----

----

| [X]             | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES  |
|-----------------|-------------------------------------------------------------------------|
|            | EXCHANGE      ACT of 1934 For the quarter ended June 30, 2008           |
|            |                                                                    |
| OR              |                                                                    |
|            |                                                                    |
| [        ] | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES |
|            | EXCHANGE      ACT of 1934 For the transition periodfrom                 |

----

| Nevada                                             | N/A                                  |
|----------------------------------------------------|--------------------------------------|
| (State      or Other Jurisdiction of Organization) | (IRS      Employer Identification #) |

----

----

----

| Greater      China Media and Entertainment Corp.                                                                        |   |                                                                                                                                              |   |                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Consolidated      Balance Sheets                                                                                        |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   | June      30,                                                                                                                                     |   | September      30,                                                                                                                                |
| (Expressed      in U.S. Dollars)                                                                                        |   | 2008                                                                                                                                              |   | 2007                                                                                                                                              |
|                                                                                                                    |   | (Unaudited)                                                                                                                                       |   | (Audited)                                                                                                                                         |
| ASSETS                                                                                                                  |   |                                                                                                                                              |   |                                                                                                                                              |
| Current      assets                                                                                                     |   |                                                                                                                                              |   |                                                                                                                                              |
|    Cash                                                                                                  | $      |               127,220                                                       | $      |                 81,885                                            |
|    Accounts      receivable, net of allowance for doubtful accounts of      $0 and $0, respectively |   |               654,669                                                       |   |               519,250                                                       |
|    Other      receivables                                                                                |   |               128,991                                                       |   |               111,503                                                       |
|    Prepaid      expenses                                                                                 |   |                 96,274                                            |   |                 38,649                                            |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Total      current assets                                                                                               |   |             1,007,154                                                                 |   |               751,287                                                       |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Fixed      assets, net                                                                                                  |   |                 49,426                                            |   |                 12,969                                            |
| Capitalized      film and television costs, net                                                                         |   |             1,164,394                                                                 |   |             1,037,007                                                                 |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Total      assets                                                                                                       | $      |             2,220,974                                                                 | $      |             1,801,263                                                                 |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| LIABILITIES                                                                                                             |   |                                                                                                                                              |   |                                                                                                                                              |
| Current      liabilities                                                                                                |   |                                                                                                                                              |   |                                                                                                                                              |
|    Accounts      payable and accrued liabilities                                                         | $      |               669,057                                                       | $      |               230,180                                                       |
|    Deferred      revenues                                                                                |   |                         - |   |               133,380                                                       |
|    Accrued      consulting fees payable to related parties                                               |   |               713,063                                                       |   |               499,775                                                       |
|    Loans      payable to related parties                                                                 |   |               121,618                                                       |   |               334,512                                                       |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Total      current liabilities and total liabilities                                                                    |   |             1,503,738                                                                 |   |             1,197,847                                                                 |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Minority      interests                                                                                                 |   |               186,569                                                       |   |                 12,992                                            |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| STOCKHOLDERS'      EQUITY                                                                                               |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Stockholders'      Equity                                                                                               |   |                                                                                                                                              |   |                                                                                                                                              |
|    Preferred      stock: $0.00001 par value;                                                             |   |                                                                                                                                              |   |                                                                                                                                              |
|    authorized      100,000,000 shares,                                                                   |   |                                                                                                                                              |   |                                                                                                                                              |
|    issued      and outstanding 0 and 0 shares, respectively                                              |   |                         - |   |                         - |
|    Common      stock, $0.00001 par value;                                                                |   |                                                                                                                                              |   |                                                                                                                                              |
|    authorized      1,000,000,000 shares,                                                                 |   |                                                                                                                                              |   |                                                                                                                                              |
|    issued      and outstanding 29,688,065 and 25,300,000 shares,    respectively                         |   |                     297                       |   |                     253                       |
|    Additional      paid-in capital                                                                       |   |             2,511,289                                                                 |   |             1,756,622                                                                 |
|    Deferred      stock-based compensation                                                                |   |              (390,000)                                                           |   |                         - |
|    Accumulated      other comprehensive income                                                           |   |               175,626                                                       |   |                 18,416                                            |
|    Deficit                                                                                               |   |           (1,766,545)                                                                           |   |           (1,184,867)                                                                           |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Total      stockholders' equity                                                                                         |   |               530,667                                                       |   |               590,424                                                       |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| Total      liabilities and stockholders' equity                                                                         | $      |             2,220,974                                                                 | $      |             1,801,263                                                                 |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
|                                                                                                                    |   |                                                                                                                                              |   |                                                                                                                                              |
| (The      accompanying notes are an integral part of these consolidated financial      statements)                      |   |                                                                                                                                              |   |

