523,700
                                
                                $
                                36,524
                                
                                $
                                11,900,390
                                
                                $
                                225,141
                                
                                $
                                (562,177
                                )
                                $
                                (16,103,239
                                )
                                $
                                (4,503,361
                                )Foreign
      currency translation adjustment
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                130,050
                                
                                
                                -
                                
                                
                                130,050Stock
      issued on subscriptions for cash
                                
                                9,866,775
                                
                                
                                9,867
                                
                                
                                4,827,818
                                
                                
                                (131,699
                                )
                                
                                -
                                
                                
                                -
                                
                                
                                4,705,986Cost
      of raising capital
                                
                                -
                                
                                
                                -
                                
                                
                                (1,252,366
                                )
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                (1,252,366
                                )Issuance
      of shares to related party
                                
                                1,230,604
                                
                                
                                1,231
                                
                                
                                576,724
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                577,955Stock
      to be issued for cash
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                437,225
                                
                                
                                -
                                
                                
                                -
                                
                                
                                437,225Net
      loss
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                (3,120,010
                                )
                                
                                (3,120,010
                                )Balance
      - September 30, 2007
                                
                                47,621,079
                                
                                $
                                47,621
                                
                                $
                                16,052,567
                                
                                $
                                530,666
                                
                                $
                                (432,127
                                )
                                $
                                (19,223,249
                                )
                                $
                                (3,024,522
                                )Sale
      of stock for cash
                                
                                12,726,737
                                
                                
                                12,727
                                
                                
                                5,852,654
                                
                                
                                (511,115
                                )
                                
                                -
                                
                                
                                -
                                
                                
                                5,354,266Cost
      of raising capital
                                
                                -
                                
                                
                                -
                                
                                
                                (1,243,577
                                )
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                (1,243,577
                                )Sale
      of stock to related party for cash
                                
                                3,300,000
                                
                                
                                3,300
                                
                                
                                821,700
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                825,000Shares
      to be issued to third parties for services
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                620,835
                                
                                
                                -
                                
                                
                                -
                                
                                
                                620,835Shares
      to be issued for cash
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                221,581
                                
                                
                                -
                                
                                
                                -
                                
                                
                                221,581Shares
      to be issued for debt settlement
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                229,407
                                
                                
                                -
                                
                                
                                -
                                
                                
                                229,407Shares
      issued for settlement of debt torelated
      party
                                
                                5,514,336
                                
                                
                                5,514
                                
                                
                                1,638,410
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                1,643,924Foreign
      currency translation adjustment
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                6,577
                                
                                
                                -
                                
                                
                                6,577Net
      loss
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                -
                                
                                
                                (5,637,009
                                )
                                
                                (5,637,009
                                )Balance
      - September 30, 2008
                                
                                69,162,152
                                
                                $
                                69,162
                                
                                $
                                23,121,753
                                
                                $
                                1,091,374
                                
                                $
                                (425,550
                                )
                                $
                                (24,860,258
                                )
                                $
                                (1,003,519
                                )








The
accompanying notes are an integral part of these audited consolidated financial
statements.





- 19
-


Global
8 Environmental Technologies, Inc.


(Formerly
Organic Recycling Technologies, Inc.)


Statement
of Cash Flows





Twelve
      Months Ended
                                      September
      30,2008
                                    
                                    
                                    2007CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                                    
                                    $
                                    (5,637,009
                                    )
                                    
                                    $
                                    (3,120,011
                                    )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Depreciation
                                    
                                    
                                    3,221
                                    
                                    
                                    
                                    2,490Stock
      issued for services
                                    
                                    
                                    -
                                    
                                    
                                    
                                    577,955Shares
      to be issued for debt settlement
                                    
                                    
                                    229,407
                                    
                                    
                                    
                                    -Forgiveness
      of debt
                                    
                                    
                                    -
                                    
                                    
                                    
                                    (750,000
                                    )Stock
      issued to related parties for debt settlement
                                    
                                    
                                    (1,278,199
                                    )
                                    
                                    
                                    -Increase
      (Decrease) in current assets:Increase
      in non-trade receivables
                                    
                                    
                                    (19,456
                                    )
                                    
                                    
                                    (43,018
                                    )Increase
      in prepaid expenses
                                    
                                    
                                    (123,996
                                    )
                                    
                                    
                                    (14,526
                                    )Increase
      (Decrease) in current liabilities:Increase
      in accounts and fees payable
                                    
                                    
                                    1,719,391
                                    
                                    
                                    
                                    (32,098
                                    )Increase
      in due to related parties
                                    
                                    
                                    -
                                    
                                    
                                    
                                    174,362Increase
      (Decrease) in payables and accrued expenses
                                    
                                    
                                    (346,334
                                    )
                                    
                                    
                                    1,343,598Increase
      in shares to be issued
                                    
                                    
                                    620,835
                                    
                                    
                                    
                                    -NET
      CASH USED IN OPERATING ACTIVITIES
                                    
                                    
                                    (4,832,140
                                    )
                                    
                                    
                                    (1,861,248
                                    )CASH
      FLOWS FROM INVESTING ACTIVITIES:Purchase
      of property and equipment
                                    
                                    
                                    (172,715
                                    )
                                    
                                    
                                    (8,206
                                    )NET
      CASH USED IN INVESTING ACTIVITIES
                                    
                                    
                                    (172,715
                                    )
                                    
                                    
                                    (8,206
                                    )CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from sale of common stock
                                    
                                    
                                    4,935,685
                                    
                                    
                                    
                                    3,890,844Proceeds
      for shares to be issued
                                    
                                    
                                    221,581
                                    
                                    
                                    
                                    -Proceeds
      of short term notes from related parties
                                    
                                    
                                    14,448
                                    
                                    
                                    
                                    369,050Repayments
      of short term notes to related parties
                                    
                                    
                                    (771,980
                                    )
                                    
                                    
                                    (1,821,476
                                    )NET
      CASH PROVIDED BY FINANCING ACTIVITIES
                                    
                                    
                                    4,399,738
                                    
                                    
                                    
                                    2,438,419EFFECT
      OF FOREIGN CURRENCY TRANSLATION
                                    
                                    
                                    6,577
                                    
                                    
                                    
                                    130,050INCREASE
      (DECREASE) IN CASH
                                    
                                    
                                    (598,540
                                    )
                                    
                                    
                                    699,014CASH
      AT THE BEGINNING OF THE PERIOD
                                    
                                    
                                    761,365
                                    
                                    
                                    
                                    62,351CASH
      AT THE END OF THE PERIOD
                                    
                                    $
                                    162,825
                                    
                                    
                                    $
                                    761,365SUPPLEMENTAL
      DISCLOSURESNoncash
      Investing and Financing ActivitiesStock
      subscriptions to be issued in exchange forshort term notes from
      related parties
                                    
                                    $
                                    1,643,924
                                    
                                    
                                    $
                                    -Stock
      subscriptions to be issued in exchange forpayables and fees from
      related parties
                                    
                                    $
                                    -
                                    
                                    
                                    $
                                    577,955Stock subscriptions issued in exchange forconsulting
      contract
                                    
                                    $
                                    620,835
                                    
                                    
                                    $
                                    285,249Purchase of land
                                    
                                    $
                                    732,008
                                    
                                    
                                    $
                                    -








The
accompanying notes are an integral part of these audited consolidated financial
statements.


