UNITEDSTATES

| 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 periods      ended March 31, 2010 and 2009 | 3 |
|                           |                                                                           |   |   |
|                           |                                                                           | Unaudited      Condensed Consolidated Balance Sheet as of March 31, 2010 and      Audited Condensed Consolidated Balance Sheet as of December 31,      2009 | 4 |
|                           |                                                                           |   |   |
|                           |                                                                           | Unaudited      Condensed Consolidated Statements of Cash Flows for the three-month      periods ended March 31, 2010 and 2009 | 5 |
|                           |                                                                           |   |   |
|                           |                                                                           | Notes      to the Unaudited Condensed Consolidated Financial    Statements | 6 -      8 |
|                           |                                                                           |   |   |
|                           | ITEM      2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF    OPERATION     | 9-12 |
|                           |                                                                           |   |   |
|                           | ITEM      3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET    RISK    | 13 |
|                           |                                                                           |   |   |
|                           | ITEM      4 (A) - CONTROLS AND PROCEDURES                                      | 13 |
|                           |                                                                           |   |   |
|                           | ITEM      4 (A)T – INTERNAL CONTROL OVER FINANCIAL REPORTING             | 13 |
|                           |                                                                           |   |   |
| PART II - OTHER INFORMATION    |                                                                           |
|                           |                                                                           |   |   |
|                           | ITEM      1 - LEGAL PROCEEDINGS                                                |  14 |
|                           |                                                                           |   |   |
|                           | ITEM      2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS |  14 |
|                           |                                                                           |   |   |
|                           | ITEM      3 - DEFAULTS UPON SENIOR SECURITIES                                  |  14 |
|                           |                                                                           |   |   |
|                           | ITEM      4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS              |  14 |
|                           |                                                                           |   |   |
|                           | ITEM      5 - OTHER INFORMATION                                                |  14 |
|                           |                                                                           |   |   |
|                           | ITEM      6 - EXHIBITS AND REPORTS ON FORM 8-K                                 |  14 |
|                           |                                                                           |   |   |
|                           |                                                                           | SIGNATURES |  15 |

----

|                                                              |   |    |   |   | Three      months ended March      31, |            |
|-------------------------------------------------------------------|--------|---------|--------|--------|---------------------------------------------|-----------------|
|                                                              |   |    |   |   | 2010                              |            |   | 2009   |   |
|                                                              |   | Note    |   |   | US$                                    |            |   | US$  |   |
|                                                              |   |    |   |   |                                        |            |   | (Restated)  |   |
| Operating      revenues                                           |   |    |   |   |                                        |            |   |   |   |
| Service      income                                               |   |    |   |   |                                        | 544,307         |   |   |   | 100,287 |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |
| Operating      expenses                                           |   |    |   |   |                                        |            |   |   |   |   |   |
| Subcontracting      and other service costs                       |   |    |   |   |                                        | (315,299        | ) |   |   | (50,001 | ) |
| Staff      costs                                                  |   |    |   |   |                                        | (26,865         | ) |   |   | (86,109 | ) |
| Depreciation      of property, plant and equipment                |   |    |   |   |                                        | (4,019          | ) |   |   | (3,766 | ) |
| Amortization      of intangible assets                            |   |    |   |   |                                        | (51,413         | ) |   |   | (59,365 | ) |
| Other      general and administrative expenses                    |   |    |   |   |                                        | (65,189         | ) |   |   | (236,196 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |
| Income      (Loss) from operations                                |   |    |   |   |                                        | 81,522          |   |   |   | (335,150 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |
| Interest      income                                              |   |    |   |   |                                        | 3,237           |   |   |   | 1,094 |   |
| Amortization      of loans from a related party                   |   |    |   |   |                                        | -               |   |   |   | (12,314 | ) |
| Interest      expenses                                            |   |    |   |   |                                        | (21,829         | ) |   |   | - |   |
| Share      of result of an associate                              |   |    |   |   |                                        | -               |   |   |   | (10,803 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |
| Income      (Loss) before income tax and noncontrolling interests |   |    |   |   |                                        | 62,930          |   |   |   | (357,173 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |
| Income      tax                                                   |   |  4 |   |   |                                        | -               |   |   |   | - |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Net      income (loss) including noncontrolling interests         |   |    |   |   |                                        |            | 62,930 |   |   |   | (357,173 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Less:      net loss attributable to noncontrolling interests      |   |    |   |   |                                        |            | 965 |   |   |   | 36,277 |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Net      income (loss) attributable to SPYE common stockholders   |   |    |   |   |                                        |            | 63,895 |   |   |   | (320,896 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Other      comprehensive income                                   |   |    |   |   |                                        |            |   |   |   |   |   |   |
| -      Foreign currency translation adjustment                    |   |    |   |   |                                        |            | - |   |   |   | 15,669 |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Total      comprehensive income (loss)                            |   |    |   |   |                                        |            | 63,895 |   |   |   | (305,227 | ) |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Basic      and diluted earnings (loss) per share                  |   |    |   |   |                                        | 4.94      cents |   |   | (24.83)      centss |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
|                                                              |   |    |   |   |                                        |            |   |   |   |   |   |   |
| Weighted      average number of shares of common stockoutstanding |   |    |   |   |                                        |            | 1,292,166 |   |   |   | 1,292,166 |   |

