10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)

þ	QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2011
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from          to

Commission file number 0001254371

DEBUT BROADCASTING CORPORATION, INC.

(Exact name of registrant as specified in its charter)

Nevada	88-0417389
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1011 Cherry Avenue, Nashville, TN	37203
(Address of principal executive  offices)	(Zip Code)

(615) 301-0001

(Registrants telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the Act:

None

Securities Registered Pursuant to Section 12(g) of the Act:

Common Stock, par value $0.003 per share

(Former name, former address, and formal fiscal year if changed since last report)

None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 þ  No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes þ  No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, pr a smaller reporting company. See definition of “accelerated filer”, “large accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

            Large accelerated filer o     Accelerated filer o  Non-accelerated filer o Smaller Reporting Company þ

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

As of June 30, 2011, there were 30,429,407 shares of common stock issued and outstanding.

EXPLANATORY NOTE

                       This Amendment No. 1 on Form 10-Q/A (the “Amendment”) amends the quarterly report of Debut Broadcasting Corporation, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2011 as filed with the Securities and Exchange Commission on November 14, 2007 (the “Original Filing”). The Amendment adds the disclosure that  the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T, and is submitted simultaneously with an XBRL compliant form of the quarterly report on form 10-Q.

The Amendment contains only the amended and restated information described above; all other information included in the Original Filing remains unchanged and has been omitted from the Amendment. The Amendment does not reflect events occurring after the date of the Original Filing or modify or update any disclosures that may have been affected by subsequent events. As required by Rule 12b-15 under the Exchange Act, new certifications by the Company’s principal executive officer and principal financial officer are filed as exhibits to the Amendment.

Item 6.      Exhibits

Exhibit Number	Description of Exhibit
31.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Purusant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	DEBUT BROADCASTING CORPORATION, INC.
September 1, 2011	By:	/s/ Sariah Hopkins
		Sariah Hopkins
		Chief Financial Officer

EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Ronald Heineman, certify that;

(1) I have reviewed this quarterly report on Form 10-Q of Debut Broadcasting Corporation Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 1, 2011

/s/ Ronald Heineman

By: Ronald Heineman

Title: Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CERTIFICATIONS

I, Sariah Hopkins, certify that;

(1) I have reviewed this quarterly report on Form 10-Q of Debut Broadcasting Corporation Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 1, 2011

/s/ Sariah Hopkins

By: Sariah Hopkins

Title: Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the accompanying quarterly Report on Form 10-Q of Debut Broadcasting Corporation Inc. for the quarter ended June 30, 2010, I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

(1)   the quarterly Report on Form 10-Q of Debut Broadcasting Corporation Inc. for the quarter ended June 30, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   the information contained in the quarterly Report on Form 10-Q for the quarter ended June 30, 2011, fairly presents in all material respects, the financial condition and results of operations of Debut Broadcasting Corporation Inc.

By:	/s/ Ronald Heineman
Name:	Ronald Heineman
Title:	Principal Executive Officer
Date:	September 1, 2011
By:	/s/ Sariah Hopkins
Name:	Sariah Hopkins
Title:	Principal Financial Officer
Date:	September 1, 2011

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CONDENSED CONSOLIDATED BALANCE SHEET [PARENTHETICAL] (USD $)	Jun. 30, 2011	Dec. 31, 2010
Common stock, par value (in dollars per share)	$ 0.003	$ 0.003
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	30,429,407	27,179,407
Common stock, shares outstanding	30,429,407	27,179,407

