UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549

                                FORM 10-QSB

                                (Mark One)
            [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                   OF THE SECURITIES EXCHANGE ACT OF 1934
                 For the quarterly period ended March 31, 2007

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                       SECURITIES EXCHANGE ACT OF 1934
       For the transition period from  _________to _____________

                     Commission File Number 333-108300

                             OBN Holdings, Inc.
         (Exact name of small business issuer as specified in its charter)

                Nevada                                81-0592921
    (State or other jurisdiction of      (IRS Employer Identification No.)
     incorporation or organization)

            8275 South Eastern Ave., Suite 200; Las Vegas, Nevada 89123
                    (Address of principal executive offices)

                                 (702) 938-0467
                           (Issuer's telephone number)

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

Check whether the issuer (1) filed all reports required to be filed by
Section 13or 15(d) of the Exchange Act during the past 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(x) No( )

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

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section l2, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.                 Yes ( )   No ( )

                        APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date: As of July 5, 2007 the
Company had 24,540,904 shares of its $.001 par value common stock issued and
outstanding.

------------------------------------
Transitional Small Business Disclosure Format (Check one):   Yes ( )    No (x)




<PAGE>

                            TABLE OF CONTENTS

PART I    FINANCIAL INFORMATION

ITEM 1.   Consolidated Financial Statements
          Consolidated Balance Sheets at March 31, 2007 (Unaudited)
           and June 30, 2006.                                              1

          Consolidated Statements of Operations (Unaudited) for the three
           and nine Month Periods Ended March 31, 2007 and 2006            2

          Consolidated Statements of Cash Flows (Unaudited) for the
           nine Month Periods Ended March 31, 2007 and 2006                3

          Notes to Unaudited Consolidated Financial Statements             4

ITEM 2.   Management's Discussion and Analysis or Plan of Operation       19

ITEM 3.   Controls and Procedures                                         27


PART II   OTHER INFORMATION

ITEM 1.   Legal Proceedings                                               28

ITEM 2.   Unregistered Sales of Equity Securities and Use of Proceeds     28

ITEM 3.   Defaults upon senior securities                                 28

ITEM 4.   Submission of Matters to a Vote of Securities Holders           28

ITEM 5.   Other Information                                               28

Item 6.   Exhibits                                                        28








<PAGE>


PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

                            OBN Holdings, Inc.
                       Consolidated Balance Sheets

                                                   March 31,    June 30,
                                                    2007          2006
                                                 -----------  ----------
                                                 (unaudited)
ASSETS
Current assets:
  Cash and cash equivalents                       $    1,058  $    2,493
                                                 -----------  ----------
    Total current assets                               1,058       2,493

Fixed assets net of accumulated depreciation
  of $36,720 and $22,061, respectively                25,671      41,329
Broadcast license                                    130,000     130,000
Programming rights, net of accumulated amortization
  of $95,692 and $94,192, respectively.               70,113      71,613
Film library, net of accumulated amortization
  of $134,220 and $80,505, respectively.             223,880     277,595
                                                  ----------  ----------
    Total assets                                  $  450,722  $  523,030
                                                  ==========  ==========

LIABILITIES AND STOCKHOLDERS'DEFICIT
Current liabilities:
  Accounts payable                                $  853,609  $  846,076
  Accrued payroll and related                        357,512   1,381,324
  Deferred revenue                                   125,000     125,000
  Capital lease obligations                           49,396      49,396
  Programming rights payable                          90,030      90,030
  Notes and accrued interest payable                  19,167     149,392
  Notes and accrued interest payable to related
    parties                                          519,733     511,497
                                                  ----------   ---------
     Total current liabilities                     2,014,447   3,152,715

Stockholders' deficit:
  Undesignated preferred stock, $0.001 par value;
    20,000,000 shares authorized; no shares issued
    and outstanding                                     ---         ---
  Common stock; $0.001 par value; 500,000,000 shares
    authorized; 1,771,904 and 677,380 shares
    issued and outstanding, respectively.              1,772         677
  Additional paid-in-capital                       5,599,313   4,103,315
  Accumulated deficit                             (7,164,810) (6,733,677)
                                                  ----------  ----------
   Total stockholders' deficit                    (1,563,725) (2,629,685)
						  ----------  ----------

   Total liabilities and stockholders' deficit    $  450,722  $  523,030
                                                  ==========  ==========


See accompanying notes to unaudited consolidated financial statements

                                  1


<PAGE>

                          OBN Holdings, Inc.
                 CONSOLIDATED STATEMENTS OF OPERATIONS
                            (UNAUDITED)

                                    FOR THE THREE MONTHS   FOR THE NINE MONTHS
                                      ended MARCH 31,        ended MARCH 31,
				    ---------------------   -------------------
                                        2007       2006       2007      2006
                                    ---------- ---------   --------- ----------

Revenue, net of affiliate costs     $      --   $  60,172  $     --  $ 250,302

Cost of sales                              --      48,600        --    230,400
                                    ---------- ----------  --------- ---------
  Gross profit                             --      11,572        --     19,902

General and administrative expenses   208,598     196,069    518,184   771,875
                                    ---------- ----------  --------- ---------
  Loss from operations               (208,598)   (184,497)  (518,184) (751,973)
                                    ---------- ----------  --------- ---------
Other income (expense)
  Other income                             --          --        420    69,028
  Gain on extinguishment of debt      109,911          --    109,911        --
  Interest expense                     (5,862)    (10,711)   (23,280)  (30,971)
                                     ---------- ----------  -------- ---------
    Total other income (expense), net 104,049     (10,711)    87,051    38,057
                                     ---------- ----------  --------- --------
Loss before income taxes             (104,549)   (195,208)  (431,133) (713,916)

Income taxes                               --          --         --        --
                                     ---------- ----------  --------- ---------
   Net loss                         ($104,549)  ($195,208) ($431,133)($713,916)
                                     ========== ==========  ========= =========

Net loss available to common shareholders
  per common share:

  Basic and diluted net loss per
    common share                       ($0.07)     ($0.30)    ($0.44)   ($1.10)
                                     ========== ==========  ========= =========
  Basic and diluted weighted
  average shares outstanding        1,570,136     660,192    986,941   648,834
                                     ========== ==========  ========= =========


See accompanying notes to unaudited consolidated financial statements.



                                 2

<PAGE>

                          OBN Holdings, Inc.
                 CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                   FOR THE NINE MONTHS
                                                    ended March 31,
						  -----------------------
                                                     2007          2006
                                                  -----------  ----------
                                                  unaudited     unaudited
Cash flows from operating activities
  Net loss                                         ($431,133) ($713,916)
  Adjustments to reconcile net loss to net cash
   used in operating activities:
     Gain on extinguishment of debt                 (109,911)    (87,000)
     Impairment of programming rights                    ---      18,092
     Bad debt expense                                    ---      18,420
     Depreciation and amortization                     70,873     87,247
     Shares issued for services                       166,600     55,100
     Changes in operating assets and liabilities:
       Accounts receivable, net                          ---        (120)
       Accounts payable and accrued expenses          233,761    517,204
                                                   ----------  ---------
        Net cash used in operating activities         (69,810)  (104,973)

Cash flows from financing activities
  Proceeds from notes payable                          32,783     12,500
  Proceeds from notes payable to related parties       17,851    108,105
  Payments on notes payable                            (8,000)      ---
  Payments on notes payable to related parties         (9,615)      ---
  Payments under capital lease obligations               ---     (14,197)
  Proceeds from issuance of common stock               35,356       ---
                                                  -----------   --------
        Net cash provided by financing activities      68,375   106,408

Net change in cash and cash equivalents                (1,435)     1,435
Cash and cash equivalents, beginning of period          2,493      1,933
                                                  -----------   --------
Cash and cash equivalents, end of period              $ 1,058     $3,368
                                                  ===========   ========
Supplemental disclosure of cash flow information:
  Cash paid during the year for:
   Interest                                           $  ---      $  ---
                                                  ===========  =========
   Income taxes                                       $  ---      $  ---
                                                  ===========  =========

Supplemental disclosure of noncash investing and
  financing activities:

   Purchase of broadcast equipment under capital
    lease                                             $   ---   $ 59,322
                                                  ===========  =========
   Value of shares issued to pay off debt             $20,000   $150,000
                                                  ===========  =========
   Purchase of film library in exchange for
     deferred revenue                                 $   ---   $275,000
                                                  ===========  =========
   Payments of capital lease with common stock        $   ---   $  6,100
                                                  ===========  =========
   Conversion of accrued salaries to common stock  $1,250,040   $200,000
						  ===========  =========
  =


See accompanying notes to unaudited consolidated financial statements.