----

| Greater      China Media and Entertainment Corp.                                                   |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|----------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Consolidated      Statements of Operations                                                         |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| (Unaudited)                                                                                        |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|                                                                                               |   | Three      months ended                                                                                       |   | Nine      months ended                                                                                        |
|                                                                                               |   | June      30,                                                                                                 |   |                                                                                                          |   | June      30,                                                                                                 |   |                                                                                                          |
| (Expressed      in U.S. Dollars)                                                                   |   | 2008                                                                                                          |   | 2007                                                                                                          |   | 2008                                                                                                          |   | 2007                                                                                                          |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Revenues                                                                                           |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|    Promotion      and events services                                               | $      |      1,038,528                                                                       | $      |                   - | $      |      2,479,387                                                                       | $      |                   - |
|    Film      and television production and distribution                             |   |         796,417                                                       |   |                   - |   |         933,540                                                       |   |                   - |
| Total      revenues                                                                                |   |      1,834,945                                                                       |   |                   - |   |      3,412,927                                                                       |   |                   - |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Costs      and expenses                                                                            |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|    Costs      related to promotion and event services revenues                      |   |         904,783                                                       |   |                   - |   |      2,175,306                                                                       |   |                   - |
|    Costs      related to film and television production and                         |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|    distribution      revenues                                                       |   |                   - |   |                   - |   |                   - |   |                   - |
|    Amortization      of capitalized film and television costs                       |   |         756,236                                                       |   |                   - |   |         832,340                                                       |   |                   - |
|    Selling,      general and administrative expenses                                |   |         346,125                                                       |   |         114,953                                                       |   |         942,465                                                       |   |         474,870                                                       |
| Total      operating costs and expenses                                                            |   |      2,007,144                                                                       |   |         114,953                                                       |   |      3,950,111                                                                       |   |         474,870                                                       |
| Loss      from operations                                                                          |   |       (172,199)                                                                 |   |       (114,953)                                                                 |   |       (537,184)                                                                 |   |       (474,870)                                                                 |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Interest      income                                                                               |   |            1,107                                       |   |                59                  |   |            2,152                                       |   |               417                       |
| Minority      interests                                                                            |   |         (23,206)                                                      |   |                   - |   |         (46,646)                                                      |   |                   - |
| Loss      before income taxes                                                                      |   |       (194,298)                                                                 |   |       (114,894)                                                                 |   |       (581,678)                                                                 |   |       (474,453)                                                                 |
| Income      taxes                                                                                  |   |                   - |   |                   - |   |                   - |   |                   - |
| Net      Loss                                                                                      | $      |       (194,298)                                                                 | $      |       (114,894)                                                                 | $      |       (581,678)                                                                 | $      |       (474,453)                                                                 |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Net      loss per share                                                                            |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Basic      and diluted                                                                             | $      |            (0.01)                                      | $      |            (0.01)                                      | $      |            (0.02)                                      | $      |            (0.02)                                      |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| Number      of common shares used to                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| compute      loss per share                                                                        |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|   Basic and      diluted                                                                 |   |    29,688,065                                                                                  |   |    20,134,066                                                                                  |   |    29,068,715                                                                                  |   |    20,111,355                                                                                  |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
| (The      accompanying notes are an integral part of these consolidated financial      statements) |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|                                                                                               |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |   |                                                                                                          |
|                                                                                                    |   |                                                                                                          |   |                                                                                                          |

