(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: March 31, 2007

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to _____________

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes    X            No __

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

The number of shares outstanding of each of the issuer’s classes of common equity, as of May 17, 2007, are as follows:

Transitional Small Business Disclosure Format (check one): Yes ____         No_X__

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

2

The consolidated statement of income and comprehensive income for the three months ended March 31, 2006 reflects operations of the Predecessor Company. (See Note 1 to the condensed consolidated financial statements)

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

3

The consolidated statement of cash flows for the three months ended March 31, 2006 reflect operations of the Predecessor Company. (See Note 1 to the condensed consolidated financial statements)

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

4

1. ORGANIZATION AND BASIS OF PRESENTATION

China Public Security Technology, Inc. and its subsidiaries, formerly Irish Mag Inc. (the "Company" or the "Successor") is a provider of integrated solutions for the public security sector in China, specializing in providing public security information technology and Geographic Information Systems or GIS software operating services.

Reverse Merger Transaction

Between September 6, 2006 and January 31, 2007, the Company consummated a series of transactions whereby it purchased all the issued and outstanding stock of China Public Security Holdings ("CPSH") from our current Chairman and Executive Officer, Jiang Huai Lin ("Mr. Lin"), for 25,500,000 shares of our common stock. As a result of these transactions, CPSH and its wholly-owned subsidiary, Public Security Technology (PRC) Co., Ltd. (formerly, Bo Hai Wen Technology (Shenzhen) Co. Ltd.) ("Public Security"), became the Company’s wholly-owned subsidiaries, and Mr. Lin became the beneficial owner of almost 81% of the Company’s issued and outstanding common stock.

Business Turnkey Agreement

On October 9, 2006, Public Security, entered into a Business Turnkey Agreement, as amended (the "Turnkey Agreement") with Shenzhen iASPEC Software Engineering Company Limited ("iASPEC" or the "Predecessor"), a PRC company controlled by Mr. Lin, who is also the President and Chief Executive Officer of the Company. iASPEC is a software development company that provides public security information technology and Public ("PGIS") and Civil Geographic Information Systems ("CGIS") operating services to government and private customers in the PRC. Under the Turnkey Agreement, Public Security is to pay an annual fee of $180,000 to iASPEC and is to perform all services necessary for iASPEC to fulfill its customer contracts in exchange for 100% or 90% of the revenues from such contracts, depending on the contract. In addition, under the Turnkey Agreement, iASPEC granted Public Security an exclusive, royalty-free, transferable, worldwide perpetual license to use and install iASPEC’s proprietary software. No other tangible assets or liabilities were transferred to Public Security under the Turnkey Agreement. Accordingly, Public Security essentially succeeded to the business operations of iASPEC and iASPEC is considered the Predecessor to Public Security. Although the Successor was formed on January 17, 2006, it had no operations in the period from January 17, 2006 through March 31, 2006. Accordingly the accompanying financial statements for the period from January 1, 2006 through March 31, 2006 (the "Predecessor Period") reflect the results of operations of iASPEC (the "Predecessor"). The accompanying financial statements for the period from January 1, 2007 through March 31, 2007 (the "Successor Period") reflect the results of operations of CPSH. Accordingly, the results of operations of the Predecessor and the Successor are not comparable in all respects.

The unaudited condensed consolidated financial statements of Company and iASPEC have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the requirements for reporting on Form 10-QSB. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. However, the information included in these interim financial statements reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of management, necessary for the fair presentation of the consolidated financial position and the consolidated results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full year. The condensed consolidated balance sheet information as of December 31, 2006 was derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-KSB. These interim financial statements should be read in conjunction with that report.

The Company is governed by the Income Tax Laws of the PRC. The statutory rate for Enterprise Income Tax is 33%. As both the Predecessor and Successor companies are situated in the Shenzhen Economic Special Zone, both companies are entitled to a permanent preferential income tax rate of 15%. The Successor is currently obtaining the tax exemption from the PRC tax authorities. As a wholly owned foreign enterprise, the Successor is entitled to enjoy a two year tax exemption, followed by a 7.5% tax exemption for three years thereafter.

The Company adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes – an Interpretation of FASB Statement No. 109, or FIN 48, on January 1, 2007. We did not have any unrecognized tax benefits and there was no effect on our financial condition or results of operations as a result of implementing FIN 48.

Our subsidiary, Public Security, is subject to the PRC’s enterprise income tax, or EIT, at a rate of 15% of assessable profits. Accordingly, Public Security was subject to a tax rate of 15% for 2006. In addition, Public Security, is a Foreign Investment Enterprise or FIE engaged in the advanced technology industry which entitles it to a two-year exemption from EIT followed by a 7.5% tax exemption for the next 3 years. Public Security has submitted an application to obtain the official documents that will grant this exemption.

