**UNITED
        STATES**
 **SECURITIES
        AND EXCHANGE COMMISSION**
 Washington,
        D.C. 20549
 
 **FORM
        10-QSB**
 
 (Mark
        One)
 **x** **QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT**
 **OF
        1934**
 
 For
        the
        quarterly period ended June 30, 2007
 
 or
 
 **o** **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 0-28955*
 
 **SYNDICATION,
        INC.**
 (Exact
        name of registrant as specified in its charter)
  Delaware
              57-2218873(State
                  or other jurisdiction of
              (I.R.S.
                  Employerincorporation
                  or organization)
              Identification
                  No.)
 
 1250
                  24th Street, NW
                Suite
                  300
                Washington,
                  D.C. 20037
                (Address
                  of principal executive offices (zip code))
                
                (202)
                  467-2788
                (Registrant's
                  telephone number, including area
                  code)
 
 Indicate
        by check mark whether the registrant (1) filed all reports required to be
        filed
        by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
        last 12
        months (or for such shorter period that the registrant was required to file
        such
        reports), and (2) has been subject to such filing requirements for the past
        90
        days. Yes x No o
 
 Indicate
        by check mark whether the registrant is a shell company (as defined by Rule
        12-b2 of the Exchange Act).
 Yes o No x
  At
        August
        17, 2007, there were 266,846,589 shares of common stock, $0.0001 par value
        per
        share, issued and outstanding.
 
 Transitional
        Small Business Disclosure Format (Check One): Yes o No x
  
  **PART
        I — FINANCIAL
        INFORMATION**
 
 **ITEM
        1. FINANCIAL STATEMENTS**
 
 **SYNDICATION,
        INC. AND SUBSIDIARY**
 (A
        Development Stage Company)
 Consolidated
        Balance Sheets
 
 ASSETS
 
 June
                      30,
                  
                  December
                      31,2007
                  
                  2006(Unaudited)CURRENT
                      ASSETSCash
                  
                  $
                  20,062
                  
                  $
                  205,561Prepaid
                      expenses
                  
                  
                  7,769
                  
                  
                  --
                  
                  
                  -Total
                      Current Assets
                  
                  
                  27,831
                  
                  
                  205,561Property
                      and equipment
                  
                  
                  95,246
                  
                  
                  -Accumulated
                      depreciation
                  
                  
                  (3,402
                  )
                  
                  --
                  
                  
                  -Net
                      Property and equipment
                  
                  
                  91,844
                  
                  
                  -Other
                      Assets
                  
                  
                  212
                  
                  
                  -Debt
                      Offering Costs
                  
                  
                  165,521
                  
                  
                  165,521Less:Accumulated
                      Amortization Debt Offering Costs
                  
                  
                  (75,783
                  )
                  
                  (48,197
                  )Total
                      Other Assets
                  
                  
                  89,950
                  
                  
                  117,324TOTAL
                      ASSETS
                  
                  $
                  209,625
                  
                  $
                  322,885
 The
        accompanying notes are an integral part of these consolidated financial
        statements.
  2
  **SYNDICATION,
        INC. AND SUBSIDIARY**
 (A
        Development Stage Company)
 Consolidated
        Balance Sheets (Continued)
 
 LIABILITIES
        AND STOCKHOLDERS’ EQUITY (DEFICIT)
  June
                    30,
                
                December
                    31,2007
                
                2006(Unaudited)CURRENT
                    LIABILITIESAccounts
                    payable
                
                $
                38,667
                
                $
                48,803Accounts
                    payable - related party
                
                
                134,203
                
                
                28,497Capital
                    lease obligation - current
                
                
                14,061
                
                
                -Note
                    payable - related party
                
                
                368,937
                
                
                368,937Interest
                    payable - related party
                
                
                61,565
                
                
                128,377Note
                    payable
                
                
                138,011
                
                
                138,011Interest
                    payable
                
                
                50,457
                
                
                45,985Interest
                    payable - convertible debenture
                
                
                185,555
                
                
                123,099Obligations
                    under capital lease-
                    current portionDirectors
                    fee accrued
                
                
                -
                
                
                48,040Derivative
                    Liability
                
                
                4,824,839
                
                
                2,614,266Total
                    Current Liabilities
                
                
                5,816,296
                
                
                3,544,015LONG
                    TERM LIABILITIESObligations
                    under capital lease
                
                
                68,629
                
                
                -Convertible
                    Debenture
                
                
                1,032,000
                
                
                1,074,300Debt
                    discount net of amortization
                
                
                (538,281
                )
                
                (746,146
                )Total
                    Long Term Liabilities
                
                
                562,348
                
                
                328,154STOCKHOLDERS’
                    EQUITY (DEFICIT)Preferred
                    stock: 20,000,000 shares authorized of$0.0001
                    par value, no shares issued and outstanding
                
                
                -
                
                
                -Common
                    stock: 3,000,000,000 shares authorized of $0.0001par
                    value, 266,846,589 shares issued andoutstanding
                    respectively
                
                
                26,685
                
                
                13,748Additional
                    paid-in capital
                
                
                4,847,489
                
                
                4,670,745Stock
                    subscriptions payable
                
                
                -
                
                
                2,500Stock
                    warrants payable
                
                
                8,231
                
                
                2,460Deficit
                    accumulated prior to the development stage
                
                
                (2,231,519
                )
                