- 20
-


GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES


(FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)


NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2008








NOTE
1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND
ORGANIZATION





Global 8
Environmental Technologies, Inc. (the “Company”) was incorporated under the laws
of the State of Nevada on September 15, 1995 under the name Home.Web, Inc. The
Company’s current business activities, which began in the second quarter of
2005, include partnering with technology leaders to utilize and apply waste
management and recycling technologies and bring these technologies to the
forefront through application in today’s waste crisis. This positively impacts
the world’s environment and creates a clean and healthy global community for the
next generation in a way, which provides environmental and financial benefits to
all our stakeholders. The Company is seeking to acquire revenue generating
businesses or projects with long term potential that will enable the Company to
generate revenues to fund the current business plan in the waste management and
recycling market. On July 7, 2005, the Company changed its name from EAPI
Entertainment, Inc. to Organic Recycling Technologies, Inc. and then changed to
Global 8 Environment Technologies, Inc. made effective on May 7,
2008.





Basis of
Presentation





The
consolidated financial statements have been prepared in accordance with
accounting principles generally accepted in the United States of America. In the
opinion of management, all adjustments consisting of normal recurring accruals
considered necessary for a fair presentation of the results of operations have
been included.





Principles of
Consolidation





The
condensed consolidated financial statements of the Company include the accounts
of Global 8 Environmental Technologies,Inc. and its ten
wholly-owned subsidiaries (collectively herein referred to as, the “Company”),
one of which is Duro Enzyme Solutions, Inc. – Canada that owns five
subsidiaries:





Global 8
Environmental Technologies,Inc.


Global 8
Environmental ManagementInc.


Global 8
BioOrganics,Inc.


Global 8
BioEnergy,Inc.


Global 8
AirFlow,Inc.


Global 8
WaterFlow,Inc.


Organic
Recycling Management, Inc.


Organic
Recycling Technologies, Inc., New York


EAPI
Center, Inc.


Duro
Enzyme Solutions, Inc. – British Columbia, Canada


EASI
Studios, Inc.


Organic
Recycling Technologies, Inc., British Columbia, Canada


Organic
Recycling Technologies (China), Inc.


EASI
Education, Inc.


EASI
Movies, Music, Television and Video, Inc.





All
material inter-company transactions have been eliminated in
consolidation.





Use of
Estimates





The
Company prepares its financial statements in conformity with accounting
principles generally accepted in the United States of America. These principles
require management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates.





Fair Value of Financial
Instruments





The
carrying amount of the Company’s financial instruments, including cash, cash
overdraft, non-trade receivable, accounts payable, related party payables and
notes and loans payable approximate fair value due to the relative short period
to maturity for these instruments.




- 21
-


GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES
 (FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 SEPTEMBER
30, 2008
 
 
 NOTE
1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(CONT.)




Basic and Diluted Net Loss
per Share





Net loss
per share is calculated in accordance with the Statement of financial accounting
standards No. 128 (SFAS No. 128), “Earnings per share.” Basic net loss per share
is based upon the weighted average number of common shares outstanding. Dilution
is computed by applying the treasury stock method. Under this method, options
and warrants are assumed to be exercised at the beginning of the period (or at
the time of issuance, if later), and as if funds obtained thereby were used to
purchase common stock at the average market price during the period. Weighted
average number of shares used to compute basic and diluted loss per share is the
same since the effect of dilutive securities is anti-dilutive.





Cash and Cash
Equivalents





For the
purpose of the statement of cash flows, the Company considers all highly liquid
debt instruments purchased with the original maturity of three months or less to
be cash equivalents.





Property and
Equipment





Property
and equipment are carried at cost less accumulated depreciation. Depreciation is
provided using the straight line method over the estimated useful life of the
assets from two to six years. Expenditures for maintenance and repairs are
charged to expense as incurred.





Revenue Recognition
Policy





The
Company recognizes revenue as the services are provided. The Company follows the
guidelines in compliance with Staff Accounting Bulletin (SAB) 104. Payments
received before all of the relevant criteria for revenue recognition are
satisfied are recorded as deferred revenue. The Company has not earned any
revenues during the years ended September 30, 2008 and 2007,
respectively.





Advertising and Marketing
Cost





The
Company expenses advertising and marketing costs as incurred. Advertising and
marketing expense for the years ended September 30, 2008 and 2007 amounted to
$321,096 and $219,461, respectively.





Income
Taxes





The
Company accounts for income taxes under the Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 109 “Accounting for Income
Taxes” (‘Statement 109”). Under Statement 109, deferred tax assets and
liabilities are recognized for the future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled. Under Statement 109, the effect on deferred tax assets and
liabilities of a change in tax rates is recognized in income in the period that
includes the enactment date.





Comprehensive Income
(Loss)





The
foreign currency translation gains (losses) resulting from the translation of
the financial statements of the Company’s subsidiaries expressed in Canadian
dollars to United States dollars are reported as other comprehensive income
(loss) in the consolidated statements of operations and other comprehensive loss
and as accumulated comprehensive loss in the consolidated balance sheet and the
consolidated statements of shareholders’ deficit.





Foreign Currency
Translation





The
accompanying consolidated financial statements are presented in United States
dollars. The functional currency of Duro Enzyme Solutions, Inc. – Canada and its
five subsidiaries as well as EAPI Center Inc., is the Canadian Dollar. The
September 30, 2008 financial statements of the Company were translated to United
States dollars using year-end exchange rates as to assets and liabilities and
average exchange rates as to revenues and expenses. Capital accounts were
translated at their historical exchange rates when the capital transactions
occurred. Net gains and losses resulting from translation of foreign currency
financial statements are included in the statements of stockholder’s equity as
other comprehensive income or (loss). Foreign currency transaction gains and
losses are included in consolidated income (loss). During the years ended
September 30, 2008 and 2007, foreign currency translation gain of $6,577 and
$130,050, respectively, are included in the accompanying consolidated statements
of operations and other comprehensive loss.




- 22
-




GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES


(FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)


NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS


SEPTEMBER
30, 2008








NOTE
1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(CONT.)




Reporting
Segments





Statement
of financial accounting standards No. 131, Disclosures about segments of an
enterprise and related information (SFAS No. 131), which superseded statement of
financial accounting standards No. 14, Financial reporting for segments of a
business enterprise, establishes standards for the way that public enterprises
report information about operating segments in annual financial statements. The
Company has determined it has only one segment.





Stock-Based
Compensation





The
Company adopted SFAS No. 123 (Revised 2004), Share Based Payment(“SFAS
No. 123R”), under the modified-prospective transition method on January 1, 2006.
SFAS No. 123R requires companies to measure and recognize the cost of
employee services received in exchange for an award of equity instruments based
on the grant-date fair value. Share-based compensation recognized under the
modified-prospective transition method of SFAS No. 123R includes share-based
compensation based on the grant-date fair value determined in accordance with
the original provisions of SFAS No. 123, Accounting for Stock-Based
Compensation,for all share-based payments granted prior to and not yet
vested as of January 1, 2006 and share-based compensation based on the
grant-date fair-value determined in accordance with SFAS No. 123R for all
share-based payments granted after January 1, 2006. SFAS No. 123R
eliminates the ability to account for the award of these instruments under the
intrinsic value method prescribed by Accounting Principles Board (“APB”) Opinion
No. 25, Accounting for Stock
Issued to Employees, and allowed under the original provisions of SFAS
No. 123. Prior to the adoption of SFAS No. 123R, the Company accounted for our
stock option plans using the intrinsic value method in accordance with the
provisions of APB Opinion No. 25 and related interpretations.





