UNITED STATES

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, 2008                 
|or                                                            
|                                                               |                                                                             
|                                                               | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
|                                                               | ACT OF 1934                                                                 
|For the transition period from: _____________ to _____________





SKREEM RECORDS CORPORATION

(Exact name of registrant as specified in its charter)





|                             |              |                    
|---------------------------- | ------------ | -------------------
|Florida                      | 333-148697   | 20-8715508         
|(State or Other Jurisdiction | (Commission  | (I.R.S. Employer   
|of Incorporation)            | File Number) | Identification No.)

11637 Orpington Street, Orlando, Florida 32817

(Address of Principal Executive Office) (Zip Code)

(407) 207-0400

(Registrants telephone number, including area code)

N/A

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



|                                                                                                                                                                                                                                              |                    |                |   |                           |  |  |  |  |  | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | -------------- | - | ------------------------- |  |  |  |  |  | 
|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.                                                                                                                                    | x                  | 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.                                                                                   
|                                                                                                                                                                                                                                              |                   
|Large accelerated filer                                                                                                                                                                                                                       |                    |                |   | Accelerated filer         |  | 
|Non-accelerated filer                                                                                                                                                                                                                         |                    |                |   | Smaller reporting company |  | 
|                                                                                                                                                                                                                                              |                   
|Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                                                                                                                                       |                    | Yes            | x | No                       
|                                                                                                                                                                                                                                              |                   
|Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.                                                                                                                
|                                                                                                                                                                                                                                             
|APPLICABLE ONLY TO CORPORATE ISSUERS                                                                                                                                                                                                         
|                                                                                                                                                                                                                                             
|State the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date:                                                                                                                   
|                                                                                                                                                                                                                                             
|Class                                                                                                                                                                                                                                         | Shares outstanding | Date          
|Common, $.001 par value                                                                                                                                                                                                                       | 30,518,700         | August 8, 2008







1



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TABLE OF CONTENTS



SKREEM Records Corporation

(A DEVELOPMENT STAGE COMPANY)



|                                                                                                                                                                      |   
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --
|Part I  Financial Information                                                                                                                                        |   
|Item 1.  Unaudited Consolidated Financial Statements                                                                                                                  |   
|Unaudited Balance Sheets as of June 30, 2008 and December 31, 2007                                                                                                    | 3 
|Unaudited Statements of Operations for the three and six months ended June 30, 2008, and 2007 and for the period from inception,  May 10, 2006, through June 30, 2008 | 4 
|Unaudited Statements of Cash Flows for the six months ended June 30, 2008, and 2007 and the period from inception, May 10, 2006, through June 30, 2008                | 5 
|Unaudited Statement of Changes in Stockholders Equity (Deficit) for the period from inception, May 10, 2006, through June                                            | 6 
|Notes to the Unaudited Financial Statements                                                                                                                           | 7 
|Item 2.  Managements Discussion and Analysis or Plan of Operation                                                                                                    | 9 
|Item 3   Quantitative and Qualitative Disclosures About Market Risk                                                                                                   | 10
|Item 4   Controls and Procedures                                                                                                                                      | 10
|Part II  Other Information                                                                                                                                           |   
|Item 1   Legal Proceedings                                                                                                                                            | 11
|Item 2   Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                  | 11
|Item 3   Defaults Upon Senior Securities                                                                                                                              | 11
|Item 4   Submission of Matters to a Vote of Security Holders                                                                                                          | 11
|Item 5   Other Information                                                                                                                                            | 11
|Item 6   Exhibits                                                                                                                                                     | 11







2



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PART I - FINANCIAL INFORMATION



ITEM 1.

