U.S.
SECURITIES AND EXCHANGE COMMISSION


Washington,
D.C. 20549





FORM
10-Q





[X]
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934





For
the quarterly period ended June 30,
2009








[ 
 ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934





For the
transition period from





Commission
File No. 000-52521





Jag
Media Group, Inc.


(Name of
Small Business Issuer in its charter)





Colorado
              27-0463459(State
      or other jurisdiction of
              (I.R.S.
      employerincorporation
      or formation)
              identification
      number)





17120
North Dallas Parkway


Suite
235


Dallas,
Texas 75248





Issuer’s telephone
number: (972)
386-7360


Issuer’s facsimile
number: (972)
361-0039





Former
Address


4310
Wiley Post Road


Addison,
Texas 75001





Copies
to:


Jag
Media Group, Inc.


17120
North Dallas Parkway


Suite
235


Dallas,
Texas 75248





Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ 
 ]





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





State the
number of shares outstanding of each of the issuer's classes of common equity,
as of August 3, 2009: 5,000,000 shares of common stock.



















JAG MEDIA
GROUP, INC.


FINANCIAL
STATEMENTS


(Unaudited)





June 30,
2009














JAG MEDIA
GROUP, INC.


(A
Development Stage Enterprise)


INDEX TO
INTERIM AND UNAUDITED FINANCIAL STATEMENTS


June 30,
2009


(Unaudited)





PageFinancial
      StatementsBalance
      Sheets
              F−1Statements
      of Operations
              F−2Statements
      of Changes in Stockholder’s Deficit
              F−3Statements
      of Cash Flows
              F−4Notes
      to Financial Statements
              F−5
      − F−7














































JAG MEDIA
GROUP, INC.


(A
Development Stage Enterprise)


BALANCE
SHEETS





As
      of June 30, 2009
                                  
                                  
                                  As
      of December 31, 2008(Unaudited)
                                  
                                  
                                  (Audited)ASSETSTotal
    Assets
                                  
                                  $
                                  0
                                  
                                  
                                  $
                                  0LIABILITIES AND STOCKHOLDER'S
      DEFICITAccounts
      Payable
                                  
                                  $
                                  233
                                  
                                  
                                  $
                                  0Due
      to Stockholder
                                  
                                  
                                  11,068
                                  
                                  
                                  
                                  7,198Total
      Liabilities (All Current)
                                  
                                  $
                                  11,301
                                  
                                  
                                  $
                                  7,198Stockholder's
      DeficitPreferred
      stock, $.001 par value,20,000,000 shares authorized, -0-
      shares issued and outstanding
                                  
                                  
                                  0
                                  
                                  
                                  
                                  0Common
      stock, $.001 par value,100,000,000 shares authorized,
      5,000,000 shares
                                  
                                  
                                  5,000
                                  
                                  
                                  
                                  5,000issued and
      outstandingAdditional
      paid in capital
                                  
                                  
                                  0
                                  
                                  
                                  
                                  0Accumulated
      Deficit
                                  
                                  
                                  (16,301
                                  )
                                  
                                  
                                  (12,198
                                  )Total Stockholder's
      Deficit
                                  
                                  
                                  (11,301
                                  )
                                  
                                  
                                  (7,198
                                  )Total
      Liabilities and Stockholder’s Deficit
                                  
                                  $
                                  0
                                  
                                  
                                  $
                                  0





The
accompanying notes are an integral part of these financial
statements













F-1










JAG MEDIA
GROUP, INC.


(A
Development Stage Enterprise)


STATEMENTS
OF OPERATIONS


(Unaudited)





For
      the
                Three
      monthsended
                June
      30, 2009
              
              
              For
      the
                Three
      monthsended
                June
      30, 2008
              
              
              For
      the
                Six
      monthsended
                June
      30, 2009
              
              
              For
      the
                Six
      monthsended
                June
      30, 2008
              
              
              For the period
                February 16, 2007
                (Inception) through
                June 30, 2009Revenue
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -Operating
      Expenses
              
              
              -
              
              
              
              -General
      and Administrative
              
              
              1,618
              
              
              
              1,400
              
              
              
              4,103
              
              
              
              4,433
              
              
              
              16,301Total
      Operating Expenses
              
              $
              1,618
              
              
              $
              1,400
              
              
              $
              4,103
              
              
              $
              4,433
              
              
              $
              16,301Net
      Loss
              
              
              (1,618
              )
              
              
              (1,400
              )
              
              
              (4,103
              )
              
              
              (4,433
              )
              
              
              (16,301
              )Basic
      and diluted income (loss)
                per
      share
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.00
              )
              
              $
              (0.00
              )Weighted
      average shares outstanding (basic and diluted)
              
              
              5,000,000
              
              
              
              5,000,000
              
              
              
              5,000,000
              
              
              
              5,000,000
              
              
              
              5,000,000





The
accompanying notes are an integral part of these financial
statements










F-2










JAG MEDIA
GROUP, INC.


