| Nevada                                                         |   | 20-1204606                        |
|----------------------------------------------------------------|--------|-----------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (IRS Employer Identification No.) |

----

|  PART I - FINANCIAL INFORMATION |                                                                 |
|--------------------------------------|----------------------------------------------------------------------|
|                                 |                                                                 |   |   |
|                                 | ITEM 1 - FINANCIAL STATEMENTS                                        |   |
|                                 |                                                                 |   |   |
|                                 |                                                                 | Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income for the three-month and nine-month periods ended September 30, 2010 and 2009 | 3 |
|                                 |                                                                 |   |   |
|                                 |                                                                 | Condensed Consolidated Balance Sheets as of September 30, 2010 (unauditd) and December 31, 2009 | 4 |
|                                 |                                                                 |   |   |
|                                 |                                                                 | Unaudited Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2010 and 2009 | 5 |
|                                 |                                                                 |   |   |
|                                 |                                                                 | Notes to the Unaudited Condensed Consolidated Financial Statements | 6 - 9 |
|                                 |                                                                 |   |   |
|                                 | ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION   | 10-14 |
|                                 |                                                                 |   |   |
|                                 | ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK  | 15 |
|                                 |                                                                 |   |   |
|                                 | ITEM 4 - CONTROLS AND PROCEDURES                                     | 15 |
|                                 |                                                                 |   |   |
|  PART II - OTHER INFORMATION    |                                                                 |
|                                 |                                                                 |   |   |
|                                 | ITEM 1 - LEGAL PROCEEDINGS                                           |  16 |
|                                 |                                                                 |   |   |
|                                 | ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |  16 |
|                                 |                                                                 |   |   |
|                                 | ITEM 3 - DEFAULTS UPON SENIOR SECURITIES                             |  16 |
|                                 |                                                                 |   |   |
|                                 | ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS         |  16 |
|                                 |                                                                 |   |   |
|                                 | ITEM 5 - OTHER INFORMATION                                           |  16 |
|                                 |                                                                 |   |   |
|                                 | ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K                            |  16 |
|                                 |                                                                 |   |   |
|                                 |                                                                 | SIGNATURES |  17 |