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Net Revenue	$ 447,202	$ 533,490	$ 694,039	$ 939,803
Operating Expenses:
Advertising		700	5,300	14,740
Operating expense	308,411	360,779	734,063	993,118
Depreciation expense	14,773	26,252	51,848	41,283
Total operating expenses	323,184	387,731	791,211	1,049,141
Operating income (loss)	124,018	145,748	(97,172)	(109,338)
Other income and expense:
Interest expense	31,154	60,101	65,815	92,620
Income tax	0	1,300	0	1,300
Interest income	(946)	(686)	(4,259)	(4,186)
Total other (income) and expenses	30,208	60,715	61,556	89,734
Net income (loss)	$ 93,810	$ 85,033	$ (158,728)	$ (199,071)
Weighted Average Shares Outstanding (in shares)	30,429,407	27,179,407	30,429,407	27,023,146.50
Net (Income) Loss Per Share (in dollars per share)	$ 0.003	$ 0.003	$ (0.005)	$ (0.007)

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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2011
Entity Registrant Name	Debut Broadcasting Corporation, Inc.
Entity Central Index Key	0001254371
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	dbtb
Entity Common Stock, Shares Outstanding	30,429,407
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2011

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Notes Payable to Stockholders

6 Months Ended

Jun. 30, 2011

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 7 - Notes Payable to Stockholders

Debut Broadcasting Stockholder Notes

On January 21, 2008 the Company entered into a loan agreement with Remington Capital Partners for $250,000.   This loan agreement included warrant coverage for 62,500 shares of common stock, a $2,000 loan origination fee

and interest of 18% per annum due monthly.  The promissory note plus any accrued interest was payable on July 31, 2009.

On February 26, 2008 the Company entered into a loan agreement with Remington Capital Partners for $500,000.   This loan agreement included warrant coverage for 125,000 shares of common stock, a $2,000 loan origination fee

and interest of 18% per annum due monthly.  The promissory note plus any accrued interest was payable on July 31, 2009.

On January 7, 2010 the company converted $375,000 of the outstanding balance of the Remington Capital Partners loan to shares of common stock of the company.  The remaining $375,000 balance is to be paid interest only at a rate of 12% per year through 2010, at which time it will automatically convert to a term loan.

Total interest expense associated with the shareholder loans for the three months ended June 30, 2011 and 2010 was $11,250 and $11,250 respectively.  Accrued interest due to shareholders was $11,250 and $0 as of June 30, 2011 and 2010, respectively.

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New Accounting Pronouncements

6 Months Ended

Jun. 30, 2011

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

Note 3 – New Accounting Pronouncements

The company makes all reasonable efforts to comply with new accounting pronouncements, and believes to be in compliance with all current pronouncements as of June 30, 2011.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Note 9 - Stockholders’ Equity

In connection with the reverse merger on May 17, 2007, all shares of common stock of Debut Broadcasting (as hereinafter defined) outstanding prior to the merger were exchanged for 10,000,000 shares of Company common stock (See Note 10. Business Combinations).

In addition, in connection with the reverse merger, the Company completed a private placement of 6,000,000 shares of Company common stock at $0.50 per share.  The transaction was recorded net of financing costs of $23,502.

Finally, in connection with the reverse merger, the Company converted notes payable to stockholders in the amount of $215,158 into 430,316 shares of Company common stock at $0.50 per share.

The pre-merger stockholders of the Company maintained 364,044 shares of Company common stock.

On May 21, 2007, $100,000 of convertible debentures issued on May 15, 2007 were converted into 3,000,000 shares of Company common stock.

On January 7, 2010, $375,000 of long term debt of the company was converted into 3,750,000 shares of Company common stock.

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Business Combinations

6 Months Ended

Jun. 30, 2011

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Note 10 - Business Combinations

The company has entered into an asset purchase agreement with Delta Radio, LLC for the divestiture of the five owned and operated radio stations in the Mississippi Delta.  This transaction is under review with the Federal Communications Commission, and is expected to be complete in the third quarter of 2011.

