**FORM      10-QSB**

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

| **[X]**                       | **QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                SECURITIES**  |
|-------------------------------|-------------------------------------------------------------------------------------------------------|
|                          | **EXCHANGE                ACT of 1934 For the quarter ended June 30,                2007**            |
|                          |                                                                                                  |
| **OR**                        |                                                                                                  |
|                          |                                                                                                  |
| **[                  ]** | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE                SECURITIES** |
|                          | **EXCHANGE                ACT of 1934 For the transition period                from**                 |

**GREATER      CHINA MEDIA AND ENTERTAINMENT CORP.**

----

**(formerly      AGA Resources, Inc.)**

**Commission      File Number 000-51781**

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

**10th      Floor, Building A, TongYongGuoJi Center**

**No.3      Jianguomenwai Road, Chaoyang District, Beijing**

**China      100101**

----

**86-10-5921-2222**

----

**23,200,000**

----

**PART      I. - FINANCIAL INFORMATION**

**Item      1: FINANCIAL STATEMENTS**

| **Greater                    China Media and Entertainment Corp.**                                                                               |   |                                                                                                                |       |                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(formerly                    AGA Resources, Inc.)**                                                                                            |   |                                                                                                                |       |                                                                                                                                                    |
| **(A                    Development Stage Company)**                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Consolidated                    Balance Sheets**                                                                                               |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   | **June                    30,**                                                                                     |       | **September                    30,**                                                                                                                    |
| **(Expressed                    in U.S. Dollars)**                                                                                               |   | **2007**                                                                                                            |       | **2006**                                                                                                                                                |
|                                                                                                                                             |   | **(Unaudited)**                                                                                                     | ** ** | **(Audited)**                                                                                                                                           |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **ASSETS**                                                                                                                                       |   |                                                                                                                |       |                                                                                                                                                    |
| **Current                    assets**                                                                                                            |   |                                                                                                                |       |                                                                                                                                                    |
|    Cash                                                                                                                           | $      |        707,319                                                                   | $          |                 25,631                                                  |
|    Prepaid                    expenses                                                                                            |   |          67,115                                                        |       |                 30,000                                                  |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Total                    current assets**                                                                                                      |   |        774,434                                                                   |       |                 55,631                                                  |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Capitalized                    film and television costs (Note 5)**                                                                            |   |        837,850                                                                   |       |                          - |
| **Investments                    in and advances to joint ventures (Note 6)**                                                                    |   |          53,730                                                        |       |                          - |
| **Other                    assets**                                                                                                              |   |            4,390                                             |       |                          - |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Total                    assets**                                                                                                              | $      |     1,670,404                                                                                   | $          |                 55,631                                                  |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **LIABILITIES**                                                                                                                                  |   |                                                                                                                |       |                                                                                                                                                    |
| **Current                    liabilities**                                                                                                       |   |                                                                                                                |       |                                                                                                                                                    |
|    Accounts                    payable and accrued liabilities (Note 7)                                                           | $      |        132,844                                                                   | $          |                 15,223                                                  |
|    Accrued                    consulting fees payable to related parties (Note 7)                                                 |   |        395,838                                                                   |       |                 83,333                                                  |
|    Loans                    payable to related parties (Note 7)                                                                   |   |        270,598                                                                   |       |                 82,711                                                  |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Total                    liabilities**                                                                                                         |   |        799,280                                                                   |       |               181,267                                                             |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **STOCKHOLDERS'                    EQUITY (DEFICIENCY)**                                                                                         |   |                                                                                                                |       |                                                                                                                                                    |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Stockholders'                    Equity (Deficiency)**                                                                                         |   |                                                                                                                |       |                                                                                                                                                    |
|    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                    100,000,000 shares,                                                                              |   |                                                                                                                |       |                                                                                                                                                    |
|    issued                    and outstanding 23,200,000 and 20,100,000 shares,                    respectively                    |   |               232                             |       |                      201                       |
|    Additional                    paid-in capital                                                                                  |   |     1,588,143                                                                                   |       |               115,674                                                             |
|    Accumulated                    other comprehensive income                                                                      |   |          (1,287)                                                       |       |                          - |
|    Deficit                    accumulated during the development stage                                                            |   |      (715,964)                                                                             |       |             (241,511)                                                                       |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Total                    stockholders' equity (deficiency)**                                                                                   |   |        871,124                                                                   |       |             (125,636)                                                                       |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| **Total                    liabilities and stockholders' equity**                                                                                | $      |     1,670,404                                                                                   | $          |                 55,631                                                  |
|                                                                                                                                             |   |                                                                                                                |       |                                                                                                                                                    |
| (The                    accompanying notes are an integral part of these interim unaudited                    consolidated financial statements) |   |                                                                                                                |       |                                                                                                                                                    |