                                 3

<PAGE>

                          OBN HOLDINGS, INC.
             NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                      March 31, 2007 and 2006



NOTE 1 - MANAGEMENT'S REPRESENTATION

The consolidated financial statements included herein have been prepared
by OBN Holdings, Inc. (the "Company"), without audit, pursuant to the rules
and regulations of the Securities and Exchange Commission.  Certain
information normally included in the consolidated financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America has been omitted pursuant to such rules and
regulations.  However, the Company believes that the disclosures are
adequate to make the information presented not misleading.  In the opinion
of management, all adjustments (consisting primarily of normal recurring
accruals) considered necessary for a fair presentation have been included.

Operating results for the three and nine month periods ended March 31, 2007
are not necessarily indicative of the results that may be expected for the
year ended June 30, 2007.  It is suggested that the consolidated financial
statements be read in conjunction with the audited consolidated financial
statements and notes thereto included in the Company's annual report on
Form 10-KSB for the fiscal year ended June 30, 2006.


NOTE 2 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Background and Organization

OBN Holdings, Inc. is a diversified company with wholly owned subsidiaries in
the television broadcasting, internet broadcasting, feature film production,
television production, music production, product  merchandising
and manufacturing industries.  The company is pursuing a business strategy
to further diversify and grow through acquisition.

The Company's wholly owned subsidiaries consist of Omni Broadcasting Network,
Inc. ("Omni"), Products on Demand Channel, Inc. ("POD"), All Sports
Television Network, Inc. ("ASTN") and Eclectic Entertainment, Inc.
("Eclectic") (with Eclectic's wholly owned subsidiaries consisting of Retro
Records, Adventures of Unit 28, L.A. Food Scene and Mini Movie Hour). All
inter-company transactions and balances have been eliminated in consolidation.

In May 2007, the Board of Directors of the Company resolved, to effect a
one-for-ten reverse stock split of its common stock. Any fractional share
shall be rounded up to one share.  The Company reflected the split in its
consolidated financial statements for the quarter ended March 31, 2007.


Going Concern

As reported in the Report of Independent Registered Public Accounting Firm
on our June 30, 2006 consolidated financial statements, the Company has
limited cash resources, has a working capital deficit and has an accumulated
deficit.  These factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern.

The Company has not generated revenues from operations and has no assurance
of any future revenues.  The Company incurred a net loss of $431,133 during
the nine months ended March 31, 2007.  The Company has a cash balance of
$1,058 at March 31, 2007.  In addition, at March 31, 2007 the Company's
accumulated deficit was $7,164,810 and it had negative working capital of
$2,013,389.

                                 4

<PAGE>
The Company recognizes that it must obtain additional capital for the
eventual achievement of sustained profitable operations.

Management's plans include obtaining additional capital through equity
financing sources, and aquisition of profitable companies. However, no
assurance can be given that additional capital will be available when
required or upon terms acceptable to the Company or that it will be
successful in its efforts to negotiate the extension of its existing
debt.  The Company anticipates that unless it is able to raise or
generate proceeds of at least $1,000,000 within the next six months,
although operations will continue, the Company will be unable to fully
execute its business plan, which will result in not growing at the
desired rate.

In order to continue as a going concern, management has begun taking the
following steps:

1) Starting to acquire profitable companies with a significant asset
base and cash position.  Subsequent to the quarter end, the Company acquired
the Foshan Plastics Factory in China in an all stock transaction (see Note 10)
and believes that similar acquisitions will ensure the Company's continued
operations and profitability.

2) Increasing the Company's focus on broadband broadcasting of content
and expanding the airing of its content to incorporate new technologies.
The Company will launch its broadband network during the fall of 2007.  In
addition, the Company continues to negotiate for offering content that it owns
or controls on cell phones and other electronic devices.

3) Expanding the Company's focus beyond the entertainment operations.  The
television broadcasting, production (feature film, television programs and
music), distribution and syndication will be significantly smaller part of
operations as the Company acquires companies in other industries.  The
company is seeking to expand into the manufacturing, technology and real
estate sectors.

4)  Expanding the Company's focus beyond U.S. based operations. In addition
to its recent entry into the Chinese plastics recycling industry, the
Company will pursue a variety of interests in other parts of Asia, Europe,
Africa, South America and the Middle East.

5)  Minimizing expenses.  The Company has kept, and will continue to keep,
tight controls over its expenses, will hire additional staff only as needed,
and when feasible, will continue to have support and production staff provide
services to all of the OBN entities.


Segment Information Reporting

During the quarter ended March 31, 2007 management measured the Company's
performance in two distinct segments: (1) Broadcasting Operations for which
performance is measured by the number of consumer households reached
(coverage), program ratings, and the types of advertisers attracted by such
coverage and ratings; and (2) Production Operations, for which performance is
measured by distribution sales resulting from creative talent.  Productions
typically require a longer lead-time to determine success.


                                 5

<PAGE>

A summary of the segments for the periods ended March 31, 2007 and 2006
is presented in the tables below:

As of and for the nine months ended March 31, 2007:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Assets              $691,161   $123,660   $2,314,132 ($2,678,231)  $450,722
Liabilities       (1,683,161)  (530,507)    (779,025)    978,246 (2,014,447)
Revenues, net of
affiliate cost           --          --           --          --         --
Expenses             (89,688)   (53,325)    (375,171)         --   (518,184)
Other Inc (Exp)          --         --        87,051          --     87,051
Net loss            ($89,688)  ($53,325)   ($288,120)         --  ($431,133)


For the three months ended March 31, 2007:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Revenues, net of
affiliate cost       $   --     $   --      $    --       $   --   $     --
Expenses             (23,437)   (17,000)    (168,161)         --   (208,598)
Other Inc (Exp)          --         --       104,049          --    104,049
Net loss            ($23,437)  ($17,000)   $ (64,112)         --  ($104,549)


For the nine months ended March 31, 2006:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Revenues, net of
Affiliate cost     $ 250,109  $      --    $     193    $     --  $ 250,302
Expenses            (264,122)   (99,630)    (669,494)         -- (1,033,246)
Other Inc/Exp        (65,400)   (18,292)     152,720          --     69,028
Net loss            ($79,413) ($117,922)   ($516,581)         --  ($713,916)



For the three months ended March 31, 2006:

Revenues, net of
affiliate costs     $ 60,000    $     --    $     172   $     --  $  60,172
Expenses             (71,741)    (32,401)    (151,238)        --   (255,380)
Other Inc (Exp)            -          --          --          --       --
Net Income (Loss)   ($11,741)   ($32,401)   ($151,066)        --  ($195,208)

 *Expenses include operating expenses and cost of sales.


Reconciling items consist of intercompany balances. Balance sheet reconciling
amounts consist primarily of corporate-level loans to subsidiaries and the
elimination of intercompany receivables/payables.  All revenues are from
customers in the United States and all long-lived assets are located in the
United States.

For the three and nine month periods ended March 31, 2007 there were no sales,
whereas sales to the two largest customers totaled approximately 59% of sales
for the nine month period ended March 31, 2006. For the three month period
ended March 31, 2006, Sales to the two largest customers represented 100%
of revenue.

Fixed Assets

Depreciation and amortization of fixed assets are provided using the
straight-line method over the following useful lives:

     Furniture and fixtures          5 years
     Machinery and equipment         3-5 years
     Leasehold improvements          Life of lease


                                 6

<PAGE>

Maintenance, repairs and minor renewals are charged directly to expense as
incurred.  Additions and betterments to fixed assets are capitalized.  When
assets are disposed of, the related costs and accumulated depreciation and
amortization are removed from the accounts and any resulting gain or loss
is included in operations.

Other Long-Lived Assets

The broadcasting license is discussed in Note 3.  This asset is an intangible
with an indefinite life.

The programming rights assets are discussed in Note 4.  Programming rights
are recorded for the purchase of the right to air programming on the
Company's networks.  An asset is recorded for the programming rights when
the license period begins.  These rights are amortized to expense over the
expected useful life of the programming, as the Company has the right to
unlimited broadcasting of the programming.

The film library is discussed in Note 5.  These assets are being amortized
over their estimated useful life of 10 years.

Website development costs are accounted for in accordance with Emerging
Issues Task Force ("EITF") Issue No. 00-2, "Accounting for Web Site
Development Costs." Website development costs and the accounting for such
costs should be accounted for under AICPA Statement of Position 98-1,
"Accounting for the Costs of Computer Software Developed or Obtained for
Internal Use." Applicable website development costs incurred are being
amortized over a three-year period and resulted in amortization expense
(included in general and administrative expenses in the consolidated
statements of operations) of $0 and $9,929 for the nine months ended
March 31, 2007 and 2006, respectively.