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Loans Payable

6 Months Ended

Jun. 30, 2011

Debt Disclosure [Abstract]

Debt Disclosure Excluding Line Of Credit Disclosure [Text Block]

Note 8 - Loans Payable

SunTrust Bank Loan

On August 28, 2009, the company converted an existing line of credit with SunTrust Bank into a new term loan.  The note requires monthly interest payment accruing at an initial rate of 6.0% and a current rate of 6.0% at March 31, 2011. The rate is subject to monthly changes based on an independent index plus 1.00%, and matures on August 28, 2011. The note is secured by personal guarantee of certain officers of the Company and all inventory, chattel paper, accounts, equipment and general intangibles existing or purchased by the wholly-owned subsidiary entity, Debut Broadcasting Mississippi, after the signing of the related agreement.  The principal balance at June 30, 2011 and 2010 was $434,482 and $444,119 respectively.

Riverfalls Financial Services LLC

On September 21, 2009, the Company signed an unsecured convertible promissory note with Riverfalls Financial for $1,500,000.  The loan matured on July 31, 2010 and requires interest to be paid on maturity at a rate of 12%.  On September 15, 2010 the Note was modified.  River Falls Financial Services issued a Promissory note to Diversified Support Systems, Inc., an Ohio Corporation for the benefit of River Falls Financial Services for the 50% of the balance of the matured River Falls Financial Services note, with an interest rate of 3% per annum.  In conjunction with this Promissory note, River Falls Financial Services, Debut Broadcasting Corporation and Diversified Support Systems negotiated a participation agreement whereby the parties agree to share in the loan to Debut Broadcasting Corporation with a 50% participation percentage. 

As of June 30, 2011 Riverfalls and Diversified had notified the company that they wish to utilize their option to convert the outstanding balance of the loan to common stock of the company.   The balance of the loan to be converted is $689,647.  The balance of the loan at June 30, 2010 was $600,000.  The Riverfalls Financial loan additionally guarantied options to purchase 30,000,000 shares of common stock of the company on or before July 31, 2011 at a strike price of $0.05 per share; however, the option expired without being exercised.

Vehicle Loans

In September 25, 2007, the Company signed a retail installment sale contract with GMAC for the purchase of two vehicles for $47,498 with an effective interest rate of 5.0%.  The corresponding promissory note is to be paid over a three-year period with a monthly payment of $1,424. The purchased vehicles will be used in conjunction with the radio broadcast operations.

On May 1, 2008, the Company signed a retail installment sale contract with Daimler Chrysler Financial Services for the purchase of a vehicle for $23,137 with an effective interest rate of 7.49%.  The corresponding promissory note is

to be paid over a five-year period with a monthly payment of $463.  The purchased vehicle is used in conjunction with the radio broadcast operations.

On May 15, 2008, the Company signed a retail installment sale contract with Daimler Chrysler Financial Services for the purchase of a vehicle for $19,303 with an effective interest rate of 11.25%.  The corresponding promissory note is to be paid over a five-year period with a monthly payment of $367.  The purchased vehicle is used in conjunction with the radio broadcast operations.  In January 2011, this vehicle was sold to a third party for the sum of $8,000.  The remaining balance due on the note was paid in full and the security interest held by Daimler Chrysler Financial in the vehicle was released.

Total interest expense on the vehicle loans for the quarter ended June 30, 2011 and 2010 was $493 and $1,313, respectively.  Total interest expense on the vehicle loans for the six months ended June 30, 2011 and 2010 was $1,174 and $2,567, respectively.  The principal balance of the vehicle loans as of June 30, 2011 and 2010 was $22,686 and $51,978 respectively.  At June 30, 2011 $6,826 was classified as the current portion of the loans.

Capital Lease

On December 5, 2007, the Company entered into a capital lease arrangement with National City Media Finance to acquire studio equipment for $15,009 with a fixed interest rate of 7.5%. The lease term is for three years with monthly payments of $464 with a $1 buyout option at the end of the lease term.

Total interest expense on studio equipment for the quarters ended June 30, 2011 and 2010 was $0 and $68, respectively. Total interest expense on studio equipment for the six months ended June 30, 2011 and 2010 was $0 and $161, respectively.  The principal balance of the capital lease as of June 30, 2011 and 2010 was $0 and $3,185, respectively.  At June 30, 2011, $0 was classified as the current portion of the lease.

