**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


Washington,
      DC 20549





**FORM
      10-QSB**





[X]
            Quarterly
                Report pursuant to Section 13 or 15(d) of the Securities Exchange
                Act of
                1934For
                the quarterly period endedJune
                30, 2007[
                ]
            Transition
                Report pursuant to 13 or 15(d) of the Securities Exchange Act of
                1934For
                the transition periodto__________Commission
                File Number:333-107300




Debut
        Broadcasting Corporation, Inc.
 (Exact
        name of small business issuer as specified in its
        charter)





Nevada
            88-0417389(State
                or other jurisdiction of incorporation or organization)
            (IRS
                Employer Identification No.)








1209
                16thAvenue South, Nashville, TN 37212(Address
                of principal executive offices)





615-
                866-0530(Issuer’s
                telephone number)California
                News Tech, 825 Van Ness Avenue Suite 406-407, 4th Floor
              San
                Francisco, California 94109(Former
                name, former address and former fiscal year, if changed since last
                report)





Check
      whether the issuer (1) 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 issuer 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 shell company (as defined in Rule
      12b-2 of the Exchange Act). [ ] Yes [X] No





State
      the
      number of shares outstanding of each of the issuer’s classes of common stock, as
      of the latest practicable date: 19,794,360  common
      shares as of June 30, 2007.





Transitional
      Small Business Disclosure Format (check one): Yes [ ] No [X]




Table
          of Contents





TABLE
                OF CONTENTS
            PagePART
                I - FINANCIAL INFORMATIONItem
                1.
            Financial
                Statements
            3Item
                2.
            Management’s
                Discussion and Analysis or Plan of
                Operation
            11Item
                3.
            Controls
                and Procedures
            29PART
                II - OTHER INFORMATIONItem
                1.
            Legal
                Proceedings
            30Item
                2.
            Unregistered
                Sales of Equity Securities and Use of
                Proceeds
            30Item
                3.
            Defaults
                Upon Senior Securities
            30Item
                4.
            Submission
                of Matters to a Vote of Security
                Holders
            30Item
                5.
            Other
                Information
            30Item
                6.
            Exhibits
            30


2
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          of Contents


**PART
      I - FINANCIAL INFORMATION**





**Item
      1.****Financial
      Statements**





Our
                unaudited financial statements included in this Form 10-QSB are as
                follows:F-1
            Condensed
                Consolidated Balance Sheet as of June 30, 2007 and
                December 31, 2006;F-2
            Consolidated
                Statements of Operations for thequarter
                and six months ended June 30, 2007 and 2006;F-3
            Consolidated
                Statements of Cash Flows for the six months ended
                June 30, 2007 and 2006;




These
      unaudited financial statements have been prepared in accordance with accounting
      principles generally accepted in the United States of America for interim
      financial information and the SEC instructions to Form 10-QSB. In the opinion
      of
      management, all adjustments considered necessary for a fair presentation have
      been included. Operating results for the interim period ended June 30, 2007
      are
      not necessarily indicative of the results that can be expected for the full
      year.




3
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          of Contents


**DEBUT
        BROADCASTING CORPORATION, INC.** **CONDENSED
          CONSOLIDATED BALANCE SHEET**
 ASSETS
                  June
                          302007(Unaudited)
                  
                  December
                          312006Current
                      assetsCash
                      and cash equivalents
                  $
                  1,248,112
                  
                  $
                  86,112Accounts
                      receivable, net
                  
                  469,145
                  
                  
                  402,067Other
                      current assets
                  
                  109,180
                  
                  
                  -Total
                      current assets
                  
                  1,826,437
                  
                  
                  488,179Property
                      and equipment, net
                  
                  356,105
                  
                  
                  62,026Goodwill
                  
                  124,933
                  
                  
                  -FCC
                      licenses
                  
                  1,037,000
                  
                  
                  -Other
                      intangible assets, net
                  
                  247,632
                  
                  
                  -Total
                      assets
                  $
                  3,592,107
                  
                  $
                  550,205LIABILITIES
                      AND STOCKHOLDERS' EQUITY (DEFICIT)Current
                      liabilitiesAccounts
                      payable
                  $
                  460,135
                  
                  $
                  167,048Accrued
                      expenses and taxes
                  
                  84,514
                  
                  
                  50,154Notes
                      payable
                  
                  6,756
                  
                  
                  -Notes
                      payable to shareholders
                  
                  148,000
                  
                  
                  215,158Lines
                      of credit
                  
                  240,375
                  
                  
                  210,375Current
                      portion of long-term debt
                  
                  54,995
                  
                  
                  -Total
                      current liabilities
                  
                  994,775
                  
                  
                  642,735Long
                      term liabilitiesLong-term
                      debt
                  
                  550,903
                  
                  
                  631,768Total
                      long term liabilities
                  
                  550,903
                  
                  
                  631,768Total
                      liabilities
                  
                  1,545,678
                  
                  
                  1,274,503Stockholders'
                      equity (deficit)Common
                      stock - $.003 par value, 100,000,000 shares authorized
                      19,794,360
                        and 19,794,360 issued and outstanding, respectively.
                        (See
                          Note 4)
                  
                  30,383
                  
                  
                  1,000Additional
                      paid in capital
                  
                  3,364,204
                  
                  
                  -Accumulated
                      deficit
                  
                  (1,348,158)
                  
                  
                  (725,298)Total
                      stockholders' equity (deficit)
                  
                  2,046,429
                  
                  
                  (724,298)Total
                      liabilities and stockholders' equity (deficit)
                  $
                  3,592,107
                  
                  $
                  550,205


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


F-1
 Table
          of Contents


**DEBUT
      BROADCASTING CORPORATION, INC.**


**CONDENSED
      CONSOLIDATED STATEMENTS OF
      OPERATIONS**


**(Unaudited)**


Three
                  months ended June 30,
              
              
              Six
                  months ended June30,2007
              
              
              2006
              
              
              2007
              
              
              2006Net
                  Revenue
              $
              644,941
              
              $
              684,995
              
              $
              1,290,176
              
              $
              1,093,354Operating
                  expensesAdvertising
              
              4,491
              
              
              -
              
              
              7,777
              
              
              -Operating
                  expense
              
              866,709
              
              
              656,675
              
              
              1,502,661
              
              
              1,136,796Depreciation
                  expense
              
              15,103
              
              
              4,580
              
              
              19,813
              
              
              9,161Merger
                  and acquisition related expenses
              
              255,974
              
              
              -
              
              
              339,828
              
              
              -Total
                  operating expenses
              
              1,142,277
              
              
              661,255
              
              
              1,870,079
              
              
              1,145,957Operating
                  income
              
              (497,336)
              
              
              23,740
              
              
              (579,903)
              
              
              (52,603)Other
                  expense (income)Interest
                  expense
              
              26,159
              
              
              31,141
              
              
              53,074
              
              
              60,304Interest
                  income
              
              (10,116)
              
              
              -
              
              
              (10,117)
              
              
              -Total
                  other expenses
              
              16,043
              
              
              31,141
              
              
              42,957
              
              
              60,304Net
                  (loss)
              $
              (513,379)
              
              $
              (7,401)
              
              $
              (622,860)
              
              $
              (112,907)Accumulated
                  deficit at the beginning of the period
              
              (834,779)
              
              
              (654,781)
              
              
              (725,298)
              
              
              (549,275)Accumulated
                  deficit at the end of the period
              $
              (1,348,158)
              
              $
              (662,182)
              
              $
              (1,348,158)
              
              $
              (662,182)Loss
                  per common shareBasic
                  and diluted
              $
              (0.03)
              
              $
              (0.00)
              
              $
              (0.03)
              
              $
              (0.01)Weighted
                  average number of shares outstanding,basic
                  and diluted
              
              19,794,360
              
              
              19,794,360
              
              
              19,794,360
              
              
              19,794,360




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


F-2
 Table
          of Contents


**DEBUT
        BROADCASTING CORPORATION, INC. AND SUBSIDIARIES**
 **CONDENSED
        CONSOLIDATED STATEMENTS OF CASH
        FLOWS**
 **(Unaudited)**
   For
                  the Six Months Ended June 30,2007
              
              2006Operating
                  activities:Net
                  loss
              $
              (622,860)
              
              $
              (112,907)Adjustments
                  to reconcile net loss to net cash providedby/(used
                  in) operating activities:Depreciation
                  and amortization
              
              19,813
              
              
              9,161Changes
                  in operating assets and liabilities, net of effectsof
                  acquisitions:(Increase)
                  decrease in accounts receivable
              
              (17,299)
              
              
              205,466(Increase)
                  decrease in other current assets
              
              (97,880)
              