| **Greater                    China Media and Entertainment Corp.**                                                                   |   |                                                                                                                            |   |                                                                                                                            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------|
| **(formerly                    AGA Resources, Inc.)**                                                                                                              |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **(A                    Development Stage Company)**                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Consolidated                    Statements of Operations**                                                                                                       |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **(Unaudited)**                                                                                                                                                    |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   | **Cumulative                    during the** |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   | **development                        stage** |
|                                                                                                                                                               |   | **Three                    months ended June 30,**                                                                              |   | **Nine                    months ended June 30,**                                                                               |   | **(December                          15, 2004 to** |
| **(Expressed                    in U.S. Dollars)**                                                                                                                 |   | **2007**                                                                                                                        |   | **2006**                                                                                                                        |   | **2007** |   | **2006** |   | **June                    30, 2007)** |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Revenue**                                                                                                                                                        | $      |                      - | $      |                      - | $ |                      - | $ |                      - | $ |                                   - |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Costs                    and expenses**                                                                                                                          |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| Consulting                    fees (Note 7)                                                                                                                        | $      |            95,607                                                        | $      |              1,500                                             | $ |          358,109 | $ |              4,500 | $ |                       367,359 |
| Other                    general and administrative expenses                                                                                                       |   |            19,346                                                        |   |            33,483                                                        |   |          116,761 |   |            55,986 |   |                       333,355 |
| Total                    costs and expenses                                                                                                                        |   |          114,953                                                                   |   |            34,983                                                        |   |          474,870 |   |            60,486 |   |                       700,714 |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Operating                    loss**                                                                                                                              |   |         (114,953)                                                                       |   |           (34,983)                                                            |   |         (474,870) |   |           (60,486) |   |                      (700,714) |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Other                    income**                                                                                                                                |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
|    Interest                    income                                                                                                               |   |                   59                  |   |                      - |   |                 417 |   |                      - |   |                              417 |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| Loss                    from continuing operations                                                                                                                 |   |         (114,894)                                                                       |   |           (34,983)                                                            |   |         (474,453) |   |           (60,486) |   |                      (700,297) |
| Loss                    from discontinued operations                                                                                                               |   |                      - |   |             (1,770)                                                 |   |                      - |   |             (3,376) |   |                        (15,667) |
| **Net                    Loss**                                                                                                                                    | $      |         (114,894)                                                                       | $      |           (36,753)                                                            | $ |         (474,453) | $ |           (63,862) | $ |                      (715,964) |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Net                    loss per share**                                                                                                                          |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| Basic                    and diluted                                                                                                                               | $      |               (0.01)                                      | $      |               (0.00)                                      | $ |               (0.02) | $ |               (0.00) |   |   |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **Number                    of common shares used to**                                                                                                             |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **compute                    loss per share**                                                                                                                      |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| **  **Basic                    and diluted                                                                                                               |   |     20,134,066                                                                                              |   |     20,100,000                                                                                              |   |     20,111,355 |   |     20,100,000 |   |   |
|                                                                                                                                                               |   |                                                                                                                            |   |                                                                                                                            |   |   |   |   |   |   |
| (The                    accompanying notes are an integral part of these interim unaudited                    consolidated financial statements)    |   |                                                                                                                            |