                (2,231,519
                )Deficit
                    accumulated during the development stage
                
                
                (8,819,905
                )
                
                (6,007,218
                )Total
                    Stockholders’ Equity (Deficit)
                
                
                (6,169,019
                )
                
                (3,549,284
                )TOTAL
                      LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
                
                $
                209,625
                
                $
                322,885
  The
                    accompanying notes are an integral part of these consolidated
                    financial
                    statements.
  3
  **SYNDICATION,
        INC. AND SUBSIDIARY**
 (A
        Development Stage Company)
 Consolidated
        Statements of Operations
 (Unaudited)
 From
                        inceptionof
                        theDevelopmentstage
                        onFor
                        the Three Months Ended
                    
                    
                    For
                        the Six Months Ended
                    
                    
                    January
                        1, 2004June
                        30
                    
                    
                    June
                        30,
                    
                    
                    through2007
                    
                    
                    2006
                    
                    
                    2007
                    
                    
                    2006
                    
                    
                    June
                        30, 2007OPERATING
                      EXPENSESBad
                        debt expense (recovered)
                    
                    
                    (20,000
                    )
                    
                    6,750
                    
                    
                    (20,000
                    )
                    
                    56,314
                    
                    
                    383,916General
                        and administrative
                    
                    
                    42,544
                    
                    
                    88,534
                    
                    
                    69,886
                    
                    
                    101,373
                    
                    
                    1,064,308Consulting
                    
                    
                    72,000
                    
                    
                    22,880
                    
                    
                    144,000
                    
                    
                    68,805
                    
                    
                    1,971,267Total
                        Operating Expenses
                    
                    
                    94,544
                    
                    
                    118,164
                    
                    
                    193,886
                    
                    
                    226,492
                    
                    
                    3,419,491OPERATING
                        LOSS
                    
                    
                    (94,544
                    )
                    
                    (118,164
                    )
                    
                    (193,886
                    )
                    
                    (226,492
                    )
                    
                    (3,419,491
                    )OTHER
                        INCOME (EXPENSES)Amortization
                        of debt discount
                    
                    
                    (173,634
                    )
                    
                    (145,741
                    )
                    
                    (207,865
                    )
                    
                    (145,741
                    )
                    
                    (757,460
                    )Amortization
                        of debt offering costs
                    
                    
                    (13,793
                    )
                    
                    (14,546
                    )
                    
                    (27,586
                    )
                    
                    (21,322
                    )
                    
                    (97,105
                    )Amortization
                        of leased equipment
                    
                    
                    (3,402
                    )
                    
                    -
                    
                    
                    (3,402
                    )
                    
                    -
                    
                    
                    (3,402
                    )Amortization
                        of deferred fee
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (406,000
                    )Amortization
                        of other costs
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    167,063Interest
                        income
                    
                    
                    79
                    
                    
                    711
                    
                    
                    1,001
                    
                    
                    711
                    
                    
                    5,386Other
                        Income (expenses)
                    
                    
                    -
                    
                    
                    33,021
                    
                    
                    (21,709
                    )
                    
                    6,413
                    
                    
                    470,083Gain
                        (Loss) on investments
                    
                    
                    -
                    
                    
                    (35,101
                    )
                    
                    -
                    
                    
                    (52,273
                    )
                    
                    (420,210
                    )Gain
                        (Loss) on derivative liability
                    
                    
                    (2,094,332
                    )
                    
                    (393,580
                    )
                    
                    (2,268,206
                    )
                    
                    (242,126
                    )
                    
                    (3,842,528
                    )Interestexpense
                    
                    
                    (45,144
                    )
                    
                    (66,036
                    )
                    
                    (91,034
                    )
                    
                    (82,578
                    )
                    
                    (495,994
                    )Total
                        Other Income (Expenses)
                    
                    
                    (2,330,227
                    )
                    
                    (621,272
                    )
                    
                    (2,619,802
                    )
                    
                    (536,915
                    )
                    
                    (5,380,165
                    )LOSS
                        BEFORE INCOME TAXESAND
                        DISCONTINUED OPERATIONS
                    
                    
                    (2,424,771
                    )
                    
                    (739,437
                    )
                    
                    (2,812,687
                    )
                    
                    (763,407
                    )
                    
                    (8,799,656
                    )INCOME
                        TAX EXPENSE
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -LOSS
                        FROM CONTINUING OPERATIONS
                    
                    
                    (2,424,771
                    )
                    
                    (739,437
                    )
                    
                    (2,812,687
                    )
                    
                    (763,407
                    )
                    
                    (8,799,656
                    )LOSS
                        FROM DISCONTINUED OPERATIONS
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    (15,198
                    )
                    
                    (20,248
                    )NET
                        LOSS
                    
                    $
                    (2,424,771
                    )
                    $
                    (739,437
                    )
                    $
                    (2,812,687
                    )
                    $
                    (778,605
                    )
                    $
                    (8,819,904
                    )LOSS
                        PER SHARE FROM CONTINUING OPERATIONS
                    
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )LOSS
                        FROM DISCONTINUED OPERATIONS
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -
                    