              
              -Increase
                  (decrease) in accounts payable
              
              224,989
              
              
              (8,107)Increase
                  (decrease) in accrued expenses and taxes
              
              52,360
              
              
              (8,756)Net
                  cash provided by/(used in) operating activities
              
              (440,877)
              
              
              84,857Investing
                  activities:Purchases
                  of property and equipment
              
              (136,753)
              
              
              (13,026)Acquisition
                  of California News Tech, net of acquired cash
              
              99,515
              
              
              -Acquisition
                  of Shamrock Broadcasting
              
              (300,000)
              
              
              -Acquisition
                  of River Broadcasting
              
              (1,037,134)
              
              
              -Net
                  cash used in investing activities
              
              (1,374,372)
              
              
              (13,026)Financing
                  activities:Net
                  proceeds from private placement of common stock
              
              2,976,497
              
              
              -Proceeds
                  from bank credit facility
              
              30,000
              
              
              -Procceds
                  from shareholder notes
              
              -
              
              
              29,188Repayment
                  of long term debt
              
              (29,248)
              
              
              (13,180)Net
                  cash provided by financing activities
              
              2,977,249
              
              
              16,008Net
                  increase in cash and cash equivalents
              
              1,162,000
              
              
              87,839Cash
                  and cash equivalents at beginning of period
              
              86,112
              
              
              (7,910)Cash
                  and cash equivalents at end of period
              $
              1,248,112
              
              $
              79,929
  The
        accompanying notes are an integral part of these financial
        statements.


F-3
 Table
          of Contents




**Note
      1 - Organization**





Debut
      Broadcasting Corporation, Inc. (the “Company”) is located in Nashville, TN and
      conducts business from its principal executive office at 1209 16 th Avenue
      South, Nashville, TN 37212. The Company produces and distributes syndicated
      radio programs to radio stations across the United States and Canada. In
      addition, the Company owns and operates five radio stations in Mississippi.





The
      Company maintains radio syndication in Nashville and produces twenty-one radio
      programs, which are broadcast over approximately 1,100 radio station affiliates.
      These radio programs have an estimated 40 million U.S. listeners per week.
      In
      addition to its syndication services Debut Broadcasting Corporation, Inc. owns
      and operates a multi-media studio with audio, video and on-line content
      production capabilities. This facility is located on Music Row in Nashville,
      TN.
      The Company also provides marketing, consulting, and media buying (advertising)
      for its radio broadcast station customers in the United States.





On
      May
      17, 2007 the Company consummated a reverse merger with California News Tech,
      a
      public company that was organized in Nevada. Media Sentiment, Inc. (“MSI”), a
      wholly owned subsidiary of California News Tech held all of the assets and
      operations of California News Tech at the date of the merger.





On
      June
      27, 2007, MSI filed a registration statement with the SEC, registering 100%
      of
      the issued and outstanding shares of MSI for the purpose of completing a
      spin-off of MSI by transferring all of the common shares of MSI to shareholders
      of record of California News Tech as of April 20, 2007. We anticipate completing
      the spin-off of MSI during the third quarter of 2007.





**Note
      2 - Basis of Presentation and Interim Results**





The
      condensed consolidated financial statements include the accounts of Debut
      Broadcasting Corporation, Inc. (the “Company”), and its subsidiaries. The
      interim financial statements of Debut Broadcasting Corporation, Inc. have been
      prepared without audit.





These
      interim results include the assets, liabilities and operations of the wholly
      owned subsidiary MSI, which the Company expects to be spun off during the third
      quarter of 2007.





Certain
      information and footnote disclosures normally included in annual financial
      statements prepared in accordance with generally accepted accounting principles
      have been condensed or omitted. We believe that the disclosures are adequate
      to
      make the financial information presented not misleading. These condensed
      financial statements should be read in conjunction with the audited consolidated
      financial statements and the notes thereto for the year ended December 31,
      2006.
      All adjustments were of a normal recurring nature unless otherwise disclosed.
      In
      the opinion of management, all adjustments necessary for a fair statement of
      the
      results of operations for the interim period have been included. The results
      of
      operations for such interim periods are not necessarily indicative of the
      results for the full year.





4
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          of Contents




Revenue
      and Cost Recognition





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





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





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





Advertising





The
      Company expenses advertising costs as they are incurred. Total advertising
      costs
      of $4,491 and $0 are included in the financial statements for the three months
      ended June 30, 2007 and June 30, 2006, respectively. Total advertising costs
      of
      $7,777 and $0 are included in the financial statements for the six months ended
      June 30, 2007 and June 30, 2006, respectively.





**Note
      3 - Initial Adoption of FIN 48**





We
      adopted the provisions of Financial Accounting Standards Board (“FASB”)
      Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an
      interpretation of FASB Statement No. 109 (“FIN 48”), on May 17, 2007. This
      interpretation increases the relevancy and comparability of financial reporting
      by clarifying the way companies account for uncertainty in income taxes. FIN
      48
      prescribes a consistent recognition threshold and measurement attribute, as
      well
      as clear criteria for subsequently recognizing, derecognizing and measuring
      such
      tax positions for financial statement purposes. The interpretation also requires
      expanded disclosure with respect to the uncertainty in income taxes.





**Note
      4 - Loss Per Share**





All
      shares of common stock and prices have been restated in the accompanying
      consolidated financial statements and notes to give effect to the merger of
      the
      Company with California News Tech. Therefore, the calculation of Loss Per Share
      is equal to the number of common shares outstanding assuming the merger was
      completed on January 1, 2006. As of June 30, 2007, the Company had no stock
      options or securities convertible into any form of equity outstanding.


5
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          of Contents





**Note
      5 - Property and equipment**





Property
      and equipment are stated at cost less accumulated depreciation. Depreciation
      of
      property and equipment are computed using the straight-line method based upon
      estimated lives of assets ranging between three to ten years. Property and
      equipment are summarized as follows:





June
                30, 2007
            
            Dec.
                31, 2006Land
            $
            49,500
            
            $
            0Buildings
            
            63,500
            
            
            0Towers
                and studio equipment
            
            225,506
            
            
            53,115Furniture
                and fixtures
            
            27,745
            
            
            24,987Office
                equipment
            
            9,963
            
            
            8,642Computer
                hardware
            
            65,831
            
            
            57,268Computer
                software
            
            9,671
            
            
            3,287Accumulated
                depreciation
            
            (95,611)
            
            
            (85,273)Property
                and equipment, net
            $
            356,105
            
            $
            62,026





Of
      the
      $356,105 in Net Property and Equipment as of 6/30/07, $292,947 was added through
      the acquisition of five broadcast radio stations during the quarter including
      equipment purchases to support the newly acquired stations. (See Note 10 -
      Business Combinations).





**Note
      6 - Lines of Credit**





On
      May 3,
      2002 and amended on April 26, 2004, the Company entered into an unsecured
      Promissory Note establishing a revolving line of credit with the Bank of America
      for $75,000. The Note requires monthly interest payments and the interest rate
      is based on the prime rate set by the Bank, 9.75% at June 30, 2007. The interest
      rate is adjusted based on changes in the Bank’s prime rate. The Note, which
      matured in April, 2005, was renewed twice, most recently on May 7, 2007 and
      matures on May 3, 2008. The balance of the Line of Credit at June 30, 2007
      and
      2006 was $75,000 and $75,000, respectively.





The
      Company signed a Promissory Note on August 15, 2006 for $200,000 with Regions
      Bank to refinance existing debt. The Note matures on November 30, 2007 and
      requires monthly interest payments accruing at an initial rate of 7.58%. The
      rate is subject to monthly change based on an independent index plus 2.25%.
      The
      Note is secured by a personal guarantee of certain officers of the Company
      and
      all inventory, chattel paper, accounts, equipment and general intangibles
      existing or purchased after the signing of the agreement. The principal balance
      as of June 30, 2007 was $165,375. See Note 7.





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**Note
      7 - Notes Payable to Shareholders**





Debut
      Broadcasting Shareholder Notes





Shareholder
      loans to the Company were made under various notes dated May 15, 2003 through
      May 17, 2006. Additional shareholder loans were made under various notes dated
      December 10, 2004 through May 17, 2006. The interest rate was at Prime.
      Principal and interest were payable upon shareholder demand. The total balance
      of these loans at June 30, 2007 and 2006 was $0 and $162,158,
      respectively.





On
      June
      6, 2005, the Company entered into an unsecured loan agreement with Rush Capital,
      LLC for $50,000. Rush Capital is an entity owned and controlled by an officer
      and stockholder in the Company. The note, plus interest accrued at prime, was
      payable upon demand. The total balance of these loans at June 30, 2007 and
      2006
      was $0 and $50,000.