----

|                                                                                |   |   |   |   | Three months ended September 30, |         |            | Nine months ended September 30, |        |
|-------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------------|--------------|-----------------|--------------------------------------|-------------|
|                                                                                |   |   |   |   | 2010                        |         |            | 2009                       |        |   | 2010   |     |   | 2009   |   |
|                                                                                |   | Note   |   |   | US$                              |         |            | US$                             |        |   | US$  |   |   | US$  |   |
| Continuing operations                                                               |   |   |   |   |                                  |         |            | (Restated)                      |        |   |   |   |   | (Restated)  |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |
| Operating revenues                                                                  |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |
| Service income                                                                      |   |   |   |   |                                  | 230,986      |            |                                 |        | 441,834 |   |   |   | 1,235,446 |   |   |   | 666,939 |   |
| Sale of mobile phones                                                               |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | 929,785 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                  |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Subcontracting and other service costs                                              |   |   |   |   |                                  | (142,723     | )               |                                 |        | (92,304 | ) |   |   | (699,062 | ) |   |   | (175,938 | ) |
| Purchase of mobile phones                                                           |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (891,180 | ) |
| Staff costs                                                                         |   |   |   |   |                                  | (34,966      | )               |                                 |        | (18,459 | ) |   |   | (168,483 | ) |   |   | (149,654 | ) |
| Depreciation of property, plant and equipment                                       |   |   |   |   |                                  | (4,365       | )               |                                 |        | (3,530 | ) |   |   | (12,459 | ) |   |   | (10,550 | ) |
| Amortization of intangible assets                                                   |   |   |   |   |                                  | (51,413      | )               |                                 |        | (51,359 | ) |   |   | (154,238 | ) |   |   | (154,076 | ) |
| Other general and administrative expenses                                           |   |   |   |   |                                  | (30,586      | )               |                                 |        | (89,021 | ) |   |   | (177,555 | ) |   |   | (526,529 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from operations                                                       |   |   |   |   |                                  | (33,067      | )               |                                 |        | 187,161 |   |   |   | 23,649 |   |   |   | (311,203 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Non-operating income (expenses)                                                     |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                     |   |   |   |   |                                  | 286          |            |                                 |        | - |   |   |   | 3,582 |   |   |   | 1,876 |   |
| Other income                                                                        |   |   |   |   |                                  | 13,450       |            |                                 |        | - |   |   |   | 20,389 |   |   |   | - |   |
| Amortization of loans from a related party                                          |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (11,333 | ) |
| Interest expenses                                                                   |   |   |   |   |                                  | (12,041      | )               |                                 |        | (16,451 | ) |   |   | (39,553 | ) |   |   | (29,135 | ) |
| Compensation payment                                                                |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (18,118 | ) |
| Gain on disposal of interest in a subsidiary                                        |   |   | 8      |   |                                  |         | -               |                                 |        |   | - |   |   |   | 607,525 |   |   |   | - |   |
| Loss on early termination of loans from a related party                             |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | (15,658 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) before income tax and noncontrolling interests                        |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 170,710 |   |   |   | 615,592 |   |   |   | (383,571 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Income tax                                                                          |   |   | 4      |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) from continuing operations                                        |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 170,710 |   |   |   | 615,592 |   |   |   | (383,571 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations                                                             |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations                                                   |   |   | 5      |   |                                  |         | -               |                                 |        |   | (15,937 | ) |   |   | (8,472 | ) |   |   | (104,969 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) including noncontrolling interests                                |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 154,773 |   |   |   | 607,120 |   |   |   | (488,540 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Add: net loss from continuing operations attributable to noncontrolling interests   |   |   |   |   |                                  |         | -               |                                 |        |   | 5,522 |   |   |   | 834 |   |   |   | 35,424 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Add: net loss from discontinued operations attributable to noncontrolling interests |   |   |   |   |                                  |         | -               |                                 |        |   | 3,668 |   |   |   | 131 |   |   |   | 26,250 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to SPYE common stockholders                          |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 163,963 |   |   |   | 608,085 |   |   |   | (426,866 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                                                          |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| - Foreign currency translation adjustment                                           |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | 15,669 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Total comprehensive income (loss)                                                   |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 163,963 |   |   |   | 608,085 |   |   |   | (411,197 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings (loss) per share                                         |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|    Earnings (Loss) per share from continuing operations                   |   |   |   |   |                                  | (2.43) cents |            |                                 | 13.64 cents |   |   | 47.71 cents |   |   | (26.94) cents |   |
|    Loss per share from discontinued operations                            |   |   |   |   |                                  |         | -               |                                 |        | (0.95) cents |   |   | (0.65) cents |   |   | (6.09) cents |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |                                  | (2.43) cents |            |                                 | 12.69 cents |   |   | 47.06 cents |   |   | (33.03) cents |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average number of shares of common stock outstanding                 |   |   |   |   |                                  |         | 1,292,166  |                                 |        |   | 1,292,166  |   |   |   | 1,292,166  |   |   |   | 1,292,166  |   |

