United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                  For the quarterly period ended March 31, 2005

                         Commission File Number 0-25563

                         CEDRIC KUSHNER PROMOTIONS, INC.

                 (Name of small business issuer in its charter)


            Delaware                                            65-0648808
            --------                                            ----------
   (State or other jurisdiction                               (I.R.S. Employer
 of incorporation or organization)                           Identification No.)

                       1414 Avenue of Americas, Suite 406
                               New York, NY 10019
               (Address & Zip code of principal executive offices)

                                 (212) 755-1944
                           (Issuer's telephone number)


         1414 Avenue of Americas, Suite 406 New York, NY 10019 (Former
   name, former address and former fiscal year, if changed since last report)

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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__


                      APPLICABLE ONLY TO CORPORATE ISSUERS
         State the number of shares outstanding of each of the issuer's
          classes of common equity, as of the latest practicable date:

            As of August 11, 2005, there were 65,785,445 outstanding
               shares of common stock, par value $0.01 per share.


<PAGE>
                CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES


                                      INDEX
                                       TO
                                   FORM 10-QSB
                                                                         Page
PART I      FINANCIAL INFORMATION

Item 1.     Financial Statements

Condensed Consolidated Balance Sheet at March 31, 2005 (Unaudited)         3

Condensed Consolidated Statements of Operations for the three
  months ended March 31 2005 and 2004 (Unaudited)                          5

Condensed Consolidated Statements of Cash Flows for
  the three months ended March 31 2005 and 2004 (Unaudited)                6

Notes to Condensed Consolidated Financial Statements                       8

Item 2. Management's Discussion and Analysis or Plan of Operation         24

Item 3.Controls and Procedures                                            29

PART II     OTHER INFORMATION

Item 1.     Legal Proceedings                                             30

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds   35

Item 3.     Defaults Upon Senior Securities                               38

Item 4.     Submission of Matters to a Vote of Security Holders           38

Item 5.     Other Information                                             38

Item 6.     Exhibits                                                      39

            SIGNATURES                                                    43

            CERTIFICATIONS                                                44
                                       -2-

<PAGE>

                         PART I -- FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
MARCH 31, 2005
(UNAUDITED)
<TABLE>
<CAPTION>

<S>                                                                                        <C>
ASSETS
      CURRENT ASSETS:
            Cash .......................................................................   $     39,661
            Accounts receivable ........................................................         74,658
            Other current assets .......................................................        135,525
                                                                                           ------------
         TOTAL CURRENT ASSETS ..........................................................        249,844
                                                                                           ------------

PROPERTY AND EQUIPMENT, NET ............................................................         30,332

OTHER ASSETS:
            Prepaid signing bonuses, net................................................        102,135
            Security deposit ...........................................................         21,438
            Investment in LLC ..........................................................        149,000
            Intangible assets, net .....................................................        385,060
                                                                                           ------------
         TOTAL ASSETS ..................................................................   $    937,809
                                                                                           ============

See accompanying notes to the condensed consolidated financial statements.

                                       -3-
<PAGE>
CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(UNAUDITED)
MARCH 31, 2005


LIABILITIES AND STOCKHOLDERS' DEFICIENCY
      CURRENT LIABILITIES:

            Accounts payable ...........................................................   $  2,903,654
            Accrued litigation and judgments payable ...................................      1,114,719
            Due to stockholders/officers ...............................................        189,905
            Current portion of notes payable - stockholders ............................        554,080
            Current portion of notes and loans payable .................................      3,236,051
            Convertible notes payable ..................................................        191,000
            Accrued expenses and other current liabilities .............................      2,335,654
            Escrow funds payable .......................................................         41,400
            Deferred revenue ...........................................................        400,000
                                                                                           ------------
                  TOTAL CURRENT LIABILITIES ............................................     10,966,463
                                                                                           ------------
      LONG-TERM LIABILITIES:
            Notes payable - stockholders, less current portion .........................        995,011
            Notes and loans payable, less current portion ..............................      1,000,000
                                                                                           ------------
                  TOTAL  LONG-TERM LIABILITIES .........................................      1,995,011
                                                                                           ------------
                  TOTAL  LIABILITIES ...................................................     12,961,474
                                                                                           ------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIENCY:
      Series D, $.01 par value, authorized 399,752 shares,
            399,752 shares issued and outstanding (liquidation preference of $2,430,000)          3,998
      Series E, $.01 par value, authorized 14,000 shares,
            6,559 shares issued and outstanding (liquidation preference of $2,361,240) .             66
      Common stock, $.01 par value, authorized 100,000,000 shares
            58,487,745 shares issued and 58,382,961 shares outstanding .................        584,877
      Additional paid-in capital .......................................................     36,970,172
      Accumulated deficit ..............................................................    (42,134,439)
      Deferred consulting fees .........................................................     (7,169,111)
      Deferred signing bonuses .........................................................       (194,228)
      Treasury stock, at cost - 104,784 shares of common stock .........................        (85,000)
                                                                                           ------------
TOTAL STOCKHOLDERS' DEFICIENCY .........................................................    (12,023,665)
                                                                                           ------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY .........................................   $    937,809
                                                                                           ============
</TABLE>
See accompanying notes to the condensed consolidated financial statements.

                                       -4-
<PAGE>

CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>

                                                                   FOR THE THREE MONTHS
                                                                      ENDED MARCH 31,
                                                                    2005           2004
                                                                ------------    ------------
<S>                                                             <C>             <C>
REVENUES
      Boxing promotions .....................................   $     77,199    $  1,327,373
      Media .................................................          1,317         229,370
                                                                ------------    ------------
        TOTAL REVENUES ......................................         78,516       1,556,743
                                                                ------------    ------------
OPERATING COSTS AND EXPENSES
      Cost of revenues - boxing promotions ..................         74,746       1,454,353
      Cost of revenues - media ..............................         24,843         175,773
      Selling, general and administrative ...................        786,673         799,647
      Amortization of signing bonuses .......................         59,937         143,088
      Amortization of intangible assets .....................         59,460          68,333
      Depreciation and amortization of property
            and equipment ...................................          2,061           2,446
      Compensatory element of stock and warrant
            issuances for selling, general and administrative
            expenses ........................................        576,889         495,500
                                                                ------------    ------------
            TOTAL OPERATING COSTS AND EXPENSES ..............      1,584,609       3,139,140
                                                                ------------    ------------
            LOSS FROM OPERATIONS ............................     (1,506,093)     (1,582,397)
                                                                ------------    ------------
OTHER INCOME (EXPENSES)
      Other income ..........................................                         25,000
      Interest expense - related parties ....................        (54,551)        (62,971)
      Interest expense - other ..............................       (117,307)       (159,954)
      Financing costs paid in stocks and warrants ...........        (43,750)
      Financing costs paid in preferred stock in connection
            with debt conversion - related party ............                     (3,396,582)
                                                                ------------    ------------
            TOTAL OTHER INCOME (EXPENSES) ...................       (215,608)     (3,594,507)
                                                                ------------    ------------

