**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-QSB**

| Commission                File No. 000-13858                                                                        |
|---------------------------------------------------------------------------------------------------------------------|
| **METAPHOR                CORPORATION**(Name                of small business issuer in its                charter) |

| Nevada                                                                                        | 86-0214815                                                         |
|-----------------------------------------------------------------------------------------------|--------------------------------------------------------------------|
| (State                or other Jurisidiction of                Incorporation or Organization) | (IRS                Employer Identification                Number) |

| 580                2nd Street, Suite 102Encinitas,                California | 92024                                  |
|------------------------------------------------------------------------------|----------------------------------------|
| (Address                of Principal Executive Offices)                      | (Zip                Code)              |
|  Issuer's                Telephone Number                               |  760-230-2300                x205 |

**ABCI      HOLDINGS, INC.**

----

| Section                | Heading                                                                                                                                                                                | Page                    |
|------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|
|                   |                                                                                                                                                                                   |                    |
|                   | Introduction                                                                                                                                                                           | 1                       |
|                   |                                                                                                                                                                                   |                         |
| Part                I  | Financial                Information                                                                                                                                                   |                         |
|                   |                                                                                                                                                                                   |                         |
| Item                1  | Financial                Statements                                                                                                                                                    |                         |
|                   | Balance                Sheets (Unaudited)at                June 30, 2005 and December 31, 2004                                                                                         | F1                      |
|                   | Statement                of Operations (Unaudited)from                January 1, 2005 to June 30, 2005, and the comparative period for                Fiscal                Year 2004  | F2                      |
|                   | Statement                of Cash Flows (Unaudited) from                January 1, 2005 to June 30, 2005, and the comparative period for                Fiscal                Year 2004 | F3                      |
|                   | Statement                of Changes in Stockholders' Equity (Deficit)from                December 31, 2002 through June 30, 2005                                                       | F4                      |
|                   | Notes                to Financial Statements                                                                                                                                           | F5-F8                   |
| Item                2  | Management's                Discussion and Analysis of Financial Condition                                                                                                             | 3                       |
| Item                3  | Controls                and Procedures                                                                                                                                                 | 3                       |
|                   |                                                                                                                                                                                   |                    |
| Part                II | Other                Information                                                                                                                                                       |                    |
|                   |                                                                                                                                                                                   |                    |
| Item                1  | Legal                Proceedings                                                                                                                                                       | 4                       |
| Item                2  | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                                                             | 4                       |
| Item                3  | Defaults                Upon Senior Notes                                                                                                                                              | 4                       |
| Item                4  | Submission                of Matters of a Vote to Security Holders                                                                                                                     | 4                       |
| Item                5  | Other                Information                                                                                                                                                       | 4                       |
| Item                6  | Exhibits                and Reports on Form 8-K                                                                                                                                        | 4-5                     |
|                   |                                                                                                                                                                                   |                    |
|                   | Signatures                                                                                                                                                                             | 6                       |
|                   | Sarbanes-Oxley                Certifications                                                                                                                                           | Ex.                32.1 |

----

**INTRODUCTION**

| ·      | On                August 1, 2005, the Company filed an amended Form 8-K which included                an                amended version of the Sale and Purchase Agreement that was initially                discussed and described in a May 24, 2005 Form 8-K                filing. |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·       | In                August of 2005, the Company completed the private placement of USD                $450,000 of its common stock (the "August 2005 Private Placement")                to                certain accredited investors for $2.50 per share. Additionally, those                accredited investors that purchased common stock in the August 2005                Private Placement received a warrant (the "August 2005 Warrants")                granting                them the right, for one year, to purchase an additional 20% of the                number                of common shares they purchased at an exercise price of $3.50 per                share.                The August 2005 Private Placement will result in the issuance of                180,000                of our restricted common shares, and if the above referred to August                2005                Warrants are exercised, up to an additional 36,000 common shares. |
|--------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **A** | **C** | **I** | **ARMANDO                C. IBARRA****Certified                Public Accountants****A                Professional Corporation** |
|-------|-------|-------|----------------------------------------------------------------------------------------------------------------------------------|