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



Skreem Records Corporation

(A Development Stage Company)

Consolidated Balance Sheets

As of June 30, 2008 and December 31, 2007

(Unaudited)





|                                                                                                                                                                          |  |               |          |   |                   |   |               |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | -------- | - | ----------------- | - | ------------- | -
|ASSETS:                                                                                                                                                                   |  |               |          |   |                   |  
|Current assets:                                                                                                                                                           |  | June 30,
2008 |          |   | December 31,
2007 |  
|                                                                                                                                                                          |  | (unaudited)   |          |   |                   |  
|Cash                                                                                                                                                                      |  | $             | 1,689    |   |                   | $ | 24,621        |  
|Accounts receivable                                                                                                                                                       |  |               | -        |   |                   |   | 543           |  
|Capitalized production costs net of accumulated amortization of    $3,362 and $3,362 at June 30, 2008 and December 31, 2007, respectively                                 |  |               | 31,159   |   |                   |   | 24,701        |  
|Advances                                                                                                                                                                  |  |               | 1,630    |   |                   |   | 1,215         |  
|Prepaid expense                                                                                                                                                           |  |               | 5,717    |   |                   |   | 5,028         |  
|Total current assets                                                                                                                                                      |  |               | 40,195   |   |                   |   | 56,108        |  
|                                                                                                                                                                          |  |               |          |   |                   |   |               |  
|Property and equipment, net of accumulated depreciation
of $37,169 and $0 at June 30, 2008 and December 31,  2007, respectively                                           |  |               | 327,248  |   |                   |   | 353,460       |  
|Deposit                                                                                                                                                                   |  |               | 6,000    |   |                   |   | 6,000         |  
|TOTAL ASSETS                                                                                                                                                              |  | $             | 373,443  |   |                   | $ | 415 $ 415,568 |  
|                                                                                                                                                                          |  |               |          |   |                   |   |               |  
|LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT):                                                                                                                           |  |               |          |   |                   |   |               |  
|Current liabilities:                                                                                                                                                      |  |               |          |   |                   |   |               |  
|Accounts payable and accrued liabilities                                                                                                                                  |  | $             | 62,050   |   |                   | $ | 96,411        |  
|Accrued interest                                                                                                                                                          |  |               | 25,638   |   |                   |   | 18,976        |  
|Notes payable  related party                                                                                                                                             |  |               | 192,525  |   |                   |   | 346,896       |  
|Total Current Liabilities                                                                                                                                                 |  |               | 280,213  |   |                   |   | 462,283       |  
|                                                                                                                                                                          |  |               |          |   |                   |   |               |  
|Stockholders' Equity (Deficit):                                                                                                                                           |  |               |          |   |                   |   |               |  
|Common Stock, $.001 par value; 50,000,000 shares
authorized, 30,518,700 and 29,340,500 shares issued and outstanding at June 30, 2008 and December 31, 2007, respectively |  |               | 30,519   |   |                   |   | 29,340        |  
|Stock subscription receivable                                                                                                                                             |  |               | (3,100   | ) |                   |   | -             |  
|Additional paid in capital                                                                                                                                                |  |               | 533,560  |   |                   |   | 199,532       |  
|Deficit accumulated during the development stage                                                                                                                          |  |               | (467,749 | ) |                   |   | (275,587      | )
|Total Stockholders' Equity (Deficit)                                                                                                                                      |  |               | 93,230   |   |                   |   | (46,715       | )
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)                                                                                                                      |  | $             | 373,443  |   |                   | $ | 415,568       |  







3



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Skreem Records Corporation

(A Development Stage Company)

Consolidated Statements of Operations

For the Three and Six Month Periods Ended June 30, 2008 and 2007,

and the Period From May 10, 2006 (Inception) Through June 30, 2008

(Unaudited)