NET LOSS ....................................................   ($ 1,721,701)   ($ 5,176,904)
                                                                ============    ============
Net loss applicable to common stock:
Net loss ....................................................   ($ 1,721,701)   ($ 5,176,904)
Preferred stock dividends - Series A ........................                         (8,434)
                                                                ------------    ------------
Net loss applicable to common stock .........................   ($ 1,721,701)   ($ 5,185,338)
                                                                ============    ============
NET LOSS PER COMMON SHARE (basic and diluted) ...............   ($      0.03)   ($      0.49)
                                                                ============    ============
PRO- FORMA NET LOSS
PER COMMON SHARE (basic and diluted) ........................   ($      0.03)   ($      0.09)
                                                                ============    ============

WEIGHTED AVERAGE NUMBER
OF COMMON SHARES OUTSTANDING:
      Basic and diluted .....................................     57,312,043      10,648,707
                                                                ============    ============
Pro-forma basic and diluted .................................              -      57,001,267
                                                                ============    ============

</TABLE>
See accompanying notes to the condensed consolidated financial statements.

                                       -5-
<PAGE>
CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>

                                                            FOR THE THREE MONTHS
                                                               ENDED MARCH 31,
                                                             2005           2004
                                                           ----------    ----------
<S>                                                        <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
      Net loss .........................................  $(1,721,701)  $(5,176,904)
Adjustments to reconcile net loss
      to net cash used in operating activities:
Depreciation and amortization ..........................       84,646       213,867
Amortization of debt discount ..........................         --         507,708
Amortization of deferred finance costs .................       36,812          --
Provision for losses on accounts receivable ............       10,000        33,121
Compensatory element of stock and warrant issuances
      for selling, general and administrative expenses .      576,889       495,500
Financing costs paid in stocks and warrants ............       43,750     2,888,874
(Increase) decrease in operating assets:
      Accounts receivable ..............................        8,672      (127,212)
      Escrow Funds .....................................         --        (535,980)
      Miscellaneous receivables and other current assets      (31,777)      (13,788)
Increase (decrease) in operating liabilities:
      Accounts payable .................................      135,507        15,531
      Accrued litigation and judgments payable .........      (32,505)       19,208
      Accrued expenses and other current liabilities ...       91,358        96,475
                                                           ----------    ----------
          NET CASH USED IN OPERATING ACTIVITIES ........     (798,349)   (1,583,601)
                                                           ----------    ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
      Expenditures for prepaid signing bonuses .........         --         (10,000)
      Proceeds from sale of boxing promotional agreement         --          25,000
      Purchases of property and equipment ..............       (6,049)         --
      Investment in entertainment activities ...........      (37,000)         --
      Other ............................................        1,401
                                                           ----------    ----------
          NET CASH PROVIDED BY
           (USED) IN INVESTING ACTIVITIES...............      (41,648)       15,000
                                                           ----------    ----------
</TABLE>
See accompanying notes to the condensed consolidated financial statements.

                                       -6-
<PAGE>


CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED  STATEMENTS OF CASH FLOWS
(Unaudited) (continued)
<TABLE>
<CAPTION>
                                                                             FOR THE THREE MONTHS
                                                                                ENDED MARCH 31,
                                                                               2005           2004
                                                                           -----------    -----------
<S>                                                                            <C>             <C>
 CASH FLOWS FROM FINANCING ACTIVITIES:
      Advances from and (repayments to) stockholders and related parties       (49,396)        58,865
      Proceeds from advances to related party                                  170,020           --
      Repayments of notes payable to stockholders and related parties ..      (137,706)       (58,227)
      Proceeds from notes payable - stockholders .......................        48,840
      Proceeds from convertible debt ...................................          --        1,577,000
      Proceeds from preferrred stock ...................................       634,800           --
      Proceeds from common stock .......................................       250,401           --
      Repayment of notes and loans payable - stockholders ..............          --           (9,000)
      Proceeeds of preferred stock escrow account ......................        41,400           --
      Increase in dividend due on preferred stocks .....................          --           (8,434)
      Proceeds from notes and loans payable - other ....................        21,500        315,000
      Repayment of notes and loans payable - other .....................      (319,500)      (246,500)
                                                                           -----------    -----------
              NET CASH PROVIDED BY FINANCING ACTIVITIES ................       660,359      1,628,704
                                                                           -----------    -----------
              NET INCREASE  IN CASH ....................................      (179,638)        60,103

      CASH, BEGINNING OF PERIOD ........................................       219,299         21,205
                                                                           -----------    -----------
      CASH, END OF PERIOD ..............................................   $    39,661    $    81,308
                                                                           ===========    ===========


Supplemental Disclosures:

Cash paid during the period for:
      Interest .........................................................   $    58,294    $    38,176
                                                                           ===========    ===========
Non-cash investing and financing activities:
      Common stock to be issued pursuant to consulting agreements ......                  $ 1,740,000
      Transfer of accrued expenses to note payable - stockholder .......                  $    73,016
      Conversion of stockholder accrued interest to accrued expenses ...                  $    91,691
      Conversion of stockholder net advances into equity ...............                  $   636,554
      Conversion of note payable stockholder  to equity ................                  $   992,357
      Conversion of stockholder accrued interest into equity ...........                  $    83,973
      Recording of debt discount .......................................                  $ 1,577,000
      Transfer of  notes payable to convertible debt ...................                  $    10,000
Conversion of note payable to common stock .............................   $    75,000
Stocks and warrants issued in connection with deferred consulting fees .   $ 7,410,000
Conversion of accrued expenses to common stock and warrants ............   $   334,050
Conversion of escrow funds payable relating to preferred E .............   $   199,064
</TABLE>
See accompanying notes to the condensed consolidated financial statements.

                                       -7-

<PAGE>

                CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

Note 1. Basis of Presentation

The condensed consolidated financial statements include the accounts of Cedric
Kushner Promotions, Inc. and all of its wholly-owned subsidiaries (collectively,
the "Company"). All significant inter-company accounts and transactions have
been eliminated in consolidation.