----

|                                                                                                                                                              |   |          |   | As of                   |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|-------------------------|---------------|
|                                                                                                                                                              |   |          |   | September 30, 2010 |          |   | December 31, 2009 |   |
|                                                                                                                                                              |   | Note          |   | US$                     |          |   | US$ |   |
|                                                                                                                                                              |   |          |   | (Unaudited)        |          |   |   |   |
| ASSETS                                                                                                                                                            |   |          |   |                    |          |   |   |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |
| Current assets                                                                                                                                                    |   |          |   |                    |          |   |   |   |
| Trade receivables from third parties                                                                                                                              |   |          |   |                    | 253,916       |   |   |   | 194,865 |   |
| Trade receivable from a related party                                                                                                                             |   |  6(b)(i) |   |                    | 5,821         |   |   |   | 5,821 |   |
| Prepayments and deposits                                                                                                                                          |   |          |   |                    |          | 6,508 |   |   |   | 125,913 |   |
| Other debtors                                                                                                                                                     |   |          |   |                    |          | 50,286 |   |   |   | 52,771 |   |
| Amounts due from related parties                                                                                                                                  |   | 6(b)(ii)      |   |                    | 13,576        |   |   |   | - |   |
| Income tax recoverable                                                                                                                                            |   |          |   |                    |          | 28,882 |   |   |   | 3,829 |   |
| Inventories                                                                                                                                                       |   |          |   |                    |          | 56,813 |   |   |   | 40,385 |   |
| Cash and cash equivalents                                                                                                                                         |   |          |   |                    |          | 599,724 |   |   |   | 378,671 |   |
| Bank deposits, collateralized                                                                                                                                     |   |          | 7      |                    |          | - |   |   |   | 132,353 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total current assets                                                                                                                                              |   |          |   |                    |          | 1,015,526 |   |   |   | 934,608 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Property, plant and equipment, net                                                                                                                                |   |          |   |                    |          | 48,025 |   |   |   | 69,759 |   |
| Intangible assets, net                                                                                                                                            |   |          |   |                    |          | 1,139,001 |   |   |   | 1,322,651 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total assets                                                                                                                                                      |   |          |   |                    |          | 2,202,552 |   |   |   | 2,327,018 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                              |   |          |   |                    |          |   |   |   |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |
| Current liabilities                                                                                                                                               |   |          |   |                    |          |   |   |   |   |
| Trade payables                                                                                                                                                    |   |          |   |                    |  558,189 |   |   |   | 311,058 |   |
| Accrued charges and other payables                                                                                                                                |   |          |   |                    | 339,475       |   |   |   | 531,981 |   |
| Amounts due to related parties                                                                                                                                    |   | 6(b)(iii)     |   |                    | 84,997        |   |   |   | 19,458 |   |
| Temporary receipts                                                                                                                                                |   |          |   |                    | 35,471        |   |   |   | 61,470 |   |
| Short-term bank loan                                                                                                                                              |   |  7       |   | -                       |          |   |   | 125,000 |   |
| Interest payable to a related party                                                                                                                               |   |  6(b)(v) |   | -                       |          |   |   | 56,588 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total current liabilities                                                                                                                                         |   |          |   |                    |          | 1,018,132 |   |   |   | 1,105,555 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Long-term loans from a related party                                                                                                                              |   | 6(b)(iv)      |   |                    | -             |   |   |   | 707,353 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                     |   |          |   |                    |          |   |   |   |   |   |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Stockholders' equity                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Preferred stock, par value US$0.001 per share; authorized 5,000,000 shares; none issued and outstanding as of September 30, 2010 and December 31, 2009            |   |          |   |                    |          |   |   |   |   |   |   |
| Common stock, par value US$0.001 per share; authorized 300,000,000 shares; issued and outstanding 1,292,166 shares as of September 30, 2010 and December 31, 2009 |   |          |   |                    |          | 1,292 |   |   |   | 1,292 |   |
| Additional paid in capital                                                                                                                                        |   |          |   |                    |          | 2,009,454 |   |   |   | 2,009,454 |   |
| Dedicated reserve                                                                                                                                                 |   |          |   |                    |          | 319 |   |   |   | 319 |   |
| Accumulated losses                                                                                                                                                |   |          |   |                    |          | (900,700 | ) |   |   | (1,508,785 | ) |
| Accumulated other comprehensive income                                                                                                                            |   |          |   |                    |          | 74,055 |   |   |   | 74,055 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total SPYE stockholders’ equity                                                                                                                             |   |          |   |                    |          | 1,184,420 |   |   |   | 576,335 |   |
| Noncontrolling interests                                                                                                                                          |   |          |   |                    |          | - |   |   |   | (62,225 | ) |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total stockholders’ equity                                                                                                                                  |   |          |   |                    |          | 1,184,420 |   |   |   | 514,110 |   |
|                                                                                                                                                              |   |          |   |                    |          |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                                                                                        |   |          |   |                    |          | 2,202,552 |   |   |   | 2,327,018 |   |