                    
                    -BASIC
                        INCOME (LOSS) PER SHARE
                    
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )
                    $
                    (0.01
                    )WEIGHTED
                              AVERAGE NUMBER OF SHARES OUTSTANDING
                    
                    
                    266,846,589
                    
                    
                    99,993,946
                    
                    
                    223,753,991
                    
                    
                    99,993,946
  The
                        accompanying notes are an integral part of these consolidated
                        financial
                        statements.
 4
 **SYNDICATION,
              INC. AND SUBSIDIARY**
 (A
              Development Stage Company)
 Consolidated
              Statements of Cash Flows
 (Unaudited)
  From
                      Inceptionof
                      theDevelopmentStage
                      onFor
                        the Six Months EndedJune
                      31,
                  
                  January
                      1, 2004
                    Through2007
                  
                  2006
                  
                  June
                      30, 2007CASH
                      FLOWS FROM OPERATING ACTIVITIESNet
                      (Loss)
                  
                  $
                  (2,812,686
                  )
                  $
                  (778,605
                  )
                  $
                  (8,819,904
                  )Adjustments
                      to reconcile net loss to net cashprovided
                      (used) in operating activities:Common
                      Stock issued for services
                  
                  
                  87,248
                  
                  
                  -
                  
                  
                  1,520,480Stock
                      warrants for services
                  
                  
                  5,771
                  
                  
                  -
                  
                  
                  8,231Amortization
                      of debt discount
                  
                  
                  207,865
                  
                  
                  -
                  
                  
                  611,719Amortization
                      of debt offering costs
                  
                  
                  13,793
                  
                  
                  21,322
                  
                  
                  61,990Amortization
                      of deferred fees
                  
                  
                  -
                  
                  
                  -
                  
                  
                  406,000Amortization
                      of leased equipment
                  
                  
                  3,402
                  
                  
                  -
                  
                  
                  3,402Bad
                      debt expense
                  
                  
                  -
                  
                  
                  -
                  
                  
                  403,916Loss
                      on investment value
                  
                  
                  -
                  
                  
                  -
                  
                  
                  420,210Gain
                      on A/P write off
                  
                  
                  -
                  
                  
                  -
                  
                  
                  (39,932
                  )Unearned
                      compensation
                  
                  
                  -
                  
                  
                  -
                  
                  
                  190,000Loss
                      (Gain) on derivative liability
                  
                  
                  2,268,206
                  
                  
                  1,092,126
                  
                  
                  3,842,528Contributed
                      services
                  
                  
                  -
                  
                  
                  -
                  
                  
                  69,471Changes
                      in operating assets and liabilities:(Increase)
                      decrease in prepaid expenses
                  
                  
                  (7,769
                  )
                  
                  (1,400
                  )
                  
                  (7,769
                  )(Increase)
                      decrease in accounts receivable
                  
                  
                  -
                  
                  
                  10,450
                  
                  
                  -Decrease
                      in accounts payable
                  
                  
                  (10,136
                  )
                  
                  (65,467
                  )
                  
                  (17,341
                  )Increase
                      (decrease) in accounts payable - related party
                  
                  
                  105,705
                  
                  
                  15,292
                  
                  
                  133,202Increase
                      (decrease) in interest payable - related party
                  
                  
                  (66,812
                  )
                  
                  22,259
                  
                  
                  28,601Increase
                      (decrease) in interest payable - others
                  
                  
                  4,472
                  
                  
                  (2,291
                  )
                  
                  56,128Increase
                      (decrease) in interest payable - convertible debentures
                  
                  
                  62,456
                  
                  
                  47,463
                  
                  
                  181,536(Decrease)
                      in directors fee accrued
                  
                  
                  (48,040
                  )
                  
                  -
                  
                  
                  (44,000
                  )Increase
                      in debt offering costs
                  
                  
                  13,793
                  
                  
                  (105,521
                  )
                  
                  13,793Increase
                      in accrued expenses
                  
                  
                  -
                  
                  
                  -
                  
                  
                  38,641Increase
                      in accrued expenses related party
                  
                  
                  -
                  
                  
                  -
                  
                  
                  32,000Net
                      Cash Used in Operating Activities
                  
                  
                  (172,732
                  )
                  
                  255,628
                  
                  
                  (907,098
                  )CASH
                      FLOWS FROM INVESTING ACTIVITIESIncorporation
                      expenses
                  
                  
                  (212
                  )
                  
                  -
                  
                  
                  (212
                  )Decrease
                      in notes receivable - related party
                  
                  
                  -
                  
                  
                  -
                  
                  
                  (403,916
                  )Decrease
                      in investments - related party
                  
                  
                  -
                  
                  
                  -
                  
                  
                  (420,210
                  )Net
                      Cash Used in Investing Activities
                  
                  
                  (212
                  )
                  
                  -
                  
                  
                  (824,338
                  )CASH
                      FLOWS FROM FINANCING ACTIVITIESStock
                      issued for cash
                  
                  
                  -
                  
                  
                  -
                  
                  
                  50,000Proceeds
                      from notes payable
                  
                  
                  -
                  
                  
                  -
                  
                  
                  707,500Payments
                      on notes payable
                  
                  
                  -
                  
                  
                  (163,750
                  )
                  