|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|--------------------------------------------- |  | --------------------------- | ---------- | - | ------------------------- | - | ---------- | ----------------------------------------- |  | - | ---------- | - |  | ---- | ---------- | - |  | - | -------- | -
|                                              |  | Three Months
Ended June 30, |            |   | Six Months Ended
June 30, |   |            | May 10, 2006
(Inception)
Through
June 30, | 
|                                              |  | 2008                        |            |   | 2007                      |   |            | 2008                                      |  |   | 2007       |   |  | 2008 |           
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |           
|Revenue:                                      |  | $                           | 1,319      |   |                           | $ | -          |                                           |  | $ | 4,160      |   |  | $    | -          |   |  | $ | 4,160    |  
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Expenses:
General and administrative expenses |  |                             | 45,322     |   |                           |   | 16,696     |                                           |  |   | 115,062    |   |  |      | 16,696     |   |  |   | 317,753  |  
|Rent                                          |  |                             | 21,272     |   |                           |   | 15,066     |                                           |  |   | 35,428     |   |  |      | 15,066     |   |  |   | 86,568   |  
|Amortization of capitalized production costs  |  |                             | -          |   |                           |   | -          |                                           |  |   | -          |   |  |      | -          |   |  |   | 3,362    |  
|Depreciation                                  |  |                             | 18,682     |   |                           |   | -          |                                           |  |   | 37,169     |   |  |      | -          |   |  |   | 37,169   |  
|Interest expense                              |  |                             | 3,571      |   |                           |   | 3,406      |                                           |  |   | 8,743      |   |  |      | 3,406      |   |  |   | 27,382   |  
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Total Operating Expenses                      |  |                             | 88,847     |   |                           |   | 35,168     |                                           |  |   | 196,402    |   |  |      | 35,168     |   |  |   | 472,234  |  
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Other income                                  |  |                             | -          |   |                           |   | -          |                                           |  |   | 80         |   |  |      | -          |   |  |   | 325      |  
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Net Loss                                      |  | $                           | (87,528    | ) |                           | $ | (35,168    | )                                         |  | $ | (192,162   | ) |  | $    | (35,168    | ) |  | $ | (467,749 | )
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Net Loss per Common Share - Basic and Diluted |  | $                           | (0.00      | ) |                           | $ | (0.00      | )                                         |  | $ | (0.00      | ) |  | $    | (0.00      | ) |  |   |          |  
|                                              |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Per Share Information:                        |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Weighted  Average Number of Common Stock      |  |                             |            |   |                           |   |            |                                           |  |   |            |   |  |      |            |   |  |   |          |  
|Shares Outstanding - Basic and Diluted        |  |                             | 30,518,700 |   |                           |   | 28,400,000 |                                           |  |   | 30,239,534 |   |  |      | 28,400,000 |   |  |   |          |  



4



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Skreem Records Corporation

(A Development Stage Company)

Consolidated Statements of Cash Flows

For the Six Month Periods Ended June, 2008 and 2007 and

the Period From May 10, 2006 (Inception) Through June 30, 2008

(Unaudited)



