**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 **Washington,
        D.C.  20549**
 
 **Form
        10-K**
 
 T
              ANNUAL
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934
 
 **For
        the fiscal year ended March 31, 2007**
 
 £
              TRANSITION
                  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                  ACT OF
                  1934
 
 For
        the
        transition period from _______________ to _______________.
 
 **Commission
        file number:  O-32345**
 
 **Morris
        Business Development Company**
 (Exact
        name of registrant as specified in its charter)
 
 **California**
              
              **33-0795854**(State
                  or other jurisdiction of incorporation or organization)
              
              (I.R.S.
                  Employer Identification No.)**413
                  Avenue G, #1**
                **Redondo
                  Beach, CA**
              
              **90277**(Address
                  of principal executive offices)
              
              (Zip
                  Code)
 
 **Registrant’s
        telephone number, including area code    (310)
        493-2244**
 
 **Electronic
        Media Central Corporation**
 (Former
        name or former address, if changed since last report.)
 
 Securities
        registered pursuant to Section 12(b) of the Act:
 
 Title
                  of each class
              
              Name
                  of each exchange on which registeredNone
              
              None
 
 Securities
        registered pursuant to Section 12(g) of the Act:
 
 **Common
        stock, par value $0.02**
 (Title
        of
        class)
 
 Indicate
        by check mark if the
        registrant is a well-known seasoned issuer, as defined in Rule 405 of the
        Securities Act.   Yes £     No
        T
 
 Indicate
        by check mark if the
        registrant is not required to file reports pursuant to Section 13 or 15(d)
        of
        the Exchange Act.   Yes £     No
        T
  
  Indicate
        by check mark whether the
        registrant (1) has filed all reports required to be filed by Section 13 or
        15(d)
        of the Securities Exchange Act of 1934 during the preceding 12 months (or
        for
        such shorter period that the registrant was required to file such reports),
        and
        (2) has been subject to such filing requirements for the past 90
        days.    Yes T     No
        £
 
 Indicate
        by check mark if disclosure of
        delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this
        chapter) is not contained herein, and will not be contained, to the best
        of
        registrant’s knowledge, in definitive proxy or information statements
        incorporated by reference in Part III of this Form 10-K or any amendment
        to this
        Form 10-K. T
 
 Indicate
        by check mark whether the
        registrant is a large accelerated filer, an accelerated filer, or a
        non-accelerated filer.  See definition of “accelerated filer and large
        accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):
 
 Large
                  accelerated filer £
              Accelerated
                  filer £
              Non-accelerated
                  filer T
 
 Indicate
        by check mark whether the
        registrant is a shell company (as defined in Rule 12b-2 of the Exchange
        Act). Yes £    No
        T
 
 State
        the aggregate market value of
        voting and non-voting common equity held by non-affiliates computed by reference
        to the price at which the common equity was last sold, or the average bid
        and
        asked price of such common equity, as of the last business day of the
        registrant’s most recently completed second fiscal quarter. $537,720, based on
        the closing price of $2.00 for our common stock on September 30,
        2006.
 
 **APPLICABLE
        ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY**
 **PROCEEDINGS
        DURING THE PRECEDING FIVE YEARS:**
 
 Indicate
        by check mark whether the
        registrant has filed all documents and reports required to be filed by Section
        12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the
        distribution of securities under a plan confirmed by a court.   Yes £     No
        £
 
 **(APPLICABLE
        ONLY TO CORPORATE REGISTRANTS)**
 
 Indicate
        the number of shares
        outstanding of each of registrant’s classes of common stock, as of the latest
        practicable date.  As of June 29, 2007, there were 1,300,000 shares of
        common stock, par value $0.02, issued and outstanding.
 
 **DOCUMENTS
        INCORPORATED BY REFERENCE**
 
 List
        hereunder the following documents
        if incorporated by reference and the Part of the Form 10-K (e.g., Part I,
        Part
        II, etc.) into which the document is incorporated: (1) Any annual report
        to
        security holders; (2) Any proxy or information statement; and (3) Any prospectus
        filed pursuant to rule 424(b) or (c) under the Securities Act of
        1933.  The listed documents should be clearly described for
        identification purposes (e.g., annual report to security holders for fiscal
        year
        ended December 24, 1980).  None.
  2
  **Morris
        Business Development Company**
 
 **TABLE
        OF CONTENTS**
 
 PART
                  I
              4ITEM
                  1 – BUSINESS
              4ITEM
                  1A – RISK FACTORS
              8ITEM
                  1B – UNRESOLVED STAFF COMMENTS
              14ITEM
                  2 – PROPERTIES
              14ITEM
                  3 – LEGAL PROCEEDINGS
              14ITEM
                  4 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                  HOLDERS
              14PART
                  II
              15ITEM
                  5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED
                  STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
                  SECURITIES
              15ITEM
                  6 – SELECTED FINANCIAL DATA
              16ITEM
                  7 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
                  CONDITION AND RESULTS OF OPERATIONS
              16ITEM
                  7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
                  MARKET RISK
              23ITEM
                  8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY
                  DATA
              24ITEM
                  9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                  ACCOUNTING AND FINANCIAL DISCLOSURE
              25ITEM
                  9A – CONTROLS AND PROCEDURES
              25ITEM
                  9B – OTHER INFORMATION
              26PART
                  III
              27ITEM
                  10 – DIRECTORS,  EXECUTIVE OFFICERS AND
                  CORPORATE GOVERNACE
              27ITEM
                  11 – EXECUTIVE COMPENSATION
              29ITEM
                  12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
                  AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
              31ITEM
                  13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,
                  AND DIRECTOR INDEPENDENCE
              32ITEM
                  14 – PRINCIPAL ACCOUNTING FEES AND
                  SERVICES
              33PART
                  IV
              34ITEM
                  15 – EXHIBITS, FINANCIAL STATEMENT
                  SCHEDULES
              34
  3
 *Table
            of Contents*
  **PART
        I**
 
 This
        Annual Report includes
        forward-looking statements within the meaning of the Securities Exchange
        Act of
        1934 (the “Exchange Act”). These statements are based on management’s beliefs
        and assumptions, and on information currently available to
        management.  Forward-looking statements include the information
        concerning possible or assumed future results of operations of the Company
        set
        forth under the heading  “Management’s Discussion and Analysis of
        Financial Condition or Plan of Operation.” Forward-looking statements also
        include statements in which words such as “expect,”
“anticipate,”  “intend,” “plan,” “believe,” “estimate,” “consider” or
        similar expressions are used.
 
 Forward-looking
        statements are not
        guarantees of future performance.  They involve risks, uncertainties
        and assumptions.  The Company’s future results and shareholder values
        may differ materially from those expressed in these forward-looking
        statements.  Readers are cautioned not to put undue reliance on any
        forward-looking statements.
 
 **ITEM
        1 – BUSINESS**
 
 **Business
        Development**
 
 Morris
        Business Development Company, a California corporation (referred to as “we,”
“us,” “our” or the “Company”) was incorporated on March 10, 1998, in the State
        of California, as Electronic Media Central Corporation.  Prior to our
        incorporation, we commenced sales distribution operations in late 1996 as
        a
        division of Internet Infinity, Inc. (“Internet Infinity”).  Following
        our incorporation, on April 1, 1998, we continued to provide such services
        as a
        100% wholly owned subsidiary of Internet Infinity.  Internet Infinity
        supplied us with management support to launch our sales distribution
        activities.
  On
        September 28, 2001, all 500,000 of our issued and outstanding shares of common
        stock, held by Internet Infinity, were distributed to the Internet Infinity
        shareholders of record as of September 18, 2001.
  Our
        initial business focus in late 1996 was on distributing electronic media
        duplication and packaging services for an unaffiliated company, Video Magnetics,
        LLC.  In February 1997, as the result of L&M Media, Inc. acquiring
        Video Magnetics, LLC, these services were supplied by the affiliated company,
        L&M Media, Inc. which for over 10 years had been wholly owned by George Paul
        Morris, our Chairman, Chief Financial Officer and Secretary and the controlling
        shareholder of both Internet Infinity and us.  L&M Media was
        supplying its products and services to us through its wholly owned subsidiary,
        Apple Media Corporation, through March 31, 2002.  All products and
        services were provided by Pac Max Corporation of Brea, California and less
        than
        five other independent suppliers.
  On
        May
        12, 2006, we filed an election to be treated as a business development company
        (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”), which became
        effective on the date of filing.
 
 On
        March
        30, 2007, we changed our name to Morris Business Development
        Company.
  4
 *Table
            of Contents*
  **Description
        of Business**
 
 We
        focus
        on the development of opportunities to invest in eligible portfolio companies
        providing early stage capital, strategic guidance and operational
        support.
 
 Our
        principal objective is long-term capital appreciation.  We may invest
        in debt securities of these companies, or may acquire an equity interest
        in the
        form of common or preferred stock, warrants or options to acquire stock or
        the
        right to convert the debt securities into stock.  We may invest alone,
        or as part of a larger investment group.  Consistent with our status
        as a BDC and the purposes of the regulatory framework for BDC’s under the 1940
        Act, we will offer to provide managerial assistance, potentially in the form
        of
        a consulting agreement or in the form of a board of director’s seat, to the
        developing companies in which we invest.
 
 In
        addition, we may acquire either a minority or controlling interest in mature
        companies in a roll-up strategy.  It is anticipated that any
        acquisitions will be primarily in exchange for our common stock, or a
        combination of cash and stock.  The principal objective of
        acquisitions pursuant to a roll-up strategy would be to consolidate an industry
        and either sell the acquired entities as a larger unit, or take the unit
        public
        through an initial public offering, spin-off to our shareholders, or reverse
        merger into a publicly traded shell corporation.
 
 We
        operate as an externally managed investment company.  Our operations
        will be governed by an Investment Advisory Management Agreement to be entered
        into between us and a new investment advisory limited liability company,
        BDC
        Fund Management, LLC, which is formed and wholly-owned by our Chairman, George
        Morris.  We have not elected to qualify to be taxed as a regulated
        investment company as defined under Subchapter M of the Internal Revenue
        Code.
 
 Our
        common stock trades on the over the counter bulletin board under the symbol
        “EMEC.”
 
 Our
        financial statements have been prepared assuming we will continue as a going
        concern.  Because we have historically incurred operating losses, and
        expect those losses to continue in the future, our Certified Public Accountants
        included an explanatory paragraph in their report raising substantial doubt
        about our ability to continue as a going concern.
 
 **Regulation
        as a BDC**
 
 Although
        the 1940 Act exempts a BDC from registration under that Act, it contains
        significant limitations on the operations of BDC’s.  Among other
        things, the 1940 Act contains prohibitions and restrictions relating to
        transactions between a BDC and its affiliates, principal underwriters and
        affiliates of its affiliates or underwriters, and it requires that a majority
        of
        the BDC’s directors be persons other than “interested persons,” as defined under
        the 1940 Act.  The 1940 Act also prohibits a BDC from changing the
        nature of its business so as to cease to be, or to withdraw its election
        as, a
        BDC unless so authorized by the vote of the holders of a majority of its
        outstanding voting securities.  BDC’s are not required to maintain
        fundamental investment policies relating to diversification and concentration
        of
        investments within a single industry.
 
 Generally,
        a BDC must be primarily engaged in the business of furnishing capital and
        providing managerial expertise to companies that do not have ready access
        to
        capital through conventional financial channels.  Such portfolio
        companies are termed “eligible portfolio companies.”  More
        specifically, in order to qualify as a BDC, a company must (1) be a domestic
        company; (2) have registered a class of its equity securities or have filed
        a
        registration statement with the Securities and Exchange Commission pursuant
        to
        Section 12 of the Securities Exchange Act of 1934; (3) operate for the purpose
        of investing in the securities of certain types of portfolio companies, namely
        immature or emerging companies and businesses suffering or just recovering
        from
        financial distress; (4) extend significant managerial assistance to such
        portfolio companies; and (5) have a majority of “disinterested” directors (as
        defined in the 1940 Act).
  5
 *Table
            of Contents*
  An
        eligible portfolio company is, generally, a U.S. company that is not an
        investment company and that (1) does not have a class of securities registered
        on an exchange or included in the Federal Reserve Board’s over-the-counter
        margin list; or (2) is actively controlled by a BDC and has an affiliate
        of a
        BDC on its board of directors; or (3) meets such other criteria as may be
        established by the Securities and Exchange Commission.  Control under
        the 1940 Act is generally presumed to exist where a BDC owns 25% of the
        outstanding voting securities of the company.
 
 The
        1940
        Act prohibits or restricts companies subject to the 1940 Act from investing
        in
        certain types of companies, such as brokerage firms, insurance companies,
        investment banking firms and investment companies.  Moreover, the 1940
        Act limits the type of assets that BDC’s may acquire to “qualifying assets” and
        certain assets necessary for its operations (such as office furniture, equipment
        and facilities) if, at the time of acquisition, less than 70% of the value
        of
        the BDC’s assets consist of qualifying assets.  Qualifying assets
        include: (1) securities of companies that were eligible portfolio companies
        at
        the time the BDC acquired their securities; (2) securities of bankrupt or
        insolvent companies that were eligible at the time of the BDC’s initial
        acquisition of their securities but are no longer eligible, provided that
        the
        BDC has maintained a substantial portion of its initial investment in those
        companies; (3) securities received in exchange for or distributed in or with
        respect to any of the foregoing; and (4) cash items, government securities
        and
        high-quality short-term debt.  The 1940 Act also places restrictions
        on the nature of the transactions in which, and the persons from whom,
        securities can be purchased in order for the securities to be considered
        qualifying assets.  These restrictions include limiting purchases to
        transactions not involving a public offering and acquiring securities from
        either the portfolio company or its officers, directors, or
        affiliates.
 
 A
        BDC is
        permitted to invest in the securities of public companies and other investments
        that are not qualifying assets, but those kinds of investments may not exceed
        30% of the BDC’s total asset value at the time of the investment.
 
 A
        BDC
        must make significant managerial assistance available to the issuers of eligible
        portfolio securities in which it invests.  Making available
        significant managerial assistance means, among other things, any arrangement
        whereby the BDC, through its directors, officers or employees, offers to
        provide, and, if accepted does provide, significant guidance and counsel
        concerning the management, operations or business objectives and policies
        of a
        portfolio company.  The portfolio company does not have to accept the
        BDC’s offer of managerial assistance, and if they do accept may be required to
        pay prevailing market rates for the services.
 
 We
        do not currently have any
        subsidiaries or EPC’s, however we do have an operating division that provides
        services for the duplication, replication, and packaging of digital video
        disks
        (“DVD”) and compact disks (“CD”).  We are actively seeking quality
        eligible portfolio companies in which to make an investment and provide
        managerial assistance.
  6
 *Table
            of Contents*
  **Morris
        Business Development Company Services**
 
 We
        market
        the services of our BDC through the internet, telephone, direct mail and
        trade
        conferences.  The financial and management consulting services
        industry is highly competitive.  However, the BDC delivery of these
        services to smaller American companies under $100-million in revenue is limited
        to 100 Business Development Companies operating under the 1940 Investment
        Act.
 
 Our
        President George Morris and one in-house sales person are actively engaged
        in
        sales of BDC services.
 
 **Electronic
        Media Duplication Services**
 
 We
        provide electronic media
        duplication, replication, and packaging services for CD’s and
        DVD’s.
 