----

| Greater      China Media and Entertainment Corp.                                                   |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |
|----------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Consolidated      Statement of Stockholders' Equity                                                |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |
| For      the nine months ended June 30, 2008                                                       |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |
| (Unaudited)                                                                                        |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |  Deferred                                                                                                                              |                                                                                                                |  Accumulated      other | Total |
|                                                                                               |  Common      Stock                                                                                       |  Additional                                                                |  stock-based                                                                                                                           |                                                                                                                                        |  comprehensive                                                                                                 | Stockholders' |
| (Expressed      in U.S. Dollars)                                                                   |  Shares                                                                                                  |  Amount                                                                    |  paid-in      capital                                                                                                                  |  compensation                                                                                                                          | Deficit                                                                                                             |  income | Equity |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Balance,      September 30, 2007                                                                   |    25,300,000                                                                                  |  $       253                            |  $        1,756,622                                                                            |  $                    -            |  $  (1,184,867)                                                                                      |  $                     18,416 |  $      590,424 |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Issuance      of common stock pursuant to                                                          |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Consultancy      Services Agreement                                                                |      3,900,000                                                                       |            39            |              701,961                                                       |            (702,000)                                                                 |                    - |                                 - |                    - |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Amortization      of deferred stock-based                                                          |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| compensation      relating to the Consultancy                                                      |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Services      Agreement                                                                            |                   - |              - |                        - |              312,000                                                       |                    - |                                 - |          312,000 |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Issuance      of common stock for loan                                                             |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| repayment      at $0.108 per unit                                                                  |         488,065                                                       |              5 |                52,706                                            |                        - |                    - |                                 - |            52,711 |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Foreign      translation adjustment                                                                |                   - |              - |                        - |                        - |                    - |                       157,210 |          157,210 |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Net      loss for the nine months                                                                  |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| ended      June 30, 2008                                                                           |                   - |              - |                        - |                        - |        (581,678)                                                                 |                                 - |         (581,678) |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| Balance,      June 30, 2008                                                                        |    29,688,065                                                                                  |  $       297                            |  $        2,511,289                                                                            |  $        (390,000)                                                                            |  $  (1,766,545)                                                                                      |  $                   175,626 |  $      530,667 |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |
| (The      accompanying notes are an integral part of these consolidated financial      statements) |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |
|                                                                                               |                                                                                                          |                                                                            |                                                                                                                                        |                                                                                                                                        |                                                                                                                |   |   |