|                                                                        |  |   |                           |   |                                      |      |         |   |      |   |          |  
|----------------------------------------------------------------------- |  | - | ------------------------- | - | ------------------------------------ | ---- | ------- | - | ---- | - | -------- | -
|                                                                        |  |   | Six Months Ended
June 30, |   | May 10,
2006
(inception) to
June 30, |     
|                                                                        |  |   | 2008                      |   |                                      | 2007 |         |   | 2008 |  
|Cash Flows from Operating Activities:                                   |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Net Income                                                              |  | $ | (192,162                  | ) |                                      | $    | (35,168 | ) |      | $ | (467,749 | )
|Adjustments to reconcile net loss to cash used in operating activities: |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Amortization of capitalized production costs                            |  |   | -                         |   |                                      |      | -       |   |      |   | 3,362    |  
|Depreciation                                                            |  |   | 37,169                    |   |                                      |      | -       |   |      |   | 37,169   |  
|Donated Rent                                                            |  |   | 6,207                     |   |                                      |      | -       |   |      |   | 6,207    |  
|Imputed interest on note payable  related party                        |  |   | 6,662                     |   |                                      |      | 8,583   |   |      |   | 25,638   |  
|Changes in:                                                             |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Accounts receivable                                                     |  |   | 128                       |   |                                      |      | -       |   |      |   | 128      |  
|Capitalized production costs                                            |  |   | (6,458                    | ) |                                      |      | -       |   |      |   | (34,521  | )
|Deposit                                                                 |  |   | -                         |   |                                      |      | -       |   |      |   | (6,000   | )
|Prepaid expenses                                                        |  |   | (689                      | ) |                                      |      | -       |   |      |   | (7,475   | )
|Accounts payable and accrued liabilities                                |  |   | (34,361                   | ) |                                      |      | -       |   |      |   | 62,050   |  
|Net Cash Flows Used in Operations                                       |  |   | (183,504                  | ) |                                      |      | (26,585 | ) |      |   | (381,191 | )
|                                                                        |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Cash Flows from Investing Activities:                                   |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Purchase of fixed assets                                                |  |   | (2,146                    | ) |                                      |      | (17,989 | ) |      |   | (35,874  | )
|Expenditures on construction in progress                                |  |   | (8,812                    | ) |                                      |      | (7,096  | ) |      |   | (120,541 | )
|Net Cash Flows Used in Investing activities                             |  |   | (10,958                   | ) |                                      |      | (25,085 | ) |      |   | (156,415 | )
|                                                                        |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Cash Flows from Financing Activities:                                   |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Borrowings on demand notes                                              |  |   | 134,498                   |   |                                      |      | 52,919  |   |      |   | 388,213  |  
|Principal payments on demand notes                                      |  |   | (38,868                   | ) |                                      |      | -       |   |      |   | (38,868  | )
|Proceeds from sale of stock                                             |  |   | 75,900                    |   |                                      |      | 20,000  |   |      |   | 189,950  |  
|Net Cash Flows Provided by Financing activities                         |  |   | 171,530                   |   |                                      |      | 72,919  |   |      |   | 539,295  |  
|                                                                        |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Net Increase (Decrease) in Cash                                         |  |   | (22,932                   | ) |                                      |      | 21,249  |   |      |   | 1,689    |  
|Cash and cash equivalents - Beginning of period                         |  |   | 24,621                    |   |                                      |      | -       |   |      |   | -        |  
|Cash and cash equivalents - End of period                               |  | $ | 1,689                     |   |                                      |      | 21,249  |   |      |   | 1,689    |  
|                                                                        |  |   |                           |   |                                      |      |         |   |      |   |          |  
|SUPPLEMENTARY INFORMATION                                               |  |   |                           |   |                                      |      |         |   |      |   |          |  
|Interest Paid                                                           |  | $ | 2,043                     |   |                                      | $    | -       |   |      | $ | 4,112    |  
|Taxes Paid                                                              |  | $ | -                         |   |                                      | $    | -       |   |      | $ | -        |  







5



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Skreem Records Corporation

(A Development Stage Company)

Statement of Changes in Stockholders Equity (Deficit)

