UNITED
STATES


SECURITIES AND
EXCHANGE COMMISSION


Washington,D.C.20549




FORM 10-Q


(Mark
      One)þ
            
            QUARTERLY REPORT PURSUANT TO
      SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934For
      the quarterly period ended September 30, 2010o
            
            TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT
      OF 1934For
      the transition period
      from          to




Commission
file number 0-50762




DEBUT BROADCASTING CORPORATION,
INC.


(Exact
name of registrant as
specified in its charter)


Nevada
            88-0417389(Stateor other
      jurisdictionof
              incorporationor
      organization)
            (I.R.S. Employer
              Identification
      No.)




1011
      Cherry Avenue, Suite B Nashville, TN
                37203(Address
      of principal executive offices)
                (Zip
      Code)


(615) 301-0001


(Registrant’s
telephone number, including area code)







(Former name, former address, and
formal fiscal year if changed since last report)


None




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




Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):





Large accelerated
fileroAccelerated
fileroNon-accelerated
fileroSmaller Reporting Companyþ




Indicate
by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
 Yes o  No þ





As of
November 13, 2010, there were 27,179,407 shares of common stock issued and
outstanding.







TABLE OF CONTENTS


PagePART
      I - FINANCIAL INFORMATIONItem
      1.
            Financial
      Statements
            
            
            3Item
      2.
            Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
            
            
            21Item
      4T.
            Controls and Procedures
            
            
            25PART
      II - OTHER INFORMATIONItem
      2.
            Unregistered
      Sales of Equity Securities and Use of Proceeds
            
            
            27Item
      4.
            Submission
      of Matters to a Vote of Security Holders
            
            
            29Item
      6.
            Exhibits
            
            
            29





-2-




PART
I - FINANCIAL INFORMATION





Item
1. Financial
Statements





Our
      unaudited financial statements included in this Form 10-Q are as
      follows:F-1
            Condensed
      Consolidated Balance Sheets as of September 30, 2010 (unaudited) and
      December 31, 2009 (audited)F-2
            Condensed
      Consolidated Statements of Operations and Accumulated Deficit for the
      three months and nine months ended September 30, 2010 and 2009
      (unaudited)F-3
            Condensed
      Consolidated Statements of Cash Flows for the nine months ended September
      30, 2010 and 2009 (unaudited




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-Q. In the opinion of
management, all adjustments considered necessary for a fair presentation have
been included. Operating results for the interim period ended September 30, 2010
are not necessarily indicative of the results that can be expected for the full
year.   Balance sheet information as of December 31, 2009 was
derived from the Company’s audited financial statements for the year ended
December 31, 2009.




-3-




DEBUT BROADCASTING CORPORATION, INC.CONDENSED
      CONSOLIDATED BALANCE SHEETS




September
      30,
                  2010
                
                
                December
      31,
                  2009ASSETS
                
                (Unaudited)Current
      assetsCash
      and cash equivalents
                
                $
                37,863
                
                
                $
                62,471Accounts
      receivable, net
                
                
                987,789
                
                
                
                835,302Stock
      warrant receivable
                
                
                -
                
                
                
                -Prepaid
      expenses
                
                
                23,860
                
                
                
                23,777Unexercized
      stock warrants
                
                
                1,004,658
                
                
                
                1,004,658Total
      current assets
                
                
                2,054,170
                
                
                
                1,926,208Property
      and equipment, net
                
                
                619,987
                
                
                
                636,130Deposits
                
                
                3,529
                
                
                
                8,628Goodwill
                
                
                459,280
                
                
                
                459,280FCC
      licenses
                
                
                1,509,500
                
                
                
                1,509,500Total
      other assets
                
                
                1,972,309
                
                
                
                1,977,408Total
      assets
                
                $
                4,646,466
                
                
                $
                4,539,746LIABILITIES
      AND STOCKHOLDERS' DEFICITCurrent
      liabilitiesAccounts
      payable
                
                $
                939,294
                
                
                $
                932,121Accrued
      expenses and taxes
                
                
                436,811
                
                
                
                148,533Notes
      payable to shareholders
                
                
                375,000
                
                
                
                750,000Lines
      of credit
                
                
                268,460
                
                
                
                716,407Current
      portion of long-term debt
                
                
                347,510
                
                
                
                586,167Unrecognized
      stock warrant loss
                
                
                1,035,523
                
                
                
                1,035,523Total
      current liabilities
                
                
                3,402,598
                
                
                
                4,168,751Long
      term liabilitiesLeases  payable
                
                
                -
                
                
                
                2,445Long-term
      debt
                
                
                1,413,683
                
                
                
                820,767Total
      long term liabilities
                
                
                1,413,683
                
                
                
                823,212Total
      liabilities
                
                
                4,816,281
                
                
                
                4,991,963Stockholders'
      deficitCommon
      stock - $.003 par value, 100,000,000 shares authorized
                
                
                81,538
                
                
                
                64,101Additional
      paid in capital
                
                
                3,485,621
                
                
                
                3,137,621Accumulated
      deficit
                
                
                (3,736,975
                )
                
                
                (3,653,939
                )Total
      stockholders' deficit
                
                
                (169,816
                )
                
                
                (452,217
                )Total
      liabilities and stockholders' deficit
                
                $
                4,646,466
                
                
                $
                4,539,746
 
 -4-




CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS AND ACCUMULATED
    DEFICIT(Unaudited)




Three
      Months Ended
            
            
            Nine
      Months EndedSeptember
      30,
            
            
            September
      30,2010
            
            
            2009
            
            
            2010
            
            
            2009Net
      Revenue
            
            $
            566,743
            
            
            $
            525,802
            
            
            $
            1,506,546
            
            
            $
            1,584,197Operating
      ExpensesAdvertising
            
            
            2,681
            
            
            
            3,052
            
            
            
            17,420
            
            
            
            12,722Operating
      Expense
            
            
            386,793
            
            
            
            601,581
            
            
            
            1,382,201
            
            
            
            1,786,526Depreciation
      Expense
            
            
            30,123
            
            
            
            46,835
            
            
            
            71,406
            
            
            
            134,109(Gain)
      on Settlement of Debt
            
            
            -
            
            
            
            (340,539
            )
            
            
            (1,200
            )
            
            
            (340,539
            )Merger
      and Acquisition Related Expenses
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            -Total
      Operating Expenses
            
            
            419,596
            
            
            
            310,929
            
            
            
            1,469,828
            
            
            
            1,592,818Operating
      Income (Loss)
            
            
            147,146
            
            
            
            214,873
            
            
            
            36,718
            
            
            
            (8,621
            )Other
      Income and ExpenseInterest
      Income
            
            
            (1,472
            )
            
            
            (5,136
            )
            
            
            (5,659
            )
            
            
            (9,837
            )Interest
      Expense
            
            
            48,292
            
            
            
            53,499
            
            
            
            139,612
            
            
            
            206,410Income
      Tax
            
            
            -
            
            
            
            -
            
            
            
            1,300
            
            
            
            960Total
      Other (Income) and Expense
            
            
            46,820
            
            
            
            48,363
            
            
            
            135,253
            
            
            
            197,533Net
      Income (Loss)
            
            $
            100,326
            
            
            $
            166,510
            
            
            $
            (98,535
            )
            
            $
            (206,154
            )




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





-5-




CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)




Nine
      Months Ended
              September
      30,2010
            
            
            2009Operating
      Activities:Net
      Loss
            
            $
            (98,535
            )
            
            $
            (206,154
            )Adjustments
      to reconcile net loss to net cashprovided
      by/used in operating activities:Depreciation
      and amortization
            
