**UNITED STATES****SECURITIES AND EXCHANGE COMMISSION****Washington, D.C.   20549**

**Form 10-Q**

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT  OF 1934  FOR  THE QUARTERLY PERIOD ENDED:** March 31, 2008**

 

COMMISSION  FILE NUMBER **000-33067**

 

**DIGICORP, INC.**(Exact name of registrant  as specified in its charter)

|  | **DELAWARE** |  | **87-0398271**(State or other jurisdiction of incorporation or organization)(I.R.S.   Employer Identification No.)
**4143 Glencoe Avenue**,**Unit B, Marina Del Rey, CA 90292**  (Address of principal  executive offices)

Registrant's  telephone number, including area code: ** (310) 728-1450**

**Not applicable**  (Former name, former  address and former fiscal year, if changed since last report) 

Indicate by check mark  whether the Registrant (1) has filed all reports required to be filed by  Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding  12 months (or for such shorter period that the registrant was required to file  such reports), and (2) has been subject to such filing requirements for the  past 90 days.       [X] Yes   [  ] No

Indicate  by check mark whether the registrant is a large accelerated filer, an  accelerated filer, a non-accelerated filer, or a smaller reporting  company.  See the definition of "large  accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.   (Check one): Large accelerated filer [  ]Accelerated  filer [  ] Non-accelerated  filer [  ]Smaller  reporting company [X]
Indicate by check mark  whether the registrant is a shell company (as defined in Rule 12b-2 of the  Exchange Act).         [  ] Yes   [X] No

**APPLICABLE ONLY TO CORPORATE ISSUERS**

State the number of shares  outstanding of each of the issuer's classes of common equity, as of the latest  practicable date: As of May 16, 2008, the issuer had 49,545,104 outstanding  shares of Common Stock, $.001 par value.

 

 

 
**TABLE OF CONTENTS**
 

**PART I - FINANCIAL INFORMATION**
 
 

**Page** 

 
 
Item 1.    Financial Statements

1

 
 
Item 2.    Management's    Discussion and Analysis of Financial Condition and Results of Operations

8

 
 
Item 3.    Quantitative and    Qualitative Disclosures About Market Risk

13

 
 
Item 4T.  Controls and    Procedures

13

 
 
 

 

 

**PART II - OTHER INFORMATION**
 
 

 

 
 
Item 1.    Legal Proceedings

14

 
 
Item 2.    Unregistered    Sales of Equity Securities and Use of Proceeds

14

 
 
Item 3.    Defaults Upon    Senior Securities

14

 
 
Item 4.    Submission of    Matters to a Vote of Security Holders

14

 
 
Item 5.    Other Information

14

 
 
Item 6.    Exhibits

14

 
 
 

 

 
 
**SIGNATURES**

15

 

 

 

 

**PART I**
  
**Item 1.   Financial Statements.**
      
**DIGICORP, INC.******
 
 

 

 

 

 

 
 
**Consolidated Balance Sheet**
      
****

****

****

****

****

****

**March 31,**

**December 31,**
 
**2008**
 
**2007**
   
**(Unaudited)**
 
**(Audited)**
 
**ASSETS**

**    CURRENT ASSETS**
 
      Cash and cash equivalents

$

230,640

$

5,600
 
      Accounts receivable, net

301,043

304,841
 
      Inventories

-

15,436
 
      Other current assets
 
19,865
 
19,865

****

****
 
**    TOTAL CURRENT ASSETS**

551,548

345,935
  
      Property and equipment, net

18,918

170,767
 
      Intangible assets, net

363,724

394,935

****

****
 
**TOTAL ASSETS**

$

934,190

$

911,444
 
****

****

****

****

****
 
**LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**
 
**    CURRENT LIABILITIES**
 
      Accounts payable

$

330,149

$

342,842
 
      Accrued liabilities

660,860

575,601 
 
      Note payable - related party

1,150,000 

1,068,000 
 
      Deferred revenue
 
69,672 
 
69,672 
 
**    TOTAL CURRENT LIABILITIES**
 
2,210,681 
 
2,056,115 
 
**    LONG TERM LIABILITIES**
 
      Convertible note payable - related party

556,307 

556,307 
 
      Debt discount - beneficial conversion feature

(106,532)

(116,216)
 
**    TOTAL LONG TERM LIABILITIES**

** **

449,775 

** **

440,091 
 
**TOTAL LIABILITIES**

** **

2,660,456 

** **

2,496,206 
 
**COMMITMENTS AND CONTINGENCIES**
 
**STOCKHOLDERS' EQUITY (DEFICIT)**
 
      Preferred stock, $0.001 par value: 1,000,000 shares authorized;
 
        zero shares issued and outstanding at March 31, 2008 and 
 
        December 31, 2007

-    

-    
 
      Common stock, $0.001 par value: 60,000,000 shares authorized;
 
         49,545,104 shares issued and outstanding at March 31, 2008;
 
         39,545,104 shares issued and outstanding at December 31, 2007

49,545 

39,545 
 
      Paid-in capital

6,582,421 

6,243,079 
 
      Accumulated deficit

(8,358,232)

(7,867,386)
 
**TOTAL STOCKHOLDERS' EQUITY (DEFICIT)**
 
(1,726,266)
 
(1,584,762)
 
**TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**

$

934,190 

$

911,444 

****

****

****

****
 
The accompanying notes are an integral part of these consolidated financial statements.

Page 1

**DIGICORP, INC.******
 
**Consolidated Statements of Operations (Unaudited)**
      
****

****

****

****

****

****

****

**Three Months Ended**

**March 31,**

**March 31,**

**2008**

**2007**
 
**REVENUE**
 
     Sales

$

76,149

$

125,339
 
**Total revenue**
 
76,149
 
125,339
 
**OPERATING EXPENSES**
 
     Cost of sales

16,209

40,863
 
     Selling, general and administrative expenses

379,095

779,307
 
**     Total operating expenses**
 
395,304 
 
820,170 
 
**     Operating loss**

(319,155)

(694,831)
       
     Loss on Abandonment

130,317

-
 
     Interest expense
 
39,774
 
25,537
 
**LOSS BEFORE INCOME TAXES**

(489,246)

(720,368)
 
**PROVISION FOR INCOME TAXES**

1,600 

1,600 
 
**NET LOSS**

$

(490,846)

$

(720,368)
 
**BASIC AND DILUTED NET LOSS PER COMMON SHARE**

$

(0.01)

$

(0.02)
 
**WEIGHTED AVERAGE COMMON SHARES OUTSTANDING**
 
39,767,440
 
37,239,002
        
The accompanying notes are an integral part of these consolidated financial statements.