From May 10, 2006 (Inception) Through June 30, 2008





|                                        |  |              |            |  |        |   |        |                         |  |   |                            |   |  |                                                  |          |   |                                      |   |          |   |  |   |           |  
|--------------------------------------- |  | ------------ | ---------- |  | ------ | - | ------ | ----------------------- |  | - | -------------------------- | - |  | ------------------------------------------------ | -------- | - | ------------------------------------ | - | -------- | - |  | - | --------- | -
|                                        |  |              |            |  |        |   |        |                         |  |   |                            |   |  |                                                  |          |   |                                      |  
|                                        |  | Common Stock |            |  | Stock  |   |        |                         |  |   |                            |  
|                                        |  | Shares       |            |  | Amount |   |        | Subscription
Receivable |  |   | Additional
Paid In
Capital |   |  | Deficit
Accumulated
During the
Development
Stage |          |   | Total
Stockholders'
Equity
(Deficit) |  
|Inception  - May 10, 2006               |  |              | -          |  |        | $ | -      |                         |  | $ | -                          |   |  | $                                                | -        |   |                                      | $ | -        |   |  | $ | -         |  
|Issuance of founders shares             |  |              | 18,200,000 |  |        |   | 18,200 |                         |  |   | (18,200                    | ) |  |                                                  | -        |   |                                      |   | -        |   |  |   | -         |  
|Net loss for the period                 |  |              | -          |  |        |   | -      |                         |  |   | -                          |   |  |                                                  | -        |   |                                      |   | -        |   |  |   | -         |  
|Balances - December 31, 2006            |  |              | 18,200,000 |  |        |   | 18,200 |                         |  |   | (18,200                    | ) |  |                                                  | -        |   |                                      |   | -        |   |  |   | -         |  
|Shares issued to acquire Skreem Studios |  |              | 10,000,000 |  |        |   | 10,000 |                         |  |   | -                          |   |  |                                                  | 990,000  |   |                                      |   | -        |   |  |   | 1,000,000 |  
|Payment of subscription receivable      |  |              | -          |  |        |   | -      |                         |  |   | 18,200                     |   |  |                                                  | -        |   |                                      |   | -        |   |  |   | 18,200    |  
|Proceeds from sale of stock             |  |              | 1,140,500  |  |        |   | 1,140  |                         |  |   | -                          |   |  |                                                  | 112,910  |   |                                      |   | -        |   |  |   | 114,050   |  
|Purchase price allocation               |  |              | -          |  |        |   | -      |                         |  |   | -                          |   |  |                                                  | (903,378 | ) |                                      |   | -        |   |  |   | (903,378  | )
|Net loss for the year                   |  |              | -          |  |        |   | -      |                         |  |   | -                          |   |  |                                                  | -        |   |                                      |   | (275,587 | ) |  |   | (275,587  | )
|Balances - December 31, 2007            |  |              | 29,340,500 |  |        |   | 29,340 |                         |  |   | -                          |   |  |                                                  | 199,532  |   |                                      |   | (275,587 | ) |  |   | (46,715   | )
|                                        |  |              |            |  |        |   |        |                         |  |   |                            |   |  |                                                  |          |   |                                      |   |          |   |  |   |           |  
|Shares issued for notes                 |  |              | 500,000    |  |        |   | 500    |                         |  |   | -                          |   |  |                                                  | 249,500  |   |                                      |   | -        |   |  |   | 250,000   |  
|Shares issued for services              |  |              | 56,200     |  |        |   | 57     |                         |  |   | -                          |   |  |                                                  | (57      | ) |                                      |   | -        |   |  |   | -         |  
|Proceeds from sale of stock             |  |              | 622,000    |  |        |   | 622    |                         |  |   | (3,100                     | ) |  |                                                  | 78,378   |   |                                      |   | -        |   |  |   | 75,900    |  
|                                        |  |              |            |  |        |   |        |                         |  |   | -                          |   |  |                                                  |          |   |                                      |   | -        |   |  |   |           |  
|Contribution from shareholder           |  |              | -          |  |        |   | -      |                         |  |   | -                          |   |  |                                                  | 6,207    |   |                                      |   | -        |   |  |   | 6,207     |  
|                                        |  |              |            |  |        |   |        |                         |  |   |                            |   |  |                                                  |          |   |                                      |   |          |   |  |   |           |  
|Net loss for the period                 |  |              | -          |  |        |   | -      |                         |  |   | -                          |   |  |                                                  | -        |   |                                      |   | (192,162 | ) |  |   | (192,162  | )
|Balances - June 30, 2008                |  |              | 30,518,700 |  |        | $ | 30,519 |                         |  | $ | (3,100                     | ) |  | $                                                | 533,560  |   |                                      | $ | (467,749 | ) |  | $ | 93,230    |  







6



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Skreem Records Corporation

Notes to Consolidated Financial Statements

(A Development Stage Company)

(Unaudited)

NOTE 1  BASIS OF PRESENTATION



The accompanying unaudited interim financial statements of Skreem Records Corporation and Subsidiary 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 Skreems audited 2007 annual financial statements and notes thereto filed with the SEC on form 10-KSB. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the result of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosure required in Skreems 2007 annual financial statements have been omitted.