----

|                                                                                                                                                        |   | Nine months endedSeptember 30, |     |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------|----------|
|                                                                                                                                                        |   | 2010                      |     |   | 2009   |    |
|                                                                                                                                                        |   | $US                            |     |   | US$ |   |
|                                                                                                                                                        |   |                           |     |   |   |   |
| Cash flows from operating activities:                                                                                                                       |   |                           |     |   |   |   |
| Net income (loss) including noncontrolling interests                                                                                                        |   |                           | 607,120  |   |   |   | (488,540 | ) |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:                                                                 |   |                           |     |   |   |   |   |   |
| Depreciation of property, plant and equipment                                                                                                               |   |                           | 12,727   |   |   |   | 11,353 |   |
|  Amortization of intangible assets                                                                                                                     |   |                           | 154,238  |   |   |   | 162,082 |   |
|  Interest income                                                                                                                                       |   |                           | (3,585   | ) |   |   | (1,901 | ) |
|  Interest expense                                                                                                                                      |   |                           | 46,171   |   |   |   | 39,805 |   |
|  Compensation payment                                                                                                                                  |   |                           | -        |   |   |   | 18,118 |   |
|  Amortization of loans from a related party                                                                                                            |   |                           | -        |   |   |   | 16,469 |   |
|  Gain on disposal of interest in a subsidiary                                                                                                          |   |                           | (607,525 | ) |   |   | - |   |
|  Loss on early termination of loans from a related party                                                                                               |   |                           | -        |   |   |   | 25,974 |   |
| Share of result of an associate                                                                                                                             |   |                           | -        |   |   |   | 18,767 |   |
| Exchange difference                                                                                                                                         |   |                           | -        |   |   |   | 1,761 |   |
| Changes in working capital:                                                                                                                                 |   |                           |     |   |   |   |   |   |
| Trade receivables                                                                                                                                           |   |                           | (59,051  | ) |   |   | (100,008 | ) |
| Prepayments and deposits                                                                                                                                    |   |                           | (472     | ) |   |   | 65,229 |   |
| Other debtors                                                                                                                                               |   |                           | 2,039    |   |   |   | 186,050 |   |
| Inventories                                                                                                                                                 |   |                           | (39,643  | ) |   |   | (21,620 | ) |
| Trade payables                                                                                                                                              |   |                           | 247,131  |   |   |   | 76,657 |   |
| Accrued charges and other payables                                                                                                                          |   |                           | (24,706  | ) |   |   | (70,611 | ) |
| Temporary receipts                                                                                                                                          |   |                           | (25,999  | ) |   |   | (79,371 | ) |
| Income tax recoverable/payable                                                                                                                              |   |                           | (25,053  | ) |   |   | 3,829 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Net cash generated from (used in) operating activities                                                                                                      |   |                           | 283,392  |   |   |   | (135,957 | ) |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                       |   |                           |     |   |   |   |   |   |
| Interest income                                                                                                                                             |   |                           | 3,582    |   |   |   | 1,901 |   |
| Payments for purchase of property, plant and equipment                                                                                                      |   |                           | (17,674  | ) |   |   | (5,830 | ) |
| Payments for purchase of intangible assets                                                                                                                  |   |                           | -        |   |   |   | (29,411 | ) |
| Decrease in bank deposit, collateralized                                                                                                                    |   |                           | 132,353  |   |   |   | 11,414 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Net cash generated from (used in) investing activities                                                                                                      |   |                           | 118,261  |   |   |   | (21,926 | ) |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                       |   |                           |     |   |   |   |   |   |
| Repayments to related parties                                                                                                                               |   |                           | (55,600  | ) |   |   | (14,791 | ) |
| Interest paid                                                                                                                                               |   |                           | -        |   |   |   | (4,437 | ) |
| Compensation payment                                                                                                                                        |   |                           | -        |   |   |   | (18,118 | ) |
| Repayment of short-term bank loan                                                                                                                           |   |                           | (125,000 | ) |   |   | (125,000 | ) |
| New short-term bank loan raised                                                                                                                             |   |                           | -        |   |   |   | 125,000 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Net cash used in financing activities                                                                                                                       |   |                           | (180,600 | ) |   |   | (37,346 | ) |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents                                                                                                        |   |                           | 221,053  |   |   |   | (195,229 | ) |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                                                                                                            |   |                           | 378,671  |   |   |   | 245,685 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Effect on exchange rate changes                                                                                                                             |   |                           | -        |   |   |   | 3,576 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Cash and cash equivalents at end of period,  represented by cash and bank balances                                                                |   |                           | 599,724  |   |   |   | 54,032 |   |
|                                                                                                                                                        |   |                           |     |   |   |   |   |   |
| Supplemental cash flow information                                                                                                                          |   |                           |     |   |   |   |   |   |
| Interest paid                                                                                                                                               |   |                           | -        |   |   |   | 4,437 |   |
| Non-cash transactions (see note 8):-consideration for acquisition of additional interest in a subsidiary paid by a related party                            |   |                           | 294,118  |   |   |   | - |   |
|       -consideration for disposal of interest in a subsidiary settled by offsetting against the amount due to a related party |   |                           | 817,647  |   |   |   | - |   |