            
            71,406
            
            
            
            157,443Changes
      in operating assets and liabilities, net effectsof
      acquisitions(Increase)
      decrease in accounts receivable
            
            
            (152,488
            )
            
            
            39,400(Increase)
      decrease in other current assets
            
            
            5,018
            
            
            
            1,000Increase
      (decrease) in accounts payable
            
            
            7,173
            
            
            
            231,180Increase
      (decrease) in accrued expenses and taxes
            
            
            299,278
            
            
            
            (165,117
            )Net
      cash provided by (used in) operating activities
            
            
            131,852
            
            
            
            57,572Investing
      Activities:Purchases
      of property and equipment
            
            
            (55,264
            )
            
            
            (9,872
            )Net
      cash used in investing activities
            
            
            (55,264
            )
            
            
            (9,872
            )Financing
      Activities:Proceeds
      from issuance of stock warrants
            
            
            -
            
            
            
            -Proceeds
      from bank credit facility
            
            
            4,780
            
            
            
            350,000Proceeds
      from stockholder notes
            
            
            -
            
            
            
            -Repayment
      of long-term debt
            
            
            (475,913
            )
            
            
            (421,981
            )Proceeds
      from issuance of common stock
            
            
            369,937
            
            
            
            -.Net
      cash provided by financing activities
            
            
            (101,196
            )
            
            
            (71,981
            )Net
      (decrease) increase in cash and cash equivalents
            
            
            (24,607
            )
            
            
            (24,101
            )Cash
      and cash equivalents at beginning of period
            
            
            62,471
            
            
            
            59,143Cash
      and cash equivalents at end of period
            
            $
            37,863
            
            
            $
            35,042





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




-6-




DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note
1 - Organization





Debut
Broadcasting Corporation, Inc. (the “Company”) is located in Nashville,
Tennessee and conducts business from its principal executive office at 1011
Cherry Avenue, Suite B, Nashville, TN 37203.  The Company
relocated to the current office location on March 31, 2010.  The
Company produces and distributes syndicated radio programs to radio stations
across the United States and Canada.  In addition, the Company owns
and operates seven  radio stations in Mississippi.





The
Company maintains radio syndication in Nashville and produces and distributes 14
radio programs, which are broadcast over approximately 1,400 radio station
affiliates.  These radio programs have an estimated 40 million U.S.
listeners per week. In addition to its syndication services, the Company 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, Tennessee.  The Company also provides marketing, consulting
and media buying (advertising) for its radio broadcast station customers in the
United States.





Note
2 - Basis of Presentation and Interim Results





The
condensed consolidated financial statements include the accounts of the Company,
and its subsidiaries. The interim financial statements of the Company have been
prepared without audit.





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, 2009.
All adjustments were of a normal recurring nature unless otherwise disclosed. In
the opinion of management, all adjustments necessary in order to make the
financial statements not misleading have been included. The results of
operations for such interim periods are not necessarily indicative of the
results for the full year.





Accounts
Receivable





We use
the allowance method for determining the collectability of our accounts
receivable.  The allowance method recognizes bad debt expense
following a review of the individual accounts outstanding in light of the
surrounding facts.  Accounts receivable are reported at their
outstanding unpaid principal balances reduced by an allowance for doubtful
accounts based on historical bad debts, factors related to specific customers’
ability to pay and economic trends.  We write off accounts receivable
against the allowance when a balance is determined to be
uncollectible.  Accounts receivable on the consolidated balance sheet
is stated net of our allowance for doubtful accounts.





Revenue
and Cost Recognition





The
Company recognizes its advertising and programming revenues for syndicated
programming 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.


-7-




DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 2 - Basis of
Presentation and Interim Results (continued)


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. The Company
recognizes its advertising and programming revenues for its owned and operated
radio broadcast stations when the advertising airs.  Generally, the
Company is paid by the local advertiser for advertising
coordinated  and contracted through a local employee sales
representative or sales manager.





Advertising





The
Company expenses advertising costs as they are incurred. Total advertising costs
of  $2,681 and $3,052 are included in the financial statements for the
three months ended September 30, 2010 and September 30, 2009, respectively.
Total advertising costs of $17,420 and $12,722 are including in the financial
statements for the nine months ended  September 30, 2010 and September
30, 2009, respectively.





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.





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.





-8-




DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010




Note 2 - Basis of
Presentation and Interim Results (continued)





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
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, antenna orientation, and soil conductivity. 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 FM 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. In general, commercial FM stations are
classified as follows, in order of increasing power and antenna height:
Class A, B1, C3, B, C2, C1, C0, and C.


The
following table sets forth the market, call letters, FCC license classification,
antenna elevation above average terrain (for FM stations only), power and
frequency of all of our owned and operated stations as of September 30,
2010


Market
            
            Stations
            
            City ofLicense
            
            Frequency
            
            
            Expiration Dateof
    License
            
            FCCClass
            
            Height Above Average Terrain(in
      feet)
            
            
            Power
              (in
      Watts)G
      Mississippi
            
            WNLA
      FM
            
            Indianola,
      MS
            
            
            105.5
            
            
            June
      1, 2012
            
            A
            
            
            190
            
            
            
            4400WBAQ
      FM
            
            Greenville,
      MS
            
            
            97.9
            
            
            June
      1, 2012
            
            C2
            
            
            502
            
            
            
            48000WIQQ
      FM
            
            Leland,
      MS
            
            
            102.3
            
            
            June
      1, 2012
            
            A
            
            
            446
            
            
            
            1650WNLA
      AM
            
            Indianola,
      MS
            
            
            1380
            
            
            June
      1, 2012
            
            D
            
            
            AM
            
            
            
            500WNIX
      AM
            
            Greenville,
      MS
            
            
            1330
            
            
            June
      1, 2012
            
            B
            
            
            AM
            
            
            
            1000WBBV
      FM
            
            Vicksburg,
      MS
            
            
            101.1
            
            
            June
      1, 2012
            
            C3
            
            
            394
            
            
            
            13000KLSM
      FM
            
            Tallulah,
      LA
            
            
            104.9
            
            
            June
      1, 2012
            
            A
            
            
            299
            
            
            
            3000





-9-




DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 2 - Basis of
Presentation and Interim Results (continued)





Compliance
with Environmental Laws





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





Note 3. Going
Concern





These
financial statements have been prepared on a going concern basis, which implies
Debut Broadcasting will continue to realize its assets and discharge its
liabilities in the normal course of business. The continuation of Debut
Broadcasting as a going concern is dependent upon the continued financial
support from its shareholders, the ability of Debut Broadcasting to obtain
necessary equity financing to continue operations, and the attainment of
profitable operations. As of September 30, 2010, Debut Broadcasting has
accumulated losses since inception. These factors raise substantial doubt
regarding Debut Broadcasting’s ability to continue as a going concern. These
financial statements do not include any adjustments to the recoverability and
classification of recorded asset amounts and classification of liabilities that
might be necessary should Debut Broadcasting be unable to continue as a going
concern.





Note 4 - 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”)(“ASC 740-10”)(“ASC 810-10”),
on May 17, 2007. As required by the provisions for the topic of Accounting for
Uncertainty in Income Taxes of FASB ASC, our  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.  We do not believe that the timing of the adoption of FIN 46
has created any material differences in comparability between the nine months
ended September 30, 2009, and the nine months ended September 30,
2010.





Note 5 - Loss Per
Share





We
present basic loss per share on the face of the condensed consolidated balance
sheets.  As provided by FASB ASC Topic 260, “Earnings Per Share,”
(Formerly SFAS No. 128, “Earnings Per Share”) basic loss per share is calculated
as income available to common stockholders divided by the weighted average
number of shares outstanding during the period.





