UNITED STATES

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C., 20549

                                   FORM 10-Q

                                  (Mark one)

          [X] Quarterly Report Pursuant to Section 13 or 15(d) of the

                        SECURITIES EXCHANGE ACT OF 1934

                  FOR THE FISCAL QUARTER ENDED MARCH 31, 2010

                        Commission file Number 0-28416

                                      or

         [ ] Transition Report Pursuant to Section 13 or 15(d) of the

                        SECURITIES EXCHANGE ACT OF 1934

                                 VALCOM, INC.

            (Name of small business issuer specified in its charter)


              Delaware                                     58-1700840
------------------------------------                -----------------------
(State  or  other  jurisdiction  of                 (IRS  Employer
  incorporation  or  organization)                  Identification  Number)


            2113A Gulf Boulevard, Indian Rocks Beach, Florida 33785
	    -------------------------------------------------------
              (Address of Principal executive offices) (Zip code)


                                (727) 953 - 9778
			------------------------------
                           Issuer's telephone number

   Securities registered pursuant to 12(b) of the Act: None Securities to be

               registered pursuant to Section 12(g) of the Act:

                         COMMON STOCK $0.001 PAR VALUE

                                (Title of Class)

Indicate  by  check  mark  whether  the  registrant  (1)  has filed all reports
required to be filed by Section 13 or 15(d) of the Securities  Exchange  Act of
1934  during  the  preceding  12  months  (or  for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

YES [X] NO [ ]

Indicate by check mark whether the registrant has  submitted electronically and
posted on its corporate Web site, if any, every Interactive  Data File required
to   be   submitted  and  posted  pursuant  to  Rule  405  of  Regulation   S-T
({section}232.405  of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).

[ ] Yes [ ] No.

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


Large accelerated filer         [ ]
Accelerated filer               [ ]
Non-accelerated filer           [ ]
Smaller reporting company       [X]


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

         APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS

                        DURING THE PRECEDING FIVE YEARS

Indicate by check mark whether  the  registrant filed all documents and reports
required to be filed by Section 12, 13  or  15(d) of the Exchange Act after the
distribution of securities under a plan confirmed by a court. Yes [X] No [ ]

                     APPLICABLE ONLY TO CORPORATE ISSUERS

State  the number of shares outstanding of each  of  the  issuer's  classes  of
common equity,  as  of  the  latest  practicable  date: As of May 24, 2010, the
issuer had 40,584,158 shares of its $0.001 par value common stock outstanding.

<PAGE>

                                 VALCOM, INC.

                                   FORM 10-Q

                                                                        Page

PART I - FINANCIAL INFORMATION						1
Item 1.  Financial Statements						1
Item 2.  Management's Discussion and Analysis or Plan of Operation	7
Item 3.  Quantitative and Qualitative Market Risk			12
Item 4.  Controls and Procedures					12

PART II - OTHER INFORMATION						13
Item 1.  Legal Proceedings						13
Item 1A. Risk Factors							13
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3.  Defaults Upon Senior Securities				13
Item 4.  Removed and Reserved						13
Item 5.  Other Information						13
Item 6.  Exhibits							13
SIGNATURES								14

PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

<PAGE>

<TABLE>
<CAPTION>
<S><C><C>
                                                 VALCOM, INC.
                                          CONSOLIDATED BALANCE SHEETS
                                                  (UNAUDITED)

                                                                         MARCH 31, 2010	  SEPTEMBER 30, 2009

									 --------------	  ------------------

ASSETS

CURRENT ASSETS
  Cash                                                                   $       21,432    $         110,846
  Restricted cash                                                                60,313               60,230
  Accounts receivable, net                                                      105,555               44,303
  Prepaid show costs                                                            275,000                    -
  Inventory                                                                     424,209              487,324
									 ---------------   ------------------
    Total Current Assets                                                        886,509              702,703

Property, equipment and film library, net of accumulated
  depreciation of $158,169 and $126,711, respectively                           208,296              238,664
Intangible assets, net of accumulated amortization of
  $170,029 and $104,211, respectively                                           224,877              290,695
									 ---------------   ------------------

TOTAL ASSETS                                                               $  1,319,682     $      1,232,062
									================   ==================

LIABILITIES AND STOCKHOLDERS' DEFICIT

CURRENT LIABILITIES
  Accounts payable and accrued expenses                                 $     1,036,303    $         633,605
  Due to related parties                                                        922,027              900,048
  Derivative liabilities                                                         50,000                    -
  Notes payable, net of unamortized discounts of $720,000
    and $82,411, respectively                                                   661,240              378,839
  Related party debt, net of unamortized discounts of
    $22,500 and $0, respectively                                                  2,500                    -
									 ---------------   ------------------
    Total Current Liabilities                                                 2,672,070            1,912,492

Derivative liabilities                                                          208,311                    -
									 ---------------   ------------------
    Total Liabilities                                                 	      2,880,381            1,912,492

STOCKHOLDERS' DEFICIT
  Series B Preferred stock, 1,000,000 shares authorized
    at par value of $0.001, 38,000 shares issued and outstanding                     38                   38
  Series C Preferred stock, 25,000,000 shares authorized
    at par value of $0.001, 14,691,395 shares issued and outstanding             14,691               14,691
  Common stock, 250,000,000 shares authorized at par value
    of $0.001, 40,434,158 and  22,776,099 shares issued
    and outstanding, respectively                                                39,201               39,064
  Treasury stock, 35,000 shares                                                 (23,522)             (23,522)
  Additional paid-in capital                                                 20,457,548           19,791,048
  Accumulated deficit                                                       (22,048,655)         (20,501,749)
									 ---------------   ------------------
    Total Stockholders' Deficit                                              (1,560,699)            (680,430)
									 ---------------   ------------------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                $  1,319,682     $      1,232,062
									 ===============   ==================

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


<PAGE> 1

                                            VALCOM, INC.
                                CONSOLIDATED STATEMENTS OF OPERATIONS
                                             (UNAUDITED)