Issuance of Shares for
Services





The
Company accounts for the issuance of equity instruments to acquire goods and
services based on the fair value of the goods and services or the fair value of
the equity instrument at the time of issuance, whichever is more reliably
measurable.





Recent Accounting
Pronouncements





In
December 2007, the FASB issued SFAS No. 141 (Revised 2007), “Business Combinations”.The
objective of this statement will significantly change the accounting for
business combinations. Under Statement 141R, an acquiring entity will be
required to recognize all the assets acquired and liabilities assumed in a
transaction at the acquisition date fair value with limited exceptions.
Statement 141 applies prospectively to business combinations for which the
acquisition date is on or after the beginning of the first annual reporting
period beginning on or after December 15, 2008. The Company does not expect the
adoption of SFAS No. 141R to have a material impact on the consolidated
financial statements.





In
December 2007, the FASB issued SFAS No. 160, “Non-controlling Interests in
Consolidated Financial Statements-An Amendment of ARB No. 51".The
objective of this statement is to establish new accounting and reporting
standards for the Non-controlling interest in a subsidiary and for the
deconsolidation of a subsidiary.. Statement 160 is effective for fiscal years,
and interim periods within those fiscal years, beginning on or after December
15, 2008. The Company does not expect the adoption of SFAS No. 160 to have a
material impact on the consolidated financial statements.





In March
2008, the FASB issued Statement of Financial Accounting Standards (“SFAS”) No.
161, Disclosures about
Derivative Instruments and Hedging Activities, an amendment of FASB Statement
No. 133,which requires additional disclosures about the objectives of
the derivative instruments and hedging activities, the method of accounting for
such instruments under SFAS No. 133 and its related interpretations, and a
tabular disclosure of the effects of such instruments and related hedged items
on our financial position, financial performance, and cash flows. The Company
does not expect the adoption of SFAS No. 161 to have a material impact on the
consolidated financial statements.





In May
2008, FASB issued SFASB No.162, “The Hierarchy of Generally Accepted Accounting
Principles”. The pronouncement mandates the GAAP hierarchy reside in the
accounting literature as opposed to the audit literature. This has the practical
impact of elevating FASB Statements of Financial Accounting Concepts in the GAAP
hierarchy. This pronouncement will become effective 60 days following SEC
approval. The Company does not believe this pronouncement will impact its
financial statements.





In May
2008, FASB issued SFASB No. 163, “Accounting for Financial Guarantee Insurance
Contracts-an interpretation of FASB Statement No. 60”. The scope of the
statement is limited to financial guarantee insurance (and reinsurance)
contracts. The pronouncement is effective for fiscal years beginning after
December 31, 2008. The Company does not believe this pronouncement will impact
its financial statements.




- 23
-




GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES
 (FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 SEPTEMBER
30, 2008
 
 
 NOTE
1:  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
(CONT.)





Reclassification





Certain
account reclassifications have been made to the financial statements of the
prior year in order to conform to classifications used in the current year.
These changes had no impact on the previously issued financial statements of the
Company.





NOTE
2:  PROPERTY AND EQUIPMENT





Property
and equipment consist of the following:





September
      30,2008
                      
                      
                      2007Land
                      
                      $
                      732,008
                      
                      
                      $
                      -Office
      Furniture & Equipment
                      
                      
                      16,409
                      
                      
                      
                      12,105Computer
      Software
                      
                      
                      2,395
                      
                      
                      
                      1,134Website
      Engine
                      
                      
                      39,256
                      
                      
                      
                      -Capital
      Projects In Progress
                      
                      
                      127,666
                      
                      
                      
                      -917,734
                      
                      
                      
                      13,239Accumulated
      depreciation
                      
                      
                      (6,735
                      )
                      
                      
                      (3,742
                      )$
                      910,999
                      
                      
                      $
                      9,497





The
Company purchased an agricultural land for its recycling business from Dynasty
Farms (Alta) Ltd., a related party, for CN$760,000 (equivalent to $732,008) in
Clearwater County, Alberta, Canada. The Company agreed to issue common shares
valued at CN$200,000 (equivalent to $192,634) and executed on September 18, 2008
a convertible promissory note with Dynasty Farms (Alta) Ltd., for a principal
sum of CN$ 560,000 (equivalent to $539,374), interest bearing at 10% per annum,
and payable over a 12 month period.





Depreciation
expense for the years ended September 30, 2008 and 2007 was $3,221 and $2,383,
respectively.





NOTE
3: RELATED PARTY TRANSACTIONS





The
Company’s affiliates provide consulting and business advisory services to the
Company on an ongoing basis. A total of $3,454,416 in fees were incurred and
accrued in consultant services by two (2) companies which are owned and
controlled by a shareholder and creditor of the Company that the SEC classifies
as a promoter, for the year ended September 30, 2008. This promoter was paid in
cash by the Company $3,231,640 for consulting services during the year ended
September 30, 2008 from the sale of Company stock under Regulation S exemption.
These two entities advanced the Company proceeds of $14,448 for the year ended
September 30, 2008. During the year ended September 30, 2008 one of the entities
was paid cash of $771,980 in debt
repayments from proceeds of the sale of the Company’s stock. These entities were
paid in stock of the Company in the amounts of $1,643,924 for debt repayment for
the year ended September 30, 2008. Total amounts of short term notes payable to
the companies controlled by this promoter at the end of September 30, 2008 were
$669,740. These short term notes payable are for a one year term, interest
bearing at 10% per annum, and convertible in whole or in part into shares of the
common stock of the Company at the discretion of the note holders, at fair
market value of the common stock on the date of conversion. During the year
ended September 30, 2008, the promoter converted $1,252,119 of unpaid accrued
expenses to notes payable.





For the
year ending September 30, 2008, seven (7) other related parties (Board Member,
Officers, Management or affiliated companies) charged the Company $598,394 in
consulting fees. Of the amounts billed to the Company by these related parties,
$527,034 was paid in cash and the balance was accrued in short term liabilities.
The total outstanding and unpaid balance payable to these related parties was
$71,360 at September 30, 2008 which is included in current liabilities in the
accompanying financial statements.


- 24
-
  GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES
 (FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 SEPTEMBER
30, 2008







NOTE
4:  COMMON STOCK TO BE ISSUED





The
Company issues common stock to related parties and outside consultants as
compensation for providing services to the Company and for cash received for
subscription of common shares. The common stock is valued at the fair value of
the common shares at the date of issuance. Common stock to be issued consists of
the following:





Balance
      – September 30, 2006
                  
                  $
                  225,141Stock issued for subscription of shares
                  
                  
                  (131,699
                  )Stock to be issued for subscription of shares
                  
                  
                  437,225Balance
      – September 30, 2007
                  
                  $
                  530,666Stock issued for cash and services
                  
                  
                  (511,115
                  )Stock to be issued for services
                  
                  
                  620,835Stock to be issued for subscription of shares
                  
                  
                  221,581Stock to be issued for debt settlement
                  
                  
                  229,407Balance
      – September 30, 2008
                  
                  $
                  1,091,374





NOTE
5: INCOME TAXES





Income
tax expense (benefit) for the years ended September 30, 2008 and 2007 is
summarized as follows:





2008
                  
                  
                  2007Current:Federal
                  
                  
                  (1,916,583
                  )
                  
                  
                  (1,060,804
                  )Deferred
      taxes
                  
                  
                  1,916,583
                  
                  
                  
                  1,060,804Income
      tax expense (benefit)
                  
                  $
                  --
                  
                  
                  $
                  --
                  %





The
following is a reconciliation of the provision for income taxes at the U.S.
federal income tax rate to the income taxes reflected in the Consolidated
Statements of Operations at September 30, 2008 and 2007:





2008
                  
                  
                  2007Tax
      expense (credit) at statutory rate-federal
                  
                  
                  (34
                  %)
                  
                  
                  (34
                  %)Foreign
      income not recognized in US
                  
                  
                  34
                  %
                  
                  
                  34
                  %Canada
      income tax
                  
                  
                  35
                  %
                  
                  
                  35
                  %Tax
      expense at actual rate
                  
                  
                  35
                  %
                  
                  
                  35
                  %





The tax
effects of temporary differences that gave rise to significant portions of
deferred tax assets and liabilities at September 30, 2008 are as
follows:





Deferred
      tax assets:Net
      operating loss carry forward
                  
                  $
                  8,452,488Total
      gross deferred tax assets
                  
                  
                  8,452,488Less
      valuation allowance
                  
                  
                  (8,452,488
                  )Net
      deferred tax assets
                  
                  $
                  --





At
September 30, 2008, the Company had accumulated deficit carry forwards of
approximately $24,860,259 for U.S. federal income tax purposes available to
offset future taxable income expiring on various dates through
2026.





The net
change in the valuation allowance during the year ended September 30, 2008 and
2007 was an increase of $1,916,583 and $1,060,804, respectively. The valuation
allowance is evaluated at the end of each year, considering positive and
negative evidence about whether the asset will be realized.





No
provision is being made for state income tax for the years ending September 30,
2008 and 2007 since all operations of the Company are in Canada.




- 25
-




GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES
 (FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 SEPTEMBER
30, 2008




NOTE
6: COMMON STOCK





During
the year ended September 30, 2008, the Company issued 5,514,336 shares of common
stock valued at $1,643,924 in satisfaction of short-term loans payable to a
related party. The common shares were valued at the fair value of shares on the
date of issuance. The Company also issued under private placements 12,726,737
shares of common stock on subscription agreements for cash proceeds of
$4,935,689, net of cost of raising capital of $1,243,577 and shares issued
valued at $511,115 for which cash and services were received during the year
ended September 30, 2007; b) sold 3,300,000 to a related party for cash proceeds
of $825,000; c) received cash proceeds of $221,581 for 475,000 common shares to
be issued; d) shares to be issued and valued at $229,407 for debt settlement;
and e) received services from third parties during the year ended September 30,
2008 valued at $620,835for which the common shares have not been issued as of
September 30, 2008.





In
connection with the common stock subscription agreements, the Company had issued
warrants to purchase 39,959,475 shares of common stock expiring twelve months
from the issuance of the common shares. During the year ended September 30,
2008, warrant holders exercised 1,439,443 of their warrants. The Company
extended the terms of the warrants expiration date by twelve months from the
date of issuance. Warrants outstanding at September 30, 2008 are as
follows:





Exercise
      Price
                    
                    Warrants
      IssuedCDN
      $0.10
                    
                    10,000CDN
      $0.25
                    
                    810,000CDN
      $0.35
                    
                    470,000CDN
      $0.65
                    
                    55,000CDN
      $0.75
                    
                    220,500CDN
      $1.00
                    
                    196,207US
      $0.08
                    
                    10,000US
      $0.28
                    
                    4,000US
      $0.30
                    
                    1,223,583US
      $0.35
                    
                    3,034,000US
      $0.40
                    
                    114,550US
      $0.50
                    
                    2,775,626US
      $0.55
                    
                    755,743US
      $0.60
                    
                    2,728,723US
      $0.66
                    
                    220,000US
      $0.70
                    
                    2,027,652US
      $0.75
                    
                    21,390,901US
      $1.00
                    
                    586,018US
      $1.25
                    
                    24,972Total
                    
                    39,959,475





NOTE
7: EARNINGS (LOSS) PER SHARE





Basic and
diluted loss per share is computed by dividing the loss available to common
stockholders by the weighted average number of common shares outstanding during
the period. Diluted loss per share does not reflect per share amounts that would
have resulted if dilutive potential common stock had been converted to common
stock because the effect would be anti-dilutive. The following reconciles
amounts reported in the financial statements.





For
      the Year Ended September 30, 2008Income
                                        (Numerator)
                                      
                                      
                                      Shares
                                        (Denominator)
                                      
                                      
                                      Per-Share
      AmountNet
      loss available to common stockholdersBasic
      and diluted earnings per share
                                      $
                                      (5,637,009
                                      )
                                      
                                      59,411,522
                                      
                                      
                                      $
                                      (0.09
                                      )For
      the Year Ended September 30, 2007Income
                                        (Numerator)
                                      
                                      
                                      Shares
                                        (Denominator)
                                      
                                      
                                      Per-Share
      AmountNet
      loss available to common stockholdersBasic
      and diluted earnings per share
                                      $
                                      (3,120,011
                                      )
                                      
                                      41,556,365
                                      
                                      
                                      $
                                      (0.08
                                      )




- 26
-




GLOBAL 8 ENVIRONMENTAL TECHNOLOGIES,
INC. AND
SUBSIDIARIES
 (FORMERLY
– ORGANIC RECYCLING TECHNOLOGIES, INC.)
 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
 SEPTEMBER
30, 2008






NOTE
8: COMMITMENT AND CONTINGENCIES





Operating
Lease Commitment





The
company leases office space from a third party under a month-to-month operating
lease agreement. Monthly rent expense under the lease is $1,700 per month. Rent
escalation provisions are considered in determining straight-line rent expense
to be recorded over the lease term. The lease term begins on the date of initial
possession of the lease property for purposes of recognizing lease expense on a
straight-line basis over the term of the lease. Rent expense for the years ended
September 30, 2008 and 2007 was $9,454 and $11,350, respectively.





Employment
Agreement





On
October 1, 2008, the Company entered into an employment agreement with its
President and Chief Executive Officer for a three year period, to provide
salary, bonuses and other fringe benefits. The Company agreed to pay a signing
bonus of $50,000 and 1,500,000 common shares upon signing of the employment
agreement. On September 30, 2008, the Company paid $25,000 of the $50,000 of the
signing bonus due to its President and Chief Executive Officer and recorded the
expense as prepaid expense.





Future
minimum salary commitments pursuant to the terms of the employment agreement are
as follows:





Year Ending September 30,
                  
                  Amount2009
                  
                  $
                  230,0002010
                  
                  
                  207,0002010
                  
                  
                  238,050$
                  675,050





Consulting
Agreements





On March
24, 2008, the Company entered into a consulting agreement for one year with a
director whereby, the Company is obligated to grant 75,000 shares of its common
stock per calendar quarter commencing April 1, 2008. Future minimum compensation
commitments pursuant to the terms of the consulting agreement require the
Company to issue 150,000 shares of common stock for the year ended September 30,
2009.





On
October 1, 2008, the Company renewed a consulting agreement for one year with
Mr. Chad Burback to serve as the Company’s Chief Financial Officer for a monthly
consulting fee of $7,000 CDN (equal to approximately $6,938). Future minimum
compensation commitments pursuant to the terms of the consulting agreement
require the Company to pay $83,256 for the year ended September 30,
2009.