| **Greater                      China Media and Entertainment Corp.**                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(formerly                      AGA Resources, Inc.)**                                                                                                          |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| **(A                      Development Stage Company)**                                                                                                           |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| **Consolidated                      Statements of Stockholders' Equity (Deficiency)**                                                                       |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |
| **For                      the period December 15, 2004 (Inception) to June 30,                      2007**                                                      |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |
| **(Unaudited)**                                                                                                                                                  |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       | **Deficit**                                                                                                                                             | ** ** | ** **                                                                                                                                                                                                          | ** ** | ** **                                                                                                                                                        |
| ** **                                                                                                                                                       | ** **                                                                                                                      | ** ** | ** **                                                                                        | ** ** | ** **                                                                                                                                                          | ** ** | **Accumulated**                                                                                                                                         | ** ** | ** **                                                                                                                                                                                                          | ** ** | ** **                                                                                                                                                        |
| ** **                                                                                                                                                       | ** **                                                                                                                      | ** ** | ** **                                                                                        | ** ** | ** **                                                                                                                                                          | ** ** | **During                      the**                                                                                                                     | ** ** | ** Accumulated                      other**                                                                                                                                                                    | ** ** | **Total**                                                                                                                                                         |
| ** **                                                                                                                                                       | **                         Common Stock  **                                                            | ** ** | ** Additional**                                                                              | ** ** | ** Development**                                                                                                                                               | ** ** | ** comprehensive**                                                                                                                                 | ** ** | **Stockholders'**                                                                                                                                                                                                   |
| **(Expressed                      in U.S. Dollars)**                                                                                                             | ** Shares**                                                                                                                | ** ** | ** Amount**                                                                                  | ** ** | ** paid-in                      capital**                                                                                                                      | ** ** | ** Stage**                                                                                                                                         | ** ** | ** income**                                                                                                                                                                                                    | ** ** | **Equity                      (Deficiency)**                                                                                                                      |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Sale                      of common stock on                                                                                                                     |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| December                      17, 2004 at $0.0001 per share                                                                                                      |     10,000,000                                                                                              |  $    | 100                                                                                               |  $    | 900                                                                                                                                                                 |  $    |                          - |  $    |                                    - |  $    | 1,000                                                                                                                                                             |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Donated                      services                                                                                                                            |                      - |       |                 - |       |                    7,125                                             |       |                          - |       |                                    - |       |                           7,125 |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Net                      loss for the period December 15,                                                                                                        |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| 2004                      (inception) to September 30, 2005                                                                                                      |                      - |       |                 - |       |                            - |       |               (33,682)                                                            |       |                                                                                                                                                                                                                |       |                        (33,682)                |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Balance,                      September 30, 2005                                                                                                                 |     10,000,000                                                                                              |       |            100                             |       |                    8,025                                             |       |               (33,682)                                                            |       |                                    - |       |                        (25,557)                |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Sale                      of common stock in public offering                                                                                                     |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| at                      $0.01 per share which closed                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| November                      28, 2005                                                                                                                           |     10,100,000                                                                                              |       |            101                             |       |                100,899                                                                   |       |                          - |       |                                    - |       |                       101,000                       |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Donated                      services                                                                                                                            |                      - |       |                 - |       |                    6,750                                             |       |                          - |       |                                    - |       |                           6,750 |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Net                      loss for the year                                                                                                                       |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| ended                      September 30, 2006                                                                                                                    |                      - |       |                 - |       |                            - |       |             (207,829)                                                                       |       |                                    - |       |                      (207,829)                           |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Balance,                      September 30, 2006                                                                                                                 |     20,100,000                                                                                              |       |            201                             |       |                115,674                                                                   |       |             (241,511)                                                                       |       |                                    - |       |                      (125,636)                           |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Sale                      of stock units in June 2007 at $0.50                                                                                                   |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| per                      unit, less offering costs of $77,500                                                                                                    |       3,100,000                                                                                   |       |              31                  |       |             1,472,469                                                                                   |       |                          - |       |                                    - |       |                    1,472,500                                       |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Foreign                      translation adjustment                                                                                                              |                      - |       |                 - |       |                            - |       |                          - |       |                           (1,287)                                                 |       |                          (1,287)     |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Net                      loss for the nine months                                                                                                                |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| ended                      June 30, 2007                                                                                                                         |                      - |       |                 - |       |                            - |       |             (474,453)                                                                       |       |                                    - |       |                      (474,453)                           |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| Balance,                      June 30, 2007                                                                                                                      |     23,200,000                                                                                              |  $    | 232                                                                                               |  $    | 1,588,143                                                                                                                                                           |  $    | (715,964)                                                                                                                                               |  $    | (1,287)                                                                                                                                                                                                             |  $    | 871,124                                                                                                                                                           |
|                                                                                                                                                             |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |                                                                                                                                                    |       |                                                                                                                                                                                                                |       |                                                                                                                                                              |
| (The                      accompanying notes are an integral part of these interim unaudited                      consolidated financial statements)   |                                                                                                                            |       |                                                                                              |       |                                                                                                                                                                |       |