 	                                                   THREE MONTHS ENDED          	   SIX MONTHS ENDED
 	                                                        MARCH 31,              	       MARCH 31,
	                                                   2010        	   2009        	2010		   2009
							--------------------------	--------------------------
REVENUES                                        	$   170,971  	$ 318,935 	$  362,156 	$  385,204
COST OF GOODS SOLD                                  	    376,037             -     	   499,501             107
							------------	---------	-----------	-----------
  GROSS MARGIN                                    	   (205,066)   	  318,935   	  (137,345)   	   385,097

OPERATING EXPENSES
  Advertising and marketing                          	     10,974       (80,243)     	    11,511  	   (26,105)
  Depreciation and amortization                      	     48,604        32,588      	    97,276    	    55,377
  General and administrative                        	    718,867       681,754   	 1,081,993 	 1,095,370
							------------	---------	-----------	-----------
    TOTAL OPERATING EXPENSES                        	    778,445       634,099   	 1,190,780 	 1,124,642
							------------	---------	-----------	-----------

LOSS FROM OPERATIONS                              	   (983,511)     (315,164) 	(1,328,125) 	  (739,545)

OTHER INCOME (EXPENSES)
  Interest expense                                 	   (43,218)    	  (30,894)    	   (49,218)  	   (51,397)
  Amortization of debt discount                   	  (133,377)	        -   	  (180,549)              -
  Derivative liability                               	    84,709  	        -     	   197,056               -
  Interest income and other                                    887        552,475            1,221   	   552,635
							------------	---------	-----------	-----------
    TOTAL OTHER INCOME (EXPENSE)                   	   (90,999)       521,581    	   (31,490)   	   501,238
							------------	---------	-----------	-----------

LOSS BEFORE INCOME TAXES                        	 (1,074,510)	  206,417 	(1,359,615) 	  (238,307)
PROVISION FOR INCOME TAXES                                       -    		-                -               -
							------------	---------	-----------	-----------

NET INCOME (LOSS)                             	        $(1,074,510)	$ 206,417      $(1,359,615)	$ (238,307)

							============	=========      ============	===========

BASIC LOSS PER SHARE                                 	     (0.03)          0.01      	     (0.03)    	     (0.01)
							============	=========      ============	===========

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING    	40,434,158     24,834,493       40,170,971	 24,148,362
							============	=========      ============	===========

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


<PAGE> 2



                                                            VALCOM, INC.
                                          CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
                                                            (UNAUDITED)

                         	Series B      		Series C                                  			Additional             		Total
                         	Preferred Stock	  	Preferred Stock   	Common Stock      	Treasury	Paid-In    	Accumulated 	Stockholders'
                         	Shares	  Amount  	Shares      Amount	Shares       Amount	Stock   	Capital    	Deficit     	Deficit
				----------------	-------------------	-------------------	--------	-----------	------------	------------

Balances, September 30,  	38,000	  $38 		14,691,395  $14,691	$39,064,158  $39,064	$(23,522)	$20,014,218	(20,724,919)	  (680,430)
2009


Cumulative effect of
change in accounting
principle - October 1, 2009
reclassification of embedded
feature of equity- linked
financial instruments to
derivative liabilities		    -	    - 		      -		-		-	-	      -		 (475,533)	    35,879	  (439,654)

Stock based compensation            -       -                  -       	-	  1,050,000	105           -		   77,895		-	     78,000


Sale of common stock                -       		       -       	-	    320,000	 32           -		   15,968		-	     16,000


Debt discount due to
profit interest given with
debt   				    -       -                  -       	-		-	-             -		  825,000		-	    825,000


Net loss                            -       -                  -       	-		-	-             -			-	 (1,359,615)	 (1,359,615)

				-------	 ------		----------  -------	-----------  -------	--------	-----------	-------------	------------
Balances, March 31, 2010	38,000	  $38		4,691,395   $14,691	40,434,158   $39,201	$(23,522)	$20,457,548	$(22,048,655)	$(1,560,699)
				=======  ======		==========  =======	===========  =======	=========	===========	=============	============

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


<PAGE> 3

                                               VALCOM, INC.

                                   CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                (UNAUDITED)

                                                                                   SIX MONTHS ENDED
                                                                                       MARCH 31,
                                                                                   2010        	    2009
									       ----------------------------
OPERATING ACTIVITIES
  Net loss                                                                     $ (1,359,615)  	$ (238,307)
  Adjustments to reconcile net loss to net cash
  used by operating activities:
    Stock based compensation                                                         78,000        131,199
    Depreciation expense                                                             31,458         55,377
    Amortization of intangible assets                                                65,818              -
    Amortization of debt discounts                                                  180,549              -
    Gain on derivative contracts                                                   (197,056)             -
    Changes in operating assets and liabilities:
      Accounts receivable                                                           (61,252)      (100,063)
      Prepaid assets                                                               (275,000)       (12,000)
      Inventory                                                                      63,115              -
      Accounts payable and accrued expenses                                         402,773        (86,466)
      Accounts payable to related party                                              21,979              -
										------------	-----------
Net Cash Used in Operating Activities                                            (1,049,231)      (250,260)

INVESTING ACTIVITIES
  Purchase of property and equipment                                                 (1,090)      (264,352)
  Purchase of other assets                                                                -       (616,278)
  Increase in restricted cash                                                           (83)             -
										------------	-----------
Net Cash Used in Investing Activities                                                (1,173)      (880,630)

FINANCING ACTIVITIES
  Proceeds from sale of common stock                                                 16,000        484,212
  Proceeds from note payable                                                        919,990        486,267
  Proceeds from related party payable                                                25,000        426,101
										------------	-----------
Net Cash Provided by Financing Activities                                           960,990      1,396,580
										------------	-----------

NET INCREASE (DECREASE) IN CASH                                                     (89,414)       265,690
CASH AT BEGINNING OF YEAR                                                           110,846         86,416
										------------	-----------
CASH AT END OF YEAR                                                             $    21,432  	$  352,106
										============	===========


SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

CASH PAID FOR:
  Interest                                                                      $     2,500 	$         -
  Income Taxes                                                                            -               -

NON CASH FINANCING ACTIVITIES:
  Cumulative effect of change in accounting principal                           $   455,367 	$         -
  Debt discount due to profit interest given with debt                              825,000               -

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

</TABLE>

<PAGE> 4



                                 VALCOM, INC.
                NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION

The unaudited interim consolidated financial statements  of  ValCom, Inc., have
been  prepared in accordance with accounting principles generally  accepted  in
the United  States  of  America  and  the  rules of the Securities and Exchange
Commission, and should be read in conjunction  with  the  audited  consolidated
financial statements and notes thereto contained in Valcom's Form 10K.   In the
opinion  of  management,  all  adjustments (which include only normal recurring
adjustments)  necessary to present  fairly  the  financial position, results of
operations and cash flows at March 31, 2010 and for  all periods presented have
been made.

Notes  to  the  financial  statements  that would substantially  duplicate  the
disclosures  contained  in the audited consolidated  financial  statements  for
fiscal 2009 as reported in  the  Form10K,  have  been  omitted.  The results of
operations  for  the  period  ended March 31, 2010 and 2009 are not necessarily
indicative of the operating results for the full years.

NOTE 2 - GOING CONCERN

ValCom's financial statements are  prepared using generally accepted accounting
principles applicable to a going concern  which contemplates the realization of
assets and liquidation of liabilities in the normal course of business.

In  order to continue as a going concern and  achieve  a  profitable  level  of
operations,  ValCom will need, among other things, additional capital resources
and to develop  a  consistent  source  of  revenues. Management's plans include
investing  in  and  developing  all  types  of  businesses   related   to   the
entertainment industry.

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

NOTE 3 - WARRANT DERIVATIVES

In June 2008, the FASB finalized FASB ASC  815-15,  which specifies a procedure
to determine if an equity-linked financial instrument  (or embedded feature) is
indexed to its own common stock. FASB ASC 815-15 is effective  for fiscal years
beginning  after  December 15, 2008. A total of 5,209,000 of ValCom's  warrants
that were previously  classified  in  equity  were  reclassified  to derivative
liabilities  on  October  1,  2009 as a result of FASB ASC 815-15. In addition,
certain embedded features related  to  convertible  debt  were  bifurcated  and
recorded  as  derivative  liabilities  on October 1, 2009. ValCom estimated the
fair  value of these liabilities as of October  1,  2009  to  be  $455,366.  In
addition,  ValCom  recorded  a  reduction  of  $475,533  to  Additional Paid-in
Capital;  $35,879  to Accumulated Deficit and an increase in debt  discount  of
$15,638. The effect  of  this  adjustment is recorded as a cumulative effect of
change  in  accounting  principle  in   ValCom's   consolidated   statement  of
stockholders' deficit. At March 31, 2010 the derivative liability was marked to
market and had a market value of $258,311. During the three months  ended March
31,  2010,  we recorded a gain on derivative liabilities totaling $84,709,  and
for the six months ended March 31, 2010, we recorded a gain of $197,056.

<PAGE> 5

NOTE 4 - NOTES PAYABLE

During  the  quarter  ended March 31, 2010, ValCom entered into note agreements
with various lenders for  an  aggregate  of $625,000. The proceeds of the notes
are to be used to fund a concert by Michel  Legrand  (the  Concert).  The notes
earn 0% interest and are collateralized by a 2.5% of the outstanding shares  of
Valencia  for  every $25,000 borrowed. In addition, for every $25,000 borrowed,
the note  holder  receives  2.5%  of  the  net  profits  of  the Concert (after
all  costs  related  to  the  Concert  are  recovered). The  fair value of  the
profit  interests,  up  to  the  face  value  of  the  debt,  of  $625,000  was
recorded as a discount on the notes and is being amortized over the life of the
loans using the effective interest  rate  method. During the three months ended
March 31, 2010, amortization of $62,500 was  recorded  on  the  discounts.  The
notes mature on March 31, 2010.

During the three months ended March 31, 2010,  ValCom  borrowed an aggregate of
$119,990 from various lenders which loans are unsecured, due on demand and bear
no interest.

During the three months ended March 31, 2010, ValCom borrowed  an  aggregate of
$175,000 from two lenders. The notes are unsecured and mature between on demand
and  April  17,  2010.  Upon  maturity, ValCom is required to repay a total  of
$57,500 in addition to the principal amounts as loan interest costs. $36,935 of
this amount was recorded as accrued interest during the quarter ended March 31,
2010. In addition, the note holders  are  entitled  to  10% of the net proceeds
earned on  the  Michel  Legrand  PBS  Special. The fair value of the net profit
interests, up to  the face value of the debt,  was  recorded  as a discount  on
the   notes.    As  a  result,  the  company  recorded  a discount of $175,000,
which was equal to the face value of the notes. The discount is being amortized
over  the life of the loans using the effective interest  rate  method.  During
the three  months ended March 31, 2010, amortization of $17,500 was recorded on
the discounts.

NOTE 5 - RELATED PARTY TRANSACTIONS

On  March  25,  2010,  ValCom borrowed $25,000 from  its  President  and  Chief
Executive Officer. The note  is unsecured and matures on May 17, 2010. The note
does not have a stated interest  rate.  Upon  maturity,  ValCom  is required to
repay  a  total  of $2,500 in addition to the principal as loan interest  cost.
$283 of this amount  was  recorded as accrued interest during the quarter ended
March 31, 2010. In addition,  the  note  holder  is  entitled to 10% of the net
proceeds earned on the Michel Legrand PBS Special. The fair value of the profit
interest,  up  to  the face value of the debt, was  recorded  as  a discount on
the  note. As  a result,  the company recorded a discount of $25,000, which was
equal to  the  face value of the note. The discount is being amortized over the
life  of  the loan using the effective interest rate  method.  During the three
months  ended  March 31, 2010,  amortization  of  $2,500  was recorded  on  the
discount.