In the opinion of the Company's management, the accompanying unaudited condensed
consolidated financial statements contain all adjustments (consisting of only
normal recurring adjustments) necessary to present fairly the information set
forth therein. These consolidated financial statements are condensed and
therefore do not include all of the information and footnotes required by
accounting principles generally accepted in the United States of America for
complete financial statements. The condensed consolidated financial statements
should be read in conjunction with the Company's consolidated financial
statements and supplementary data included in the Annual Report on Form 10-K/SB,
filed on May 13,2005.

The results of operations for the three months ended March 31, 2005 are not
necessarily indicative of the results to be expected for the fiscal year ending
December 31, 2005 or any other period.

The condensed consolidated financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and satisfaction of
liabilities in the normal course of business. The Company incurred a net loss of
$1,721,702 during the three months ended March 31, 2005. In addition, the
Company had a working capital deficiency of $10,716,619 and stockholders'
deficiency of $12,023,666 at March 31, 2005. These factors continue to raise
substantial doubt about the Company's ability to continue as a going concern.

On January 12, 2005, the Company formed two new wholly-owned
subsidiaries, Ckrush Sports, Inc. ("Sports") and Ckrush, Inc.
("Ckrush"). Both were organized as Delaware corporations.  Sports will
focus primarily on the sports entertainment and boxing sector of the
Company, while Ckrush will serve as the ultimate holding Company for the
various Ckrush subsidiaries that have been set up as a result of the
Company's diversification strategy.


Note 2. Segment Data

The Company has three reportable segments: boxing promotions, media, and
entertainment. The boxing promotions segment produces and syndicates
championship boxing events for distribution worldwide. The media segment,
consisting primarily of the Big Content subsidiary and its ThunderBox
subsidiary, manages the creation, distribution (domestically and
internationally), and maintenance of all sports media holdings, including the
Company's media library of videotaped boxing events and current original
television programming. The entertainment segment will produce or co produce
films, television programming and other video products.

                                       -8-

<PAGE>
                CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)


The Company's reportable segments are strategic business units that offer
different outputs. The following table presents information about the Company's
business segments as of and for the three months ended March 31, 2005:
<TABLE>
<CAPTION>
                                                       Boxing promotions      Media        Entertainment        Total
                                                      -----------------    ------------    -------------        -----
<S>                                                        <C>             <C>                <C>
Net revenue from external customers                         $77,199            $1,317                           $78,516
Operating loss                                           $1,028,740          $477,353                        $1,506,093
Amortization of signing bonuses                             $59,937                                             $59,937
Amortization of intangible assets                                             $59,460                           $59,460
Depreciation and amortization of property and equipme        $1,030            $1,031                            $2,061
Compensatory element of stock and warrant issuances
  for selling, general and administrative expenses         $576,889                                             576,889
Interest expense - other                                    $87,307                           $30,000          $117,307
Interest expense - related parties                          $54,551                                             $54,551

Total identifiable assets                                  $472,034          $316,776        $149,000          $937,809
</TABLE>

The following table presents information about the Company's business segments
as of and for the three months ended March 31, 2004:
<TABLE>
<CAPTION>
                                                              Boxing promotions      Media              Total
                                                             ----------------- ----------------- --------------------

                                                               <C>                 <C>                <C>
Net revenue from external customers                                $1,327,373          $229,370           $1,556,743
Operating loss                                                     $1,060,206          $522,191           $1,582,397
Amortization of signing bonuses                                      $143,088                 -             $143,088
Amortization of intangible assets                                           -           $68,333              $68,333
Depreciation and amortization of property and equipment                $1,639              $807               $2,446
Compensatory element of stock and warrant issuances                  $331,985          $163,515             $495,500
  for selling, general and administrative expenses
Interest expense - other                                             $107,169           $52,785             $159,954
Interest expense - related parties                                    $42,191           $20,781              $62,971

Total identifiable assets                                            $439,822        $2,092,184           $2,532,006
</TABLE>

Foreign revenue disclosure

The Company had revenues from foreign sources in the amounts of approximately
$10,000 and $180,000 for the three months ended March 31, 2005 and 2004,
respectively. This foreign source revenue accounted for 13% and 11.5% of total
revenues for the three months ended March 31, 2005 and 2004, respectively.
Foreign source revenue is determined by the country in which the fight was
broadcast.

Reconciliation of reportable segment operating loss to consolidated net loss

A reconciliation of reportable segment operating loss to the Company's
consolidated net loss for the three months ended March 31 2005 and 2004 is as
follows:
<TABLE>
<CAPTION>
                                                                 For The Three Months Ended
                                                                       Ended March 31,
                                                             -----------------------------------
                                                                   2005              2004
                                                             ----------------- -----------------
<S>                                                               <C>               <C>
Operating loss                                                    ($1,506,093)      ($1,582,397)
   Gain on sale of boxing promotional agreement                          -                25,000
   Interest expense - other                                          (117,307)         (159,954)
   Interest expense - related parties                                 (54,551)          (62,971)
 Financing costs paid in stocks and warrants                          (43,750)       (3,396,582)
                                                             ----------------- -----------------
     Net loss                                                     ($1,721,701)      ($5,176,903)
                                                             ================= =================
</TABLE>
                                       -9-

<PAGE>
                CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES

                   NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)

Note 3.   Intangible Assets, Net

On March 10, 2003, CKP entered into an agreement with America Presents Boxing
LLC ("APB") whereby APB sold, transferred and assigned to CKP all right, title
and interest in and to APB's library (the "Library") of professional boxing
matches and promotional rights (the "Promotional Rights," and together with the
Library, the "APB Assets") in certain boxers. The purchase price for the APB
Assets was $250,000 (the "Fixed Amount") to be paid in equal monthly
installments of $4,167 as well as an additional payment of $250,000 (the
"Contingent Amount"), contingent upon the aggregate gross purse amounts of
boxer, David Tua, who was (and still is) under contractual arrangement with the
Company. CKP also agreed to pay a certain percentage of the net proceeds derived
from the Promotional Rights to reduce the balance of the Fixed Amount (also See
Note 10). The Company's interest in the Library has been subsequently encumbered
by a security agreement as part of a forbearance agreement entered into in March
2004.