Intangible Assets

The Company has adopted Statement of Financial Accounting Standards ("SFAS")
No. 142, "Goodwill and Other Intangible Assets." SFAS No. 142 requires
that goodwill and intangible assets that have indefinite useful lives not be
amortized but rather be tested at least annually for impairment, and
intangible assets that have finite useful lives be amortized over their
useful lives. In addition, SFAS No. 142 expands the disclosure requirements
about goodwill and other intangible assets in the years subsequent to their
acquisition.

SFAS No. 142 provides specific guidance for testing goodwill and intangible
assets that will not be amortized (i.e., the Company's broadcast license)
for impairment. The broadcast license is subject to impairment reviews by
applying a fair-value-based test at the reporting unit level, which
generally represents operations one level below the segments reported by
the Company.  An impairment loss will be recorded for any portion of the
broadcast license that is determined to be impaired. The Company performs
impairment testing on its broadcast license at least annually. Based on its
analysis, the Company's management believes that no impairment of the
carrying value of its broadcast license existed at March 31, 2007. There
can be no assurance however, that market conditions will not change or
demand for the Company's products and services will continue which could
result in impairment of its broadcast license in the future.

                                 7

<PAGE>

Impairment of Long-Lived Assets

The Company's management assesses the recoverability of its long-lived
assets by determining whether the depreciation and amortization of long-lived
assets over their remaining lives can be recovered through projected
undiscounted future cash flows.  The amount of long-lived asset impairment
is measured based on fair value and is charged to operations in the period
in which long-lived asset impairment is determined by management. During
the nine months ended March 31, 2006 the company recorded an impairment
charge of $18,092.  Based on its analysis, the Company believes that no
additional impairment of the carrying value of its long-lived assets existed
at March 31, 2007.  There can be no assurance, however, that market conditions
will not change which could result in additional impairment of its long-lived
assets in the future.


Revenue Recognition

Revenue From Licensing TV Programs and Feature Films

The Company has completed several projects that can be licensed, and
additional projects are underway. As projects are completed, the Company
will have the option of airing the TV programs on its own network and/or
licensing the programs to be aired on other networks. Likewise, feature
films can be licensed to foreign markets for distribution. Thus, among
the revenue sources are other networks in the case of TV projects or
foreign markets for feature films.

A licensing agreement that specifies the license fee, availability dates
and/or agreement duration is required for all projects licensed. Licensing
fees are typically paid in advance of providing the project to the customer.
Upon receipt of payment, deferred revenue is recorded. Revenue is recognized
as the project is aired over the life of the agreement. The Company does not
recognize revenue for projects that are not completed, even if the licensing
agreement for the project is signed. The revenue is recognized only after
both the production of the product is completed and is aired in accordance
with the signed agreement.

Revenue Sharing With Program Licensors

Some programs will be obtained by paying a licensing fee. Additionally, some
licenses will be obtained via a cash-plus-barter arrangement, where the
Company airs the program for a contracted number of times and grants the
licensor a negotiated number of unsold advertising slots. SFAS No. 63,
"Financial Reporting by Broadcasters," sets forth accounting and reporting
standards for the broadcast industry. Under a cash-plus-barter arrangement,
the Company recognizes a licensing asset at the estimated fair value of the
programming received. The difference between the cash paid (obligation
incurred) for the license and its fair value is recorded as a liability
(deferred barter revenue), as the license is received before the broadcast
of the licensor-provided commercials. As the licensor-provided commercials
are aired, barter revenue is recognized ratably based on the recorded fair
value of the barter transaction in relation to the total granted licensor
-provided commercials.

                                 8

<PAGE>

For cash purchases and revenue sharing, as rights are acquired, the programs
are recorded as assets and are amortized as the programs are aired over the
network. For agreements with unlimited airing of a program the asset is
amortized over the license period (see above).

Revenue from Advertising (and Paid Programming)

Advertising and paid programming revenue are recognized as the
commercials/programs are aired. For small advertisers that must pay for
services in advance, upon receipt of the payment, the signed contract and
the tapes, deferred revenue is recorded. Deferred revenue is recognized as
revenue when the commercial is aired.

Bartering with Affiliate Stations

Under a cash-plus-barter arrangement, the Company provides a specified
amount of cash, the programming content and a specified number of program
advertising slots to affiliate stations.  In exchange the affiliate agrees
to broadcast the program to its subscribers households. The cash fee paid
to affiliates is recorded as a reduction of revenue as the Company pays
this fee to affiliates in lieu of accepting fewer advertising slots to be
sold and recognized as revenue.

Accounting for Filmed Entertainment and Television Programming Costs

In accordance with American Institute of Certified Public Accountants
Statement of Position ("SOP") 00-2, "Accounting by Producers or Distributors
of Films", filmed entertainment costs will include capitalizable production
costs, overhead and interest costs expected to benefit future periods.
These costs, as well as participations and talent residuals, will be
recognized as operating expenses on an individual film basis in the ratio
that the current year's gross revenues bear to management's estimate of
total ultimate gross revenues from all sources. Marketing and development
costs under term deals will be expensed as incurred.

Filmed entertainment costs are stated at the lower of unamortized cost or
estimated fair value on an individual film or television series basis.
Revenue forecasts for both motion pictures and television products are
continually reviewed by management and revised when warranted by changing
conditions.  When estimates of total revenues and other events or changes
in circumstances indicate that a television production has a fair value
that is less than its unamortized cost, a loss will be recognized for the
amount by which the unamortized cost exceeds television production's fair
value.


Advertising Costs

Advertising costs are expensed as incurred.  For the nine months ended
March 31, 2007 and 2006, the Company's advertising costs were $0 and
$62,000, respectively.

                                 9

<PAGE>

Stock-Based Compensation

The Company accounts for equity instruments issued to non-employees in
accordance with the provisions of SFAS No. 123, "Accounting for Stock-Based
Compensation," and EITF Issue No. 96-18, "Accounting for Equity Instruments
that are Issued to Other Than Employees for Acquiring, or in Conjunction
with Selling Goods or Services." All transactions in which goods or services
are the consideration received for the issuance of equity instruments are
accounted for based on the fair value of the consideration received or the
fair value of the equity instrument issued, whichever is more reliably
measurable.  The measurement date used to determine the fair value of the
equity instrument issued is the earlier of the date on which the third-party
performance is complete or the date on which it is probable that performance
will occur.

Through June 30, 2006, SFAS No. 123 allowed an entity to continue to measure
compensation cost related to stock and stock options issued to employees using
the intrinsic method accounting prescribed by Accounting Principles Board
Opinion No. 25 ("APB 25"), "Accounting for Stock Issued to Employees."  Under
APB 25, compensation cost, if any, is recognized over the respective vesting
period based on the difference, on the date of grant, between the fair value
of the Company's common stock and the grant price.  Entities electing to remain
with the accounting method of APB 25 must make pro forma disclosures of net
income and earnings per share, as if the fair value method of accounting
defined in SFAS No. 123 had been applied.

The Company has a stock-based employee compensation plan that has reserved
600,000 shares for grant, of which 600,000 shares are available for grant at
March 31, 2007. Through June 30, 2006, the Company accounted for employee
options granted under this plan under the recognition and measurement
principles of APB 25, and related interpretations. No stock-based employee
compensation costs are reflected in the attached consolidated statements of
operations, as the Company has no options or warrants outstanding at
March 31, 2007.

Effective July 1, 2006, on the first day of the Company's fiscal year 2007,
the Company adopted the fair value recognition provisions of SFAS No. 123(R),
"Share-Based Payment", using the modified-prospective transition method.
Under this transition method, compensation cost includes: (a) compensation
cost for all share-based payments granted and not yet vested prior to July 1,
2006, based on the grant date fair value estimated in accordance with the
original provisions of SFAS No. 123, and (b) compensation cost for all
share-based payments granted subsequent to June 30, 2006 based on the
grant-date fair value estimated in accordance with the provisions of SFAS
No. 123(R).  SFAS No. 123(R) requires forfeitures to be estimated at the
time of grant and revised, if necessary, in subsequent periods if actual
forfeitures differ from those estimates.  As of June 30, 2006, the Company
had no options outstanding and therefore the adoption of SFAS 123(R) had
an immaterial effect on the accompanying financial statements.