On January 2, 2008, the Company awarded
options to purchase 342,055 shares of its common stock to employees and valued
contractors.  These options were awarded at a strike price of $0.86
per share and vest ratably over five years.  The options will be
accounted for utilizing the Black-Scholes method of
valuation.





On
January 21, 2008, the Company issued to Remington Partners, Inc. a warrant to
purchase 62,500 shares of Company common stock at an exercise price of $1.00 per
share, with an expiration date three years after the date of
issuance.





On
February 26, 2008, the Company issued to Remington Partners, Inc. a warrant to
purchase 125,000 shares of Company common stock at an exercise price of $1.00
per share, with an expiration date three years after the date of
issuance.


-10-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 5 - Loss Per Share
(continued)





On March
16, 2008, the Company issued to Holladay Broadcasting of Louisiana, LLC a
warrant to purchase 200,000 shares of Company common stock at an exercise price
of $1.00 per share, with an expiration date 10 years after the date of
issuance.





On June
18, 2008 the Company issued to Wolcott Squared a warrant to purchase 18,408
shares of our common stock at an exercise price of $0.3925 per share, with an
expiration date of December 17, 2017. The consideration received for this
warrant was services rendered in December of 2007 valued at
$7,225.





On June
18, 2008, the Company issued to Wolcott Squared a warrant to purchase 22,279
shares of our common stock at an exercise price of $0.51 per share with an
expiration date of January 31, 2018.  The consideration received for
this warrant was services rendered in January of 2008 valued at
$11,362.





On June
18, 2008, the Company issued to Wolcott Squared a warrant to purchase 5,686
shares of our common stock at an exercise price of $0.51 per share with an
expiration date of February 29, 2018. The consideration received for this
warrant was services rendered in February of 2008 valued at
$2,899.





On June
30, 2008, the Company issued to Politis Communications a warrant to purchase
10,254 shares of our common stock at an exercise price of $0.01 per share, with
an expiration date of June 29, 2018.  The consideration received for
this warrant was services rendered by Politis Communications.





On
September 22, 2008, the Company issued to Stephen Ross, a third party, a warrant
to purchase 18,000 shares of Company common stock at an exercise price of $0.50
per share, with an expiration date of January 31, 2011.  The
consideration we received for this warrant was legal services rendered by
Stephen Ross, Esq,





On
September 22, 2008, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date of September 30,
2011. The consideration we received for this warrant was legal services rendered
by Stephen Ross, Esq,





On
September 30, 2008, the Company issued  to Politis Communications a
warrant to purchase 5,495 shares of Company common stock at an exercise price of
$0.01 per share, with an expiration date of September 29, 2018.  The
consideration received for this warrant was public relations services rendered
by Politis Communications.





On
December 31, 2008, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date of December 31,
2011. The consideration we received for this warrant was legal services rendered
by Stephen Ross, Esq.





On
December 31, 2008, the Company issued to Politis Communications a warrant to
purchase 5,495 shares of Company common stock at an exercise price of $0.01 per
share, with an expiration date December 31, 2018.  The consideration
received for this warrant was public relations services rendered by Politis
Communications.





On April
1, 2009, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date
of  April 1, 2012. The consideration we received for this warrant was
legal services rendered by Stephen Ross, Esq.





On June
30, 2009, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date of  June
30, 2012. The consideration we received for this warrant was legal services
rendered by Stephen Ross, Esq.




-11-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 5 - Loss Per Share
(continued)





On
September 30, 2009, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date
of  April 1, 2012. The consideration we received for this warrant was
legal services rendered by Stephen Ross, Esq.





On
December 31, 2009, the Company issued  to Stephen Ross, a third
party,  a warrant to purchase 27,000 shares of Company common stock at
an exercise price of $0.50 per share, with an expiration date of  June
30, 2012. The consideration we received for this warrant was legal services
rendered by Stephen Ross, Esq.





On
September 21, 2009, the Company issued to Riverfalls Financial Partners, LLC, an
option to purchase 30,000,000 shares of Company common stock at an exercise
price of $0.05 per share, with an expiration date of July 31,
2011.  This option was excluded from valuation as the volatility
associated with the stock price and the


percentage
of ownership this option represents prevented an accurate
valuation.  Should Riverfalls Financial Partners, LLC execute this
option their ownership would represent a 60% controlling interest in the company
for an investment of $1,500,000





The
Company revalues all warrants quarterly utilizing the Black-Scholes
method.





All of
these warrants were issued in reliance upon the exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Securities Act”),
as set forth in Section 4(2) under the Securities Act and Rule 506 of Regulation
D promulgated thereunder relating to sales by an issuer not involving any public
offering, to the extent an exemption from such registration was
required.





On
December 5, 2008, Politis Communications exercised a warrant to purchase 8,500
shares of Company common stock at $0.01 per share.  The shares were
authorized by Politis Communications as compensatory gifts to a number of
employees of Politis Communications.  No underwriters were involved in
this warrant exercise.  The underlying shares are restricted and carry
piggy-back registration rights.





On
December 5, 2008, The Company issued  a stock certificate to Mohammed
Rahman for 22,026 shares of our common stock at $0.07 per share.  We
issued the shares of common stock to Mohammed Rahman in exchange for services
rendered.  No underwriters were involved in this sale of
securities.  Outside of the existing vendor client relationship the
investor has no prior relationship to the company.  The underlying
shares are restricted and carry piggy-back registration rights.





On
December 3, 2008, The Company issued  a stock certificate to an
officer for 42,000 shares of our common stock at $0.07 per share.  We
issued the shares of common stock to the officer as a compensatory bonus for
services rendered in the role of Chief Financial Officer.  The
underlying shares are restricted and carry piggy-back registration
rights.





On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for his personal guaranties of
company debt according to the terms of his executive employment agreement dated
May 7, 2009.  The underlying shares are restricted and carry
piggy-back registration rights.





On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for his personal guaranties of
company debt according to the terms of his executive employment agreement dated
May 7, 2009.  The underlying shares are restricted and carry
piggy-back registration rights.





-12-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 5 - Loss Per Share
(continued)




On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We
issued the shares of common stock to the officer as consideration for her
personal guaranties of company debt
according to the terms of her executive employment agreement dated May 7, 2009.
The underlying shares are restricted and carry piggy-back registration
rights.





On
January 7, 2010, we issued stock certificates to various members of Remington
Partners for 3,750,000 shares of common stock of the company at $0.10 per share
as conversion of $375,000 of long term debt of the company.





On March,
31, 2010 we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.





On March
31, 2010, we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for her personal guaranties of
company





debt
according to the terms of her executive employment agreement dated May 7, 2009.
The underlying shares are restricted and carry piggy-back registration
rights.





On March
31, 2010, we issued a stock certificate to an officer for 62,500 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.





On March
31, 2010, we issued a stock certificate to an officer for 62,500 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as compensation for his services as Chief Executive
Officer.  The underlying shares are restricted and carry piggy-back
registration rights





On June
30, 2010 we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.





On June
30, 2010, we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for her personal guaranties of company
debt according to the terms of her executive employment agreement dated May 7,
2009. The underlying shares are restricted and carry piggy-back registration
rights.





On
September  30, 2010 we issued a stock certificate to an officer for
250,000 shares of common stock at $0.003 per share.  We issued the
shares of common stock to the officer as consideration for his personal
guaranties of company debt according to the terms of his executive employment
agreement dated May 7, 2009.  The underlying shares are restricted and
carry piggy-back registration rights.