NOTE 2 - GOING CONCERN



Skreems financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future. Since inception, the Company has accumulated losses aggregating to $467,749 and has a working capital deficit of $240,018 at June 30, 2008. These conditions raise substantial doubt as to the Companys ability to continue as a going concern. Management intends to finance these deficits through the sale of stock. The financial statements do not include any adjustment that might be necessary if Skreem is unable to continue as a going concern.



NOTE 3  NOTES PAYABLE  RELATED PARTY



|                                                                                                                                                      |           |  |         
|----------------------------------------------------------------------------------------------------------------------------------------------------- | --------- |  | --------
|Short term debt consisted of the following demand notes:                                                                                              | 06/30/08  |  | 12/31/07
|(unaudited)                                                                                                                                           |           |  |         
|Various unsecured demand notes to the principal shareholder with no stated interest rate; interest is being accrued at 8%                             | $  88,765 |  | $264,846
|Various unsecured demand notes to a business owned and controlled by the principal shareholder with a stated interest rate of 8%                      | 84,661    |  | 78,550  
|An unsecured demand note to a business owned and controlled by the one of the shareholder with a stated interest rate of 8%                           | 10,000    |  | -       
|An unsecured demand note to a business owned and controlled by one of the shareholders with no stated interest Rate; interest is being accrued at 8%. | 1,600     |  | -       
|Various unsecured demand note to a corporation controlled by the principal shareholder with a stated interest rate of 8%                              | 7,500     |  | 3,500   
|Total                                                                                                                                                 | $192,525  |  | $346,896



During the six month period ended June 30, 2008, the Company issued two unsecured demand notes to businesses owned and controlled by a shareholder totaling $11,600 with a stated interest rate of 8%. During the six month period ended June 30, 2008, the Company issued various unsecured demand notes to a shareholder totaling $83,350 with a stated interest rate of 8%. During the six month period ended June 30, 2008, the Company issued an unsecured demand notes to business controlled by a shareholder totaling $4,000 with a stated interest rate of 8%.



On February 26, 2008, the Company issued 500,000 common shares with a value of $250,000 at the current trading rate of $0.50 in settlement of a $250,000 note to the majority shareholder. The difference in the value of the shares and the balance of the debt is included as an addition to additional paid in capital due to the common control nature of this transaction.



At June 30, 2008, interest in the amount of $25,638 is accrued on these notes.  Interest expense for the three months and six months ended June 30, 2008, and the period from inception on March 10, 2006 through June 30, 2008 was $3,571, $8,743 and $27,382, respectively.







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NOTE 4  RELATED PARTY TRANSACTION - RENT



The Company utilizes an office facility at 11637 Orpington Street, Orlando, FL.  This facility contains 2,000 square feet of office space and it is owned and controlled by a corporation owned solely by the Companys majority shareholder.  The shareholder has waived rent expense in exchange for an increase in additional paid in capital.  At June 30, 2008, the rent expense in exchange of additional paid in capital was $6,207.



NOTE 5  CAPITAL STOCK



In the period from January 1, 2008 through June 30, 2008, 622,000 shares were sold and issued in exchange for cash received in the amount of $75,000 and 500,000 shares were issued in exchange for cancellation of $250,000 of debt owed to the majority shareholder. The difference in the value of the shares and the balance of the debt is included as an addition to additional paid in capital.



On February 20, 2008, 56,200 shares valued $5,620 at the current trading rate of $0.10 per share was issued in exchange for underwriting services provided.



NOTE 6  SUPPLEMENTAL CASH FLOW INFORMATION



Non-Cash Financing Activities. As disclosed in Note 5, on February 26, 2008, the Company issued 500,000 common shares with a value of $250,000 at the current trading rate of $0.50 in settlement of a $250,000 note to the majority shareholder.