----

| 2. | GOING CONCERN CONSIDERATION |
|----|-----------------------------|

----

| 4. | TAXATION |
|----|----------|

| 5. | DISCONTINUED OPERATIONS |
|----|-------------------------|

|                                                                       |   | Three months ended September 30, |   |   | Nine months ended September 30, |   |
|----------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                                                       |   | 2010                        |   |   | 2009                       |   |   | 2010   |   |   | 2009   |   |
|                                                                       |   | US$                              |   |   | US$                             |   |   | US$  |   |   | US$  |   |
|                                                                       |   | (Unaudited)                      |   |   | (Unaudited)                     |   |   | (Unaudited)  |   |   | (Unaudited)  |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Service income                                                             |   |                                  | -      |   |                                 |   | 73 |   |   |   | - |   |   |   | 1,781 |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
| Subcontracting and other service costs                                     |   |                                  | -      |   |                                 |   | (6 | ) |   |   | - |   |   |   | (155 | ) |
| Staff costs                                                                |   |                                  | -      |   |                                 |   | (1,095 | ) |   |   | (1,576 | ) |   |   | (43,532 | ) |
| Depreciation of property, plant and equipment                              |   |                                  | -      |   |                                 |   | (268 | ) |   |   | (268 | ) |   |   | (803 | ) |
| Amortization of intangible assets                                          |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | (8,006 | ) |
| Other general and administrative expenses                                  |   |                                  | -      |   |                                 |   | (2,725 | ) |   |   | (13 | ) |   |   | (9,390 | ) |
| Interest income                                                            |   |                                  | -      |   |                                 |   | - |   |   |   | 3 |   |   |   | 25 |   |
| Amortization of loans from a related party                                 |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | (5,136 | ) |
| Share of results of an associate                                           |   |                                  | -      |   |                                 |   | (5,302 | ) |   |   | - |   |   |   | (18,767 | ) |
| Interest expenses                                                          |   |                                  | -      |   |                                 |   | (6,614 | ) |   |   | (6,618 | ) |   |   | (10,670 | ) |
|     Loss on early termination of loans from a related party |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | (10,316 | ) |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
|     Loss before income tax                                  |   |                                  | -      |   |                                 |   | (15,937 | ) |   |   | (8,472 | ) |   |   | (104,969 | ) |
|     Income tax                                              |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | - |   |
|                                                                       |   |                                  |   |   |                                 |   |   |   |   |   |   |   |   |   |   |   |
|     Loss from discontinued operations                       |   |                                  | -      |   |                                 |   | (15,937 | ) |   |   | (8,472 | ) |   |   | (104,969 | ) |