                  (265,739
                  )Proceeds
                      from convertible debenture
                  
                  
                  -
                  
                  
                  145,741
                  
                  
                  1,184,479Payments
                      on convertible debentures
                  
                  
                  -
                  
                  
                  (168,038
                  )
                  
                  (168,038
                  )Proceeds
                      from notes payable - related party
                  
                  
                  -
                  
                  
                  -
                  
                  
                  280,097Payments
                      on notes payable - related party
                  
                  
                  -
                  
                  
                  -
                  
                  
                  (24,260
                  )Repayment
                      of lease liability
                  
                  
                  (12,556
                  )
                  
                  -
                  
                  
                  (12,556
                  )
  Net
                      Cash Provided by Financing Activities
                  
                  
                  (12,556
                  )
                  
                  (186,047
                  )
                  
                  1,751,483NET
                      INCREASE (DECREASE) IN CASH
                  
                  
                  (185,500
                  )
                  
                  69,581
                  
                  
                  20,047CASH,
                      BEGINNING OF PERIOD
                  
                  
                  205,561
                  
                  
                  255,684
                  
                  
                  14CASH,
                      END OF PERIOD
                  
                  $
                  20,061
                  
                  $
                  325,265
                  
                  $
                  20,061
  The
            accompanying notes are an integral part of these consolidated financial
            statements.
  5
 **SYNDICATION,
                INC. AND SUBSIDIARY**
 (A
                Development Stage Company)
 Consolidated
                Statements of Cash Flows (Continued)
 (Unaudited)
 From
                            Inceptionof
                            theDevelopmentStage
                            onFor
                            the Six Months Ended
                        
                        January
                            1, 2004March
                            31,
                        
                        Through2007
                        
                        2006
                        
                        June
                            30, 2007SUPPLEMENTAL
                            CASH FLOW INFORMATIONCash
                            Payments For:Income
                            taxes
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        -Interest
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        11,370Non-Cash
                            Financing ActivitiesCommon
                            stock issued for deferred fees
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        304,000Common
                            stock issued for converting N/P
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        340,001Common
                            stock issued for converting debt
                        
                        $
                        42,300
                        
                        $
                        -
                        
                        $
                        139,962Common
                            stock issued for services
                        
                        $
                        87,248
                        
                        $
                        -
                        
                        $
                        1,512,981Forgiveness
                            of debt - related party
                        
                        $
                        -
                        
                        $
                        -
                        
                        $
                        24,678
 The
              accompanying notes are an integral part of these consolidated financial
              statements.
  6
 **SYNDICATION,
        INC. AND SUBSIDIARY**
 (A
        Development Stage Company)
 Notes
        to
        the Consolidated Financial Statements
 June
        30,
        2007 and December 31, 2006
 
 **NOTE
                  1 -BASIS OF FINANCIAL STATEMENT
                  PRESENTATION**
 
 General
 
 The
        accompanying unaudited consolidated financial statements have been prepared
        in
        accordance with the instructions to Form 10-QSB and the rules and regulations
        of
        the Securities and Exchange Commission. Certain information and footnote
        disclosures normally included in consolidated financial statements prepared
        in
        accordance with accounting principles generally accepted in the United States
        of
        America have been or omitted in accordance with such rules and regulations.
        The
        information furnished in the consolidated interim financial statements include
        normal recurring adjustments and reflects all adjustments, which, in the
        opinion
        of management, are necessary for a fair presentation of such consolidated
        financial statements. Although management believes the disclosures and
        information presented are adequate to make the information not misleading,
        it is
        suggested that these consolidated interim financial statements be read in
        conjunction with the Company’s most recent audited consolidated financial
        statements and notes thereto included in its December 31, 2006 Annual Report
        on
        Form 10-KSB. Operating results for the three months ended June 30, 2007 are
        not
        necessarily indicative of the results that may be expected for the year ending
        December 31, 2007.
 
 Business
        and Basis of Presentation
 
 On
        March
        25, 1999, Syndication, Inc. (the "Company") was incorporated under the laws
        of
        the State of Delaware The Company is in the development stage, as defined
        by
        Statement of Financial Accounting Standards No. 7 ("SFAS No. 7") and its
        efforts
        have been principally devoted to acquire
        controlling interests in or to participate in the creation of, and to provide
        financial, management and technical support to, development stage business,
        e-commerce businesses and traditional brick-and-mortar businesses. To date,
        the Company has no revenues , has incurred expenses and has sustained losses.
        Consequently, its operations are subject to all the risks inherent in the
        establishment of a new business enterprise. For the period from its inception
        as
        a development stage enterprise through June 30, 2007, the Company has
        accumulated losses of $8,816,905.
 