On
      June
      5, 2006 the Company entered into a loan agreement with Rush Capital, LLC for
      $3,000. The note, plus interest accrued at prime, is payable upon demand. The
      total balance of these loans at June 30, 2007 and 2006 was $0 and
      $3,000.





Effective
      with the Merger of the Company on May 17, 2007, the Rush Capital and other
      shareholder notes were converted into 430,316 shares of Common Stock in Debut
      Broadcasting Corporation, Inc. (See Note 11 - Business Combinations). Therefore,
      the balance of these loans at June 30, 2007 and 2006 was $0 and $215,158,
      respectively.





Total
      interest expense associated with the shareholder loans was $2,243 and $6,680
      for
      the quarter and six months ended June 30, 2007, respectively. Accrued interest
      due to stockholders was $35,172 as of June 30, 2007. Total interest expense
      associated with the shareholder loans was $4,392 and $8,196 for the quarter
      and
      six months ended June 30, 2006, respectively. Accrued interest due to
      stockholders was $19,204 as of June 30, 2006.





MSI
      Shareholder Notes





As
      of May
      17, 2007, the Company assumed $130,000 of notes payable to a former officer
      of
      California News Tech and his wife. During the period from May 17, 2007 and
      June
      30, 2007, $18,000 of accrued salaries were converted into additional notes
      payable. The total outstanding at June 30, 2007 was $148,000.





**Note
      8 - Loans Payable**





On
      August
      15, 2006 the Company signed a promissory note with Regions Bank for $300,000
      with an initial interest rate of 7.58%. The loan is secured by all inventory,
      chattel paper, accounts, equipment and general intangibles. The loan matures
      August 30, 2011 and is payable in monthly instalments of $6,058, including
      variable interest at 2.250% points per annum over the Index, which is the London
      Interbank Offered Rate (“LIBOR”) for the applicable Index Period.





Total
      interest expense on the Regions Bank loan was $ 5,168 and $ 10,447 for the
      quarter and six





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months
      ended June 30, 2007, respectively. The balance of the note at June 30, 2007
      was
      $203,412 of which $54,995 is the current portion.




On
      August
      28, 2002, the Company signed an unsecured promissory note with Citadel
      Communications for $430,415. The loan has no maturity date and accrues interest
      at 12%. The note was amended in April, 2003 requiring interest only payments
      indefinitely. The balance of the note at June 30, 2007 was
      $347,491.




**Note
      9 - Shareholders’ Equity**





In
      connection with the merger dated May 17, 2007 (See Note 10 - Business
      Combinations), all shares of common stock outstanding prior to the merger date
      were exchanged for 10,000,000 shares of the Company common stock.





In
      addition, in connection with the merger, the Company completed a private
      placement of $3,000,000 consisting of 6,000,000 shares of the Company’s common
      stock at $0.50 per share. The transaction was recorded net of financing costs
      of
      $23,503.





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





The
      pre-merger shareholders of the Company maintained 364,044 shares of the
      Company’s common stock.





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





**Note
      10 - Business Combinations**





**California
      News Tech**




On
      May
      17, 2007, the Company entered into an Agreement and Plan of Merger with
      California News Tech. The merger was accounted for as a reverse merger using
      the
      purchase method of accounting. Accordingly, the acquisition has been treated
      as
      an acquisition of California News Tech by Debut Broadcasting Corporation, Inc.
      As a result, the assets and liabilities of California News Tech and its wholly
      owned subsidiary are recorded at their estimated fair value at the date of
      the
      merger.





As
      part
      of the merger, each share of Debut Broadcasting, Inc., a Tennessee Corporation
      (formerly the Marketing Group), common stock issued and outstanding immediately
      prior to the closing of the Merger was converted into the right to receive
      one
      share of our common stock. As a result, the shareholders of Debut Broadcasting
      received 10,000,000 newly issued shares of our common stock.





The
      purchase price was determined utilizing the fair market value of the closing
      price for the outstanding shares of California News Tech on the day prior to
      the
      announcement of the transaction.





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The
      purchase price of $101,932 was allocated as follows:





Description
            AmountFair
                value of tangible assets acquired(includes
                cash of $99,515)
            $
            113,325Goodwill
            
            59,934Other
                intangible assets, net
            
            226,771Liabilities
                assumed
            
            (298,098)Purchase
                Price
            $
            101,932





Also
      as
      part of the merger, we issued 6,430,316 shares of our common stock to investors
      as a result of closing a private offering exempt from registration under Rule
      506 of Regulation D of the Securities Act of 1933. The shares were issued for
      a
      combination of cash and debt reduction.





We
      reported the details of the Agreement and Plan of Merger and the related
      transactions on a Form 8-K filed May 22, 2007.





**Shamrock
      Broadcasting, Inc.**





On
      June
      7, 2007, we acquired two radio broadcast stations identified as WNLA FM 105.5
      MHz and WNLA AM 1380 kHz in Indianola, MS, from Shamrock Broadcasting, Inc.,
      including all of the facilities, equipment, licenses and intellectual property
      necessary to operate these stations in exchange for $300,000 in cash. In a
      separate agreement the Company purchased the accounts receivable of Shamrock
      Broadcasting through issuance of a $10,134 note payable in three equal
      instalments made in each of three months following completion of the
      transaction.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            10,134Land
            
            14,500Buildings
                and structures
            
            13,500Equipment
            
            30,000FCC
                Licenses
            
            237,000Non-Compete
                Agreement
            
            5,000Liabilities
                assumed
            
            (10,134)Total
            $
            300,000





**River
      Broadcasting Company**





On
      June
      19, 2007, we acquired three radio broadcast stations identified as WIQQ FM
      102.3
      MHz in Leland, MS, WBAQ FM 97.9 MHz and WNIX AM 1330 kHz in Greenville, MS,
      from
      River Broadcasting Company, including all of the facilities, equipment, licenses
      and intellectual property




9
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necessary
      to operate these stations in exchange for cash of $ 1,037,134.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            37,134Land
            35,000Buildings
                and structures
            
            50,000Equipment
            
            25,000FCC
                Licenses
            
            800,000Non-Compete
                Agreement
            
            25,000Goodwill
            
            65,000Total
            $
            1,037,134




We
      reported our acquisition of these five radio stations on Form 8-K filed June
      22,
      2007.





**Note
      11 - Income Taxes**





The
      tax
      effect of significant temporary differences representing future tax assets
      and
      future tax liabilities has been fully offset by a valuation allowance. The
      Company has determined that realization is uncertain and therefore a valuation
      allowance has been recorded against this future income tax asset.




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**Item
      2.     Management’s Discussion and
      Analysis or Plan of Operation**





**Forward-Looking
      Statements**





Certain
      statements, other than purely historical information, including estimates,
      projections, statements relating to our business plans, objectives, and expected
      operating results, and the assumptions upon which those statements are based,
      are “forward-looking statements” within the meaning of the Private Securities
      Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933
      and Section 21E of the Securities Exchange Act of 1934. These
      forward-looking statements generally are identified by the words “believes,”
“project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,”
“may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and
      similar expressions. We
      intend
      such forward-looking statements to be covered by the safe-harbor provisions
      for
      forward-looking statements contained in the Private Securities Litigation Reform
      Act of 1995, and are including this statement for purposes of complying with
      those safe-harbor provisions. Forward-looking
      statements are based on current expectations and assumptions that are subject
      to
      risks and uncertainties which may cause actual results to differ materially
      from
      the forward-looking statements. Our
      ability to predict results or the actual effect of future plans or strategies
      is
      inherently uncertain. Factors which could have a material adverse affect on
      our
      operations and future prospects on a consolidated basis include, but are not
      limited to: changes in economic conditions, legislative/regulatory changes,
      availability of capital, interest rates, competition, and generally accepted
      accounting principles. These risks and uncertainties should also be considered
      in evaluating forward-looking statements and undue reliance should not be placed
      on such statements. We
      undertake no obligation to update or revise publicly any forward-looking
      statements, whether as a result of new information, future events or otherwise. Further
      information concerning our business, including additional factors that could
      materially affect our financial results, is included herein and in our other
      filings with the SEC.





**Overview**





We
      were
      originally incorporated in Nevada on January 22, 1999, as NewsSurfer.com
      Corporation. In January 2001 we changed our name to California News Tech and
      in
      November 2001 shifted our business plan to focus on providing online access
      to
      news media analysis for a subscription fee. On October 31, 2006 we moved all
      our
      assets and business to our new wholly-owned subsidiary, Media Sentiment, Inc.
      (“MSI”).





On
      May
      17, 2007 we issued a control block of our common stock to the former
      shareholders of Debut Broadcasting, Inc. (“Debut Broadcasting”), a privately
      held Tennessee corporation. Through a series of related transactions, we
      acquired Debut Broadcasting, Inc., which became our wholly-owned subsidiary,
      and
      subsequently changed our name to Debut Broadcasting Corporation, Inc. (“Debut”).





