----

----

| [X]             | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES  |
|-----------------|-------------------------------------------------------------------------|
|            | EXCHANGE      ACT of 1934 For the quarter ended March 31, 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                                                                   |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
|                                                                                               |                                                                                                                  | March      31,                                                                                                                                    |                                                                                                                  | September      30,                                                                                                                                |
| (Expressed      in U.S. Dollars)                                                                   |                                                                                                                  | 2008                                                                                                                                              |                                                                                                                  | 2007                                                                                                                                              |
|                                                                                               |                                                                                                                  | (Unaudited)                                                                                                                                       |                                                                                                                  | (Audited)                                                                                                                                         |
| ASSETS                                                                                             |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Current      assets                                                                                |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
|    Cash                                                                             | $                                                                                                                     |             268,194                                                                   | $                                                                                                                     |               81,885                                                        |
|    Accounts      receivable                                                         |                                                                                                                  |             529,814                                                                   |                                                                                                                  |             519,250                                                                   |
|    Other      receivables                                                           |                                                                                                                  |             202,722                                                                   |                                                                                                                  |             111,503                                                                   |
|    Prepaid      expenses                                                            |                                                                                                                  |               59,399                                                        |                                                                                                                  |               38,649                                                        |
| Total      current assets                                                                          |                                                                                                                  |          1,060,129                                                                                   |                                                                                                                  |             751,287                                                                   |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Fixed      assets, net                                                                             |                                                                                                                  |               44,170                                                        |                                                                                                                  |               12,969                                                        |
| Capitalized      film and television costs, net                                                    |                                                                                                                  |          1,029,717                                                                                   |                                                                                                                  |          1,037,007                                                                                   |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Total      assets                                                                                  | $                                                                                                                     |          2,134,016                                                                                   | $                                                                                                                     |          1,801,263                                                                                   |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| LIABILITIES                                                                                        |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Current      liabilities                                                                           |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
|    Accounts      payable and accrued liabilities                                    | $                                                                                                                     |             369,664                                                                   | $                                                                                                                     |             230,180                                                                   |
|    Deferred      revenues                                                           |                                                                                                                  |             484,908                                                                   |                                                                                                                  |             133,380                                                                   |
|    Accrued      consulting fees payable to related parties                          |                                                                                                                  |             643,417                                                                   |                                                                                                                  |             499,775                                                                   |
|    Loans      payable to related parties                                            |                                                                                                                  |                         - |                                                                                                                  |             334,512                                                                   |
| Total      current liabilities and total liabilities                                               |                                                                                                                  |          1,497,989                                                                                   |                                                                                                                  |          1,197,847                                                                                   |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Minority      interests                                                                            |                                                                                                                  |               78,334                                                        |                                                                                                                  |               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                                           |                                                                                                                  |            (507,000)                                                                       |                                                                                                                  |                         - |
|    Accumulated      other comprehensive income                                      |                                                                                                                  |             125,354                                                                   |                                                                                                                  |               18,416                                                        |
|    Deficit                                                                          |                                                                                                                  |         (1,572,247)                                                                                       |                                                                                                                  |         (1,184,867)                                                                                       |
| Total      stockholders' equity                                                                    |                                                                                                                  |             557,693                                                                   |                                                                                                                  |             590,424                                                                   |
|                                                                                               |                                                                                                                  |                                                                                                                                              |                                                                                                                  |                                                                                                                                              |
| Total      liabilities and stockholders' equity                                                    | $                                                                                                                     |          2,134,016                                                                                   | $                                                                                                                     |          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                                                                                                   |                                                                                                                      | Six      months ended                                                                                                     |
|                                                                                               |                                                                                | March      31,                                                                                                            |                                                                                                                      | March      31,                                                                                                            |
| (Expressed      in U.S. Dollars)                                                                   |                                                                                | 2008                                                                                                                      |                                                                                                                      | 2007                                                                                                                      |                                                                     | 2008                                                                                                                      |   | 2007 |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Revenues                                                                                           |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