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Organization

6 Months Ended

Jun. 30, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations [Text Block]

Note 1 - Organization

Debut Broadcasting Corporation, Inc. (the “Company”) is located in Nashville, Tennessee and conducts business from its principal executive office at 1011 Cherry Avenue, Nashville, Tennessee 37203.  The Company relocated to the current office location on May 1, 2010.  The Company produces and distributes syndicated radio programs to radio stations across the United States and Canada.  In addition, the Company owns and operates seven radio stations in Mississippi.

The Company maintains radio syndication in Nashville and produces and distributes 14 radio programs, which are broadcast over approximately 1,400 radio station affiliates.  These radio programs have an estimated 40 million U.S. listeners per week. In addition to its syndication services, the Company owns and operates a multi-media studio with audio, video and on-line content production capabilities.  This facility is located in Nashville, Tennessee.  The Company also provides marketing, consulting and media buying (advertising) for its radio broadcast station customers in the United States.

The Company has partnered in development of a Media Management Software Suite to service the advertising and syndication industry.   Sales of this software product is in the final stages of development and will be distributed and sold.  The Company currently has over 800 radio station affiliates that are utilizing he Media Management Suite.

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Loss Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 4 - Loss Per Share

We present basic loss per share on the face of the condensed consolidated balance sheets.  As provided Accounting Standards Codification (ASC) 260-10, Earnings per Share. ASC 260-10 Earnings Per Share, basic loss per share is calculated as income available to common stockholders divided by the weighted average number of shares outstanding during the period.

On January 2, 2008, the Company awarded options to purchase 342,055 shares of its common stock to employees and valued contractors.  These options were awarded at a strike price of $0.86 per share and vest ratably over five years.  The options will be accounted for utilizing the Black-Scholes method of valuation .

On January 21, 2008, the Company issued to Remington Partners, Inc. a warrant to purchase 62,500 shares of Company common stock at an exercise price of $1.00 per share, with an expiration date three years after the date of issuance.

On February 26, 2008, the Company issued to Remington Partners, Inc. a warrant to purchase 125,000 shares of Company common stock at an exercise price of $1.00 per share, with an expiration date three years after the date of issuance.

On March 16, 2008, the Company issued to Holladay Broadcasting of Louisiana, LLC a warrant to purchase 200,000 shares of Company common stock at an exercise price of $1.00 per share, with an expiration date 10 years after the date of issuance.

On June 18, 2008 the Company issued to Wolcott Squared a warrant to purchase 18,408 shares of our common stock at an exercise price of $0.3925 per share, with an expiration date of December 17, 2017. The consideration received for this warrant was services rendered in December of 2007 valued at $7,225.

On June 18, 2008, the Company issued to Wolcott Squared a warrant to purchase 22,279 shares of our common stock at an exercise price of $0.51 per share with an expiration date of January 31, 2018.  The consideration received for this warrant was services rendered in January of 2008 valued at $11,362.

On June 18, 2008, the Company issued to Wolcott Squared a warrant to purchase 5,686 shares of our common stock at an exercise price of $0.51 per share with an expiration date of February 29, 2018. The consideration received for this warrant was services rendered in February of 2008 valued at $2,899.

On June 30, 2008, the Company issued to Politis Communications a warrant to purchase 10,254 shares of our common stock at an exercise price of $0.01 per share, with an expiration date of June 29, 2018.  The consideration received for this warrant was services rendered by Politis Communications.

On September 22, 2008, the Company issued to Stephen Ross, a third party, a warrant to purchase 18,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of January 31, 2011.  The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq,

On September 22, 2008, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of September 30, 2011. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq,

On September 30, 2008, the Company issued  to Politis Communications a warrant to purchase 5,495 shares of Company common stock at an exercise price of $0.01 per share, with an expiration date of September 29, 2018.  The consideration received for this warrant was public relations services rendered by Politis Communications.

On December 31, 2008, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of December 31, 2011. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq.