----

|                                                                                                                                                                         |   |                              |    |   | As      of          |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|---------|--------|---------------------|---------|
|                                                                                                                                                                         |   |                              |    |   | March      31, 2010 |    |   | December      31, 2009 |   |
|                                                                                                                                                                         |   | Note                              |    |   | US$            |    |   | US$  |   |
| ASSETS                                                                                                                                                                       |   |                              |    |   |                |    |   |  (Audited) |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |
| Current      assets                                                                                                                                                          |   |                              |    |   |                |    |   |   |   |
| Trade      receivables from third parties                                                                                                                                    |   |                              |    |   |                | 375,159 |   |   |   | 194,865 |   |
| Trade      receivable from a related party                                                                                                                                   |   |                              | 5(b)(i) |   |                |    | 5,821 |   |   |   | 5,821 |   |
| Prepayments      and deposits                                                                                                                                                |   |                              |    |   |                |    | 125,913 |   |   |   | 125,913 |   |
| Other      debtors                                                                                                                                                           |   |                              |    |   |                |    | 75,388 |   |   |   | 52,771 |   |
| Amounts      due from related parties                                                                                                                                        |   |         5(b)(ii)        |    |   |                | -       |   |   |   | - |   |
| Income      tax recoverable                                                                                                                                                  |   |                              |    |   |                |    | 28,882 |   |   |   | 3,829 |   |
| Inventories                                                                                                                                                                  |   |                              |    |   |                |    | 40,642 |   |   |   | 40,385 |   |
| Cash      and cash equivalents                                                                                                                                               |   |                              |    |   |                |    | 307,389 |   |   |   | 378,671 |   |
| Bank      deposits, collateralized                                                                                                                                           |   |                              | 6       |   |                |    | - |   |   |   | 132,353 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      current assets                                                                                                                                                    |   |                              |    |   |                |    | 959,194 |   |   |   | 934,608 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Property,      plant and equipment, net                                                                                                                                      |   |                              |    |   |                |    | 82,792 |   |   |   | 69,759 |   |
| Intangible      assets, net                                                                                                                                                  |   |                              |    |   |                |    | 1,271,238 |   |   |   | 1,322,651 |   |
| Interest      in an associate                                                                                                                                                |   |                              |    |   |                |    | - |   |   |   | - |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      assets                                                                                                                                                            |   |                              |    |   |                |    | 2,313,224 |   |   |   | 2,327,018 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| LIABILITIES      AND STOCKHOLDERS’ EQUITY                                                                                                                              |   |                              |    |   |                |    |   |   |   |   |   |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Current      liabilities                                                                                                                                                     |   |                              |    |   |                |    |   |   |   |   |   |   |
| Trade      payables                                                                                                                                                          |   |                              |    |   |                |    | 360,059 |   |   |   | 311,058 |   |
| Accrued      charges and other payables                                                                                                                                      |   |                              |    |   |                |    | 572,776 |   |   |   | 531,981 |   |
| Amounts      due to related parties                                                                                                                                          |   |          5(b)(iii) |    |   |                | 260,484 |   |   |   | 19,458 |   |
| Temporary      receipts                                                                                                                                                      |   |                              |    |   |                |    | 51,821 |   |   |   | 61,470 |   |
| Short-term      bank loan                                                                                                                                                    |   |                              | 6       |   |                |    | - |   |   |   | 125,000 |   |
| Interest      payable to a related party                                                                                                                                     |   |                              | 5(b)(v) |   |                |    | 77,809 |   |   |   | 56,588 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      current liabilities                                                                                                                                               |   |                              |    |   |                |    | 1,322,949 |   |   |   | 1,105,555 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Long-term      loans from a related party                                                                                                                                    |   | 5(b)(iv)                          |    |   |                | 707,353 |   |   |   | 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 March 31, 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 March 31, 2010 and December 31,      2009 |   |                              |    |   |                |    | 1,292 |   |   |   | 1,292 |   |
| Additional      paid in capital                                                                                                                                              |   |                              | 7       |   |                |    | 1,666,661 |   |   |   | 2,009,454 |   |
| Dedicated      reserve                                                                                                                                                       |   |                              |    |   |                |    | 319 |   |   |   | 319 |   |
| Accumulated      losses                                                                                                                                                      |   |                              |    |   |                |    | (1,444,890 | ) |   |   | (1,508,785 | ) |
| Accumulated      other comprehensive income                                                                                                                                  |   |                              |    |   |                |    | 74,055 |   |   |   | 74,055 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      SPYE stockholders’ equity                                                                                                                                   |   |                              |    |   |                |    | 297,437 |   |   |   | 576,335 |   |
| Noncontrolling      interests                                                                                                                                                |   |                              |    |   |                |    | (14,515 | ) |   |   | (62,225 | ) |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      stockholders’ equity                                                                                                                                        |   |                              |    |   |                |    | 282,922 |   |   |   | 514,110 |   |
|                                                                                                                                                                         |   |                              |    |   |                |    |   |   |   |   |   |   |
| Total      liabilities and stockholders' equity                                                                                                                              |   |                              |    |   |                |    | 2,313,224 |   |   |   | 2,327,018 |   |