| **Greater                      China Media and Entertainment Corp.**                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **(formerly                      AGA Resources, Inc.)**                                                                                              |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **(A                      Development Stage Company)**                                                                                               |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Consolidated                      Statements of Cash Flows**                                                                                       |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **(Unaudited)**                                                                                                                                      |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   | ** Cumulative                      during the**                                                                                                                                                                                                                                  |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   | ** development                      stage**                                                                                                                                                                                                                                      |
|                                                                                                                                                 |   | ** Nine                      months ended June 30,**                                                           |   | ** (December                      15, 2004 to**                                        |
| **(Expressed                      in U.S. Dollars)**                                                                                                 |   | **2007**                                                                                                            |   | **2006**                                                                                    |   | **June                      30, 2007)**                                                                                                                                                                                                                                               |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Cash                      flows from (used in) operating activities**                                                                              |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|    Net                      loss                                                                                                      | $      |      (474,453)                                                                             | $      |     (63,862)                                                            | $      |                                  (715,964)                                                                       |
|    Adjustments                      to reconcile net loss to net cash                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|    provided                      by (used for) operating activities:                                                                  |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|    Impairment                      of mining property acquisition costs                                                               |   |                    - |   |         3,376                                       |   |                                       6,576                                             |
|    Loss                      on disposal of mining equipment                                                                          |   |                    - |   |                - |   |                                       9,091                                             |
|    Services                      donated                                                                                              |   |                    - |   |         4,500                                       |   |                                       9,250                                             |
|    Rent                      donated                                                                                                  |   |                    - |   |         2,250                                       |   |                                       4,625                                             |
|    Foreign                      translation adjustment                                                                                |   |          (1,287)                                                       |   |                - |   |                                      (1,287)                                                 |
|    Changes                      in operating assets and liabilities:                                                                  |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|      Prepaid                      expenses                                                                                  |   |        (37,115)                                                                  |   |                - |   |                                    (67,115)                                                            |
|      Other                      assets                                                                                      |   |          (4,390)                                                       |   |                - |   |                                      (4,390)                                                 |
|      Accounts                      payable and accrued liabilities                                                          |   |        117,621                                                                   |   |       21,817                                                  |   |                                   132,844                                                                   |
|      Accrued                      consulting fees payable to related parties                                                |   |        312,505                                                                   |   |                - |   |                                   395,838                                                                   |
|      Advances                      on share subscriptions                                                                   |   |                    - |   |     (12,500)                                                            |   |                                               - |
| **Net                      cash provided by (used for) operating activities**                                                                        |   |        (87,119)                                                                  |   |     (44,419)                                                            |   |                                  (230,532)                                                                       |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Cash                      flows used in investing activities**                                                                                     |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|   Capitalized                      film and television costs                                                                               |   |      (837,850)                                                                             |   |                - |   |                                  (837,850)                                                                       |
|   Investments                      in and advances to joint ventures                                                                       |   |        (53,730)                                                                  |   |                                                                                        |   |                                    (53,730)                                                            |
|   Acquisition                      of mining equipment                                                                                     |   |                    - |   |     (36,696)                                                            |   |                                    (36,696)                                                            |
|   Disposal                      of mining equipment                                                                                        |   |                    - |   |                - |   |                                     27,605                                                        |
|   Mining                      property acquisition costs                                                                                   |   |                    - |   |       (3,376)                                                 |   |                                      (6,576)                                                 |
| **Net                      cash provided by (used for) investing activities**                                                                        |   |      (891,580)                                                                             |   |     (40,072)                                                            |   |                                  (907,247)                                                                       |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Cash                      flows from (used in) financing activities**                                                                              |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|   Loans                      from related parties                                                                                          |   |        187,887                                                                   |   |                - |   |                                   270,598                                                                   |
|   Proceeds                      from sales of common stock, net                                                                            |   |     1,472,500                                                                                   |   |     101,000                                                             |   |                                1,574,500                                                                                   |
| **Net                      cash provided by (used for) financing activities**                                                                        |   |     1,660,387                                                                                   |   |     101,000                                                             |   |                                1,845,098                                                                                   |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Increase                      in cash**                                                                                                            |   |        681,688                                                                   |   |       16,509                                                  |   |                                   707,319                                                                   |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Cash,                      beginning of period**                                                                                                   |   |          25,631                                                        |   |       45,442                                                  |   |                                               - |
| **Cash,                      end of period**                                                                                                         | $      |        707,319                                                                   | $      |       61,951                                                  | $      |                                   707,319                                                                   |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| **Supplemental                      disclosure of cash flow information:**                                                                           |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
|     Interest                      paid                                                                                           | $      |                    - | $      |                - | $      |                                               - |
|     Income                      tax paid                                                                                         | $      |                    - | $      |                - | $      |                                               - |
|                                                                                                                                                 |   |                                                                                                                |   |                                                                                        |   |                                                                                                                                                                                                                                                                                  |
| (The                      accompanying notes are an integral part of these interim unaudited                      consolidated financial statements) |   |                                                                                                                |   |                                                                                        |