NOTE
9: GOING CONCERN





The
accompanying consolidated financial statements have been prepared assuming that
the Company will continue as a going concern. The Company had a net loss for the
year ended September 30, 2008 of $5,637,009, cash used from operations of
$4,832,140, a working capital deficiency of $1,914,519 and a shareholders’
deficit of $1,003,519 which raises a substantial doubt about the Company’s
ability to continue as a going concern.





The
Company is pursuing and developing a new business plan. The Company is
partnering with technology leaders to utilize and apply waste management and
recycling technologies and bring these technologies to the market place. The
Company is seeking to acquire revenue generating businesses or projects with
long term potential in the waste management and recycling industries that will
enable the Company to generate revenues to fund the new business plan.The Company anticipates
it will raise funds through debt issuance or through the generation of revenue
and achieving profitable operations. The Company has continued to raise equity
through the sale of Regulation S stock in an ongoing private placement. It will
also continue to pursue acquisitions and joint ventures, to strengthen both its
balance sheet and cash flow.





The
Company’s ability to continue as a going concern is dependent upon raising
capital through debt or equity financing and ultimately by generating revenue
and achieving profitable operations. There is no assurance that the Company will
be successful in its efforts to raise additional proceeds or achieve profitable
operations. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.





NOTE
10: SUBSEQUENT EVENTS





The
Company received subscriptions for issuances of 1,370,476 shares of common stock
and 1,370,476 warrants for cash proceeds of $676,640 subsequent to September 30,
2008.





- 27
-


ITEM
8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE





On June
24, 2008, Hawkins Accountancy (“Hawkins”) was dismissed as our independent
auditor. The decision to dismiss Hawkins was approved by our Board of Directors
upon recommendation by its audit committee. Hawkins served as our independent
auditor for the fiscal year ended September 30, 2007. Hawkins report on our
consolidated financial statements for the year ended September 30, 2007 (the
“Report”) did not contain an adverse opinion or disclaimer of opinion and was
not qualified or modified as to uncertainty, audit scope or accounting
principles. However, the Report was modified to include an explanatory paragraph
wherein Hawkins expressed substantial doubt about our ability to continue as a
going concern.





During
the fiscal year ended September 30, 2007, and during the period from October 1,
2007 until June 23, 2008, there were no disagreements with Hawkins on any matter
of accounting principles or practices, financial statement disclosures, or
auditing scope or procedure, which disagreements, if not resolved to Hawkins
satisfaction, would have caused Hawkins to make reference thereto in their
Report on our financial statements for this fiscal year.





On June
24, 2008, we engaged a PCAOB registered accounting firm Gruber & Company,
LLC (“Gruber”), Certified Public Accountants, as our independent accountant to
report on our consolidated balance sheet as of September 30, 2008, and the
related consolidated statements of operations, stockholders' equity and cash
flows for the year then ended. The decision to appoint Gruber was approved by
our Board of Directors upon recommendation by our audit committee. Prior to
engaging the new accountant, we did not consult with Gruber regarding the
application of accounting principles to any contemplated or completed
transactions nor the type of audit opinion that might be rendered on our
financial statements, and neither written nor oral advice was provided that
would be an important factor considered by us in reaching a decision as to an
accounting, auditing or financial reporting issue.





During
the two most recent fiscal years, we had no disagreements with our auditors on
any matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of our auditors, would have caused them to make reference to
the subject matter of the disagreement in connection with their reports on the
Company’s financial statements for such years and interim periods.





ITEM
8A. CONTROLS AND PROCEDURES





Evaluation of
disclosure controls and procedures.We maintain "disclosure controls and
procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) under the
Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to
ensure that information required to be disclosed by us in reports that we file
or submit under the Exchange Act is recorded, processed, summarized, and
reported within the time periods specified in Securities and Exchange Commission
rules and forms, and that such information is accumulated and communicated to
our management, including our Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required
disclosure. In designing and evaluating our disclosure controls and procedures,
management recognized that disclosure controls and procedures, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the disclosure controls and procedures are met.
Additionally, in designing disclosure controls and procedures, our management
necessarily was required to apply its judgment in evaluating the cost-benefit
relationship of possible disclosure controls and procedures. The design of any
disclosure controls and procedures also is based in part upon certain
assumptions about the likelihood of future events, and there can be no assurance
that any design will succeed in achieving its stated goals under all potential
future conditions.





As of
September 30, 2008, we carried out an evaluation, under the supervision and with
the participation of our Chief Executive Officer and Chief Financial Officer, of
the effectiveness of the design and operation of our disclosure controls and
procedures. Based on this evaluation, our Chief Executive Officer and Chief
Financial Officer concluded that our disclosure controls and procedures were
effective in ensuring that information required to be disclosed by us in our
periodic reports is recorded, processed, summarized and reported, within the
time periods specified for each report and that such information is accumulated
and communicated to our management, including our principal executive and
principal financial officers, or persons performing similar functions, as
appropriate to allow timely decisions regarding required
disclosure.





Management’s
Annual Report on Internal Control Over Financial Reporting.Management is
responsible for establishing and maintaining an adequate system of internal
control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) of
the Exchange Act. Internal control over financial reporting is a process
designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements in accordance with
GAAP.




Our
internal control over financial reporting includes those policies and procedures
that:





•
            pertain
      to the maintenance of records that in reasonable detail accurately and
      fairly reflect our transactions and dispositions of our
      assets;


•
            provide
      reasonable assurance that transactions are recorded as necessary to permit
      preparation of financial statements in accordance with GAAP, and that
      receipts and expenditures are being made only in accordance with
      authorizations of our management and directors;
  and


•
            provide
      reasonable assurance regarding prevention or timely detection of
      unauthorized acquisition, use or disposition of our assets that could have
      a material effect on the financial
statements.




- 28
-




Management
has conducted, with the participation of our Chief Executive Officer and our
Chief Financial Officer, an assessment, including testing of the effectiveness
of our internal control over financial reporting as of September 30, 2008.
Management’s assessment of internal control over financial reporting was based
on the framework in Internal
Control over Financial Reporting – Guidance for Smaller Public
Companiesissued by the Committee of Sponsoring Organizations of the
Treadway Commission. Based on this evaluation, Management concluded that our
system of internal control over financial reporting was effective as of
September 30, 2008.





The
effectiveness of our internal control over financial reporting as of September
30, 2008 has not been audited by Gruber and Company, LLC, an independent
registered public accounting firm. Management’s report was not subject to
attestation by the Company’s registered public accounting firm pursuant to
temporary rules of the Securities and Exchange Commission that permit the
Company to provide only management’s report in this annual report.





Changes in
Internal Control Over Financial Reporting.There were no
changes in our internal control over financial reporting identified in
connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule
15d-15 that materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.





ITEM
8B. OTHER INFORMATION





Unregistered Sales of Equity
Securities





The
Company has engaged in a number of unregistered sales of its equity securities
since October 1, 2004. These unregistered sales of equity securities are listed
and described under Item 5, “Market for Common Equity and Related Stockholder
Matters,” under the heading “Recent Unregistered Sales of Equity
Securities.”