Page 2

**DIGICORP, INC.******
 
**Consolidated Statements of Cash Flows (Unaudited)**
      
****

****

****

****

****

****

****
 
**Three Months Ended**

**March 31,**

**March 31,**

**2008**

**2007**
 
Cash flows from operating activities:

****

****

****

****
 
    Net loss

$

(490,846)

$

(721,968)
 
    Adjustments to reconcile net loss to net cash used in operating  activities:
 
       Loss on Abandonment

130,317

-
 
       Depreciation

21,533

21,395
 
       Amortization of licenses

31,211

36,211
 
       Amortization of debt discount

9,684

9,684
 
       Stock-based compensation to employees and directors

49,342

425,315
 
       Changes in operating assets and liabilities:
 
          Accounts receivable

3,798

(44,161)
 
          Inventories

15,436

16,674
 
          Accounts   payable and accrued liabilities

72,566

57,828
 
**       Net cash used in operating   activities**
 
**(156,959)**
 
**(199,021)**
 
**Cash   flows from investing activities:**
 
    Purchases of licenses and developed   content

-

(12,000)
 
**       Net cash used in investing   activities**
 
**-**
 
**(12,000)**
 
**Cash flows from financing activities:**
 
    Proceeds from issuance of common stock

300,000

-
 
    Proceeds from related party   note

82,000

235,000
 
**       Net cash provided by financing   activities**
 
**382,000**
 
**235,000**
 
Net   increase (decrease) in cash and cash equivalents

225,041

23,979
 
Cash and cash equivalents at beginning of period

5,600

3,350
 
Cash   and cash equivalents at end of period

$

230,641

$

27,329
 
       Supplemental   disclosures of cash flow information:
 
             Income   taxes

$

1,600

$

-
 
 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.   

Page 3

 

 

**DIGICORP, INC.****Notes to Consolidated  Interim Financial Statements - Unaudited****March 31, 2008**

**1.   DESCRIPTION OF  BUSINESS**

Digicorp  ("***the  Company***") was organized under the laws of the State of Utah on July 19,  1983.   On July 1, 1995, the Company became a development stage enterprise as  defined in Statements of Financial Accounting Standards ("***SFAS***") No. 7, *Accounting and Reporting by Development  Stage Enterprises*, when it sold its assets and changed its business  plan.  On December 29, 2005, the Company  ceased being a development stage enterprise when it acquired all of the issued  and outstanding capital stock of Rebel Crew Films, Inc., a California  corporation ("***Rebel Crew Films***"), pursuant to a reverse merger transaction  (see note 3).

Pursuant  to shareholder approval, which was obtained at our annual meeting of  stockholders held July 14, 2006, on October 6, 2006, the Board of Directors of  the Company approved and authorized the Company to enter into an Agreement and  Plan of Merger by and between the Company and Digicorp, Inc., a Delaware  corporation and newly formed wholly-owned subsidiary of the Company that was  incorporated under the Delaware General Corporation Law for the purpose of  effecting a change of domicile.  Effective February 22, 2007, the Company changed its domicile from Utah  to Delaware and the name of the surviving corporation is Digicorp, Inc.

Rebel  Crew Films is a wholly-owned subsidiary of the Company.  Rebel Crew Films was organized under the laws  of the State of California on August 7, 2002 to distribute Latino home  entertainment products.  Rebel Crew Films  distributes Spanish language films and serves wholesale, retail, catalog, and  e-commerce accounts.  Rebel Crew Film's  titles can be found at major retail outlets and independent video outlets  across the United States of America and Canada.  In January 2008, the Company entered into a license and distribution  agreement with Westlake Entertainment, Inc.  This agreement effectively shifted all manufacturing and distribution of  our home video library to Westlake Entertainment, Inc.  The agreement with Westlake  Entertainment allowed the Company to both, increase its national exposure  through existing Westlake Entertainment sales channels while maintaining our  existing sales to national retailers and to effectively transfer all day-to-day  operations related to our home video library to Westlake Entertainment.

We  are organized in a single operating segment with no long-lived assets outside  of the United States of America.  All of  our revenues to date have been generated in the United States, but with the  development of our China Internet media portal, we expect that a portion of our  future revenues will be from other countries.  Revenue sources could be from distribution of content, advertising and  licensing.

**2.  BASIS OF  PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES**

**Basis of  Presentation**

The accompanying  consolidated financial statements do not include all the information and  disclosures required by accounting principles generally accepted in the United States of America.  The preparation of financial statements in conformity with  accounting principles generally accepted in the U.S.  requires management to  make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  The actual results may differ from  management's estimates.

The interim consolidated  financial information is unaudited, but reflects all normal adjustments that  are, in the opinion of management, necessary to provide a fair statement of  results for the interim periods presented.  The consolidated balance sheet as of  December 31, 2007, was derived from the Company's audited financial statements.   Operating results for the interim periods presented are not necessarily  indicative of the results to be expected for the fiscal year ending December  31, 2008.  The interim consolidated financial statements should be read in  connection with the Company's audited financial statements for the year ended  December 31, 2007.

**Principles of  Consolidation**

The accompanying  consolidated financial statements include the accounts of the Company and its  wholly-owned subsidiary, Rebel Crew Films.  All significant intercompany  accounts and transactions have been eliminated in consolidation.

 

 

 

 

Page 4

**DIGICORP, INC.****Notes to Consolidated Interim Financial Statements -  Unaudited****March 31, 2008**

**Going Concern**

The  accompanying financial statements have been prepared assuming that the Company  will continue as a going concern which contemplates the realization of assets  and satisfaction of liabilities in the normal course of business.  At March 31,  2008 the Company had an accumulated deficit of $8.4 million and a working  capital deficit of $1.7 million, which includes a deferred revenue balance of  $70,000, as discussed below.  During the three months ended March 31, 2008, the  Company incurred a loss of $491,000.  During the three months ended March 31,  2008, the Company primarily relied upon revenues generated from the direct  sales of its Latino home entertainment content and on debt and equity  investments to fund its operations.  These conditions raise substantial doubt  about the Company's ability to continue as a going concern.  Management is actively  seeking sources of additional financing in order to maintain and potentially  expand the Company's operations and to fund its debt repayment  obligations.  There can be no assurance  that the Company will be able to obtain such additional funding on terms  acceptable to the Company, if at all.  The  accompanying financial statements do not include any adjustments that might  result from the outcome of this uncertainty.