On
      June
      27, 2007, MSI filed a registration statement with the SEC, registering 100%
      of
      the issued and outstanding shares of MSI for the purpose of completing a spinoff
      of MSI by transferring all of the common shares of MSI to our shareholders
      of
      record as of April 20, 2007.




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We
      anticipate completing the spinoff of MSI during the third quarter of
      2007.





**Existing
      Business Operations of Debut**





All
      of
      our current material business operations are conducted through our wholly-owned
      subsidiary, Debut Broadcasting.





***Existing
      Radio Syndication Business***





Our
      core
      business is the production and distribution of syndicated radio programming
      to
      radio stations in the U.S. and Canada. We have grown from a single radio program
      in 1999 to approximately 20 distinct programs and services currently offered
      to
      radio stations in the U.S. and Canada. A customer base of nearly 1,400 radio
      stations generates an audience nearly 40 million listeners each week in the
      US.
      Current programming focuses on country, Christian, and urban formats. Planned
      expansion includes adult contemporary and rock formats.





Revenue
      is generated from advertising and sponsorship sold in the syndicated radio
      programs, as well as revenue-sharing agreements with radio station affiliates.
      Key advertising relationships include Wal-Mart, Pfizer, GEICO Insurance, Johnson
      & Johnson, General Mills, Netflix, and others.





During
      the past decade, rapid consolidation of the radio industry resulted from
      government de-regulation of ownership limits. Companies that owned the maximum
      of 24 radio stations prior to 1996 are now free to own far more licenses. The
      larger companies own an average of 225 stations each and the largest, Clear
      Channel Communications, owns over 1,000 (although it is in the process of
      divesting from some smaller markets).





The
      process of consolidation has dramatically reduced staffing levels. Most radio
      stations now rely on automation systems and syndicated programming to fill
      airtime. The average number of employees dedicated to each on-air radio signal
      in 1996 was eight (8); today, that number is below three (3). We have exploited
      this need, providing radio stations with daily features and hourly weekend
      programming.





We
      intend
      to continue our rapid expansion of the programming and services we offer to
      radio stations, including increased penetration of larger markets with long-form
      programming. Specifically, we will focus on creating a new-generation of
      long-form, 24-hour programming in the following formats:





1.  Country


2.  Rock


3.  Urban


4.  Adult
      Contemporary





Relying
      on our Management’s experience with 24-hour programming, which has been
      historically delivered via satellite to radio station affiliates, we now utilize
      a more efficient delivery method facilitated by the Internet. The result is
      a
      more “hands-off” operation on the




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radio
      station end of the service; higher-quality; much greater flexibility; more
      localized programming for radio station affiliates; and more reliable delivery
      (eliminating vulnerabilities in the traditional satellite-delivery
      systems).





In
      addition, our planned expansion of program and service offerings
      includes:





1.  24-Hour
      Weather & On-Call Severe Weather Coverage


2.  Format-Specific
      News and Sports Reporters


3.  Production
      Music & Station Imaging





By
      increasing the rate of the expansion of our programming and services even
      further, we hope to acquire a higher number of radio station affiliates and
      earn
      increased ratings, which should translate into increased revenues.





**Diversification**





We
      have
      recently expanded our business plan to include the acquisition and management
      of
      radio stations (“Properties”) in small to mid-sized radio markets in the United
      States. Radio stations acquired by us will serve as flagships for the new
      24-hour programming and other programs and services provided by us. We further
      anticipate that these acquisitions will also increase margins and cash flow
      for
      the radio stations and existing syndication operations as we leverage unique
      synergies resulting from our existing lines of business. In furtherance of
      this
      strategy, during June 2007 we acquired and now own and operate five broadcast
      radio stations in the area of Greenville, Mississippi, identified as WIQQ FM
      102.3 MHz in Leland, Mississippi, WBAQ FM 97.9 MHz, WNIX AM 1330 kHz in
      Greenville, Mississippi, and WNLA FM 105.5 MHz and WNLA AM 1380 kHz in
      Indianola, Mississippi. We will continue to review the potential of additional
      acquisitions of radio stations in proximity to this area, although there is
      no
      assurance that we will be able to consummate such acquisitions.





We
      believe that ownership of radio stations has the potential to increase our
      margins and cash flow. Management believes we are uniquely capable of more
      cost-efficient operation of radio stations than other owners because of our
      ability to generate the programming out of our existing syndication operation
      in
      Nashville, overlay national advertising revenues, and then localize the content
      in each market.





Further,
      this strategy blends elements of the new and old economies to diversify risk
      in
      three key ways:





1.  HD
      Radio
& Webcasting





The
      FCC
      approved digital radio (known as HD Radio) in March 2007. Similar to digital
      television, HD Radio allows broadcasters to transmit two channels digitally
      through the equivalent of one analog channel.





We
      anticipate that the years 2008 - 2010 will see rapid proliferation of HD Radio.
      Many radio stations in the top 50 markets have already converted to the new
      broadcast format,




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and
      major
      retailers, including Radio Shack, Best Buy, and Wal-Mart, carry the receivers,
      which already compete favorably with hardware prices for satellite radio and
      should continue to drop.





HD
      Radio
      will provide a wide range of new free listening options to consumers without
      the
      monthly subscription charged by satellite radio. All existing FM license-holders
      have the right to convert to HD Radio without further approval from the
      FCC.





Further,
      the growth potential offered by the new technologies of HD Radio and webcasting
      into the future provide additional diversification opportunities. The radio
      industry has created an educational website that explains the current and future
      potential of HD Radio at www.HDRadio.com .





2.  Diversification
      of Revenue Streams and the Future Potential of New Technologies





While
      revenues from syndication and radio station operations are both primarily
      derived from advertising, budgets and clients are quite separate. By
      diversifying revenues to include both national syndication revenues and
      local-market revenues, we are less vulnerable to any potential changes in future
      market conditions.





3.  Diversification
      of assets





Ownership
      of radio stations also adds hard assets to our balance sheet (such as licenses,
      real estate, towers, etc.) in addition to the extensive intellectual assets
      we
      have in our content and brands.





**Strategy
      for Investing In Radio Stations**





Our
      management and members of our Board have extensive experience in the radio
      industry, ranging from programming, sales, and management to acquisitions and
      financing. That experience has been key to our success in syndication, and
      is
      the genesis of our unique and proprietary radio station acquisition
      strategy.




Radio
      has
      always provided a short turnaround cycle and near-term horizon for ROI for
      investors who focus on strong operational fundamentals. As the largest radio
      companies in the US consolidate into the top 100 markets, prices in medium
      and
      small markets have reached levels where Management feels that stations are
      greatly undervalued and attractive for investment when certain other conditions
      exist.





The
      largest radio companies (Clear Channel, Cumulus, Citadel, CBS, etc.) are
      increasingly focused on larger markets because they have determined that they
      find the greatest cost-efficiency there. We perceive that there is a virtual
      absence of and need for a company with an effective strategy for medium and
      small markets - a successful and repeatable business model for radio stations
      that relies primarily on local, direct advertising revenues.





We
      intend
      to create shareholder value by investing in medium- and small-market radio
      stations




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that
      we
      perceive are not taking advantage of modern operational strategies designed
      to
      maximize revenue and minimize cost. It is our view that many such stations
      are
      underperforming financially because of poor sales strategies and inefficient
      costs of operation.





By
      investing only in radio stations that are under-performing, we anticipate that
      we can capture the gap between low purchase prices (typically 2 times net
      revenue or 4 times broadcast cash flow) and the public market for healthy
      stations (estimated at between 12-15 times broadcast cash flow). A recent
      article in the trade publication *Inside
      Radio* reported
      on a Kagan study that showed the largest transactions in 2006 averaging as
      high
      as 17 times broadcast cash flow. The worst state, Louisiana, averaged 8.2 times
      broadcast cash flow. Management believes the benchmark 12-15 times multiple
      is
      holding up against market trends. Management has strong confidence in its
      recommendation to selectively acquire radio stations because industry
      researchers like Kagan continue to report a robust flow of private capital
      into
      both large and small acquisitions within the radio industry.





In
      broad
      terms, our investment criteria include:





1.
            Consolidation.
                The opportunity to consolidate multiple Properties in a single market
                is a
                key investment criteria because it offers immediate cost
                savings.





2.
            Dominance.
                The opportunity to own a substantial majority of the Properties competing
                for advertising in a single market (the maximum number allowed by
                FCC
                ownership limits or close to it) is a key investment criteria for
                competitive reasons. Markets where Clear Channel, Citadel, Cumulus,
                CBS,
                or other major national competitors are present will be
                avoided.