 Our
        sales of electronic media
        duplication services are primarily the duplication of a customer’s pre-recorded
        video programs.  The customer’s programs are principally used for
        education, promotion and documentation of the customer’s products or
        services.  We provide services to create multiple copies of a
        customer’s material on CD and DVD formats.  The main target markets
        for our services are business, religious, government and other non-profit
        organizations.  We do not provide services to the adult entertainment
        industry.
 
 We
        charge a customer for electronic
        media duplication services by quoting a price per piece duplicated to the
        customer.  The price is based on the number of pieces duplicated, the
        length of the customer’s program and the specific requirements.  The
        greater the number of pieces a customer orders at one time, the lower the
        price
        per piece.  A longer customer program will cost more per
        piece.
 
 *Suppliers
        and Sub-Contractors*
 
 Our
        duplication services orders are
        manufactured and fulfilled through unrelated independent
        suppliers.  Our sales representative is responsible for managing his
        own clients.  We are responsible for sales force compensation of one
        sales person at $3,000 per month plus incentives.  In addition, we pay
        George Morris, our Chairman, Chief Financial Officer, Secretary and controlling
        shareholder, $200 per month salary for sales and marketing
        consulting.
 
 *Distribution
        Methods*
 
 We
        distribute our products through an
        in-house employee sales person working the telephone, fax, mail and the
        Internet.  Shipments are made throughout the United States with a
        majority in California.
 
 *Competition*
 
 The
        electronic media duplication
        industry is highly competitive.  Large competitors such as Technicolor
        Corporation dominate the large volume market from the movie studios and
        advertising premium business.  Numerous small regional competitors
        such as our company serve the smaller regional business and nonprofit
        organization markets.  The principal markets for our products and
        services are local small commercial and non-profit organizations.  The
        typical size of our target customers is under 100 employees.
  7
 *Table
            of Contents*
  There
        are many local/regional video
        duplicators and CD/DVD replicators in the Los Angeles, Orange County, and
        San
        Diego, California area.  No sales numbers or other capacity
        information is available for these private companies.
 
 We
        compete with both price and customer
        service.  We are constantly negotiating for the best price from our
        supplier.  This is necessary to allow us to compete on price to our
        customers.  In addition, we monitor offers from competitors on the
        Internet, through direct mail and through comparison-shopping to remain
        competitive.  With our competitive prices and our offering special
        delivery service in Southern California, special design consultation and
        fast
        order fulfillment, customers are willing to leave their masters with us for
        convenient repeat orders.  Our sales person is able to provide advice
        and assistance to a customer as he prepares their job for duplication with
        us.  Special situations include handling special orders requiring
        faster turnaround time than normal delivery.  We strive to maintain a
        high level of customer service to be competitive.
 
 *Advertising
        and Promotion*
 
 Our
        advertising and promotion is
        primarily electronic-media focused. We engage in telephone and Internet
        campaigns to prospect for new customers in the electronic duplication
        business.  In addition, we use direct mail to prospect for new
        customers.
 
 **Employees**
 
 The
        number of employees required to operate our business is currently two full-time
        employees and one part-time employee.  We can upscale our staffing
        based on sales growth and our business need.
 
 **ITEM
        1A – RISK FACTORS**
 
 On
        at
        least an annual basis, we are required to provide our shareholders with a
        statement of risk factors and other considerations for their
        review.  These risk factors and other considerations
        include:
 
 ***We
        have a limited operating history.***
 
 We
        have
        been providing our electronic media duplication, replication, and packaging
        services as a corporation since March 10, 1998 and our business development
        services since May 12, 2006.  As such, we have a limited operating
        history as a BDC and our business and prospects must be considered in light
        of
        the risks and uncertainties to which small companies in highly competitive
        industries such as electronic media duplication and undercapitalized companies
        in industries such as business development services are exposed, respectively.
         We cannot provide assurances that our business strategy will be successful
        or that we will successfully address those risks and the risks described
        herein.
 
 ·
              If
                  we are unable to secure future capital, we will be unable to continue
                  our
                  operations.
 
 ·
              Our
                  electronic media duplication, replication, and packaging services
                  business
                  has not been consistently profitable in the past and it may not
                  be
                  profitable in the future.  Our business development business has
                  likewise not been profitable in the past and it may not be profitable
                  in
                  the future.  We may incur losses on a quarterly or annual basis
                  for a number of reasons, some within and others outside our
                  control.  The growth of our business will require the commitment
                  of substantial capital resources.  If funds are not available
                  from operations, we will need additional funds.  We may seek
                  such additional funding through public and private financing, including
                  debt or equity financing. Adequate funds for these purposes, whether
                  through financial markets or from other sources, may not be available
                  when
                  we need them.  Even if funds are available, the terms under
                  which the funds are available to us may not be acceptable to us.
                  Insufficient funds may require us to delay, reduce or eliminate
                  some or
                  all of our planned activities.
  8
 *Table
            of Contents*
  To
        successfully execute our current strategy, we will need to improve our working
        capital position.  The report of our independent auditors accompanying
        our financial statements includes an explanatory paragraph indicating there
        is a
        substantial doubt about the Company’s ability to continue as a going concern due
        to recurring losses.  We plan to overcome the circumstances that impact our
        ability to remain a going concern through a combination of increased revenues
        and decreased costs, with interim cash flow deficiencies being addressed
        through
        additional equity financing.
 
 ***We
        will likely experience fluctuation in our quarterly
        performance.***
 
 Quarterly
        operating results can fluctuate significantly depending on a number of factors,
        any one of which could have a material adverse effect on our results of
        operations.  The factors related to our business development business
        include: the timing of services announcements and subsequent introductions
        of
        new or enhanced services by us and by our competitors, the market acceptance
        of
        our services, changes in our prices and in our competitors’ prices, the timing
        of expenditures for staffing and related support costs, the extent and success
        of advertising, and changes in general economic conditions.
 
 We
        may
        experience significant quarterly fluctuations in revenues and operating expenses
        as we introduce new services, especially as we enter the BDC business.
 Furthermore, quarterly results are not necessarily indicative of future
        performance for any particular period.
 
 ***Since
        our competitors have greater financial and marketing resources than we do,
        we
        may experience a reduction in market share and
        revenues.***
 
 The
        markets for our products and services are highly competitive and rapidly
        changing.  Some of our current and prospective competitors have
        significantly greater financial, technical, marketing resources than we
        do.  Our ability to compete in our markets depends on a number of factors,
        some within and others outside our control.  These factors related to our
        business development business include: the frequency and success of product
        and services introductions by us and by our competitors, the selling prices
        of
        our products and services and of our competitors’ products and services, the
        performance of our products and of our competitors’ products, product
        distribution by us and by our competitors, our marketing ability and the
        marketing ability of our competitors, and the quality of customer support
        offered by us and by our competitors.
 
 ***We
        are dependent upon one major customer for a significant percentage of our
        sales,
        and the loss of this key customer would materially reduce our
        revenues.***
 
 We
        have
        one major customer for our duplication division, which represents 93% of
        our
        total revenues for the year ended March 31, 2007.  Our dependence on this
        key customer means that the loss of this key customer, or any reduction in
        its
        work orders would materially reduce our revenues.  We expect that sales of
        our services to this key customer will continue to contribute materially
        to our
        revenues in the foreseeable future.  The loss of, or a significant
        reduction in purchases by this key customer could harm our business, financial
        condition and results of operations.
  9
 *Table
            of Contents*
  ***We
        rely on a limited number of third-party suppliers to provide all of
        the services and products we resell and distribute.***
 
 All
        of
        the products and services we resell and distribute for our duplication
        division are supplied by  a very limited number of unrelated,
        independent suppliers.  There can be no assurance that there will not
        be a significant disruption in the supply of such products and services from
        a
        supplier or, in the event of a disruption, that we would be able to locate
        alternative suppliers of such products and services of comparable quality
        at an
        acceptable price, or at all.  In addition, we cannot be certain that our
        unaffiliated suppliers will be able to fill our orders in a timely manner.
         If we experience significant increased demand, or need to replace Pac Max
        Corporation, there can be no assurance that alternative suppliers will be
        available when required on terms that are acceptable to us, or at all, or
        that
        any supplier would allocate sufficient capacity to us in order to meet our
        requirements.  In addition, even if we are able to find new suppliers, we
        may encounter delays in production and added costs as a result of the time
        it
        takes to train our suppliers in our methods, products and quality control
        standards.  Any delays, interruption or increased costs in the supply of
        such products and services could have an adverse effect on our ability to
        meet
        retail customer and consumer demand for our products and result in lower
        revenues and net income both in the short and long-term.
 
 ***If
        our operations continue to result in a net loss, negative working capital
        and a
        decline in net worth, and we are unable to obtain needed funding, we may
        be
        forced to discontinue operations.***
 
 For
        several recent periods, up through the present, we had a net loss, negative
        working capital and a decline in net worth, which raise substantial doubt
        about
        our ability to continue as a going concern.  Our ability to continue
        operations will depend on positive cash flow, if any, from future operations
        and
        on our ability to raise additional funds through equity or debt financing.
         If we are unable to achieve the necessary product sales or raise or obtain
        needed funding, we may be forced to discontinue operations.
 
 ***We
        have never paid any dividends on our common stock.***
 
 We
        have
        not paid any cash dividends on our common stock to date and we do not anticipate
        paying cash dividends in the foreseeable future.
 
 ***Since
        we have limited experience with portfolio investment companies we may encounter
        problems that would negatively impact our financial
        condition.***
 
 Our
        experience with portfolio investments is limited and we may encounter problems
        or underlying liabilities with portfolio companies that would put our investment
        or our business at risk.  We may in our effort to correct or reverse these
        problems encounter significant accounting or legal expense that would deplete
        our working capital.  These corrective efforts would adversely impact our
        working capital.  We may also incorrectly estimate the value of our
        investments which would require a subsequent restatement or require an updated
        valuation due to our lack of experience with portfolio
        investments.
  10
 *Table
            of Contents*
  ***Our
        common stock may be affected by limited trading volume and may fluctuate
        significantly.***
 
 There
        has
        been a limited public market for our common stock and there can be no assurance
        an active trading market for our common stock will develop.  This
        could adversely affect our shareholders’ ability to sell our common stock in
        short time periods or possibly at all.  Our common stock has experienced
        and is likely to experience significant price and volume fluctuations that
        could
        adversely affect the market price of our common stock without regard to our
        operating performance.  Our stock price could fluctuate significantly in
        the future based upon any number of factors such as: general stock market
        trends; announcements of developments related to our business; fluctuations
        in
        our operating results; announcements of technological innovations, new products
        or enhancements by us or our competitors; general conditions in the markets
        we
        serve; general conditions in the U.S. economy; developments in patents or
        other
        intellectual property rights; the performance of our eligible portfolio
        companies; and developments in our relationships with our customers and
        suppliers.  Substantial fluctuations in our stock price could significantly
        reduce the price of our stock.
 
 ***Our
        common stock is traded on the "Over-the-Counter Bulletin Board," which may
        make
        it more difficult for investors to resell their shares due to suitability
        requirements.***
 
 Our
        common stock is currently traded on the Over the Counter Bulletin Board (OTCBB)
        where we expect it to remain in the foreseeable future.  Broker-dealers
        often decline to trade in OTCBB stocks given the market for such securities
        are
        often limited, the stocks are more volatile, and the risk to investors is
        greater.  These factors may reduce the potential market for our common
        stock by reducing the number of potential investors.  This may make it more
        difficult for investors in our common stock to sell shares to third parties
        or
        to otherwise dispose of their shares.  This could cause our stock price to
        decline.
 
 ***Our
        share ownership is concentrated.***
 
 Our
        officers, directors and principal stockholders, together with their affiliates,
        beneficially own approximately 83% of our voting shares.  As a result,
        these stockholders, if they act together, will exert significant influence
        over
        all matters requiring stockholder approval, including the election and removal
        of directors, any merger, consolidation or sale of all or substantially all
        of
        assets, as well as any charter amendment and other matters requiring stockholder
        approval. In addition, these stockholders may dictate the day to day management
        of the business.  This concentration of ownership may delay or prevent a
        change in control and may have a negative impact on the market price of the
        Company’s common stock by discouraging third party investors.  In addition,
        the interests of these stockholders may not always coincide with the interests
        of the Company’s other stockholders.
 
 ***We
        may change our investment policies without further shareholder
        approval.***
 
 Although
        we are limited by the Investment Company Act of 1940 with respect to the
        percentage of our assets that must be invested in qualified investment
        companies, we are not limited with respect to the minimum standard that any
        investment company must meet, neither are we limited to the industries in
        which
        those investment companies must operate.  We may make investments without
        shareholder approval and such investments may deviate significantly from
        our
        historic operations.  Any change in our investment policy or selection of
        investments could adversely affect our stock price, liquidity, and the ability
        of our shareholders to sell their stock.
  11
 *Table
            of Contents*
  ***Our
        investments may not generate sufficient income to cover our
        operations.***
 
 We
        intend
        to make investments in qualified companies that will provide the greatest
        overall return on our investment.  However, certain of those
        investments may fail, in which case we will not receive any return on our
        investment.  In addition, our investments may not generate income either in
        the immediate future or at all.  As a result, we may have to sell
        additional stock or borrow money to cover our operating expenses.  The
        effect of such actions could cause our stock price to decline or, if we are
        not
        successful in raising additional capital, we could cease to continue as a
        going
        concern.
 
 ***Our
        officers and directors have the ability to exercise significant influence
        over
        matters submitted for stockholder approval and their interests may differ
        from
        other stockholders.***
 
 Our
        executive officers and directors have the ability to appoint a majority to
        the
        Board of Directors.  Accordingly, our directors and executive officers,
        whether acting alone or together, may have significant influence in determining
        the outcome of any corporate transaction or other matter submitted to our
        Board
        for approval, including issuing common and preferred stock, appointing officers,
        which could have a material impact on mergers, acquisitions, consolidations
        and
        the sale of all or substantially all of our assets, and the power to prevent
        or
        cause a change in control.  The interests of these board members may differ
        from the interests of the other stockholders.
 
 ***Our
        board of directors will value our portfolio investments*****.**
 
 There
        is
        typically no public market of equity securities of the small privately held
        companies in which we intend to invest.  As a result, the valuation of
        the equity securities in our portfolio is likely to be stated at fair value
        as
        determined by the good faith estimate of our Board of Directors.  In
        the absence of a readily ascertainable market value, the estimated value
        of our
        portfolio of securities may differ significantly, favorably or unfavorably,
        from
        the values that would be placed on the portfolio if a ready market for the
        equity securities existed.
 
 ***We
        plan to target portfolio companies that are development stage companies
        dependent upon the successful commercialization of their goods or
        services.  Each of our investments in portfolio companies is subject
        to a high degree of risk, and we may lose all of our investment in a portfolio
        company if it is not successful.***
 
 We
        will
        be investing in development stage companies that we believe can benefit from
        our
        expertise in structural support and market entry.  Development stage
        companies are subject to all of the risks associated with new businesses.
         These risks include the risk that new business opportunity cannot become
        commercially viable, may not work, or become obsolete.  We cannot assure
        that any of our investments in our portfolio companies will be successful.
         Our portfolio companies will be competing with larger, established
        companies with greater access to, and resources for, further development
        requiring capital resources beyond our ability.  We may lose our entire
        investment in any or all of our portfolio companies.  Even if our portfolio
        companies are able to develop commercially viable products, the market for
        new
        products and services is highly competitive and rapidly
        changing.  Commercial success is difficult to predict and the
        marketing efforts of our expected portfolio companies may not be
        successful.
  12
 *Table
            of Contents*
  ***The
        securities we hold in our portfolio companies may be subject to restriction
        on
        resale, and we may not be able to sell the securities we hold for amounts
        equal
        to their recorded value, if at all.***
 
 Some
        of
        our portfolio companies may become thinly traded public companies or remain
        private companies.  As a result, substantially all of the securities we
        hold in our portfolio companies are subject to legal restrictions on resale.
         Furthermore, our ability to sell the securities in our portfolio may be
        limited by, and subject to, the lack of or limited nature of a trading market
        for such securities.  Therefore, we cannot assure you that we will be able
        to sell our portfolio company securities for amounts equal to the values
        that we
        have ascribed to them or at the time we desire to sell.
 