** **

**INDEPENDENT      ACCOUNTANTS’ REPORT**

----

| **                    ASSETS** |   |   |   |                         |   |                             |   |
|------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|-----------------------------------|--------|---------------------------------------|--------|
|                                                                                                                               |   |   |   |  **As                of**    |   |  **As                of**        |   |
|                                                                                                                               |   |   |   |  **June                30,** |   |  **December                31,** |   |
|                                                                                                                               |   |   |   |  **2005**                    |   |  **2004**                        |   |
| **Current                Assets**                                                                                                  |   |   |   |                         |   |                             |   |
| Cash                                                                                                                               |   |   |   |                              | $      | -                                     |   | $ | - |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Total                Current Assets**                                                                                            |   |   |   |                              |   | -                                     |   |   | - |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Other                Assets**                                                                                                    |   |   |   |                              |   |                                  |   |   |   |   |
| Organization                costs                                                                                                  |   |   |   |                              |   | -                                     |   |   | - |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Total                Other Assets**                                                                                              |   |   |   |                              |   | -                                     |   |   | - |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **TOTAL                ASSETS**                                                                                                    |   |   |   |                              | **$**  | **-**                                 |   | **$** | **-** |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **LIABILITIES                & STOCKHOLDERS' EQUITY (DEFICIT)**                                                                |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Current                Liabilities**                                                                                             |   |   |   |                              |   |                                  |   |   |   |   |
| Accounts                payable                                                                                                    |   |   |   |                              | $      | 21,759                                |   | $ | 31,759 |   |
| Demand                notes                                                                                                        |   |   |   |                              |   | 32,500                                |   |   | 57,500 |   |
| Convertible                debentures                                                                                              |   |   |   |                              |   | 25,000                                |   |   | 25,000 |   |
| Loan                payable - (a related party)                                                                                    |   |   |   |                              |   | -                                     |   |   | 29,625 |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Total                Current Liabilities**                                                                                       |   |   |   |                              |   | 79,259                                |   |   | 143,884 |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **TOTAL                LIABILITIES**                                                                                               |   |   |   |                              | $      | 79,259                                |   | $ | 143,884 |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Stockholders'                Equity (Deficit)**                                                                                  |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| Preferred                stock, ($.001 par value, 10,000,000                                                                       |   |   |   |                              |   |                                  |   |   |   |   |
| shares                authorized; none issued and outstanding.)                                                                    |   |   |   |                              |   | -                                     |   |   | - |   |
| Common                stock, ($.0001 par value, 100,000,000 shares                                                                 |   |   |   |                              |   |                                  |   |   |   |   |
| authorized;                509,709 and 499,894 shares issued and outstanding                                                       |   |   |   |                              |   |                                  |   |   |   |   |
| as                of June 30, 2005 and December 31, 2004, respectively).                                                           |   |   |   |                              |   | 51                                    |   |   | 50 |   |
| Additional                paid-in capital                                                                                          |   |   |   |                              |   | 21,141,665                            |   |   | 21,107,041 |   |
| Deficit                accumulated during development stage                                                                        |   |   |   |                              |   | (21,220,975                           | )      |   | (21,250,975 | ) |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **Total                Stockholders' Equity (Deficit)**                                                                            |   |   |   |                              |   | (79,259                               | )      |   | (143,884 | ) |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |
| **TOTAL                LIABILITIES &**                                                                                         |   |   |   |                              |   |                                  |   |   |   |   |
| **STOCKHOLDERS'                EQUITY (DEFICIT)**                                                                                  |   |   |   |                              | **$**  | **-**                                 |   | **$** | **-** |   |
|                                                                                                                               |   |   |   |                              |   |                                  |   |   |   |   |

