RecycleNet Corporation Financial

RECYCLENET CORPORATION
CONSOLIDATED BALANCE SHEETS

	For the 12 months ended December 31st
	2006	2005
ASSETS
Current Assets
Cash	$ 315,304	$ 226,979
Trade accounts receivable, net of $2,500 for bad debt	33,468	37,396
Other receivables	844	4,118
Prepaid expenses	16,022	10,214
Total Current Assets	365,638	278,707
Property and Equipment
Computer Equipment	71,607	46,258
Less accumulated depreciation	(39,991)	(30,340)
Net Property and Equipment	31,616	15,918
Related party receivable- Scrap China Corporation	110,957	-
Note receivable due from affiliate	5,000	-
Total Assets	$513,211	$294,625

LIABILITIES & STOCKHOLDER'S EQUITY
Current Liabilities
Accrued liabilities	48,503	41,712
Deferred revenue	132,798	102,027
Total Current Liabilities	181,301	143,739
Stockholder's Equity
Class N convertible shares (and Class X shares of Amalco) - $0.01 par value; 70,896,789 shares authorized; 60,539,259 shares issued and outstanding	605,393	605,393
Common shares - $0.01 par value; 179,103,211 shares authorized; 77,108,214 shares issued and outstanding	771,082	771,082
Additional paid-in capital	34,315	34,315
Accumulated deficit	(1,078,880)	(1,259,904)

Total Stockholder's Equity	331,910	150,886
Total Liabilities and Stockholder's Equity	513,211	294,625

File No.: 1291