(A
Development Stage Enterprise)


STATEMENTS
OF CHANGES IN STOCKHOLDER’S DEFICIT


For the
period from February 16, 2007 (Inception) to June 30, 2009


(Unaudited)







Common
      StockShares
            
            
            Par
            
            
            Additional
              Paid-in
      Capital
            
            
            Accumulated
      Deficit
            
            
            TotalsIssuance
      of Common StockBalance
      at February 16, 2007
            
            
            0
            
            
            $
            0
            
            
            $
            0
            
            
            $
            0
            
            
            $
            0


Shares
      issued in Lieu of Services, February 16, 2007
            
            
            5,000,000
            
            
            $
            5,000
            
            
            $
            0
            
            
            $
            0
            
            
            $
            5,000Net
      Loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            $
            (5,955
            )
            
            $
            (5,955
            )Balance
      at December 31, 2007
            
            
            5,000,000
            
            
            $
            5,000
            
            
            $
            0
            
            
            $
            (5,955
            )
            
            $
            (955
            )Net
      Loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            $
            (6,243
            )
            
            $
            (6,243
            )Balance
      at December 31, 2008
            
            
            5,000,000
            
            
            $
            5,000
            
            
            $
            0
            
            
            $
            (12,198
            )
            
            $
            (7,198
            )Net
      Loss
            
            
            
            
            
            
            
            
            
            
            
            
            
            $
            (4,103
            )
            
            $
            (4,103
            )Balance
      at June 30, 2009
            
            
            5,000,000
            
            
            $
            5,000
            
            
            $
            0
            
            
            $
            (16,301
            )
            
            $
            (11,301
            )









The accompanying notes are an integral
part of these financial statements















F-3













JAG MEDIA
GROUP, INC.


(a
Development Stage Enterprise)


STATEMENTS
OF CASH FLOWS


(Unaudited)





For
      the six months ended June 30, 2009
                                  
                                  
                                  For
      the six months ended June 30, 2008
                                  
                                  
                                  For
      the period
                                    February
      16, 2007
                                    (Inception)
      through
                                    June
      30, 2009Cash
      flows from operating activitiesNet
      Loss
                                  
                                  $
                                  (4,103
                                  )
                                  
                                  $
                                  (4,433
                                  )
                                  
                                  $
                                  (16,301
                                  )Shares
      issued in lieu of services
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  5,000Increase
      in Accounts Payable
                                  
                                  
                                  233
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  233Increase
      in Stockholder Advances
                                  
                                  
                                  3,870
                                  
                                  
                                  
                                  4,433
                                  
                                  
                                  
                                  11,068Cash flows from operating
      activities
                                  
                                  
                                  -0-
                                  
                                  
                                  
                                  -0-
                                  
                                  
                                  
                                  -0-Net
      increase in cash
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -Cash,
      beginning of period
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -Cash,
      end of period
                                  
                                  $
                                  -
                                  
                                  
                                  $
                                  -
                                  
                                  
                                  $
                                  -SUPPLEMENTAL
      CASH FLOW INFORMATION:Interest
      paid
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -Income
      taxes paid
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -
                                  
                                  
                                  
                                  -








The
accompanying notes are an integral part of these financial
statements











F-4













JAG MEDIA
GROUP, INC.


(A
Development Stage Enterprise)


NOTES TO
INTERIM AND UNAUDITED FINANCIAL STATEMENTS


June 30,
2009





NOTE
1 - ORGANIZATION





Nature of
Operations





Jag Media
Group, Inc. (“the Company”) was incorporated in the State of Colorado on
February 16, 2007 and has been inactive since inception.  The Company
intends to serve as a vehicle to effect an asset acquisition, merger, exchange
of capital stock or other business combination with a domestic or foreign
business. It is currently in its development stage.