NOTE 7 - SUBSEQUENT EVENTS



On June 9, 2008, the Company received written consents in lieu of a meeting of stockholders from holders of a majority of the shares of Common Stock representing in excess of 50.1 % of the total issued and outstanding shares of voting stock of the Company (the Majority Stockholders) approving the Certificate of Amendment to the Certificate of Incorporation of the Company, pursuant to which the Company shall perform the following maters:



Approving a reverse split of Ten (10) shares of old common stock for One (1) new share of common stock (the Reverse Split);



Amend the name of the Corporation to Insight Management Corporation (the Name Change); and



The Company shall declare a stock dividend of its subsidiary, of one (1) share for each share owned as of the record date. The dividend has been declared with a record date of July 1, 2008, and an effective as soon as possible thereafter. The Board of Directors has determined that the operations that made up the Company would be better off in a separate company, with its own goals, while the Company concentrates its efforts on other media related business.



It has been determined that it would be in the shareholders interest to operate as two separate companies. The remaining company would concentrate on managing the recording contracts it already possesses and with a potential to acquire other music and recording contracts. By splitting off the recording studio into a separate company, it will allow Skreem Studios Inc. to concentrate on the business of recording music from artists, from Insight Management Corp, and as well as other artists from other companies that would not want to use a studio from a competitor, and will also allow each company to independently seek potential investors. Skreem Studios, Inc. will also utilizing the Studio for teaching purposes, such as opening a School of Audio.



This Information Statement describing the approval of the Name Change and Stock Dividend (the Stockholder Matters) is first being mailed or furnished to the Companys stockholders on or about August 5, 2008, and such matters shall not become effective until at least 10 days thereafter.





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ITEM 2.

MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATION



THIS REPORT CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF SECTION 27A OF THE SECURITIES ACT OF 1933 AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934. THESE FORWARD LOOKING STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS OR ANTICIPATED RESULTS, INCLUDING THOSE SET FORTH UNDER RISK FACTORS IN THIS MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AND ELSEWHERE IN THIS REPORT. THE FOLLOWING DISCUSSION AND ANALYSIS SHOULD BE READ IN CONJUNCTION WITH SELECTED FINANCIAL DATA AND THE COMPANY'S FINANCIAL STATEMENTS AND NOTES THERETO INCLUDED ELSEWHERE IN THIS REPORT.



Plan of Operation



Skreem Records Corporation is an entertainment development, marketing and production company formed in May 2006.  Originally the recording and artist management division for an international entertainment media company with multiple hit releases, Skreem Records was formed to continue these operations globally.



The Companys executive offices, located at 11637 Orpington Street, Orlando, FL 32817,

(407) 207-0400 is low-day and cost effective, mirroring the companys frugal approach to controlling costs to maximize returns.



Subsequent to June 30, 2008, Skreem Records Corporation, a.k.a Insight Management Corporation, will be transformed into a public shell company.



Results of Operations for the six months ended June 20, 2008 as Compared to the six months ended June 30, 2007. Comparison of the three and six month periods ended June 30, 2007, is not meaningful since it is prior to the purchase of Skreem Studios.



Revenues 



The Company recorded revenue of $4,160 and $-0- for the six months ended June 30, 2008, 2008 and 2007, respectively.



Operating Expenses 



Operating expenses for the six months ended June 30, 2008 were $196,402.  There is no meaningful comparison that can be drawn for the similar period for the previous year; however, total operating expenses from inception of May 10, 2006 are $472,234.



General and Administrative Expenses 



General and administrative expenses decreased by $69,740 or 69% to $45,322 for the three months ended June 30, 2008.  There is no meaningful comparison that can be drawn for the similar period for the previous year; however, total operating expenses from inception of May 10, 2006 are $317,753.   This amount is primarily attributable to professional and consulting fees and other general and administrative expenses.



Interest Expense 



For the six months ended June 30, 2008, the Company recorded interest expense in the amount of $8,743, which relates to interest expense on the notes payable to a major shareholder.  There is no meaningful comparison that can be drawn for the similar period for the previous year; however, total interest from inception of May 10, 2006 is $27,382.





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Liquidity and Capital Resources



As of June 30, 2008, the Company had a cash balance of $1,689and a deficit in working capital of $240,018. This compares with cash of $24,621 and a deficit in working capital of $406,175 as of December 31, 2007.



Cash used in operations was $183,504 for the six months ended June 30, 2008 and for the period from inception on May 10, 2006 is a total of $381,191.