The Company calculates stock-based compensation by estimating the fair value
of each option using the Black-Scholes option pricing model.  The Company's
determination of the fair value of share-based payment awards are made as of
their respective dates of grant using the option pricing model and that
determination is affected by the Company's stock price as well as assumptions
regarding the number of subjective variables.  These variables include, but
are not limited to, the Company's expected stock price volatility over the
term of the awards and actual and projected employee stock option exercise
behavior.  The Black-Scholes option pricing model was developed for use in
estimating the value of traded options that have no vesting or hedging
restrictions and are fully transferable.  Because the Company's employee
stock options have certain characteristics that are significantly different
from traded options, the existing valuation models may not provide an accurate
measure of the fair value of the Company's employee stock options. Although
the fair value of employee stock options is determined in accordance with SFAS
No. 123(R) using an option-pricing model, that value may not be indicative of
the fair value observed in a willing buyer/willing seller market transaction.
The calculated compensation cost, net of estimated forfeitures, is recognized
on a straight-line basis over the vesting period of the option.


Income Taxes

The Company accounts for income taxes in accordance with SFAS No. 109,
"Accounting for Income Taxes."  Under the asset and liability method of SFAS
No. 109, deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
basis.  Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those
temporary differences are expected to be recovered or settled.  Under SFAS
No. 109, the effect on deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period that includes the enactment
date.  A valuation allowance is provided for certain deferred tax assets
if it is more likely than not that the Company will not realize tax assets
through future operations.  The Company is a subchapter "C" corporation
and files a consolidated federal income tax return.  The Company files
separate state income tax returns for California and Nevada.

Basic and Diluted Loss Per Share

The Company has adopted SFAS No. 128, "Earnings Per Share". Basic loss per
common share is computed based on the weighted average number

                                 10

<PAGE>

of shares outstanding for the period. Diluted loss per share is computed
by dividing net loss by the weighted average shares outstanding assuming
all dilutive potential common shares were issued. Basic and diluted loss
per share are the same as the effect of stock options and warrants on loss
per share are anti-dilutive and thus not included in the diluted loss per
share calculation. The impact of dilutive convertible debt and stock options
and warrants would have resulted in an increase of 870,000 in incremental
shares for the nine months ended March 31, 2007.  There were no dilutive
common shares at March 31, 2006.

Recent Accounting Pronouncements

In July 2006, the Financial Accounting Standards Board ("FASB") issued
Financial Interpretation ("FIN") No. 48, "Accounting for Uncertainty in Income
Taxes", an Interpretation of FASB Statement No. 109. FIN No. 48 provides
guidance regarding the recognition, measurement, presentation and disclosure
in the financial statements of tax positions taken or expected to be taken on
a tax return, including the decision whether to file or not to file in a
particular jurisdiction. FIN No. 48 is effective for fiscal years beginning
after December 15, 2006. The Company will adopt FIN No. 48 beginning in the
first quarter of fiscal 2008. The Company is currently evaluating the impact,
if any, the adoption of FIN No. 48 will have on its operating income or net
earnings. The cumulative effect, if any, of applying the provisions of FIN
No. 48 upon initial adoption, will be reported as an adjustment to retained
earnings as of the beginning of fiscal 2008.

In September 2006, the Securities and Exchange Commission issued Staff
Accounting Bulletin ("SAB") No. 108, "Considering the Effects of Prior Year
Misstatements when Quantifying Misstatements in Current Year Financial
Statements", which provides interpretive guidance on the consideration
of the effects of prior-year misstatements in quantifying current-year
misstatements for the purpose of a materiality assessment. SAB No. 108
is effective for fiscal years ending after November 15, 2006. Early
application is encouraged, but not required. The Company is required to
adopt SAB No. 108 for its fiscal year ending June 30, 2007. The company is
currently assessing the impact, if any, of its adoption of SAB No. 108 will
have on its operating income or net earnings. The cumulative effect, if any,
of applying the provisions of SAB No. 108 upon initial adoption, will be
reported as an adjustment to beginning-of-year retained earnings.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements."
SFAS No. 157 defines fair value, establishes a framework for measuring fair
value in generally accepted accounting principles and expands disclosures
about fair value measurements. This Statement applies under other accounting
pronouncements that require or permit fair value measurements, the FASB
having previously concluded in those accounting pronouncements that fair
value is the relevant measurement attribute. Accordingly, this Statement
does not require any new fair value measurements. SFAS No. 157 is effective
for fiscal years beginning after December 15, 2007.  The Company plans to
adopt SFAS No. 157 beginning in the first quarter of fiscal 2009. The Company
is currently evaluating the impact, if any; the adoption of SFAS No. 157 will
have on its operating income or net earnings.

In February 2007, the FASB issued SFAS No. 159, "The Fair Value option for
Finanical Assets and Financial Liabilities-Including an amendment of FASB
statement 115".  SFAS No. 159 permits entities to choose to measure many
financial instruments and certain other items at fair market value.  Unrealized
gains and losses on item for which the fair market value option has been
elected will be recognized in earnings at each subsequent reporting date.
SFAS No. 159 is effective for financial statements issued for fiscal years
beginning after November 15, 2007.  The Company is currently evaluating
SFAS No. 159 to determine the impact, if any, on its financial statements.

NOTE 3 - BROADCAST LICENSE

The Company has entered into a capital lease agreement for television
station KSSY located in Arroyo Grande, California, which is located in
central California. The lease agreement, which is for a period of three
years, requires the Company to pay the lessor approximately $4,167 per
month - resulting in an annual payment of $50,000. At the end of the third
year, when the Company's payments total $150,000, title will be transferred
to the Company for a 95% interest in the television station. The lease
agreement also includes a provision that if the lessor is prohibited by
the Federal Communications Commission to transfer ownership to the Company,
the Company has the right to lease the television station for an additional
ninety-nine years at a rate of $1 per year.  The Company has the right to
pay off the total balance of the lease at any time, and no penalty will be
imposed.

Under the terms of the lease, the Company is responsible for total
management of the station. It has total control over the programming aired
on the station, any and all contractual arrangements and it is the sole
recipient of any revenue generated by the station. Since the Company plans
to completely change the programming content, customer base, overall format
and management of the television station, the only asset of value obtained
by the Company as a result of this transaction is the station's broadcasting
license.

For accounting purposes, the capital lease and broadcasting license have
been recorded on the books of the Company at the present value of the future
lease payments (totaling $130,000). The broadcasting license is considered
to be an intangible asset with an indefinite life under SFAS No. 142.  Under
SFAS No. 142, this asset is subject to impairment tests at least annually.
Revenues and expenses of the television station are recognized by the Company
on an ongoing basis from the date of the agreement, along with a minority
interest representing the ownership retained in the television station by
the seller.

As of March 31, 2007, the Company is not making the required lease
payments and is $67,319 in arrears (see Note 6).

                                 11

<PAGE>

NOTE 4 - PROGRAMMING RIGHTS

Eclectic continues to produce its own programming.  During the nine-month
periods ended March 31, 2007 and 2006, there were no production costs.
At March 31, 2007 cumulative production costs totaled $82,775.

An agreement exists between Eclectic, The Four Tops, and Lee Tofanelli &
Associates (the production company), whereby each of the three entities share
one third of the revenue generated from the exploitation of "From The Heart:
The Four Tops 50th Anniversary and Celebration" after Eclectic and the other
parties recoup all of their production expenses.  In addition, Eclectic has
sold 50% of its 1/3 interest in the Four Tops Television Special for $500,000,
which has been recorded as a reimbursement of capitalized programming rights
as the agreement requires the third-party investor to be reimbursed for this
investment as part of Eclectic's production expenses before recoupment.
However, Eclectic retains ownership of all rights.  Eclectic originally
capitalized $300,000 of programming costs related to this program.  In
April 2006, $195,000 was received for recoupment of production expenses and
the Company reduced the carrying cost of the asset to $105,000.  As of
June 30, 2006, the Company impaired the remaining asset balance of $105,000,
which was recorded in the statement of operations for the year ended
June 30, 2006.

OMNI has purchased various programming rights assets totaling $83,030 as of
March 31, 2007.

For the nine months ended March 31, 2007 and 2006, the Company recorded
amortization expense of $1,500 and $17,295, respectively, related to its
programming rights. For the three month periods ended March 31, 2007 and
2006 amortization expense was $500 and $5,917, respectively.


NOTE 5 - FILM LIBRARY

In January 2004, the Company acquired the name and film library of All Sports
Television Network ("ASTN") in exchange for ASTN's outstanding payable
to the Company of $79,200. The Company began amortizing this library over its
estimated useful life of 10 years in April 2004.

In February 2005, the Company purchased 200 film titles from Crawford
Communications.  The Company recorded a $3,900 increase in film library
and a corresponding increase in programming rights payable.

In September 2005, the Company acquired 550 film titles from Indie Vision
Films, Inc. as payment for purchased advertising time.  The Company recorded
a $275,000 increase in film library and a corresponding increase in deferred
revenues, as the advertisements will be broadcast over future months.  The
Company amortizes the film library titles over its estimated useful life of
10 years.