----

|  6. | RELATED PARTY TRANSACTIONS |
|----------|----------------------------|

| (a)    | Name and relationship of related parties                                               |                                                                             |
|--------|----------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|
|   |                                                                                   |                                                                             |
|   | Name                                                                                   | Existing relationships with the Company                                          |
|   | Li Xing Hao                                                                            | A director of Wanzhi and a major stockholder of SPYE                             |
|   | Guangdong Chigo Air Conditioning Company Limited (“Chigo”) *               | A company in which Li Xing Hao has control and beneficial interest               |
|   | Foshan Information Technology Company Limited (“Foshan Company”) *    | A company in which Li Xing Hao has significant influence and beneficial interest |
|   | Foshan JinCheng Information Technology Company Limited (“JinCheng”) * | A company in which Li Xing Hao has significant influence and beneficial interest |
|   | Foshan KaiEr Information Technology Company Limited (“KaiEr”) *            | An associate of JinCheng                                                         |
|   | Tang Jin Cheng                                                                         | A director of JinCheng                                                           |

| (b) | Balances with related parties |
|-----|-------------------------------|

|   |   | As of              |
|--------|--------|--------------------|
|   |   | September 30, 2010 |   | December 31, 2009  |
|   |   | US$           |     | US$   |
|   |   |               |   | (Audited)  |
|   |   |               |   |   |
| Chigo  |   | 5,821    |   | 5,821   |

|                            |   | As of              |   |
|---------------------------------|--------|--------------------|--------|
|                            |   | September 30, 2010 |   |   | December 31, 2009 |   |
|                            |   | US$           |   |   | US$  |   |
|                       |   |               |   |   | (Audited)  |   |
|                            |   |               |   |   |   |   |
| Tang Jin Cheng                  |   | - -                |   |   | 14,706   |   |
| JinCheng                        |   | 13,576   |   |   | - - |   |
| KaiEr                           |   | 28,0499            |   |   | 108,9311 |   |
|                            |   |               |   |   |   |   |
|                            |   | 41,6255            |   |   | 123,6377 |   |
| Allowance for doubtful accounts |   | (28,049))          |   |   | (123,637)  | )  |
|                            |   |               |   |   |   |   |
|                            |   | 13,576   |   |   | - - |   |

|           |   | As of              |   |
|----------------|--------|--------------------|--------|
|           |   | September 30, 2010 |   |   | December 31, 2009 |   |
|           |   | US$           |   |   | US$  |   |
|           |   |               |   |   | (Audited)  |   |
|           |   |               |   |   |   |   |
| Chigo          |   |               | 3,706  |   |   |   | 3,706 |   |
| Foshan Company |   |               | 59,419 |   |   |   | - |   |
| Li Xing Hao    |   |               | 21,872 |   |   |   | 15,752 |   |
|           |   |               |   |   |   |   |   |   |
|           |   |               | 84,997 |   |   |   | 19,458 |   |

----

| (b) | Balances with related parties (Continued) |
|-----|-------------------------------------------|

|   | The loans from Li Xing Hao as of December 31, 2009 were unsecured and carry a monthly interest of 1%. In September 2010, the loans were fully settled by offsetting against the consideration for disposal of interest in a subsidiary as mentioned in note 8 below. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        |   | As of              |
|-------------|--------|--------------------|
|        |   | September 30, 2010 |   | December 31, 2009 |
|        |   | US$           |   | US$  |
|        |   |               |   | (Audited)  |
|        |   |               |   |   |
| Li Xing Hao |   | -        |   | 56,588 8 |