**3.  INCOME (LOSS) PER COMMON SHARE**

Income (loss) per common  share is based on the weighted average number of common shares outstanding.  The  Company complies with SFAS No. 128, *"Earnings Per Share,"*which requires  dual presentation of basic and diluted earnings per share on the face of the  statements of operations.  Basic per share earnings or loss excludes dilution  and is computed by dividing income (loss) available to common stockholders by  the weighted-average common shares outstanding for the period.  Diluted per  share earnings or loss reflects the potential dilution that could occur if  convertible preferred stock or debentures, options and warrants were to be  exercised or converted or otherwise resulted in the issuance of common stock  that then shared in the earnings of the entity.

Options and warrants issued  pursuant to our Stock Option Plan and warrants that were issued outside our  Stock Option Plan which were outstanding as of March 31, 2008 to purchase  7,143,333 and 550,000 shares of common stock, respectively, and 500,000 shares  issuable upon conversion of an outstanding convertible note were not included  in the computation of diluted net loss per common share for the three months  ended March 31, 2008, as their inclusion would have been antidilutive.

**4.  ACCRUED  LIABILITIES**

Accrued liabilities at  March 31, 2008 and December 31, 2007 are comprised of the following:
 
 

 

**March 31,****2008**

 

 

**December 31,****2007**

 
 
Obligations on license agreements

$

47,595

 

$

47,595

 
 
Accrued salaries

 

393,750

 

 

353,182

 
 
Accrued interest

 

157,504

 

 

127,414

 
 
Other

 

62,011

 

 

47,410

 
 
Total Accrued Liabilities

$

660,860

 

$

575,601

 

**5.  CONVERTIBLE NOTE  PAYABLE - RELATED PARTY**

In connection with the  acquisition of Rebel Crew Films on December 29, 2005, the Company entered into  a Securities Purchase Agreement with one of the shareholders of Rebel Crew  Films, Rebel Holdings, LLC, a California limited liability company ( ***"Rebel  Holdings"***), pursuant to which the Company purchased a $556,000  principal amount loan receivable owed by Rebel Crew Films to Rebel Holdings,  LLC in exchange for the issuance of a $556,000 principal amount secured  convertible note to Rebel Holdings, LLC.  The secured convertible note accrues  simple interest at the rate of 4.5%, matures on December 29, 2010 and is  secured by all of the Company's assets now owned or hereafter acquired.  The  secured convertible note is convertible into 500,000 shares of the Company's  common stock at the rate of $1.112614 per share.  Jay Rifkin, the Company's  Chief Executive Officer and a director, is the sole managing member of Rebel  Holdings, LLC.

As the effective conversion  price of the note on the date of issuance was below the fair market value of  the underlying common stock, the Company recorded debt discount in the amount  of $194,000 based on the intrinsic value of the beneficial conversion feature  of the note.  The debt discount recorded as a result of the beneficial  conversion feature will be amortized as non-cash interest expense over the term  of the debt.  During the three months ended March 31, 2008 and 2007, interest  expense of $9,700 has been recorded from the debt discount amortization, and as  of March 31, 2008, the remaining debt discount balance attributable to the  beneficial conversion feature was $107,000.

Page 5

**DIGICORP, INC.****Notes to Consolidated Interim Financial Statements -  Unaudited****March 31, 2008**

**6.  STOCK BASED  COMPENSATION**

Effective July 20, 2005,  the Board of Directors of the Company approved the 2005 Stock Option and  Restricted Stock Plan (the ***"2005 Plan"***).  The Plan reserves  15,000,000 shares of common stock for grants of incentive stock options,  nonqualified stock options, warrants and restricted stock awards to employees,  non-employee directors and consultants performing services for the Company.   Options and warrants granted under the Plan have an exercise price equal to or  greater than the fair market value of the underlying common stock at the date  of grant and become exercisable based on a vesting schedule determined at  the date of grant.  The options expire 10 years from the date of grant  whereas warrants generally expire 5 years from the date of grant.  Restricted  stock awards granted under the Plan are subject to a vesting period determined  at the date of grant.

The Company accounts for  stock-based compensation awards in accordance with the provisions of SFAS No. 123(R), *Share-Based Payment*, which addresses the accounting for employee  stock options.  SFAS 123(R) requires that the cost of all employee stock  options, as well as other equity-based compensation arrangements, be reflected  in the financial statements over the vesting period based on the estimated fair  value of the awards.  The Company adopted SFAS 123(R) as of January 1, 2005.  Prior  to the adoption date, there were no stock options or other equity-based  compensation awards outstanding.

A summary of stock option  activity for the three months ended March 31, 2008 is presented below:
 
 

 

 

 

 

 

**Outstanding Options**

 
 
 

 

 

**Shares Available for Grant**

 

 

**Number of Shares**

 

 

**Weighted Average Exercise Price**

 

 

**Weighted Average Remaining Contractual Life (years)**

 

 

**Aggregate Intrinsic Value**

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
**December 31, 2007**

 

 

**7,856,667**

 

 

**7,143,333**

 

**$**

**0.73**

 

 

**7.95**

 

 

 

 
 
Grants

 

 

**—**

 

 

**—**

 

 

 

 

 

 

 

 

 

 
 
Cancellations

 

 

**—**

 

 

**—**

 

 

 

 

 

 

 

 

 

 
 
**March 31, 2007**

 

 

**7,856,667**

 

 

**7,143,333**

 

**$**

**0.73**

 

 

**7.95**

 

**$**

**—**

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
Options exercisable at:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
December 31, 2007

 

 

 

 

 

3,941,667

 

$

0.78

 

 

8.10

 

**$**

**—**

 
 
March 31, 2008

 

 

 

 

 

3,941,667

 

$

0.78

 

 

7.83

 

**$**

**—**

 

The aggregate intrinsic  value in the table above represents the total pretax intrinsic value (i.e., the  difference between our closing stock price on March 31, 2008 and the exercise  price, times the number of shares) that would have been received by the option  holders had all option holders exercised their options on March 31, 2008.  There  have not been any options exercised during the three months ended March 31,  2008 or year ended December 31, 2007.