On
September 30, 2010, we issued a stock certificate to an officer for 250,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for her personal guaranties of
company debt according to the terms of her executive employment agreement dated
May 7, 2009. The underlying shares are restricted and carry piggy-back
registration rights.





On
September 30, 2010, we issued a stock certificate to an officer for 250,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as compensation for his services as Chief Executive
Officer.  The underlying shares are restricted and carry piggy-back
registration rights




-13-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





The
Company issued the above-described shares of our common stock in reliance upon
the exemption from the registration requirements of the Securities Act of 1933,
as amended, as set forth in Section 4(2) under the Securities Act and Rule 506
of Regulation D promulgated thereunder relating to sales by an issuer not
involving any public offering, to the extent an exemption from such registration
was required. The purchasers represented to us that they were accredited
investors as defined in Rule 501(a) of the Securities Act and that the
securities issued pursuant thereto were being acquired for investment purposes.
The sales of these securities were made without general solicitation or
advertising.





Note 6 - 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 thirty years. Property and
equipment are summarized as follows:





Estimated
      Useful Life
            
            September
      30,
                2010
            
            
            December
      31,
                2009Land
            
            
            
            $
            49,500
            
            
            $
            49,500Buildings
      and building improvements
            
            5 –
      10 years
            
            
            153,817
            
            
            
            138,780Towers
      and studio equipment
            
            5
      – 30
      years
            
            
            415,076
            
            
            
            412,176Furniture,
      fixtures and equipment
            
            3 –
      7 years
            
            
            322,815
            
            
            
            282,563Automotive
            
            3 – 5
      years
            
            
            153,583
            
            
            
            153,583Accumulated
      depreciation
            
            
            
            
            (474,804
            )
            
            
            (403,397
            )Property
      and equipment, net
            
            
            
            $
            619,987
            
            
            $
            636,130





Of the
$619,987  in Net Property and Equipment as of September 30, 2010,
$35,000 was added through the acquisition of the radio broadcast station WBBV FM
during the third quarter of 2008 including equipment purchases to support the
acquired stations.  In April of 2009, the Company disposed of a 2007
Chevrolet HHR and a 2007 Nissan XTerra through sales to third parties for
$12,000 and $13,300 respectively.





Note 7 - Lines of
Credit


In 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 bank’s prime rate, which was 7.5% at June 30, 2009. The
balance was paid off in full on December 18, 2009.  The balance of the
line of credit at September 30, 2010 and 2009 was $0 and $75,000,
respectively.


The
Company signed a promissory note and established a revolving line of credit on
February 27, 2004 for $200,000 with Regions Bank to refinance existing debt. The
note matured on August 31, 2009, and required monthly interest payments accruing
at an initial rate of 7.58% and a current rate of 4.35938% at March 31, 2009.
The rate is subject to monthly changes based on an independent index plus
2.25%.
  -14-


DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 7 - Lines of Credit
(continued)





The note
was secured by 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 related agreement. The balance was paid
off in full on December 18, 2009. The principal balance of the note at September
30, 2010 and 2009 was $0 and $199,297, respectively.




The
Company signed a promissory note and established a revolving line of credit on
August 22, 2008 for $500,000 with SunTrust Bank to facilitate the acquisition of
WBBV.  The note matured on August 22, 2009 and was converted to a term
loan.


The note
was secured by personal guarantee of certain officers of the Company and all
inventory, chattel paper, accounts, equipment and general intangibles existing
or purchased by the wholly-owned subsidiary entity, Debut Broadcasting
Mississippi, after the signing of the related agreement.  The balance of
the loan at September  30, 2010 and  2009 was $0 and $0, 
respectively.




On
December 18, 2009, the Company signed a promissory note with Crestmark Bank for
$400,000.  The loan is secured by all inventory, chattel paper, accounts,
equipment and general intangibles of the Company.  The loan matures August
30, 2011 and is payable in variable monthly installments at a rate of prime plus
2.75% for the applicable index period.  The balance of the loan at
September 30, 2010 and 2009 was $180,845 and $0 respectively




The note
is secured by personal guarantee of certain officers of the Company and all
inventory, chattel paper, accounts, equipment and general intangibles existing
or purchased by the wholly-owned subsidiary entity, The Marketing Group, after
the signing of the related agreement.




Note 8 - Notes Payable to
Stockholders





Debut
Broadcasting Stockholder Notes





On
January 21, 2008 the Company issued to Remington Partners, Inc. warrants to
purchase 62,500 shares of Company common stock in exchange for a loan in the
amount of $250,000 with a $2,000 loan origination fee and interest of 18% per
annum due monthly.  The promissory note plus any accrued interest is
payable on July 31, 2009.





On
February 26, 2008 the Company issued to Remington Partners, Inc. warrants to
purchase 125,000 shares of Company common stock in exchange for a loan in the
amount of $500,000, with a $2,000 loan origination fee and interest of 18% per
annum due monthly.  The promissory note plus any accrued interest is
payable on July 31, 2009.





On
January 7, 2010 the company converted $375,000 of the outstanding balance of the
Remington Capital Partners loan to shares of common stock of the
company.  The remaining $375,000 balance is to be paid interest only
at a rate of 12% per year through 2010, at which time it will automatically
convert to a term loan.





Total
interest expense associated with the stockholder loans for the three months
ended September  30, 2010 and 2009 was $12,145 and
$11,250  respectively.  Accrued interest due to stockholders
was $0 and $0 as of June 30, 2010 and 2009, respectively.





-15-




DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 9 - Loans
Payable


Regions
Bank Loan


On August
15, 2006, the Company signed a promissory note with Regions Bank for $300,000
with an initial interest rate of 7.58% and a current rate of 2.58313% as of
March 31, 2009. The loan was secured by all inventory, chattel paper, accounts,
equipment and general intangibles of the Company.  The loan was scheduled
to have  matured on  August 30, 2011 and was payable in monthly
installments of $6,058, including variable interest at 2.25% points per annum
over the London Interbank Offered Rate for the applicable index
period.
  The
balance was settled on December 18, 2009.   Total interest expense on
the Regions Bank loan for the three months ended September 30, 2010 and 2009 was
$0 and $862, respectively.  Total interest expense for the nine months
ended September 30, 2010 and 2009 was $0 and $2,363, respectively. The balance
of the loan at September 30, 2009 was $146,749, of which $35,565 was
classified as current portion of long-term debt.   The balance of
the loan at September 30, 2010 was $0.


Citadel
Communications Loan


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 a rate of 12%.  The note was amended in April, 2003 requiring
interest only payments indefinitely.  The company negotiated a
settlement of $24,322 to be paid to Citadel Communications in one lump sum,
which was accepted on September 21, 2009 by Citadel Communications.Total interest expense on
the Citadel Communications loan for each of the three months ended September 30,
2010 and 2009 was $0 and $10,428, respectively.  The balance of the
loan at September 30, 2010 and 2009 was $0 and  $0,
respectively.


SunTrust
Bank Loan




On August
28, 2009, the company converted an existing line of credit with SunTrust Bank
into a new term loan.  The note requires monthly interest payment accruing
at an initial rate of 6.0% and a current rate of 6.0% at March 31, 2010. The
rate is subject to monthly changes based on an independent index plus 1.00%, and
matures on August 28, 2011.




The note
is secured by personal guarantee of certain officers of the Company and all
inventory, chattel paper, accounts, equipment and general intangibles existing
or purchased by the wholly-owned subsidiary entity, Debut Broadcasting
Mississippi, after the signing of the related agreement.  Total interest
expense on the SunTrust Bank loan for the three months ended September 30, 2010
and 2009 was $7,232 and $7,279 respectively.  Total interest expense on the
SunTrust Bank loan for the nine months ended September 30, 2010 and
2009 was $21,835 and $14,603 respectively.  The balance of the
loan at Setpember 30, 2010 and 2009 was $463,416 and $472,705,
respectively.