----

| Greater      China Media and Entertainment Corp.                                                   |    |                                                                                  |    |                                                                                              |
|----------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------|
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Consolidated      Statements of Cash Flows                                                         |    |                                                                                  |    |                                                                                              |
| (Unaudited)                                                                                        |    |                                                                                  |    |                                                                                              |
|                                                                                               |    |                                                                                  |    |                                                                                              |
|                                                                                               |    |  Nine      months ended                                                          |
|                                                                                               |    |  June      30,                                                                   |    |                                                                                              |
| (Expressed      in U.S. Dollars)                                                                   |    | 2008                                                                                  |    | 2007                                                                                              |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Cash      flows from (used in) operating activities                                                |    |                                                                                  |    |                                                                                              |
|    Net      loss                                                                    | $       |    (581,678)                                                           | $       |     (474,453)                                                                 |
|    Adjustments      to reconcile net loss to net cash                               |    |                                                                                  |    |                                                                                              |
|    provided      by (used for) operating activities:                                |    |                                                                                  |    |                                                                                              |
|    Depreciation      of fixed assets                                                |    |         4,912                                 |    |                 - |
|    Amortization      of capitalized film and television costs                       |    |     832,340                                                       |    |                 - |
|    Stock-based      compensation                                                    |    |     312,000                                                       |    |                 - |
|    Minority      interests                                                          |    |       46,646                                            |    |                 - |
|    Changes      in operating assets and liabilities:                                |    |                                                                                  |    |                                                                                              |
|      Accounts      receivable                                             |    |    (135,419)                                                           |    |                 - |
|      Other      receivables                                               |    |     (17,488)                                                      |    |                 - |
|      Prepaid      expenses                                                |    |     (57,625)                                                      |    |       (37,115)                                                      |
|      Other      assets                                                    |    |               - |    |         (4,390)                                           |
|      Accounts      payable and accrued liabilities                        |    |     438,877                                                       |    |       117,621                                                       |
|      Deferred      revenues                                               |    |    (133,380)                                                           |    |                 - |
|      Accrued      consulting fees payable to related parties              |    |     213,288                                                       |    |       312,505                                                       |
| Net      cash provided by (used for) operating activities                                          |    |     922,473                                                       |    |       (85,832)                                                      |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Cash      flows used in investing activities                                                       |    |                                                                                  |    |                                                                                              |
|   Capitalized      film and television costs                                             |    |    (901,600)                                                           |    |     (837,850)                                                                 |
|   Investment      in and advances to joint ventures                                      |    |               - |    |       (53,730)                                                      |
|   Acquisition      of fixed assets                                                       |    |     (38,567)                                                      |    |                 - |
| Net      cash used for investing activities                                                        |    |    (940,167)                                                           |    |     (891,580)                                                                 |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Cash      flows from (used in) financing activities                                                |    |                                                                                  |    |                                                                                              |
|   Increase      (decrease) in loans payable to related parties                           |    |    (212,894)                                                           |    |       187,887                                                       |
|   Proceeds      from sales of common stock, net                                          |    |               - |    |    1,472,500                                                                       |
| Net      cash provided by (used for) financing activities                                          |    |    (212,894)                                                           |    |    1,660,387                                                                       |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Effect      of foreign exchange rate changes on cash                                               |    |     275,923                                                       |    |         (1,287)                                           |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Increase      (decrease) in cash                                                                   |    |       45,335                                            |    |       681,688                                                       |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Cash,      beginning of period                                                                     |    |       81,885                                            |    |        25,631                                                  |
| Cash,      end of period                                                                           | $       |     127,220                                                       | $       |       707,319                                                       |
|                                                                                               |    |                                                                                  |    |                                                                                              |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Supplemental      disclosures of cash flow information:                                            |    |                                                                                  |    |                                                                                              |
|     Interest      paid                                                         |  $ |           591                       |  $ |                 - |
|     Income      tax paid                                                       |  $ |               - |  $ |                 - |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| Non-cash      Investing and Financing Activities:                                                  |    |                                                                                  |    |                                                                                              |
|    Common      stock issued pursuant to consulting agreement                        |  $ |     702,000                                                       |  $ |                 - |
|    Common      stock issued for loan repayment                                      |  $ |       52,711                                            |  $ |                 - |
|                                                                                               |    |                                                                                  |    |                                                                                              |
|                                                                                               |    |                                                                                  |    |                                                                                              |
| (The      accompanying notes are an integral part of these consolidated financial      statements) |

----

----

|                                         | Three      months ended                                       |                                                          | Nine      months ended |
|----------------------------------------------|---------------------------------------------------------------|---------------------------------------------------------------|------------------------|
|                                         | June      30,                                                 |                                                          |                   | June      30, |   |
|                                         | 2008                                                          | 2007                                                          |                   | 2008 | 2007 |
|                                         |                                                          |                                                          |                   |   |   |
| Numerator      - net loss available to       |                                                          |                                                          |                   |   |   |
| common      stockholders                     |  $   (194,298)                            |  $   (114,894)                            |                   |  $   (581,678) |  $   (474,453) |
|                                         |                                                          |                                                          |                   |   |   |
| Denominator      - weighted average number   |                                                          |                                                          |                   |   |   |
| of      common shares outstanding            |    29,688,065                                  |    20,134,066                                  |                   |    29,068,715 |    20,111,355 |
|                                         |                                                          |                                                          |                   |   |   |
| Basic      and diluted loss per common share |  $        (0.01) |  $        (0.01) |                   |  $        (0.02) |  $        (0.02) |