 ***We
        are subject to substantive SEC regulations as a business development
        company.***
 
 Securities
        and tax laws and regulations governing our activities may change in ways
        adverse
        to our and our shareholders' interests, and interpretations of these laws
        and
        regulations may change with unpredictable consequences.  Any change in the
        laws or regulations that govern our business could have an adverse impact
        on us
        or on our operations.  Changing laws, regulations and standards relating to
        corporate governance and public disclosure, including the Sarbanes-Oxley
        Act of
        2002, new SEC regulations and NASDAQ Market rules, are creating additional
        expense and uncertainty for publicly held companies in general, and for business
        development companies in particular.  These new or changed laws,
        regulations and standards are subject to varying interpretations in many
        cases
        because of their lack of specificity, and as a result, their application
        in
        practice may evolve over time, which may well result in continuing uncertainty
        regarding compliance matters and higher costs necessitated by ongoing revisions
        to disclosure and governance practices.
 
 ***We
        have made no investments into other companies.***
 
 Although
        we have a division that provides electronic media duplication, replication,
        and
        packaging services, we have very few assets.  We need to raise capital
        before we can make substantive investments into, and offer managerial assistance
        to, other companies.  We may not be successful in raising capital.  If
        we are successful in raising capital, we may make investments that turn out
        to
        be worthless.
 
 ***We
        have never had any annual net profit and there is no assurance that we will
        be
        able to achieve the financing necessary to enable us to precede with the
        development of our business plan.***
 
 We
        have
        never generated an annual net profit.  Our primary activity to date has
        been our electronic media duplication, replication, and packaging services,
        and
        more recently, the development of our BDC business plan.  Our success
        is dependent upon the successful development of our business model as a business
        development company, as to which there is no assurance.  Unanticipated
        problems, expenses and delays are frequently encountered in establishing
        a new
        business.  These include, but are not limited to, inadequate funding,
        competition, and investment development.  Our failure to meet any of these
        conditions would have a materially adverse effect upon us and may force us
        to
        reduce or curtail operations.  We may not ever be
        profitable.
  13
 *Table
            of Contents*
  ***We
        need to raise capital in order to fulfill our business
        plan.***
 
 To
        date
        we have relied on sales revenue from our electronic media duplication,
        replication, and packaging services and private loans and equity
        investments from George Paul Morris, our Chairman, Chief Financial Officer
        and
        Secretary and controlling shareholder to fund operations.  We have
        generated little revenue and have extremely limited cash liquidity and capital
        resources.  Any equity financings could result in dilution to our
        stockholders.  Debt financing may result in high interest expense.
 Any financing, if available, may be on unfavorable terms.  If
        adequate funds are not obtained, we may be required to reduce or curtail
        operations.
 
 ***The
        services of our directors, officers and key staff are essential to our future
        success.***
 
 We
        are
        dependent for the selection, structuring, closing and monitoring of our
        investments on the diligence and skill of Roger Casas, our Chief Executive
        Officer and George Morris, Ph.D., our Chairman of the Board, President, and
        Chief Financial Officer.  Any loss or interruption of our key
        personnel’s services could adversely affect our ability to develop our business
        plan.  Our future success depends to a significant extent on the
        continued service and coordination of our senior management team and we cannot
        assure you we would be able to find an appropriate replacement for key
        personnel.  We have no employment agreements or life insurance on Mr.
        Casas or Dr. Morris.
 
 **ITEM
        1B – UNRESOLVED STAFF COMMENTS**
 
 This
        Item
        is not applicable to us as we are not an accelerated filer, a large accelerated
        filer, or a well-seasoned issuer; however, we have not received written comments
        from the Commission staff regarding our periodic or current reports under
        the
        Securities Exchange Act of 1934 within the last 180 days before the end of
        our
        last fiscal year.
 
 **ITEM
        2 – PROPERTIES**
 
 George
        Morris, our chairman, provides approximately 100 square feet of office space
        in
        Redondo Beach, California, at $100 a month.  Since our move from the
        Pac Max facilities at a cost of $2,700 a month, we currently pay our Chief
        Executive Officer, Roger Casas, $350 per month for the use of his home, and
        $140
        a month for public storage.  There is a large amount of office space
        available for less than $2.00 per square foot within the three miles of the
        existing office.
 
 **ITEM
        3 – LEGAL PROCEEDINGS**
 
 We
        are
        not a party to, or threatened by, any litigation or procedures.
 
 **ITEM
        4 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY
        HOLDERS**
 
 On
        January 31, 2007, stockholders
        owning a majority of our outstanding voting stock approved by written consent
        an
        amendment to our Certificate of Incorporation to effectuate a name change
        from
        Electronic Media Central Corporation to Morris Business Development
        Company.  Shareholders representing 1,075,999 of the 1,300,000
        possible votes, or 83%, approved the amendment.  There were no votes
        against the amendment, or withheld, and because the amendment was approved
        by
        written consent, there were no abstentions or broker non-votes.
  14
 *Table
            of Contents*
  **PART
        II**
 
 **ITEM
        5 – MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED
        STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
        SECURITIES**
 
 Since
        December 2001, we have been eligible to participate in the OTC Bulletin Board,
        an electronic quotation medium for securities traded outside of the NASDAQ
        Stock
        Market, and prices for our common stock were published on the OTC Bulletin
        under
        the trading symbol “EMEC” through March 31, 2007.  Subsequently, in
        conjunction with the name change to Morris Business Development Company,
        our
        OTCBB trading symbol will be changed.  The quotations reflect
        inter-dealer prices, without retail mark-up, mark-down or commission and
        may not
        represent actual transactions.  This market is extremely limited and
        the prices quoted are not a reliable indication of the value of our common
        stock.
 
 The
        following table sets forth the high and low bid information for each quarter
        within the two most recent fiscal years, as provided by the Nasdaq Stock
        Markets, Inc.  The information reflects prices between dealers, and
        does not include retail markup, markdown, or commission, and may not represent
        actual transactions.
 
 **Fiscal
                  Year,**
              
              
              
              **Bid
                  Prices****Ended****March
                  31**
              
              **Period**
              
              **High**
              
              
              **Low**2005
              
              First
                  Quarter
              
              $
              0.15
              
              
              $
              0.10Second
                  Quarter
              
              $
              2.25
              
              
              $
              0.15Third
                  Quarter
              
              $
              0.75
              
              
              $
              0.55Fourth
                  Quarter
              
              $
              0.55
              
              
              $
              0.552006
              
              First
                  Quarter
              
              $
              1.05
              
              
              $
              0.55Second
                  Quarter
              
              $
              1.75
              
              
              $
              1.01Third
                  Quarter
              
              $
              2.10
              
              
              $
              1.10Fourth
                  Quarter
              
              $
              1.10
              
              
              $
              1.102007
              
              First
                  Quarter (through June 26, 2007)
              
              $
              1.20
              
              
              $
              1.20
 
 **Holders**
 
 The
        number of holders of record of shares of our common stock is approximately
        thirty six (36).  Approximately 107,227 shares of common stock are
        held in brokerage accounts and represent approximately one hundred seventy
        nine
        (179) additional shareholders.
 
 **Dividend
        Policy**
 
 There
        have been no cash dividends declared on our common stock.  Dividends
        are declared at the sole discretion of our Board of Directors.
  15
 *Table
            of Contents*
  **ITEM
        6 – SELECTED FINANCIAL DATA**
 **Morris
                  Business**
                **Development
                  Company**
              
              For
                  the Years Ended March 31,2007
              
              
              2006
              
              
              2005
              
              
              2004
              
              
              2003Statement
                  of Operations Data:Total
                  revenues
              
              $
              156,728
              
              
              
              274,301
              
              
              
              235,652
              
              
              
              325,900
              
              
              
              297,820Income
                  (loss) from continuing operations
              
              
              (38,902
              )
              
              
              (13,169
              )
              
              
              (70,704
              )
              
              
              (19,274
              )
              
              
              (93,896
              )Net
                  income (loss)
              
              
              (49,444
              )
              
              
              (26,001
              )
              
              
              (82,322
              )
              
              
              56
              
              
              
              (94,696
              )Net
                  income (loss) per common share from continuing operations
              
              
              (0.04
              )
              
              
              (0.02
              )
              
              
              (0.08
              )
              
              
              0.00
              
              
              
              (0.09
              )Balance
                  Sheet Data:Current
                  assets
              
              $
              88,144
              
              
              
              148,333
              
              
              
              68,910
              
              
              
              34,263
              
              
              
              32,410Total
                  assets
              
              
              88,144
              
              
              
              148,333
              
              
              
              68,910
              
              
              
              88,727
              
              
              
              32,410Current
                  liabilities
              
              
              338,478
              
              
              
              349,223
              
              
              
              288,799
              
              
              
              117,094
              
              
              
              60,833Total
                  liabilities
              
              
              338,478
              
              
              
              349,223
              
              
              
              288,799
              
              
              
              226,294
              
              
              
              170,033Total
                  stockholders’ equity (deficit)
              
              
              (250,335
              )
              
              
              (200,890
              )
              
              
              (219,889
              )
              
              
              (137,567
              )
              
              
              (137,623
              )Total
                  dividends per common share
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -
 
 **ITEM
        7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
        CONDITION AND RESULTS OF OPERATIONS**
 
 **Disclaimer
        Regarding Forward Looking Statements**
 
 Our
        Management’s Discussion and Analysis contains not only statements that are
        historical facts, but also statements that are forward-looking (within the
        meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
        Securities Exchange Act of 1934).  Forward-looking statements are, by
        their very nature, uncertain and risky.  These risks and uncertainties
        include international, national and local general economic and market
        conditions; demographic changes; our ability to sustain, manage, or forecast
        growth; our ability to successfully make and integrate acquisitions; existing
        government regulations and changes in, or the failure to comply with, government
        regulations; adverse publicity; competition; fluctuations and difficulty
        in
        forecasting operating results; changes in business strategy or development
        plans; business  disruptions; the ability to attract and retain
        qualified personnel; the ability to protect technology; and other risks that
        might be detailed from time to time in our filings with the Securities and
        Exchange Commission.
  16
 *Table
            of Contents*
  Although
        the forward-looking statements in this Annual Report reflect the good faith
        judgment of our management, such statements can only be based on facts and
        factors currently known by them.  Consequently, and because
        forward-looking statements are inherently subject to risks and uncertainties,
        the actual results and outcomes may differ materially from the results and
        outcomes discussed in the forward-looking statements.  You are urged
        to carefully review and consider the various disclosures made by us in this
        report and in our other reports as we attempt to advise interested parties
        of
        the risks and factors that may affect our business, financial condition,
        and
        results of operations and prospects.
 
 **Overview**
 
 We
        focus
        on the development of opportunities to invest in eligible portfolio companies
        providing early stage capital, strategic guidance and operational
        support.
 
 Our
        principal objective is long-term capital appreciation.  We may invest
        in debt securities of these companies, or may acquire an equity interest
        in the
        form of common or preferred stock, warrants or options to acquire stock or
        the
        right to convert the debt securities into stock.  We may invest alone,
        or as part of a larger investment group.  Consistent with our status
        as a BDC and the purposes of the regulatory framework for BDC’s under the 1940
        Act, we will offer to provide managerial assistance, potentially in the form
        of
        a consulting agreement or in the form of a board of director’s seat, to the
        developing companies in which we invest.
 
 In
        addition, we may acquire either a minority or controlling interest in mature
        companies in a roll-up strategy.  It is anticipated that any
        acquisitions will be primarily in exchange for our common stock, or a
        combination of cash and stock.  The principal objective of
        acquisitions pursuant to a roll-up strategy would be to consolidate an industry
        and either sell the acquired entities as a larger unit, or take the unit
        public
        through an initial public offering, spin-off to our shareholders, or reverse
        merger into a publicly traded shell corporation.
 
 We
        operate as an externally managed investment company.  Our operations
        will be governed by an Investment Advisory Management Agreement to be entered
        into between us and a new investment advisory limited liability company which
        will be formed and wholly-owned by our Chairman, George Morris.  We
        have not elected to qualify to be taxed as a regulated investment company
        as
        defined under Subchapter M of the Internal Revenue Code.
 
 Our
        common stock trades on the over the counter bulletin board under the symbol
        “EMEC.”
 
 Our
        financial statements have been prepared assuming we will continue as a going
        concern.  Because we have historically incurred operating losses, and
        expect those losses to continue in the future, our Certified Public Accountants
        included an explanatory paragraph in their report raising substantial doubt
        about our ability to continue as a going concern.
 
 **Regulation
        as a BDC**
 
 Although
        the 1940 Act exempts a BDC from registration under that Act, it contains
        significant limitations on the operations of BDC’s.  Among other
        things, the 1940 Act contains prohibitions and restrictions relating to
        transactions between a BDC and its affiliates, principal underwriters and
        affiliates of its affiliates or underwriters, and it requires that a majority
        of
        the BDC’s directors be persons other than “interested persons,” as defined under
        the 1940 Act.  The 1940 Act also prohibits a BDC from changing the
        nature of its business so as to cease to be, or to withdraw its election
        as, a
        BDC unless so authorized by the vote of the holders of a majority of its
        outstanding voting securities.  BDC’s are not required to maintain
        fundamental investment policies relating to diversification and concentration
        of
        investments within a single industry.
  17
 *Table
            of Contents*
  Generally,
        a BDC must be primarily engaged in the business of furnishing capital and
        providing managerial expertise to companies that do not have ready access
        to
        capital through conventional financial channels.  Such portfolio
        companies are termed “eligible portfolio companies.”  More
        specifically, in order to qualify as a BDC, a company must (1) be a domestic
        company; (2) have registered a class of its equity securities or have filed
        a
        registration statement with the Securities and Exchange Commission pursuant
        to
        Section 12 of the Securities Exchange Act of 1934; (3) operate for the purpose
        of investing in the securities of certain types of portfolio companies, namely
        immature or emerging companies and businesses suffering or just recovering
        from
        financial distress; (4) extend significant managerial assistance to such
        portfolio companies; and (5) have a majority of “disinterested” directors (as
        defined in the 1940 Act).
 
 An
        eligible portfolio company is, generally, a U.S. company that is not an
        investment company and that (1) does not have a class of securities registered
        on an exchange or included in the Federal Reserve Board’s over-the-counter
        margin list; or (2) is actively controlled by a BDC and has an affiliate
        of a
        BDC on its board of directors; or (3) meets such other criteria as may be
        established by the Securities and Exchange Commission.  Control under
        the 1940 Act is generally presumed to exist where a BDC owns 25% of the
        outstanding voting securities of the company.
 