**Greater        China Media and Entertainment Corp.**

**(A        Development Stage Company)**

**Notes        to Consolidated Financial Statements**

**June        30, 2007**

**(Unaudited)**

**(Expressed        in U.S. Dollars)**

**Note        1 - Organization and Nature of Operations**

**Note        2 - Presentation of Interim Financial Statements**

**Note        3 - New Accounting Policies**

**Note        4 - Earnings (Loss) Per Share**

|                                                   | Three                months ended June                30,                                   |                                                                                        | Nine                months ended June                30, |
|--------------------------------------------------------|---------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|----------------------------------------------------------|
|                                                   | 2007                                                                                        | 2006                                                                                        |                                                     | 2007 | 2006 |
|                                                   |                                                                                        |                                                                                        |                                                     |   |   |
| Numerator                - net loss available to       |                                                                                        |                                                                                        |                                                     |   |   |
| common                stockholders                     |  $       (114,894)                                  |  $         (36,753)                       |                                                     |  $       (474,453) |  $         (63,862) |
|                                                   |                                                                                        |                                                                                        |                                                     |   |   |
| Denominator                - weighted average number   |                                                                                        |                                                                                        |                                                     |   |   |
| of                common shares outstanding            |        20,134,066                                        |        20,100,000                                        |                                                     |        20,111,355 |        20,100,000 |
|                                                   |                                                                                        |                                                                                        |                                                     |   |   |
| Basic                and diluted loss per common share |  $             (0.01) |  $             (0.00) |                                                     |  $             (0.02) |  $             (0.00) |

**Note        5 - Capitalized Film and Television Costs**

| "Rich                  Dad, Poor Dad" television series                                              |  $   656,850                       |
|------------------------------------------------------------------------------------------------------|--------------------------------------------------------|
| "Tough                  Guy" theatrical film                                                         |         91,000 |
| "True                  Love" (formerly "Purity in  the Mud") television                  series |         90,000 |
|  Total                                                                                          |  $   837,850                       |

**Note        6 C Investments in and Advances to Joint Ventures**

| Beijing                  Racemind Hua Ding International              |                                                                                        |
|-----------------------------------------------------------------------|---------------------------------------------------------------------------------------------|
| Marketing                  Consultants Limited (the "Racemind         |                                                                                        |
| Hua                  Ding Joint Venture")                             |  $   53,730                                                             |
|                                                                  |                                                                                        |
| Joint                  venture with Beijing Tangde International Film |                                                                                        |
| and                  Culture Co., Ltd. (the "Tangde Joint Venture")   |                - |
|                                                                  |                                                                                        |
| Joint                  venture with Beijing Star King Talent Agency   |                                                                                        |
| Ltd.                  Co. ("the Star King Joint Venture")             |                - |
|                                                                  |                                                                                        |
| Total                                                                 |  $   53,730                                                             |