|    Promotion      and events services                                               | $                                                                                   |          903,700                                                             | $                                                                                                                         |                     - | $                                                                        |       1,440,859                                                                             | $ |                     - |
|    Film      and television production and distribution                             |                                                                                |              2,553                                       |                                                                                                                      |                     - |                                                                     |          137,123                                                             |   |                     - |
| Total      revenues                                                                                |                                                                                |          906,253                                                             |                                                                                                                      |                     - |                                                                     |       1,577,982                                                                             |   |                     - |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Costs      and expenses                                                                            |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
|    Costs      related to promotion and event services revenues                      |          798,969                       |                                                                                                                      |                     - |                                                                                                                      |       1,270,523                            |                                                                                                                      |                     - |
|    Costs      related to film and television production and                         |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |
|    distribution      revenues                                                       |                                                                                |                     - |                                                                                                                      |                     - |                                                                     |                     - |   |                     - |
|    Amortization      of capitalized film and television costs                       |              1,418 |                                                                                                                      |                     - |                                                                                                                      |            76,104 |                                                                                                                      |                     - |
|    Selling,      general and administrative expenses                                |                                                                                |          302,653                                                             |                                                                                                                      |          213,064                                                             |                                                                     |          596,340                                                             |   |          359,559 |
| Total      operating costs and expenses                                                            |                                                                                |       1,103,040                                                                             |                                                                                                                      |          213,064                                                             |                                                                     |       1,942,967                                                                             |   |          359,559 |
| Loss      from operations                                                                          |                                                                                |        (196,787)                                                                       |                                                                                                                      |        (213,064)                                                                       |                                                                     |        (364,985)                                                                       |   |        (359,559) |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Interest      income                                                                               |                                                                                |                 806                       |                                                                                                                      |                     - |                                                                     |              1,045                                       |   |                     - |
| Minority      interests                                                                            |                                                                                |          (25,455)                                                            |                                                                                                                      |                     - |                                                                     |          (23,440)                                                            |   |                     - |
| Loss      before income taxes                                                                      |                                                                                |        (221,436)                                                                       |                                                                                                                      |        (213,064)                                                                       |                                                                     |        (387,380)                                                                       |   |        (359,559) |
| Income      taxes                                                                                  |                                                                                |                     - |                                                                                                                      |                     - |                                                                     |                     - |   |                     - |
| Net      Loss                                                                                      | $                                                                                   |        (221,436)                                                                       | $                                                                                                                         |        (213,064)                                                                       | $                                                                        |        (387,380)                                                                       | $ |        (359,559) |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Net      loss per share                                                                            |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Basic      and diluted                                                                             | $                                                                                   |              (0.01)                                      | $                                                                                                                         |              (0.01)                                      | $                                                                        |              (0.01)                                      | $ |              (0.02) |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| Number      of common shares used to                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| compute      loss per share                                                                        |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
|   Basic and      diluted                                                                 |                                                                                |     29,688,065                                                                                        |                                                                                                                      |     20,100,000                                                                                        |                                                                     |     28,760,732                                                                                        |   |     20,100,000 |
|                                                                                               |                                                                                |                                                                                                                      |                                                                                                                      |                                                                                                                      |                                                                     |                                                                                                                      |   |   |
| (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 six months ended March 31, 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                                                                            |                     - |              - |                         - |             195,000                                                             |                      - |                                 - |          195,000 |
|                                                                                               |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| Issuance      of common stock for loan                                                             |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| repayment      at $0.108 per unit                                                                  |          488,065                                                             |              5 |               52,706                                                        |                        - |                      - |                                 - |            52,711 |
|                                                                                               |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| Foreign      translation adjustment                                                                |                     - |              - |                         - |                        - |                      - |                     106,938                                                                   |          106,938 |
|                                                                                               |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| Net      loss for the six months                                                                   |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| ended      March 31, 2008                                                                          |                     - |              - |                         - |                        - |         (387,380)                                                                       |                                 - |        (387,380) |
|                                                                                               |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| Balance,      March 31, 2008                                                                       |     29,688,065                                                                                        |  $      297                                  |  $      2,511,289                                                                                              |  $       (507,000)                                                                                  |  $  (1,572,247)                                                                                                  |  $                 125,354                                                                              |  $      557,693 |
|                                                                                               |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |                                                                                                                            |                                                                                                                                                                                              |   |
| (The      accompanying notes are an integral part of these consolidated financial      statements) |                                                                                                                      |                                                                            |                                                                                                                                              |                                                                                                                                        |