 The
        consolidated financial statements include the accounts of the Company, and
        its
        wholly-owned subsidiary , Syndicated
        Properties LLC,  All significant inter-company transactions and
        balances have been eliminated in consolidation.
  Reclassification
  Certain
        prior period amounts have been reclassified for comparative
        purposes.
  **NOTE
        2 -GOING CONCERN**
 
 The
        Company’s consolidated financial statements are prepared using accounting
        principals generally accepted in the Unites States of America applicable
        to a
        going concern which contemplates the realization of assets and liquidation
        of
        liabilities in the normal course of business. At the 2 nd Quarter
        close, the Company had cash resources of $20,061.00 which the Company believes
        will be adequate resources to cover its operating costs and to allow it to
        continue as a going concern. The consolidated financial statements do not
        reflect any adjustments that might result from the outcome of this uncertainty.
        It is management’s intent to seek growth by way of a merger or acquisition. It
        is the belief that over the next 12 months that Company will acquire at least
        one or more of acquisition candidates. The acquisition process should provide
        capital, revenue and incomes as a result. There is no assurance that the
        Company
        will be successful in its acquisition efforts or in raising the needed
        capital.
 
 **NOTE
        3 - CONVERTIBLE DEBENTURE**
 
 On
        December 30 th 2005,
        Syndication, Inc. (the “Company”), in order to obtain alternative funding for
        its ongoing operations of the Company, entered into a Termination Agreement
        with
        Cornell Capital Partners, LP (the “Investor”) pursuant to which the Standby
        Equity Distribution Agreement entered between the Company and the Investor
        dated
        June 2004 was terminated. To that end, on December 30 th 2005,
        the
        company then executed a Securities Purchase Agreement (the “Agreement”) for the
        sale of (i) $1,150,000 in secured convertible debentures (the “Debentures”) and
        (ii) stock purchase warrants (the “Warrants”) to buy 120,000,000 shares of our
        common stock. In accordance with EITF-00-19 and SFAS 150, since there is
        no
        explicit limit on the number of shares that are to be delivered upon exercise
        of
        the conversion feature, the Company is not able to assert that it will have
        sufficient authorized and unissued shares to settle the conversion option.
        As a
        result, the conversion feature should be accounted for as a derivative
        liability, with the fair value recorded in earnings each period. On February
        6 th 2006
        the
        company issued an additional $700,000 of the $1,150,000 debenture and on
        June 8 th 2006
        issued the final $150,000 of the $1,150,000 debenture. As of June 30, 2007
        , the
        Company converted $118,000 of its debenture to equity reducing the outstanding
        debenture balance from $1,150,000 to $1,032,000.
  7
 
 **NOTE
        4 - CAPITAL LEASE OBLIGATION**
 
 Property
        and equipment includes the following amounts for capitalized leases at June
        30,
        2007:
 
 2007Surgical
                  treatment
              
              $
              95,246Less:
                  accumulated depreciation and amortization
              
              
              (3,402
              )$
              91,844
 
 Future
        minimum lease payments required under the capital leases are as
        follows:
 
 2007
              
              
              11,6142008
              
              
              23,2282009
              
              
              23,2282010
              
              
              23,2282011
                  and after
              
              
              27,099Less:
                  amount representing interest
              
              
              (25,705
              )Less:
                  current portion
              
              
              (14,061
              )Long-term
                  portion
              
              $
              68,629
  8
 
 **ITEM
        2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF
        OPERATION**
 
 **FORWARD-LOOKING
        STATEMENTS**
 
 The
        information in this registration statement contains forward-looking statements
        within the meaning of the Private Securities Litigation Reform Act of 1995.
        This
        Act provides a "safe harbor" for forward-looking statements to encourage
        companies to provide prospective information about themselves so long as
        they
        identify these statements as forward looking and provide meaningful cautionary
        statements identifying important factors that could cause actual results
        to
        differ from the projected results. All statements other than statements of
        historical fact made in this registration statement are forward looking.
        In
        particular, the statements herein regarding industry prospects and future
        results of operations or financial position are forward-looking statements.
        Forward-looking statements reflect management's current expectations and
        are
        inherently uncertain. Our actual results may differ significantly from
        management's expectations.
 
 The
        following discussion and analysis should be read in conjunction with our
        financial statements and summary of selected financial data, included herewith.
        This discussion should not be construed to imply that the results discussed
        herein will necessarily continue into the future, or that any conclusion
        reached
        herein will necessarily be indicative of actual operating results in the
        future.
        Such discussion represents only the best present assessment of our
        management.
 
 **PLAN
        OF OPERATION**
 
 We
        are a
        consulting company formed to acquire controlling interests in or to participate
        in the creation of, and to provide financial, management and technical support
        to, development stage businesses. Our strategy is to integrate affiliated
        companies into a network and to actively develop the business strategies,
        operations and management teams of the affiliated entities.
 
 It
        is the
        intent of our board of directors to develop and exploit all business
        opportunities to increase efficiencies between companies with which we may
        invest in or consult. In addition, we may acquire companies to be held as
        wholly
        owned subsidiaries.
 