All outstanding stock-based  compensation awards were granted by the Company at the per share fair market  value on the grant date.  The fair value of each option grant is estimated on  the date of grant using the Black-Scholes option-pricing model.  For options  granted during the three months ended March 31, 2008, the following assumptions  were used: volatility 146%; expected life 5 years; risk-free interest rate  4.50%; dividend yield 0%.

During the three months  ended March 31, 2008 and 2007 stock-based compensation totaling $49,000 and $425,000,  respectively, was recorded by the Company.

 

 

 

Page 6

**DIGICORP, INC.****Notes to Consolidated Interim Financial Statements -  Unaudited****March 31, 2008**

**7.  EQUITY TRANSACTIONS**

On  March 26, 2008, the Company entered into a subscription agreement with an  accredited investor in a private placement exempt from the registration  requirements of the Securities Act of 1933, as amended (the ***"Securities  Act"***).  The Company issued and  sold to the accredited investor an aggregate of 10,000,000 shares of its common  stock.  These issuances resulted in  aggregate gross proceeds to the Company of $300,000.

**8.  WARRANTS**

During 2005, the Company  issued a total of 550,000 warrants, outside of its 2005 Plan, to purchase  shares of common stock at prices ranging from $0.145 to $0.65 per share to  consultants.  No warrants, other than warrants that were issued pursuant to the  2005 Plan, were issued by the Company during the three months ended March 31, 2008.

The following table summarizes information about  common stock warrants outstanding at March 31, 2008:

Outstanding

 

Exercisable

 
 
Exercise    Price

 

Number    Outstanding

 

Weighted    Average      Remaining    Contractual    Life    (Years)

 

Weighted      Average      Exercise    Price

 

Number    Exercisable

 

Weighted    Average Exercise Price

 
 
$    0.10 - 0.25

 

 

250,000

 

 

2.75

 

$

0.145

 

 

250,000

 

$

0.145

 
 
$    0.50 - 0.75

 

 

300,000

 

 

2.50

 

 

0.65

 

 

300,000

 

 

0.65

 
 
$    0.10 - 0.75

 

 

550,000

 

 

2.61

 

$

0.42

 

 

550,000

 

$

0.42

 

**9.  RELATED PARTY  TRANSACTIONS**

From  January 10, 2007 through December 31, 2007 and from July 14, 2006 through  December 31, 2006, Jay Rifkin, the Company's Chairman and Chief Executive  Officer, loaned the Company a total of $595,000 and $395,000,  respectively.  As consideration for the  loans, the Company issued Mr.  Rifkin demand promissory notes at interest rates  that ranged from the prime rate to the prime rate plus one percent.

From  January 1, 2008 through March 15, 2008, Mr.  Rifkin loaned the Company an  additional $82,000.  As consideration for  the loans, the  Company issued Mr.  Rifkin demand promissory notes at a rate equal to the prime  rate plus one percent.  At March 31, 2008,  the total amount loaned to the Company by Mr.  Rifkin totaled $1,150,000.

**10.  LOSS ON ABANDONMENT**

In  September 2005, the Company entered into an asset purchase agreement to acquire  the iCodemedia suite of websites and all related intellectual property (the "*iCodemedia Assets*").  The Company intended to develop these websites  into a suite of applications and services to enable content creators to publish  and deliver content to existing and next generation devices.  During the quarter ending March 31, 2008,  management determined that the Company would no longer develop the iCodemedia  Assets and, accordingly, $41,650 was charged to operations in the current period  as a non-recurring loss on abandonment.

In  April 2006, the Company entered into an asset purchase agreement to acquire the  software application known as ITunesBucks and its associated assets (the "*ITunesBucks Assets*").  The Company intended to develop the  ITunesBucks Assets into a customer affinity program that enabled users to  generate credits that would then be used to purchase merchandise.  During the quarter ending March 31, 2008,  management determined that the Company would no longer develop the ITunesBucks  Assets and, accordingly, $88,667 was charged to operations in the current period  as a non-recurring loss on abandonment.

 

 

 

 

Page  7

**Item  2.****Management's Discussion and  Analysis of Financial Condition and Results of Operations.**

*The following  discussion and analysis of our financial condition and results of operations  should be read in conjunction with our financial statements and the related  notes thereto contained elsewhere in this Form 10-Q.  This discussion  contains forward-looking statements that involve risks and uncertainties.  All  statements regarding future events, our future financial performance and  operating results, our business strategy and our financing plans are  forward-looking statements.  In many cases, you can identify forward-looking  statements by terminology, such as "may," "should," "expects," "intends,"  "plans," "anticipates," "believes," "estimates," "predicts," "potential," or  "continue" or the negative of such terms and other comparable terminology.   These statements are only predictions.  Known and unknown risks, uncertainties  and other factors could cause our actual results to differ materially from  those projected in any forward-looking statements.  In evaluating these  statements, you should specifically consider various factors, including, but  not limited to, those set forth under "Risk Factors"**previously disclosed in Item 1 included in our  Annual Report on Form 10-KSB for the fiscal year ended December 31, 2007, which  was filed with the SEC on April 16, 2008.*

*The following  "Overview" section is a brief summary of the significant issues  addressed in this MD&A.  Investors should read the relevant sections of the  MD&A for a complete discussion of the issues summarized below.  The entire  MD&A should be read in conjunction with Item 1.  Financial Statements.*

***Overview*******

We are engaged in the business of developing, marketing and distributing programming content, multi-media  technologies, and advertising via the Internet.  We expect that within the next 12 months, our business will shift  significantly to aggregation and distribution of international content for  Internet consumption in China.  We will focus a significant amount of our  available resources to building and launching a large scale, advertising  supported Internet media portal in China.  We believe that significant  opportunities exist in the China Internet advertising space, and we will  actively pursue this potential source of revenue during the year ending  December 31, 2008.  