The Company's subsidiary, Big Content, Inc ("Big Content"), has granted a first
priority security interest in the Company's library of boxing films to
Livingston Investments, LLC, a related party to the Company, and certain of its
affiliates as collateral for our payment obligations under various agreements.
If we fail to perform our obligations under these agreements, the secured party
may seize these assets. In such event, we would lose our rights to our library
of boxing films. If this were to occur, our revenues, profits, results of
operations, financial condition and future prospects would be materially and
adversely affected. As of the filing date of this report, the Company is in
arrears of its payment obligations under one of these agreements.

Note 4. Notes Payable - Stockholders

In October, 2003, the Company borrowed $220,000 from a shareholder. The note
bears interest at 18% per annum and is currently in default. The balance on this
note at March 31, 2005 amounted to $110,000.

The Company entered into a consulting agreement with one of the Company's
stockholders whereby the stockholder will receive, at a minimum, $5,000 per week
for ten years. The consulting agreement also entitled the stockholder to 10% of
net profit, as defined in the agreement, for events generating total revenues in
excess of $500,000, 20% of net profit from sales related to the acquired video
library and 15% of net proceeds of any qualified financing, as defined in the
agreement, to be used to redeem the stockholder's Series C Convertible Preferred
stock at a share price equal to the liquidation preference value per share. The
Company, however, had the ability to terminate the consulting agreement after
covered payments, as defined in the agreement, of $4,300,000 were made no later
than March 25, 2005 or $5,300,000 were made no later than March 25, 2012. As
such, the Company recorded the minimum payments pursuant to the consulting
agreement as additional purchase consideration at a present value of
approximately $1,449,000 as of the Big Content merger date of March 15, 2002,
using an imputed interest rate of 15% per annum.

In connection with the above referenced consulting agreement in the original
amount $2,600,000 payable in weekly installments of $5,000 over ten years
without interest. The total remaining amount owing as of December 31, 2004 was
$2,056,754. In accordance with the guidance in paragraph 37(k) of SFAS 141, this
liability was recorded at present value of $1,439,093, as of March 31, 2005,
utilizing appropriate current imputed interest rates. The Company determined
that an appropriate imputed interest rate was 15% per annum. The amount of
interest imputed for the three months ended March 31, 2005 and 2004 was $48,841,
and $45,774, respectively. Our subsidiary, Big Content, has granted a first
priority security interest in certain intellectual media assets to this note
holder and certain of its affiliates as collateral for our payment obligations
under various agreements. If we fail to perform our obligations under these
agreements, the secured party may seize these assets. In such event, we would
lose our rights to our library of boxing films. If this were to occur, our
revenues, profits, results of operations, financial condition and future
prospects would be materially and adversely affected.

                                      -10-

<PAGE>
On February 10, 2005 the Company entered into an agreement with its largest debt
holders to retire and forgive indebtedness, terminate a consulting agreement and
terminate and release liens on its boxing video library. The agreement with
Livingston Investments, LLC and Mackin Charitable Remainder Trust will eliminate
approximately $3,500,000 of debt and obligations of CKP, including approximately
$800,000 of future obligations. Livingston and Mackin shall receive, in addition
to cash consideration, an aggregate of 800,000 shares of common stock and a
warrant to purchase shares of Common Stock of the Company, vesting with respect
to 1,500,000 shares of Common Stock annually over a 5 year period commencing in
2006. The warrants have an exercise price of $.10 per share. The shares and
warrants will be unregistered and the shares as well as the shares underlying
the warrants shall have the benefit of "piggy-back" registration rights and
other rights subject to vesting. The parties shall also enter into an exclusive
licensing agreement regarding the licensing of certain electronic media rights
to boxing libraries owned by CKP outside of the United States. Additionally, the
Company shall pay the parties as they designate $330,000 in three monthly
installments commencing February. The parties have executed a binding term sheet
reflecting their agreements, which will be amplified by the execution and
delivery of definitive agreements by the parties. On July 29, 2005, the Company
paid $20,000 to the debt holders, and the Company and the holders signed an
extension until October 1, 2005. In the event the Company does not pay the
parties on or before October 1, 2005 there shall be an additional penalty
payment due of $25,000


Note 5.  Due to Stockholders/Officers

At March 31, 2005,  the balance owed to the Company's
President  was  $96,873.  The amounts  advanced to the Company by the President
have no specific terms, conditions, or maturities.

The  Company  has an  unsecured  non-interest  bearing  advance  payable  to the
Company's  Vice  President.  At  March 31, 2005,  the balance  owed to the
Company's Vice President was $88,869.


Note 6. Stockholders' Deficiency

On January 10, 2005, the Company entered into a three year consulting agreement
with a consultant to provide general consulting services to the Company.
Pursuant to the agreement, the Company has issued to the consultant 3,000,000
restricted shares of the Company's common stock valued at $1,530,000 (to be
amortized over the life of the agreement) for various services to be provided.
Such shares shall be and were registered with the Securities and Exchange
Commission on Form S-8 Registration Statement filed with the Commission on
January 18, 2005. Additionally the Company has agreed to issue to the Consultant
warrants to purchase an aggregate of twelve million (12,000,000) shares of
Common Stock ("Warrants"), valued at approximately $5,880,000 (to be amortized
over the life of the agreement and vesting terms), at an initial exercise price
of $0.10 cents per share. The Warrants shall provide for cashless exercise.
Notwithstanding any failure of the Consultant to perform any Services under this
Agreement or the termination of this Agreement by the Company or the Consultant,
with our without cause, the Warrants shall automatically vest and be immediately
exercisable by the Consultant in three equal installments as follows: (i)
Warrants to purchase four million (4,000,000) shares of Common Stock upon the
execution of this Agreement, (ii) Warrants to purchase to purchase four million
(4,000,000) shares of Common Stock on the first anniversary of the date of this
Agreement, and (iii) Warrants to purchase to purchase four million (4,000,000)
shares of Common Stock on the second anniversary of the date of this Agreement.
Amortization expense recorded as compensation element of stock and warrant
issuance amounted to $548,889 during the quarter ended March 31, 2005.

                                      -11-
<PAGE>

On January 23, 2005, the Company entered into a debt settlement agreement with
Yeend & Castaneda, LLP ("Y&C"); whereby Y&C are owed approximately $120,000 for
past services provided the Company. Y&C and the Company agreed to the following
terms: the Company shall pay to Y&C $37,500 payable as per an agreed upon
schedule, the Company issued Y&C a warrant to purchase 245,000 share of common
stock of the Company at an exercise price of $.10. Such warrant is valued at
approximately $118,000 and shall contain a cashless exercise provision along
with piggyback registration rights. Additionally, for full and final
satisfaction of the indebtedness, the Company shall issue to Y&C 145,000 shares
of unregistered and restricted common stock of the Company. Such shares have
been valued at approximately $74,000 and shall also have the benefit of
piggyback registration rights.