3.
            Good
                Infrastructure.
                Radio stations that are broken, abused, or neglected can be turned
                around
                quickly with good management. Others that we determine are in particularly
                poor physical condition will require too much time and resources
                to turn
                around and therefore will not meet our acquisition
                criteria.





4.
            Demographics
                and the Local Economy.
                High-priority acquisition markets will have positive growth trends
                for
                population, retail sales, and other lifestyle and economic factors
                because
                the extent of the turnaround can be more accurately projected on
                these
                bases.





**Sales
      and Programming Strategies**





Management’s
      experience is that Radio station turn-arounds are achieved most quickly with
      a
      combination of revenue growth and cost-cutting. We believe that we have the
      potential to accomplish both in some new, unique ways based on synergies with
      our existing lines of business.





Our
      sales
      plan for our radio station acquisitions is to expand revenue from a single
      source to three distinct revenue streams:




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1.
            Local
                Advertising.
                This is typically the existing revenue stream for any acquisition.
                By
                utilizing tighter structure, ongoing training, and new technology
                (i.e.
                presentation and sales tracking software), we hope to make account
                executives more effective. There can be no assurance that we will
                be
                successful in achieving similar increases with Properties we
                acquire.





2.
            Event
                & Promotion Revenues.
                It has been our management’s experience that overall revenues have the
                potential to increase as much as 20 percent with the addition of
                event and
                promotion revenues. This also has the effect of generating new revenues
                from non-traditional advertisers, such as employers, professional
                services
                companies, and smaller advertisers who are typically priced out of
                standard radio advertising. There is no assurance that we will be
                successful in generating new event and promotion
                revenues.





3.
            National
                Advertising.
                Because we have an existing national advertising sales plan, we anticipate
                that any acquired radio stations will immediately be able to access
                this
                new revenue stream, increasing overall sales by 10-15 percent within
                30
                days. There can be no assurance that we will be
                successful.





The
      programming plan for the radio station acquisitions will be centered around
      our
      expansion into 24-hour syndicated music programming. Our existing syndication
      operation in Nashville will provide the music, imaging, and most of the air
      talent. We anticipate that the result will be a better-sounding radio station
      at
      a reduced expense. Localized staffing at the radio station level will
      concentrate on localization of the content (i.e. weather, news and information,
      promotions, remotes and community events).





Taking
      advantage of the latest technology, we anticipate that approximately 90 percent
      of each radio station acquired can be programmed from a central studio location
      in Nashville. As a result, the local staff in each market can concentrate on
      serving the local audience by localizing the content, marketing the radio
      stations, and generating revenue through ad sales and promotional events. This
      represents a more efficient use of resources and is more cost-efficient than
      current practice.





**The
      Overall Impact of Our Acquisitions**




We
      anticipate that the impact on margins and cash flow will become even greater
      as
      more acquisitions are made. Fixed costs of programming on a per station basis
      continue to fall as the expense is distributed over a larger number of radio
      stations, and new revenue streams - particularly “non-traditional” forms of
      revenue - increase as the scale of our business increases. Also, as we acquire
      additional radio stations, the impact on the existing syndication operation
      also
      increases because of added revenue potential from the Owned and Operated
      (“O&O”) radio stations.





Members
      of Management and the Board have extensive networks of contacts within the
      radio
      industry that we believe will generate a consistent and reliable flow of
      potential deals for evaluation, as well as extensive experience in radio station
      operation, acquisition, and financing.





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**The
      Greenville, MS Acquisitions**





In
      June,
      2007, we completed the initial two radio station acquisitions consisting of
      five
      (5) radio stations in and around Greenville, MS, which we are assembling into
      a
      station cluster (the “Greenville Cluster”).




The Market:
            Greenville, MSDMA:
            Greenville-Greenwood, MSRank:
            184




On
      June
      7, 2007, we acquired two radio broadcast stations identified as WNLA FM 105.5
      MHz and WNLA AM 1380 kHz in Indianola, MS, from Shamrock Broadcasting, Inc.,
      including all of the facilities, equipment, licenses and intellectual property
      necessary to operate these stations in exchange for $300,000 in cash. In a
      separate agreement the Company purchased the accounts receivable of Shamrock
      Broadcasting through issuance of a $10,134 note payable in three equal
      instalments made in each of three months following completion of the
      transaction.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            10,134Land
            14,500Buildings
                and structures
            13,500Equipment
            30,000FCC
                Licenses
            237,000Non-Compete
                Agreement
            
            5,000Liabilities
                assumed
            
            (10,134)Total
            $
            300,000




On
      June
      19, 2007, we acquired three radio broadcast stations identified as WIQQ FM
      102.3
      MHz in Leland, MS, WBAQ FM 97.9 MHz and WNIX AM 1330 kHz in Greenville, MS,
      from
      River Broadcasting Company, including all of the facilities, equipment, licenses
      and intellectual property necessary to operate these stations in exchange for cash
      of $
      1,037,134.





The
      purchase price was allocated as follows:





Description
            AmountAccounts
                receivable
            $
            37,134Land
            
            35,000Buildings
                and structures
            
            50,000Equipment
            
            25,000FCC
                Licenses
            
            800,000Non-Compete
                Agreement
            
            25,000Goodwill
            
            65,000Total
            $
            1,037,134





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Negotiations
      are ongoing with a third potential seller for two additional stations within
      the
      market, but there is no assurance that any additional acquisitions will be
      consummated in the Greenville, MS area.





Greenville,
      MS falls into the Greenville-Greenwood, MS DMA, which is rated by Arbitron.
      Although there is no rating book specifically prepared for Greenville, MS,
      we
      will have the option to make Greenville a rated market at any time by simply
      entering into a subscription agreement with Arbitron. Management currently
      sees
      no need to do so immediately because it is expected that several formats will
      change upon acquisition.





We
      selected these Properties for investment for a number of reasons. First, they
      are in close proximity to each other and they operate in the same market.
      Second, each of the stations, each of the two station groups, and the stations
      collectively have underperformed fiscally in recent years in terms of revenue
      generation and operating income.





The
      third
      factor in our investment decision was the community of Greenville, MS, and
      the
      surrounding area. An estimated 130,000 listeners live within the range of the
      stations of the Greenville Cluster. A smaller market would not be able to
      support the advertising necessary to make this a profitable cluster, and a
      significantly larger market would likely already have Station Clusters owned
      by
      competing groups, as opposed to fragmented station ownership by individuals,
      making our entrance into the market significantly more difficult.





The
      final
      factor in our decision to invest in the Greenville Cluster is the fact that
      we
      are able to assemble enough Properties to create a Station Cluster. By creating
      a Station Cluster, we expect to be able to consolidate the operations of the
      stations and eliminate redundancies, thus cutting our per-station operational
      costs. A Station Cluster also allows us program multiple, advertiser-friendly
      formats to reach a cross-section of key demographic and lifestyle groups within
      the community. By simultaneously selling all the stations as a single offering
      to advertisers, we anticipate that market share and overall revenues will
      increase.





We
      intend
      to achieve cost reductions through the elimination of redundant management
      and
      administrative positions, consolidation of facilities, and the use of technology
      to reduce programming and technical expenses.





The
      Company expects to take an aggressive stance on HD Radio; with plans to install
      HD transmitters in mid-to-late 2008 as long as current sales trends for HD
      receivers continue. At that time, we will have at least three (3) additional
      terrestrial signals for delivery of content to consumers.





While
      we
      have successfully acquired five (5) stations in our plan for creating the
      Greenville Cluster, and management anticipates ability to consummate additional
      acquisitions in the Greenville, MS area, there can be no assurance that any
      additional acquisitions will be completed




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or
      that
      the resulting Station Cluster will be profitable.





**Financing**





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





We
      have
      made our initial radio station acquisitions without taking on any additional
      debt financing. However, debt financing may be advisable and attractive as
      we
      contemplate future additional acquisitions.





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





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





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





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





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





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





**Governmental
      Regulation of Radio Broadcasting**





The
      following is a brief summary of certain provisions of the Communications Act,
      the Telecom Act, and related FCC rules and policies (collectively, the
      "Communications Laws"). This description does not purport to be comprehensive,
      and reference should be made to the




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Communications
      Laws, public notices, and decisions issued by the FCC for further information
      concerning the nature and extent of federal regulation of radio broadcast
      stations. Failure to observe the provisions of the Communications Laws can
      result in the imposition of various sanctions, including monetary forfeitures
      and the grant of a "short-term" (less than the maximum term) license renewal.
      For particularly egregious violations, the FCC may deny a station's license
      renewal application, revoke a station's license, or deny applications in which
      an applicant seeks to acquire additional broadcast properties.