----

|                                                             |   | **Six                  Months** |    | **Six                  Months** |   | **Three                  Months** |   | **Three                  Months** |    |
|------------------------------------------------------------------|--------|---------------------------------|---------|---------------------------------|--------|-----------------------------------|--------|-----------------------------------|---------|
|                                                             |   | **Ended**                       |    | **Ended**                       |   | **Ended**                         |   | **Ended**                         |    |
|                                                             |   | **June                  30,**   |    | **June                  30,**   |   | **June                  30,**     |   | **June                  30,**     |    |
|                                                             |   | **2005**                        |    | **2004**                        |   | **2005**                          |   | **2004**                          |    |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |
| Revenues                                                         |   | $                               | -       |                            | $      | -                                 |   | $                                 | -       |   | $ | - |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Total                  Revenues**                              |   |                            | -       |                            |   | -                                 |   |                              | -       |   |   | - |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Operating                  Expenses**                          |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| General                  & Administrative Expenses           |   |                            | -       |                            |   | 23,353                            |   |                              | -       |   |   | 23,353 |   |
| Professional                  consulting                         |   |                            | -       |                            |   | 44,850                            |   |                              | -       |   |   | 43,000 |   |
| Office                  occupancy and supplies                   |   |                            | -       |                            |   | -                                 |   |                              | -       |   |   | - |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Total                  General & Administrative Expenses** |   |                            | -       |                            |   | 68,203                            |   |                              | -       |   |   | 66,353 |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Other                  Income & (Expenses)**               |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| Other                  income                                    |   |                            | 30,000  |                            |   | -                                 |   |                              | -       |   |   | - |   |
| Interest                  expense                                |   |                            | -       |                            |   | (225                              | )      |                              | -       |   |   | - |   |
| Gain                  on extinguishment of debt                  |   |                            | -       |                            |   | -                                 |   |                              | -       |   |   | - |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Total                  Other Income & (Expenses)**         |   |                            | 30,000  |                            |   | (225                              | )      |                              | -       |   |   | - |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Net                  Income (Loss)**                           |   | $                               | 30,000  |                            | $      | (68,428                           | )      | $                                 | -       |   | $ | (66,353 | ) |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Basic                  earnings (loss) per share**             |   | $                               | 0.06    |                            | $      | (0.33                             | )      | $                                 | 0.00    |   | $ | (0.32 | ) |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **Weighted                  average number of**                  |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |
| **common                  shares outstanding**                   |   |                            | 509,492 |                            |   | 208,354                           |   |                              | 509,273 |   |   | 208,354 |   |
|                                                             |   |                            |    |                            |   |                              |   |                              |    |   |   |   |   |

----

|                                                                                        |   |   |   | **Six                  Months** |   | **Six                  Months** |   | **Three                  Months** |    | **Three                  Months** |   |
|---------------------------------------------------------------------------------------------|--------|--------|--------|---------------------------------|--------|---------------------------------|--------|-----------------------------------|---------|-----------------------------------|--------|
|                                                                                        |   |   |   | **Ended**                       |   | **Ended**                       |   | **Ended**                         |    | **Ended**                         |   |
|                                                                                        |   |   |   | **June                  30,**   |   | **June                  30,**   |   | **June                  30,**     |    | **June                  30,**     |   |
|                                                                                        |   |   |   | **2005**                        |   | **2004**                        |   | **2005**                          |    | **2004**                          |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |
|                  **CASH                  FLOWS FROM OPERATING ACTIVITIES**             |   |   |   |                            |   |                            |   |                              |    |                              |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |
| Net                  income (loss)                                                          |   |   |   |                            | $      | 30,000                          |   | $                                 | (68,428 | )                                 | $      | - |   | $ | (66,353 | ) |
| Adjustments                  to reconcile net loss to net cash                              |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| used                  in operating activities:                                              |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Debt                  relief                                                                |   |   |   |                            |   | 29,625                          |   |                              | -       |                              |   | - |   |   | - |   |
| Issuance                  of stock for services                                             |   |   |   |                            |   | -                               |   |                              | 43,449  |                              |   | - |   |   | 43,449 |   |
| Changes                  in operating assets and liabilities:                               |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Increase/(decrease)                  in accrued liabilities                                 |   |   |   |                            |   | -                               |   |                              | -       |                              |   | - |   |   | (2,075 | ) |
| Increase/(decrease)                  in demand note                                         |   |   |   |                            |   | (25,000                         | )      |                              |    |                              |   |   |   |   |   |   |
| Increase/(decrease)                  in accounts payable                                    |   |   |   |                            |   | (34,625                         | )      |                              | 24,979  |                              |   | - |   |   | 24,979 |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| ***Net                  cash provided by (used in) operating                  activities*** |   |   |   |                            |   | **-**                           |   |                              | **-**   |                              |   | **-** |   |   | **-** |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| **CASH                  FLOWS FROM INVESTING ACTIVITIES**                                   |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| ***Net                  cash provided by (used in) investing                  activities*** |   |   |   |                            |   | **-**                           |   |                              | **-**   |                              |   | **-** |   |   | **-** |   |
|                                                                                        |   |   |   |                            |   |                                 |   |                              |         |                              |   |  |   |   |  |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| **CASH                  FLOWS FROM FINANCING ACTIVITIES**                                   |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| ***Net                  increase (decrease) in cash***                                      |   |   |   |                            |   | **-**                           |   |                              | **-**   |                              |   | **-** |   |   | **-** |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| ***Cash                  at beginning of period***                                          |   |   |   |                            |   | **-**                           |   |                              | **-**   |                              |   | **-** |   |   | **-** |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| ***Cash                  at end of period***                                                |   |   |   |                            | $      | -                               |   | $                                 | -       |                              | $      | - |   | $ | - |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |  |   |
| SUPPLEMENTAL                  DISCLOSURES                                                   |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Interest                  paid                                                              |   |   |   |                            | $      | -                               |   | $                                 | 225     |                              | $      | - |   | $ | - |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Income                  taxes paid                                                          |   |   |   |                            | $      | -                               |   | $                                 | -       |                              | $      | - |   | $ | - |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| SUPPLEMENTAL                  DISCLOSURES OF NONCASH TRANSACTIONS                           |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Stock                  issued for debt                                                      |   |   |   |                            | $      | 29,625                          |   | $                                 | 188,212 |                              | $      | - |   | $ | 188,212 |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Stock                  issued for services                                                  |   |   |   |                            | $      | -                               |   | $                                 | 45,200  |                              | $      | - |   | $ | 45,200 |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |
| Stock                  issued for interest                                                  |   |   |   |                            | $      | -                               |   | $                                 | -       |                              | $      | - |   | $ | - |   |
|                                                                                        |   |   |   |                            |   |                            |   |                              |    |                              |   |   |   |   |   |   |