NOTE 6 - STOCKHOLDERS' EQUITY

During the six months ended March 31,  2010,  ValCom sold 320,000 common shares
for $16,000 and issued 1,050,000 common shares for services valued at $78,000.

NOTE 7 - SUBSEQUENT EVENTS

On May 17, 2010, ValCom entered into an agreement with PBS to deliver a 1 -hour
television  special  produced  by ValCom. In return,  ValCom  will  receive  an
aggregate $250,000 plus $12 for every DVD sold and $8 for every CD sold over 26
months.

During April 2010, ValCom issued 150,000 common shares for consulting services.

<PAGE> 6

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

Certain  statements  in  "Management's  Discussion  and  Analysis  or  Plan  of
Operation" below, and elsewhere  in  this  quarterly report, are not related to
historical  results,  and  are  forward-looking   statements.   Forward-looking
statements  present  our  expectations or forecasts of future events.  You  can
identify these statements by  the  fact  that  they  do  not relate strictly to
historical or current facts. These statements involve known  and unknown risks,
uncertainties  and other factors that may cause our actual results,  levels  of
activity, performance  or  achievements  to  be  materially  different from any
future  results, levels of activity, performance or achievements  expressed  or
implied  by   such  forward-  looking  statements.  Forward-looking  statements
frequently are  accompanied  by  such  words  such  as "may," "will," "should,"
"could," "expects," "plans," "intends," "anticipates," "believes," "estimates,"
"predicts," "potential" or "continue," or the negative  of  such terms or other
words and terms of similar meaning. Although we believe that  the  expectations
reflected  in  the  forward-  looking  statements  are  reasonable,  we  cannot
guarantee  future  results,  levels  of activity, performance, achievements, or
timeliness of such results. Moreover,  neither  we nor any other person assumes
responsibility  for  the  accuracy  and completeness  of  such  forward-looking
statements.  We  are  under  no  duty  to update  any  of  the  forward-looking
statements after the date of this quarterly report. Subsequent written and oral
forward looking statements attributable  to  us  or  to  persons  acting in our
behalf  are expressly qualified in their entirety by the cautionary  statements
and risk factors set forth below and elsewhere in this quarterly report, and in
other reports filed by us with the SEC.

INTRODUCTION COMPANY UPDATE

Valcom  is  a  fully integrated Entertainment Company that has been in business
for over 25 years  and  has  gone  through its ups and downs. It looks like its
turning the corner within the Broadcast  Division  by paying off its Television
Network and has found a niche in the Live Events Television Production Division
by  successfully  producing  a  hit  show; Michel Legrand  and  Friends,  which
received great reviews and was purchased  by one of the top Television Networks
in the United States.  The show will generate  a minimum of $500,000 of revenue
to the company and it anticipates bringing millions.

As  far  as  for the Real Estate Auction we have finally  figured  out  how  to
successfully run the program after the previous attempts that did show success,
but had some mistakes.   We  have  now  entered  into a 3 year deal with Direct
Shopping Network that does over $60 Million in Annual  Sales.  The company will
begin the auctions in June 2010 and carry there over through  the  rest  of the
year.

PLAN OF OPERATION

As of March  31, 2010, ValCom, Inc. ("Valcom" or the "Company") operations were
comprised of the following activities:

1. TV Stations and Broadcast Division

2. Film and Television Production

3. Live Theater Event Division

4. Real Estate Channel Auctions

Corporate offices are located at 2113A Indian Rocks Beach, Florida.

Certain  statements  in  "Management's  Discussion  and  Analysis  or  Plan  of
Operation"  below,  and  elsewhere  in  this  annual report, are not related to
historical   results,  and  are  forward-looking  statements.   Forward-looking
statements present  our  expectations  or  forecasts  of future events. You can
identify  these  statements  by the fact that they do not  relate  strictly  to
historical or current facts. These  statements involve known and unknown risks,
uncertainties and other factors that  may  cause  our actual results, levels of
activity,  performance  or  achievements to be materially  different  from  any
future results, levels of activity,  performance  or  achievements expressed or
implied  by  such  forward-  looking  statements.  Forward-looking   statements
frequently  are  accompanied  by  such  words  such as "may," "will," "should,"
"could," "expects," "plans," "intends," "anticipates," "believes," "estimates,"
"predicts," "potential" or "continue," or the negative  of  such terms or other
words and terms of similar meaning. Although we believe that  the  expectations
reflected  in  the  forward-  looking  statements  are  reasonable,  we  cannot
guarantee  future  results,  levels  of activity, performance, achievements, or
timeliness of such results. Moreover,  neither  we nor any other person assumes
responsibility  for  the  accuracy  and completeness  of  such  forward-looking
statements.  We  are  under  no  duty  to update  any  of  the  forward-looking
statements after the date of this annual  report.  Subsequent  written and oral
forward  looking  statements  attributable  to us or to persons acting  in  our
behalf are expressly qualified in their entirety  by  the cautionary statements
and risk factors set forth below and elsewhere in this  annual  report,  and in
other reports filed by us with the SEC.

1. BROADCASTING UPDATE

Following  the  100% acquisition of the Christian Television Network, Faith  TV
LLC on December 15  2008,  ValCom  began  an immediate rebranding to "My Family
TV". The network which had been operating through  65 broadcast, IPTV and cable
affiliates at the time of acquisition has now grown to over 88 affiliates. With
a  primary  focus  on  family friendly programming, management  has  engaged  a
strategic plan of growth  through  quality  programming,  distribution  through
organic  growth  and acquisition leading to a strong foundation for sales.   My
Family TV is a strong  family friendly network with a core established audience
and broadcasts to over 50m  households  through its extensive affiliate network
of full and part time affiliates. My Family  TV  is an emerging network created
for American families.