On February 9, 2005, the Company began to offer up to $3,000,000 in Common Stock
of the Company for sale to accredited investors at a price of $.36 per Share
(the "Offering") on a "best efforts" basis. The offering was open until May 5,
2005. The shares offered will have the benefit of "piggy-back" registration
rights. On March 23, 2005, the Company revised the per share purchase price of
the Shares from $0.36 per share to $0.25 per share. During the quarter ended
March 31, 2005, the Company sold 1,001,600 shares for $250,400.

On February 15, 2005, the Company entered into a conversion agreement with a
debt holder, whereby the holder is currently owed in the aggregate $275,000 by
the Company on various short term loans of which the Company is currently in
default. The holder agreed to convert $75,000 of his loan into 208,333 shares of
Common Stock of the Company at a price of $.36 per share. In connection with
this conversion, the Company recorded $43,750 as financing costs. The holder
further agreed to enter into a new 6-month note with the Company for the
remainder of the $200,000 principal amount outstanding. In exchange the Company
agreed to issue to the holder 250,000 shares of the Company's Common Stock as a
penalty payment for being in default of the $275,000 loans. The value of the
250,000 penalty shares amounted to $142,500 and was charged to operations as
finance costs in the year ended December 31, 2004. -8-

As of March 31, 2005, the Company sold an aggregate of 6,559 shares of Series E
Preferred Stock, at a price of $360 per share, for gross proceeds of $2,361,396
with a liquidation preference of $2,361,240. In connection with this offering,
the Company's Board of Directors authorized the issuance of up to 14,000 shares
of a Series E Convertible Redeemable Preferred stock. Each share of Series E
Convertible Redeemable Preferred Stock is convertible into 1,000 shares of the
Company's common stock, par value $.01 per share, subject to adjustment upon
specified events. The Series E Convertible Redeemable Preferred Stock carries an
aggregate liquidation preference value of $5,040,000.

Warrants

Warrant activity and weighted average exercise prices for the three months ended
March 31, 2005 was as follows:
<TABLE>
<CAPTION>
                                                                                                    Weighted Average
                                                                                Number of Warrants   Exercise Price
                                                                                 ---------------   -----------------
<S>                                                                                   <C>                     <C>
Outstanding, December 31, 2004                                                        9,823,113              $0.61

Issued in connection with an agreement for professional services                     12,245,000              $0.10

Expired                                                                                (128,408)             $5.00
                                                                                 ---------------   -----------------
Outstanding, March 31, 2005                                                          21,939,705              $0.30
                                                                                 ===============   =================
</TABLE>
                                      -12-


<PAGE>
                CEDRIC KUSHNER PROMOTIONS, INC. AND SUBSIDIARIES

                   NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


Note 7. Litigation


Golden Gloves (PTY) Limited

On November 13, 2001, Golden Gloves (PTY) Limited, a boxing promoter based in
Johannesburg, South Africa ("Golden Gloves"), commenced a legal action in the
Supreme Court of the State of New York, County of New York against CKP and the
Company's President. Golden Gloves alleged that CKP breached an agreement to
share certain profits related to certain boxers. This matter had been settled in
accordance with a written agreement dated February 20, 2003 between the parties.
The details of the agreement are confidential, but they basically involved an
extended payout over two years. In the event of a default of this agreement, the
Company will be responsible for the full amount of any unpaid balance, interest
and legal fees. The Company has not made any payments pursuant to the settlement
agreement and, therefore, is in default of the agreement. As of March 31, 2005
the Company remains in default of the settlement agreement.

Zomba Recording Corporation

In July 2002, CKP and Mr. Kushner agreed to a stipulation for judgment against
the Company's President by Zomba Recording Corporation ("Zomba") related to
amounts owed Zomba under an Amended and Restated Promissory Note dated August 2,
2001 in the amount of $762,876. Further, in August, 2002, the Company's
President executed a Mortgage Security Agreement granting a security interest in
an apartment property owned by the Company's President to Zomba. As of March 31,
2005, the unpaid balance owed to Zomba by CKP was approximately $267,000 and is
reported as current notes payable.

J.P. Morgan Chase & Company

The Company had a $200,000 credit line through a bank. During 2001, the line of
credit expired and the bank converted the outstanding amount to a note payable.
The note was payable in 36 monthly principal payments of $5,549, plus 6%
interest per annum. The note was secured by assets of the Company and personally
guaranteed by certain stockholders of the Company. Furthermore, the President of
the Company was required to subordinate $578,735 of his loans to the Company in
connection with this note.

On January 13, 2004, a judgment in the amount of $95,145 was entered into in
favor of the bank against the Company and its President in connection with the
default of the note outstanding. On May 5, 2004, the Company and the bank
reached a forbearance agreement whereby the Company would pay out the
outstanding principal amount, plus interest, in 60 monthly payments of $1,752
each, in exchange for forbearance on any additional efforts to collect upon the
unsatisfied portion of the judgment balance with interest at 4% per annum. The
balance on this obligation at March 31, 2005 amounted to $75,985, which is
categorized as accrued litigation and judgments payable in the Company's
condensed consolidated financial statements. The Company is currently in default
of the terms set forth in the forbearance agreement.

                                      -13-

<PAGE>
Securities & Exchange Commission

On March 24, 2004, the United States Securities and Exchange Commission (the
"SEC") brought a civil action against Cedric Kushner Promotions, Inc., Cedric
Kushner, James DiLorenzo and Steven Angel in federal district court for the
Southern District of New York (No. 04 CV 2324). The action alleges several
violations of the Securities Exchange Act of 1934 and the Public Company
Accounting Reform and Investors Protection Act of 2002 including: Section 10(b)
of the Securities Exchange Act of 1934, Exchange Rule 10b-5, Section 302(a) of
the Public Company Accounting Reform and Investors Protection Act of 2002 and
Exchange Act Rule 13a-14 thereunder. The SEC further alleges that the officers
and directors aided and abetted the Company's violation of the Exchange Act
Sections 13(a), 13(b) (2) (A), 13 (b) (2) (B) and Exchange Act Rules 12b-20 and
13a-1 thereunder of the Rules and Regulations described above and alleges that
the Company's Form 10-KSB for the fiscal year ended December 31, 2002, as
originally filed, contained material misstatements and omissions. The remedies
sought by the SEC include, but are not limited to:

     o    Monetary fines levied upon the Company and its officers and directors;
     o    Permanently barring Messrs. Kushner, DiLorenzo and Angel from serving
          as officers or directors of the Company and any other publicly traded
          corporation; and
     o    Permanently restraining and enjoining the Company, its officers and
          directors from violating the federal securities laws, rules and
          regulations.