 We
        had
        one wholly owned subsidiary, Kemper Pressure Treated Forest Products, Inc.
        Kemper was engaged in the retail brokerage business of preservative treated
        lumber such as utility poles, bridge pilings, timber and guardrail posts.
        Kemper
        had one customer and as a result of limited revenue we elected to wind down
        Kemper’s operations during the fourth quarter of 2003. We have changed our focus
        and growth efforts towards our consulting business and/or the acquisition
        of an
        operating development company.
  **HTRG
        Associates LLC / Name Changed; 1**  **st**  **Quarter
        2006 to “Syndicated Properties LLC”**
 
 In
        September 2005, we launched HTRG Associates LLC and changed the name to
        Syndicated Properties LLC in the first quarter of 2006. Syndicated Properties
        LLC (f/k/a SP & Associates LLC) ("SP") is a wholly owned subsidiary that
        will specialize in the real estate appraisal business. We originally brought
        on
        Thomas Gibbs as the President of SP to run the daily operations of the
        organization. In the 1 st quarter
        of 2006 the company decided to discontinue its efforts in the real estate
        appraisal industry and focus on real estate development. As a result of the
        shift in business strategy the services of Mr. Gibbs were no longer essential
        to
        the operations of the company and a long term service contract was never
        executed. Mr. Gibbs is currently not affiliated with the company in any capacity
        but, the company may use his services when real estate development projects
        ensue.
 
 **Letter
        Of Intent with Tri-State Metro Territories LLC**
 
 On
        November 10, 2003, we entered into a Letter of Intent with Tri State
        Metro-Territories, LLC (Tri-State) to acquire substantially all of the assets
        of
        Tri-State. Brian Sorrentino, a greater the 10% shareholder, director and
        an
        executive officer of our company, is a 10% shareholder in Tri State. Mark
        Solomon, who serves as President and member of our Board of Directors and
        is a
        shareholder of our company also is a member of Tri-State. Dale Hill, is a
        shareholder of our company and is also a member of Tri-State. Tri State is
        in
        the business of operating hair coloring salon units under the name of "HCX
        the
        haircolorxperts. The assets being negotiated by us include the interest in
        the
        prototype HCX Salons located in Columbia Maryland and Washington, DC. On
        March
        18, 2004, we entered into privately negotiated exchange agreements to exchange
        355,000 restricted shares of its common stock for 8% of membership interests
        of
        Tri-State. In addition, from September 2004 through February 2005, we entered
        into two purchase agreements whereby the Company purchased 3% of membership
        interests of Tri-State for $115,000. During the twelve months ended December
        31,
        2006, the Company purchased 454 Class “A” Preferred stock in
        Tristate.
 
 Although
        it is our intent to acquire all the assets of Tri-State, the specific terms
        and
        the evaluations of the potential transaction have not yet been finalized
        and the
        pending audited financial statements of Tri-State are a requirement for
        completion of that transaction. The transaction is also subject to customary
        closing conditions, including but not limited to the receipt of audited
        financial statements, all definitive documents, valuations, consents, and
        approvals. There can be no assurance as to whether or when the transaction
        will
        close.
  9
 
 **Sy-Med
        Decompression Inc.**
 
 In
        April
        2007 the company launched a wholly owned Subsidiary named “Sy-Med Decompression
        Inc.” Sy-Med Decompression is engaged in the business of providing a
        non-surgical treatment option for patients with back pain due to lumbar disc
        herniation, degenerative disc disease, sciatica, facet syndrome and spinal
        stenosis. Clinical studies have shown that spinal decompression treatments
        are
        more than 82% effective in relieving lower back pain and sciatica. The company’s
        business plan calls for a roll out of 10 Sy-Med Decompression Centers over
        the
        next 12 months. The roll out will include a combination of “Fee Per Click”
partnership arrangements with current operating Chiropractic Centers and
        stand
        alone “doc in the box” centers that provide only decompression treatment
        services.
  **Result
        of Operations**
 
 The
        Company is in the development stage and to date has not generated revenues.
        The
        risks specifically discussed are not the only factors that could affect future
        performance and results. In addition to the discussion in this prospectus
        concerning us, our business and our operations contain forward-looking
        statements. Such forward-looking statements are necessarily speculative and
        there are certain risks and uncertainties that could cause actual events
        or
        results to differ materially from those referred to in such forward-looking
        statements. We do not have a policy of updating or revising forward-looking
        statements and thus it should not be assumed that silence by our Management
        over
        time means that actual events or results are occurring as estimated in the
        forward-looking statements herein.
 
 As
        a
        development stage company, we have yet to earn revenues from operations.
        We may
        experience fluctuations in operating results in future periods due to a variety
        of factors., including our ability to obtain additional financing in a timely
        manner and on terms favorable to us, our ability to successfully develop
        our
        business model, the amount and timing of operating costs and capital
        expenditures relating to the expansion of our business, operations and
        infrastructure and the implementation of marketing programs, key agreements,
        and
        strategic alliances, and general economic conditions specific to our
        industry.
 
 As
        a
        result of limited capital resources and no revenues from operations from
        its
        inception, the Company has relied on the issuance of equity securities to
        employees and non-employees in exchange for services. The Company's management
        enters into equity compensation agreements with non-employees if it is in
        the
        best interest of the Company under terms and conditions consistent with the
        requirements of Financial Accounting Standards No. 123 R, "Share-Based
        Compensation." In order to conserve its limited operating capital resources,
        the
        Company anticipates continuing to compensate non-employees for services during
        the next twelve months. This policy may have a material effect on the Company's
        results of operations during the next twelve months.
  The
        operating expenses for the three months ended June 30, 2007 decreased by
        $22,620
        to $94,544 for the three months ended June 30, 2007 from $118,164 for the
        three
        months ended June 30, 2006. Our operating expenses consist of bad debt expenses,
        general and administrative expenses and consulting fees. The reason for the
        decrease primarily relates to the decrease in administrative expenses and
        bad
        debt expense which was offset by an increase in consulting fees.
 