On December 31, 2008, the Company issued to Politis Communications a warrant to purchase 5,495 shares of Company common stock at an exercise price of $0.01 per share, with an expiration date December 31, 2018.  The consideration received for this warrant was public relations services rendered by Politis Communications.

On April 1, 2009, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of  April 1, 2012. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq.

On June 30, 2009, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of  June 30, 2012. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq.

On September 30, 2009, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of  April 1, 2012. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq.

On December 31, 2009, the Company issued  to Stephen Ross, a third party,  a warrant to purchase 27,000 shares of Company common stock at an exercise price of $0.50 per share, with an expiration date of  June 30, 2012. The consideration we received for this warrant was legal services rendered by Stephen Ross, Esq.

On September 21, 2009, the Company issued to Riverfalls Financial Partners, LLC, an option to purchase 30,000,000 shares of Company common stock at an exercise price of $0.05 per share, with an expiration date of July 31, 2011.  This option was excluded from valuation as the volatility associated with the stock price and the percentage of ownership this option represents prevented an accurate valuation.  Should Riverfalls Financial Partners, LLC execute this option their ownership would represent a 60% controlling interest in the company for an investment of $1,500,00.

The Company revalues all warrants quarterly utilizing the Black-Scholes method.

All of these warrants were issued in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), as set forth in Section 4(2) under the Securities Act and Rule 506 of Regulation D promulgated thereunder relating to sales by an issuer not involving any public offering, to the extent an exemption from such registration was required.

On December 5, 2008, Politis Communications exercised a warrant to purchase 8,500 shares of Company common stock at $0.01 per share.  The shares were authorized by Politis Communications as compensatory gifts to a number of employees of Politis Communications.  No underwriters were involved in this warrant exercise.  The underlying shares are restricted and carry piggy-back registration rights.

On December 5, 2008, The Company issued  a stock certificate to Mohammed Rahman for 22,026 shares of our common stock at $0.07 per share.  We issued the shares of common stock to Mohammed Rahman in exchange for services rendered.  No underwriters were involved in this sale of securities.  Outside of the existing vendor client relationship the investor has no prior relationship to the company.  The underlying shares are restricted and carry piggy-back registration rights.

On December 3, 2008, The Company issued  a stock certificate to an officer for 42,000 shares of our common stock at $0.07 per share.  We issued the shares of common stock to the officer as a compensatory bonus for services rendered in the role of Chief Financial Officer.  The underlying shares are restricted and carry piggy-back registration rights.

On December 31, 2009, we issued a stock certificate to an officer for 500,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On December 31, 2009, we issued a stock certificate to an officer for 500,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On December 31, 2009, we issued a stock certificate to an officer for 500,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for her personal guaranties of company debt according to the terms of her executive employment agreement dated May 7, 2009. The underlying shares are restricted and carry piggy-back registration rights.

On January 7, 2010, we issued stock certificates to various members of Remington Partners for 3,750,000 shares of common stock of the company at $0.10 per share as conversion of $375,000 of long term debt of the company.

On March, 31, 2010 we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On March 31, 2010, we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for her personal guaranties of company

debt according to the terms of her executive employment agreement dated May 7, 2009. The underlying shares are restricted and carry piggy-back registration rights.

On March 31, 2010, we issued a stock certificate to an officer for 62,500 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On March 31, 2010, we issued a stock certificate to an officer for 62,500 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as compensation for his services as Chief Executive Officer.  The underlying shares are restricted and carry piggy-back registration rights.

On June 30, 2010 we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On June 30, 2010, we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for her personal guaranties of company debt according to the terms of her executive employment agreement dated May 7, 2009. The underlying shares are restricted and carry piggy-back registration rights.

On September 30, 2010 we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for his personal guaranties of company debt according to the terms of his executive employment agreement dated May 7, 2009.  The underlying shares are restricted and carry piggy-back registration rights.

On September 30, 2010, we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as consideration for her personal guaranties of company debt according to the terms of her executive employment agreement dated May 7, 2009. The underlying shares are restricted and carry piggy-back registration rights.