----

|                                                    |   |       |        |       |   |           |   | **Deficit**     |           |      |   |
|---------------------------------------------------------|--------|------------|-------------|------------|--------|----------------|--------|-----------------|----------------|-----------|--------|
|                                                    |   |       |        |       |   |           |   | **Accumulated** |           |      |   |
|                                                    |   | **Common** |        | **Common** |   | **Additional** |   | **During**      |           | **Total** |   |
|                                                    |   | **Stock**  |        | **Stock**  |   | **Paid-in**    |   | **Development** |           |      |   |
|                                                    |   |       |        | **Amount** |   | **Capital**    |   | **Stage**       |           |      |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |
| Balance                  at December 31, 2001           |   |       | 37,592      |       |   | 4              |   | $               | 14,835,837     |      | $      | (18,560,647 | ) |   | (3,724,806 | ) |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Issuance                  of stock options              |   |       |        |       |   |           |   |            | 75,000         |      |   |   |   |   | 75,000 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  adjustment                       |   |       | 425         |       |   |           |   |            | (6             | )         |   |   |   |   | (6 | ) |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issuance for debt                |   |       | 11,085      |       |   | 1              |   |            | 1,439,346      |      |   |   |   |   | 1,439,347 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued for expenses              |   |       | 38,555      |       |   | 4              |   |            | 2,620,704      |      |   |   |   |   | 2,620,708 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Net                  loss, December 31, 2002            |   |       |        |       |   |           |   |            |           |      |   | (2,495,031 | ) |   | (2,495,031 | ) |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| **Balance,                  December 31, 2002**         |   |       | **87,658**  |       |   | **9**          |   |            | **18,970,881** |      |   | **(21,055,678** | **)** |   | **(2,084,788** | **)** |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued for debt                  |   |       | 63,197      |       |   | 6              |   |            | 1,898,958      |      |   |   |   |   | 1,898,964 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued for expenses              |   |       | 57,500      |       |   | 6              |   |            | 11,494         |      |   |   |   |   | 11,500 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Net                  loss, December 31, 2003            |   |       |        |       |   |           |   |            |           |      |   | (119,067 | ) |   | (119,067 | ) |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| **Balance,                  December 31, 2003**         |   |       | **208,354** |       |   | **21**         |   |            | **20,881,333** |      |   | **(21,174,745** | **)** |   | **(293,391** | **)** |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued on April 29, 2004         |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| for                  services valued at $0.01 per share |   |       | 21,250      |       |   | 2              |   |            | 31,498         |      |   |   |   |   | 31,500 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued on April 29, 2004         |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| for                  services valued at $0.01           |   |       | 14,250      |       |   | 1              |   |            | 11,249         |      |   |   |   |   | 11,250 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued on April 29, 2004         |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| for                  debt settlement                    |   |       | 256,040     |       |   | 26             |   |            | 182,961        |      |   |   |   |   | 182,987 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Net                  loss, December 31, 2004            |   |       |        |       |   |           |   |            |           |      |   | (76,230 | ) |   | (76,230 | ) |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| **Balance,                  December 31, 2004**         |   |       | **499,894** |       |   | **50**         |   |            | **21,107,041** |      |   | **(21,250,975** | **)** | **$** | **(143,884** | **)** |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Stock                  issued on January 5, 2005        |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| for                  the round lot reserve split        |   |       | 9,815       |       |   | 1              |   |            | 34,624         |      |   |   |   |   | 34,625 |   |
|                                                    |   |       |        |       |   |           |   |            |           |      |   |   |   |   |   |   |
| Net                  lncome, June 30, 2005              |   |       |        |       |   |           |   |            |           |      |   | 30,000 |   |   | 30,000 |   |
|                                                    |   |       |        |       |   |           |   |            |                |      |   |   |   |   |  |   |
| **Balance,                  June 30, 2005**             |   |       | **509,709** |       | **$**  | **51**         |   | **$**           | **21,141,665** |      | **$**  | **(21,220,975** | **)** | **$** | **(79,259** | **)** |