 The
        1940
        Act prohibits or restricts companies subject to the 1940 Act from investing
        in
        certain types of companies, such as brokerage firms, insurance companies,
        investment banking firms and investment companies.  Moreover, the 1940
        Act limits the type of assets that BDC’s may acquire to “qualifying assets” and
        certain assets necessary for its operations (such as office furniture, equipment
        and facilities) if, at the time of acquisition, less than 70% of the value
        of
        the BDC’s assets consist of qualifying assets.  Qualifying assets
        include: (1) securities of companies that were eligible portfolio companies
        at
        the time the BDC acquired their securities; (2) securities of bankrupt or
        insolvent companies that were eligible at the time of the BDC’s initial
        acquisition of their securities but are no longer eligible, provided that
        the
        BDC has maintained a substantial portion of its initial investment in those
        companies; (3) securities received in exchange for or distributed in or with
        respect to any of the foregoing; and (4) cash items, government securities
        and
        high-quality short-term debt.  The 1940 Act also places restrictions
        on the nature of the transactions in which, and the persons from whom,
        securities can be purchased in order for the securities to be considered
        qualifying assets.  These restrictions include limiting purchases to
        transactions not involving a public offering and acquiring securities from
        either the portfolio company or its officers, directors, or
        affiliates.
 
 A
        BDC is
        permitted to invest in the securities of public companies and other investments
        that are not qualifying assets, but those kinds of investments may not exceed
        30% of the BDC’s total asset value at the time of the investment.
 
 A
        BDC
        must make significant managerial assistance available to the issuers of eligible
        portfolio securities in which it invests.  Making available
        significant managerial assistance means, among other things, any arrangement
        whereby the BDC, through its directors, officers or employees, offers to
        provide, and, if accepted does provide, significant guidance and counsel
        concerning the management, operations or business objectives and policies
        of a
        portfolio company.  The portfolio company does not have to accept the
        BDC’s offer of managerial assistance, and if they do accept may be required to
        pay prevailing market rates for the services.
  18
 *Table
            of Contents*
  We
        do not currently have any
        subsidiaries or EPC’s, however we do have an operating division that provides
        services for the duplication, replication, and packaging of DVD’s and
        CD’s.  We are actively seeking quality eligible portfolio companies in
        which to make an investment and provide managerial assistance.
 
 **Results
        of Operations for the Three Months Ended March 31, 2007 and
        2006**
 
 Introduction
 
 Our
        revenues for the fourth quarter of 2007 were $16,307, compared to $116,074
        for
        the same quarter in 2006, a decrease of approximately 86%.  This large
        decrease was a result of a decrease in the number of customers for our CD
        duplication business.
 
 Revenues
        and Loss from Operations
 
 Our
        revenue, cost of revenue, total operating expenses, and loss from operations
        for
        the three months ended March 31, 2007, as compared to the three months ended
        March 31, 2006, and December 31, 2006, are as follows:
 
 3
                  Months
                Ended
                March
                  31,
                2007
              
              
              3
                  Months
                Ended
                March
                  31,
                2006
              
              
              Percentage
                Change
              
              
              3
                  Months
                Ended
                December
                  31,
                2006Revenue
              
              $
              16,307
              
              
              $
              116,074
              
              
              
              (86.0
              )%
              
              $
              17,853Cost
                  of revenue
              
              
              9,087
              
              
              
              77,520
              
              
              
              (88.3
              )%
              
              
              13,099Total
                  operating expenses
              
              
              30,355
              
              
              
              29,518
              
              
              
              2.8
              %
              
              
              17,761Income
                  (loss) from operations
              
              $
              (23,135
              )
              
              $
              9,036
              
              
              
              (356.0
              )%
              
              $
              (13,008
              )
 
 Our
        revenues for the three months ended March 31, 2007 decreased to $16,307 compared
        to $116,074 for the three months ended March 31, 2006, and $17,853 for the
        three
        months ended December 31, 2006.  The decrease in revenues for the
        fourth quarter of 2007 compared to the fourth quarter of 2006 was due to
        reduced
        purchases of replication services.
 
 During
        the three month periods ended March 31, 2007 and 2006 and December 31, 2006,
        we
        incurred a cost of revenue of $9,087, $77,520, and $13,099,
        respectively.  Our cost of revenue as a percentage of revenue has
        decreasedat 55.7%, 66.8%, and 73.4% for the three month periods ended March
        31,
        2007 and 2006 and December 31, 2006, respectively.  The decrease in
        our cost of revenue as a percentage of revenue in recent periods is attributed
        to a decrease in the number of customers for our CD duplication
        business.
 
 Non-Operating
        Income (Expense) and Net Income (Loss)
 
 Our
        other income and expenses and net
        loss for the three months ended March 31, 2007 and 2006, as compared to the
        three months ended December 31, 2006 are as follows:
  19
 *Table
            of Contents*
 
 3
                  Months
                Ended
                March
                  31,
                2007
              
              
              3
                  Months
                Ended
                March
                  31, 2006
              
              
              Percentage
                Change
              
              
              3
                  Months
                Ended
                December
                  31,
                2006Other
                  income
              
              $
              4,590
              
              
              $
              -
              
              
              
              -
              
              
              $
              -Interest
                  expense
              
              
              (4,284
              )
              
              
              (3,253
              )
              
              
              31.7
              %
              
              
              (3,843
              )Net
                  income (loss)
              
              $
              (22,830
              )
              
              $
              5,783
              
              
              
              (494.8
              )%
              
              $
              (11,368
              )
 
 **Results
        of Operations for the Years ended March 31, 2007 and 2006**
 
 Introduction
 
 In
        2007,
        our revenues were $156,728, compared to $274,301 in 2006, a decrease of
        approximately 43%.  This decrease was a result of a decrease in the
        number of customers for our CD duplication business.
  Revenues
        and Loss from Operations
 
 Our
        revenue, cost of revenue, total operating expenses, and loss from operations
        for
        the year ended March 31, 2007 as compared to the year ended March 31, 2006
        and
        2005 are as follows:
 
 Year
                  Ended
                March
                  31,
                2007
              
              
              Year
                  Ended
                March
                  31,
                2006
              
              
              Percentage
                Change
              
              
              Year
                  Ended
                March
                  31,
                2005Revenue
              
              $
              156,728
              
              
              $
              274,301
              
              
              
              (42.9
              )%
              
              $
              235,652Cost
                  of revenue
              
              
              100,064
              
              
              
              177,586
              
              
              
              (43.7
              )%
              
              
              122,611Total
                  operating expenses
              
              
              95,565
              
              
              
              109,884
              
              
              
              (13.0
              )%
              
              
              183,745Loss
                  from Operations
              
              $
              (38,902
              )
              
              $
              (13,169
              )
              
              
              195.4
              %
              
              $
              (70,704
              )
 
 Revenues
        for the year ended March 31, 2007 were $156,728 a decrease of $117,573 from
        $274,301, for the same period ended March 31, 2006.  All of our
        revenue was generated by our electronic media duplication, replication, and
        packaging division.  The decrease in revenue was due to a decrease in
        the number of customers for our CD duplication business.
 
 Cost
        of
        revenues for the year ended March 31, 2007 was $100,064, a decrease of $77,522
        from $177,586 for the same period ended March 31, 2006.  The decrease
        in cost of revenues was primarily due to the decrease in revenue compared
        to
        last year.
  20
 *Table
            of Contents*
  Operating
        expenses were $95,565 and $109,884, respectively, for the years ended March
        31,
        2007 and 2006.  The operating expenses incurred during each of the
        years were:
 
 Year
                  Ended
                March
                  31,
                2007
              
              
              Year
                  Ended
                March
                  31,
                2006
              
              
              Percentage
                Change
              
              
              Year
                  Ended
                March
                  31,
                2005Operating
                  Expenses:Professional
                  fees
              
              $
              40,916
              
              
              $
              33,519
              
              
              
              22.1
              %
              
              $
              19,827Salaries
                  and related expenses
              
              
              30,769
              
              
              
              36,997
              
              
              
              (16.8
              )%
              
              
              39,155Consulting
                  fees paid to related parties
              
              
              500
              
              
              
              12,000
              
              
              
              (95.8
              )%
              
              
              -Bad
                  debts from related party
              
              
              -
              
              
              
              -
              
              
              
              %
              
              
              90,426Other
              
              
              23,380
              
              
              
              27,368
              
              
              
              (14.6
              )%
              
              
              34,337Total
                  Operating Expenses
              
              
              95,565
              
              
              
              109,884
              
              
              
              (13.0
              )%
              
              
              183,745
 
 Total
        operating expenses were $95,565
        for the year ended March 31, 2007 versus $109,884 for the year ended March
        31, 2006, which resulted in a decrease of $14,319.  Operating expenses
        consist primarily of professional fees, salaries and related expenses,
        consulting fees paid to related parties, bad debts from related party, and
        other.  The overall decrease in operating expenses was primarily due
        to the decrease in consulting fees paid to related parties of $500 in 2006,
        compared to $12,000 the prior year period.  The decrease of $11,500
        was due to a reduction in consulting fees paid to Apple Realty,
        Inc.  In addition there was a decrease of $6,228 from $36,997, to
        $30,769 in salaries and related expenses during the twelve months ending
        March
        31, 2007, compared to the same prior period.  The decrease in salaries
        and related expenses was due to the officers and employees taking salary
        reductions and not accruing salaries.  There was also a 14.6% decrease
        in other expense in 2007 compared to 2006.  These decreases were
        partially offset by an increase in professional fees of $40,916, and $33,519,
        for the year ending March 31, 2007, and 2006, respectively.
 
 Non-Operating
        Income (Expense) and Net Income (Loss)
 
 Our
        other
        income and expenses and net loss for the years ended March 31, 2007, 2006
        and
        2005 are as follows:
 
 Year
                  Ended
                March
                  31,
                2007
              
              
              Year
                  Ended
                March
                  31,
                2006
              
              
              Percentage
                Change
              
              
              Year
                  Ended
                March
                  31,
                2005Other
                  income
              
              $
              5,395
              
              
              $
              -
              
              
              
              -
              
              
              $
              -Interest
                  expense
              
              
              (15,137
              )
              
              
              (12,032
              )
              
              
              25.8
              %
              
              
              (10,818
              )Total
                  other income (expenses)
              
              
              (9,742
              )
              
              
              (12,032
              )
              
              
              (19.0
              )%
              
              
              (10,818
              )Net
                  income (loss)
              
              $
              (49,444
              )
              
              $
              (26,001
              )
              
              
              90.2
              %
              
              
              (82,322
              )
  21
 *Table
            of Contents*
  The
        interest expense for each of the years presented is related to notes owed
        to
        George Morris, our Chairman, Chief Financial Officer and Secretary.
 
 During
        the twelve months ended March 31, 2007, our total other expenses decreased
        by
        19.0% compared to the twelve months ended March 31, 2006.  The
        decrease was primarily the result of a $5,395 gain on the settlement of debts
        in
        2006.  The net loss for the year ended March 31, 2007 was $49,444,
        versus a net loss of $26,001 for the year ended March 31, 2006.  This
        resulted in a 90.2% increase in net loss in 2006 compared to 2005.
 
 **Liquidity
        and Capital Resources**
 
 Introduction
  During
        the twelve months ended March 31, 2007, we had a net loss of $(49,444), but
        a
        positive cash flow from operations of $12,940.  Because our revenues
        are small, almost any change in our revenues or operating expenses has a
        material effect, and we anticipate that our net profit or loss, and operating
        profit or loss, will continue to vary widely from time period to time
        period.
 
 Our
        cash
        and cash equivalents, accounts receivable, total current assets, total current
        liabilities, and total liabilities as of March 31, 2007, as compared to March
        31, 2006, December 31, 2006, and March 31, 2005 were as follows:
 
 March
                  31,
              
              
              March
                  31,
              
              
              December
                  31,
              
              
              March
                  31,2007
              
              
              2006
              
              
              2006
              
              
              2005Cash
              
              $
              1,118
              
              
              $
              6,448
              
              
              $
              4,484
              
              
              $
              6,865Accounts
                  receivable
              
              
              10,988
              
              
              
              124,767
              
              
              
              12,200
              
              
              
              62,045Total
                  current assets
              
              
              88,144
              
              
              
              148,333
              
              
              
              16,685
              
              
              
              68,910Total
                  assets
              
              
              88,144
              
              
              
              148,333
              
              
              
              86,959
              
              
              
              68,910Total
                  current liabilities
              
              
              338,478
              
              
              
              349,223
              
              
              
              314,464
              
              
              
              288,799Total
                  liabilities
              
              
              338,478
              
              
              
              349,223
              
              
              
              314,464
              
              
              
              288,799
 
 Cash
        Requirements
 
 As
        of
        March 31, 2007, we had a total shareholder deficit of $250,335.  Our
        cash obligations are anticipated to increase substantially over the next
        12
        months.  The cash would be utilized for operational expenses and
        general working capital.  Funds will also be utilized for continued
        legal and professional fees as a result of continuing litigation and reserve
        or
        deposit requirements which are a result of our administrative support business
        of Enstruxis.  We intend for these funding requirements to be
        fulfilled through either equity or debt financing.
 
 Sources
        and Uses of Cash
 
 *Operations*
 
 Net
        cash
        provided by (used in) operating activities for the twelve months ended March
        31,
        2007 and 2006 were $12,940 and $(32,328), respectively.  For the
        twelve months ended March 31, 2007, the net loss of $(49,444) was primarily
        offset by a decrease in accounts receivable of $113,779.  Net cash
        provided by operating activities increased due to the aforementioned decrease
        in
        accounts receivable of $113,779.  We anticipate that we will continue
        to operate at approximately break-even and generate a small positive cash
        flow
        from the operations of our DVD and CD division.
  22
 *Table
            of Contents*
  *Financing*
 
 Net
        cash
        provided by (used in) financing activities for the twelve months ended March
        31,
        2007 and 2006, were $(18,270) and $31,911, respectively..
 
 **Critical
        Accounting Policies**
 
 Our
        accounting policies are fully described in Note 2 to our consolidated financial
        statements.  The following describes the general application of
        accounting principles that impact our consolidated financial
        statements.
 
 Our
        results of operations are based upon our consolidated financial statements,
        which have been prepared in accordance with accounting principals generally
        accepted in the United States.  The preparation of these financial
        statements requires us to make estimates and judgments that affect the reported
        amounts of assets, liabilities, revenues and expenses, and related disclosure
        of
        contingent assets and liabilities.  On an on-going basis, we evaluate
        our estimates, including those related to bad debt, inventories, investments,
        intangible assets, income taxes, financing operations, and contingencies
        and
        litigation.
 
 We
        base
        our estimates on historical experience and on various other assumptions that
        are
        believed to be reasonable under the circumstances, the results of which form
        the
        basis for making judgments about the carrying values of assets and liabilities
        that are not readily apparent from other sources.  Actual results may
        differ from these estimates under different assumptions or
        conditions.
 
 **Off-balance
        Sheet Arrangements**
 
 We
        have
        no off-balance sheet arrangements that are reasonably likely to have a current
        or future effect on our financial condition, changes in financial condition,
        revenues or expenses, results of operations, liquidity, capital expenditures
        or
        capital resources that is deemed by our management to be material to
        investors.
 
 **ITEM
        7A – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
        RISK**
 
 Since
        we
        have very few assets and no eligible portfolio companies, there is no
        quantitative information, as of the end of March 31, 2007, about market risk
        that has any impact on our present business.  Once we begin making
        investments in eligible portfolio companies we anticipate there will be market
        risk sensitive instruments and we will disclose the applicable market risk
        information at that time.
 