During the nine-month periods ended March 31, 2007 and 2006, the Company
recorded amortization expense of $53,715 and $39,965, respectively, related
to its film library.  Amortization expense for each of the three month periods
ended March 31, 2007 and 2006 was $17,905.


                                 12

<PAGE>

NOTE 6 - COMMITMENTS AND CONTINGENCIES

Lease Obligations

The Company is in default under all of its leases.

As of March 31, 2007, the Company accrued $84,032 in arrears relating to
its office lease.  The Company has vacated its Wilshire Boulevard office and
is currently utilizing temporary facilities in a different office suite
located in the same building.  The Company expects to occupy permanent
facilities by the end of 2007.

As of March 31, 2007, the Company had accounts payable of $155,000 in
arrears relating to its satellite uplink lease which was canceled in November
2006.  The Company has agreed to a stipulated judgment of $141,000 to pay off
this obligation by December 31, 2007.

As of March 31, 2007, the Company had capital lease obligations totaling
$49,396 in arrears relating to its General Electric master equipment lease.
The Company has agreed to a stipulated judgment of $46,272 to pay off the
lease obligation.

As of March 31, 2007, the Company had accounts payable of $67,319 in
arrears  relating to  its KSSY television station lease.  The Company has
informally agreed to negotiate a suitable amount for late fees due the lessor
by September 30, 2007.  KSSY television is not currently broadcasting as
the Company is realigning its broadcast operations and seeking funding to
implement station enhancements.


Litigation

In April 2006 the Company filed suit in California against Firestone
Communications, its satellite uplink provider claiming the "force majeure"
clause in the contract.  Firestone filed suit against the Company in Texas
for $141,000 claiming non-payment of lease amount.  Both parties have agreed
to $141,000 as the payoff amount and to hold off pursuing the lawsuits, in
anticipation of the Company's receipt of investment funds.  No lease payments
have been made during the nine months ended March 31 2007.  The Company made
a payment of $15,000 in June 2007 and has agreed to pay $10,000 per month
until December 2007 when the balance will be paid in full.

In May 2006 WellGo, Inc. filed suit in Texas against the Company claiming
breach of contract when the Company gave DVD/CD distribution rights for its
Four Tops production to another company.  Based on the contract, which was
written by WellGo, any lawsuits must be filed in California.  Furthermore,
the contract clearly states that the Company, at their election, may
provide a replacement property or cancel the agreement. The Company

                                 13

<PAGE>

agreed to pay WellGo $17,500, and began making payments. As of March 31,
2007 a total of $2,500 has been paid, leaving a balance of $15,000. In June
2007 15,000 shares (valued at $0.90 each) was issued to settle the debt.

In August 2006 General Electric Leasing Solutions filed suit in California
against the Company for non-payment of lease amounts totaling $46,272.
Both parties have agreed to amicable resolution via a stipulated judgment
against the Company. The Company expects to complete the payments by
September 30, 2007.

In the opinion of management, these legal matters involving the Company
do not have a material adverse effect on the Company's financial condition
or results of operations.


Indemnities and Guarantees

The Company has made certain indemnities and guarantees, under which it may
be required to make payments to a guaranteed or indemnified party, in
relation to certain transactions. The Company indemnifies its directors,
officers, employees and agents to the maximum extent permitted under the laws
of the State of Nevada. In connection with a certain facility lease and a
transponder agreement, the Company has indemnified its lessor for certain
claims arising from the use of the facilities and transponder capacity. The
duration of the guarantees and indemnities varies, and in many cases is
indefinite. These guarantees and indemnities do not provide for any
limitation of the maximum potential future payments the Company could be
obligated to make.  Historically, the Company has not been obligated to make
any payments for these obligations and no liabilities have been recorded for
these indemnities and guarantees in the accompanying consolidated balance
sheet.


NOTE 7 - NOTES PAYABLE

The Company has $439,910 in loans from related parties under 5% promissory
notes, none of which was advanced to the Company during the nine months ended
March 31, 2007. The principal and interest is due and payable on demand.
As of March 31, 2007, the accrued interest on these notes totaled $52,170.

The Company has a loan balance under a 10% promissory note from family
members of the Company's officers totaling $3,500 at March 31, 2007. The
note has no set maturity date, and is payable upon demand.  As of
March 31, 2007, the accrued interest on this note totaled $2,013.

As of March 31, 2007 the Company has short-term loans with its executives
totaling $22,140.  During the nine months ended March 31, 2007 $9,615 was
repaid to executives.  The loans have no interest rate and are payable
upon demand.

Related party interest expense under these notes for the nine months ended
March 31, 2007 and 2006 was $16,759 and $15,411, respectively.

At March 31, 2007, the Company has a $5,000 balance of notes payable to
a third party that bears interest at 10%.  The note has no set maturity date,
and is payable upon demand.  As of March 31, 2007, the accrued interest
on the note totaled $2,167.

                                 14

<PAGE>

As of March 31, 2007, the Company has short-term loans with third parties
for a total of $4,500.  The loans have no interest rate and are payable upon
demand.

On July 29, 2004, the Company entered into a loan agreement to borrow $62,732,
which net of fees, resulted in net proceeds of $61,875.  The loan was secured
by 5,000 shares of the Company's common stock and was payable on July 28,
2007 and accrued interest at prime plus 4.00%. In January 2007, the Company
extinguished $73,243 of debt and accrued interest as a result of a default
on a loan whereupon the creditor kept 5,000 shares that was being held as
collateral.  Accrued interest on the note totaled $11,368 at the time of
extinguishment.

On October 6, 2004, the Company entered into a loan agreement to borrow $55,676
which, net of fees, resulted in net proceeds of $53,025.  The loan was secured
by 15,000 shares of the Company's common stock and was payable on September 24,
2007 plus interest at prime plus 1%. In January 2007, the Company extinguished
$61,167 of debt and accrued interest as a result of a default on a loan
whereupon the creditor kept 5,000 shares that was being held as collateral.
Accrued interest at time of extinguishment totaled $8,142.

As a result of debt extinguishments discussed above, the Company eliminated
debt and accrued interest of $134,410 for shares valued at $28,000,
recognizing a gain on the extinguishment of $106,410.

In October 2006 the Company recorded a $7,500 note payable to a program
distributor as settlement of a contract dispute.  The stipulated judgment has
no interest rate and was payable by September 30, 2007.  In June 2007 a
total of 15,000 shares valued at $0.90 was issued to settle the debt.

Non-related party interest expense under these notes for the nine months
ended March 31, 2007 and 2006 was $6,186 and $15,560, respectively.


NOTE 8 - STOCKHOLDERS' EQUITY

Preferred Stock
----------------

The Company has authorized 20,000,000 shares of preferred stock.  As of
March 31, 2007, the Company has not designated any series of preferred
stock or entered into any agreements.

Common Stock
-------------

In October 2006, the Company raised additional capital by selling 5,000
shares of OBN common stock for $10,356.

In December 2006, the Company raised additional capital by selling 75,000
shares of OBN common stock for $25,000. There is a lockup period of six
months for 37,500 of the shares, and a lockup period of one year for 37,500
shares.

Between October 2006 and December 2006, a total of 46,500 shares of the
Company's stock was issued to third parties for services rendered valued at
$50,600 based on the closing price of the stock on dates of grant.

In December 2006, the Company created a Non-Qualified Deferred Compensation
Plan ("the Plan"). The accrued salaries and salary-related deductions for
Roger Smith, CEO of the Company, totaling $308,685, Larry Taylor, CFO of
the Company, totaling $402,815 and Donald Wilson, Senior Vice President of
the Company, totaling $379,553, were converted from debt into the Company's
common stock at a price of $1.50 per share, which totaled 205,790 shares;
268,543 shares; and 253,036 shares, respectively. The common stock is
being held by the Company in the Plan. Access to the shares is prohibited
for a period of not less than thirteen (13) months from the time of
deferral. At the time of participation, the participants were required to
specify when the stock would be distributed, which varies per participant.
The value of the shares on the conversion date was $0.80 per share. The
resulting gain on extinguishment of the liability of $509,158 was recorded
in additional paid in captial due to the related-party nature of the
transaction.

In January 2007 forfeited stock collateral totaling 20,000 shares was
recorded as issued due to defaults on notes payable of $53,025 and $61,875
to non-related parties. This was recorded as additional interest expense
based on the value of shares on the date of forfeiture ($1.40 per share).

In February 2007 the Company requested that the State of Nevada increase the
number of authorized shares from 50 million to 500 million shares.  The
request was approved in March 2007.