We currently generate revenue through a distribution and license agreement of our  home video library with Westlake Entertainment, Inc.  This agreement calls for a 25% - 50%  distribution fee to Westlake on gross sales of licensed products.

We are organized in a single operating segment with no long-lived assets outside  of the United States of America.  All of  our revenues to date have been generated in the United States, but with the  development of our China Internet media portal, we expect that a portion of our  future revenues will be from other countries.  Revenue sources could be from distribution of content, advertising and  licensing.  

***Organizational History***

Digicorp,  Inc.  (referred to herein as the *"Company,"  "we," "us,"*and*"our"*)  was incorporated on July 19, 1983 under the laws of the State of Utah under the  name of Digicorp for the purpose of developing and marketing computer software  programs.  From 1983 to 1995, our sales and investments were attributable to the  sale of computer software and investments related to oil, gas and mining.

On February 22, 2007, we changed the Company's  domicile from the State of Utah to the State of Delaware effected by the merger of the Company, a Utah  corporation, with and into, Digicorp, Inc., a newly formed wholly owned  subsidiary of the Company that was incorporated under the Delaware General  Corporation Law for the purpose of effecting the change of domicile.

***China Youth League Network (CYLN)***

On  November 23, 2007, we executed a letter of intent (LOI) with the Chinese  government body China Youth Net (CYN) and China based Internet company WKC to  build, launch and operate a large scale, advertising supported Internet media  portal in China, pursuant to which we will contribute the exclusive China  rights to our ViraCast technology (see below).  The LOI provides for the new venture to retain the exclusive rights to  serve international content via a peer-to-peer portal to China's student  population of more than 70 million young people, ranging from eighth grade  through university.  Under the auspices  of CYN, the new portal will comply with recent regulations instituted by the  Chinese government that restrict online video sites.  Under this new policy,  websites that provide video programming or allow users to upload video must  obtain government permits, and applicants must be either state-owned or  state-controlled companies.  The letter of  intent contemplates the raising of certain financing for the new venture.  At this stage, no funding has been committed  and there can be no assurances that funding will be secured.  In addition,  should the parties fail to execute a definitive agreement within one year, the  letter of intent will terminate unless extended by the parties.

 

 

Page 8

***ViraCast***

We are developing a suite of patent pending applications and services that allow  for the enterprise workflow management, processing, distribution and control of  content for next generation devices and emerging content delivery  platforms.  Our proprietary ViraCast  technology provides content producers, advertisers, and marketers new revenue  models built around these emerging platforms with enhanced user data,  reporting, and accountability.

Our strategy for ViraCast is to pinpoint unexploited and unrealized market  opportunities that emerge from the evolving media and advertising landscapes and build solutions around them.  In particular, the company is focusing on new markets that arise from the  following sources:
- Peer-to-peer Distribution  - the distribution of audio or video files over the Internet for listening or viewing on mobile devices and personal computers;
- Online Advertising ;
- Viral Marketing  - marketing and advertising techniques that use pre-existing social networks to produce increases in brand awareness through self-replicating viral processes.

We will work with content developers, entertainment companies, advertising  agencies, music talent, labels, representatives, distributors, as well as  software and engineering companies to address the needs and requirements of the  next generation of ad supported and paid content delivery technologies.

The Company has successfully utilized its ViraCast technology to enhance and  distribute online radio shows from PerreoRadio.com.  We intend to employ this technology to  distribute assets from our library of Spanish language films, while also  marketing and offering the technology to a variety of third-party content  owners and distributors seeking a digital delivery solution.

***PerreoRadio.com***

PerreoRadio.com  is a website targeted to the young, urban Latino demographic in both the United  States and internationally offering online radio shows, podcasts, music, and  music videos from some of the top DJ's from the United States, Latin America,  and the Caribbean.  On February 7, 2006, we entered into an asset purchase  agreement with Matthew B.  Stuart pursuant to which we purchased the following  Internet domain names and all materials, intellectual property, goodwill and  records in connection therewith (the "Assets"): PerreoRadio.com, Radioperreo.com,  Perreomobile.com, Perreotv.com, Puroperreo.com, Puroreggaeton.com,  Purosandungueo.com, Sandungueoradio.com, Machetemusic.net, Machetemusic.org,  Machetemusica.com and Musicamachete.com.

In  accordance with the purchase of the Assets, we entered a three-year employment  agreement with Mr.  Stuart.  As  consideration for the Assets, we issued Mr.  Stuart and his nominees an  aggregate of 100,000 shares of common stock.  All such shares of common stock  are subject to lock up agreements as follows: 25,000 shares are subject to a  lock up agreement for one year; 25,000 shares are subject to a lock up  agreement for two years; and 50,000 shares are subject to a lock up agreement  for three years.

PerreoRadio.com is a Latino  based community website that offers online radio shows from some of the top  DJ's in the Reggaeton genre.  Our intent  is to become a recognized leader in the Spanish-language and Hispanic-targeted  markets by capturing the top DJ's in this area and expanding into 12 - 15  markets to syndicate the shows.  Currently, we operate in five markets: San Francisco, Los Angeles,  Chicago, Boston and New York City.

***Rebel Crew Films, Inc.  ***

Rebel  Crew Films is a wholly-owned subsidiary of the Company.  Rebel Crew Films was organized under the laws  of the State of California on August 7, 2002 to distribute Latino home  entertainment products.  Rebel Crew Films  distributes Spanish language films and serves wholesale, retail, catalog, and  e-commerce accounts.  Rebel Crew Film's  titles can be found at major retail outlets and independent video outlets  across the United States of America and Canada.

 

 

 

 

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In  January 2008, the Company entered into a license and distribution agreement with  Westlake Entertainment, Inc.  This  agreement effectively shifted all manufacturing and distribution of our home  video library to Westlake Entertainment, Inc.  The agreement with Westlake  Entertainment allowed the Company to increase its national exposure through  existing Westlake Entertainment sales channels while maintaining our existing  sales to national retailers, and to effectively transfer all day-to-day  operations related to our home video library to Westlake Entertainment.  Pursuant to the agreement, Westlake has taken  over sales, production and all physical distribution of our 157 title library,  while we will continue to manage digital distribution and advertising  rights.  Westlake will distribute  existing inventory for a fee and will distribute new product on a revenue share  basis.  The licensing transaction was  part of an initiative to focus the Company's efforts on commercialization of  our patent pending ViraCast advertising technology and associated business  opportunities in the United States and internationally.