 The
        net
        loss for the three months ended June 30, 2007 was $2,424,771 compared to
        net
        loss of $739,437 for the three months ended June 30, 2006. The primary reasons
        for the increase in net loss was due to the derivative liability expense
        related
        to the company’s Convertible Debenture.
 
 **Product
        Research and Development**
 
 We
        do not
        anticipate incurring any material product research and development activities
        during the next twelve months.
 
 **Acquisition
        of Plant and Equipment and Other Assets**
 
 We
        do not
        anticipate the sale of any material property, plant or equipment during the
        next
        12 months. We do not anticipate the acquisition of any material property,
        plant
        or equipment during the next 12 months.
 
 **Number
        of Employees**
 
 From
        our
        inception as a development stage enterprise through the period ended June
        30,
        2007, we have principally relied on the services of outside consultants and
        part-time employees for services. We
        currently have 1 full time
        employees and 3 part-tim e
        employees .
        In
        order for us to attract and retain quality personnel, we anticipate we will
        have
        to offer competitive salaries to future employees. We anticipate that it
        may
        become desirable to add additional full and or part time employees to discharge
        certain critical functions during the next 12 months. This projected increase
        in
        personnel is dependent upon our ability to generate revenues and obtain sources
        of financing. There is no guarantee that we will be successful in raising
        the
        funds required or generating revenues sufficient to fund the projected increase
        in the number of employees. As we continue to expand, we will incur additional
        cost for personnel.
  10
  **Liquidity
        and Capital Resources**
 
 Total
        current assets at June 30, 2007 were $27,831 with total current liabilities
        of
        $5,816,296, resulting in a working capital deficit of $5,788,465 at June
        30,
        2007. From
        the
        Company's inception as a development stage enterprise on January 1, 2004
        through
        June 30, 2007 the Company has incurred an operating cash flow deficit of
        $
        907,098, invested $824,338 in the acquisition of investments, which has been
        principally financed through the private placement of our common stock of
        $
        50,000, convertible debentures of $ 1,184,479, issuance of $707,500 of notes
        payable.
 
 We
        expect
        to continue to incur additional losses and negative cash flows from operating
        activities for the next two years .
  We
        have
        historically incurred losses. From our inception as a development stage
        enterprise on January 1, 2004 , we have incurred losses of $ 8,819,904
 On
        December 30, 2005, the Company, in order to obtain alternative funding for
        its
        ongoing operations of the Company, entered into a Termination Agreement with
        Cornell Capital Partners, LP (the "Investor") pursuant to which the Standby
        Equity Distribution Agreement entered between the Company and the Investor
        dated
        June 2004 was terminated. To that end, on December 30th 2005, the company
        then
        executed a Securities Purchase Agreement (the "Agreement") for the sale of
        (i)
        $1,150,000 in secured convertible debentures (the "Debentures") and (ii)
        stock
        purchase warrants (the "Warrants") to buy 120,000,000 shares of our common
        stock. On December 30, 2005, the company issued $300,000 of the $1,150,000
        debenture.
 
 The
        debentures bears interest at 12 percent, mature three years from the date
        of
        issuance, and are convertible into the Company's common stock, at a conversion
        price equal to the lower of (i) $0.0132 or (ii) 85% of the lowest weighted
        average price during the 30 trading days immediately preceding the conversion
        date.
 
 In
        accordance with EITF-00-19 and SFAS 150, and because there is no explicit
        limit
        on the number of shares that are to be delivered upon exercise of the conversion
        feature, the Company is not able to assert that it will have sufficient
        authorized and unissued shares to settle the conversion option. As a result,
        the
        conversion feature will be accounted for as a derivative liability, with
        the
        fair value recorded in earnings each period. On February 6, 2006 the Company
        issued an additional $700,000 of the $1,150,000 debenture and on June 8,
        2006
        the Company issued the final $150,000 of the $1,150,000 debentures.
 
 Our
        future revenues and profits, if any, will depend upon various factors, including
        the following:
 
 Whether
        we will be able to effectively evaluate the overall quality and industry
        expertise of potential acquisition candidates; whether we will have the funds
        to
        provide seed capital and mezzanine financing to brick-and-mortar, e-commerce
        and
        Internet-related companies; and whether we can develop and implement business
        models that will enable growth companies to develop.
 
 We
        may
        not be able to effect any acquisitions of or investments in development stage
        companies if we are unable to secure sufficient funds to finance our proposed
        acquisitions costs. We expect that our current cash and cash equivalents
        will
        allow us to continue our current operation for six months. If we are unable
        to
        generate additional revenues or secure financings, we may be forced to cease
        or
        curtail operations.
 
 We
        intend
        for our management team to identify companies that are positioned to succeed
        and
        to assist those companies with financial, managerial and technical support.
        Over
        the next 12 months, we intend to increase revenue and gross profit margin
        by
        focusing and expanding its consulting services and seeking acquisition
        candidates. It is management's belief that potential acquisition targets
        can be
        better identified and assessed for risk if we first become involved with
        these
        candidates on a consulting capacity. Our strategy is to integrate affiliated
        companies into a network and to actively develop the business strategies,
        operations and management teams of the affiliated entities.
 