PART
III





ITEM
      9.
            DIRECTORS,
      EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
      16(a) OF THE EXCHANGE ACT





The
following information sets forth the names of the Company’s officers and
directors, their present positions with the Company, and their biographical
information:





Name
                    
                    Age
                    
                    PositionJavan
      Khazali
                    
                    45
                    
                    Chief
      Executive Officer, President and DirectorChad
      Burback
                    
                    30
                    
                    Chief
      Financial Officer and DirectorMichael
      Brown
                    
                    58
                    
                    DirectorJulio
      Ferreira
                    
                    50
                    
                    Director





Javan
Khazali – CEO, President and Director





On
October 1, 2008, Mr. Khazali was appointed as the Chief Executive Officer and
Director. Mr. Khazali has more than 18 years of experience at the senior
executive level in both private and public sectors with main focus on services,
telecommunications, and financial media industry segments. He has broad based
experience in the areas of corporate restructuring & reorganization,
business development, operations, and management consulting. Prior to joining
the Registrant and since January 2006, Mr. Khazali served as the Chief Operating
Officer of Financial Media Group, Inc and a member of the Board of Directors.
Mr. Khazali had served as the Chief Executive Officer and a director of the
Financial Media Group since November 2004 at which time he was responsible for
corporate governance, compliance, business development and operations. Prior to
joining Financial Media Group, Mr. Khazali worked for Cypost Corporation
("Cypost"), initially as Vice-President (Administration) in 2001 and later
served as Chief Executive Officer of Cypost from 2002 to 2003. In 2003, the
directors of Cypost filed a Chapter 7 Bankruptcy. During the bankruptcy
proceedings, Mr. Khazali assisted Cypost in financial distress negotiations,
bankruptcy litigations and helped resolve disputes between Cypost and debt
holders, lenders, bank groups, and equity holders. From 1985 to 2000, Mr.
Khazali held numerous senior level positions in the food service sector
including as a managing partner of two successful restaurants located in Western
Canada. He also served as the director of operations of privately held
restaurant chain located in various cities of United States and Western Canada
having over 300 employees.





Chad
Burback – Chief Financial Officer, Secretary, Treasurer and
Director





Mr.
Burback has been the Company’s Secretary and a Director since September 29,
2000.  Since joining the Company, Mr. Burback has assisted with the
organization and development of the Company. Mr. Burback was Plant Manager for
Hamilton Bio Conversion Inc. in Hamilton, Ontario, Canada (1998-2001). From 1995
to 1998, Mr. Burback was the Plant Manager for Brampton Bio Conversion Inc., a
de-packaging and recycling facility in Brampton, Ontario, Canada. As Plant
Manager for each facility, Mr. Burback was responsible for the expansion of the
facilities and had the following duties and responsibilities: assist with
project schedules and construction contracts; operations control and management;
maintain a daily log of all plant events; oversee all office administration;
manage expenditures; ensure compliance with permits; conduct performance reviews
of employees; ensure plant safety and security; and staff the plants. Mr.
Burback is a first cousin of Mr. Dean Branconnier.




- 29
-


Michael
Brown – Director
 
 Mr. Brown
was appointed a director on November 8, 2005.  Mr. Brown is the
President of Brown, Vence & Associates Inc. (“BVA”), a consulting
engineering firm that Brown helped found in 1979, specializing in energy and
waste project planning, permitting and financing, and in innovative technologies
for resource recovery. His firm has participated in over $3 billion in capital
financing for waste management and renewable energy projects. In 2006, his firm
was acquired by HDR Engineering, Inc., a large architectural and engineering
firm and Mr. Brown was appointed as a Senior Vice President at HDR Engineering
Inc., where Mr. Brown manages a joint HDR/BVA business unit. The Company has
entered into a consulting agreement with his Company HDR/BVA.


Julio
Ferreira – Director





Mr.
Ferreira was appointed a director on October 8, 2008. Mr. Ferreira is an
accomplished environmentalist and business professional with nearly two decades
of experience as a negotiator and consultant for projects focused on ecological
marketing. He has extensive expertise in full-service marketing and investment
guidance for domestic and international corporations. He is the Co-Founder of
the Brazil-U.S. Green Technology Trade Association, an organization focused on
building cooperation between the United States and Brazil in the areas of green
technology and alternative energy. From 2004-2007, Mr. Ferreira served as
Managing Partner of Sphaera International Partnerships, a full-service marketing
and public relations firm. In 2003, he served as the Special Environment
Secretary for the city of Santa Rita de Jacutinga, in Brazil.





Terms
of Office





The
Company’s directors are appointed for one-year terms to hold office until the
next annual general meeting of the holders of the Company’s common stock or
until removed from office in accordance with the Company’s by-laws. The
Company’s officers are appointed by its Board of Directors and hold office until
removed by the Company’s Board of Directors.





Audit
Committee of the Board of Directors





We are
not a listed issuer and, under the rules of the OTC Bulletin Board, our Board of
Directors is not required to maintain a separately designated standing audit
committee. As such, pursuant to section 3(a)(58)(B) of the Exchange Act, our
entire Board of Directors acts as our audit committee.





Audit
Committee Financial Expert





The
Company’s Board of Directors has determined that none of its members qualifies
as an “audit committee financial expert,” as defined under Item 401(e) of
Regulation S-B of the Securities Act of 1933. The Company believes the cost
related to retaining a financial expert at this time is prohibitive. Further,
because of the Company’s start-up operations, the Company believes the services
of a financial expert are not warranted.





Code
of Ethics





We have
adopted a Code of Ethics applicable to our officers and directors which is a
“Code of Ethics,” as defined by the applicable rules of the SEC. If we make any
amendments or grant any waivers from a provision of our Code of Ethics to our
President, Chief Executive Officer, Treasurer or Chief Financial Officer, we
will disclose the nature of the amendment or waiver, its effective date and to
whom it applies in a report on Form 8-K.





SECTION
16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE





Section
16(a) of the Exchange Act requires our executive officers and directors and
persons who own more than 10% of a registered class of our securities
(“Reporting Persons”) to file reports of ownership and changes in ownership with
the SEC. Reporting Persons are required by SEC regulations to furnish us with
copies of all forms they file pursuant to Section 16(a). Based solely on our
review of such reports received by the Company, reports required to be filed by
Reporting Persons were not filed timely and have only recently been filed. The
Company has put into place procedures that will help to insure that all future
filings required by Section 16(a) will be filed in a timely manner by all
Reporting Persons.





ITEM
10.  EXECUTIVE COMPENSATION





The
following table sets forth certain information as to the Company's named
executive officers for each of the Company's fiscal year ended September 30,
2008 and 2007. No other compensation was paid to any such named executive
officers other than the compensation set forth below.