On September 30, 2010, we issued a stock certificate to an officer for 250,000 shares of common stock at $0.003 per share.  We issued the shares of common stock to the officer as compensation for his services as Chief Executive Officer.  The underlying shares are restricted and carry piggy-back registration rights

The Company issued the above-described shares of our common stock in reliance upon the exemption from the registration requirements of the Securities Act of 1933, as amended, as set forth in Section 4(2) under the Securities Act and Rule 506 of Regulation D promulgated thereunder relating to sales by an issuer not involving any public offering, to the extent an exemption from such registration was required. The purchasers represented to us that they

were accredited investors as defined in Rule 501(a) of the Securities Act and that the securities issued pursuant thereto were being acquired for investment purposes. The sales of these securities were made without general solicitation or advertising.

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Property and equipment

6 Months Ended

Jun. 30, 2011

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Note 5 - Property and equipment

	Estimated Useful Life	March 31, 2011			December 31, 2010
Land		$	49,500		$	49,500
Buildings and building improvements	5 – 10 years		155,689			155,689
Towers and studio equipment	5 - 30 years		441,540			441,540
Furniture, fixtures and equipment	3 – 7 years		401,279			351,309
Automotive	3 - 5 years		125,567			153,383
Accumulated depreciation			(574,429	)		(544,619	)
Property and equipment, net		$	599,146		$	606,802

Of the $599,146 in Net Property and Equipment as of June 30, 2011, $24,600 was added from website software development.  A reduction of $19,303 in Automotive was taken due to the sale of a 2009 Kia Optima.

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Lines of Credit

6 Months Ended

Jun. 30, 2011

Lines Of Credit [Abstract]

Lines Of Credit Disclosure [Text Block]

Note 6 - Lines of Credit

On December 18, 2009, the Company signed a promissory note with Crestmark Bank for $400,000.  The loan is secured by all inventory, chattel paper, accounts, equipment and general intangibles of the Company.  The loan would have matured on August 30, 2011 and was payable in variable monthly installments at a rate of prime plus 2.75% for the applicable index period.  The Company paid the balance if full at the end of January 2011 and closed the line of credit with Crestmark.  The balance of the line of credit at June 30, 2011 and 2010 was $0 and $285,152 respectively

The note was secured by personal guarantee of certain officers of the Company and all inventory, chattel paper, accounts, equipment and general intangibles existing or purchased by the wholly-owned subsidiary entity, The Marketing Group, after the signing of the related agreement.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Operating activities:
Net income (loss)	$ (158,728)	$ (199,071)
Adjustments to reconcile net loss to net cash provided by /(used in) operating activities:
Depreciation and amortization	51,848	41,283
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable	427,658	(381,205)
(Increase) decrease in other current assets	(9,800)	10,487
Increase (decrease) in accounts payable	(59,011)	(64,247)
Increase (decrease) in accrued expenses and taxes	(145,275)	583,243
Net cash provided by/(used in) operating activities	106,692	(9,510)
Investing activities:
Purchases of property and equipment	(43,994)	(34,798)
Net cash used in investing activities	(43,994)	(34,798)
Financing activities:
Proceeds from bank credit facility	0	109,887
Proceeds from issuance of common stock	2,000	375,000
Repayment of long term debt	(72,937)	(442,205)
Net cash provided by/(used in) financing activities	(70,937)	42,682
Net increase/(decrease) in cash and cash equivalents	(8,239)	(1,626)
Cash and cash equivalents at beginning of period	45,388	62,471
Cash and cash equivalents at end of period	$ 37,149	$ 60,685

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Basis of Presentation and Interim Results

6 Months Ended

Jun. 30, 2011

Accounting Policies [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

Note 2 - Basis of Presentation and Interim Results

The condensed consolidated financial statements include the accounts of the Company, and its subsidiaries. The interim financial statements of the Company have been prepared without audit.

Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. We believe that the disclosures are adequate to make the financial information presented not misleading. These condensed financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2009. All adjustments were of a normal recurring nature unless otherwise disclosed. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year.

Accounts Receivable

We use the allowance method for determining the collectability of our accounts receivable.  The allowance method recognizes bad debt expense following a review of the individual accounts outstanding in light of the surrounding facts.  Accounts receivable are reported at their outstanding unpaid principal balances reduced by an allowance for doubtful accounts based on historical bad debts, factors related to specific customers’ ability to pay and economic trends.  We write off accounts receivable against the allowance when a balance is determined to be uncollectible.  Accounts receivable on the consolidated balance sheet is stated net of our allowance for doubtful accounts.

Revenue and Cost Recognition

The Company recognizes its advertising and programming revenues for syndicated programming when the Company’s radio shows air on its contracted radio station affiliates.  Generally, the Company is paid by a national advertising agency, which sells the commercial time provided by the affiliate.

As the Company earns its revenue from the national advertising agency, it also recognizes any amounts due to the individual shows, which are based on the audience level generated by the specific program.  Expenses are accrued at the time the shows are run.

Consulting projects are generally negotiated at a fixed price per project; however, if the Company utilizes its advertising capacity as part of the consulting project, it will charge the consulting client in the same manner as the affiliated stations described more fully above.  Consulting fee income is recognized as time is incurred under the terms of the contract

The Company recognizes its advertising and programming revenues for its owned and operated radio broadcast stations when the advertising airs.  Generally, the Company is paid by the local advertiser for advertising coordinated  and contracted through a local employee sales representative or sales manager.

Advertising

The Company expenses advertising costs as they are incurred. Total advertising costs of  $-0-and $700 are included in the financial statements for the three months ended June 30, 2011 and June 30, 2010, respectively. Total advertising costs of 5,300 and $14,740 are including in the financial statements for the six months ended June 30, 2011 and June 30, 2010, respectively.

Financing

We will require additional capital to execute on our plan to grow through the acquisition of radio stations and radio station clusters. We do not presently have sufficient capital to make additional acquisitions. We intend to raise additional capital over the next twelve months through additional equity offerings.

Although we are and will be unable to predict the precise terms of any financing until the time that such financing is actually obtained, it is likely that any such financing will fit within the following parameters:

· None of the indebtedness to which the Properties would be subject will be recourse to the shareholders, although some or all of the indebtedness may be recourse to us. However, each obligation will be secured by a first lien and/or second lien security interest in the financed Property. It is probable that all of our Properties will be subject to substantial security interests.

· We expect any indebtedness will be first repaid with the operating revenues of the Properties. Operating revenues will first be applied to the payment of interest, principal amortization (if any), and principal on primary indebtedness. Next, operating revenues will be applied to interest on and principal of any subordinate financing.

· Each of these financing arrangements may be subject to acceleration in the event of default, including non-payment, insolvency, or the sale of a Property. Upon an acceleration, if we are unable to effect an immediate refinancing, we may lose one or more of our Properties by foreclosure.

While financing may initially be available only on a radio station by radio station basis, we may eventually seek to refinance all of our Properties in one non-recourse loan which will, in all likelihood, be secured by all of our Properties.

In connection with acquisitions, dispositions and financing, we will incur appropriate accounting and legal fees.

Governmental Regulation of Radio Broadcasting

The following is a brief summary of certain provisions of the Communications Act, the Telecom Act, and related FCC rules and policies (collectively, the "Communications Laws"). This description does not purport to be comprehensive, and reference should be made to the Communications Laws, public notices, and decisions issued by the FCC for further information concerning the nature and extent of federal regulation of radio broadcast stations. Failure to observe the provisions of the Communications Laws can result in the imposition of various sanctions, including monetary forfeitures and the grant of a "short-term" (less than the maximum term) license renewal. For particularly egregious violations, the FCC may deny a station's license renewal application, revoke a station's license, or deny applications in which an applicant seeks to acquire additional broadcast properties.