 Our
        primary financial instruments are cash in banks and money market
        instruments.  We do not believe that these instruments are subject to
        material potential near-term losses in future earnings from reasonably possible
        near-term changes in market rates or prices.  We do not have
        derivative financial instruments for speculative or trading
        purposes.  We are not currently exposed to any material currency
        exchange risk.
  23
 *Table
            of Contents*
  **ITEM
        8 – FINANCIAL STATEMENTS AND SUPPLEMENTARY
        DATA**
 
 Report
                  of Independent Certified Public Accountants
              F-1Balance
                  Sheet as of March 31, 2007 and 2006
              F-2Statement
                  of Operations for the fiscal years ended March 31, 2007, 2006 and
                  2005
              F-3Statement
                  of Changes in Stockholders’ Equity for the fiscal years ended March 31,
                  2007, 2006 and 2005
              F-4Statements
                  of Cash Flows for the fiscal years ended March 31, 2007, 2006 and
                  2005
              F-5Notes
                  to Financial Statements
              F-6
                  - F-14
 *Table
              of Contents*
  **REPORT
          OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
 
 
 To
          the
          Stockholders and Board of Directors
 Morris
          Business Development Company, Corporation
 
 We
          have
          audited the accompanying balance sheet of Morris Business Development Company,
          formerly Electronic Media Central, a California Corporation (the “Company”) as
          of March 31, 2007 and 2006 and the related statements of operations,
          stockholders’ deficit and cash flows for the years ended March 31, 2007, 2006
          and 2005. These financial statements are the responsibility of the Company’s
          management. Our responsibility is to express an opinion on these financial
          statements based on our audits.
 
 We
          conducted our audits of these statements in accordance with the standards
          of the
          Public Company Accounting Oversight Board (United States). Those standards
          require that we plan and perform the audit to obtain reasonable assurance
          about
          whether the financial statements are free of material
          misstatement.  An audit includes examining, on a test basis, evidence
          supporting the amounts and disclosures in the financial statements. An
          audit
          also includes assessing the accounting principles used and significant
          estimates
          made by management, as well as evaluating the overall financial statement
          presentation. We believe that our audits provide a reasonable basis for
          our
          opinion.
 
 In
          our
          opinion, the financial statements referred to above present fairly, in
          all
          material respects, the financial position of Morris Business Development
          Company, Corporation as of March 31, 2007 and 2006 and the results of its
          operations and its cash flows for the years ended March 31, 2007, 2006
          and 2005
          in conformity with accounting principles generally accepted in the United
          States
          of America.
 
 The
          accompanying financial statements have been prepared assuming that the
          Company
          will continue as a going concern.  As discussed in Note 3 to the
          financial statements, the Company’s significant operating losses and
          insufficient capital raise substantial doubt about its ability to continue
          as a
          going concern.  Management’s plans regarding those matters also are
          described in Note 3.  The financial statements do not include any
          adjustments that might result from the outcome of this uncertainty.
 
 
 KABANI
          & COMPANY, INC.
 CERTIFIED
          PUBLIC ACCOUNTANTS
 
 Los
          Angeles, California
 
 June
          14,
          2007
 F
            -
            1
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT COMPANY, CORPORATION**
 **(FORMERLY
        ELECTRONIC MEDIA CENTRAL, CORPORATION)**
 **BALANCE
        SHEETS**
 **MARCH
        31, 2007 AND 2006**
 
 **2007**
              
              
              **2006****ASSETS****CURRENT
                  ASSETS**Cash
                  & cash equivalents
              
              $
              1,118
              
              
              $
              6,448Accounts
                  receivable, net of allowance for doubtful accounts of $3,700 and
                  $3,700
                  respectively
              
              
              10,988
              
              
              
              124,767Due
                  from related parties
              
              
              76,037
              
              
              
              17,118Total
                  assets
              
              $
              88,144
              
              
              $
              148,333**LIABILITIES
                  AND STOCKHOLDERS' DEFICIT****CURRENT
                  LIABILITIES**Accounts
                  payable & accrued expenses
              
              $
              77,924
              
              
              $
              130,519Notes
                  payable - related parties
              
              
              114,000
              
              
              
              112,800Due
                  to related party
              
              
              7,850
              
              
              
              11,348Due
                  to officer
              
              
              138,704
              
              
              
              94,556Total
                  current liabilities
              
              
              338,478
              
              
              
              349,223**STOCKHOLDERS'
                  DEFICIT**Preferred
                  stock, $0.001 par value;10,000,000 shares authorized;none issued
                  and
                  outstanding
              
              
              -
              
              
              
              -Common
                  stock, $0.02 par value;40,000,000 shares authorized;
                  1,300,000  and 1,300,000 shares issued and outstanding
                  respectively
              
              
              26,000
              
              
              
              26,000Additional
                  paid in capital
              
              
              42,600
              
              
              
              42,600Accumulated
                  deficit
              
              
              (318,935
              )
              
              
              (269,490
              )Total
                  stockholders' deficit
              
              
              (250,335
              )
              
              
              (200,890
              )Total
                  liabilities and stockholders' deficit
              
              $
              88,144
              
              
              $
              148,333
 
 *The
        accompanying notes are an integral part of these financial
        statements*
  F
            -
            2
 *Table
            of Contents*
 
 **MORRIS
        BUSINESS DEVELOPMENT COMPANY, CORPORATION**
 **(FORMERLY
        ELECTRONIC MEDIA CENTRAL, CORPORATION)**
 **STATEMENTS
        OF OPERATIONS**
 **FOR
        THE YEARS ENDED MARCH 31, 2007, 2006 AND 2005**
 
 **2007**
              
              
              **2006**
              
              
              **2005****Net
                  revenues**
              
              $
              156,728
              
              
              $
              274,301
              
              
              $
              235,652**Cost
                  of revenues**
              
              
              100,064
              
              
              
              177,586
              
              
              
              122,611Gross
                  profit
              
              
              56,663
              
              
              
              96,715
              
              
              
              113,041**Operating
                  expenses**Professional
                  fees
              
              
              40,916
              
              
              
              33,519
              
              
              
              19,827Salaries
                  and related expenses
              
              
              30,769
              
              
              
              36,997
              
              
              
              39,155Consulting
                  fees paid to related party
              
              
              500
              
              
              
              12,000
              
              
              
              -Bad
                  debts from related party
              
              
              -
              
              
              
              -
              
              
              
              90,426Other
              
              
              23,380
              
              
              
              27,368
              
              
              
              34,337Total
                  operating expenses
              
              
              95,565
              
              
              
              109,884
              
              
              
              183,745**Loss
                  from operations**
              
              
              (38,902
              )
              
              
              (13,169
              )
              
              
              (70,704
              )Non-operating
                  income (expense)Interest
                  expense
              
              
              (15,137
              )
              
              
              (12,032
              )
              
              
              (10,818
              )Gain
                  on settlement of debts
              
              
              5,395
              
              
              
              -
              
              
              
              -Total
                  other expense
              
              
              (9,742
              )
              
              
              (12,032
              )
              
              
              (10,818
              )**Loss
                  before income taxes**
              
              
              (48,644
              )
              
              
              (25,201
              )
              
              
              (81,522
              )Provision
                  for income taxes
              
              
              800
              
              
              
              800
              
              
              
              800**Net
                  loss**
              
              $
              (49,444
              )
              
              $
              (26,001
              )
              
              $
              (82,322
              )**Basic
                  and diluted weighted average number of common stock
                  outstanding**
              
              
              1,300,000
              
              
              
              1,181,644
              
              
              
              1,000,000**Basic
                  and diluted net loss per share**
              
              $
              (0.04
              )
              
              $
              (0.02
              )
              
              $
              (0.08
              )
 
 Weighted
        average number of shares used to compute basis and diluted loss per share
        is the
        same since the effect of dilutive securities is anti-dilutive
 
 *The
        accompanying notes are an integral part of these financial
        statements*
  F
            -
            3
 *Table
            of Contents*
 
 **MORRIS
        BUSINESS DEVELOPMENT COMPANY, CORPORATION**
 **(FORMERLY
        ELECTRONIC MEDIA CENTRAL, CORPORATION)**
 **STATEMENTS
        OF STOCKHOLDERS' DEFICIT**
 **FOR
        THE YEARS ENDED MARCH 31, 2007, 2006 AND 2005**
 
 **Common
                  stock**
              
              
              
              
              
              
              
              
              **Total****Number
                  of**
              
              
              
              
              
              **Additional**
              
              
              **Accumulated**
              
              
              **stockholders'****shares**
              
              
              **Amount**
              
              
              **paid
                  in capital**
              
              
              **deficit**
              
              
              **deficit****Balance
                  as of March 31, 2004**
              
              
              1,000,000
              
              
              $
              20,000
              
              
              $
              3,600
              
              
              $
              (161,167
              )
              
              $
              (137,567
              )Net
                  income for the year
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (82,322
              )
              
              
              (82,322
              )**Balance
                  as of March 31, 2005**
              
              
              1,000,000
              
              
              
              20,000
              
              
              
              3,600
              
              
              
              (243,489
              )
              
              
              (219,889
              )Shares
                  issued for cash
              
              
              300,000
              
              
              
              6,000
              
              
              
              39,000
              
              
              
              -
              
              
              
              45,000Net
                  loss for the year
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (26,001
              )
              
              
              (26,001
              )**Balance
                  as of March 31, 2006**
              
              
              1,300,000
              
              
              
              26,000
              
              
              
              42,600
              
              
              
              (269,490
              )
              
              
              (200,890
              )Net
                  loss for the year
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              (49,444
              )
              
              
              (49,444
              )**Balance
                  as of March 31, 2007**
              
              
              1,300,000
              
              
              $
              26,000
              
              
              $
              42,600
              
              
              $
              (318,935
              )
              
              $
              (250,335
              )
 
 *The
        accompanying notes are an integral part of these financial
        statements*
  F
            -
            4
 *Table
            of Contents*
 
 **MORRIS
        BUSINESS DEVELOPMENT COMPANY, CORPORATION**
 **(FORMERLY
        ELECTRONIC MEDIA CENTRAL, CORPORATION)**
 **STATEMENTS
        OF CASH FLOWS**
 **FOR
        THE YEARS ENDED MARCH 31, 2007, 2006 AND 2005**
 
 **2007**
              
              
              **2006**
              
              
              **2005****CASH
                  FLOWS FROM OPERATING ACTIVITIES:**Net
                  loss
              
              
              (49,444
              )
              
              $
              (26,001
              )
              
              $
              (82,322
              )Adjustments
                  to reconcile net loss to net cash provided by (used in)operating
                  activities:Bad
                  debts from related party
              
              
              -
              
              
              
              -
              
              
              
              90,426Gain
                  on debt settlement
              
              
              (5,395
              )
              
              
              -
              
              
              
              -Related
                  party note payable issued for consulting fees & office
                  expense
              
              
              1,200
              
              
              
              3,600
              
              
              
              -Decrease
                  (Increase) in accounts receivable
              
              
              113,779
              
              
              
              (62,722
              )
              
              
              (28,783
              )Increase
                  (Decrease) in accounts payable
              
              
              (47,200
              )
              
              
              52,795
              
              
              
              16,250Net
                  cash provided by (used in) operating activities
              
              
              12,940
              
              
              
              (32,328
              )
              
              
              (4,429
              )**CASH
                  FLOWS FROM FINANCING ACTIVITIES:**Common
                  shares issued for cash
              
              
              -
              
              
              
              45,000
              
              
              
              -Proceeds
                  from loans from officers
              
              
              44,148
              
              
              
              21,738
              
              
              
              30,696Decrease
                  (Increase) in receivables from related party
              
              
              (58,919
              )
              
              
              (34,827
              )
              
              
              (20,403
              )Increase
                  (decrease) in due to affiliates
              
              
              (3,498
              )
              
              
              -
              
              
              
              -Net
                  cash provided by (used in) financing activities
              
              
              (18,270
              )
              
              
              31,911
              
              
              
              10,293NET
                  DECREASE IN CASH & CASH EQUIVALENTS
              
              
              (5,330
              )
              
              
              (417
              )
              
              
              5,864**CASH
                  & CASH EQUIVALENTS, BEGINNING BALANCE**
              
              
              6,448
              
              
              
              6,865
              
              
              
              1,001**CASH
                  & CASH EQUIVALENTS, ENDING BALANCE**
              
              $
              1,118
              
              
              $
              6,448
              
              
              $
              6,865**SUPPLEMENTARY
                  DISCLOSURES OF CASH FLOW INFORMATION:**Interest
                  paid during the year
              
              $
              -
              
              
              $
              -
              
              
              $
              -Taxes
                  paid during the year
              
              $
              -
              
              
              $
              -
              
              
              $
              -
 
 *The
        accompanying notes are an integral part of these financial
        statements*
  F
            -
            5
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
   **NOTE
                  1**
              **ORGANIZATION**
 
 On
        April
        1, 1998, Morris Business Development Company, formerly Electronic Media Central,
        Corporation (the Company or MBDC) was incorporated in California (formerly
        a
        division of Internet Infinity, Inc. (III)).  The Company is engaged in
        providing services for duplication, replication and packaging of DVDs and
        CDs.
 
 As
        of May
        12, 2006 the Company filed Form N-54A with the United States Securities Exchange
        Commission to become a business development company by certifying that it
        is a
        closed-end company (mutual fund) organized and operated for the purpose of
        making investments in securities described in section 55 (a)(1) through (3)
        of
        the Investment Company Act of 1940; and that it will make available significant
        managerial assistance to American companies with respect to issuers of such
        securities to the extent required by the act.
 
 The
        Company has commenced the development of new management consulting services
        to
        assist American client companies in complying with the reporting requirements
        to
        the government and in communicating with shareholders, customers and the
        public
        and the accessing of needed growth capital.
 
 On
        March
        29, 2007 the Company registered a name change to Morris Business Development
        Company with the California Secretary of State.
 
 **NOTE
                    2**
                **SUMMARIES
                    OF SIGNIFICANT ACCOUNTING POLICIES & REALIZATION OF
                    ASSETS**
  **Use
        of estimates**
 
 The
        preparation of financial statements in conformity with generally accepted
        accounting principles requires management to make estimates and assumptions
        that
        affect the reported amounts of assets and liabilities and disclosure of
        contingent assets and liabilities at the date of the financial statements
        and
        the reported amounts of revenues and expenses during the reporting period.
        Actual results could differ from those estimates.
  **Cash
        and cash equivalents**
 
 The
        Company considers all liquid investments with a maturity of three months
        or less
        from the date of purchase that are readily convertible into cash to be cash
        equivalents.
  **Accounts
        Receivable**
 
 The
        Company maintains reserves for potential credit losses on accounts
        receivable.  Management reviews the composition of accounts receivable
        and analyzes historical bad debts, customer concentrations, customer credit
        worthiness, current economic trends and changes in customer payment patterns
        to
        evaluate the adequacy of these reserves.  Reserves are recorded
        primarily on a specific identification basis. Accounts receivable and allowance
        for doubtful debts amounted to $3,700 and $3,700 as at March 31, 2007 and
        2006
        respectively.
  F
            -
            6
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 **Long-lived
        assets**
 
 Effective
        January 1, 2002, the Company adopted Statement of Financial Accounting Standards
        No.  144,  "Accounting  for  the
        Impairment or Disposal of Long-Lived Assets" ("SFAS 144"), which addresses
        financial accounting and reporting for the
        impairment  or  disposal  of  long-lived  assets  and  supersedes  SFAS
        No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
        Assets to be  Disposed Of," and the accounting and reporting
        provisions of APB Opinion No.
        30,  "Reporting  the  Results  of  Operations  for  a
        Disposal of a Segment of a Business."  The Company periodically
        evaluates the carrying value of long-lived assets to be held and used in
        accordance with SFAS 144.  SFAS 144 requires impairment losses to be
        recorded on long-lived assets used in operations when indicators of impairment
        are present and the undiscounted cash flows estimated to be generated by
        those
        assets are less than the assets' carrying amounts.  In
        that  event,  a  loss  is  recognized  based
        on the amount by which the carrying
        amount  exceeds  the  fair  market  value  of  the  long-lived  assets.  Loss
        on long-lived assets to be disposed of is determined in a similar manner,
        except
        that fair market values are reduced for the cost of disposal.
 