***Seasonality***

Our  performance may be affected by seasonal revenue fluctuations and variation in  demand between local and national advertisers.  The Company's revenues may vary  throughout the year.  As is typical in the distribution of content, the first  calendar quarter generally produces the lowest revenues.

***Critical Accounting Policies and Estimates***

Our discussion and  analysis of our financial condition and results of operation are based upon the  accompanying financial statements.  The  financial statements have been prepared in accordance with the generally  accepted accounting principles in the United States of America.  The preparation of the financial statements  requires that we make estimates and assumptions that affect the amounts  reported in assets, liabilities, revenues and expenses.  Management evaluates on an on-going basis our  estimates with respect to the valuation allowances for accounts receivable,  income taxes, accrued expenses and equity instrument valuation, for  example.  We base these estimates on  various assumptions and experience that we believe to be reasonable.  The following critical accounting policies are those that are important to the  presentation of our financial condition and results of operations and require  management's most difficult, complex, or subjective judgments, often as a  result of the need to make estimates of matters that are inherently uncertain.  

The  following critical accounting policies affect our more significant estimates  used in the preparation of our financial statements and, in particular, our  most critical accounting policy relates to the valuation of our intangible  assets and stock based compensation.

*Allowance for Doubtful Account* - Our allowance for doubtful accounts relates to accounts receivable.  The allowance for doubtful accounts is an  estimate prepared by management that identifies a certain portion of  receivables that may go uncollected.  In  determining adequacy of the allowance for doubtful account, we consider  customer balances in receivables, historical bad debts, customer  concentrations, current economic trends and changes in customer payment  patterns.  Changes in the financial  condition of our customer may change, which would require additional allowances.  The allowance for doubtful account is  reviewed quarterly, and adjustments are made as deemed necessary.

*Goodwill and Other Intangible Assets* - Goodwill and Intangible Assets correspond to the excess cost over fair value  of certain assets during acquisition.  In  accordance with the provisions of FASB Statement No. 142, *Goodwill and Other  Intangible Assets*, goodwill and intangible assets acquired that are  determined to have an indefinite useful life are not subject to amortization,  but instead are tested for impairment at periodic intervals.  Intangible assets with a useful life that can  be estimated are amortized over their respective estimated useful lives to  their estimated residual values and are reviewed periodically for impairment in  accordance with FASB Statement No. 144, *Accounting for Impairment or  Disposal of Long-Lived Assets*.  Certain events or changes in circumstances  may occur that indicate that goodwill or assets are impaired and consequently  require testing on a periodic basis.  Determining the fair value of goodwill or assets is subjective in nature  and involves using estimates and assumptions.  We base our fair value estimates on assumptions we believe to be  reasonable but that are inherently uncertain.  To date we have not recognized impairments on any of our goodwill and other  intangible assets.

*Stock-Based Compensation* - We have adopted the  provisions of SFAS No. 123(R), *Share-Based Payment*, which requires that  share-based payments be reflected as an expense based upon the grant-date fair  value of those grants.  Accordingly, the  fair value of each option grant, non-vested stock award and shares issued under  our employee stock purchase plan, were estimated on the date of grant.  We estimate the fair value of these grants  using the Black-Scholes model which requires us to make certain estimates in  the assumptions used in this model, including the expected term the award will  be held, the volatility of the underlying common stock, the discount rate,  dividends and the forfeiture rate.  The  expected term represents the period of time that grants and awards are expected  to be outstanding.  Expected volatilities were based on historical volatility of  our stock.  The risk-free interest rate  approximates the U.S.  treasury rate corresponding to the expected term of the  option.  Dividends were assumed to be  zero.  Forfeiture estimates are based on  historical data.  These inputs are based  on our assumptions, which we believe to be reasonable but that include complex  and subjective variables.  Other reasonable assumptions could result in different  fair values for our stock-based awards.  Stock-based compensation expense, as  determined using the Black-Scholes option pricing model, is recognized on a  straight line basis over the service period, net of estimated forfeitures.  To  the extent that actual results or revised estimates differ from the estimates  used, those amounts will be recorded as a cumulative adjustment in the period  that estimates are revised.

 

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*Recent Accounting Pronouncements*

In February 2007, the FASB issued Statement of  Financial Accounting Standards No. 159, *The  Fair Value Option for Financial Assets and Financial Liabilities - Including an  amendment to FASB Statement No. 115* (**"SFAS 159"**).  This statement  permits companies to choose to measure many financial instruments and other  items at fair value.  The objective is to improve financial reporting by  providing entities with the opportunity to mitigate volatility in reported  earnings caused by measuring related assets and liabilities differently without  having to apply complex hedge accounting provisions.  This statement is expected  to expand the use of fair value measurement of accounting for financial  instruments.  The fair value option established by this statement permits all  entities to measure eligible items at fair value at specified election dates.   This statement is effective as of the beginning of an entity's first fiscal  year that begins after November 15, 2007.  We are currently assessing the impact  adoption of SFAS No. 159 will have on our consolidated financial statements.

In December 2007, the FASB issued Statement of Financial  Accounting Standards No. 141(R), *Business Combinations* (**"SFAS 141(R)"**).  This  statement requires the acquiring entity in a business  combination to record all assets acquired and liabilities assumed at their  respective acquisition-date fair values, changes the recognition of assets  acquired and liabilities assumed arising from contingencies, changes the  recognition and measurement of contingent consideration, and requires the  expensing of acquisition-related costs as incurred.  SFAS 141(R) also requires  additional disclosure of information surrounding a business combination, such  that users of the entity's financial statements can fully understand the nature  and financial impact of the business combination.  We will implement SFAS No. 141(R) on January 1, 2009 and will apply prospectively to business  combinations completed on or after that date.