The Company’s policy is that we recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. As of the date of adoption of FIN 48, we did not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense recognized during the quarter.

China Public Security Technology, Inc., or the Company, is filing this Amendment No. 1 on Form 10-QSB/A to its Quarterly Report on Form 10-QSB for the fiscal quarter ended March 31, 2007, or the First Quarter 2007 Report, originally filed with the U.S. Securities and Exchange Commission on May 18, 2007, to correct certain errors in the version of the "Condensed Consolidated Statements of Cash Flows (Unaudited)," or the Statement of Cash Flows, of the Company for the three months ended March 31, 2006 and March 31, 2007, included in the First Quarter 2007 Report. In particular, the Statement of Cash Flows erroneously listed the tax payable for the three months ended March 31, 2007 as a decrease rather than as an increase. As a result of our correction, the line items entitled "Net cash provided by operating activities," "Net increase in cash and cash equivalents," "Cash and cash equivalents, beginning" and "Cash and cash equivalents, ending" have also been corrected in the condensed consolidated financial statements (unaudited) filed herewith. The remainder of the information contained in the First Quarter 2007 Report is not amended hereby and remains as set forth in the original filing.

PLEASE NOTE THAT THE INFORMATION CONTAINED IN THIS FORM 10-QSB/A, INCLUDING THE FINANCIAL STATEMENTS AND THE NOTES THERETO, DOES NOT REFLECT EVENTS OCCURRING AFTER THE DATE OF THE FIRST QUARTER 2007 REPORT OR MODIFY OR UPDATE THOSE DISCLOSURES AFFECTED BY SUBSEQUENT EVENTS.

This quarterly report contains forward-looking statements relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, our management. When used in this Report, the words "anticipate", "believe", "estimate", "expect", "intend", "plan" and similar expressions, as they relate to us or our management, are intended to identify forward-looking statements. These statements reflect management's current view of us concerning future events and are subject to certain risks, uncertainties and assumptions, including among many others: our potential inability to raise additional capital, the possibility that third parties hold proprietary rights that preclude us from marketing our products, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, changes in economic conditions, uncertainties related to China's legal system and economic, political and social events in China, a general economic downturn, a downturn in the securities markets, Securities and Exchange Commission regulations which affect trading in the securities of "penny stocks," and other risks and uncertainties. Should any of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Report as anticipated, estimated or expected.

Except as otherwise indicated by the context, references in this report to "CPST" "we," "us," or "our" and the "Company" are references to the combined business of China Public Security Technology, Inc. and its wholly-owned subsidiary, China Public Security Holdings Limited, a British Virgin Islands company, or CPSH, along with CPSH’s wholly-owned operating Chinese subsidiary, Public Security Technology (PRC) Co., Ltd. (formerly, Bo Hai Wen Technology (Shenzhen) Co. Ltd.), or "Public Security". The Predecessor refers to Shenzhen (iASPEC) Software Engineering Company Limited, to whose operations we succeeded on October 9, 2006. References to "China" and "PRC" are references to the "People’s Republic of China." References to "RMB" are to Renminbi, the legal currency of China, and all references to "U.S. dollar," "$" and "US$" are to the legal currency of the United States.

We use non-GAAP financial measures in the section of this quarterly report captioned "Management’s Discussion and Analysis or Plan of Operation". All of the non-GAAP financial measures used by us in this report relate to the inclusion of financial information of iASPEC, which for accounting purposes is treated as our Predecessor company. Although Successor, was formed on January 17, 2006, it had no operations in the period from January 17, 2006 through March 31, 2006. Accordingly the accompanying financial statements for the period from January 1, 2006 through March 31, 2006 (the "Predecessor Period") reflect the results of operations of iASPEC (the "Predecessor"). The accompanying financial data for the period from January 1, 2007 through March 31, 2007 (the "Successor Period") reflect the results of operations of CPSH. Accordingly, the results of operations of the Predecessor and the Successor are not comparable in all respects. We have provided non-GAAP financial measures through the reallocation of net related party revenues from iASPEC, which is not in accordance with US GAAP. The reconciliation of these non-GAAP financial measure to the most directly comparable GAAP measure is provided in the aforementioned section. Management believes that these non-GAAP financial measures are necessary because the abnormally high financial ratios calculated using GAAP would be misleading to investors and would not reflect the substance of the Company’s performance.

This subsection of MD&A is an overview of the important factors that management focuses on in evaluating our businesses, financial condition and operating performance, our overall business strategy and our earnings for the periods covered.