 
 **ACCOUNT
        PAYABLE & ACCRUED EXPENSES**
 
 Accrued
        expenses consisted of the following at March 31, 2007 and 2006:
 
 2007
              
              
              2006Account
                  payable
              
              $
              25,605
              
              
              
              87,718Accrued
                  state
                  tax
              
              
              2,357
              
              
              
              1,557Accrued
                  interest
              
              
              37,462
              
              
              
              28,744Accrued
                  accounting
              
              
              12,500
              
              
              
              12,500Total
              
              $
              77,924
              
              
              $
              130,519
   **Income
        taxes**
 
 The
        Company utilizes SFAS No. 109, "Accounting for Income Taxes," which requires
        the
        recognition of deferred tax assets and liabilities for the expected future
        tax
        consequences of events that have been included in the financial statements
        or
        tax returns. Under this method, deferred income taxes are recognized for
        the tax
        consequences in future years of differences between the tax bases of assets
        and
        liabilities and their financial reporting amounts at each period end based
        on
        enacted tax laws and statutory tax rates applicable to the periods in which
        the
        differences are expected to affect taxable income. Valuation allowances are
        established, when necessary, to reduce deferred tax assets to the amount
        expected to be realized.
  F
            -
            7
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 The
        Company accounts for income taxes in accordance with SFAS No. 109, "Accounting
        for Income Taxes." Deferred taxes are provided on the liability method whereby
        deferred tax assets are recognized for deductible temporary differences,
        and
        deferred tax liabilities are recognized for taxable temporary differences.
        Temporary differences are the differences between the reported amounts of
        assets
        and liabilities and their tax bases. Deferred tax assets are reduced by a
        valuation allowance when, in the opinion of management, it is more likely
        than
        not that some portion or all of the deferred tax assets will not be realized.
        Deferred tax assets and liabilities are adjusted for the effects of changes
        in
        tax laws and rates on the date of enactment. . For the years ended March
        31,
        2007 and 2006, such differences were insignificant.
 
 
 **Stock-based
        compensation**
 
 The
        Company adopted SFAS No. 123 (Revised 2004), Share Based Payment (“SFAS
        No. 123R”), under the modified-prospective transition method on
        January 1, 2006. SFAS No. 123R requires companies to measure and
        recognize the cost of employee services received in exchange for an award
        of
        equity instruments based on the grant-date fair value. Share-based compensation
        recognized under the modified-prospective transition method of SFAS
        No. 123R includes share-based compensation based on the grant-date fair
        value determined in accordance with the original provisions of SFAS
        No. 123, Accounting for Stock-Based Compensation, for all share-based
        payments granted prior to and not yet vested as of January 1, 2006 and
        share-based compensation based on the grant-date fair-value determined in
        accordance with SFAS No. 123R for all share-based payments granted after
        January 1, 2006. SFAS No. 123R eliminates the ability to account for
        the award of these instruments under the intrinsic value method prescribed
        by
        Accounting Principles Board (“APB”) Opinion No. 25, Accounting for Stock
        Issued to Employees, and allowed under the original provisions of SFAS
        No. 123. Prior to the adoption of SFAS No. 123R, the Company accounted
        for our stock option plans using the intrinsic value method in accordance
        with
        the provisions of APB Opinion No. 25 and related interpretations. The
        company did not have any warrants outstanding as at March 2007 and
        2006.
 
 
 **Fair
        value of financial instruments**
 
 Statement
        of financial accounting standard No. 107, Disclosures about fair value of
        financial instruments, requires that the Company disclose estimated fair
        values
        of financial instruments. The carrying amounts reported in the statements
        of
        financial position for current assets and current liabilities qualifying
        as
        financial instruments are a reasonable estimate of fair value.
 
 
 **Revenue
        Recognition**
 
 The
        Company's revenue recognition policies are in compliance with Staff accounting
        bulletin (SAB) 104. Sales revenue is recognized at the date of shipment to
        customers when a formal arrangement exists, the price is fixed or determinable,
        the delivery is completed, no other significant obligations of the Company
        exist
        and collectibility is reasonably assured.
  F
            -
            8
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 **Advertising
        and Marketing Costs**
 
 The
        Company expenses costs of advertising and marketing as incurred. Advertising
        and
        marketing expense for the years ended March 2007, 2006 and 2005 were
        insignificant.
 
 
 **Segment
        Reporting**
 
 Statement
        of Financial Accounting Standards No. 131 ("SFAS 131"), "Disclosure about
        Segments of an Enterprise and Related Information" requires use of the
        "management approach" model for segment reporting. The management approach
        model
        is based on the way a company's management organizes segments within the
        company
        for making operating decisions and assessing performance. Reportable segments
        are based on products and services, geography, legal structure, management
        structure, or any other manner in which management disaggregates a company.
        SFAS
        131 has no effect on the Company’s financial statements as substantially all of
        the Company's operations are conducted in one industry segment.
 
 Basic
        and
        Diluted Earnings Per Share
 
 Earnings
        per share is calculated
        in accordance with the Statement of financial accounting standards No. 128
        (SFAS
        No. 128), “Earnings per share”. SFAS No. 128 superseded Accounting Principles
        Board Opinion No.15 (APB 15). Net loss per share for all periods presented
        has
        been restated to reflect the adoption of SFAS No. 128. Basic net loss per
        share
        is based upon the weighted average number of common shares outstanding. Diluted
        net loss per share is based on the assumption that all dilutive convertible
        shares and stock options were converted or exercised. Dilution is computed
        by
        applying the treasury stock method. Under this method, options and warrants
        are
        assumed to be exercised at the beginning of the period (or at the time of
        issuance, if later), and as if funds obtained thereby were used to purchase
        common stock at the average market price during the period.
 
 
 **Reclassifications**
 
 Certain
        comparative amounts have been reclassified to conform to the current year's
        presentation.
 
 
 **Recent
        Pronouncements**
 
 In
        February 2006, FASB issued SFAS No. 155, "Accounting for Certain Hybrid
        Financial Instruments". SFAS No. 155 amends SFAS No 133, "Accounting for
        Derivative Instruments and Hedging Activities", and SFAS No. 140, "Accounting
        for Transfers and Servicing of Financial Assets and Extinguishments of
        Liabilities".  SFAS No. 155, permits fair value remeasurement for any
        hybrid financial instrument that contains an embedded derivative that otherwise
        would require bifurcation, clarifies which interest-only strips and
        principal-only strips are not subject to the requirements of SFAS No. 133,
        establishes a requirement to evaluate interest in securitized financial assets
        to identify interests that are freestanding derivatives or that are hybrid
        financial instruments that contain an embedded derivative requiring bifurcation,
        clarifies that concentrations of credit risk in the form of subordination
        are
        not embedded derivatives, and amends SFAS No. 140 to eliminate the prohibition
        on the qualifying special-purpose entity from holding a derivative financial
        instrument that pertains to a beneficial interest other than another derivative
        financial instrument.  This statement is effective for all financial
        instruments acquired or issued after the beginning of the Company's first
        fiscal
        year that begins after September 15, 2006.  SFAS No. 155 is not expected to
        have a material effect on the financial position or results of operations
        of the
        Company.
  F
            -
            9
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 In
        March
        2006 FASB issued SFAS 156, “Accounting for Servicing of Financial
        Assets.”  This Statement amends FASB Statement No. 140, “Accounting
        for Transfers and Servicing of Financial Assets and Extinguishments of
        Liabilities,”**with respect to the accounting for separately
        recognized servicing assets and servicing liabilities. This
        Statement:
 
 1.
              Requires
                  an entity to recognize a servicing asset or servicing liability
                  each time
                  it undertakes an obligation to service a financial asset by entering
                  into
                  a servicing contract.
 2.
              Requires
                  all separately recognized servicing assets and servicing liabilities
                  to be
                  initially measured at fair value, if
                  practicable.
 3.
              Permits
                  an entity to choose ‘Amortization method’ or ‘Fair value measurement
                  method’ for each class of separately recognized servicing assets and
                  servicing liabilities.
 4.
              At
                  its initial adoption, permits a one-time reclassification of
                  available-for-sale securities to trading securities by entities
                  with
                  recognized servicing rights, without calling into question the
                  treatment
                  of other available-for-sale securities under Statement 115, provided
                  that
                  the available-for-sale securities are identified in some manner
                  as
                  offsetting the entity’s exposure to changes in fair value of servicing
                  assets or servicing liabilities that a servicer elects to subsequently
                  measure at fair value.
 5.
              Requires
                  separate presentation of servicing assets and servicing liabilities
                  subsequently measured at fair value in the Balance Sheet and additional
                  disclosures for all separately recognized servicing assets and
                  servicing
                  liabilities.
 
 This
        Statement is effective as of the beginning of the Company’s first fiscal year
        that begins after September 15, 2006. Management believes that this statement
        will not have a significant impact on the financial statements
 
 In
        September 2006, FASB issued SFAS 157 ‘Fair Value Measurements’. This Statement
        defines fair value, establishes a framework for measuring fair value in
        generally accepted accounting principles (GAAP), and expands disclosures
        about
        fair value measurements. This Statement applies under other accounting
        pronouncements that require or permit fair value measurements, the Board
        having
        previously concluded in those accounting pronouncements that fair value is
        the
        relevant measurement attribute. Accordingly, this Statement does not require
        any
        new fair value measurements. However, for some entities, the application
        of this
        Statement will change current practice. This Statement is effective for
        financial statements issued for fiscal years beginning after November 15,
        2007,
        and interim periods within those fiscal years. The management is currently
        evaluating the effect of this pronouncement on financial
        statements.
  F
            -
            10
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 In
        September 2006, FASB issued SFAS 158 ‘Employers’ Accounting for Defined Benefit
        Pension and Other Postretirement Plans—an amendment of FASB Statements No. 87,
        88, 106, and 132(R)’ This Statement improves financial reporting by requiring an
        employer to recognize the overfunded or underfunded status of a defined benefit
        postretirement plan (other than a multiemployer plan) as an asset or liability
        in its statement of financial position and to recognize changes in that funded
        status in the year in which the changes occur through comprehensive income
        of a
        business entity or changes in unrestricted net assets of a not-for-profit
        organization. This Statement also improves financial reporting by requiring
        an
        employer to measure the funded status of a plan as of the date of its year-end
        statement of financial position, with limited exceptions. An employer with
        publicly traded equity securities is required to initially recognize the
        funded
        status of a defined benefit postretirement plan and to provide the required
        disclosures as of the end of the fiscal year ending after December 15, 2006.
        An
        employer without publicly traded equity securities is required to recognize
        the
        funded status of a defined benefit postretirement plan and to provide the
        required disclosures as of the end of the fiscal year ending after June 15,
        2007. However, an employer without publicly traded equity securities is required
        to disclose the following information in the notes to financial statements
        for a
        fiscal year ending after December 15, 2006, but before June 16, 2007, unless
        it
        has applied the recognition provisions of this Statement in preparing those
        financial statements:
  a.
              A
                  brief description of the provisions of this
                  Statement
 b.
              The
                  date that adoption is required
 c.
              The
                  date the employer plans to adopt the recognition provisions of
                  this
                  Statement, if earlier.
  The
        requirement to measure plan assets and benefit obligations as of the date
        of the
        employer’s fiscal year-end statement of financial position is effective for
        fiscal years ending after December 15, 2008. The management is currently
        evaluating the effect of this pronouncement on financial
        statements.
 
 In
        February 2007, FASB issued FASB Statement No. 159, The Fair Value Option
        for
        Financial Assets and Financial Liabilities. FAS 159 is effective for fiscal
        years beginning after November 15, 2007. Early adoption is permitted subject
        to
        specific requirements outlined in the new Statement. Therefore, calendar-year
        companies may be able to adopt FAS 159 for their first quarter 2007 financial
        statements.
 
 The
        new
        Statement allows entities to choose, at specified election dates, to measure
        eligible financial assets and liabilities at fair value that are not otherwise
        required to be measured at fair value. If a company elects the fair value
        option
        for an eligible item, changes in that item's fair value in subsequent reporting
        periods must be recognized in current earnings. FAS 159 also establishes
        presentation and disclosure requirements designed to draw comparison between
        entities that elect different measurement attributes for similar assets and
        liabilities. The management is currently evaluating the effect of this
        pronouncement on financial statements.
  F
            -
            11
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 **NOTE
                  3**
              **UNCERTAINTY
                  OF ABILITY TO CONTINUE AS A GOING
                  CONCERN**
 
 The
        Company's financial statements are prepared using the generally accepted
        accounting principles applicable to a going concern, which contemplates the
        realization of assets and liquidation of liabilities in the normal course
        of
        business.  However, the Company has accumulated deficit of $318,935 at
        March 31, 2007, and its total liabilities exceeds its total assets by
        $250,335.
 
 In
        view
        of the matters described above, recoverability of a major portion of the
        recorded asset amounts shown in the accompanying balance sheets is dependent
        upon continued operations of the Company, which in turn is dependent upon
        the
        Company’s ability to raise additional capital, obtain financing and to succeed
        in its future operations.  The financial statements do not include any
        adjustments relating to the recoverability and classification of recorded
        asset
        amounts or amounts and classification of liabilities that might be necessary
        should the Company be unable to continue as a going concern.
 
 Management
        has taken the following steps to revise its operating and financial
        requirements, which it believes are sufficient to provide the Company with
        the
        ability to continue as a going concern.  The Company is actively
        pursuing the new business development company activities and additional funding
        from strategic partners, which would enhance stockholders’ investment.
        Management believes that the above actions will allow the Company to continue
        operations through the next fiscal year.
 
 **NOTE
                  4**
              **STOCKHOLDERS’
                  DEFICIT**
 
 During
        the year ended March 31, 2006,  the Company
        issue  300,000  shares of its common  stock to its
        Chairman for cash  amounting  $45,000,  which is
        the market value at the date the
        board  authorized  the  issuance.  All
        these  shares  were issued in reliance upon the
        exemption  from registration  provided by Regulation D, Rule
        506 of the  Securities  and Exchange  Commission
        and Section 4(2) of the Securities Act. No underwriters were used for the
        sales.
 
 
 During
        the year ended March 31, 2005, the company did not issue any
        shares.
 
 
 **NOTE
                  5**
              **RELATED
                  PARTY TRANSACTIONS**
 
 The
        Company has a receivable of $76,037 and $17,118 from and a payable of $7,850
        and
        $11,348 to parties related through common shareholder and officer of the
        Company. The amounts are temporary loan in normal course of business, interest
        free, unsecured and due on demand.
 