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SUMMARY
COMPENSATION TABLE





Annual
      Compensation
                                                            
                                                            Long
      Term CompensationName
      and Principal Position
                                                            
                                                            Year
      Ended September 30,
                                                            
                                                            Salary
                                                              ($)
                                                            
                                                            Bonus
                                                              ($)
                                                            
                                                            Other
                                                              Annual
      Compensation
                                                              ($)
                                                            
                                                            Restricted
                                                              Stock
      Award(s)
                                                              ($)
                                                            
                                                            Securities
      Underlying Options/SARs
                                                              (#)
                                                            
                                                            LTIP
                                                              Payouts
                                                              ($)
                                                            
                                                            All
      Other
                                                              Compensation
                                                              ($)Edwin
      Kroeker
                                                              (President
      and Chief Executive Officer)(1)
                                                            
                                                            2008
                                                              2007
                                                            
                                                            116,951
                                                              73,803
                                                            
                                                            - 0
      -
                                                              - 0
      -
                                                            
                                                            - 0
      -
                                                              - 0
      -
                                                            
                                                            - 0
      -
                                                              - 0
      -
                                                            
                                                            - 0
      -
                                                              - 0
      -
                                                            
                                                            - 0
      -
                                                              - 0
      -
                                                            
                                                            116,951
                                                              73,803Chad
      Burback
                                                              Chief
      Financial Officer
                                                            
                                                            2008
                                                              2007
                                                            
                                                            83,253
                                                              - 0
      -
                                                            
                                                            -0-
                                                              - 0
      -
                                                            
                                                            -0-
                                                              - 0
      -
                                                            
                                                            -0-
                                                              - 0
      -
                                                            
                                                            -0-
                                                              - 0
      -
                                                            
                                                            -0-
                                                              - 0
      -
                                                            
                                                            83,253
                                                              - 0
      -





(1)Mr. Kroeker was appointed as CEO and President of the Company
      effective March 7, 2007. Mr. Kroeker resigned from his position on
      September 30, 2008.(2)Mr. Gardner served as CEO and President from April 24, 2006 and
      resigned on March 6, 2007.




COMPENSATION
OF DIRECTORS





Directors
are not compensated for their service as directors. All directors are reimbursed
for any reasonable expenses incurred in the course of fulfilling their duties as
a director of the Company. In addition, Firhurst Enterprises, a company of which
Mr. Peter Gardner is a principal shareholder, was paid $63,431 as consulting
fees during the year ended September 30, 2008. Furthermore, consulting fees of
$104,067 was paid to Mr. Michael Brown during the year ended September 30, 2008
pursuant to a consulting agreement executed with the Company on March 24,
2008.





EMPLOYMENT
AGREEMENTS





On
October 1, 2007, we entered into an agreement for one year with Mr. Chad Burback
to serve as the Company’s Chief Financial Officer for a monthly consulting fee
of $7,000 CDN (equal to approximately $6,938 US). The Company does not
compensate Mr. Burback for acting as the Secretary of the Company.





On
October 1, 2008, we entered into an employment agreement with Javan Khazali to
serve as the President and Chief Executive Officer for a three year period. Mr.
Khazali’s annual base salary is $180,000 for the twelve months period ended
September 30, 2009, $207,000 for the year ended September 30, 2010 and $238,050
for the year ended September 30, 2011. In addition to the base compensation, Mr.
Khazali shall receive bonuses from the Company as determined by the Board of
Directors based upon the performance of the company. We agreed to pay a signing
bonus of $50,000 and 1,500,000 common shares upon signing of the employment
agreement.





ITEM
11.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT





The
following table sets forth as of September 30, 2008 certain information known to
the Company regarding the beneficial ownership of the Company’s common stock,
and as adjusted to reflect the share ownership for (i) each executive officer or
director of the Company who beneficially owns shares; (iii) all executive
officers and directors as a group; and (ii) each shareholder known to the
Company to beneficially own five percent or more of the outstanding shares of
its common stock. The Company believes that the beneficial owners of the common
stock listed below, based on information furnished by such owners, have sole
investment and voting power with respect to such shares, subject to community
property laws where applicable.




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TITLE
      OF CLASS
                                  
                                  NAME
      AND ADDRESS OF BENEFICIAL OWNER
                                  
                                  NUMBER
      OF SHARES OFCOMMON
      STOCK
                                  
                                  PERCENTAGE
      OF
                                    COMMON
      STOCK(1)DIRECTORS
      AND OFFICERSCommon
      Stock
                                  
                                  Edwin
      Kroeker
                                    CEO,
      President, and Director
                                    210
      Broadway, Unit 208,
                                    Orangeville,
      Ontario L9W 5G4
                                  
                                  70,000
                                  
                                  0.1%Common
      Stock
                                  
                                  Peter
      Gardner
                                    Secretary
      and Director
                                    210
      Broadway, Unit 208,
                                    Orangeville,
      Ontario L9W 5G4
                                  
                                  23,476
                                  
                                  0.0%Common
      Stock
                                  
                                  Chad
      Burback
                                    Chief
      Financial Officer, Treasurer and Director
                                    210
      Broadway, Unit 208,
                                    Orangeville,
      Ontario L9W 5G4
                                  
                                  640,000
                                  
                                  0.9%Common
      Stock
                                  
                                  Michael
      D. Brown
                                    Director
                                    30
      Tierra Verde Court
                                    Walnut
      Creek, CA 94598
                                  
                                  550,000
                                  
                                  0.8%Common
      Stock
                                  
                                  All
      Officers and Directors as a Group (5 persons)
                                  
                                  1,283,476
                                  
                                  1.9%5%
      BENEFICIAL SHAREHOLDERSCommon
      Stock
                                  
                                  René
      Branconnier
                                    8412
      Armstrong Road,
                                    Langley,
      BC  V1M 3P5
                                    Canada
                                  
                                  15,166,439
                                  
                                  21.9%(2)





(1)
            Under
      Rule 13d-3, a beneficial owner of a security includes any person who,
      directly or indirectly, through any contract, arrangement, understanding,
      relationship, or otherwise has or shares: (i) voting power, which includes
      the power to vote or to direct the voting of shares; and (ii) investment
      power, which includes the power to dispose or direct the disposition of
      shares. Certain shares may be deemed to be beneficially owned by more than
      one person (if, for example, persons share the power to vote or the power
      to dispose of the shares). In addition, shares are deemed to be
      beneficially owned by a person if the person has the right to acquire the
      shares (for example, upon exercise of an option) within 60 days of the
      date as of which the information is provided. In computing the percentage
      ownership of any person, the amount of shares outstanding is deemed to
      include the amount of shares beneficially owned by such person (and only
      such person) by reason of these acquisition rights. As of January 9, 2009,
      there were 70,562,356 shares of the Company’s common stock issued and
      outstanding.





(2)
            Includes
      (a) 6,716,060 shares of common stock and warrants to purchase 6,716,060
      shares of common stock owned by Milverton Capital Corporation, of which
      Mr. Branconnier is a controlling shareholder, (b) 674,884 shares of common
      stock owned by 529473 BC Ltd., of which Mr. Branconnier is a controlling
      shareholder, (c) 680,435 shares of common stock owned by Dynasty Farms
      Ltd., of which Mrs. Branconnier is a controlling shareholder through
      Sanclair Holdings Ltd. and (d) 379,000 shares of common stock owned by
      Sharon Branconnier, Mr. Branconnier’s wife. All of the warrants are
      exercisable between $0.25 to $0.75 per share and they all expire in August
      2009. The percentage ownership has been calculated assuming the exercise
      of all of the aforementioned warrants. Mr. Branconnier is the uncle of
      Chad Burback, the Company’s Chief Financial Officer. Mr. Branconnier
      disclaims any beneficial interest in any of the securities owned directly
      or indirectly by Mr. Chad Burback.




CHANGE
IN CONTROL





The
Company is not aware of any arrangement that might result in a change in control
in the future.