Riverfalls
Financial Services LLC


On
September 21, 2009, the Company signed an unsecured convertible promissory note
with Riverfalls Financial for $1,500,000.  The loan matured on July 31,
2010.




-16-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 9 - Loans Payable
(continued)


On
September 15, 2010 the Note was modified.  River Falls Financial
Services issued a Promissory note to Diversified Support Systems, Inc., an Ohio
Corporation for the benefit of River Falls Financial Services for the 50% of the
balance of the matured River Falls Financial Services note, with an interest
rate of 3% per annum.  In conjunction
with this Promissory note, River Falls Financial Services, Debut Broadcasting
Corporation and Diversified Support Systems negotiated a participation agreement
whereby the parties agree to share in the loan to Debut Broadcasting Corporation
with a 50% participation percentage.


The
balance of the loan at September 30, 2010 and 2009 was $639,000 and
$600,000.  The Riverfalls Financial loan additionally guaranties options to
purchase 30,000,000 shares of common stock of the company on or before July 31,
2011 at a strike price of $0.05 per share.


Bank
of America Loan





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.   On September 21, 2009, the note was converted to a
new five year term loan, which would have matured on September 30, 2014. The
note required monthly principle and interest payments and the interest rate is
based on the bank’s prime rate, which was 7.5% at September 30,
2009.  The balance was paid off on December 18, 2009.  The
note was secured by personal guarantee of certain officers of the
Company.





The
balance of the loan at September 30, 2009 was $75,000 of which $0.00 was
classified as current portion of long-term debt.





Vehicle
Loans





On
September 25, 2007, the Company signed a retail installment sale contract with
GMAC for the purchase of two vehicles for $47,498 with an effective interest
rate of 5.0%.  The corresponding promissory note is to be paid over a
three-year period with a monthly payment of $1,424. The purchased vehicles are
used in conjunction with the radio broadcast operations.





On May 1,
2008, the Company signed a retail installment sale contract with Daimler
Chrysler Financial Services for the purchase of a vehicle for $23,137 with an
effective interest rate of 7.49%.  The corresponding promissory note
is to be paid over a five-year period with a monthly payment of
$463.  The purchased vehicle is used in conjunction with the radio
broadcast operations.





On May
15, 2008, the Company signed a retail installment sale contract with Daimler
Chrysler Financial Services for the purchase of a vehicle for $19,303 with an
effective interest rate of 11.25%.  The corresponding promissory note
is to be paid over a five-year period with a monthly payment of
$367.  The purchased vehicle is used in conjunction with the radio
broadcast operations.





On May
30, 2008, the Company signed a retail installment sale contract with GMAC for
the purchase of a vehicle for $25,256 with an effective interest rate of
9.5%.  The corresponding promissory note is to be paid over a
five-year period with a monthly payment of $530.  The purchased
vehicle is used in conjunction with the radio broadcast
operations.





Total interest expense on the vehicle
loans for the quarter endedSeptember 30, 2010and 2009was $1,087and $1,571, respectively.  Total
interest expense on the vehicle loans for the nine months ended September
30, 2010and 2009was $3,740and $6,278, respectively. The principal balance
of the vehicle loans as ofSeptember 30, 2010and 2009was $44,458 and$70,068, respectively.  AtSeptember 30,2010, $10,118 wasclassified as the current portion of
the loans.




-17-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 9 - Loans Payable
(continued)





Capital
Lease





On
December 5, 2007, the Company entered into a capital lease arrangement with
National City Media Finance to acquire studio equipment for $15,009 with a fixed
interest rate of 7.5%. The lease term is for three years with monthly payments
of $464, with a $1 buyout option at the end of the lease
term.





Total
interest expense on studio equipment for the quarters ended September 30, 2010
and 2009 was $172 and $188, respectively. Total interest expense on studio
equipment for the nine months ended September 30, 2010 and 2008 was $590 and
$357, respectively.  The principal balance of the capital lease as of
September 30, 2010 and 2009 was $1,392 and $2,445, respectively.  At
September 30, 2010, $1,392 was classified as the current portion of the
lease.





Note 10 - Stockholders’
Equity





In
connection with the reverse merger on May 17, 2007, all shares of common stock
of Debut Broadcasting (as hereinafter defined) outstanding prior to the merger
were exchanged for 10,000,000 shares of Company common stock (See Note 10.
Business Combinations).





In
addition, in connection with the reverse merger, the Company completed a private
placement of 6,000,000 shares of Company common stock at $0.50 per
share.  The transaction was recorded net of financing costs of
$23,502.





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





The
pre-merger stockholders of the Company maintained 364,044 shares of Company
common stock.





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





Note 11 - Business
Combinations





WBBV
FM





On August
27, 2008, the Company acquired a radio broadcast stations from Holladay
Broadcasting of Louisiana, LLC identified as WBBV FM 101.3 MHz in Vicksburg,
Mississippi, including all of the facilities, equipment, licenses and
intellectual property necessary to operate this station, in exchange for
$180,022.


The
purchase price was allocated as follows:





-18-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 11 - Business
Combinations (continued)





Description
            
            AmountAccounts
      receivable
            
            $
            57,522Land
            
            
            0.00Buildings
      and structures
            
            
            25,000Equipment
            
            
            10,000FCC
      licenses
            
            
            472,500Non-compete
      agreement
            
            
            35,000Goodwill
            
            
            380,000Liabilities
      assumed
            
            
            (800,000
            )Total
            
            $
            180,022





Holladay
Broadcasting Company




WBBV
FM (continued





On March
16, 2008, the Company entered into a Local Marketing Agreement for a radio
broadcast station identified as KLSM FM 105.5 MHz in Tallulah, Louisiana
with Holladay Broadcasting Company, including all of the facilities,
equipment, licenses and intellectual property necessary to operate these
stations.  The Company maintains the station including all revenues
and expenses.  Holladay Broadcasting Company has retained ownership of
all assets and liabilities of the station as of March 16,
2008.





Note 12 – Subsequent
Events





On
September 21, 2010 the company and Dial Global, a national advertising
representation firm, and the largest account of the company, determined to end
their contract on December 26, 2010.  On October 13, 2010, the company
signed a three year agreement with United Stations, a national advertising
representation firm located in Chicago, Illinois, replacing the former contract
with Dial Global.





On
October 1, 2010, the company and the auditing firm Maddox Unger Silbertein, PLLC
mutually determined to end their relationship.  This decision was not
the result of any disagreement with management.





On
October 1, 2010 the company entered into an agreement for audit representation
by Patrick Rodgers, CPA, a PCAOB accredited auditing firm.  The
company anticipates the change in auditor will result in an annual savings of
approximately $15,000.





On
October 29, 2010 Marcus Rowe, Vice President of  Network Operations
departed  the company.  The company believes that Rowe is
engaging in tortious libel, and competition with the company using trade secrets
and converted intellectual property.  The company is seeking legal
remedy to the fullest extent of the law.





On
November 5, 2010, Chuck Hillier joined the company to fill the role of Vice
President of Network Operations.  Hillier is a significant
employee.




-19-





DEBUT
BROADCASTING CORPORATION, INC.


NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS


September
30, 2010





Note 12 – Subsequent Events
(continued)




On
November 5, 2010, the company executed an Asset Purchase Agreement to acquire
the assets of radio broadcast station
KLSM FM in Tallulah, LA.  The company has been operating the radio
broadcast station KLSM FM under an LMA
agreement since 2008.  The company will continue to operate the
station under the existing LMA agreement while filing is made with the FCC to
transfer the license of the station.