With the acquisition of My Family TV, Valcom now has  a  library  of over 1,000
films,  over  200  episodic  TV series and more than 500 individual TV  one-off
specials and documentary programs.

<PAGE> 7

A major revenue stream for ValCom  is  network  television.  The  vision of the
company  is to follow the path of ABC Family; a network that was purchased  for
$1.6 Billion and was later sold for $5.1 Billion. The first network being built
by ValCom is My Family TV, which was acquired by the company in 2008.

ValCom has  made  significant  changes  to My Family TV that have increased the
overall value of the network. Some of these  changes  include:  New programming
blocks  of  health and lifestyle, classic television, comedies, children's  and
primetime entertainment  and  over  80 movies per month; Increasing carriage to
include major growth markets such as:  Charlotte,  Dallas, Denver, Phoenix, San
Francisco and Tampa. The implementation of an aggressive effort to secure cable
and  broadcast  coverage  in  additional major markets will  lead  to  improved
ratings and increased revenues.

In less than one year ValCom has  eliminated  all debt from the acquisition and
is operating My Family TV with almost no debt load.  Short  term  plans include
the acquisition and launching of new channels that will grow in value  based on
4  factors:  Programming,  Distribution, Ad Sales and Low Operational Expenses.
The  company  has  positioned itself  to  be  a  U.S.  market  leader  in  live
interactive televised  auctions, traditional and innovative family programming,
and sports, and will launch  this  successful  formula  to  major international
markets in 2010.

Through our joint venture with New Global Communications, Inc.,  we  own  a 45%
equity  interest  in  ValCom  Broadcasting,  LLC,  a New York limited liability
company, which operates KVPS (Channel 8), an independent television broadcaster
in  the  Palm Springs, California market. Valcom has not  realized  significant
revenues from this joint venture to date.

2. FILM AND TV PROGRAM PRODUCTION DIVISION / DISTRIBUTION UPDATE

ValCom's business  includes  television  production for network and syndication
programming, motion pictures, and real estate  holdings.  Revenue  is primarily
generated  through the lease of the sound stages and production. Our  past  and
present clients include Paramount Pictures, Don Belisarious Productions, Warner
Brothers, Universal  Studios,  MGM,  HBO,  NBC,  20th Century Fox, Disney, CBS,
Sony,  Showtime,  the  USA Network, the Game Show Network,  Endemol,  BET  Home
Shopping Network and Sullivan Studios.

ValCom has a long history  of  TV and film production and continuously develops
projects for productions and considers  proposals for co-production. ValCom has
developed and produced a number of live action  series  pilots  and full length
feature film projects such as PCH (Pacific Coast Highway) and the 40 episode TV
series AJ's Time Travelers. Valcom has been commissioned to produce pilots such
as Truster for Fox, It also produces development pilots itself for  pitching to
networks such as the New York based sitcom Fuhgedabowit and Let's Do  It  Again
featuring   Frankie  Avalon.  With  its  integrated  studio  operation,  studio
equipment and  post  production  facility,  ValCom  has  the opportunity to co-
produce by way of the provision of services with the opportunity to defer costs
and  also  to provide executive producer services to assist  with  development,
planning, financing and distribution.

October 1, 2003,  we  formed  New  Zoo  Revue  LLC  pursuant to a joint venture
agreement  with  O Atlas Enterprises Inc., a California  corporation.  New  Zoo
Revue LLC was formed  for  the  development and production of "New Zoo Revue" a
feature film and television series  and  marketing  of  existing  episodes. The
company did not proceed with the production of the new feature film  or  series
but  in  2004,  it  did  complete a distribution agreement for the DVD with BCI
Eclipse for 183 episodes of  the New Zoo Revue library. Valcom has not realized
significant revenues from animation to date.

ValCom's Studio Division is composed  of  its  studio at 14375 Myerlake Circle,
Clearwater,  Florida  which  houses  a  state-of- the  art  production  studio,
broadcast  facilities,  recording  studios,   production  design  construction,
animation and post-production. Corporate offices  are  located  at 2113A Indian
Rocks Beach, Florida.

In  2009,  Valcom  produced  the  documentary  feature film `Michel Legrand  is
Music'. The documentary pays tribute to Michel Legrand's  five-decade, multiple
award-winning career composing many of the most memorable film  and  television
scores  and songs of all time. ValCom Inc. will premiere the documentary  in  a
limited week-long  theatrical  run  in  New  York City on September 18th at the
Coliseum Theater. In addition, the documentary  will premiere in Los Angeles on
September  16th  at  the Laemmle Grand Cineplex 4. "Michel  Legrand  Is  Music"
honors the work of the  three-time Academy Award-winning French music composer,
arranger, conductor and pianist  Michel Legrand. Legrand composed more than 200
film and television scores and numerous  jazz,  popular  and  classical musical
albums. He won Academy Awards for Best Music, Original Song for  "The Windmills
of  Your  Mind"  from  "The  Thomas  Crown Affair" (1969), Best Music, Original
Dramatic Score for "Summer of '42" (1971)  and  Best  Music,  Original Song for
Barbra Streisand Movie "Yentl" (1983). Academy Award-winning actor  Jon  Voight
narrates the documentary.

Valcom  ,  through  Valencia  Entertainment  International  operates  a compete
distribution and syndication service to producers and thus acquire content  for
its  networks  at  little or no cost with its ability to guarantee TV broadcast
and provide a launch for further home entertainment distribution on DVD and on-
demand channels through it other relationships. ValCom also has the opportunity
to co-produce film and TV programs by way of the provision of services with the
opportunity to defer  costs  and also to provide executive producer services to
assist with development, planning,  financing  and  then  be  able  to  acquire
distribution rights for these productions.

ValCom  owns  a  substantial library of television content with over 1000 films
and it also acquires  third  party film and TV programming which it distributes
through Valencia Entertainment International.