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





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





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





The
      minimum and maximum facilities requirements for an FM station are determined
      by
      its class. FM class designations depend upon the geographic zone in which the
      transmitter of the FM station is located.





**Business
      of MSI**





As
      we
      have already filed an SB-2 to register 100% of the issued and outstanding common
      stock of MSI, and as it is our intent to spin off our wholly-owned subsidiary,
      MSI, to our shareholders of record as of April 20, 2007, as soon as practicable,
      we are providing the following for informational purposes only. We do not expect
      MSI to remain our wholly-owned subsidiary or to be a material part of our
      business plan beyond 2007.





Our
      business model for MSI relies on our capability to give customers near real-time
      measurement and trend analysis of the media sentiment regarding the public
      companies they may wish to track. Customers are interested in media sentiment
      because they believe that media sentiment either reflects public sentiment,
      drives public sentiment, or both, and that public sentiment affects the general
      economy and particular companies. We create our research




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product,
      MediaSentimentTM, by using our computer systems to search the Internet for
      publicly available media reports about publicly traded companies. We use
      proprietary Internet search engine technology that is focused on searching
      strictly news and publicly traded corporate websites. Our computer systems
      analyze the news reports published on the Internet using our proprietary
      software to measure the sentiment. Our MediaSentimentTM trend
      system measures sentiment by searching each media report for certain key words
      and phrases that we have previously identified both as significant to
      determining sentiment and as indicative of either positive or negative
      sentiment. By quantifying the number of words or phrases in a media report
      that
      indicate positive or negative sentiment, we then classify each report as
      positive, negative or neutral. Next we total the number of each of the positive,
      negative and neutral reports and then calculate the percentage each category
      represents of the overall media coverage for the requested period of time.
      The
      results are then displayed graphically for the benefit of our customers on
      our
      password protected website. Our computers have been collecting and analyzing
      media reports since June of 2002, which allows us to present both historical
      and
      current information so that our customers can also observe any trends. Our
      system further allows our customers to access the source media reports and
      abstracts of the source reports, also prepared by our software, should they
      wish
      to review any of the media reports that underlie our graphs.





HeadsUp,
      another feature of our MediaSentimentTM research
      product, attempts to forecast the effects of the media sentiment resulting
      from
      the earnings release reports of publicly traded companies on the company’s stock
      price on the trading day following the reports. HeadsUp presents users with
      an
      easy to use graphical interface, displaying thumbs up and thumbs down
      assessments of the media sentiment. These assessments are strictly an analysis
      of the cumulative media sentiment of earnings releases of the publicly traded
      companies and are not buy or sell recommendations for the specific stocks.
      They
      are meant to help users make a faster and better buy or sell decision by
      providing information in real time manner. These thumbs up and thumbs down
      recommendations are generated automatically by our computer systems.





We
      have
      developed a new product named MediaSentiment Pro which adds two additional
      features to complement the HeadsUp feature found in MediaSentiment TM :





1.
            MediaSentiment
                UpperHandTM performs a correlation analysis automatically with two selected
                technical indicators that indicate buy/sell market pressures and
                presents
                to users the stock symbols of companies who meet the selected criteria.


2.
            MediaSentiment
                BigMoversTM performs a correlation analysis automatically between Wall
                Street’s analysts’ estimates versus the actual earnings per shares that
                selected companies report.





MediaSentiment
      Pro is a unique product which enables traders and investors to rapidly receive
      an estimate of the impact of the sentiment regarding the earnings press release,
      combined with earnings surprise factors and buy/sell market pressures as
      determined by selected technical analysis indicators. All this is done in near
      real-time and presented in a proprietary, easy to use and understand graphical
      user interface, which literally gives users a thumbs up or thumbs down on
      selected stocks:





HeadsUp
      symbols are indicated by one thumb up or one thumb down




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UpperHand
      symbols are indicated by two thumbs up or two thumbs down


BigMovers
      symbols are indicated by three thumbs up or three thumbs down





Our
      plan
      for MSI is to market MediaSentiment Pro as a tool to help users make investment
      decisions faster and more accurately. We plan to sell monthly subscriptions
      to
      MediaSentiment Pro. However, users may choose to subscribe to any function
      individually. aHeadsUp will be available for annual subscriptions while
      UpperHand and BigMovers will be available for both monthly and yearly
      subscriptions.





Through
      MSI, we have also developed a product MediaSentiment for MetaStock that
      integrates Media Sentiment indicators into a traditional technical analysis
      platform through a partnership with MetaStock, a Reuter’s product. This new
      product enables users to see historical charts of the correlations of media
      sentiment indicators with stock price, trading volume, and other technical
      analysis indicators. It also enables users to receive aHeadsUp and UpperHand
      signals on the charts in near real-time.





Based
      on
      our research, we believe that the quantifying of Media Sentiment® and
      integrating that quantification into a traditional technical analysis is a
      new
      and innovative idea which has the potential to increase the capabilities of
      technical analysts who currently rely heavily on stock price and volume as
      indicators. Our plan for MSI is to start marketing this integration product
      in
      partnership with MetaStock at prices similar to our other products. We believe
      that MSI can release new products that are part of MediaSentiment Pro as well
      as
      the integration module with MetaStock during 2007.





Another
      component of MSI’s MediaSentimentTM system
      is
      the newsletter, *E-motions* .
      We
      developed the newsletter to explore case studies highlighting the relationship
      between big price moves in MediaSentiment TM featured
      stocks, news coverage, and investor sentiment.





Through
      MSI, we have also developed the first beta version of a new product that was
      code-named PublicMemory.com. We used that product to track the news coverage
      of
      the congressional elections in 2006 and assess the media attention that
      candidates received. The resulting graphs were used by Stanford University’s
      Political Communications Lab web site. After conducting internal marketing
      research, we determined that there might be a market opportunity in taking
      advantage today’s fast-growing online advertising market, so we began developing
      a second beta version of this unique information search product. We named this
      second version of the product eSibyl.com.





Our
      intent is for MSI to develop eSibyl.com into an easy-to-use, easy-to-customize,
      issue-oriented search product to bring internet users the information that
      is
      critical to them in near real time. Our plan is to make the eSibyl results
      very
      easy to distribute anywhere on the web, so users can read the critical content
      they need wherever they are located. We are also developing eSibyl to function
      in multiple languages, which will enable us to expand usage globally very
      quickly. We plan to finalize the second beta version of eSibyl.com and to take
      it to the marketplace by the end of the fourth quarter of 2007.





We
      have
      also determined that the first MediaSentimentTM system could be improved to offer




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more
      powerful search capabilities and cover more news sources and public companies.
      During the next twelve months, we anticipate that MSI will research future
      versions of MediaSentimentTM that will increase the number of news sources which
      will be interrogated by our search engine, seek to implement more user-friendly
      tools to enhance the performance of the product, and improve and further develop
      the trend graphs.





MSI
      may
      need to increase staffing to handle the additional demands associated with
      the
      expansion of our customer base. MSI may hire additional employees and/or
      contractors to assist with sales, customer service, technical support, website
      management and development, and administration. If we hire additional employees
      and/or contractors for MSI, we will then need to lease additional office space
      for MSI to accommodate the associated growth.





Further,
      we anticipate a continuation of MSI’s current efforts in market research and
      development. As part of this process, we will continuously survey the online
      investor community to gain a greater understanding of investors’ likes and
      dislikes. Based upon this feedback, we will consider the merits of offering
      additional products and services.





While
      we
      have committed to and anticipate spinning off MSI as soon as is practicable,
      our
      existing business plan for MSI entails continuing to market these products
      through strategic partnerships, direct marketing, and advertising to online
      traders/investors. Our
      initial target market for MSI’s products is the financial users’ community and,
      more specifically, online investors. We believe that the online investor relies
      on the Internet as a primary news provider for research and investment decision
      making processes and that these investors are unable to independently analyze
      the sheer volume of information available through the Internet. MSI’s business
      is to provide our customers with news scanning and analysis at a very low cost.





The
      execution of our business plan for MSI in the next twelve months is contingent
      upon post spin-off Management’s ability to significantly increase MSI’s revenue
      from sales. If they are unable to do so, obtaining additional financing through
      another debt or equity financing arrangement will be imperative to the execution
      of the business plan over the next twelve months. If post spin-off Management
      is
      unable to obtain additional financing, the implementation of the business plan
      will be impaired.





**Compliance
      with Environmental Laws**





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





**Spinoff
      of the Company’s Pre-existing Subsidiary**





Prior
      to
      the Merger and subsequent to our assignment of all of our then assets and
      operations in October 2006, our operations were conducted through a wholly-owned
      subsidiary, MSI. Our pre-existing subsidiary will be spun off as soon as
      practicable.