In a press release dated March 26, 2004, the Company, its officers, and its
directors publicly announced they intend to vigorously defend themselves against
the claims made by the SEC. If, however, the SEC were to prevail in its
litigation, the Company's business, operations and financial condition may be
materially and adversely affected. As of the date of this filing there has been
no material change to this matter.

National Sports Partners

On May 29, 2003, National Sports Partners, a New York general partnership
("NSP") and owner of Fox Sports Net Broadcast Service ("FOX"), commenced legal
action in the Supreme Court of the State of California, County of Los Angeles,
against the Company. NSP alleged that Company breached an agreement to pay for
advertising time pursuant to an agreement, failed to pay for certain production
fees and costs for producing and airing boxing events on Fox, and is suing the
Company for approximately $239,200, plus interest, costs and attorney fees. As
of March 31, 2005, the Company had accrued approximately $239,000 as a potential
liability to NSP.

On or about August 31, 2004, the Company reached a letter agreement with
National Sports Partners, wherein National Sports Partners has agreed to forbear
from further action against the Company in exchange for full payment over time
as stipulated in the agreement of the judgment amount outstanding equal to
$239,486, plus any deferred interest. As of March 31, 2005 the Company has paid
$65,000 against the judgment amount. However, the Company is currently in
default of the letter agreement.

                                      -14-
<PAGE>
Shane Mosley

On August 23, 2002, the Company and a boxer agreed to settle a disputed matter
related to the sharing of certain profits between the boxer and the Company. The
Company had agreed to pay the boxer approximately $610,000, excluding amounts
previously paid, plus interest by April 30, 2003. On June 2, 2003, the Company
defaulted on the agreed upon settlement terms, and a judgment was entered in
favor of the boxer in the approximate amount of $610,000, less any principal
paid by the Company. On July 16, 2003, a restraining order was placed in favor
of the boxer against the Company that prohibited the sale, transfer, assignment,
or interference of the Company's property at a certain financial institution
until the judgment is satisfied or vacated.

On May 6, 2004 the Company and the boxer agreed to settlement of the outstanding
dispute. Pursuant to the agreement, the Company agreed to pay the boxer $50,000
in exchange for forbearance on any additional efforts to collect upon the
unsatisfied portion of the judgment until August 1, 2004. The Company agreed to
use its best efforts to cause its stockholders to increase the number of
authorized common stock outstanding on or before August 1, 2004. The boxer and
the Company would then enter into a settlement agreement whereby the Company
shall issue to the boxer common stock of the Company equal to the outstanding
amount of $510,704 divided by the lesser of a 10% discount of the average
closing bid price for the 60 day trading period prior to the date of such
issuance, or a 10% discount of the price on the day of such issuance.

The parties then agreed to a fairness hearing whereby the final settlement
agreement will be brought before a court to determine whether the settlement is
fair and reasonable and, finally, issuing an exemption from registration of the
settlement shares. If the Company was unable to issue the stock to the boxer,
exempt from registration, Mosley may seek to enforce the unsatisfied amount of
the judgment against the Company and resume the prosecution of this action
against the Company. However, if the Company were unable to issue the shares
pursuant to the settlement agreement then there could be a material, adverse
effect on our revenues, profits, results of operations, financial condition and
future prospects of the Company. Currently the Company is in default of the May
6, 2004 forbearance agreement. As of March 31, 2005, the Company had recorded as
current notes payable $435,359 as the remaining principal liability to the boxer
plus accrued interest of approximately $96,000.

                                      -15-
<PAGE>
Dewayne Layfield

On March 10, 2003, CKP entered into an agreement with America Presents Boxing
LLC ("APB") whereby APB sold, transferred and assigned to CKP all right, title
and interest in and to APB's library (the "Library") of professional boxing
contests and promotional rights (the "Promotional Rights," and together with the
Library, the "APB Assets") in certain boxers. The purchase price for the APB
Assets was $250,000 (the Fixed Amount") (subject to a price reduction if APB was
not able to provide supporting documentation for a minimum number of programming
hours of the Library) to be paid in equal monthly installments of $4,167 as well
as an additional payment of $250,000, contingent upon the aggregate gross purse
amounts of David Tua. CKP also agreed to pay a certain percentage of the net
proceeds derived from the Promotional Rights to reduce the balance of the Fixed
Amount. On September 1, 2003, the Company issued a promissory note for the Fixed
Amount with a third party (the "Noteholder") whom had been transferred the
rights through a separate agreement with APB. As of December 31, 2003, the note
was in default. The balance on this note at December 31, 2003 amounted to
$250,000. On or about January 8, 2004, APB commenced arbitration against the
Company in which it was alleged that the Company defaulted upon the terms of the
$250,000 note dated September 1, 2003. On or about March 30, 2004, this matter
was settled pursuant to which Noteholder and the Company entered into a
Forbearance Agreement pursuant to which the outstanding balance due under the
note was restructured pursuant to a payout schedule. The Noteholder was given
additional security interest in the Library, as collateral in the event of a
material default, for the debt and the arbitration was dismissed without
prejudice. During March 2005, the Company became in default of the forbearance
agreement. On or about April 13, 2005, the Company received a Demand for
Arbitration and attached Statement of Claim served by Layfield. Layfield seeks
damages for breach of the Forbearance Agreement in the amount of $166,000, plus
any lawful accruing interest fees and expenses.

                                      -16-
<PAGE>
Others

On or about August 3, 2004 the Company was served a Petition to Recover Damages
for Breach of Contract, Temporary Restraining Order Preliminary Injunction, and
Permanent Injunction by a third party. This petition calls for damages regarding
loss of profits among other things, as well as reimbursement for other expenses
in connection with a legal dispute between a fighter currently under an
Exclusive Promotional Agreement with the Company and his former manager. The
Company believes its involvement in this lawsuit is without merit. On June 7,
2005 the Company and the Plaintiff mutually agreed to settle and dismiss the
suit.

In the normal course of business, the Company is involved in legal disputes,
concerning contractual rights and breaches of contract related to its boxers and
the promotion of boxing events, claims by certain service providers, and other
issues. At March 31, 2005, the Company had accrued $1,114,719, inclusive of the
amounts previously discussed, in addition to $702,234 classified as notes
payable.