On November 6, 2007, Valencia Entertainment signed an agreement with Porchlight
Distribution Inc. from Santa Monica  Blvd.,  Los  Angeles,  for  the  worldwide
distribution of all 40 episodes of A.J.'s Time Travelers.

In  December  2008, Valcom signed a production and distribution agreement  with
XFC,  the  mixed   martial   arts  promoter  for  the  editing  and  world-wide
distribution of 13 one hour shows  featuring  live  events promoted by XFC. XFC
events are currently attracting the largest audiences of any mixed martial arts
events promoted in the US

To coincide with the Michel Legrand live event in Las  Vegas in 2010, Valcom is
planning a number of distribution opportunities including  the distribution and
syndication of programming based on the live event, music recordings, album and
other related events.

<PAGE> 8

Valencia  Entertainment  entered  into  a  Distribution  Agreement   with   DLT
Entertainment  to sell the Michel Legrand and Friends Special around the world.
On May 17, 2010  the show was delivered to Public Broadcast Network, who bought
the Project for the  US rights for a $250K fee and $12.00 per DVD and $8.00 per
CD sold over the next 26 months.  The Show will start airing in August 2010 and
the Network likes what  Valencia  Entertainment  has  produced and delivered to
them.   We  also  have  several other countries interested  in  purchasing  the
project.

3. LIVE THEATRE AND EVENT DIVISION UPDATE

Valcom has a live theatre  division  responsible  for  bringing  live shows and
events  to  fruition.  In  2006  Valcom  produced  a  theater production called
'Headlights and Tailpipes' which was unveiled at the Las  Vegas  Stardust hotel
and ran until July 2006. Other events produced included the 2006 Superbowl pre-
game  Wrap  Bowl  Event  featuring  Young Jeezy, Academy Award winner Ludacris,
Juvenile and Juelz Santana.

Valcom, through its subsidiary, Valencia  Entertainment  is  producing  a  live
theatre event based on Michel Legrand and his music scheduled for March 2010 at
the  MGM  Grand's  Garden  Arena,  Las  Vegas  and featuring a line-up of major
international recording stars. The event will take  place  over  two  nights on
March  26th and 27th and Michel Legrand will be conducting a 66-piece orchestra
and will  include  guests  such as Quincy Jones, Dionne Warwick, Andy Williams,
George Benson, Jon Voight, Patti  Page, Steve Lawrence, Melissa Manchster, Neil
Sedaka and Jerry Lewis. The two-night shows will pay musical tribute to come of
Legrand's Academy Award-winning MGM  movies  including  "Yentl",  "Thomas Crown
Affair" and "Summer of 42". The superstar extravaganza will also be captured on
film for a made-for-TV-Special to air at a later date.

The Michel Legrand and Friends Special had a very successful turnout  with over
3,000  attendees  at the show, while the Box Office generated over $150,000  in
Sales; topping it off  with  the sale to Public Broadcast Network, who will air
the show in August.  The Network will pay the Company a $250K fee and a Backend
participation of $12.00 for every DVD sold and $8.00 for every CD sold over the
next 26 months.  The Contract is for the United States only.

4. REAL ESTATE AND OTHER BROADCAST EVENT AUCTIONS UPDATE

In 2009, Valcom pioneered the  process  of  live event auctions covering a wide
range of events for TV broadcast and live webcast.  Combining  the expertise in
TV  production,  live  event  promotion and now as the owner of a broadcast  TV
network, the opportunity offers  a synergistic approach to such events. In 2008
and 2009, Valcom produced a wide range live TV and webcast events including

1. The Hilton `Make a Wish Foundation'  broadcast  live from the Hilton mansion
in Beverly Hills in December 2008

2. The Universal Studios `Battlestar Galactica' prop and memorabilia auction by
live web-cast in 2009 over a number of days from the Pasadena Convention Centre

3. The Grammy Awards `Music Cares' auction as part of the 2009 Grammy Awards

In  June  2009,  Valcom together with Florida Opportunities,  Inc  set  up  Sun
Investments LLC, a  51%  subsidiary  of  Valcom,  Inc  to  develop the business
opportunity of live event and regular real estate auctions on broadcast TV. Sun
Investments   will  acquire  suitable  properties  and  together  with   Valcom
production studios,  My  Family  TV  will  produce  live auction events. Valcom
acquires  additional  TV  carriage through the purchase  of  airtime  on  major
networks and markets the events nationwide.

The first such event took place  on  June  2009 followed by an event in October
2009 with live broadcast from the Valcom studios  media  centre  in Clearwater,
Florida  and broadcast live over 4 hours on My Family TV, the Ion Network  with
an auction  of  over  40 foreclosure properties acquired by Sun Investments. In
November the next event  was  broadcasted  over  My  Family  TV and DSN (Direct
Shopping Network).

Beginning  in  June,  we  are  starting  with a series of Auctions on  the  DSN
Network,  where  we  anticipate to make the auctions  more  exciting  with  the
offering of financing  as  well as auctioning off down payments rather than the
sales price.  These are variants  that  will make the process more enticing and
will create more interaction.  Commencing  in  June, we hope to quickly ramp up
the frequency of the auctions to a minimum of 2 per month.

<PAGE> 9

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2010 VS. MARCH 31, 2009

Revenues for the three months March 31, 2010 decreased  by $147,964 or 46% from
$318,935  for the three months ended March 31, 2009 to $170,971  for  the  same
period in 2010.  The  decrease  in revenue was principally due to a decrease in
auction and studio rental income.

Production costs for the three months  ended  March  31, 2010 increased from $0
for the three months ended March 31, 2009 to $376,037  for  the  same period in
2010.  The  increase  was  primarily  due  to  production  costs  and satellite
expenses.

Depreciation and amortization expense for the three months ended March 31, 2010
increased by $16,016 or 49% from $32,588 for the three months ended  March  31,
2009  to  $48,604  for  the  same  period  in 2010. The increase was due to the
acquisition of fixed assets and intangibles  in  December  2008 and the related
amortization and depreciation.