As a
blank check company, the Company’s business is to pursue a business combination
through acquisition, or merger with, an existing company. As of the date of the
financial statements, the Company has made no efforts to identify a possible
business combination. As a result, the Company has not conducted negotiations or
entered into a letter of intent concerning any target business. No assurances
can be given that the Company will be successful in locating or negotiating with
any target company.





Since
inception, the Company has been engaged in organizational efforts.





General





The
accompanying unaudited financial statements include all adjustments of a normal
and recurring nature, which, in the opinion of Company’s management, are
necessary to present fairly the Company’s financial position as of June 30,
2009, the results of its operations and cash flows for the three and six months
ended June 30, 2009 and 2008, and from the date of inception (February 16, 2007)
through June 30, 2009.





Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with generally accepted accounting principles have been
omitted pursuant to the rules and regulations of the Securities and Exchange
Commission.





The
results of operations and cash flows for the period since inception (February
16, 2007) through June 30, 2009 are not necessarily indicative of the results to
be expected for the full year’s operation and should be read in conjunction with
the Company’s 2008 annual 10-K filed on March 16, 2009 .








NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





BASIS OF
PRESENTATION – DEVELOPMENT STAGE COMPANY





The
Company has not earned any revenue from operations. Accordingly, the Company's
activities have been accounted for as those of a "Development Stage Enterprise"
as set forth in Financial Accounting Standards Board Statement No. 7 ("SFAS 7").
Among the disclosures required by SFAS 7 are that the Company's financial
statements be identified as those of a development stage company, and that the
statements of operations, stockholders' deficit and cash flows disclose activity
since the date of the Company's inception.










F-5










ACCOUNTING
METHOD





The
Company's financial statements are prepared using the accrual method of
accounting. The Company has elected a fiscal year ending on December
31.





BASIC
EARNINGS (LOSS) PER SHARE





In
February 1997, the FASB issued SFAS No. 128, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings
(loss) per share for entities with publicly held common stock. SFAS No. 128
supersedes the provisions of APB No. 15, and requires the presentation of basic
earnings (loss) per share and diluted earnings (loss) per share. The Company has
adopted the provisions of SFAS No. 128.





Basic net
loss per share amounts is computed by dividing the net loss by the weighted
average number of common shares outstanding. Diluted earnings per share are the
same as basic earnings per share due to the lack of dilutive items in the
Company.





IMPACT OF
NEW ACCOUNTING STANDARDS





The
Company does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on the Company's results of
operations, financial position, or cash flow.








NOTE
3 - GOING CONCERN




The
Company’s financial statements have been presented on the basis that it is a
going concern in the development stage, which contemplates the realization of
assets and the satisfaction of liabilities in the normal course of business. As
of the date of these financial statements, the Company has made no efforts to
identify a possible business combination.





The
Company’s shareholder shall fund the Company’s activities while the Company
takes steps to locate and negotiate with a business entity through acquisition,
or merger with, an existing company; however, there can be no assurance these
activities will be successful.








NOTE
4 - SHAREHOLDER'S EQUITY





On
February 16, 2007, the Board of Directors issued 5,000,000 shares of common
stock for $5,000 in services to the founding shareholder of the Company to fund
organizational start-up costs.





The
stockholders' equity section of the Company contains the following classes of
capital stock as of June 30, 2009:




-   Common
stock, $ 0.001 par value: 100,000,000 shares authorized;




-   5,000,000
shares issued and outstanding;




-   Preferred
stock, $ 0.001 par value: 20,000,000 shares authorized; but


none
issued and outstanding.











F-6










NOTE
5 - DUE TO STOCKHOLDER





Since
September 12, 2007, South Beach Live, Inc., the sole stockholder, has made
advances to the Company for certain professional expenses while the Company is
in the development stage.  Amounts advanced to the Company totaled
$11,068 and $7,198 at June 30, 2009 and December 31, 2008,
respectively.








NOTE
6 – RECENTLY ISSUED ACCOUNTING STANDARDS


In 2009,
the FASB issued the following guidance;




SFAS No. 166:  "Accounting for
Transfers of Financial Assets—an amendment of FASB Statement No.
140"




SFAS
No. 167:  "Accounting for Transfers of Financial Assets"




FSP
No. FAS 107-1 and APB 28-1:   Interim Disclosures about Fair Value of
Financial Instruments.




FSP
No. FAS 115-2 and FAS 124-2:    Recognition and Presentation of
Other-Than-Temporary Impairments.