In March 2007, 5,000 shares valued at $1.20 were issued as payment of an
$8,500 outstanding debt to a non-related party. The Company recorded a gain
on debt extinguishment of $3,500 related to the transaction in the third
quarter of fiscal year 2007.

In March 2007 accrued salaries of $58,988 were converted into 58,988
shares of common stock at a conversion rate of $1.00 per share and $100,000
was converted into 66,667 shares at $1.50 per share.   The value of the
shares on the conversion date was $1.00 per share.  The resulting gain on
extinguishment of the liability of $33,334 was recorded in additional paid
in capital due to the related-party nature of the transaction.

In March 2007 a total of 20,000 shares were issued to the four outside
board members as compensation for past service on the Company's Board of
Directors.  The shares were valued at $1.00 per share at the time issued.

In March 2007 a total of 80,000 shares were issued (valued at $1.20 per
share) for consulting services rendered to implement a new asset acquisition
strategy.  The contract requires that an additional 170,000 shares be
issued based on meeting specified performance milestones which were met
in June 2007. Therefore, 170,000 shares (valued at $0.90 per share) were
issued in June 2007 (See Note 10).

                                 15

<PAGE>

NOTE 9 - LOSS PER SHARE

Basic and diluted loss per common share is computed as follows for
the nine and three  months ended March 31, 2007 and 2006:


                                              FOR THE NINE MONTHS ENDED
                                            ------------------------------
                                               March 31,      March 31,
                                                 2007            2006
                                            -------------    -------------
Numerator for basic and diluted
   loss per common share:
     Net loss                                 ($431,133)       ($713,916)

Denominator for basic and diluted
   loss per common share
     Weighted average common
      shares outstanding                        986,941          648,834

Net loss available to common
   stockholders per common share                 ($0.44)          ($1.10)



                                               FOR THE THREE MONTHS ENDED
                                            ------------------------------
                                               March 31,       March 31,
                                                 2007            2006
                                            -------------    -------------
Numerator for basic and diluted
   loss per common share:
     Net loss                                 ($104,549)       ($195,208)

Denominator for basic and diluted
   loss per common share
     Weighted average common
      shares outstanding                      1,570,136          660,191

Net loss available to common
   stockholders per common share                 ($0.07)          ($0.30)


NOTE 10 - SUBSEQUENT EVENTS


In April 2007 the Company issued a total of 50,000 shares of stock (valued
at $1.20 per share) as part of an agreement to repurchase a 15% interest
in the Four Tops 50th Anniversary Special program that was sold in 2005.  The
Company will record a $60,000 expense as a result of this transaction. An
additional 250,000 shares will be issued in July 2007 and will be recorded
as an expense based on the market price at the time of issuance since the
program was fully impaired in fiscal 2006.

In April 2007 a total of 16,500 shares were issued (valued at $1.20 per
share) to cover the cost of various professional services, including logo
development and theme songs.  The Company will record a $19,800 intangible
asset as a result of this transaction.

In April 2007 a total of 2,500 shares were issued for consulting and legal
services (valued at $1.20 per share). The Company will record expense in the
amount of $3,000 as a result of this transaction.

In April 2007 the Company's Board of Directors approved the issuance of
675,000 shares of stock (valued at $1.20 per share) to three Company
executives as hardship compensation for working without salaries during the
past four years. The stock will be held in the Company's Non-Qualified
Deferred Compensation Plan and fully vested.

In June 2007, the Company issued 10,000,000 shares of stock (valued at $2.00
per share) to purchase the Foshan City Nan Hai Luo Village Lian Sing Jiu Da
("Plastics Recycling Company") in the Guangdong Province of China.  The
Plastics Recycling Company will become a wholly owned subsidiary of the
Company. The purchase contract requires the Company to develop the Plastics
Recycling Company's infrastructure and management team, afterwhich the Company
will spin off the Plastics Recycling Company as a separate publicly traded
company and retain a 10% ownership position in the new entity.  The Company
is still in the process of determining the purchase price allocation.

In June 2007 a total of 10,800,000 shares of stock (valued at $0.90 per share)
were issued to the Company's executive deferred compensation plan as a result
of executives meeting certain performance goals. The shares will be held for
executives for a minimum period of four years.  The shares are to vest as
the Company achieves predetermined performance milestones. In June 2007 all
of these shares became vested and the related compensation expense was
recorded.

In June 2007 a total of 195,000 shares of restricted stock (valued at $0.90
per share) were issued to a former Company executive as hardship compensation
for working without income during the past four years.  The Company recorded
$175,500 of compensation expense for this transaction in June 2007.

In June 2007 a total of 877,000 shares of stock (valued at $0.90 per share)
were issued for broker and acquisition consulting services in support of
several acquisition projects underway, including the Plastics Recycling
Company.  The Company recorded $789,300 of consulting expense for this
transaction in June 2007.

In June 2007 a total of 15,000 shares of stock (valued at $0.90 per share)
were issued as settlement of a $7,500 debt to a film distributor. The Company
will record $6,000 of loss on extinguishment of debt related to this
transaction.


In June 2007 a total of 138,000 shares of stock (valued at $0.90 per share)
were issued for the purchase of the Indie #2 collection of film titles.  The
Company will record a $124,200 asset for this collection.

In March 2007 a total of 80,000 shares were issued (valued at $1.20 per
share) for consulting services rendered to implement a new asset acquisition
strategy.  The contract requires that an additional 170,000 shares be
issued based on meeting specified performance milestones which were met
in June 2007. Therefore, 170,000 shares (valued at $0.90 per share) were
issued in June 2007.


                                 16

<PAGE>

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

OPERATIONS

In a effort to increase shareholder value, management has elected to
accelerate its growth by implementing its long-term strategy immediately.
While it has been the Company's overall plan to grow through a combination of
horizontal integration and geographic expansion, it planned to do so after
first growing organically, and moving to a national exchange.  Since the
Company has not received the capitalization previously committed by third
parties, management has decided that a more aggressive approach can only
benefit our shareholders.  To that end, the Company has made some significant
changes.   Management is actively seeking out and acquiring profitable
businesses.  Its first acquisition was a factory that processes recyclable
and non-recyclable plastics into products for resale.  The facility
is located in the Guangdong Province of the Peoples Republic of China.

The Company is not exiting the entertainment business.  In fact, it is becoming
more involved by creating new products and services, such as its broadband
network "Film Hook".  Management views promotion and distribution as being a
very important element of the Company's business.  The Company's television
networks and internet portal provide very cost-effective outlets for promoting
any products and services that it will offer in the future.

The Company's new horizontal integration strategy also does not mean that
management is entering into industries of which it has no knowledge.  Prior to
creating OBN, the top executives were business consultants to well over 300
companies, ranging from very small private firms to Fortune 500 conglomerates,
in the areas of operations management, productivity improvement, accounting,
marketing and finance.

Management is excited about the Company's new direction, and strongly believes
that its plans will result in significant growth in the Company, thereby
accomplishing its goal to increase greater shareholder value.

Any future funds from acquisitions and the proceeds from sale of its stock
will allow the Company to positively affect the revenue and affiliate growth
for its entertainment operations.  Omni, ASTN and POD will be able to attract
the advertising and sponsorship revenue projected in our business plan because
the funds will allow management to implement its advertising sales strategy.
Further, management will be able to complete implementation of its signed
joint venture contract for broadcasting in Dubai, UAE.  The other two venture
partners will cover all the developmental and installation costs.  The Company
anticipates the launch of its internet broadcasting venture by the end of 2007.
Management will continue to be innovative and seek similar joint ventures.

As mentioned above, anticipated future investment funds will allow the Company
to fully implement its revised business plan.  The plan was enhanced to account
for the accomplishments made during the past year and for recently established
industry relationships.

                                 17

<PAGE>

GENERAL OVERVIEW

The following discussion and analysis of our financial condition and
results of operations should be read in conjunction with the unaudited
statements of operations and cash flows for the three and nine months ended
March 31, 2007 and 2006, and the related notes thereto as well as
the audited financial statements of the Company for the year ended June 30,
2006.  This discussion contains forward-looking statements based upon
current expectations that involve risks and uncertainties, such as our
plans, objectives, expectations and intentions.

The Company cautions readers that important facts and factors described
in this Management's Discussion and Analysis of Financial Condition and
Results of Operations and elsewhere in this document sometimes have
affected, and in the future could affect, the Company's actual results,
and could cause the Company' s actual results during 2006-07 and beyond
to differ materially from those expressed in any forward-looking
statements made by, or on behalf of, the Company.