| (c) | Summary of related party transactions |
|-----|---------------------------------------|

|                                |   | Three months ended September 30, |   |   | Nine months ended September 30, |   |
|-------------------------------------|--------|---------------------------------------|--------|--------|--------------------------------------|--------|
|                                |   | 2010                        |   |   | 2009                       |   |   | 2010   |   |   | 2009   |   |
|                                |   | US$                              |   |   | US$                             |   |   | US$  |   |   | US$  |   |
|                                |   | (Unaudited)                      |   |   | (Unaudited)                     |   |   | (Unaudited)  |   |   | (Unaudited)  |   |
|                                |   |                                  |   |   |                                 |   |   |   |   |   |   |   |
| Service income from Chigo           |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | 53,762 |   |
| Sundry income from Chigo            |   |                                  | -      |   |                                 |   | - |   |   |   | 6,851 |   |   |   | - |   |
| Interest expenses to Li Xing Hao    |   |                                  | 5,418  |   |                                 |   | 18,628 |   |   |   | 38,941 |   |   |   | 35,368 |   |
| Compensation payment to Li Xing Hao |   |                                  | -      |   |                                 |   | - |   |   |   | - |   |   |   | 18,118 |   |

| 7. | SHORT-TERM BANK LOAN |
|----|----------------------|

| 8. | ACQUISITION OF ADDITIONAL INTEREST IN A SUBSIDIARY AND DISPOSAL OF ENTIRE INTEREST IN A SUBSIDIARY |
|----|----------------------------------------------------------------------------------------------------|

|  9. | CHANGE TO A PLAN OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE |
|----------|----------------------------------------------------------------------|