On
November 10, 2010, the company executed an Asset Purchase Agreement to acquire
the assets of radio broadcast station WNBV in Grundy, Virginia  The
company will begin operating the station under an LMA agreement on December 1,
2010 while waiting for approval of the license transfer with the
FCC.




-20-





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





Forward-Looking
Statements





Certain
statements contained in this report may not be based on historical facts and are
“forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended.  The forward-looking statements may be identified by
reference to a future-period(s) or by the use of forward-looking terminology,
such as “anticipate,” “believe,” “estimate,” “expect,” “foresee,” “may,”
“might,” “will,” “intend,” “could,” “would,” or “plan” or future or conditional
verb tenses, and variations or negatives of such terms.





These
forward-looking statements include, without limitation, the basis of
presentation of our financial statements, charges to consulting clients, the
impact of recent accounting pronouncements, the impact of radio station
acquisitions, radio advertising growth, pending acquisitions, the future use of
Black-Scholes method of valuation, market trends, our need for additional
capital, our ability to raise capital through debt and equity financing, the
terms of any financing the we may obtain, the incurrence of accounting and legal
fees in connection with acquisitions and the effectiveness of our disclosure
controls and procedures.





We
caution you not to place undue reliance on the forward-looking statements
contained in this report, in that actual results could differ materially from
those indicated in such forward-looking statements as a result of a variety of
factors.  These factors include, but are not limited to, our ability
to provide and market competitive service and products, our ability to diversify
revenue, our ability to attract, train and retain qualified personnel, our
ability to operate and integrate new technology, changes in consumer preference,
changes in our operating or expansion strategy, changes in economic conditions,
fluctuation in prevailing interest rates, our ability to identify and
effectively integrate potential acquisitions, FCC and government approval of
potential acquisition, our inability to renew one or more of our broadcast
licenses, our ability to manage growth and effectively serve an expanding
customer and market base, geographic concentrations of our assets and
susceptibility to economic downturns in that area, availability of and costs
associated with maintaining and/or obtaining adequate and timely sources of
capital and liquidity, our ability to compete with other companies that produce
and distribute syndicated radio programs and/or own radio stations, shifts in
populations and other demographics, changes in governmental regulations, laws
and regulations as the affect companies that produce and distribute syndicated
radio programs and/or own radio stations, industry conditions, the popularity of
radio as a broadcasting and advertising medium, cancellation, disruption
or postponements of advertising schedules in response to national or world
events, possible adverse ruling, judgments, settlements, and other outcomes of
pending or threatened litigation, other factors generally understood to affect
the financial condition or results of companies that produce and distribute
syndicated radio programs and/or own radio stations and other factors detailed
from time to time in our press releases and filings with the Securities and
Exchange Commission.  We undertake no obligation to update these
forward-looking statements to reflect events or circumstances that occur after
the date of this report.




-21-




Results
of Operations





For
the Three Months Ended September 30, 2010 and 2009




We
generated $566,743  in net revenue for the quarter ended September 30,
2010, an increase of  $40,941, or 7.2%  compared to $525,802
for the quarter ended September 30, 2009.  National sales have continued to
recover from the economic collapse of 2009, largely accounting for the increase
in revenue.




Advertising
expense was $2,681 for the quarter ended September 30, 2010, a decrease of $371
or 12.16%, compared to $3,052 for the quarter ended September 30, 2009. 
The company has not utilized any public relations firms or investor relations
firms, which has resulted in an overall decrease in advertising
expense.




Operating
expenses were $386,793 for the quarter ended September 30, 2010; a decrease of
$214,788 or 35.7%, compared to $601,581 for the quarter ended September 30,
2009.   Approximately$90,000 of this decrease is attributable to
staffing and salary and other expense reductions in Debut Mississippi related to
an LMA agreement that shifted the operating costs of three Greenville, MS
stations to the lessee.  Operational restructuring and cost elimination in
areas such as telecommunications and other general and administrative expenses
additionally contributed to the decrease in operating expense.




On August
22, 2002, the company signed an unsecured promissory note with Citadel
Broadcasting to alleviate pass through bad debt due to the temporary collapse of
the national advertising market in late 2001.  Over the life of the
agreement, the company made principle and interest payments to Citadel
Broadcasting totaling $350,467.  During the three months ended September
30, 2009 the company settled the agreement, resulting in a one time gain on
settlement of $340,539.




Depreciation
and amortization expense was $30,123 for the quarter ended September 30, 2010; a
decrease of $16,712 or 35.6%, compared to $46,835 for the quarter ended
September 30, 2009. The primary reason for the decrease relates to the total
depreciation of several assets as well as delayed growth in asset
acquisitions.




Interest
expense was $48,292 for the quarter ended September 30, 2010; a slight decrease
of $5,207 or 9.73% compared to $53,499 for the quarter ended September 30,
2009.  The decrease is due to the steady pay down of all
debts.




As a
result of the foregoing revenue and expenses, our overall net income or (loss)
for the three-month period ending September 30, 2010 and September 30, 2009 was
$100,326 and $166,510, respectively.





For
the Nine Months Ended September 30, 2010 and 2009




We
generated $1,506,546 in net revenue for the nine months ended September 30,
2010, a decrease of $77,651, or 4.9%, compared to $1,584,197 for the nine months
ended September 30, 2009.  In March of 2010, the company entered into an
LMA agreement for three owned radio stations in Greenville,
Mississippi.  The company does not record revenue or attributable
expenses from these stations.  This agreement accounts for the full
decline in revenue.




Advertising
expense was $17,420 for the nine months ended September 30, 2010 an increase of
$4,698 or 36.93% compared to $12,722 for the nine months ended September 30,
2009.  This increase is due to staffing restructuring, and advertisements
placed in 2010 to recruit high quality personnel to the company.




Operating
expense was $1,382,201, a decrease of $404,325 or 29.3%, compared to $1,786,526
for the nine months ended September 30, 2009. Of the total decrease in operating
expenses, approximately $270,000 is related to salary and expense reductions
largely as a result of the leasing arrangement for three of our radio stations
in Greenville, MS, executed at the beginning of the second quarter of 2010.
Additional reasons for the decrease in operating expenses relate to a decrease
in travel and entertainment expenditures of approximately
$19,500.  The balance of the reduction in operating expenses is
attributable to general restructuring and elimination of general and
administrative expenses.




-22-




On August
22, 2002, the company signed an unsecured promissory note with Citadel
Broadcasting to alleviate pass through bad debt due to the temporary collapse of
the national advertising market in late 2001.  Over the life of the
agreement, the company made principle and interest payments to Citadel
Broadcasting totaling $350,467.  During the nine months ended September 30,
2009 the company settled the agreement, resulting in a one time gain on
settlement of $340,539.




Depreciation
and amortization expense was $71,406 for the nine months ended September 30,
2010; a decrease of $62,703 or 46.7% compared to $134,109 for the nine months
ended September 30, 2009.  The primary reason for the decrease relates to
the total depreciation of several assets as well as delayed growth in asset
acquisitions.




Interest
expense was $139,612 for the nine months ended September 30, 2010; a decrease of
$66,798, or 32.4% compared to $206,410 for the nine months ended September 30,
2009.  The reason for the decrease is the continued payment of current debt
and the gradual amortization of the interest costs associated with the
debt.




As a
result of the foregoing revenue and expenses, our overall net loss for the nine
month period ending September 30, 2010 and September 30, 2009 was $98,536 and
$206,154, respectively.