General

We are a holding company that only operates through our Chinese subsidiary, Public Security Technology (PRC) Co., Ltd., or Public Security, (formerly Bo Hai Wen Technology (Shenzhen) Company Limited). Through the subcontracting services provided for in our turnkey agreement with iASPEC, we are a leading provider of public security information technology and a Geographic Information Systems (GIS) software service operator. The Company provides a broad portfolio of fully-integrated solutions and services, including public security information technology (First Responder Coordination Platform, Intelligent Border Control and Security Surveillance), Geographic Information System (Police-use GIS, Civil-use GIS) and e-Government and software sales. Through our exclusive business turnkey agreement with iASPEC, we currently have the licenses to 16 registered and copyrighted software applications in China. Our typical customers include some of the most important public security departments in Guangdong Province and Hainan Province, including the Ministry of Public Security’s Shenzhen City Immigration Border Check Station, the Shantou City Public Security Bureau, the Dongfang City Public Security Bureau of Hainan Province, the Shenzhen City Traffic Police Bureau, the Shenzhen City Public Security Bureau, the Fo Shan City Police Bureau and the Shenzhen Fire Department. In the future we expect to expand the application of our products and services in the public security sector and to other sectors in China as well.

Our Predecessor, iASPEC serves about 17 customers in over 5 cities in Guangdong Province and Hainan Province in China. One customer accounted for 36% of our revenues in the first quarter of 2007.

We generate revenues through the sale of our integrated hardware and software products and through the provision of related support services. During the fiscal quarter ended March 31, 2007, we generated 60% of our revenues from the provision of services to iASPEC customers on behalf of iASPEC pursuant to our turnkey arrangement. The business turnkey agreement, dated as of October 9, 2006, among iASPEC and Public Security, provides for an exclusive subcontracting arrangement under which iASPEC, as master contractor and systems integrator with various licenses and permits, exclusively engages Public Security as its subcontractor to provide iASPEC with outsourcing services (to the extent that those services do not violate any special governmental permits held by iASPEC and do not involve the improper transfer of any sensitive confidential governmental or other data). Furthermore, under the terms of the turnkey agreement, iASPEC, granted to Public Security an exclusive license to use and install iASPEC’s proprietary software, and iASPEC licensed back from Public Security the use of the same technology on a limited basis to be used solely in connection with the performance by iASPEC of its existing customer contracts. The turnkey agreement also provides for a revenue sharing arrangement between iASPEC and Public Security where Public Security will receive between 90% and 100% of the revenues actually received by iASPEC from servicing contracts involving any iASPEC business. We are obligated under the terms of the turnkey agreement to pay for our own costs in providing these services and to pay iASPEC $180,000 per year throughout the term of the agreement.

Fulfillment of certain PGIS, contracts with PRC Government customers is restricted to entities possessing the necessary government licenses and approvals which Public Security does not have. Because Public Security does not have either the PRC required licenses or the workforce necessary to perform its obligations under the turnkey agreement in connection with such PGIS contracts, we have relied upon iASPEC’s licenses and workforce to fulfill our obligations thereunder. Accordingly many of our costs and expenses under the turnkey agreement are incurred and paid by iASPEC and amounts reported by Public Security thereunder reflect contract amounts net of costs incurred by iASPEC. Since iASPEC fulfilled all our obligations for PGIS contracts under the turnkey agreement, substantially all costs incurred and paid for by iASPEC since our entry into the turnkey agreement have been allocated to Public Security. Public Security expects to continue to rely exclusively on iASPEC to execute Public Security’s obligations under the turnkey agreement in connection with the PGIS contracts.

At March 31 2007, amounts due from iASPEC for amounts earned under the Turnkey Agreement are as follows:

The following tables set forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of sales revenues and key components of our revenue for the periods indicated in dollars. Due to our reverse acquisition by CPSH and our business turnkey arrangement with iASPEC, all of the financial data for the period from January 1, 2006 through March 31, 2006 (the Predecessor Period) reflect the results of operations of iASPEC (our Predecessor) and the financial data for the period from January 1, 2007 through March 31, 2007 (the Successor Period) reflect the results of operations of CPSH. Accordingly, the results of operations of the Predecessor and the Successor are not comparable in all respects. In addition, we have provided non-GAAP financial measures through the reallocation of net related party revenues from iASPEC.

Revenues. For the fiscal quarter ended March 31, 2007, revenues were $5.1 million, compared to $1.7 million for the quarter ended March 31, 2006. The significant increase in revenues of $3.4 million, or 200% increase is largely due to the Company’s successful procurement of contracts with higher value in the first quarter of 2007.

Cost of Revenues. Cost of Revenues increased to $2.0 million for the quarter ended March 31, 2007 from $0.5 million for the quarter ended March 31, 2006. The increase in cost of revenues of $1.5 million, or 300 % is largely due to our expanded business operations during the period. As a percentage of revenues, our cost of revenues were 39% for the fiscal quarter ended March 31, 2007 as compared to 28% for the fiscal quarter ended March 31, 2006. During the first quarter of 2007, our Company signed several contracts related to Intelligence Surveillance, a new product line of the Company’s, which requires a great deal of construction and installation. The cost for such contracts is higher than pure systems integration, and therefore, leads to an increase in the Cost of Revenues.