----

|                                                                                                                                             |   | Three      months ended March      31, |     |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|----------|
|                                                                                                                                             |   | 2010                         |     |   | 2009   |   |
|                                                                                                                                             |   | US$                               |     |   | US$  |   |
|                                                                                                                                             |   |                                   |     |   |   |   |
| Cash      flows from operating activities:                                                                                                       |   |                                   |     |   |   |   |
| Net      income (loss) including noncontrolling interests                                                                                        |   |                                   | 62,930   |   |   |   | (357,173 | ) |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Adjustments      to reconcile net income to net cash used in operating      activities:                                                     |   |                                   |     |   |   |   |   |   |
| Depreciation of property, plant      and equipment                                                                                               |   |                                   | 4,019    |   |   |   | 3,766 |   |
|  Amortization      of intangible assets                                                                                                     |   |                                   | 51,413   |   |   |   | 59,365 |   |
|  Interest      income                                                                                                                       |   |                                   | (3,237   | ) |   |   | (1,094 | ) |
|  Amortization      of loans from a related party                                                                                            |   |                                   | -        |   |   |   | 12,314 |   |
|  Share      of result of an associate                                                                                                       |   |                                   | -        |   |   |   | 10,803 |   |
| Changes in working      capital:                                                                                                                 |   |                                   |     |   |   |   |   |   |
| Trade    receivables                                                                                                                             |   |                                   | (180,294 | ) |   |   | 27,515 |   |
| Prepayments and      deposits                                                                                                                    |   |                                   | -        |   |   |   | 6,408 |   |
| Other debtors                                                                                                                                    |   |                                   | (22,617  | ) |   |   | 195,617 |   |
| Inventories                                                                                                                                      |   |                                   | (257     | ) |   |   | (14,161 | ) |
| Trade payables                                                                                                                                   |   |                                   | 49,001   |   |   |   | (23,966 | ) |
| Accrued charges and other      payables                                                                                                          |   |                                   | 40,795   |   |   |   | (5,764 | ) |
| Temporary    receipts                                                                                                                            |   |                                   | (9,649   | ) |   |   | (17,564 | ) |
| Interest payable to a related      party                                                                                                         |   |                                   | 21,221   |   |   |   | - |   |
| Income tax      recoverable                                                                                                                      |   |                                   | (25,053  | ) |   |   | 3,386 |   |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Net      cash used in operating activities                                                                                                       |   |                                   | (11,728  | ) |   |   | (100,548 | ) |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Cash      flows from investing activities:                                                                                                       |   |                                   |     |   |   |   |   |   |
| Interest income                                                                                                                                  |   |                                   | 3,237    |   |   |   | 1,094 |   |
| Payments for purchase of      property, plant and equipment                                                                                      |   |                                   | (17,052  | ) |   |   | (5,538 | ) |
| Payments for purchase of      intangible assets                                                                                                  |   |                                   | -        |   |   |   | (29,412 | ) |
| Decrease in bank deposits,      collateralized                                                                                                   |   |                                   | 132,353  |   |   |   | - |   |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Net      cash provided by (used in) investing activities                                                                                         |   |                                   | 118,538  |   |   |   | (33,856 | ) |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Cash      flows from financing activities:                                                                                                       |   |                                   |     |   |   |   |   |   |
| Repayments to related      parties                                                                                                               |   |                                   | (53,092  | ) |   |   | (64,501 | ) |
| Repayment of short-term bank      loan                                                                                                           |   |                                   | (125,000 | ) |   |   | (125,000 | ) |
| New short-term bank loan      raised                                                                                                             |   |                                   | -        |   |   |   | 125,000 |   |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Net      cash used in financing activities                                                                                                       |   |                                   | (178,092 | ) |   |   | (64,501 | )  |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Net      decrease in cash and cash equivalents                                                                                                   |   |                                   | (71,282  | ) |   |   | (198,905 | ) |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| 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                                           |   |                                   | 307,389  |   |   |   | 50,356 |   |
|                                                                                                                                             |   |                                   |     |   |   |   |   |   |
| Supplemental      cash flow information:                                                                                                         |   |                                   |     |   |   |   |   |   |
| Interest      paid                                                                                                                               |   |                                   | 608      |   |   |   | - |   |
| Non-cash      transaction – consideration for acquisition of additional interest in a      subsidiary paid by a related party (see note 7) |   |                                   | 294,118  |   |   |   | - |   |