License Grant and Renewal. Radio broadcast licenses are granted and renewed for maximum terms of eight years. Licenses are renewed by filing an application with the FCC. Petitions to deny license renewal applications may be filed by interested parties, including members of the public.

Service Areas.   The area served by AM stations is determined by a combination of frequency, transmitter power, antenna orientation, and soil conductivity. To determine the effective service area of an AM station, the station’s power, operating frequency, antenna patterns and its day/night operating modes are required. The area served by an FM station is determined by a combination of transmitter power and antenna height, with stations divided into classes according to these technical parameters.

Class C FM stations operate with the equivalent of 100 kilowatts of effective radiated power (“ERP”) at an antenna height of up to 1,968 feet above average terrain. They are the most powerful FM stations, providing service to a large area, typically covering one or more counties within a state. Class B FM stations operate with the equivalent of 50 kilowatts ERP at an antenna height of up to 492 feet above average terrain. Class B FM stations typically serve large metropolitan areas as well as their associated suburbs. Class A FM stations operate with the equivalent of 6 kilowatts ERP at an antenna height of up to 328 feet above average terrain, and generally serve smaller cities and towns or suburbs of larger cities.

The minimum and maximum facilities requirements for an FM station are determined by its class. FM class designations depend upon the geographic zone in which the transmitter of the FM station is located. In general, commercial FM stations are classified as follows, in order of increasing power and antenna height: Class A, B1, C3, B, C2, C1, C0, and C.

The following table sets forth the market, call letters, FCC license classification, antenna elevation above average terrain (for FM stations only), power and frequency of all of our owned and operated stations as of June 30, 2010

Market	Stations	City of License	Frequency		Expiration Date of License	FCC Class	Height Above Average Terrain (in feet)		Power (in Watts)
G Mississippi	WNLA FM	Indianola, MS		105.5	June 1, 2012	A		190	4400
	WBAQ FM	Greenville, MS		97.9	June 1, 2012	C2		502	48000
	WIQQ FM	Leland, MS		102.3	June 1, 2012	A		446	1650
	WNLA AM	Indianola, MS		1380	June 1, 2012	D		AM	500
	WNIX AM	Greenville, MS		1330	June 1, 2012	B		AM	1000
	WBBV FM	Vicksburg, MS		101.1	June 1, 2012	C3		394	13000
	KLSM FM	Tallulah, LA		104.9	June 1, 2012	A		299	3000

Compliance with Environmental Laws

We have not incurred and do not anticipate incurring any expenses associated with environmental laws.

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 37,149	$ 45,388
Accounts receivable, net	297,951	720,608
Prepaid expenses	11,042	6,606
Unexercised stock warrants	1,004,658	1,004,658
Total current assets	1,350,800	1,777,260
Property and equipment, net	599,146	607,002
Deposits	9,638	9,273
Goodwill	459,280	459,280
FCC licenses	1,509,500	1,509,500
Other intangible assets, net	1,978,418	1,978,053
Total assets	3,928,364	4,362,315
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable	836,290	895,300
Accrued expenses and taxes	109,842	249,195
Notes payable to shareholders	1,045,421	1,081,888
Lines of credit	439,807	437,242
Current portion of long-term debt	5,152	13,639
Unrecognized stock warrant loss	1,035,523	1,035,523
Total current liabilities	3,472,035	3,712,787
Long term liabilities
Leases payable	0	0
Long-term debt	713,446	749,917
Total long term liabilities	713,446	749,917
Total liabilities	4,185,481	4,462,704
Stockholders' deficit
Common stock - $.003 par value, 100,000,000 shares authorized; 30,429,407 and 27,179,407 shares outstanding at June 30, 2011 and December 31, 2010 respectively	92,038	81,538
Additional paid in capital	3,492,871	3,496,871
Accumulated deficit	(3,842,026)	(3,678,798)
Total stockholders' deficit	(257,117)	(100,389)
Total liabilities and stockholders' deficit	$ 3,928,364	$ 4,362,315