Gross Profit. For the fiscal quarters ended March 31, 2007 and 2006, our gross profit was $3.1 million and $1.2 million, an increase of $1.9 million or 158%. Gross profit as a percentage of revenues was 61% and 72% for the fiscal quarters ended March 31, 2007 and 2006, respectively. This 11% decrease in gross profit is due to the higher costs for our Intelligence Surveillance projects.

Administrative Expenses. For the fiscal quarters ended March 31, 2007 and 2006, our administrative expenses were $481,784 and $173,413, respectively. This $308,371 or 177% increase in administrative expenses is mainly attributable to more staff being hired and increased consumption of other administrative charges due to the expansion of our operations. As a percentage of revenues, administrative expenses for the fiscal quarters ended March 31, 2007 and 2006 are stable at about 9% and 10%, respectively.

Selling Expenses. Our selling expenses for the fiscal quarters ended March 31, 2007 and 2006 were $127,776 and $67,629, respectively. The increase of $60,147 or 89% is to due to the expansion in marketing and sales functions of the Company during the period. As a percentage of revenues, our selling expenses decreased by 2% to 2% for the fiscal quarter ended March 31, 2007. The reason for the decrease is because the Company had better cost controls and achieved efficiencies in its marketing activities.

Income before Taxes. Income before taxes for the fiscal quarters ended March 31, 2007 and 2006 was $2.5 million and $1.0 million, respectively, an increase of $1.5 million or 150%. Income before taxes as a percentage of revenues were 58% and 49% for the fiscal quarters ended March 31, 2006 and 2007, respectively. The decrease is due to the higher costs for our Intelligence Surveillance projects.

Provision for income taxes was $157,546 and $377,444 for the fiscal quarters ended March 31, 2006 and 2007, respectively.

Net Income. As a result of the factors described above, net income increased $1.3 million or 163%, from $0.8 million for the fiscal quarter ended March 31, 2006 to $2.1 million for the same period in 2007.

As of March 31, 2007, we had cash and cash equivalents of $4.8 million.

On February 6, 2007, we completed a private placement of 7,868,422 shares of our common stock to two accredited investors. As a result of the private placement we raised $14.95 million in gross proceeds, which left us with $13.31 million net proceeds after the deduction of offering expenses in the amount of $1.64 million.

We believe that our currently available working capital, after receiving the aggregate proceeds of our capital raising activities, should be adequate to sustain our operations at our current levels through at least the next twelve months.

For the fiscal quarters ended March 31, 2007 and 2006, our operating activities used $4.7 million and generated $1.5 million, respectively. Cash used in the quarter ended March 31, 2007 was mainly due to the increase in accounts receivable from iASPEC relating to the transfer of revenue from the Business Turnkey Agreement and prepaid expenses to the Predecessor of about $5.4 million for future marketing and business development activities in different regions in China.

Investing Activities

For the fiscal quarters ended March 31, 2007 and 2006, we used $3.8 million and $0.5 million, respectively, in investing activities. This increase of approximately $3.3 million, or 660%, during the fiscal quarter is primarily attributable to our use of $3.0 million during the first quarter of 2007 for the purchase of our new office building in the Futian District. The balance was used for the acquisition of computer software and motor vehicles.

Net cash provided by financing activities in the fiscal quarters ended March 31, 2007 and 2006 totaled $13.1 million and $0, respectively. The increase in the 100% increase in cash provided by financing activities was mainly attributable to the net proceeds of $13.3 million raised in the private placement with Pinnacle during January and February 2007.

Below is a brief summary of the payment obligations under materials contracts to which we are a party.

Our wholly-owned subsidiary, Public Security is a party to the turnkey agreement, pursuant to which Public Security is exclusively engaged as a subcontractor providing iASPEC’s customers with certain outsourcing services (to the extent that those services do not violate any special governmental permits held by iASPEC and do not involve the transfer of any sensitive confidential governmental or other data). We are obligated under the terms of the turnkey agreement to pay for our own costs in providing these services and to pay iASPEC $180,000 per year throughout the term of the agreement.

Our operating results and operating cash flows historically have not been subject to seasonal variations. This pattern may change, however, as a result of new market opportunities or new product introductions.

Inflation

Our subsidiary Public Security is governed by the Income Tax Laws of the PRC. The statutory rate for Enterprise Income Tax is 33%. As both the Predecessor and Successor companies are situated in the Shenzhen Economic Special Zone, both companies are entitled to a permanent preferential income tax of 15%.