In December 2007, the FASB issued Statement of Financial  Accounting Standards No. 160, *Noncontrolling Interests in Consolidated Financial Statements**an amendment of ARB 51* (**"SFAS 160"**).  SFAS 160 establishes accounting and reporting standards for  ownership interests in subsidiaries held by parties other than the parent, the  amount of consolidated net income attributable to the parent and to the  noncontrolling interest, changes in a parent's ownership interest and the  valuation of retained noncontrolling equity investments when a subsidiary is  deconsolidated.  SFAS 160 also established reporting requirements that provide  sufficient disclosures that clearly identify and distinguish between the  interests of the parent and the interests of the noncontrolling owner.  We will  implement SFAS No. 160 on January 1, 2009.  We do not expect the adoption of  this standard to have a material impact on our income statement, financial  position or cash flows.  

**Results of Operations**

***Comparison of the Three Months Ended March  31, 2008 to the Three Months Ended March 31, 2007***

***Quarter Revenues***

*Quarterly Sales* - For the three months ended March 31, 2008 we  generated revenues of $76,000 as compared to the three months ended March 31,  2007 in which we generated revenues of $125,000.  During the three months ended March 31, 2008  revenue  generated was almost exclusively from the direct sales of our home video content.  The decrease in sales revenue during the three  months ended March 31, 2008 is principally attributed to the change in the Company  strategy as well as the license and distribution agreement with  Westlake Entertainment, Inc.  This  agreement effectively shifted all manufacturing and distribution of our home  video library to Westlake Entertainment along with all day-to-day operations related  to our home video library.  This  agreement calls for a 25% - 50% distribution fee to Westlake on gross sales of  licensed products.

***Quarterly******Operating Expenses***

*Operating expenses* were $395,000 and $820,000 during the three months  ended March 31, 2008 and 2007, respectively.  The significant component in the decrease in operating expenses during  the three months ended March 31, 2008 comprised of a decrease in stock based  compensation expense from grants of nonqualified stock options to our employees  and non-employee directors and a decrease in the cost of sales as a result of  the license and distribution agreement with Westlake Entertainment, Inc.

*Stock based compensation* expense from grants of nonqualified stock options to  our employees and non-employee directors decreased from $425,000 during the  three months ended March 31, 2007 to $49,000 during three months ended March  31, 2008.  The decrease in stock based compensation expense from grants of nonqualified  stock options during this period resulted primarily from cancellations of  nonqualified stock options to employees no longer with the Company.

*Salaries and employee benefits,  excluding stock based compensation expense*, reflected a decrease from $148,000 during the three months ended March  31, 2007 to $125,000 during the three months ended March 31, 2008.  These  reductions in costs reflect a shift in our revenue mix from revenue generated  primarily through licensing agreements and the direct sales of license film  content, which requires a large sales force, to a strategy of manufacturing and  distributing product from our own library of licensed film content to  nation-wide retailers.   Furthermore, the  license and distribution agreement with Westlake Entertainment, Inc.  which  effectively transferred all day-to-day operations related to our home video  library to Westlake Entertainment, Inc., aided the Company to further reduce  its sales force and the associated costs.

 

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The  remaining operating expenses consisted of professional fees, rent expense, amortization  expense and general and administrative expenses.  Professional fees were  approximately $11,000 less during the three months ended March 31, 2008  compared to the three months ended March 31, 2007.  The decrease in professional fees are in part  due to a significant decrease in amounts paid accounting fees that were offset  by increase fees paid for consulting services.  

*Accounting Fees* comprised the majority of this decrease from the  previous quarter.  For the three months  ended March 31, 2007 accounting fees were $46,000.  For the three months ended March 31, 2008,  accounting fees were $23,000.

*Legal expense* decreased by approximately $4,000 during the three  months ended March 31, 2008 as compared to the three months ended March 1, 2007.   For the three months ended March 31, 2008 and 2007 legal fees were $800 and $5,000,  respectively.  

*Consulting fees* increased by $17,000 during the three months ended March  31, 2008 as compared to the three months ended March 31, 2007.  For the three months ended March 31, 2008 consulting  fees were under $27,000 of which the majority of the expense was related to sales.

*General and administrative expense* decreased slightly by approximately $17,000 during  the three months ended March 31, 2008 compared to the three months ended March  31, 2007 and is attributed to the change in strategy of the Company into  manufacturing and distributing product from our own library of licensed film  content and with license and distribution agreement with Westlake  Entertainment, Inc.  which has allowed the Company to decrease day-to-day  overhead costs.  

***Net Loss***

For  the three months ended March 31, 2008 and 2007 the Company had a net loss of  approximately $491,000 and 722,000, respectively.  The Company reduced its  operating expenses by a significant amount during the three months ended March  31, 2008 as compared to the three months ended March 31, 2007.  During 2007, the  Company implemented strategies to reduce its cash used in operating activities  which included a targeted reduction of the employee workforce, increasing the  efficiency of the Company's developmental efforts, reducing discretionary  expenditures and negotiating favorable payment arrangements with service  providers.

***Interest Income and Other, Net***

Given  the financials constraints of the Company and its reliance on financing  activities, interest expense related to the financing of capital increased from  $26,000 during the three months ended March 31, 2007 to $40,000 during the months  ended March 31, 2008.

 

***Liquidity and Capital Resources***

*Our principal sources of liquidity* are cash generated from current operations and cash  from financing activities.  As of March  31, 2008, our cash and cash equivalents were $231,000.  We had a working capital deficit of  approximately $1.7 million at March 31, 2008 and we continue to have recurring  losses.  In the past we have primarily relied upon loans from related parties to  fund our operations and, to a lesser extent, revenues generated from licensing  our film content, on a non-exclusive basis, to other distributors of Latino  home entertainment content.  These conditions raise substantial doubt about our  ability to continue as a going concern.  We are actively seeking sources of  additional financing in order to maintain and potentially expand our operations  and to fund our debt repayment obligations.  Even if we are able to obtain  funding, there can be no assurance that a sufficient level of sales will be  attained to fund such operations or that unbudgeted costs will not be incurred.   Future events, including the problems, delays, expenses and difficulties  frequently encountered by similarly situated companies, as well as changes in  economic, regulatory or competitive conditions, may lead to cost increases that  could make the net proceeds of any new funding and cash flow from operations  insufficient to fund our capital requirements.   There can be no assurances that  we will be able to obtain such additional funding from management or other  investors on terms acceptable to us, if at all.

*Total assets* were $934,000 at March 31, 2008 versus $929,000 at March  31, 2007.   The change in total assets is primarily attributable to revenues  generated by the Company through equity transaction activities during the three  months ended March 31, 2008 and an increase in Accounts Receivable that were offset  by decreases in Property and Equipment and in Intangible Assets.