----

| Greater      China Media and Entertainment Corp.                                                   |                        |                                                                                  |                            |                                                                                  |
|----------------------------------------------------------------------------------------------------|-----------------------------|---------------------------------------------------------------------------------------|---------------------------------|---------------------------------------------------------------------------------------|
| Consolidated      Statements of Cash Flows                                                         |                        |                                                                                  |                            |                                                                                  |
| (Unaudited)                                                                                        |                        |                                                                                  |                            |                                                                                  |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
|                                                                                               |                        |  Six      months ended                                                           |
|                                                                                               |                        |  March      31,                                                                  |                            |
| (Expressed      in U.S. Dollars)                                                                   |                        | 2008                                                                                  |                            | 2007                                                                                  |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Cash      flows from (used in) operating activities                                                |                        |                                                                                  |                            |                                                                                  |
|    Net      loss                                                                    | $                           |    (387,380)                                                           | $                               |    (359,559)                                                           |
|    Adjustments      to reconcile net loss to net cash                               |                        |                                                                                  |                            |                                                                                  |
|    provided      by (used for) operating activities:                                |                        |                                                                                  |                            |                                                                                  |
|    Depreciation      of fixed assets                                                |                        |         2,487                                 |                            |               - |
|    Amortization      of capitalized film and television costs                       |                        |       76,104                                            |                            |               - |
|    Stock-based      compensation                                                    |                        |     195,000                                                       |                            |               - |
|    Minority      interests                                                          |                        |       23,440                                            |                            |               - |
|    Changes      in operating assets and liabilities:                                |                        |                                                                                  |                            |                                                                                  |
|      Accounts      receivable                                             |                        |     (10,564)                                                      |                            |               - |
|      Other      receivables                                               |                        |     (91,219)                                                      |                            |               - |
|      Prepaid      expenses                                                |                        |     (20,750)                                                      |                            |     (97,500)                                                      |
|      Accounts      payable and accrued liabilities                        |                        |     139,484                                                       |                            |       13,454                                            |
|      Deferred      revenues                                               |                        |     351,528                                                       |                            |               - |
|      Accrued      consulting fees payable to related parties              |                        |     143,642                                                       |                            |     250,000                                                       |
| Net      cash provided by (used for) operating activities                                          |                        |     421,772                                                       |                            |    (193,605)                                                           |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Cash      flows used in investing activities                                                       |                        |                                                                                  |                            |                                                                                  |
|   Acquisition      of fixed assets                                                       |                        |     (31,622)                                                      |                            |               - |
| Net      cash used for investing activities                                                        |                        |     (31,622)                                                      |                            |               - |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Cash      flows from (used in) financing activities                                                |                        |                                                                                  |                            |                                                                                  |
|   Increase      (decrease) in loans payable to related parties                           |    (281,801) |                                                                                  |     176,000 |
| Net      cash provided by (used for) financing activities                                          |                        |    (281,801)                                                           |                            |     176,000                                                       |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Effect      of foreign exchange rate changes on cash                                               |                        |       77,960                                            |                            |               - |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Increase      (decrease) in cash                                                                   |                        |     186,309                                                       |                            |     (17,605)                                                      |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| Cash,      beginning of period                                                                     |                        |       81,885                                            |                            |       25,631                                            |
| Cash,      end of period                                                                           | $                           |     268,194                                                       | $                               |         8,026                                 |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
|                                                                                               |                        |                                                                                  |                            |                                                                                  |
| 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) |

----

|                                         | Six      months ended                                                           |
|----------------------------------------------|---------------------------------------------------------------------------------|
|                                         | March      31,                                                                  |
|                                         | 2008                                                                            | 2007 |
|                                         |                                                                            |   |
| Numerator      - net loss available to       |                                                                            |   |
| common      stockholders                     |  $          (387,380)                                  | $          (359,559) |
|                                         |                                                                            |   |
| Denominator      - weighted average number   |                                                                            |   |
| of      common shares outstanding            |     28,760,732                                              |     20,100,000 |
|                                         |                                                                            |   |
| Basic      and diluted loss per common share |  $           (0.01) |  $           (0.02) |

----

|                                           | March      31,                                                       |   | September      30,                                                                                                                                      |
|------------------------------------------------|----------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                           | 2008                                                                 |   | 2007                                                                                                                                                    |
|                                           |                                                                 |   |                                                                                                                                                    |
|                                           |                                                                 |   |                                                                                                                                                    |
| "Rich      Dad, Poor Dad" television series    |  $      713,100                   |   |  $        666,884                                                                                          |
| "Tough      Guy" theatrical film               |           395,771  |   |             370,123                                                                         |
| Total                                          |        1,108,871                  |   |          1,037,007                                                                                         |
| Less:      accumulated amortization            |           (79,154) |   |                          - |
| Capitalized      film and television cost, net |  $   1,029,717                                   |   |  $     1,037,007                                                                                                          |

