A recently completed waste heat recovery system for Zhejiang, China-based Mingye Chemical Fiber will add another $400,000 to the Q2 2009 coffers of China Energy Recovery (OTC: CGYV)…a quarter that should blow away reported revenue gained in the first three months of the year.

You see it’s all in the timing for China Energy. CGYV books its revenues when it ships out projects for delivery to the customer. If a major project isn’t completed prior to the cut off for the quarter, the company cannot book the revenues.

When CGYV delivered just $1.5 million in revenue for Q1, some investors saw that as a major disappointment. That’s because the $4.85 million generated from a completed project for a customer in New Guinea missed the cutoff for reporting Q1 revenue.

So, on top of the recent $400,000, you can add at least another $4.85 million to its Q2 revenue for at least $5.3 million. CGYV said its backlog of contracts signed, sealed, and delivered in 2009 to be worth $32.5 million, so who knows when the rest of that will come trickling in.

When Q2 earnings come out (I haven’t heard any dates yet), I’d expect the current stock price of $1.57 to shoot up as CGYV investors celebrate en masse.