There can be no assurance that any future legal proceedings will not have a
material adverse affect on the Company.


Note 8.  Major Customer

Revenue from one customer accounted for approximately 39% and 89% of revenues
for the three months ended March 31, 2005 and 2004, respectively.


Note 9.  Subsequent Events

On June 15, 2005, the Company entered into a Conversion Agreement (the
"Conversion Agreement") with a certain holder of the Company's 10% $525,000
principal amount promissory notes dated May 19, 2003 to September 25, 2003 (the
"Notes"), which the Company was previously in default upon the payment of
principal and interest thereunder. Pursuant to the Conversion Agreement, the
holder agreed to convert the entire principal amount and interest payable under
the Notes as of June 15, 2005 into shares of the Company's common stock, par
value $.01 per share (the "Common Stock"), at a conversion price equal to $.30
per share. Accordingly, the holder delivered a notice of conversion to the
Company upon execution of the Conversion Agreement in which the holder converted
the entire balance payable under the Notes in the aggregate amount of $625,419
into an aggregate of 2,084,730 shares of Common Stock.

                                      -17-
<PAGE>
On June 28, 2005, TV The Movie Holdings, LLC and Beer League Holdings, LLC
(collectively, the "Holding Companies"), each of which Ckrush Entertainment,
Inc. ("Entertainment"), a wholly owned subsidiary of Cedric Kushner Promotions,
Inc., is the sole managing member thereof and owns a controlling ownership
interest therein, closed a private placement offering (the "Offering") pursuant
to which the Holding Companies sold and issued an aggregate of approximately 69
units of revenue participation rights ("RPRs") to certain accredited investors
for an aggregate purchase price of approximately $3,800,000. The aforementioned
securities were sold in reliance upon the exemption afforded by the provisions
of Regulation D, as promulgated by the Securities and Exchange Commission under
the Securities Act of 1933, as amended.


The RPRs were issued in connection with proposed motion pictures currently
entitled "Beer League" and "TV The Movie" in which production of said films
shall be performed by applicable development and production partners of
Entertainment through separate, single purpose business entities also managed by
Entertainment (the "Production Entities"). The Holding Companies will (i) be
responsible for the production of each motion picture through the Production
Entities, (ii) own the completed films and the copyrights thereto, and (iii) be
responsible for the commercial exploitation of the rights in the motion pictures
in all media outlets throughout the world. The proceeds from the Offering will
be used to finance the production of the motion pictures in an amount equal to
approximately $2,500,000 for each picture, inclusive of certain fees and
expenses. Entertainment shall have the discretion as to the funding of the
motion pictures and with respect to all decisions regarding the timing of the
application of funds toward pre-production, production and post-production
activities of the motion pictures. In addition, Entertainment, together with its
production partners (as applicable), shall make all decisions regarding
distribution, licensing, promotion and exploitation of the rights in the motion
pictures. The investors shall have no direct role in the management of the
Holding Companies, Production Entities or otherwise relating to the motion
pictures, it being the intention of the parties that the investors shall have
passive economic rights through the RPRs and as Class B non-voting members of
the Holding Companies with each investor's ownership percentage therein being
proportionate to their respective purchase price.


To the extent of available cash flow from the Holding Companies, the RPRs shall
entitle the investors a return of 100% of their respective purchase price, plus
a 20% preferred return, after deduction of (i) guild or union liens or
obligations, (ii) unpaid direct expenses of the motion pictures, (iii)
unaffiliated third party sales agency fees or commissions, and (iv) any gross
royalties payable to unaffiliated third parties which are not subordinate to the
Offering. If the $2,750,000 per picture funding amount (the "Per Picture Funding
Amount") is fully funded in the aggregate amount of $5,500,000, the investors
shall receive an aggregate 15% interest in the residual cash flow of the Holding
Companies. In the event that less than the Per Picture Funding Amount is raised
for each motion picture, the aggregate share of the residual cash flow to the
investors shall be reduced on a proportionate basis.

                                      -18-
<PAGE>
In addition, the Company and Entertainment entered into a Guaranty Agreement
(the "Guaranty Agreement") dated as of June 28, 2005 with an accredited investor
who purchased a principal amount $3,000,000 convertible debenture from one of
the investors of the Offering. Pursuant to the Guaranty Agreement, the Company
and Entertainment guaranteed the repayment of the convertible debenture since
the proceeds from the convertible debenture were utilized by the investor to
purchase RPRs. The holder of the convertible debenture has the right to enforce
the guaranty at any time commencing on the second anniversary of the date of the
Guaranty Agreement or earlier upon the occurrence of (i) a material breach under
the limited liability company agreements of the Holding Companies which affects
the rights of the holder, (ii) an event of default of the Security Agreements
each dated as of June 28, 2005 which the investor in the Offering and the
Holding Companies entered into with the holder of the convertible debenture,
(iii) a material breach by Entertainment of the Subscription Agreement in
connection with the Offering, or (iv) a material breach of the Security
Agreement dated as of June 28, 2005 which Entertainment entered into with the
holder of the convertible debenture (as further described below).


Further, on June 28, 2005 Entertainment entered into a Security Agreement with
the holder of the convertible debenture in which Entertainment granted to such
holder a security interest in any and all of Entertainment's rights and
interests in the Holding Companies, including, without limitation, (i) any and
all distributions to Entertainment from the Holding Companies in connection with
the motion pictures, and (ii) any and all rights to the proceeds of the motion
pictures derived from their commercial exploitation including the screenplays,
scripts, films, video tapes, digital or other productions, trailers, screenplay
props, still prints, box office share, and revenue derived from any of the
foregoing (collectively, the "Pledged Property"). The Pledged Property shall
secure the obligations of Entertainment if there is an event of default under
the Guaranty Agreement which Entertainment entered into with the holder of the
convertible debenture (as described above).

                                      -19-
<PAGE>
On June 28, 2005, the Company entered into a Pledge and Escrow Agreement (the
"Pledge Agreement") with the holder of the convertible debenture and a certain
escrow agent pursuant to which the Company agreed to pledge shares of its common
stock, par value $.01 per share (the "Common Stock"), to secure the payment of
the Company to the holder of the convertible debenture, if and when due, under
the Guaranty Agreement. The Company agreed to pledge and deliver such number of
shares of Common Stock on the Pledge Determination Date (as hereinafter defined)
equal to (i) the product of the total amount outstanding under the convertible
debenture as of the date eighteen months from June 28, 2005 ("Pledge
Determination Date"), (ii) multiplied by three, and (iii) divided by the average
of the closing bid price of the Common Stock for the fifteen trading days
immediately preceding the Pledge Determination Date. The holder of the
convertible debenture has the right to enforce its rights under the Pledge
Agreement if the Company defaults with respect to its obligations under the
Guaranty Agreement, as described above.