----

**NOTES      TO FINANCIALS STATEMENTS**

***NOTE        1. ORGANIZATION AND OPERATIONS***

***NOTE        2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES***

**a.        **
**Basis        of Accounting**

**b.        **
**Basic        Earnings per (loss) Share**
** **

**c.        **
**Use        of Estimates **

**d.        **
**Cash        Equivalents**
** **

**e.        **
**Property        and Equipment **

**f.        **
**Segment        and Geographic Information**
** **

**g.        **
**Income        Taxes**

**h.        **
**Accounting        for Stock-Based Compensation**
** **

----

**New        Accounting Pronouncements **

**New        Accounting Pronouncements**

***NOTE        3. GOING CONCERN***

***NOTE        4. INCOME TAXES***

|                                             |  **As                  of June 30, 2005**                                                       |
|--------------------------------------------------|------------------------------------------------------------------------------------------------------|
| Deferred                  tax assets:            |                                                                                                 |
| Net                  operating tax carryforwards |             $                  7,427,341 |
| Other                                            |  -0-                                                                                            |
| Gross                  deferred tax assets       |                7,427,341  |
| Valuation                  allowance             | (7,427,341)                                                                                          |
|                                             |                                                                                                 |
| Net                  deferred tax assets         |           $                  -0-                   |

***NOTE        5. SCHEDULE OF NET OPERATING LOSSES***

| Net                  Operating Losses prior to 2002     |   | $                  (18,560,647) |
|---------------------------------------------------------|--------|---------------------------------|
| 2002                  Net Operating Income              |   | (2,495,031)                     |
| 2003                  Net Operating Loss                |   | (119,067)                       |
| 2004                  Net Operating Loss                |   | (76,230)                        |
| 2005                  Net Operating Income (six months) |   | 30,000                          |
| Net                  Operating Loss                     |   | $                  (21,220,975) |

----

***NOTE        6. CONVERTIBLE DEBENTURES PAYABLE***

***NOTE        7. RELATED PARTY TRANSACTIONS***

***NOTE        8. STOCK COMPENSATION PLANS***

----

***NOTE        9. COMMON STOCK***

***NOTE        10. STOCKHOLDERS’ EQUITY***

| ·      | Preferred                  stock, $ 0.001 par value: 10,000,000 shares authorized; none issued                  and                  outstanding. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | Common                  stock, $ 0.0001 par value: 100,000,000 shares authorized; 509,709                  issued                  and outstanding. |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

***NOTE        11. LITIGATION***

----

**ITEM      2.**
**MANAGEMENT'S      DISCUSSION AND ANALYSIS**

*Plan      of Operation*

**ITEM      3.**
**CONTROLS      AND PROCEDUES**

----

**PART      II - OTHER INFORMATION**

**ITEM      1.**
**LEGAL      PROCEEDINGS.**

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

| ·      | On                January 21, 2005, TBLF was issued 4,000,000 restricted common shares                in                consideration of the settlement of USD $29,625 in debt. Baum is the                principal owner of TBLF. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                March 3, 2005, TBLF was issued 295,000 restricted common shares in                consideration of the settlement of any and all debts owed to TBLF                and                Baum, as well as Baum's agreement to continue to perform various                services                for the Company through July 31, 2005. |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Securities      Offered for Sale and Securities Purchased**