Going Concern

As reported in the Report of Independent Registered Public Accounting Firm
on our June 30, 2006 consolidated financial statements, the Company has
limited cash resources, has a working capital deficit and has an accumulated
deficit.  These factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern.

The Company has not generated revenues from operations and has no assurance
of any future revenues.  The Company incurred a net loss of $431,133 during
the nine months ended March 31, 2007.  The Company has a cash balance of
$1,058 at March 31, 2007.  In addition, at March 31, 2007 the Company's
accumulated deficit was $7,164,810 and it had negative working capital of
$2,013,389.

The Company recognizes that it must obtain additional capital for the
eventual achievement of sustained profitable operations.

Management's plans include obtaining additional capital through equity
financing sources and aquisition of profitable companies. However, no
assurance can be given that additional capital will be available when
required or upon terms acceptable to the Company or that it will be
successful in its efforts to negotiate the extension of its existing
debt.  The Company anticipates that unless it is able to raise or
generate proceeds of at least $1,000,000 within the next six months,
although operations will continue, the Company will be unable to fully
execute its business plan, which will result in not growing at the
desired rate.

In order to continue as a going concern, management has begun taking the
following steps:

1) Starting to acquire profitable companies with a significant asset
base and cash position.  Subsequent to quarter end, the Company acquired the
Foshan Plastics Factory in China in an all stock transaction and believes
that similar acquisitions will ensure the Company's continued operations and
profitability.

2) Increasing the Company's focus on broadband broadcasting of content
and expanding the airing of its content to incorporate new technologies.
The Company will launch its broadband network by the end of 2007. In addition,
the Company continues to negotiate for offerint content that it owns or
controls on cell phones and other electronic devices.

3) Expanding the Company's focus beyond the entertainment operations.  The
television broadcasting, production (feature film, television programs and
music), distribution and syndication will be a significantly smaller part of
operations as the Company acquires companies in other industries.  The
company is seeking to expand into the manufacturing, technology and real
estate sectors.

4)  Expanding the Company's focus beyond U.S. based operations. In addition
to its recent entry into the Chinese plastics recycling industry, the
Company will pursue a variety of interests in other parts of Asia, Europe,
Africa, South America and the Middle East.

5)  Minimizing expenses.  The Company has kept, and will continue to keep,
tight controls over its expenses, will hire additional staff only as needed,
and when feasible, will continue to have support and production staff provide
services to all of the OBN entities.


CRITICAL ACCOUNTING POLICIES

Our Consolidated Financial Statements have been prepared in accordance with
accounting principles generally accepted in the United States of America.
The preparation of these financial statements requires us to make estimates
and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and
liabilities. We base our estimates on historical experience and on various
other assumptions that are believed to be reasonable under the circumstances,
the results of which form the basis of making judgments about the carrying
values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different
assumptions or conditions.

We believe that the critical accounting policies of the Company are the same
as disclosed in the June 30, 2006 Form 10KSB.


RESULTS OF OPERATIONS

Total revenues, net of affiliate costs, for the Company were $0 for
the nine-month period ended March 31, 2007 as compared to $250,302
for the nine-month period ended March 31, 2006.   The decrease
in revenue was due to the Company's broadcast networks being off the air
during the period.  There were no programs broadcast and no advertising
revenue recognized during the period. Furthermore, there were no sales
generated from the corporate leased TV station during the nine-month periods
ended March 31, 2007 and 2006, respectively.

Expenses incurred during the nine-month period ended March 31, 2007
totaled $518,184 as compared to $751,973 for the nine-month period ended
March 31, 2006.  The decrease in expenses was primarily due to reductions
in broadcasting and production expenses as operations were dormant for much
of nine month period ended March 31, 2007.  Other income/expenses for the
nine-month period ended March 31, 2007 and 2006 was income of $87,051 and
$38,057, respectively.  Other income for 2007 reflected a gain on the
extinguishment of debt.  Changes in interest expense and tax expense are
insignificant.  The net loss for the nine-month period ended March 31, 2007
was $431,133 as compared to a net loss of $713,916 for the nine-month period
ended March 31, 2006.

Results of operations for the nine-month periods ended March 31, 2007
and 2006 are detailed in the charts below.   Included are the revenues,
expenses, other income and net income for the two segments and corporate
office.  In addition, the results from accounting consolidation are
presented as reconciling items.

As of and for nine months ended March 31, 2007:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Assets              $691,160   $123,660   $2,314,132 ($2,678,231)  $450,722
Liabilities       (1,683,161)  (530,507)    (779,025)    979,646 (2,014,447)
Revenues, net of
affiliate cost           --          --           --          --         --
Expenses             (89,688)   (53,325)    (375,171)         --   (518,184)
Other Inc (Exp)          --          --       87,051          --     87,051
Net loss            ($89,688)  ($53,325)   ($288,120)         --  ($431,133)



For nine months ended March 31, 2006:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Revenues, net of
affiliate cost     $ 250,109  $      --    $     193    $     --  $ 250,302
Expenses            (264,122)   (99,630)    (669,494)         -- (1,033,246)
Other Inc (Exp)      (65,400)   (18,292)     152,720          --     69,028
Net loss            ($79,413) ($117,922)   ($516,581)         --  ($713,916)

 *Expenses include operating expenses, and cost of sales.


Broadcasting Operations (Omni, ASTN and POD)

For the nine months ended March 31, 2007, revenues, net of affiliate
costs, from this segment of operations totaled $0.  Revenues for the
same period in 2006 were $250,109.  Expenses were $89,688 for the
nine months ended March 31, 2007 as compared to $264,122 for the
nine-month period ended March 31, 2006.  Among the items expensed
during that period ending March 31, 2007 was $70,047 of amortization expense
and $14,345 of accrued salaries.  The net loss for this segment of operations
was $89,688 for the nine months ended March 31, 2007 as compared to a net
loss of $79,413 for the same period in 2006.

Production Operations (Eclectic)

Revenues generated in this segment of operations totaled $0 for the nine
months ended March 31, 2007 as compared to $0 during the same period
in 2006.  This segment incurred $53,325 of expense during the 2007 period
compared to $99,630 in 2006. The decrease in expenses was due to inactivity
in this segment during the nine month period ended March 31, 2007.  The 2007
expenses included $42,059 of accrued salaries and payroll expense.  Other
expenses for the nine month period ended March 31, 2007 were $0 compared to
$18,292 for the same period in 2006. The net loss for this segment was $53,325
for the nine months ended March 31, 2007 as compared to a loss of $117,922
for the period in 2006.

OBN Corporate

Revenues generated from OBN corporate operations totaled $0 during the
nine months ended March 31, 2007 as compared to $193 of revenue during
the same period of 2006.  The expenses incurred by OBN corporate were
$375,171 for the nine months ended March 31, 2007 as compared with
$669,494 in 2006. Corporate expenses decreased as a result of reductions
in satellite uplink expenses.  Expenses for the nine-month period ended
March 31, 2007 included $163,032 of accrued salary expenses and $160,200 of
professional support fees.  Other income for 2007 primarily reflected a
$109,911 gain on the extinguishment of debt. The net loss for OBN corporate
was $288,120 during the period ended March 31, 2007 as compared to a net loss
of $516,581 for the same period in 2006.


Three-Month Period Ended March 31, 2007 as Compared to March 31, 2006

Revenue for the three month periods ended March 31, 2007 and 2006
totaled $0 and $60,172, respectively.  Expenses for the three month
periods ended March 31, 2007 and 2006 were $208,598 and $255,380,
respectively. Expenses for the three month period ended March 31,
2007 included $65,625 of accrued salaries and $100,000 of professional
fees expenses.  Other income total $104,049 for the three month period
ended March 31, 2007 compared to $0 for the same period in 2006.  For
the three month periods ended March 31, 2007 and 2006, the net loss was
$104,549 and $195,208, respectively.

Results of operations for the three-month periods ended March 31,
2007 and 2006 are detailed in the charts below.   Included are the
revenues, expenses, other income and net income for the two segments
and corporate office.  In addition, the results from accounting
consolidation are presented as reconciling items.