FSP No. FAS
157-4:   Determining Fair Value When the
Volume and Level of Activity for the Asset or Liability Have Significantly
Decreased and Identifying Transactions That Are Not Orderly.




Management
has reviewed these new standards and believe that they will have no material
impact on the financial statements of the Company.





In May
2009, the FASB issued SFAS No. 165, “Subsequent Events,” which
establishes general standards for accounting for and disclosure of events that
occur after the balance sheet date but before the financial statements are
issued or are available to be issued. The pronouncement requires the disclosure
of the date through which an entity has evaluated subsequent events and the
basis for that date, whether that date represents the date the financial
statements were issued or were available to be issued. SFAS 165 is effective
with interim and annual financial periods ending after June 15, 2009. Management
is currently evaluating the impact of the adoption of SFAS 165 but does not
expect the adoption of SFAS 165 to impact the Company’s results of operations,
financial position or cash flows.





In July
2009, the FASB issued SFAS No. 168, “FASB Accounting Standards
Codification” (“SFAS 168”), as the single source of authoritative
nongovernmental U.S. generally accepted accounting principles (GAAP). The
Codification is effective for interim and annual periods ending after September
15, 2009. All existing accounting standards are superseded as described in SFAS
168. All other accounting literature not included in the Codification is
non-authoritative. Management is currently evaluating the impact of the adoption
of SFAS 168 but does not expect the adoption of SFAS 168 to impact the Company’s
results of operations, financial position or cash flows.

















F-7




ITEM
2. Management's
Discussion and Analysis of Financial Conditions and Results of Operations Plan
of Operation





The
Company will attempt to locate and negotiate with a business entity for the
combination of that target company with the Company. The combination will
normally take the form of a merger, stock-for-stock exchange or stock-for-
assets exchange (the "business combination"). In most instances the target
company will wish to structure the business combination to be within the
definition of a tax-free reorganization under Section 351 or Section 368 of the
Internal Revenue Code of 1986, as amended. No assurances can be given that the
Company will be successful in locating or negotiating with any target
business.





The
Company has not restricted its search for any specific kind of businesses, and
it may acquire a business which is in its preliminary or development stage,
which is already in operation, or in essentially any stage of its business life.
It is impossible to predict the status of any business in which the Company may
become engaged, in that such business may need to seek additional capital, may
desire to have its shares publicly traded, or may seek other perceived
advantages which the Company may offer.





In
implementing a structure for a particular business acquisition, the Company may
become a party to a merger, consolidation, reorganization, joint venture, or
licensing agreement with another corporation or entity.





It is
anticipated that any securities issued in any such business combination would be
issued in reliance upon exemption from registration under applicable federal and
state securities laws. In some circumstances, however, as a negotiated element
of its transaction, the Company may agree to register all or a part of such
securities immediately after the transaction is consummated or at specified
times thereafter. If such registration occurs, it will be undertaken by the
surviving entity after the Company has entered into an agreement for a business
combination or has consummated a business combination. The issuance of
additional securities and their potential sale into any trading market which may
develop in the Company's securities may depress the market value of the
Company's securities in the future if such a market develops, of which there is
no assurance. However, if the Company cannot effect a non-cash acquisition, the
Company may have to raise funds from a private offering of its securities under
Rule 506 of Regulation D. There is no assurance the Company would obtain any
such equity funding.





The
Company will participate in a business combination only after the negotiation
and execution of appropriate agreements. Negotiations with a target company will
likely focus on the percentage of the Company which the target company
shareholders would acquire in exchange for their shareholdings. Although
the terms of such agreements cannot be predicted, generally such agreements will
require certain representations and warranties of the parties thereto, will
specify certain events of default, will detail the terms of closing and the
conditions which must be satisfied by the parties prior to and after such
closing and will include miscellaneous other terms. Any merger or acquisition
effected by the Company can be expected to have a significant dilutive effect on
the percentage of shares held by the Company's shareholders at such
time.





Results of
Operation





The
Company did not have any operating income for the three or six months ended June
30, 2009 and 2008.





The
Company incurred $1,618 of general and administrative expenses in the three
months ended June 30, 2009 versus $1,400 in the three months ended June 30,
2008.  For the six months ended June 30, 2009 and June 30, 2008 the
Company incurred general and administrative expenses of $4,103 and $4,433
respectively.  The expenses in both periods are related to accounting,
auditing and filing costs.