Financial
Condition





Accounts receivable, net of allowance
for doubtful accounts was $987,789 at September 30, 2010, a increase of $152,487
or 15.5% compared to $835,302 at December 31, 2008.  Seasonality, and
the increase in sales revenue from the syndication business is largely
attributable to the increase in the accounts receivable balance.





Unexercised Stock warrants was
$1,052,523 at September 30, 2010, and December 31, 2009In accordance with FAS
133, we record an associated asset and liability for the issuance of warrants,
which is adjusted quarterly using the Black-Scholes method
of  derivative valuation.





Accounts payable at September 30, 2010
was $939,294, an increase of $7,173 or .8% compared to $932,121 at December 31,
2009.  We decreased our accounts payable balance in the third quarter
as compared to the quarter ended June 30, 2009, utilizing cash flow from
operations.




Accrued expenses and taxes at September
30, 2009 were $436,811, an increase of $288,278 from December 31,
2009.  This increase is attributable to accrued contracts for radio
advertising that are in the process of internal audit to test
compliance.





In January and February of 2008, we
exercised two loans with Remington Partners, Inc. for a total of $750,000 in
notes payable to stockholders. In the first quarter of 2010 the note was
restructured, and $375,000 was converted to stock.   As a result,
our notes payable to stockholders were $375,000 at September 30, 2010
and  $750,000 at December 31, 2009.




-23-




Liquidity and
Capital Resources





As of
September 30, 2010, our current assets in the amount of $2,054,170, consisted of
$37,863 in cash and cash equivalents, $987,789  in accounts
receivable,  $23,860 in prepaid expenses and $1,004,658 in unexercised
stock warrants. As of September 30, 2010, our current liabilities in the amount
of $3,402,598, consisted of $939,294 in accounts payable, $436,811  in
accrued expenses and taxes, $375,000 in notes payable to stockholders, $268,460
in lines of credit and $347,510 in current portion of long term debt, and
$1,035,523 in unexercised stock warrant loss. This combination of assets and
liabilities resulted in a working capital deficit in the amount of
$1,348,428.





Going
Concern





Our financial statements are prepared
using generally accepted accounting principles in the United States of America
applicable to a going concern which contemplates the realization of assets and
liquidation of liabilities in the normal course of business. Our ability to
continue as a going concern is dependent on obtaining adequate capital to fund
operating losses until we become profitable. If we are unable to obtain adequate
capital, we could be forced to cease operations. In order to continue as a going
concern, we will need, among other things, additional capital resources. Our
plan is to aggressively grow revenue in order to meet minimal operating expenses
and seeking equity and/or debt financing. However we cannot provide any
assurances that that we will be successful in accomplishing any of our
plans.





Our ability to continue as a going
concern is dependent upon its ability to successfully accomplish the plans
described in the preceding paragraph and eventually secure other sources of
financing and attain profitable operations. The accompanying financial
statements do not include any adjustments that might be necessary if we are
unable to continue as a going concern.





Recent
Events





Pending
Acquisitions




During
the fourth quarter of 2010, we signed asset purchase agreements for two
additional radio stations in two markets.  One of these stations, KLSM
FM, was placed under a local marketing agreement March 16, 2008.  We
filed for FCC license transfer for KLSM FM in Vicksburg, MS, and WNBV FM in
Grundy Virginia during the fourth quarter of 2010.





Material
Contracts





During
the fourth quarter of 2010 the company and Dial Global, a national advertising
representation firm, and the largest account of the company, determined to end
their contract on December 26, 2010.  On October 13, 2010, the company
signed a three year agreement with United Stations, a national advertising
representation firm located in Chicago, Illinois, replacing the former contract
with Dial Global.





Significant
Employees





During
the fourth quarter of 2010  Marcus Rowe, Vice President
of  Network Operations departed  the company.  The
company believes that Rowe is engaging in tortious libel, and competition with
the company using trade secrets and converted intellectual
property.  The company is seeking legal remedy to the fullest extent
of the law.





On
November 5, 2010, Chuck Hillier joined the company to fill the role of Vice
President of Network Operations.  The company anticipates that the
addition of Hillier will result in increased revenue beginning in the first
quarter of 2011.





-24-





Off
Balance Sheet Arrangements





As of
September 30, 2010, there were no off balance sheet arrangements.





Critical
Accounting Policies





Revenue and Cost
Recognition





We
recognize advertising and programming revenues when our radio programs air with
our contracted radio station affiliates.  Generally, we are paid by a
national advertising agency, which sells the commercial time provided by the
affiliate.





We earn
revenue from the national advertising agency, we also recognize any amounts
attributable to the individual radio programs, which are based on the audience
level generated by the specific program.  Expenses are accrued at the
time the radio programs are run.





Consulting
projects are generally negotiated at a fixed price per project; however, if we
utilize our advertising capacity as part of the consulting project, we 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





We
expense advertising costs as they are incurred.





New Accounting
Pronouncements





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.





Item
4T.   Controls and Procedures




As
required by Rule 13a-15 of the Securities Exchange Act of 1934, our principal
executive officer and principal financial officer evaluated our company's
disclosure controls and procedures (as defined in Rules 13a-15(e) of the
Securities Exchange Act of 1934) as of the end of the period covered by this
report. Based on this evaluation, our principal executive officer and principal
financial officer concluded that as of the end of the period covered by this
report, these disclosure controls and procedures were not effective to ensure
that the information required to be disclosed by our company in reports it files
or submits under the Securities Exchange Act of 1934 is recorded, processed,
summarized and reported within the time periods specified in the rules and forms
of the Securities Exchange Commission and to ensure that such information is
accumulated and communicated to our company's management, including our
principal executive officer and principal financial officer, to allow timely
decisions regarding required disclosure. The conclusion that our disclosure
controls and procedures were not effective was due to the presence of the
following material weaknesses in internal control over financial reporting which
are indicative of many small companies with small staff: inadequate segregation
of duties and effective risk assessment.  Management anticipates that
such disclosure controls and procedures will not be effective until the material
weaknesses are remediated.




-25-




We plan
to take steps to enhance and improve the design of our internal controls over
financial reporting. During the period covered by this quarterly report on Form
10-Q, we have not been able to remediate the material weaknesses identified
above.  We will be unable to remediate these material weaknesses until
we achieve a growth level sufficient to support financial and accounting staff
to adequately segregate duties.  We do not anticipate remediating this
weakness in 2010.




Because
of the inherent limitations in all control systems, no evaluation of controls
can provide absolute assurance that all control issues, if any, within our
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.




Changes
in Internal Control over Financial Reporting




There has
been no change in the internal control over financial reporting identified in
connection with the evaluation required by paragraph (d) of ss.240.13a -15 or
ss.240.15d -15 of the Exchange Act that occurred during the Company's last
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the Company's internal control over financial
reporting.




-26-




PART
II - OTHER INFORMATION





Item 1.     Legal Proceedings





None





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





On May
17, 2007, we completed a private placement of 6,430,316 shares of our common
stock at $0.50 per share.  430,316 shares were sold to existing
shareholders in exchange for conversion of their notes to the Predecessor
Company.  The remaining 6,000,000 shares were sold to a number of
investors with no prior relationship to the company.   No
underwriters were involved in this sale of securities. We issued the shares of
common stock to the investors in exchange for a combination of cash and debt
reduction. The transaction was recorded net of financing costs of $23,503. We
used the net proceeds from the private offering for the acquisition of Shamrock
Broadcasting and River Broadcasting Group.