General and administrative expenses for the three months ended  March  31, 2010
increased  by $37,113 or 5% from $681,754 for the three months ended March  31,
2009 to $718,867  for the same period in 2010. The increase was due principally
to increased labor costs.

Interest expense for the three months ended March 31, 2010 increased by $12,324
or 40 % from $30,894for  the  three  months ended March 31, 2009 to $43,218 for
the same period in 2010. The increase  was  due  principally  to an increase in
interest bearing notes outstanding during the period.

Other income decreased from $552,475 for the three months ended March 31, 2009,
to $887 for the three months ended March 31, 2010. For the three  months  ended
March  31,  2009  the  company  settled  a  lawsuit  and  received  a  $550,000
settlement.

Due  to  the  factors  described  above,  the  Company's  net loss increased by
$1,280,927  from net income of $206,417 for the three months  ended  March  31,
2009 to a net loss of $1,074,510 for the same period in 2010.

SIX MONTHS ENDED MARCH 31, 2010 VS. MARCH 31, 2009

Revenues for  the  six  months  ended March 31, 2010 decreased by $23,048 or 6%
from $385,204 for the six months  ended March 31, 2009 to $362,156 for the same
period in 2010. The decrease in revenue  was  principally  due to a decrease in
studio rental and auction income offset by an increase in home sales.

Production  costs for the six months ended March 31, 2010 increased  from  $107
for the six months  ended  March  31,  2009  to $499,501 for the same period in
2010. The increase was primarily due to production  costs,  satellite expenses,
and cost of homes sold.

Depreciation and amortization expense for the six months ended  March  31, 2010
increased by $41,899 or 76% from $55,377for the six months ended March 31, 2009
to $97,276 for the same period in 2010. The increase was due to the acquisition
of  fixed  assets and intangibles in December 2008 and the related amortization
and depreciation.

General and  administrative  expenses  for  the six months ended March 31, 2010
decreased by $13,377 or 1% from $1,095,370 for  the  six months ended March 31,
2009 to $1,081,993for the same period in 2010. The decrease was due principally
to labor costs.

Interest expense for the six months ended March 31, 2010 decreased by $2,179 or
4% from $51,397 for the six months ended March 31, 2009 to $49,218 for the same
period in 2010. The decrease was due principally to the  decrease  in  interest
bearing notes outstanding during the period.

Due  to  the  factors  described  above,  the  Company's  net loss increased by
$1,121,308 from net loss of $238,307 for the six months ended March 31, 2009 to
a net loss of $1,359,615 for the same period in 2010.

<PAGE> 10

FUTURE OUTLOOK COMPANY UPDATE

Valcom, through its subsidiary, Valencia Entertainment just completed producing
a live theatre event based on Michel Legrand and his music in March 2010 at the
MGM   Grand's  Garden  Arena,  Las  Vegas  and  featured  a  line-up  of  major
international  recording  stars.  The event took place on March 26th and Michel
Legrand  conducted a 66-piece orchestra  which  included  guests such as Quincy
Jones,  Dionne Warwick, Andy Williams, George Benson, Jon Voight,  Patti  Page,
Steve Lawrence,  Melissa Manchester, Neil Sedaka and Jerry Lewis. The show paid
musical tribute to some of Legrand's Academy Award-winning MGM movies including
"Yentl", "Thomas Crown  Affair"  and "Summer of 42". The superstar extravaganza
was also  captureded on film for a made-for-TV-Special. Valencia Entertainment,
through  DLT  Entertainment  sold  the   Michel   Legrand   Special  to  Public
Broadcasting Network for a License Fee of $250,000 and $12 per  DVD  and $8 per
CD sold over the next 26 months.

Valencia  Entertainment  has  already  begun  discussions  with other Broadcast
Networks on new show ideas branching from its library.  One  show in particular
is The Platters; the Company owns all of the masters from the  late  1950's  as
well  as other top musical giants and plans on structuring another show similar
to the  successful  project,  Michel Legrand and Friends. The Platters' show is
planned for the Fall of 2010, which  would  also  be another TV Special Concert
and sell through a DVD and CD program, similar to the  Doo  Wop  Special  Rhino
Records put out; which has grossed over 40 Million US dollars to date.

Valencia  Entertainment  was  also  contacted by a group in Europe to produce a
project at the World Cup in July at the  closing  ceremony in South Africa with
some of the biggest stars in the world.

There are also several production projects Valcom is looking at and bidding on.

In June 2010, we have the next auction planned; from  there  on we plan to do a
minimum  of  2  auctions per month.  These auctions are conducted  through  our
partnership with  DSN  in  California.   These auctions will also demonstrate a
greater  variety of the methods of auctioning  where  we  anticipate  including
auctioning off the down payment and offer financing.

Valcom is  also actively pursuing opportunities to either merge with or acquire
a television  network. At this moment My Family TV has no debt and is operating
near breakeven,  growing  the  network  can  be  done through organic growth or
through an acquisition or merger. Valcom is currently  having  discussions with
potential  targets and evaluating what the best course of action  would  be.  A
merger or acquisition  would  result  in lowering our operating expenses due to
cost efficiency that can be reach and increase of footprint.

LIQUIDITY AND CAPITAL RESOURCES

The Company's  consolidated  financial  statements have been prepared, assuming
that the Company will continue as a going  concern.  The Company incurred a net
loss of $1,359,615 and negative cash flows from operations  of  $1,049,231  for
the  six  months  ended  March 31, 2010 and had a working capital deficiency of
$1,785,561 and an accumulated  deficit  of $22,048,655 at March 31, 2010. These
conditions raise substantial doubt about the Company's ability to continue as a
going concern.