|                                            | June      30,                                                |   | September      30,                                                                                                              |
|-------------------------------------------------|--------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
|                                            | 2008                                                         |   | 2007                                                                                                                            |
|                                            |                                                         |   |                                                                                                                            |
|                                            |                                                         |   |                                                                                                                            |
| "Rich      Dad, Poor Dad" television series     |  $     729,450                 |   |  $        666,884                                                                  |
| "Tough      Guy" theatrical film                |         404,845      |   |            370,123                                                       |
| "Rose      Throne" television series            |         845,578      |   |                      - |
| "Cherry      Love" television series            |          56,022 |   |                      - |
| Total                                           |      2,035,895                      |   |         1,037,007                                                                       |
| Less:      accumulated amortization             |       (871,501)                |   |                      - |
| Capitalized      film and television costs, net |  $  1,164,394                                 |   |  $      1,037,007                                                                            |

----

----

|                                | June      30,                             |   | September      30,                                                                                                        |
|-------------------------------------|-------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|
|                                | 2008                                      |   | 2007                                                                                                                      |
|                                |                                      |   |                                                                                                                      |
| Computer      equipment             |  $  52,162                 |   |  $          13,406                                                 |
| Furniture      and fixtures         |       2,884 |   |                     - |
| Total                               |      55,046      |   |              13,406                                      |
| Less:      accumulated depreciation |      (5,620)     |   |                (437)                           |
| Net                                 |  $  49,426                 |   |  $          12,969                                                 |
|                                |                                      |   |                                                                                                                      |

|                                                        | June      30,                         |   | September      30,                                                        |
|-------------------------------------------------------------|---------------------------------------|--------|---------------------------------------------------------------------------|
|                                                        | 2008                                  |   | 2007                                                                      |
|                                                        |                                  |   |                                                                      |
| Consulting      fee payable to:                             |                                  |   |                                                                      |
| Jake      Wei (Chairman of the Board of Directors and       |                                  |   |                                                                      |
| Chief      Executive Officer) and affiliated companies      |  $  546,395            |   |  $        333,107            |
| John      Hui (Former Director and Chief Executive Officer) |      166,668 |   |            166,668 |
| Total                                                       |  $  713,063            |   |  $        499,775            |
|                                                        |                                  |   |                                                                      |

|                                                                 | June      30,                                                                               |   | September      30,                                                                   |
|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
|                                                                 | 2008                                                                                        |   | 2007                                                                                 |
|                                                                 |                                                                                        |   |                                                                                 |
| Loan      payable to Jack Wei, Chairman, and affiliated companies,   |                                                                                        |   |                                                                                 |
| non-interest      bearing, due on demand                             |  $  121,618                                                                  |   |  $        281,801                       |
| Loan      payable to Jian Ping Zhang, former chief executiveofficer, |                                                                                        |   |                                                                                 |
| non-interest      bearing, due on demand                             |                - |   |              52,711 |
|                                                                 |  $  121,618                                                                  |   |  $        334,512                       |