----

| 1. | ORGANIZATION |
|----|--------------|

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

----

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

| 5. | RELATED      PARTY TRANSACTIONS |
|----|---------------------------------|

| 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 |
| Tang      Jin Cheng                                                             | A      director of JinCheng                                                  |
| Foshan      KaiEr Information Technology Company Limited* (“KaiEr”) | An      associate                                                            |

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

|   | The      amount due is unsecured, interest-free and has no fixed repayment      term. |
|--------|---------------------------------------------------------------------------------------|

|                                             |   | As      of          |          |
|--------------------------------------------------|--------|---------------------|---------------|
|                                             |   | March      31, 2010 |          |   | December      31, 2009 |   |
|                                             |   | US$            |          |   | US$  |   |
|                                             |   |                |          |   |  (Audited) |   |
|                                             |   |                |          |   |   |   |
|                                             |   |                |          |   |   |   |
|                                             |   |                |          |   |   |   |
| Tang      Jin Cheng                              |   |                | 14,706        |   |   |   | 14,706 |   |
| KaiEr                                       |   |                |  108,931 |   |   |   | 108,931 |   |
|                                             |   |                |          |   |   |   |   |   |
|                                             |   |                |  123,637 |   |   |   |  123,637 |   |
| Allowance      for doubtful accounts   |   |                | (123,637      | )  |   |   |  (123,637 | )  |
|                                             |   |                |          |   |   |   |   |   |
|                                             |   |                |  -       |   |   |   |  - |   |

|   | An      allowance for doubtful accounts was made during the year ended December      31, 2009 because the management is of the opinion that the recovery of the      amounts due would be remote. As      of March 31, 2010 and December 31, 2009, the amounts due are unsecured,      interest-free and have no fixed repayment  term. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                      |   | As      of          |          |
|---------------------------|--------|---------------------|---------------|
|                      |   | March      31, 2010 |          |   | December      31, 2009 |   |
|                      |   | US$            |          |   | US$  |   |
|                      |   |                |          |   |  (Audited) |   |
|                      |   |                |          |   |   |   |
|                      |   |                |          |   |   |   |
|                      |   |                |          |   |   |   |
| Chigo                     |   |                | 3,706         |   |   |   | 3,706 |   |
| Li      Xing Hao (note 7) |   |                |  256,778 |   |   |   | 15,752 |   |
|                      |   |                |          |   |   |   |   |   |
|                      |   |                | 260,484       |   |   |   |  19,458 |   |

|   | The      amounts due are unsecured, interest-free and have no fixed repayment      term. |
|--------|------------------------------------------------------------------------------------------|

  

  

----

| 5. | RELATED      PARTY TRANSACTIONS (CONTINUED) |
|----|---------------------------------------------|

|                                  |   | As      of          |   |
|---------------------------------------|--------|---------------------|--------|
|                                  |   | March      31, 2010 |   |   | December      31, 2009 |   |
|                                  |   | US$                 |   |   | US$ |   |
|                                  |   |                |   |   | (Audited) |   |
|                                  |   |                |   |   |   |   |
| Li      Xing Hao (note      5(b)(iv)) |   |                | 77,809 |   |   |   | 56,588 |   |