On June
18, 2008, we issued to Wolcott Squared a warrant to purchase 18,408 shares of
our common stock at an exercise price of $0.3925 per share, with an expiration
date of December 17, 2017. The consideration received for this warrant was
services rendered in December of 2007 valued at $7,225.


On June
18, 2008, we issued to Wolcott Squared a warrant to purchase 22,279 shares of
our common stock at an exercise price of $0.51 per share with an expiration date
of January 31, 2018.  The consideration received for this warrant was
services rendered in January of 2008 valued at $11,362.


On June
18, 2008, we issued to Wolcott Squared a warrant to purchase 5,686 shares of our
common stock at an exercise price of $0.51 per share with an expiration date of
February 29, 2018. The consideration received for this warrant was services
rendered in February of 2008 valued at $2,899.


On June
30, 2008, we issued to Politis Communications a warrant to purchase 10,254
shares of our common stock at an exercise price of $0.01 per share, with an
expiration date of June 29, 2018.  The consideration received for this
warrant was services rendered by Politis Communications.




On
September 22, 2008, we  issued to Stephen Ross, a third party, a
warrant to purchase 18,000 shares of Company common stock at an exercise price
of $0.50 per share, with an expiration date of January 31, 2011.  The
consideration we received for this warrant was legal services rendered by
Stephen Ross, Esq,




On
September 22, 2008, we issued to Stephen Ross, a third party,  a
warrant to purchase 27,000 shares of Company common stock at an exercise price
of $0.50 per share, with an expiration date of September 30, 2011. The
consideration we received for this warrant was legal services rendered by
Stephen Ross, Esq,




On
September 30, 2008, we  issued to Politis Communications a warrant to
purchase 5,495 shares of Company common stock at an exercise price of $0.01 per
share, with an expiration date of September 29, 2018.  The
consideration received for this warrant was public relations services rendered
by Politis Communications.




On
December 31, 2008, we issued to Stephen Ross, a third party,  a
warrant to purchase 27,000 shares of Company common stock at an exercise price
of $0.50 per share, with an expiration date of December 31, 2011. The
consideration we received for this warrant was legal services rendered by
Stephen Ross, Esq,




On
December 31, 2008, we  issued to Politis Communications a warrant to
purchase 5,495 shares of Company common stock at an exercise price of $0.01 per
share, with an expiration date December 31, 2018.  The consideration
received for this warrant was public relations services rendered by Politis
Communications.




On April
1, 2009, we issued to Stephen Ross, a third party,  a warrant to
purchase 27,000 shares of Company common stock at an exercise price of $0.50 per
share, with an expiration date of  March 31, 2012.The consideration we
received for this warrant was legal services rendered by Stephen Ross,
Esq,




On
September 30, 2009, we issued to Stephen Ross, a third party,  a
warrant to purchase 27,000 shares of Company common stock at an exercise price
of $0.50 per share, with an expiration date of  June 29, 2012.The
consideration we received for this warrant was legal services rendered by
Stephen Ross, Esq,





We
revalue warrants quarterly utilizing the Black-Scholes method.





All of
these warrants were issued in reliance upon the exemption from the registration
requirements of the Securities Act of 1933, as amended (the “Securities Act”),
as set forth in Section 4(2) under the Securities Act and Rule 506 of Regulation
D promulgated thereunder relating to sales by an issuer not involving any public
offering, to the extent an exemption from such registration was
required.




-27-





On
December 5, 2008, Politis Communications exercised a warrant to purchase 8,500
shares of our common stock at $0.01 per share.  The shares were
authorized by Politis Communications as compensatory gifts to a number of
employees of Politis Communications.  No underwriters were involved in
this warrant exercise.  The underlying shares are restricted and carry
piggy-back registration rights.




On
December 5, 2008, we issued a stock certificate to Mohammed Rahman for 22,026
shares of our common stock at $0.07 per share.  We issued the shares
of common stock to Mohammed Rahman in exchange for services
rendered.  No underwriters were involved in this sale of
securities.  Outside of the existing vendor client relationship the
investor has no prior relationship to the company.  The underlying
shares are restricted and carry piggy-back registration rights.




On
December 3, 2008, we issued a stock certificate to Sariah Hopkins for 42,000
shares of our common stock at $0.07 per share.  We issued the shares
of common stock to Sariah Hopkins as a compensatory bonus for services rendered
in the role of Chief Financial Officer.  The underlying shares are
restricted and carry piggy-back registration rights.




On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for his personal guaranties of
company debt according to the terms of his executive employment agreement dated
May 7, 2009.  The underlying shares are restricted and carry
piggy-back registration rights.




On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for his personal guaranties of
company debt according to the terms of his executive employment agreement dated
May 7, 2009.  The underlying shares are restricted and carry
piggy-back registration rights.




On
December 31, 2009, we issued a stock certificate to an officer for 500,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for her personal guaranties of
company debt according to the terms of her executive employment agreement dated
May 7, 2009. The underlying shares are restricted and carry piggy-back
registration rights. On January 7, 2010, we issued stock certificates to various
members of Remington Partners for 3,750,000 shares of common stock of the
company at $0.10 per share as conversion of $375,000 of long term debt of the
company.




On March,
31, 2010 we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.




On March
31, 2010, we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for her personal guaranties of company
debt according to the terms of her executive employment agreement dated May 7,
2009. The underlying shares are restricted and carry piggy-back registration
rights.




On March
31, 2010, we issued a stock certificate to an officer for 62,500 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.




On March
31, 2010, we issued a stock certificate to an officer for 62,500 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as compensation for his services as Chief Executive
Officer.  The underlying shares are restricted and carry piggy-back
registration rights




On June
30, 2010 we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for his personal guaranties of company
debt according to the terms of his executive employment agreement dated May 7,
2009.  The underlying shares are restricted and carry piggy-back
registration rights.




On June
30, 2010, we issued a stock certificate to an officer for 250,000 shares of
common stock at $0.003 per share.  We issued the shares of common
stock to the officer as consideration for her personal guaranties of company
debt according to the terms of her executive employment agreement dated May 7,
2009. The underlying shares are restricted and carry piggy-back registration
rights.




On
September 30, 2010 we issued a stock certificate to an officer for 250,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for his personal guaranties of
company debt according to the terms of his executive employment agreement dated
May 7, 2009.  The underlying shares are restricted and carry
piggy-back registration rights.




-28-




On
September 30, 2010, we issued a stock certificate to an officer for 250,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as consideration for her personal guaranties of
company debt according to the terms of her executive employment agreement dated
May 7, 2009. The underlying shares are restricted and carry piggy-back
registration rights.




On
September 30, 2010, we issued a stock certificate to an officer for 250,000
shares of common stock at $0.003 per share.  We issued the shares of
common stock to the officer as compensation for his services as Chief Executive
Officer.  The underlying shares are restricted and carry piggy-back
registration rights




We issued
the above-described shares of our common stock in reliance upon the exemption
from the registration requirements of the Securities Act of 1933, as amended, as
set forth in Section 4(2) under the Securities Act and Rule 506 of Regulation D
promulgated thereunder relating to sales by an issuer not involving any public
offering, to the extent an exemption from such registration was required. The
purchasers represented to us that they were accredited investors as defined in
Rule 501(a) of the Securities Act and that the securities issued pursuant
thereto were being acquired for investment purposes. The sales of these
securities were made without general solicitation or advertising.





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





None.





Item
6.      Exhibits





Exhibit
              Number
            Description
      of Exhibit31.1
            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





-29-




SIGNATURES





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




DEBUT
      BROADCASTING CORPORATION, INC.November
      11, 2010
              /s/
      Sariah HopkinsSariah
      Hopkins
                Chief
      Financial Officer
  -30-