**Note        7 – Related Party Transactions**

|                                                                    | June                  30, 2007              | September                  30, 2006                                                              |
|-------------------------------------------------------------------------|---------------------------------------------|--------------------------------------------------------------------------------------------------|
| Consulting                  fee payable to:                             |                                        |                                                                                             |
| Jake                  Wei (Chairman of the Board of Directors and       |                                             |                                                                                                  |
| Chief                  Executive Officer)                               | $   229,170                  |  $      41,666                                                |
| John                  Hui (Former Director and Chief Executive Officer) |       166,668 |                41,666 |
|                                                                    |  $   395,838            |  $      83,332                                                |

|                                                             | June                  30, 2007                         | September                  30, 2006                                                              |
|------------------------------------------------------------------|--------------------------------------------------------|--------------------------------------------------------------------------------------------------|
| Loan                  payable to Chairman, non-interest bearing, |                                                   |                                                                                             |
| due                  on demand                                   |  $   217,887                       |  $      30,000                                                |
| Loan                  payable to former chief executive officer, |                                                   |                                                                                             |
| non-interest                  bearing, due on demand             |         52,711 |                52,711 |
|                                                             |  $   270,598                       |  $      82,711                                                |

|                                              | Three                  months ended June                  30,                              | Nine                  months ended June                  30,                                     |
|---------------------------------------------------|--------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------|
|                                              | 2007                                                                                       | 2006                                                                                             | 2007 | 2006 |
|                                              |                                                                                       |                                                                                             |   |   |
| Consulting                  fees:                 |                                                                                       |                                                                                             |   |   |
| Wang                  Yi (Director)               |  $   12,500                                                            |  $       -                                               |  $     25,000 |  $       - |
| Jake                  Wei (Chairman of the Board  |                                                                                            |                  |  |                  |
| of                  Directors and Chief Executive |                                                                                       |                                                                                             |   |   |
| Officer)                                          | 62,500                                                                                     |  -                                                                                          | 187,500 |  - |
| John                  Hui (Fomer Director and     |                 |                  |   |                  |
| Chief                  Executive Officer)         |  -                                                                                    |  -                                                                                          |  125,000 |  - |
|                                              |  $   75,000                                                            |  $       -                                               |  $   337,500 |  $       - |

**Note        8 - Stockholders’ Equity**

**Note        9 - Commitments and Contingencies **

**Note        10 - Subsequent Events**

**ITEM        2. **
**MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF        OPERATION**

**PLAN        OF OPERATION**

**RESULTS        OF OPERATIONS FOR THE PERIOD ENDED JUNE 30, 2007 AS COMPARED TO THE PERIOD        ENDED        JUNE 30, 2006**

**Revenue.        **

**Cost.        **

**Net        Loss per share**

**Cash.        **

**Liquidity        and Capital Resources**

**ITEM        3.     CONTROLS AND PROCEDURES.**

**(a)**
***Evaluation        of Disclosure Controls and Procedures:***

**(b)**
***Changes        in Internal Control over Financial Reporting:***

----

**PART      II - OTHER INFORMATION**

**ITEM      1.      LEGAL PROCEEDINGS.**

**None.**

**ITEM      2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS.**

**None.**

**ITEM      3.    DEFAULTS UPON SENIOR SECURITIES**

**None.**

**ITEM      4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY      HOLDERS**

**None.**

**ITEM      5.    OTHER INFORMATION**

**None.**

**ITEM      6.     EXHIBITS AND REPORTS ON FORM 8-K**

| **(a)  ** | Form                8-K filed with the Commission on April 13, 2007 relating to Item                5.02                “Departure of   Directors, Election of                Directors.” |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**          (b)  **

| 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.             |

----

**SIGNATURES**

|   | **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 of                Directors |