GOING CONCERN



The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.  The Company sustained losses of $192,162 and $467,749 for the six months ended June 30, 2008 and since inception of May 10, 2006.  The Company had an accumulated deficit of $467,749 at June 30, 2008.  These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time.  The Company is highly dependent on its ability to continue to obtain investment capital and loans from an affiliate and shareholder in order to fund the current and planned operating levels.  The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.  The Companys continuation as a going concern is dependent upon its ability to bring in income generating activities and its ability to continue receiving investment capital and loans from an affiliate and shareholder to sustain its current level of operations.  No assurance can be given that the Company will be successful in these efforts.



ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



The Company is subject to certain market risks, including changes in interest rates and currency exchange rates.  The Company does not undertake any specific actions to limit those exposures.



ITEM 4.

CONTROLS AND PROCEDURES



(a) Evaluation of disclosure controls and procedures. Our Chief Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Report on Form 10-Q (the Evaluation Date), has concluded that as of the Evaluation Date, our disclosure controls and procedures are not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure.



(b) Changes in internal control over financial reporting. There were no changes in our internal control over financial reporting during our most recent fiscal quarter that materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.





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PART II - OTHER INFORMATION



ITEM 1.

LEGAL PROCEEDINGS



None



ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS



None



ITEM 3.

DEFAULTS UPON SENIOR SECURITIES



None



ITEM 4.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS



On June 9, 2008, the Corporation filed a Pre 14C Information Statement thaton or about June 9, 2008, the Company received written consents in lieu of a meeting of stockholders from holders of a majority of the shares of Common Stock representing in excess of 50.1 % of the total issued and outstanding shares of voting stock of the Company approving the Certificate of Amendment to the Certificate of Incorporation of the Company, pursuant to which the Company shall perform he following maters:



·

Approving a reverse split of Ten (10) shares of old common stock for One (1) new share of common stock;

·

Amend the name of the Corporation  to Insight Management Corporation (the Name Change); and

·

The Company shall declare a stock dividend of its subsidiary, Skreem Studios, Inc. of one (1) share for each share owned as of the record date.  This means that for every one (1) share owned in the Company, you will be issued one new share in the subsidiary, to be called Skreem Studios, Inc.  The dividend has been declared with a record date of July 1, 2008, and an effective as soon as possible thereafter.  The Board of Directors has determined that the operations that made up the Company would be better off in a separate company, with its own goals, while the Company concentrates its efforts on other media related business.



ITEM 5.

OTHER INFORMATION



None



ITEM 6.

EXHIBITS



|         |  |                                                                                                                                                                                                                           
|-------- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Number   |  | Description                                                                                                                                                                                                               
|3.1 (1)  |  | Articles of Incorporation, as Amended                                                                                                                                                                                     
|3.2 (1)  |  | Bylaws                                                                                                                                                                                                                    
|31.1 (2) |  | Certification of Chief Executive Officer of SKREEM Records Corp. Required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|31.2 (2) |  | Certification of Chief Financial Officer of SKREEM Records Corp. Required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|32.1 (2) |  | Certification of Chief Executive Officer of SKREEM Records Corp. Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 Of 18 U.S.C. 63                                                               
|32.2 (2) |  | Certification of Chief Financial Officer of SKREEM Records Corp. Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 Of 18 U.S.C. 63                                                               



(1)

Previously filed with the SB-2 filed on January 16, 2008 and is incorporated herein by reference.

(2)

Field herewith







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SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.



|                     |                      |                            
|-------------------- | -------------------- | ---------------------------
|                     | SKREEM RECORDS CORP.
|                     |                      |                            
|                     |                      |                            
|Date: August 8, 2008 | By:                  | /s/ Tony Harrison          
|                     |                      | Tony Harrison              
|                     |                      | Principal Executive Officer
|                     |                      |                            
|Date: August 8, 2008 | By:                  | /s/ Karen Aalders          
|                     |                      | Karen Aalders              
|                     |                      | Chief Financial Officer    









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