----

|                                | March      31,                                        |   | September      30,                                                                                                                                |
|-------------------------------------|-------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                | 2008                                                  |   | 2007                                                                                                                                              |
|                                |                                                  |   |                                                                                                                                              |
| Computer      equipment             |  $   45,851                       |   |  $           13,406                                                                   |
| Furniture      and fixtures         |         1,372 |   |                         - |
| Total                               |       47,223            |   |               13,406                                                        |
| Less:      accumulated depreciation |       (3,053)           |   |                   (437)                                 |
| Net                                 |  $   44,170                       |   |  $           12,969                                                                   |

|                                                        | March      31,                              |   | September      30,                                                              |
|-------------------------------------------------------------|---------------------------------------------|--------|---------------------------------------------------------------------------------|
|                                                        | 2008                                        |   | 2007                                                                            |
|                                                        |                                        |   |                                                                            |
| Consulting      fee payable to:                             |                                        |   |                                                                            |
| Jake      Wei (Chairman of the Board of Directors and       |  $   476,749            |   |  $         333,107            |
| Chief      Executive Officer) and affiliated companies      |                                        |   |                                                                            |
| John      Hui (Former Director and Chief Executive Officer) |       166,668 |   |             166,668 |
| Total                                                       |  $   643,417            |   |  $         499,775            |

|                                                                 | March      31,                                                                                          |   | September      30,                                                                         |
|----------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|
|                                                                 | 2008                                                                                                    |   | 2007                                                                                       |
|                                                                 |                                                                                                    |   |                                                                                       |
| Loan      payable to Jack Wei, Chairman, and affiliated companies,   |                                                                                                    |   |                                                                                       |
| non-interest      bearing, due on demand                             |  $             -                  |   |  $         281,801                       |
| Loan      payable to Jian Ping Zhang, former chief executiveofficer, |                                                                                                    |   |                                                                                       |
| non-interest      bearing, due on demand                             |                  - |   |               52,711 |
|                                                                 |  $             -                  |   |  $         334,512                       |

----

|                                                 | Three      months                                                                               | Three      months                                                                                                               |   | Six      months                                                                           | Six      months                                                                                                     |
|------------------------------------------------------|-------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|
|                                                 | ended                                                                                           | ended                                                                                                                           |   | ended                                                                                     | ended                                                                                                               |
|                                                 | March      31,                                                                                  | March      31,                                                                                                                  |   | March      31,                                                                            | March      31,                                                                                                      |
|                                                 | 2008                                                                                            | 2007                                                                                                                            |   | 2008                                                                                      | 2007                                                                                                                |
| Revenue:                                             |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Promotional      and event services                  |  $       903,700                                        |  $                  -            |   |  $   1,440,859                                                        |  $                -            |
| Film      and television production and distribution |                2,553 |                      - |   |           137,123                       |                    - |
|                                                 |  $       906,253                                        |  $                  -            |   |  $   1,577,982                                                        |  $                -            |
|                                                 |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Income      (loss) from operations:                  |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Promotional      and event services                  |  $         66,500                             |  $                  -            |   |  $         61,224                       |  $                -            |
| Film      and television production and distribution |           (55,982)                            |                      - |   |           (41,622)                      |                    - |
| Corporate                                            |         (207,305)                                       |         (213,064)                                                                       |   |         (384,587)                                 |       (359,559)                                                                       |
|                                                 |  $     (196,787)                                                  |  $     (213,064)                                                                                  |   |  $     (364,985)                                            |  $   (359,559)                                                                                  |
|                                                 |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Identifiable      assets:                            |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Promotional      and event services                  |  $       370,137                                        |  $                  -            |   |  $       370,137                                  |  $                -            |
| Film      and television production and distribution |        1,621,280                                             |             90,000                                                  |   |        1,621,280                                       |           90,000                                                  |
| Corporate                                            |           142,599                             |             45,526                                                  |   |           142,599                       |           45,526                                                  |
| Total                                                |  $    2,134,016                                                        |  $       135,526                                                                        |   |  $   2,134,016                                                        |  $     135,526                                                                        |
|                                                 |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Capital      expenditures:                           |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Promotional      and event services                  |  $           7,210                  |  $                  -            |   |  $         29,222                       |  $                -            |
| Film      and television production and distribution |                1,754 |                      - |   |               2,400 |                    - |
| Total                                                |  $           8,964                  |  $                  -            |   |  $         31,622                       |  $                -            |
|                                                 |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Depreciation      and amortization:                  |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |
| Promotional      and event services                  |  $           1,656                  |  $                  -            |   |  $           2,236            |  $                -            |
| Film      and television production and distribution |                1,555 |                      - |   |             76,355            |                    - |
| Total                                                |  $           3,211                  |  $                  -            |   |  $         78,591                       |  $                -            |
|                                                 |                                                                                            |                                                                                                                            |   |                                                                                      |                                                                                                                |

----

----

----

| (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      Wei, Chairman of Board of Directors |
|   |                                             |   |
|   | BY:                                              | /s/      Liu,      XiaoLin |
|   |                                             | Liu,      XiaoLin, Member of Board ofDirectors |

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