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ITEM
12.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS





Out of
the net cash proceeds received by the Company for the year ended September 30,
2008, from the sale of common stock $6,690,381 and from short term loans $14,448
totaling $6,704,829, the Company paid to affiliates and related parties
$4,530,653 for management consulting services and repayment of loans. In
addition, the Company sold and issued 5,514,336 shares of its common stock to
related parties. As of September 30, 2008, the Company owes $669,740 to related
parties for (i) past consulting services, (ii) interest and principal on monies
loaned, and (iii) accrued expenses, including rental expense. The following sets
forth the transactions between the Company and affiliates and related parties
during the year ended September 30, 2008.





Milverton
Capital Corporation





Milverton
Capital Corporation is a private company owned by Mr. René Branconnier. In March
1, 2005, the Company entered into a consulting agreement with Milverton to
provide accounting, management and consulting services, for an annual fee of
$1,200,000. The contract expired in March 2007 was renewed for another year for
an annual fee of $1,800,000. In addition to the consulting agreement, the
Company entered into an agreement with Milverton for research and development of
environmental technologies at cost plus. Milverton earned $3,231,640 in fees for
the year ended September 30, 2008. The Company is indebted to Milverton for
$1,087 as of September 30, 2008.





Sanclair
Holdings Ltd.





Sanclair
Holdings Ltd. is a private company owned by Ms. Sharon Branconnier, the wife of
René Branconnier. The Company entered into a consulting contract with Sanclair
to provide consulting and sundry services, and office accommodation for an
annual fee of $222,000 CAD. The Company is indebted to Sinclair $359,918 as of
September 30, 2008.





Dynasty
Farms (Alta) Ltd. (“Dynasty Farms”)





Dynasty
Farms is a private company owned by Ms. Sharon Branconnier, the wife of Mr. Rene
Branconnier. On September 18, 2008, the Company purchased an agricultural land
for its recycling business from Dynasty Farms, a related party, for CN$760,000
(equivalent to $732,008) in Clearwater County, Alberta, Canada. The Company
agreed to issue common shares valued at CN$200,000 (equivalent to $192,634) and
executed a convertible promissory note with Dynasty Farms for a principal sum of
CN$ 560,000 (equivalent to $539,374), interest bearing at 10% per annum, and
payable over a 12 month period. As of September 30, 2008, the Company is
indebted to Dynasty Farms a principal sum of $539,374.





ITEM
13.  PRINCIPAL ACCOUNTANT FEES AND SERVICES





The
aggregate fees billed for the two most recently completed fiscal years ended
September 30, 2008 and 2007 for professional services rendered by the principal
accountant for the audit of the Corporation’s annual financial statements and
review of the financial statements included our Quarterly Reports on Form 10-QSB
and services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for these fiscal periods were as
follows:





Year
      Ended September 30, 2008
                          
                          
                          Year
      Ended
                            September
      30, 2007Audit
      Fees
                          
                          $
                          60,000
                          
                          
                          
                          84,000Audit
      Related Fees
                          
                          
                          0
                          
                          
                          
                          0Tax
      Fees
                          
                          
                          0
                          
                          
                          
                          0All
      Other Fees
                          
                          
                          0
                          
                          
                          
                          0Total
                          
                          $
                          60,000
                          
                          
                          $
                          84,000





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PART
IV





ITEM
14.  EXHIBITS





The
following exhibits are either provided with this Annual Report or are
incorporated herein by reference:





Exhibit
      Number
                
                Description
      of Exhibit3.1
                
                Amended
      and Restated Articles of Incorporation dated February 5, 2001(4)3.2
                
                Amended
      and Restated Bylaws dated January 8, 2001(4)4.1
                
                Specimen
      Stock Certificate for Shares of Common Stock of the Company(2)10.1
                
                Lease
      Agreement dated December 12, 2001(4)10.2
                
                License
      and Distribution Agreement between 529473 B.C. Ltd. and Duro Enzyme
      Solutions Inc. (U.S.), as amended, dated September 21, 2000(3)10.3
                
                Research
      and Development Services Agreement between 529473 B.C. Ltd. and Duro
      Enzyme Solutions Inc. (Canada), as amended, dated September 21, 2000(1)10.4
                
                Research
      and Development Services Agreement between 529473 B.C. Ltd. and Duro
      Enzyme Solutions Inc. (U.S.), as amended, dated September 21, 2000(1)10.5
                
                Termination
      of License Agreements between the Duro Enzyme Solutions Inc. (Nevada),
      Duro Enzyme Solutions Inc. (B.C.) and 529473 B.C. Ltd. dated May 5,
      2003(6)10.6
                
                Agreement
      with Waste Consultants Limited dated April 6, 200510.7
                
                Consulting
      Agreement with HDR Brown Vence and Associates, Inc., dated June 14,
      200610.8
                
                Agreement
      with Foshan Public Utility Management Chinese Company dated June 21,
      200510.9
                
                Joint
      Venture Agreement entered into on September 28, 2005 between Organic
      Recycling Technologies (China) Inc., a wholly-owned subsidiary of the
      Company and Chongquing Jinxibeina Complete Equipment Import & Export
      Co.10.10
                
                Consulting
      Agreement with Milverton Capital Corporation dated March 1, 2005, and
      renewals thereto14.1
                
                Code
      of Ethics16.1
                
                Letter
      from BDO Dunwoody, Chartered Accountants, to the U.S. Securities and
      Exchange Commission(5)16.2
                
                Letter
      from Raber Mattuck, Chartered Accountants, to the U.S. Securities and
      Exchange Commission(5)21.1
                
                List
      of Subsidiaries23.1
                
                Independent
      Auditor's Consent31.1
                
                Certification
      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 302 of the Sarbanes-Oxley Act of
  200231.2
                
                Certification
      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 302 of the Sarbanes-Oxley Act of
  200232.1
                
                Certification
      of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  200232.2
                
                Certification
      of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002





(1)
            Filed
      on November 20, 2000, as an exhibit to the Company’s report on Form 10-QSB
      for the three months ended September 30, 2000, and incorporated herein by
      reference(2)
            Filed
      on December 29, 2000, as an exhibit to the Company’s transitional report
      on Form 10-KSB for the nine months ended September 30, 2000, and
      incorporated herein by reference(3)
            Filed
      on February 14, 2001, as an exhibit to the Company’s report on Form 10-QSB
      for the three months ended December 31, 2000, and incorporated herein by
      reference(4)
            Filed
      on May 15, 2001, as an exhibit to the Company’s report on Form 10-QSB for
      the three months ended March 31, 2001, and incorporated herein by
      reference(5)
            Filed
      on December 29, 2001, as an exhibit to the Company’s report on Form 10-KSB
      for the year ended September 30, 2001, and incorporated herein by
      reference(6)
            Filed
      on August 14, 2003, as an exhibit to the Company’s report on Form 10-QSB
      for the three months ended June 30, 2003, and incorporated herein by
      reference





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-




SIGNATURES







In
accordance with 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.








ORGANIC
      RECYCLING TECHNOLOGIES INC.By:
                  /s/
      Javan KhazaliJavan
      KhazaliChief
      Executive Officer, President and DirectorDate:
                  January
      12, 2009








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.








By:
              /s/
      Javan KhazaliJavan
      KhazaliPresident
      and Chief Executive Officer(Principal
      Executive Officer), DirectorDate:
              January
      12, 2009By:
              /s/
      Chad BurbackChad
      BurbackChief
      Financial Officer(Principal
      Financial Officer), Treasurer, DirectorDate:
              January
      12, 2009By:
              /s/
      Michael D. BrownMichael
      D. BrownDirectorDate:
              January
      12, 2009





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