**ITEM      3.****DEFAULTS      UPON SENIOR SECURITIES **

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

**ITEM      5. **
**OTHER      INFORMATION**

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

| Number | Exhibits                Name                                                                                                                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.0    | Agreement                between the Company and American Boardsports                Company, Inc.**                                                                                                                                                                             |
| 3.1    | Certificate                and Articles of Incorporation*                                                                                                                                                                                                                             |
| 3.3    | Amendment                to Articles of Incorporation***                                                                                                                                                                                                                              |
| 3.4    | Amendment                to Articles of Incorporation***                                                                                                                                                                                                                              |
| 3.5    | Amendment                to Articles of Incorporation****                                                                                                                                                                                                                             |
| 3.2    | Bylaws*                                                                                                                                                                                                                                                                               |
| 10.2   | Asset                Purchase Agreement between the Company and MaxPlanet                Corp.*****                                                                                                                                                                                   |
| 10.3   | Agreement                to Purchase Shares Between the Company and Suncrest Management Services,                S.A.****                                                                                                                                                             |
| 10.4   | Definitive                Information Statement on Schedule 14(c)#                                                                                                                                                                                                                    |
| 10.5   | Articles                of Incorporation (for the State of Nevada)##                                                                                                                                                                                                                  |
| 10.6   | Bylaws                (for the State of Nevada)##                                                                                                                                                                                                                                     |
| 10.7   | Resignation                Letter of Accountants###                                                                                                                                                                                                                              |
| 10.8   | Dent                Conversion Agreement####                                                                                                                                                                                                                                          |
| 10.9   | Amended                Bylaws####                                                                                                                                                                                                                                                     |
| 11.0   | Second                Amended Bylaws#####                                                                                                                                                                                                                                             |
| 11.1   | Sale                and Purchase Agreement with Metaphor Corp., 8 Holdings LLC, Hong                Kong                Huicong International Group Limited, certain key members of management                of                CMN and China Media Network International Inc. Ñ |
| 12.1   | Stock                Purchase Agreement executed by and between Metaphor Corporation,                Mark L.                baum and 8 Holdings LLC ÑÑ                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                  |
|   | *                Filed with the Securities and Exchange Commission in the Exhibits                to                Form 10-SB, filed in January 1995 and are incorporated                by                reference herein.                                               |
|   | **                Filed with the Securities and Exchange Commission in the Exhibits                to                Form 8-K dated August 27, 2001, and incorporated herein                by                reference.                                                    |
|   | ***                Filed with the Securities and Exchange Commission in the Exhibits                to                Form 10-KSB for the fiscal year ended December 31,                1998 and are                incorporated herein by reference.                       |
|   | ****                Filed with the Securities and Exchange Commission in the Exhibits                to                Form 8-K dated December 8, 2000, and incorporated herein                by                reference.                                                 |
|   | *****                Filed with the Securities and Exchange Commission in the Exhibits                to                Form 8-K dated October 31, 2000, and incorporated herein                by                reference.                                                |
|   | #                Filed with the Commission on November 17, 2004, and incorporated                herein by                reference.                                                                                                                                                  |
|   | ##                Filed                with the Commission on December 14, 2004, and incorporated herein                by                reference.                                                                                                                                  |
|   | ###                Filed                with the Commission on December 20, 2004, and incorporated herein                by                reference.                                                                                                                                 |
|   | ####                Filed                with the Commission on February 3, 2005, and incorporated herein                by                reference.                                                                                                                                 |
|   | #####                Filed                with the Commission on February 3, 2005, and incorporated herein                by                reference.                                                                                                                                |
|   | Ñ File                with the Commission on May 24, 2005, and incorporated herein by                reference.                                                                                                                                                             |
|   | ÑÑ                Filed as Exhibit 12.1 to the Form 10-QSB for the period ended June                30,                2005.                                                                                                                                                |