 The
        Company has a note payable to a related party through common shareholder
        and
        officer. The note amounts to $114,000 and $112,800 as of March 31, 2007 and
        2006, respectively, due on demand, and is secured by assets of
        EMC.  Interest shall accrue at 6% per annum, due and payable upon
        demand.  This note is the remaining unpaid consulting fees and office
        expense provided by the related party. During the twelve month periods ended
        March 31, 2007, $1,200 of unpaid office expense was added to the note. The
        interest payable amounting to $ 37,462 and $28,745 at March 31, 2007 and
        2006,
        respectively, is included in the accompanying financial
        statements.
  F
            -
            12
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 The
        Company has a payable to the Company’s chairman.  The loan amounting
        $122,899 and $94,556 at March 31, 2007 and 2006, respectively, carries an
        interest rate of 6 % per annum, is unsecured and due on March 31, 2008. The
        company recorded interest of $6,419, $3,925, and $3,311 for the twelve month
        periods ended March 31, 2007, 2006 and 2005, respectively. The total interest
        payable on the loan amounted to $15,805 and $9,386 at March 31, 2007 and
        2006,
        respectively, and has been included in due to officer in the accompanying
        financial statements.
 
 George
        Morris is the chairman of Morris Business Development Company, formerly
        Electronic Media Central, Corporation.  As of March 31, 2007, Mr.
        Morris’ beneficial ownership percentages of related companies’ common stock is
        as follows:
 
 Morris
                Business Development Company, formerly Electronic Media Central,
                Corporation (the Company)
              
              
              82.87
              %Internet
                Infinity, Inc.
              
              
              85.06
              %Morris
                & Associates, Inc.
              
              
              71.30
              %Apple
                Realty, Inc.
              
              
              100.00
              %
 
 
 **NOTE
                  6**
              **CONCENTRATION
                  OF CREDIT RISK**
 
 For
        the
        year ended March 31, 2007, 2006 and 2005, revenue from the top three customers
        represents 58 %, 8 % and 8 % of the Company’s total revenue, respectively.
        Accounts receivable balance outstanding from these customers was $2,917 and
        $115,601 as of March 31, 2007 and 2006, respectively.
 
 For
        total
        purchases for the twelve month periods ended March 31, 2007, and 2006 the
        Company had three top vendors who represent 23 %, 13% and 13 % of the Company’s
        total purchases.  Accounts payable balance outstanding for these
        vendors was $12,540 and $60,735 as of March 31, 2007 and 2006,
        respectively.
 
 
 **NOTE
                  7**
              **INCOME
                  TAXES**
 
 No
        provision was made for federal income tax for the year ended March 31, 2007,
        2006 and 2005, since the Company had significant net operating loss. The
        net
        operating loss carryforwards may be used to reduce taxable income through
        the
        year 2026. The availability of the Company’s net operating loss carryforwards
        are subject to limitation if there is a 50% or more positive change in the
        ownership of the Company’s stock. The provision for income taxes consists of the
        state minimum tax imposed on corporations.
 
 The
        net
        operating loss carryforward for federal and state income tax purposes of
        approximately $310,067 as of March 31, 2007.
  F
            -
            13
 *Table
            of Contents*
  **MORRIS
        BUSINESS DEVELOPMENT CORPORATION**
 **NOTES
        TO UNAUDITED FINANCIAL STATEMENTS**
 
 The
        Company has recorded a 100% valuation allowance for the deferred tax asset
        due
        to the uncertainty of its realization.
 
 The
        components of the net deferred tax asset are summarized below:
 
 Deferred
                  tax asset – net operating loss
              
              $
              124,694
              
              
              $
              104,916Less
                  valuation allowance
              
              
              (124,694
              )
              
              
              (104,916
              )Net
                  deferred tax asset
              
              $
              -
              
              
              $
              -
 
 The
        following is a reconciliation of the provision for income taxes at the U.S.
        federal income tax rate to the income taxes reflected in the Statement of
        Operations:
 
 March
                  31, 2007
              
              
              March
                  31, 2006
              
              
              March
                  31, 2005Tax
                  expense (credit) at statutory rate-federal
              
              
              (34
              )%
              
              
              (34
              )%
              
              
              (34
              )%State
                  tax expense net of federal tax
              
              
              (6
              )
              
              
              (6
              )
              
              
              (6
              )Changes
                  in valuation allowance
              
              
              40
              
              
              
              40
              
              
              
              40Tax
                  expense at actual rate
              
              
              -
              
              
              
              -
              
              
              
              -Income
                  tax expense consisted of the following:
 
 2007
              
              
              2006
              
              
              2005Current
                  tax expense:Federal
              
              $
              -
              
              
              $
              -
              
              
              
              -State
              
              
              800
              
              
              
              800
              
              
              
              800Total
                  current
              
              $
              800
              
              
              $
              800
              
              
              
              800
 
 
 Deferred
                  tax credit:Federal
              
              $
              16,811
              
              
              $
              8,840
              
              
              
              27,989State
              
              
              2,967
              
              
              
              1,560
              
              
              
              4,939Total
                  deferred
              
              $
              19,778
              
              
              $
              10,400
              
              
              
              32,929Less:
                  valuation allowance
              
              
              (19,778
              )
              
              
              (10,400
              )
              
              
              (32,929
              )Net
                  deferred tax credit
              
              
              -
              
              
              
              -
              
              
              
              -Tax
                  expense
              
              $
              800
              
              
              $
              800
              
              
              
              800
  F
            -
            14
 *Table
            of Contents*
  **ITEM
        9 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
        ACCOUNTING AND FINANCIAL DISCLOSURE**
 
 There
        have been no events required to be reported by this Item 9.
 
 **ITEM
        9A – CONTROLS AND PROCEDURES**
 
 Evaluation
        of Disclosure Controls and Procedures
 
 We
        conducted an evaluation, with the
        participation of our Chief Executive Officer and Chief Financial Officer,
        of the
        effectiveness of the design and operation of our disclosure controls and
        procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
        Exchange Act of 1934, as amended, or the Exchange Act, as of March 31, 2007,
        to
        ensure that information required to be disclosed by us in the reports filed
        or
        submitted by us under the Exchange Act is recorded, processed, summarized
        and
        reported, within the time periods specified in the Securities Exchange
        Commission’s rules and forms, including to ensure that information required to
        be disclosed by us in the reports filed or submitted by us under the Exchange
        Act is accumulated and communicated to our management, including our principal
        executive and principal financial officers, or persons performing similar
        functions, as appropriate to allow timely decisions regarding required
        disclosure.  Based on that evaluation, our Chief Executive Officer and
        Chief Financial Officer have concluded that as of March 31, 2007, our disclosure
        controls and procedures were not effective at the reasonable assurance level
        due
        to the material weaknesses described below.
 
 In
        light of the material weaknesses
        described below, we performed additional analysis and other post-closing
        procedures to ensure our consolidated financial statements were prepared
        in
        accordance with generally accepted accounting
        principles.  Accordingly, we believe that the consolidated financial
        statements included in this report fairly present, in all material respects,
        our
        financial condition, results of operations and cash flows for the periods
        presented.
 
 A
        material weakness is a control
        deficiency (within the meaning of the Public Company Accounting Oversight
        Board
        (PCAOB) Auditing Standard No. 2) or combination of control deficiencies,
        that
        results in more than a remote likelihood that a material misstatement of
        the
        annual or interim financial statements will not be prevented or
        detected.  Management has identified the following three material
        weaknesses which have caused management to conclude that, as of March 31,
        2007,
        our disclosure controls and procedures were not effective at the reasonable
        assurance level:
  24
 *Table
            of Contents*
  1.           We
        do not have written documentation of our internal control policies and
        procedures.  Written documentation of key internal controls over
        financial reporting is a requirement of Section 404 of the Sarbanes-Oxley
        Act
        and will be applicable to us for the year ending December 31,
        2007.  Management evaluated the impact of our failure to have written
        documentation of our internal controls and procedures on our assessment of
        our
        disclosure controls and procedures and has concluded that the control deficiency
        that resulted represented a material weakness.
 
 2.           We
        do not have sufficient segregation of duties within accounting functions,
        which
        is a basic internal control.  Due to our size and nature, segregation
        of all conflicting duties may not always be possible and may not be economically
        feasible.  However, to the extent possible, the initiation of
        transactions, the custody of assets and the recording of transactions should
        be
        performed by separate individuals.  Management evaluated the impact of
        our failure to have segregation of duties on our assessment of our disclosure
        controls and procedures and has concluded that the control deficiency that
        resulted represented a material weakness.
 
 3.           We
        have had, and continue to have, a significant number of audit
        adjustments.  Audit adjustments are the result of a failure of the
        internal controls to prevent or detect misstatements of accounting
        information.  The failure could be due to inadequate design of the
        internal controls or to a misapplication or override of
        controls.  Management evaluated the impact of our significant number
        of audit adjustments and has concluded that the control deficiency that resulted
        represented a material weakness.
 
 To
        address these material weaknesses,
        management performed additional analyses and other procedures to ensure that
        the
        financial statements included herein fairly present, in all material respects,
        our financial position, results of operations and cash flows for the periods
        presented.
 
 Remediation
        of Material Weaknesses
 
 We
        have attempted to remediate the
        material weaknesses in our disclosure controls and procedures identified
        above
        by working with our independent registered public accounting firm
        and refining our internal procedures.  To date, we have not been
        successful in reducing the number of audit adjustments, but will continue
        our
        efforts in the coming fiscal year.
 
 Changes
        in Internal Control over Financial Reporting
 
 Except
        as noted above, there were no
        changes in our internal control over financial reporting, as defined in Rules
        13a-15(f) and 15d-15(f) under the Exchange Act, during our most recently
        completed fiscal quarter that have materially affected, or are reasonably
        likely
        to materially affect, our internal control over financial
        reporting.
 
 **ITEM
        9B – OTHER INFORMATION**
 
 All
        information required to be filed on a Form 8-K during the three months ended
        March 31, 2007 was filed with the Commission on a Form
        8-K.
  25
 *Table
            of Contents*
  **PART
        III**
 
 **ITEM
        10 – DIRECTORS,  EXECUTIVE OFFICERS AND CORPORATE
        GOVERNACE**
 
 The
        following table sets forth the names and ages of the current directors and
        executive officers of the Company, the principal offices and positions with
        the
        Company held by each person and the date such person became a director or
        executive officer of the Company.  The executive officers of the
        Company are elected annually by the Board of Directors.  The directors
        serve one-year terms until their successors are elected.  The
        executive officers serve terms of one year or until their death, resignation
        or
        removal by the Board of Directors.  Unless described below, there are
        no family relationships among any of the directors and officers.
 
 Name
              
              Age
              
              Position(s)George
                  Morris, Ph.D.
              
              67
              
              Chairman
                  of the Board (1998); President; Chief Financial Officer and Secretary
                  (1998); and Vice President (2005)Roger
                  Casas
              
              57
              
              Director
                  (1999); Chief Executive Officer (2005); and Vice
                  PresidentShirlene
                  Bradshaw
              
              67
              
              Director
                  (1999); Business Manager
 
 **GEORGE
        MORRIS, Ph.D**.  Dr. Morris has been the Chairman of the Board
        of Directors, principal shareholder, Chief Financial Officer and Secretary
        of
        Morris Business Development Company since we were incorporated on March 10,
        1998.  Dr. Morris has also been the Chairman and Vice President of
        Internet Infinity, Inc., the parent company and owner of 100% of our
        shares.  Dr Morris assumed the duties of President in 2006 to operate
        the  Business Development Company.  Dr. Morris is also the
        President of Apple Realty, Inc. doing business as Hollywood Riviera Studios
        since 1974 and the Chairman of the Board of Directors of L&M Media, Inc.
        since 1990. Dr. Morris is also the Founder and has been the President, Chairman
        of the Board of Directors and principal of Morris Financial, Inc., a NASD
        member
        broker-dealer firm, since its inception in 1987.  He has been active
        in designing, negotiation and acquiring all equipment, facilities and systems
        for manufacturing, accounting and operations of Morris Business Development
        Company and its affiliates.  Dr. Morris has produced over 20
        computer-training programs in video and interactive hypertext multimedia
        CD-ROM
        versions, as well as negotiating Morris Business Development Company and
        its
        affiliate distribution and supplier agreements.  Dr. Morris earned a
        Bachelor of Business Administration and Masters of Business Administration
        from
        the University of Toledo, and a Ph.D. (Doctorate) in Marketing and Finance
        and
        Educational Psychology from the University of Texas.  Prior to
        founding Morris Business Development Company and its affiliates, Dr. Morris
        had
        20 years of academic experience as a professor of Management, Marketing,
        Finance
        and Real Estate at the University of Southern California (1969 - 1971) and
        the
        California State University (1971 - 1999).  During this period Dr.
        Morris served a Department Chairman for the Management and Marketing
        Departments.  He has since retired from teaching at the
        University.  Dr. Morris was the West Coast Regional Director of the
        American Society for Training and Development, a Director of the South Bay
        Business Roundtable and a speaker on a number of topics relating to business,
        training and education.  He most recently taught University courses
        about Internet Marketing for domestic and foreign markets and Sales Force
        Management.
  26
 *Table
            of Contents*
  **ROGER
        CASAS**.  Mr. Casas has been a Director of our company since
        1998.  He previously served as Vice President of Operations and
        currently is our Chief Executive Officer.  Mr. Casas has managed
        production, personnel, helped coordinate marketing efforts and managed
        packaging, printing and shipping on a daily basis.  Prior to joining
        Internet Infinity, Mr. Casas was a computer software marketing manager at
        More
        Media and a Financial Consultant for Stonehill Financial in Bel Air, California
        from 1986 to 1987; an Account Executive for Shearson Lehman Brothers in Rolling
        Hills, California from 1984 to 1986, and Dean Witter Reynolds in Torrance,
        California; and the owner and operator of the Hillside restaurant in Torrance,
        California.  Mr. Casas earned a Bachelor of Science in Business
        Administration, from Ashland University in Ashland, Oregon, along with a
        Bachelor of Art in Marketing and Psychology.  Mr. Casas holds Series
        22 and 7 licenses with the National Association of Securities Dealers, Inc.
        and
        is a registered representative with Morris Financial.
 
 **SHIRLENE
        BRADSHAW**. Ms. Bradshaw has been a Member of our Board of Directors
        since 1999.  Ms. Bradshaw has served as our Business Manager since
        1998.  She was the Business Manager for More Media, a provider of
        consumer special interest training programs and a predecessor company of
        Morris
& Associates, Inc. for over six years from 1992 to 1998.  She had
        extensive experience in office management and accounting before joining
        us.
 
 Audit
        Committee
 
 Our
        Directors serve as our audit committee.  There is no audit committee
        financial expert.  However, the audit committee has the authority to
        hire a financial expert any time it has the need for expert financial
        advice.
 
 Compliance
        with Section 16(a) of the Securities Exchange Act of 1934
 
 Section
        16(a) of the Securities Exchange Act of 1934 requires our directors and
        executive officers and persons who own more than 10 percent of a registered
        class of our equity securities to file with the SEC initial reports of ownership
        and reports of changes in ownership of Common Stock and other equity securities
        of the Company.  Officers, directors and greater than 10 percent
        shareholders are required by SEC regulations to furnish us with copies of
        all
        Section 16(a) forms they file.
 
 To
        our
        knowledge, none of the required parties are delinquent in their 16(a)
        filings.
 