----

----

|                                                                                |   |   |   |   | Three months ended September 30, |         |            | Nine months ended September 30, |        |
|-------------------------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------------|--------------|-----------------|--------------------------------------|-------------|
|                                                                                |   |   |   |   | 2010                        |         |            | 2009                       |        |   | 2010   |   |   | 2009   |   |
|                                                                                |   |   |   |   | US$                                   |         |            | US$                             |        |   | US$  |   |   | US$  |   |
| Continuing operations                                                               |   |   |   |   |                                  |         |            | (Restated)                      |        |   |   |   |   | (Restated)  |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |
| Operating revenues                                                                  |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |
| Service income                                                                      |   |   |   |   |                                  | 230,986      |            |                                 |        | 441,834 |   |   |   | 1,235,446 |   |   |   | 666,939 |   |
| Sale of mobile phones                                                               |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | 929,785 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Operating expenses                                                                  |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Subcontracting and other service costs                                              |   |   |   |   |                                  | (142,723     | )               |                                 |        | (92,304 | ) |   |   | (699,062 | ) |   |   | (175,938 | ) |
| Purchase of mobile phones                                                           |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (891,180 | ) |
| Staff costs                                                                         |   |   |   |   |                                  | (34,966      | )               |                                 |        | (18,459 | ) |   |   | (168,483 | ) |   |   | (149,654 | ) |
| Depreciation of property, plant and equipment                                       |   |   |   |   |                                  | (4,365       | )               |                                 |        | (3,530 | ) |   |   | (12,459 | ) |   |   | (10,550 | ) |
| Amortization of intangible assets                                                   |   |   |   |   |                                  | (51,413      | )               |                                 |        | (51,359 | ) |   |   | (154,238 | ) |   |   | (154,076 | ) |
| Other general and administrative expenses                                           |   |   |   |   |                                  | (30,586      | )               |                                 |        | (89,021 | ) |   |   | (177,555 | ) |   |   | (526,529 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) from operations                                                       |   |   |   |   |                                  | (33,067      | )               |                                 |        | 187,161 |   |   |   | 23,649 |   |   |   | (311,203 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Non-operating income (expenses)                                                     |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |
| Interest income                                                                     |   |   |   |   |                                  | 286          |            |                                 |        | - |   |   |   | 3,582 |   |   |   | 1,876 |   |
| Other income                                                                        |   |   |   |   |                                  | 13,450       |            |                                 |        | - |   |   |   | 20,389 |   |   |   | - |   |
| Amortization of loans from a related party                                          |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (11,333 | ) |
| Interest expenses                                                                   |   |   |   |   |                                  | (12,041      | )               |                                 |        | (16,451 | ) |   |   | (39,553 | ) |   |   | (29,135 | ) |
| Compensation payment                                                                |   |   |   |   |                                  | -            |            |                                 |        | - |   |   |   | - |   |   |   | (18,118 | ) |
| Gain on disposal of interest in a subsidiary                                        |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | 607,525 |   |   |   | - |   |
| Loss on early termination of loans from a related party                             |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | (15,658 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Income (Loss) before income tax and noncontrolling interests                        |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 170,710 |   |   |   | 615,592 |   |   |   | (383,571 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Income tax                                                                          |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) from continuing operations                                        |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 170,710 |   |   |   | 615,592 |   |   |   | (383,571 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations                                                             |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations                                                   |   |   |   |   |                                  |         | -               |                                 |        |   | (15,937 | ) |   |   | (8,472 | ) |   |   | (104,969 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) including noncontrolling interests                                |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 154,773 |   |   |   | 607,120 |   |   |   | (488,540 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Add: net loss from continuing operations attributable to noncontrolling interests   |   |   |   |   |                                  |         | -               |                                 |        |   | 5,522 |   |   |   | 834 |   |   |   | 35,424 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Add: net loss from discontinued operations attributable to noncontrolling interests |   |   |   |   |                                  |         | -               |                                 |        |   | 3,668 |   |   |   | 131 |   |   |   | 26,250 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) attributable to SPYE common stockholders                          |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 163,963 |   |   |   | 608,085 |   |   |   | (426,866 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                                                          |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| - Foreign currency translation adjustment                                           |   |   |   |   |                                  |         | -               |                                 |        |   | - |   |   |   | - |   |   |   | 15,669 |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Total comprehensive income (loss)                                                   |   |   |   |   |                                  |         | (31,372         | )                                    |        |   | 163,963 |   |   |   | 608,085 |   |   |   | (411,197 | ) |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings (loss) per share                                         |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|    Earnings (Loss) per share from continuing operations                   |   |   |   |   |                                  | (2.43) cents |            |                                 | 13.64 cents |   |   | 47.71 cents |   |   | (26.94) cents |   |
|    Loss per share from discontinued operations                            |   |   |   |   |                                  |         | -               |                                 |        | (0.95) cents |   |   | (0.65) cents |   |   | (6.09) cents |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |   |   |   |   |                                  | (2.43) cents |            |                                 | 12.69 cents |   |   | 47.06 cents |   |   | (33.03) cents |   |
|                                                                                |   |   |   |   |                                  |         |            |                                 |        |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average number of shares of common stock outstanding                 |   |   |   |   |                                  |         | 1,292,166  |                                 |        |   | 1,292,166  |   |   |   | 1,292,166  |   |   |   | 1,292,166  |   |

----

----

----

----

----

| 31.1       | Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|       |                                                                                                                                                    |
| 31.2       | Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934                        |
|       |                                                                                                                                                    |
| 32.1       | Certification of the Company's Chief Executive Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|       |                                                                                                                                                    |
| 32.2  | Certification of the Company's Chief Financial Officer Pursuant to 18 U.S.C. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |

----

|              |                                 |          |
|-------------------|--------------------------------------|---------------|
| November 15, 2010 | Smartpay Express, Inc.               |
|              | By:                                  | /s/ Ping Tang |
|              | Ping Tang                            |
|              | Chairman and Chief Executive Officer |

|              |                    |        |
|-------------------|-------------------------|-------------|
| November 15, 2010 | Smartpay Express, Inc.  |
|              | By:                     | /s/ Jin Liu |
|              | Jin Liu                 |
|              | Chief Financial Officer |

----