----

| ·      | On                October 17, 2000, we filed a report on Form 8-K, advising                of the MPC                asset acquisition and issuance of 3.5 million common shares                in                consideration therefore. |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                December 8, 2000, we filed a report on Form 8-K, advising                of the                sale of Polcorp and its wholly owned subsidiary, as well as the change                in                our management. |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                August 27, 2001, we filed a report on Form 8-K, advising                of a                merger agreement with American Boardsports Company, Inc. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                February 25, 2002, we filed an amended report on Form 8-K/A,                advising                of a merger agreement with American Boardsports Company, Inc. |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                January 12, 2003, the registrant filed a Form 8-K (SEC File Number                000-13858 and Film Number 03513556) that stated that as of January                12,                2003, Thomas N. Carter had resigned all of his positions with the                Company                and that Mark L. Baum had accepted an appointment as Chairman of                the Board                of Directors, and that Mr. Baum would act as                Interim-CEO. |
|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                March 20, 2003, the registrant filed a Form 8-K (SEC File Number                000-13858                and Film Number 03610268) that stated the Company's new mailing address.                The Form 8-K further warned that the Company was having difficultly                in                filing its Form 10K-SB and that it was in danger of being                delisted. |
|--------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                April 2, 2003, the registrant filed a Form 8-K (SEC File Number 000-13858                and Film Number 03635554) that updated shareholders and the marketplace                on                the settlement of approximately $2.85 million in debt with 28                creditors. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                May 13, 2003, the Registrant filed a Form 8-K (SEC File Number 000-13858                and Film Number 03695943) updating the marketplace that effective                May 5,                2003, the auditor/client relationship between the Company and Matranga                & Correia CPA ("Matranga") ceased. At that time, the Company and the                Board of Directors approved of the engagement of the firm of Wong,                Johnson                & Associates ("Wong") of Temecula,                California. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                December 14, 2004, the Company filed a Form 8-K updating the marketplace                that it had entered into a material agreement (Item 1.01) in an effort                to                change the domicile of the Company from Delaware to Nevada. Additionally,                within Item 9.01 (exhibits 3.1 and 3.2) of this Form 8-K, the Company                attached the Company's new articles of incorporation and bylaws (for                the                State of Nevada). |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                December 20, 2004, the Registrant filed a Form 8-K updating the                marketplace that effective December 15, 2004, the auditor/client                relationship between the Company and Wong, Johnson & Associates of                Temecula, California had ceased. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                January 7, 2005, the Registrant filed a Form 8-K updating the marketplace                that the Company's new transfer agent was Action Stock Transfer of                Salt                Lake City, Utah. |
|--------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                February 3, 2005, the Registrant filed a Form 8-K with the Commission,                updating the marketplace that: (i) the Company had entered into an                agreement with the Baum Law Firm to convert certain debts owed to                TBLF in                consideration of the issuance of common shares of stock; and that                (ii) as                of January 21, 2005, the Company bylaws had been amended and restated                such                that the board of directors was able to declare stock splits as set                forth                on the bylaws attached as exhibit 3.1 of this Form 8-K filing. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                February 3, 2005, the Registrant filed a Form 8-K with the Commission,                updating the marketplace that as of January 28, 2005, the Company                bylaws                had been amended and restated such that the board of directors was                able to                declare stock splits as set forth on the bylaws attached as exhibit                3.1 of                this Form 8-K filing. |
|--------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                March 9, 2005, the Registrant filed a Form 8-K with the Commission                updating the marketplace that on March 4, 2005, it had hired the                firm of                Armando C. Ibarra CPA as the Company's independent auditing                firm. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                April 14, 2005, the Registrant filed a Form 8-K with the Commission                alerting the marketplace that we had entered into a material agreement                whereby we were to acquire certain media properties along with $15,000,000                in cash in consideration of the issuance of a number of shares such                that                the number of issued shares equaled approximately 97.5% of the then                issued                and outstanding common shares. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                May 24, 2005, the Registrant filed a Form 8-K alerting the marketplace                that we had executed a definitive agreement to make effective and                complete                a transaction involving China Media                Networks. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·      | On                August 1, 2005, the Registrant filed a Form 8-K which contained an                amended                version of the Sale and Purchase Agreement that relates to the transaction                with China Media Networks. |
|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**METAPHOR      CORPORATION**

**SIGNATURES**
** **

|                                            |   |   |   | METAPHOR                CORPORATION(Registrant)                |
|-------------------------------------------------|--------|--------|--------|----------------------------------------------------------------|
|                                            |   |   |   |                                                           |   |   |
| Date:  August                17, 2005 |   |   |   | By:                                                            |   | /s/                Mark L. Baum, Esq. |
|                                            |   |   |   |                                                           |   |   |
|                                            |   |   |   | Mark                L. Baum, Esq.                              |
|                                            |   |   |   | Chairman                of the Board of Directors, CEO and CFO |
|                                            |   |   |   | (Principal                Accounting Officer)                  |

----