Cash (exclusive of restricted cash) totaled  $21,432 on March 31, 2010 compared
to $110,846 as of March 31, 2009. During the six  months  ended March 31, 2010,
net cash used by operating activities totaled $1,049,231 compared  to  net cash
used by operating activities of $250,260 for the comparable six month period in
2009. Net cash used in investing activities for the six months ended March  31,
2010 totaled $1,173 compared to $880,630 for the comparable six month period in
2009.  Net cash provided by financing activities for the six months ended March
31, 2010  totaled  $960,990 compared to $1,396,580 for the comparable six month
period in 2009.

The above cash flow  activities  yielded  a net cash decrease of $89,414 during
the six months ended March 31, 2010 compared  to an increase of $265,690 during
the comparable prior year period.

Net working capital (current assets less current  liabilities) was a deficit of
$1,785,561 as of March 31, 2010. The Company will need  to  raise funds through
various financings to maintain its operations until such time as cash generated
by  operations  is  sufficient to meet its operating and capital  requirements.
There can be no assurance  that  the Company will be able to raise such capital
on terms acceptable to the Company, if at all.

<PAGE> 11

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

N/A

ITEM 4. CONTROLS AND PROCEDURES.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Our management is responsible for  establishing  and  maintaining  a  system of
disclosure  controls  and  procedures  (as defined in Rule 13a-15(e) under  the
Exchange  Act)  that is designed to ensure  that  information  required  to  be
disclosed by the  Company  in  the  reports  that  we  file or submit under the
Exchange Act is recorded, processed, summarized and reported,  within  the time
specified  in  the  Commission's  rules  and  forms.  Disclosure  controls  and
procedures  include,  without  limitation,  controls and procedures designed to
ensure that information required to be disclosed  by  an  issuer in the reports
that it files or submits under the Exchange Act is accumulated and communicated
to  the  issuer's  management,  including  its principal executive  officer  or
officers and principal financial officer or  officers,  or  persons  performing
similar functions, as appropriate to allow timely decisions regarding  required
disclosure.

Pursuant  to Rule 13a-15(b) under the Exchange Act, the Company carried out  an
evaluation  with the participation of the Company's management, including Vince
Vellardita, the  Company's  Chief Executive Officer and Chief Financial Officer
("CEO/CFO"), of the effectiveness  of  the  Company's  disclosure  controls and
procedures (as defined under Rule 13a-15(e) under the Exchange Act)  as  of the
three  months  ended  March 31, 2010. Based upon that evaluation, the Company's
CEO /CFO concluded that  the  Company's  disclosure controls and procedures are
not  effective  to ensure that information required  to  be  disclosed  by  the
Company in the reports  that  the  Company  files or submits under the Exchange
Act, is recorded, processed, summarized and reported,  within  the time periods
specified  in  the  SEC's  rules  and  forms,  and  that  such  information  is
accumulated  and  communicated  to  the  Company's  management,  including  the
Company's  CEO  /CFO,  as  appropriate,  to  allow  timely  decisions regarding
required disclosure.

CHANGES IN INTERNAL CONTROLS

There were no change occurred in the Company's internal controls over financial
reporting  during  the  2010  Quarter ended March 31, 2010 that has  materially
affected, or is reasonably likely  to materially affect, the Company's internal
controls over financial reporting.

<PAGE> 12

                          PART II--OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS COMPANY

None

ITEM 1A. RISK FACTORS

WE WILL REQUIRE ADDITIONAL FUNDS TO  ACHIEVE  OUR CURRENT BUSINESS STRATEGY AND
OUR  INABILITY  TO OBTAIN ADDITIONAL FINANCING COULD  CAUSE  US  TO  CEASE  OUR
BUSINESS OPERATIONS.

We will need to raise  additional  funds through public or private debt or sale
of equity to achieve our current business  strategy.  Such financing may not be
available when needed. Even if such financing is available,  it may be on terms
that are materially adverse to your interests with respect to  dilution of book
value,  dividend  preferences,  liquidation  preferences,  or other terms.  Our
capital  requirements to implement our business strategy will  be  significant.
However, at  this  time,  we  cannot determine the amount of additional funding
necessary to implement such plan.  We  anticipate requiring additional funds in
order  to  fully  implement  our  business plan  to  significantly  expand  our
operations. We may not be able to obtain  financing if and when it is needed on
terms  we  deem acceptable. Our inability to  obtain  financing  would  have  a
material negative  effect on our ability to implement our acquisition strategy,
and as a result, could  require  us  to  diminish  or  suspend  our acquisition
strategy.

If we are unable to obtain financing on reasonable terms, we could be forced to
delay,  scale  back  or  eliminate  certain  product  and  service  development
programs.  In addition, such inability to obtain financing on reasonable  terms
could have a  material  negative  effect on our business, operating results, or
financial condition to such extent  that we are forced to restructure, file for
bankruptcy,  sell assets or cease operations,  any  of  which  could  put  your
investment dollars at significant risk.

Except as set  forth  above,  there have been no material changes from the Risk
Factors described in our Annual  Report  on Form 10-K for the fiscal year ended
September 30, 2009.

ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS UPDATE

There have been no sales of Equity Securities.

ITEM 3 - DEFAULTS UPON SENIOR SECURITIES UPDATE

No defaults

ITEM 4 - REMOVED AND RESERVED

ITEM 5 - OTHER INFORMATION

NONE.


ITEM 6 - EXHIBITS.

(A) Exhibits

31.1  Certification  by Chief Executive Officer  and  Chief  Financial  Officer
pursuant to Section 302 of Sarbanes Oxley Act of 2002.

32.1 Certification of  Chief  Executive  Officer  and  Chief  Financial Officer
Pursuant to 18 U.S.C. Section 1350.

<PAGE> 13

The  Company incorporates by reference all exhibits to its Form  10-K  for  the
year ending September 30, 2007.

                                  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.

Dated: May 24, 2010

                     VALCOM, INC., A DELAWARE CORPORATION

By: /s/  Vince Vellardita
-------------------------
Vince  Vellardita
Chief  Executive  Officer (Principal Executive Officer)
and Chief Financial Officer (Principal Accounting and Financial Officer)

<PAGE> 14