For three months ended March 31, 2007:

                Broadcasting  Production   Corporate   Reconciling    Total
                 Operations   Operations                 Items

Revenues, net of
affiliate cost       $   --     $   --      $    --       $   --   $     --
Expenses             (23,437)   (17,000)    (168,161)         --   (208,598)
Other Inc (Exp)          --         --       104,049          --    104,049
Net loss            ($23,437)  ($17,000)   $ (64,112)         --  ($104,549)


For three months ended March 31, 2006:

Revenues, net of
affiliate costs     $ 60,000    $     --    $     172   $     --  $  60,172
Expenses             (71,741)    (32,401)    (151,238)        --   (255,380)
Other Inc (Exp)            -          --          --          --       --
Net Income (Loss)   ($11,741)   ($32,401)   ($151,066)        --  ($195,208)

*(Expenses include operating expenses and cost of sales)


Broadcasting Operations (Omni, ASTN and POD)

For the three months ended March 31, 2007, revenues, net of affiliate
costs, from this segment of operations totaled $0.  Revenues for
the same period in 2006 were $60,000.    Expenses were $23,437 for the
three months ended March 31, 2007 as compared to $71,741 for the
three-month period ended March 31, 2006. The decrease in expenses was
due to inactivity in this segment during the three month period ended
March 31, 2007. Among the items expensed during that period ending March
31, 2007 was $23,249 of amortization and depreciation expense.  The net
loss for this segment of operations was $23,437 for the three months ended
March 31, 2007 as compared to a net loss of $11,741 for the same period
in 2006.

Production Operations (Eclectic)

Revenues generated in this segment of operations totaled $0 for the three
months ended March 31, 2007 as compared to $0 during the same period in
2006.  This segment incurred $17,000 of expense during the period compared
to $32,401 in 2006.  The decrease in expenses was due to inactivity in this
segment during the three month period ended March 31, 2007.  The 2007 expenses
included $15,624 of accrued salaries.  There were no other expenses for the
three month periods ended March 31, 2007 and 2006.  The net loss for this
segment was $17,000 for the three months ended March 31, 2007 as compared to
a loss of $32,401 for the period in 2006.

OBN Corporate

Revenues generated from OBN corporate operations totaled $0 during the
three months ended March 31, 2007 as compared to $172 of revenue during
the same period of 2006.  The expenses incurred by OBN corporate were
$168,161 for the three months ended March 31, 2007 as compared with
$151,238 in 2006.  Expenses for the three month period ended March
31, 2007 included $65,625 of accrued salary expenses and $100,000 of
professional fees.   Other income for 2007 was $104,049 as compared to
$0 in 2006.  The increase was due to a gain on the extinguishment of debt
related to outstanding loans. The net loss for OBN corporate was $64,112
during the period ended March 31, 2007 as compared to a net loss of
$151,066 for the same period in 2006.


LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2007 the Company's current liabilities of $2,014,447
exceed current assets of $1,058 by $2,013,389.  Approximately 18% of
current liabilities represent accrued payroll for executives who have
opted to defer taking salaries until the needed funding is received. In
December 2006, the Board of Directors passed a resolution for conversion
of all accrued salaries at $1.50 per share, which was above the market price.
A total of $1,091,053 of accrued salaries was converted to 727,369 shares
of stock.  In March 2007, an additional $158,988 of accrued salaries was
converted to 125,655 shares of stock.

Current expenses are variable, and we match them to the availability of
funds. The station and broadcast equipment leases will be paid from funds
generated from operations.  Other details concerning the KSSY lease and
the broadcast equipment lease are contained in the footnotes 3 and 6 to
the consolidated financial statements in this document.

Management's plans to address the Company's liquidity issues include
obtaining additional capital through equity financing sources and/or the
acquisition of profitable firms.  However, no assurance can be given that
additional capital will be available when required or upon terms
acceptable to the Company or that it will be successful in its efforts
to negotiate the extension of its existing debt. The Company anticipates
that unless it is able to raise or generate proceeds of at least
$1,000,000 within the next six months, although operation will continue,
the Company will be unable to fully execute its business plan, which
will result in not growing at the desired rate.  The Company anticipates
raising the required funds through equity financing sources.

See the Going Concern section for management's plans to address the
Company's liquidity issues.

FORWARD LOOKING STATEMENTS

Certain statements in this report are forward-looking statements within
the meaning of the federal securities laws. Although the Company believes
that the expectations reflected in its forward-looking statements are
based on reasonable assumptions, there are risks and uncertainties that
may cause actual results to differ materially from expectations.





<PAGE>

Item 3.  CONTROLS AND PROCEDURES

An evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures (as define in Rule 131-15(e) and
15d-15(c)under the Securities Exchange Act of 1934 is routinely
conducted.

  (a) Evaluation of Disclosure Controls and Procedures.  The Company
carried out an evaluation under the supervision and with the participation
of the Company's management, including the Chief Executive Officer ("CEO")
and Chief Financial Officer ("CFO) of the effectiveness of the Company's
disclosure" controls and procedures.  Based upon that evaluation, the
CEO and CFO concluded that the design and operations of these disclosure
controls and procedures were effective. Our disclosure controls and
procedures were effective in timely alerting them to the material
information relating to the Company's (or the Company's consolidated
subsidiaries) financials required to be included in the Company's periodic
filing with the SEC, subject to the various limitations on the effectiveness
set forth below. Information relating to the Company, required to be
disclosed in SEC reports is recorded, processed, summarized and reported
within the time periods specified in SEC rules and forms, and is



<PAGE>

accumulated and communicated to the Company's management, including
our CEO and CFO, as appropriated to allow timely decisions regarding
required disclosure.

  (b) Changes in Internal Control over Financial Reporting.  There has
been no change in the Company's internal control over financial
reporting that occurred during the fiscal nine months ended March 31, 2007
that has materially affected, or is reasonably likely to materially
affect, the Company's internal control over financial reporting.

Limitations on the Effectiveness of internal controls

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




<PAGE>

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

None.

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

Common Stock
-------------

In October 2006, the Company raised additional capital by selling 5,000
shares of OBN common stock for $10,356.

In December 2006, the Company raised additional capital by selling 75,000
shares of OBN common stock for $25,000. There is a lockup period of six
months for 37,500 of the shares, and a lockup period of one year for 37,500
shares.

Between October 2006 and December 2006, a total of 46,500 shares of the
Company's stock was issued to third parties for services rendered.

In December 2006, the Company created a Non-Qualified Deferred Compensation
Plan ("the Plan"). The accrued salaries and salary-related deductions for
Roger Smith, CEO of the Company, totaling $308,685, Larry Taylor, CFO of
the Company, totaling $402,815 and Donald Wilson, Senior Vice President of
the Company, totaling $379,553, were converted from debt into the Company?s
common stock at a price of $1.50 per share, which totaled 205,790 shares;
268,543 shares; and 253,036 shares, respectively. The common stock is
being held by the Company in the Plan. Access to the shares is prohibited
for a period of not less than thirteen (13) months from the time of
deferment. At the time of participation, the participants were required to
specify when the stock would be distributed.

In January 2007 forfeited stock collateral totaling 20,000 shares was
recorded as issued due to defaults on notes payable of $53,025 and $61,875
to non-related parties. This was recorded as additional interest expense
based on the value of shares on the date of forfeiture ($1.40 per share).

In March 2007 5,000 shares were issued as payment of an $8,500 outstanding
debt to a non-related party. The Company recorded a gain on debt
extinguishment of $3,500 related to the transaction in the third quarter of
fiscal year 2007.

In March 2007 accrued salaries of $58,988 were converted into 58,988
shares of common stock at a conversion rate of $1.00 per share and $100,000
was converted into 66,667 shares at $1.50 per share.   The value of the
shares on the conversion date was $1.00 per share.  The resulting gain on
extinguishment of the liability of $33,334 was recorded in additional paid
in capital due to the related-party nature of the transaction.

In March 2007 a total of 20,000 shares were issued to the four outside
board members as compensation for past service on the Company's Board of
Directors.  The shares were valued at $1.00 per share at the time issued.

In March 2007 a total of 80,000 shares were issued (valued at $1.20 per
share) for consulting services rendered to implement a new asset acquisition
strategy.  The contract requires that an additional 170,000 shares be
issued based on meeting specified performance milestones which were met
in June 2007. Therefore, 170,000 shares (valued at $0.90 per share) were
issued in June 2007 (See Note 10).

The above issuances were unregistered, as the Company was relying on the
exemptions from registration contained in Section 4(2) of the Securities Act,
and Regulation D promulgated thereunder, on the basis that such transactions
did not involve public offerings of securities.

Item 3. Defaults Upon Senior Securities

None.

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

None.

Item 5. Other Information.

None

Item 6.  Exhibits

 (31.1)  Certification of Chief Executive Officer pursuant to Rule-15(e)
and 15d-15(e) of the Securities Exchange Act of 1934, as adopted pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.

 (31.2)  Certification of Chief Financial Officer pursuant to Rule
13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 (32.1) 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.



                                   SIGNATURES

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

OBN HOLDINGS, INC
(Registrant)

Dated:  July 10, 2007       By: /s/ Roger Neal Smith
                                ------------------------------
                                Roger Neal Smith
                                Chief Executive Officer





<PAGE>