*Accounts receivable* increased by $198,000 during the three months ended  March 31, 2008 as compared to the three months ended March 31, 2007.  The increase in accounts receivable resulted  primarily from the change in Company sales strategy from small local retailers  to large national retailers during the fiscal year 2007.  The sales transaction settlement terms  associated with small retailers typically is ‘Cash On Delivery’ while the  settlement terms of national retailers is thirty to sixty days.  In conjunction with the change in sales  strategy away from smaller retailers to larger nationwide retailers was an  associated shift in settlement terms from COD to thirty to sixty days that  subsequently led to an increased accounts receivable.

 

 

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*DVD sales* decreased from $125,000 during the three months ended  March 31, 2007 to $76,000 during the three months ended March 31, 2008.  The  changes in DVD sales reflect the shift in Company strategy to manufacturing and  distributing product from our own library of licensed films and expanding sales  to nation-wide retailers. This general  strategy aided in dramatically reducing overhead costs and in part enabling the  Company to increase sales during the third and fourth quarters 2007 without  significantly raising overhead costs.  Furthering our strategy to reduce overhead costs and streamlining our  operations to focus on digital content distribution, in January 2008, the  Company entered into a license and distribution agreement with Westlake  Entertainment, Inc.  This agreement  effectively shifted all manufacturing and distribution of our home video  library to Westlake Entertainment, Inc.   The agreement with Westlake  Entertainment allowed the Company to increase its national exposure through  existing Westlake Entertainment sales channels while maintaining our existing  sales to national retailers and further reduce our overhead costs by  effectively transferring all day to day operations related to our home video  library to Westlake Entertainment.  This  agreement has thus better positioned the Company to focus on our Digital  Content Distribution.   This agreement calls for a 25% - 50% distribution fee to  Westlake on gross sales of licensed products.

*Intangible assets* decreased from $504,000 during the three months ended  March 31, 2007 to $364,000 during the three months ended March 31, 2008.  The decrease in intangible assets was due to  the amortization of our licensed content.

*Property and Equipment* decreased primarily from the non-recurring expense  related to a loss on abandonment of our iCodeMedia and ITunesBucks assets.  During the quarter ending March 31, 2008,  management determined that the Company would no longer develop the iCodemedia  Assets and, accordingly, $41,650 was charged to operations in the current period  as a non-recurring loss on abandonment.  During  the quarter ending March 31, 2008, management determined that the Company would  no longer develop the ITunesBucks Assets and, accordingly, $88,667 was charged  to operations in the current period as a non-recurring loss on abandonment.

***Off-Balance Sheet Arrangements***

We do not have any off  balance sheet arrangements that are reasonably likely to have a current or  future effect on our financial condition, revenues, results of operations,  liquidity, or capital expenditures.

***Risk Factors***

There  have been no material changes from risk factors previously disclosed in Item 1  included in our Annual Report on Form 10-KSB for the fiscal year ended December  31, 2007, which was filed with the SEC on April 16, 2008.

**Item 3.   Quantitative and Qualitative Disclosures  About Market Risk**.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

**Item 4T.**   **Controls and  Procedures.**

As of the end of the period covered by this report, we conducted an evaluation,  under the supervision and with the participation of our chief executive officer  and chief financial officer of our disclosure controls and procedures (as  defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act).   Based upon  this evaluation, our chief executive officer and chief financial officer  concluded that, as of March 31, 2008, our disclosure controls and procedures are effective to ensure  that information required to be disclosed by us in the reports that we file or  submit under the Exchange Act is: (1) accumulated and communicated to our  management, including our chief executive officer and chief financial officer,  as appropriate to allow timely decisions regarding required disclosure; and (2)  recorded, processed, summarized and reported, within the time periods specified  in the Commission's rules and forms.  There was no change to our internal controls or in other factors that  could affect these controls during our last fiscal quarter that has materially  affected, or is reasonably likely to materially affect, our internal control  over financial reporting.

 

 

 

 

 

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**PART  II**

**Item 1.**  **Legal Proceedings.**

We are not a party to any  pending legal proceeding, nor is our property the subject of a pending legal  proceeding, that is not in the ordinary course of business or otherwise material  to the financial condition of our business.   None of our directors, officers or  affiliates is involved in a proceeding adverse to our business or has a  material interest adverse to our business.   

**Item 2.**  **Unregistered Sales of Equity Securities  and Use of Proceeds****.**

During the three months ended March 31, 2008 , we  sold a total of 10,000,000 shares of our common stock at $0.03 per share to an investor  for an aggregate purchase price of $300,000 in cash.  The purchaser is an "accredited investor" as  such term in defined in Rule 501 of Regulation D.  The purchaser represented that it acquired  the shares for investment purposes.  Restrictive legends were placed on the certificate issued to the  purchaser.  The securities were issued in reliance upon the exemption  from registration pursuant to Section 4(2) of the Securities Act of 1933, as  amended, and/or Rule 506 thereunder.

**Item 3.**  **Defaults  Upon Senior Securities.**

Not applicable.

**Item 4.**  **Submission  of Matters to a Vote of Security Holder****s.**

Not applicable.

**Item 5.**  **Other Information****.**

See  Part II, Item 2 for information on the sale during the first quarter of 2008 of  a total of 10,000,000 shares of our common stock to an investor for an  aggregate purchase price of $300,000.

 

**Item 6.**

**Exhibits.**

**Exhibit****Number**

 

**Description**

 

 

 

31.1

 

Certification by    Chief Executive Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of the    Exchange Act

31.2

 

Certification by    Chief Financial Officer, required by Rule 13a-14(a) or Rule 15d-14(a) of the    Exchange Act

32.1

 

Certification by    Chief Executive Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the    Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States    Code

32.2

 

Certification by    Chief Financial Officer, required by Rule 13a-14(b) or Rule 15d-14(b) of the    Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States    Code

 

 

 

 

 

 

 

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**SIGNATURES**

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

 
**DIGICORP, INC.**     Date: May 19, 2008By:/s/ Jay Rifkin   Jay Rifkin   Chief Executive Officer         Date: May 19, 2008By:/s/ Jay Rifkin   Jay Rifkin   Principal Financial Officer    
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