Thereafter,
      our shareholders of record as of April 20, 2007, will be the sole shareholders
      of MSI and we will have no interest in or right to shares of MSI or its business
      operations or revenue




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following
      the spinoff. This spinoff will be consummated following the registration of
      the
      MSI shares held by us, for which purpose a registration statement was filed
      with
      the SEC on June 19, 2007.





**Results
      of Operations**





**For
      the three months ended June 30, 2007 and 2006**





On
      a
      consolidated basis, we
      generated $644,941 in net revenue for the quarter ended June 30, 2007, a
      decrease of $40,054 or 5.8%, compared to $684,995 for the quarter ended June
      30,
      2006. The 2006 net revenue included approximately $138,000 from a non-recurring
      project for one customer. Excluding this, the net revenue increased
      approximately $98,000. Approximately $71,000 of this increase relates to
      increases in core syndication net revenues, approximately $21,000 relates to
      the
      Mississippi radio station acquisitions, and approximately $6,000 in net revenues
      relates to the MSI business.





Since
      the
      merger with California News Tech occurred during the three months ended June
      30,
      2007, we did not report corresponding revenue for MSI during 2006.





On
      a
      consolidated basis, advertising expense was $4,491 for the quarter ended June
      30, 2007. There were no advertising expenses incurred during the quarter ended
      June 30, 2006. The Company did not begin advertising for syndication services
      until the third quarter of 2006 creating the variance between the three months
      ended June 30, 2007 and 2006.





On
      a
      consolidated basis, operating expense was $866,709 for the quarter ended June
      30, 2007, an increase of $210,034 or 32%, compared to $656,675 for the quarter
      ended June 30, 2006. Of the total increase in operating expenses, $21,000
      relates to the Mississippi radio acquisitions and $94,000 relates to the MSI
      operations that we intend to spin out before the end of the year. Neither of
      these had operations recorded in 2006. Additional reasons for our increase
      in
      operating expenses relate to a $40,000 bad debt expense related to two specific
      write offs that were recorded during the three months ended June 30, 2007.
      Of
      the remaining increase $20,000 relates to additional costs associated with
      the
      company’s public trading status, and $35,000 relates to additions in personnel
      to manage the radio and syndication businesses.





On
      a
      consolidated basis, depreciation and amortization expense was $15,103 for the
      quarter ended June 30, 2007, an increase of $10,523 or 230%, compared to $4,580
      for the quarter ended June 30, 2006. The primary reason for the increase relates
      to the MSI amortization of $8,400 recorded during the quarter. The remaining
      increase relates primarily to the new assets acquired as part of the Shamrock
      and River acquisitions.





During
      the quarter ended June 30, 2007, the Company recorded $255,974 in non-recurring
      merger and acquisition related expenses.





As
      a
      result of the foregoing revenue and expenses, our overall net loss for the
      three
      month period ending June 30, 2007 and June 30, 2006 was $513,379 and $7,401,
      respectively. Of the total net loss, our Debut Broadcasting operations had
      net
      losses of $417,207 and $7,401 for the three month




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period
      ended June 30, 2007 and June 30, 2006, respectively. Our MSI operations had
      net
      loss of $96,172 for the three month period ended June 30, 2007 and did not
      report any profits or losses for 2006.





**For
      the six months ended June 30, 2007 and 2006**





On
      a
      consolidated basis, we ge nerated
      $1,290,176 in revenue for the six months ended June 30, 2007, an increase of
      $196,822 or 18%, compared to $1,093,354 for the six months ended June 30, 2006.
      The 2006 net revenue included approximately $157,000 from a non-recurring
      project for one customer. Excluding this, the net revenue increased
      approximately $353,000. Approximately $326,000 of this increase relates to
      increases in core syndication net revenues, approximately $21,000 relates to
      the
      Mississippi radio station acquisitions, and approximately $6,000 in net revenues
      relate to the MSI business.





Since
      the
      merger with California News Tech occurred during the six months ended June
      30,
      2007, we did not report corresponding revenue for MSI during 2006.





On
      a
      consolidated basis, advertising expense was $7,777 for the six months ended
      June
      30, 2007. There were no advertising expenses incurred during the six months
      ended June 30, 2006. The Company did not begin advertising for syndication
      services until the third quarter of 2006 creating the variance between the
      six
      months ended June 30, 2007 and 2006.





On
      a
      consolidated basis, operating expense was $1,502,661 for the six months ended
      June 30, 2007, an increase of $365,865 or 32%, compared to $1,136,796 for the
      six months ended June 30, 2006. Of the total increase in operating expenses,
      $21,000 relates to the Mississippi radio acquisitions and $94,000 relates to
      the
      MSI operations that we intend to spin out before the end of the year. Neither
      of
      these had operations recorded in 2006. Additional reasons for our increase
      in
      operating expenses relate to net increases of $129,000 in producer sharing
      arrangements and agency commissions related to corresponding increases in net
      revenues, a $40,000 bad debt expense related to two specific write offs that
      were recorded during the six months ended June 30, 2007. Of the remaining
      increase $20,000 relates to additional costs associated with the company’s
      public trading status, and $62,000 relates to additions in personnel to manage
      the radio and syndication businesses.





On
      a
      consolidated basis, depreciation and amortization expense was $19,813 for the
      six months ended June 30, 2007, an increase of $10,652 or 116%, compared to
      $9,161 for the six months ended June 30, 2006. The primary reason for the
      increase relates to the MSI amortization of $8,400 recorded during the quarter.
      The remaining increase relates primarily to the new assets acquired as part
      of
      the Shamrock and River acquisitions.





During
      the six months ended June 30, 2007, the Company recorded $339,828 in
      non-recurring merger and acquisition related expenses.





As
      a
      result of the foregoing revenue and expenses, our overall net loss for the
      six
      month period ending June 30, 2007 and June 30, 2006 was $622,860 and $112,907,
      respectively. Of the total net loss, our Debut Broadcasting operations had
      net
      losses of $526,688 and $112,907 for the six month period ended June 30, 2007
      and
      June 30, 2006, respectively, including $339,828 in one time non




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recurring
      merger and acquisition related costs. Our MSI operations had net loss of $96,172
      for the six month period ended June 30, 2007 and did not report any profits
      or
      losses for 2006.




**Liquidity** **** **and
      Capital Resources**





As
      of
      June 30, 2007, we had Current Assets in the amount of $1,826,437 and Current
      Liabilities in the amount of $994,775. This resulted in working capital in
      the
      amount of $831,662.





As
      of
      June 30, 2007, we had current Assets through Debut Broadcasting in the amount
      of
      $1,751,636, consisting of $1,187,121 in Cash and Cash Equivalents, $466,635
      in
      Accounts Receivable, $97,880 in Other Current Assets. As of June 30, 2007,
      we
      had Current Liabilities through Debut Broadcasting in the amount of $747,429,
      consisting of $360,789 in Accounts Payable, $84,514 in Accrued Expenses and
      Taxes, $6,756 in notes payable, $240,375 in Lines of Credit and $54,995 in
      Current Portion of Long Term Debt. This combination of assets and liabilities
      resulted in working capital in the amount of $1,004,207 for our Debut
      Broadcasting operations.





As
      of
      June 30, 2007, we had Current Assets through MSI in the amount of $74,801,
      consisting of $60,991 in Cash and Cash Equivalents, $2,510 in Accounts
      Receivable, and $11,300 in Prepaid Expenses. As of June 30, 2007, we had Current
      Liabilities through MSI in the amount of $247,346 of which $99,346 related
      to
      Accounts Payable and Accrued Liabilities, and $148,000 was for Notes Payable
      to
      Related Parties. This resulted in working capital deficit for our MSI operations
      in the amount of $172,545.





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





**Recent
      Events******





On
      April
      19, 2007, our auditors, Jewell & Langsdale, the former auditors of
      California News Tech, advised that it was requesting withdrawal from
      registration with the Public Company Accounting Oversight Board and therefore
      could not remain as our independent registered public accounting firm.





As
      a
      result, on June 19, 2007 we replaced Jewell & Langsdale with Ronald N.
      Silberstein, CPA, PLLC. We have engaged Ronald N. Silberstein, CPA, PLLC as
      our
      principal accountants effective June 19, 2007. The decision to change
      accountants was approved by our board of directors. We did not consult with
      Ronald N. Silberstein, CPA, PLLC on any matters prior to retaining such firm
      as
      our principal accountants. On July 2, 2007, Mr. Silberstein merged his practice
      with Maddox Ungar, PLLC, to form Maddox Unger Silberstein, PLLC, which firm
      is
      our present auditor. We reported the merger on a Form 8-K filed July 6,
      2007.