----

|                                                 | Three      months                                                                                                           | Three      months                                                                                                                                       |   | Nine      months                                                                                | Nine      months                                                                                                                            |
|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|
|                                                 | ended                                                                                                                       | ended                                                                                                                                                   |   | ended                                                                                           | ended                                                                                                                                       |
|                                                 | June      30,                                                                                                               | June      30,                                                                                                                                           |   | June      30,                                                                                   | June      30,                                                                                                                               |
|                                                 | 2008                                                                                                                        | 2007                                                                                                                                                    |   | 2008                                                                                            | 2007                                                                                                                                        |
| Revenues:                                            |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Promotional      and event services                  |  $       1,038,528                                                                  |  $                      -            |   |  $     2,479,387                                                  |  $                    -            |
| Film      and television production and distribution |              796,417                                       |                          - |   |            933,540                       |                        - |
|                                                 |  $       1,834,945                                                                  |  $                      -            |   |  $     3,412,927                                                  |  $                    -            |
|                                                 |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Income      (loss) from operations:                  |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Promotional      and event services                  |  $            88,489                                       |  $                      -            |   |  $        149,713                                  |  $                    -            |
| Film      and television production and distribution |               (61,411)                                |                      (13)                      |   |          (103,033)                                 |                   (13)                            |
| Corporate                                            |             (199,277)                                           |             (114,940)                                                                       |   |          (583,864)                                 |          (474,857)                                                                             |
|                                                 |  $         (172,199)                                                      |  $         (114,953)                                                                                  |   |  $      (537,184)                                            |  $      (474,870)                                                                                        |
|                                                 |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Identifiable      assets:                            |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Promotional      and event services                  |  $          868,101                                                  |  $                      -            |   |  $        868,101                                  |  $                    -            |
| Film      and television production and distribution |           1,341,583                                                       |           1,498,759                                                                                   |   |         1,341,583                                       |         1,498,759                                                                                   |
| Corporate                                            |                11,290                            |              171,645                                                                   |   |              11,290            |            171,645                                                                   |
| Total                                                |  $       2,220,974                                                                  |  $       1,670,404                                                                                              |   |  $     2,220,974                                                  |  $     1,670,404                                                                                              |
|                                                 |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Capital      expenditures:                           |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Promotional      and event services                  |  $              6,301                            |  $                      -            |   |  $          35,523                       |  $                    -            |
| Film      and television production and distribution |                     645 |                          - |   |                3,044 |                        - |
| Total                                                |  $              6,946                            |  $                      -            |   |  $          38,567                       |  $                    -            |
|                                                 |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Depreciation      and amortization:                  |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |
| Promotional      and event services                  |  $              2,184                            |  $                      -            |   |  $            4,420            |  $                    -            |
| Film      and television production and distribution |              756,477                                       |                          - |   |            832,832                       |                        - |
| Total                                                |  $          758,661                                                  |  $                      -            |   |  $        837,252                                  |  $                    -            |
|                                                 |                                                                                                                        |                                                                                                                                                    |   |                                                                                            |                                                                                                                                        |

----

----

----

| (a)   | The      following exhibits are includedherein: |
|-----------------|-------------------------------------------------|

| Exhibit      No. | Document      Description                                                                                                                                                |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |                                                                                                                                                                     |
| 31.1             | Certification of Principal Executive Officer      pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the      Securities Exchange Act of 1934, as amended. |
|             |
| 31.2             | Certification of Principal Financial Officer      pursuant to Rule 13a-15(a) and Rule 15d-15(a), promulgated under the      Securities Exchange Act of 1934, as amended. |
|             |
| 32.1             | Certification of Chief Executive Officer Pursuant      To 18 U.S.C. Section 1350, as adopted pursuant to Section 906 Of The      Sarbanes-Oxley Act of 2002.             |
|             |
| 32.2             | Certification of Chief Financial Officer Pursuant      To 18 U.S.C. Section 1350, as adopted pursuant to Section 906 Of The      Sarbanes-Oxley Act of 2002.             |

----

|   | GREATER      CHINA MEDIA AND ENTERTAINMENT CORP. |
|--------|--------------------------------------------------|
|   | (the      "Registrant")                          |
|   |                                             |   |
|   | BY:                                              | /s/      Jake      Wei |
|   |                                             | Jake      WeiChairman      of Board of Directors |
|   |                                             |   |
|   | BY:                                              | /s/      Liu,      XiaoLin |
|   |                                             | Liu,      XiaoLinMember      of Board of Directors |

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