|                                                       |   | Three      months endedMarch      31, |   |
|------------------------------------------------------------|--------|---------------------------------------|--------|
|                                                       |   | 2010                                  |   |   | 2009 |   |
|                                                       |   | US$                                   |   |   | US$ |   |
|                                                       |   |                                  |   |   |   |   |
| Service      income from Chigo                             |   |                                  | -      |   |   |   | 26,059 |   |
| Interest      expenses to Li Xing Hao (note      5(b)(iv)) |   |                                  | 21,221 |   |   |   | - |   |

| 6. | SHORT-TERM      BANK LOAN |
|----|---------------------------|

| 7. | ACQUISITION      OF ADDITIONAL INTEREST IN ASUBSIDIARY |
|----|--------------------------------------------------------|

| 8. | CHANGE      TO A PLAN OF DISCONTINUED OPERATIONS AND ASSETS HELD FOR    SALE |
|----|------------------------------------------------------------------------------|

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ITEM 2 – MANAGEMENT'S DISCUSSION ANDANALYSIS OR PLAN OF OPERATION 

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RESULTS OFOPERATIONS

|                                                              |   |   |   |   | Three      months ended March      31, |     |
|-------------------------------------------------------------------|--------|--------|--------|--------|---------------------------------------------|----------|
|                                                              |   |   |   |   | 2010                              |     |   | 2009        |   |
|                                                              |   |   |   |   | US$                                    |     |   | US$  |   |
|                                                              |   |   |   |   |                                        |     |   | (Restated) |   |
| Operating      revenues                                           |   |   |   |   |                                        |     |   |   |   |
| Service      income                                               |   |   |   |   |                                        | 544,307  |   |   |   | 100,287 |   |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |
| Operating      expenses                                           |   |   |   |   |                                        |     |   |   |   |   |   |
| Subcontracting      and other service costs                       |   |   |   |   |                                        | (315,299 | ) |   |   | (50,001 | ) |
| Staff      costs                                                  |   |   |   |   |                                        | (26,865  | ) |   |   | (86,109 | ) |
| Depreciation      of property, plant and equipment                |   |   |   |   |                                        | (4,019   | ) |   |   | (3,766 | ) |
| Amortization      of intangible assets                            |   |   |   |   |                                        | (51,413  | ) |   |   | (59,365 | ) |
| Other      general and administrative expenses                    |   |   |   |   |                                        | (65,189  | ) |   |   | (236,196 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |
| Income      (Loss) from operations                                |   |   |   |   |                                        | 81,522   |   |   |   | (335,150 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |
| Interest      income                                              |   |   |   |   |                                        | 3,237    |   |   |   | 1,094 |   |
| Amortization      of loans from a related party                   |   |   |   |   |                                        | -        |   |   |   | (12,314 | ) |
| Interest      expenses                                            |   |   |   |   |                                        | (21,829  | ) |   |   | - |   |
| Share      of result of an associate                              |   |   |   |   |                                        | -        |   |   |   | (10,803 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |
| Income      (Loss) before income tax and noncontrolling interests |   |   |   |   |                                        | 62,930   |   |   |   | (357,173 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |
| Income      tax                                                   |   |   |   |   |                                        | -        |   |   |   | - |   |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |   |
| Net      income (loss) including noncontrolling interests         |   |   |   |   |                                        |     | 62,930 |   |   |   | (357,173 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |   |
| Less:      net loss attributable to noncontrolling interests      |   |   |   |   |                                        |     | 965 |   |   |   | 36,277 |   |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |   |
| Net      income (loss) attributable to SPYE common stockholders   |   |   |   |   |                                        |     | 63,895 |   |   |   | (320,896 | ) |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |   |
| Other      comprehensive income                                   |   |   |   |   |                                        |     |   |   |   |   |   |   |
| -      Foreign currency translation adjustment                    |   |   |   |   |                                        |     | - |   |   |   | 15,669 |   |
|                                                              |   |   |   |   |                                        |     |   |   |   |   |   |   |
| Total      comprehensive income (loss)                            |   |   |   |   |                                        |     | 63,895 |   |   |   | (305,227 | ) |

----

----

  

----

ITEM 3 -QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

----

| 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 |

----

|              |                                      |               |
|-------------------|-------------------------------------------|--------------------|
| May      17, 2010 | Smartpay      Express, Inc.               |
|              | By:                                       | /s/      Ping Tang |
|              | Ping      Tang                            |
|              | Chairman      and Chief Executive Officer |

|              |                                           |                   |
|-------------------|------------------------------------------------|------------------------|
| May      17, 2010 | Smartpay      Express, Inc.                    |
|              | By:                                            | /s/      Chunlin Zhang |
|              | Chunlin      Zhang                             |
|              | Vice      President and Chief FinancialOfficer |

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