On
      May
      15, 2007, we issued a Debenture in the face amount of $100,000 to JWA Ventures,
      LLC,




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the
      essential terms of which had been previously disclosed in our filing on Form
      8 -K
      on
      October 30, 2006. The proceeds of this Debenture were used to pay down the
      debts
      of the wholly owned subsidiary Media Sentiment, Inc. On May 21, 2007, we
      converted the debenture into 3,000,000 shares of our common stock.





On
      May
      17, 2007, we closed the Agreement and Plan of Merger by among us, our
      wholly-owned acquisition subsidiary, DB Acquisition, Inc. and Debut Broadcasting
      in which:





·  Each
      share of Debut Broadcasting common stock issued and outstanding immediately
      prior to the closing of the Merger was converted into the right to receive
      one
      share of our common stock. As a result, the shareholders of Debut Broadcasting
      received 10,000,000 newly issued shares of our common stock.





·  We
      issued
      6,430,316 shares of our common stock to investors as a result of closing a
      private offering exempt from registration under Rule 506 of Regulation D of
      the
      Securities Act of 1933. The shares were issued for a combination of cash and
      debt reduction.





·  Our
      board
      of directors was reconstituted to consist of Robert Marquitz, Steven Ludwig,
      Frank Wood, and Stephen Rush, who prior to the Merger were the directors of
      Debut Broadcasting. Our sole pre-Merger director, Marian Munz, resigned. The
      resignation of Mr. Munz and the appointment of our new directors was effective
      June 1, 2007, ten days following our mailing a notice to our shareholders on
      form 14F-1.





·  Our
      pre-Merger officers, Marian Munz and William White, resigned and were replaced
      by the officers of Debut Broadcasting.





We
      reported the details of the Agreement and Plan of Merger and the related
      transactions on a Form 8-K filed May 22, 2007.





On
      June
      7, 2007, we acquired two radio broadcast stations identified as WNLA FM 105.5
      MHz and WNLA AM 1380 kHz in Indianola, MS, from Shamrock Broadcasting, Inc.,
      including all of the facilities, equipment, licenses and intellectual property
      necessary to operate these stations in exchange for $300,000 in cash. In a
      separate agreement the Company purchased the accounts receivable of Shamrock
      Broadcasting through issuance of a $10,134 note payable in three equal
      instalments made in each of three months following completion of the
      transaction.





On
      June
      19, 2007, we acquired three radio broadcast stations identified as WIQQ FM
      102.3
      MHz in Leland, MS, WBAQ FM 97.9 MHz and WNIX AM 1330 kHz in Greenville, MS,
      from
      River Broadcasting Company, including all of the facilities, equipment, licenses
      and intellectual property necessary to operate these stations in exchange for cash
      of $
      1,037,134.





We
      reported our acquisition of these five radio stations on Form 8-K filed June
      22,
      2007.





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**Off
      Balance Sheet Arrangements**





As
      of
      June 30, 2007, there were no off balance sheet arrangements.





**Critical
      Accounting Policies**





In
      December 2001, the SEC requested that all registrants list their most “critical
      accounting polices” in the Management Discussion and Analysis. The SEC indicated
      that a “critical accounting policy” is one which is both important to the
      portrayal of a company’s financial condition and results, and requires
      management’s most difficult, subjective or complex judgments, often as a result
      of the need to make estimates about the effect of matters that are inherently
      uncertain. We believe that the following accounting policies fit this
      definition.





Revenue
      and Cost Recognition





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





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





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





Advertising





The
      Company expenses advertising costs as they are incurred. Total advertising
      costs
      of $4,131 and $0 are included in the financial statements for the quarter ended
      June 30, 2007 and June 30, 2006, respectively.





**Recently
      Issued Accounting Pronouncements**





**FIN
      48**





We
      adopted the provisions of Financial Accounting Standards Board (“FASB”)
      Interpretation No. 48, Accounting for Uncertainty in Income Taxes - an
      interpretation of FASB Statement No. 109 (“FIN 48”), on May 17, 2007. This
      interpretation increases the relevancy and comparability of financial reporting
      by clarifying the way companies account for uncertainty in income taxes. FIN
      48
      prescribes a consistent recognition threshold and measurement attribute, as
      well
      as clear criteria for subsequently recognizing, derecognizing and measuring
      such
      tax positions for financial statement purposes. The interpretation also requires
      expanded disclosure with respect to the uncertainty in income
      taxes.




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**Item
      3.     Controls and Procedures**





We
      carried out an evaluation of the effectiveness of the design and operation
      of
      our disclosure controls and procedures (as defined in Exchange Act Rules
      13a-15(e) and 15d-15(e)) as of June 30, 2007. This evaluation was carried out
      under the supervision and with the participation of our Chief Executive Officer,
      Mr. Steve Ludwig, and our Chief Financial Officer, Ms. Shannon Farrington.
      Based
      upon that evaluation, our Chief Executive Officer and Chief Financial Officer
      concluded that, as of June 30, 2007, our disclosure controls and procedures are
      effective. There have been no changes in our internal controls over financial
      reporting during the quarter ended June 30, 2007.





Disclosure
      controls and procedures are controls and other procedures that are designed
      to
      ensure that information required to be disclosed in our reports filed or
      submitted under the Exchange Act are recorded, processed, summarized and
      reported, within the time periods specified in the SEC's rules and forms.
      Disclosure controls and procedures include, without limitation, controls and
      procedures designed to ensure that information required to be disclosed in
      our
      reports filed under the Exchange Act is accumulated and communicated to
      management, including our Chief Executive Officer and Chief Financial Officer,
      to allow timely decisions regarding required disclosure.





Limitations
      on the Effectiveness of Internal Controls





Our
      management does not expect that our disclosure controls and procedures or our
      internal control over financial reporting will necessarily prevent all fraud
      and
      material error. Our disclosure controls and procedures are designed to provide
      reasonable assurance of achieving our objectives and our Chief Executive Officer
      and Chief Financial Officer concluded that our disclosure controls and
      procedures are effective at that reasonable assurance level. Further, the design
      of a control system must reflect the fact that there are resource constraints,
      and the benefits of controls must be considered relative to their costs. Because
      of the inherent limitations in all control systems, no evaluation of controls
      can provide absolute assurance that all control issues and instances of fraud,
      if any, within the Company have been detected. These inherent limitations
      include the realities that judgments in decision-making can be faulty, and
      that
      breakdowns can occur because of simple error or mistake. Additionally, controls
      can be circumvented by the individual acts of some persons, by collusion of
      two
      or more people, or by management override of the internal control. The design
      of
      any system of controls also is based in part upon certain assumptions about
      the
      likelihood of future events, and there can be no assurance that any design
      will
      succeed in achieving its stated goals under all potential future conditions.
      Over time, control may become inadequate because of changes in conditions,
      or
      the degree of compliance with the policies or procedures may deteriorate.




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**PART
      II - OTHER INFORMATION**





**Item
      1.     Legal
      Proceedings**





We
      are
      not a party to any pending legal proceeding. We are not aware of any pending
      legal proceeding to which any of our officers, directors, or any beneficial
      holders of 5% or more of our voting securities are adverse to us or have a
      material interest adverse to us.





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





As
      part
      of the transactions consummated in connection with our acquisition of Debut
      Broadcasting, on May 17, 2007, we issued 6,430,316 shares of our common stock
      to
      investors as a result of closing a private offering exempt from registration
      under Rule 506 of Regulation D of the Securities Act of 1933. The shares were
      issued for a combination of cash and debt reduction. We previously reported
      the
      details of this private placement on a Form 8-K filed May 22, 2007.





**Item
      3.     Defaults upon Senior
      Securities**





None





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





No
      matters have been submitted to our security holders for a vote, through the
      solicitation of proxies or otherwise, during the quarterly period ended June
      30,
      2007.





**Item
      5.     Other
      Information**





None.





**Item
      6.      Exhibits**





**Exhibit****Number**
            **Description
                of Exhibit**31.1
            Certification
                of Chief Executive Officer pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 302 of the
                Sarbanes-Oxley Act of 200231.2
            Certification
                of Chief Financial Officer pursuant to 18
                U.S.C. Section 1350, as adopted pursuant to Section 302 of the
                Sarbanes-Oxley Act of 200232.1
            Certification
                of Chief Executive Officer and Chief
                Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
                pursuant
                to Section 906 of the Sarbanes-Oxley Act of
                2002




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**SIGNATURES**





In
      accordance with the requirements of the Securities and Exchange Act of 1934,
      the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.





**Debut
                Broadcasting Corporation, Inc.**Date:
            August
                17, 2007By:       /s/Steven
                Ludwig
              Steven
                LudwigTitle:**Chief
              Executive Officer and
              Director**