 Code
        of Ethics
 
 We
        have
        adopted a Code of Ethics that applies to our Chief Executive Officer, Chief
        Financial Officer, and – should we acquire such – principal accounting officer
        or controller or persons performing similar functions.  A copy of the
        Code of Ethics was filed as an exhibit to the Form 10-KSB Annual Report for
        the
        fiscal year ended March 31, 2004.
  27
 *Table
            of Contents*
  **ITEM
        11 – EXECUTIVE COMPENSATION**
 
 The
        following tables set forth certain
        information about compensation paid, earned or accrued for services by (i)
        our
        Chief Executive Officer and (ii) all other executive officers who earned
        in
        excess of $100,000 in the fiscal year ended March 31, 2007 (“Named Executive
        Officers”):
  **Name
                  and**
                **Principal**
                **Position**
              **Fiscal**
                **Year**
              **Salary**
                **($)**
              **Bonus**
                **($)**
              **Stock**
                **Awards**
                **($)
                  ***
              **Option**
                **Awards**
                **($)
                  ***
              **Non-Equity**
                **Incentive
                  Plan**
                **Compensation
                  ($)**
              **Nonqualified**
                **Deferred**
                **Compensation
                  ($)**
              **All
                  Other**
                **Compensation**
                **($)**
              **Total**
                **($)**George
                  Morris
              2006
              2,400
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              2,400Chairman,
                  CFO, VP
              2005
              2,400
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              2,400Roger
                  Casas
              2006
              29,600
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              29,600Director,
                  President/ CEO
              2005
              29,600
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              29,600Shirlene
                  Bradshaw
              2006
              24,960
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              24,960Director
              2005
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
 
 *
              Based
                  upon the aggregate grant date fair value calculated in accordance
                  with the
                  Financial Accounting Standards Board (“FASB”) Statement of Financial
                  Accounting Standard (“FAS”) No. 123R, Share Based Payment.  Our
                  policy and assumptions made in valuation of share based payments
                  are
                  contained in Note 2 to our December 31, 2006 financial
                  statements.
 
 Employment
        Contracts
 
 We
        currently do not have any employment agreements with our officers.
 
 Other
        Compensation
 
 There
        are
        no annuity, pension or retirement benefits proposed to be paid to our officers,
        directors, or employees in the event of retirement at normal retirement date
        as
        there was no existing plan as of March 31, 2007, provided for or contributed
        to
        by us.
  28
 *Table
            of Contents*
  Director
        Compensation
 
 The
        following table sets forth director
        compensation as of March 31, 2007:
 
 **Name**
              **Fees**
                **Earned**
                **or
                  Paid**
                **in
                  Cash**
                **($)**
              **Stock**
                **Awards**
                **($)
                  ***
              **Option**
                **Awards**
                **($)
                  ***
              **Non-Equity**
                **Incentive
                  Plan**
                **Compensation**
                **($)**
              **Nonqualified**
                **Deferred**
                **Compensation**
                **Earnings**
                **($)**
              **All
                  Other**
                **Compensation**
                **($)**
              **Total**
                **($)**George
                  Morris
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-Roger
                  Casas
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-Shirlene
                  Bradshaw
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
              -0-
 
 *
              Based
                  upon the aggregate grant date fair value calculated in accordance
                  with the
                  Financial Accounting Standards Board (“FASB”) Statement of Financial
                  Accounting Standard (“FAS”) No. 123R, Share Based Payment.  Our
                  policy and assumptions made in valuation of share based payments
                  are
                  contained in Note 2 to our December 31, 2006 financial
                  statements.
 
 The
        compensation of each of our directors is fully furnished in the Summary
        Compensation Table above.
 
 Directors
        of the Company who are also employees do not receive cash compensation for
        their
        services as directors or members of the committees of the board of
        directors.  All directors may be reimbursed for their reasonable
        expenses incurred in connection with attending meetings of the board of
        directors or management committees.
 
 Outstanding
        Equity Awards at Fiscal Year-End
 
 The
        following table sets forth certain information concerning outstanding stock
        awards held by the Named Executive Officers as of March 31, 2007:
 
 **Option
                  Awards**
              **Stock
                  Awards****Name**
              **Number
                  of Securities Underlying Unexercised Options**
                **(#)**
                **Exercisable**
              **Number
                  of Securities Underlying Unexercised Options**
                **(#)**
                **Unexercisable**
              **Equity
                  Incentive Plan Awards: Number of Securities Underlying Unexercised
                  Unearned Options**
                **(#)**
              **Option
                  Exercise Price**
                **($)**
              **Option
                  Expiration Date**
              **Number
                  of Shares or Units of Stock That Have Not Vested**
                **(#)**
              **Market
                  Value of Shares or Units of Stock That Have Not
                  Vested**
                **($)**
              **Equity
                  Incentive Plan Awards: Number of Unearned Shares, Units or Other
                  Rights
                  That Have Not Vested**
                **(#)**
              **Equity
                  Incentive Plan Awards: Market or Payout Value of Unearned Shares,
                  Units or
                  Other Rights That Have Not Vested**
                **($)**George
                  Morris
              -0-
              -0-
              -0-
              N/A
              N/A
              -0-
              -0-
              -0-
              -0-Roger
                  Casas
              -0-
              -0-
              -0-
              N/A
              N/A
              -0-
              -0-
              -0-
              -0-
  29
 *Table
            of Contents*
  **ITEM
        12 – SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
        MANAGEMENT AND RELATED STOCKHOLDER MATTERS**
 
 The
        following table sets forth, as of June 29, 2007, certain information with
        respect to our equity securities owned of record or beneficially by (i) each
        Officer and Director of the Company; (ii) each person who owns beneficially
        more
        than 5% of each class of the Company’s outstanding equity securities; and (iii)
        all Directors and Executive Officers as a group.
 
 Name
                  and Address (1)
              
              Nature
                  of
                Affiliation
              
              Common
                  Stock
                Ownership
              
              Percentage
                  of
                Common
                  Stock
                Ownership
                  (2)George
                  Morris (3)
              
              Director
              
              809,926
              
              62.3%Roger
                  Casas
                108
                  E. 228th
                  Street
                Carson,
                  CA  90745
              
              Director
              
              1,786
              
              <1%Shirlene
                  Bradshaw
                1900
                  W. Artesia #38
                Gardena,
                  CA  90745
              
              Director
              
              1,714
              
              <1%L&M
                  Media, Inc. (3)
              
              >10%
                  Owner
              
              217,714
              
              16.7%All
                  Officers and Directors as a Group (3 Persons)
              
              
              
              1,080,795
              
              83.1%
 
 (1)
              Unless
                  stated otherwise, the address of each beneficial owner is c/o 413
                  Avenue
                  G, #1, Redondo Beach,
                  CA  90277.
 
 (2)
              Unless
                  otherwise indicated, based on 1,300,000 shares of common stock
                  issued and
                  outstanding.  Shares of common stock subject to options or
                  warrants currently exercisable, or exercisable within 60 days,
                  are deemed
                  outstanding for purposes of computing the percentage of the person
                  holding
                  such options or warrants, but are not deemed outstanding for purposes
                  of
                  computing the percentage of any other
                  person.
 
 (3)
              Mr.
                  Morris is the registered holder of 809,926 shares of our common
                  stock but
                  is attributed the shares held by Hollywood Riviera Studios (49,655
                  shares)
                  and L&M Media, Inc. (217,714 shares), because he exercises voting
                  and/or dispositive power over the securities held by Hollywood
                  Riviera
                  Studios and L&M Media, Inc.
 
 The
        issuer is not aware of any person who owns of record, or is known to own
        beneficially, five percent or more of the outstanding securities of any class
        of
        the issuer, other than as set forth above.  The issuer is not aware of
        any person who controls the issuer as specified in section 2(a)(1) of the
        Investment Company Act of 1940.  There are no classes of stock other
        than common stock issued or outstanding.  Other than as set forth
        herein, there are no options, warrants, or other rights to acquire common
        stock
        outstanding.  We do not have an investment advisor.
  30
 *Table
            of Contents*
  **ITEM
        13 – CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND
        DIRECTOR INDEPENDENCE**
 
 We
        are under the control of George
        Morris, our Chairman and Chief Financial Officer, who beneficially owns 82.9%
        of
        our issued and outstanding common stock.
 
 The
        basis
        of his control is set forth below:
 
 ·
              Mr.
                  Morris directly owns 62.3% of our issued and outstanding common
                  stock;
 ·
              Mr.
                  Morris 100% of Hollywood Riviera Studios which owns 3.82% of our
                  issued
                  and outstanding common stock; and
 ·
              Mr.
                  Morris owns 100% of L&M Media, Inc. which owns 16.75% of our issued
                  and outstanding common stock.
 
 We
        had been either a division or a
        wholly-owned subsidiary of Internet Infinity, Inc., since incorporating our
        business in 1998.  Our shares previously owned by Internet Infinity
        were distributed on September 28, 2001 to the Internet Infinity shareholders
        of
        record on September 18, 2001.  We now operate independently of
        Internet Infinity but we share in common the office facilities, and officers
        and
        directors George Paul Morris, Roger Casas and Shirlene Bradshaw.
 
 We
        have a receivable of $17,118 from
        Internet Infinity, Inc. for temporary loans in the normal course of business,
        interest free, unsecured and due on demand.  Internet Infinity is a
        party related through a common controlling shareholder.  George Morris
        is our Chief Financial Officer, Vice President, Chairman of the Board of
        Directors and our controlling shareholder.  As of March 31, 2007, his
        beneficial ownership of the percentages of the outstanding voting shares
        of the
        related parties is listed below:
 
 ·
              Morris
                  Business Development Company
              82.87%·
              Internet
                  Infinity, Inc.
              85.1%·
              Morris
                  & Associates, Inc.
              71.30%·
              Apple
                  Realty, Inc.
              100.00%
 
 During
        the year ended March 31, 2005,
        we incurred bad debt expense amounting to $90,426 from write off of receivable
        from Internet Infinity.
 
 We
        have a loan payable of $114,000 to
        Apple Realty, Inc., a party related through a common controlling
        shareholder.  The loan is secured by our assets.  Interest
        accrues at 6% per annum, due and payable upon demand.  This loan is
        the remaining unpaid consulting fees and office expense provided by Apple
        Realty, Inc.  For the years ended March 31, 2007 and 2006, $1,200 and
        $3,600, respectively, of unpaid consulting fees and office expense was added
        to
        the loan.
 
 We
        recorded interest to Apple Realty,
        Inc. of $8,718, $8,107, and $7,507 for the years ended March 31, 2007, 2006,
        and
        2005, respectively.  The interest payable amounting to $37,462 for
        March 31, 2007 is included in account payable and accrued expense in the
        accompanying financial statements.
 
 During
        the year ended March 31, 2007,
        we incurred no consulting fees to Apple Realty, Inc.
  31
 *Table
            of Contents*
  We
        have a payable of $7,850 as of March
        31, 2007 to Morris & Associates, Inc., a party related through a common
        controlling shareholder.  The amounts are temporary loans in the
        normal course of business, interest free, unsecured and due on
        demand.
 
 We
        have a payable to George
        Morris.  The loan, amounting $122,899 at March 31, 2007, carries an
        interest  rate of 6% per annum, is unsecured, and due on October 1,
        2007.  We recorded interest of $6,420 for the year ended March 31,
        2007.  The total interest payable on officer's loan amounted to
        $15,805 at March 31, 2007 and is included in due to officer in the accompanying
        financial statements.
 
 During
        the year ended March 31, 2006,
        we issued 300,000 shares of our common stock to George Morris for cash
        consideration of $45,000, which was the market value on the date the board
        of
        directors authorized the issuance.
 
 **ITEM
        14 – PRINCIPAL ACCOUNTING FEES AND
        SERVIC**ES
 
 **Audit
        Fees**
 
 During
        the fiscal years ended March 31, 2007 and 2006, Kabani & Company, Inc.
        billed us $21,500 and $20,000, respectively, in fees for professional services
        for the audit of our annual financial statements and review of financial
        statements included in our Forms 10-K and 10-Q.
 
 **Audit
        – Related Fees**
 
 During
        the fiscal years ended March 31, 2007 and 2006, Kabani & Company, Inc.
        billed us $zero and $zero, respectively, in fees for assurance and related
        services related to the performance of the audit and review of our financial
        statements.
 
 **Tax
        Fees**
 
 During
        the fiscal years ended March 31, 2007 and 2006, Kabani & Company, Inc.
        billed us $zero and $zero respectively, in fees for professional services
        for
        tax planning and preparation.
 
 **All
        Other Fees**
 
 During
        the fiscal years ended March 31, 2007 and 2006, Kabani & Company, Inc. did
        not bill us for any other fees.
  32
 *Table
            of Contents*
  **PART
        IV**
 
 **ITEM
        15 – EXHIBITS, FINANCIAL STATEMENT
        SCHEDULES**
 
 **(a)(1)                      Financial
        Statements**
 
 The
        following financial statements are
        filed as part of this report:
 
 Report
                  of Independent Certified Public Accountants
              F-1Balance
                  Sheet as of March 31, 2007 and 2006
              F-2Statement
                  of Operations for the fiscal years ended March 31, 2007, 2006 and
                  2005
              F-3Statement
                  of Changes in Stockholders’ Equity for the fiscal years ended March 31,
                  2007, 2006 and 2005
              F-4Statements
                  of Cash Flows for the fiscal years ended March 31, 2007, 2006 and
                  2005
              F-5Notes
                  to Financial Statements
              F-6
                  - F-14
 
 **(a)(2)                      Financial
        Statement Schedules**
 
 We
        do not
        have any financial statement schedules required to be supplied under this
        Item.
 
 **(a)(3)                      Exhibits**
 
 Refer
        to
        (b) below.
 
 **(b)           Exhibits**
 
 3.1
                  (1)
              
              Articles
                  of Incorporation3.2
              
              Articles
                  of Amendment to Articles of Incorporation3.3
                  (1)
              
              Bylaws10.1
                  (2)
              
              Distribution  Agreement  Between  Electronic
                  Media Central and L&M Media, Inc., dba Apple Media14.1
                  (3)
              
              Code
                  of Ethics31.1
              
              Rule
                  13a-14(a)/15d-14(a) Certification of Chief Executive
                  Officer31.2
              
              Rule
                  13a-14(a)/15d-14(a) Certification of Chief Financial
                  Officer
  33
 *Table
            of Contents*
 
 32.1
              
              Chief
                  Executive Officer Certification Pursuant to 18 USC, Section 1350,
                  as
                  Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.32.2
              
              Chief
                  Financial Officer Certification Pursuant to 18 USC, Section 1350,
                  as
                  Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.
 
 (1)
              Incorporated
                  by reference to the Registrant’s Registration Statement on Form 10-SB,
                  filed on February 13, 2001.
 
 (2)
              Incorporated
                  by reference to the Registrant’s Registration Statement on Form 10-SB/A,
                  filed on April 13, 2001.
 
 (3)
              Incorporated
                  by reference to the Registrant’s Annual Report on Form 10-KSB, filed on
                  July 13, 2004.
  34
 *Table
            of Contents*
  **SIGNATURES**
 
 Pursuant
        to the requirements of Section 13 or 15(d) of the Securities Exchange Act
        of
        1934, the registrant has duly caused this report to be signed on its behalf
        by
        the undersigned, thereunto duly authorized.
 
 
 Morris
                  Business Development CompanyDated:  June
                  29, 2007
              /s/
                  Roger CasasBy:
              Roger
                  CasasIts:
              Chief
                  Executive Officer
 
 
 Pursuant
        to the requirements of the
        Securities Exchange Act of 1934, this report has been signed below by the
        following persons on behalf of the registrant and in the capacities and on
        the
        dates indicated.
 
 
 Dated:  June
                  29, 2007
              /s/
                  Roger CasasBy:
              Roger
                  Casas, Chief Executive Officer and DirectorDated:  June
                  29, 2007
              /s/
                  George MorrisBy:
              George
                  Morris, Chief Financial Officer, and ChairmanDated:  June
                  29, 2007
              /s/
                  Shirlene BradshawBy:
              Shirlene
                  Bradshaw, Director
   35