 By
        adjusting our operations and development to the level of capitalization,
        we
        believe we have sufficient capital resources to meet projected cash flow
        deficits. However, if during that period or thereafter, we are not successful
        in
        generating sufficient liquidity from operations or in raising sufficient
        capital
        resources, on terms acceptable to us, this could have a material adverse
        effect
        on our business, results of operations liquidity and financial
        condition .
  11
  We
        do not
        foresee any significant changes in the number of our employees over the next
        twelve months except in the event we finalize an acquisition. We have not
        paid
        dividends on our common stock, and intend to reinvest our earnings to support
        our working capital and expansion requirements. We intend to continue to
        utilize
        our earnings in the development and expansion of the business and do not
        expect
        to pay cash dividends in the foreseeable future. It is the belief of management
        that as we move toward an active trading status the ability to raise capital
        by
        stock issuance to effect our business plan is enhanced.
 
 We
        do not
        expect to sell any manufacturing facilities or significant equipment over
        the
        next twelve months except within the demands of potential acquisitions that
        we
        may pursue.
  **Off-Balance
        Sheet Arrangements**
 
 We
        have
        no off-balance sheet arrangements that have or are reasonably likely to have
        a
        current or future material effect on us.
  **Inflation**
 
 It
        is the
        opinion of the Company that inflation has not had a material effect on its
        operations.
 
 **ITEM
        3. CONTROLS AND PROCEDURES**
 
 Disclosure
        controls and procedures are controls and other procedures that are designed
        to
        ensure that information required to be disclosed by the Company in the reports
        that the Company files or submits under the Exchange Act is recorded, processed,
        summarized and reported, within the time periods specified in the Securities
        and
        Exchange Commission’s rules and forms. Disclosure controls and procedures
        include, without limitation, controls and procedures designed to ensure that
        information required to be disclosed by the Company in the reports that the
        Company files under the Exchange Act is accumulated and communicated to the
        Company’s management, including its principal executive and financial officers,
        as appropriate to allow timely decisions regarding required
        disclosure.
 
 *Evaluation
        of Disclosure and Controls and Procedures* .As of
        June 30, 2007, an evaluation was performed under the supervision and with
        the
        participation of the Company's management, including the Chief Executive
        Officer
        and the Chief Financial Officer, of the effectiveness of the design and
        operation of the Company's disclosure controls and procedures (as defined
        in
        Rules 13a-15(e) of the Exchange Act).. Based on that evaluation, the Company's
        management concluded that such disclosure controls and procedures were not
        effective and that it would take steps to upgrade its significant control
        procedures in order to better monitor and control the process of presentation
        of
        expense accruals. This we believe will stave off the potential for improper
        presentation of prepaid expenses and account reconciliations. Further, in
        order
        to better comply with the changes in reporting requirements mandated by rule
        404
        of the Sarbanes-Oxley Act of 2002, the Company will establish and implement
        appropriate accounting policies and procedures and then prepare an accounting
        policies and procedural manual. The manual will include a chart of accounts,
        adequate explanations of account content, month end, quarter end, and year
        end
        closing procedures, appropriate descriptions of all accounting procedures
        and
        routines and all matters that bear directly or indirectly on the functioning
        of
        the system of internal accounting control. The Company will then take steps
        to
        establish policies and procedures to regularly evaluate and report on their
        effectiveness as part of the Company’s corporate governance and related
        reporting requirements.
 
  *Changes
        in Internal Controls Over Financial Reporting.* There
        was no change in the Company’s internal controls, which are included within
        disclosure controls and procedures, during its most recently completed fiscal
        quarter that has materially affected, or is reasonably likely to materially
        affect, the Company’s internal controls.
  **PART
        2 - OTHER INFORMATION**
 
 **ITEM
        1. LEGAL PROCEEDINGS**
 
 We
        are
        not a party to any material litigation and management has no knowledge of
        any
        threatened or pending litigation against it.
 
 **ITEM
        2. CHANGES IN SECURITIES**
 
 None
  **ITEM
        3. DEFAULTS UPON SENIOR SECURITIES:**
 
 Not
        Applicable
 
 **ITEM
        4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**
 
 Not
        Applicable
 
 **ITEM
        5. OTHER INFORMATION**
 
 Not
        Applicable
  12
  **ITEM
        6. EXHIBITS**
 
 31.1
              
              Certification
                  by the Chief Executive Officer Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.31.2
              
              Certification
                  by the Chief Financial Officer Pursuant to Section 302 of the
                  Sarbanes-Oxley Act of 2002.32.1
              
              Certification
                  by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,
                  as
                  Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.32.2
              
              Certification
                  by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,
                  as
                  Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
                  2002.
  **SIGNATURES**
 
 Pursuant
        to the requirements 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.
 **SYNDICATION,
          INC.**
 By:
 
/s/
                Brian SorrentinoBrian
                  Sorrentino
                CEO
                  and Principal Executive Officer
                Dated:
                  August 20, 2007
  By:/s/Mrutyunjaya S. Chittavajhula.Mrutyunjaya
                    S. Chittavajhula.
                  CFO
                    and Principal Accounting Officer
                  Dated:
                    August 20, 2007
  13