Since
inception, (February 16, 2007) through June 30, 2009, total general
administrative costs were $16,301.  General and administrative
expenses incurred since inception are primarily due to legal, accounting and
other professional fees.








11







Liquidity and Capital
Resources





At June
30, 2009, the Company had no capital resources and will rely upon the issuance
of common stock and additional capital contributions from shareholders to fund
administrative expenses pending acquisition of an operating
company.





Management
anticipates seeking out a target company through solicitation. Such solicitation
may include newspaper or magazine advertisements, mailings and other
distributions to law firms, accounting firms, investment bankers, financial
advisors and similar persons, the use of one or more World Wide Web sites and
similar methods. No estimate can be made as to the number of persons who will be
contacted or solicited. Management may engage in such solicitation directly or
may employ one or more other entities to conduct or assist in such solicitation.
Management and its affiliates will pay referral fees to consultants and others
who refer target businesses for mergers into public companies in which
management and its affiliates have an interest. Payments are made if a business
combination occurs, and may consist of cash or a portion of the stock in the
Company retained by management and its affiliates, or both.





The
Company and our shareholders will supervise the search for target companies as
potential candidates for a business combination. The Company and our
shareholders may pay as their own expenses any costs incurred in supervising the
search for a target company. The Company and our shareholders may enter into
agreements with other consultants to assist in locating a target company and may
share stock received by it or cash resulting from the sale of its securities
with such other consultants.








ITEM
3. Quantitative and
Qualitative Disclosures About Market Risk




Not
applicable.






ITEM
4. Controls and
Procedures




Evaluation of Disclosure
Controls and Procedures




We
carried out an evaluation of the effectiveness of the design and operation of
our disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) as of June 30, 2009.  This
evaluation was accomplished under the supervision and with the participation of
our chief executive officer / principal executive officer, and chief financial
officer / principal financial officer who concluded that our disclosure controls
and procedures are not effective to ensure that all material information
required to be filed in the quarterly Form 10-Q has been made known to
them.




For
purposes of this section, the term disclosure controls and procedures means
controls and other procedures of an issuer that are designed to ensure that
information required to be disclosed by the issuer in the reports that it files
or submits under the Act (15 U.S.C. 78a et seg.) is recorded, processed,
summarized and reported, within the time periods 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 in our reports filed under the Securities Exchange Act of
1934, as amended (the "Act") is accumulated and communicated to the issuer's
management, including its principal executive and principal financial officers,
or persons performing similar functions, as appropriate to allow timely
decisions regarding required disclosure.




Based
upon an evaluation conducted for the period ended June 30, 2009, our Chief
Executive and Chief Financial Officer as of June 30, 2009 and as of the date of
this Report, has concluded that as of the end of the periods covered by this
report, we have identified the following material weakness of our internal
controls:








12






·
            Reliance
      upon independent financial reporting consultants for review of critical
      accounting areas and disclosures and material non-standard
      transaction.




·
            Lack
      of sufficient accounting staff which results in a lack of segregation of
      duties necessary for a good system of internal
  control.




In order
to remedy our existing internal control deficiencies, as our finances allow, we
will hire additional accounting staff.




Changes in Internal Controls
over Financial Reporting




We have
not yet made any changes in our internal controls over financial reporting that
occurred during the period covered by this report on Form 10-Q that has
materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.











13


PART II





Item
1.           
Legal
Proceedings.





The
Company is currently not a party to any pending legal proceedings and no such
action by or to the best of its knowledge, against the Company has been
threatened.





Item
2.           
Changes in
Securities.





None





Item
3.           
Defaults
Upon Senior Securities.





None





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




No matter
was submitted during the three or six months ended June 30, 2009, covered by
this report to a vote of the Company's shareholders, through the solicitation of
proxies or otherwise.





Item
5.            Change in Control of
Registrant





No
changes in the three or six months ended June 30, 2009.





ITEM
6.         Exhibits and
Reports of Form 8-K.





(a) Exhibits


31.1
            
            Certification
      pursuant to Section 302 of Sarbanes Oxley Act of 200232.1
            
            Certification
      pursuant to Section 906 of Sarbanes Oxley Act of
  2002




(b) Reports of Form 8-K





One 8-K
was filed in the three months ended June 30, 2009 noting the change in the sole
officer and director.





SIGNATURES





In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, there unto duly
authorized.





Dated:
August 3, 2009




Jag Media
Group, Inc.




By: /s/ Charles
Stidham


Charles
Stidham


President









14