On June 27, 2005, Cedric Kushner Promotions, Inc., through its wholly owned
subsidiary Ckrush Entertainment, Inc., entered into an Operating Agreement of
Identity Films & Company, LLC (the "Operating Agreement"), a recently formed
Delaware limited liability company ("IF&C"), with its joint venture partner
Identity Films, LLC ("Identity"), under which Entertainment and Identity set
forth their respective rights and obligations with respect to the IF&C and the
joint venture. IF&C and joint venture was formed for the purpose of arranging,
developing and producing, or arranging for the production of all film,
television, music, publishing and related properties of Identity and
Entertainment. Lisa Fielding and Anthony Mastromauro, each members of Identity,
will be responsible for the day-to-day management of IF&C and the joint venture.
In addition, Jeremy Dallow and Jim DiLorenzo of Entertainment will serve as
managers of IF&C.


Identity is obligated to contribute certain of its film and television
properties in various stages of development, and all revenue derived from such
contributed properties, to IF&C. Entertainment is obligated to make capital
contributions to IF&C in the aggregate amount of approximately $748,000 over a
2-year period beginning on June 27, 2005. Entertainment has made an initial
capital contribution to IF&C in the amount of $114,225. Entertainment may elect
to renew the Operating Agreement beyond its initial term of 2 years for 5
consecutive 1-year renewal periods and upon such renewal, Entertainment is
obligated to make additional capital contributions to IF&C as follows:


o For the first renewal term, an additional capital contribution of $345,000
increased by 5% paid quarterly (the "First Renewal Term Capital Contribution");


o For the second renewal term, an additional capital contribution equal to the
First Renewal Term Capital Contribution increased by 5% paid quarterly (the
"Second Renewal Term Capital Contribution");


o For the third renewal term, an additional capital contribution equal to the
Second Renewal Term Capital Contribution increased by 5% paid quarterly (the
"Third Renewal Term Capital Contribution");


o For the fourth renewal term, an additional capital contribution equal to the
Third Renewal Term Capital Contribution increased by 5% paid quarterly (the
"Fourth Renewal Term Capital Contribution"); and


o For the fifth renewal term, an additional capital contribution equal to the
Fourth Renewal Term Capital Contribution increased by 5% paid quarterly.

                                      -20-
<PAGE>
Net income of IF&C, if any, shall be allocated to Entertainment and Identity as
follows: 85% to Entertainment and 15% to Identity until Entertainment has been
allocated its minimum preferred return, which is defined as Entertainment's
aggregate capital contributions to IF&C, plus 20% of Entertainment's aggregate
capital contributions to IF&C, plus the aggregate amount of net loss of IF&C, if
any, allocated to Entertainment (the "Minimum Preferred Return"). After
Entertainment has been allocated its Minimum Preferred Return, net income of
IF&C shall be allocated 60% to Entertainment and 40% to Identity, until
Entertainment has been allocated its Maximum Preferred Return, which is defined
as the sum of Entertainment's Minimum Preferred Return plus $500,000 (the
"Maximum Preferred Return"). After Entertainment has been allocated its Maximum
Preferred Return, net income of IF&C shall be allocated 50% to Entertainment and
50% to Identity.


Neither Entertainment or Identity, or any manager of IF&C, shall receive any
salary, fees, commission or other compensation for services rendered to IF&C,
unless approved in writing by Entertainment. However, upon the execution of the
Operating Agreement, the Company issued incentive warrants of the Company to
Lisa Fielding and Anthony Mastromauro to purchase: (i) 100,000 shares of common
stock of the Company, par value $.01 per share (the "Common Stock"); and (ii)
100,000 shares of Common Stock which will vest upon Entertainment being
allocated its Maximum Preferred Return. In both cases, the exercise price of the
warrants will be $.30 per share.


In addition, Entertainment has the right of first refusal to provide or to
arrange for financing for each project or property pursued or developed by IF&C.
Entertainment shall have 30 days following receipt of the proposal for the
project or property and proposed financing to advise Identity in writing that it
will provide or arrange for such financing.


On July 8, 2005, the Company entered into certain agreements, each dated as of
June 30, 2005, in connection with Pledge This Holdings, LLC ("Pledge, LLC")
which the Company formed with certain other parties on June 30, 2004, and which
the Company's Executive Vice President is currently the sole managing member and
which the Company owns a minority ownership interest therein, for the purpose of
obtaining necessary financing, producing and distributing a feature-length
motion picture tentatively entitled "Pledge This!" (the "Picture"), including
theatrical and non-theatrical distribution, over-air and cable television
broadcast, and DVD/video distribution.


On July 8, 2005, the Company entered into Amendment No. 1 to the Guaranty and
Pledge Agreement (the "Amendment") dated as of June 30, 2005 with certain
accredited investors who invested an aggregate of $1,000,000 in Pledge, LLC on
June 30, 2004. Pursuant to the original Guaranty and Pledge Agreement (the
"Original Agreement") dated as of June 30, 2004, the Company guaranteed the
repayment of the $1,000,000 investment, to the extent that Pledge, LLC has not
repaid such amount (the "Total Repayment Amount") to the investors on or prior
to June 30, 2005 from the commercial exploitation of the Picture. Under the
Original Agreement, the Company and the investors agreed to extend the date of
repayment from June 30, 2005 to December 31, 2005.

                                      -21-
<PAGE>
In addition, on July 8, 2005 the Company entered into a Contribution and
Indemnification Agreement (the "Contribution Agreement") with World Wide South
Beach, LLC ("WWSB"), which also entered into a Guaranty Agreement in favor of
the investors of Pledge, LLC on June 30, 2005, for the repayment of the Total
Repayment Amount in the event that Pledge, LLC has not yet earned sufficient
proceeds from the commercial exploitation of the Picture, pursuant to which the
Company and WWSB agreed to share and allocate the repayment of the Total
Repayment Amount. In the event that all or a portion of the Total Repayment
Amount remains due as of December 31, 2005, WWSB is obligated to pay 80% of the
Total Repayment Amount, or such portion thereof that remains due, and the
Company is obligated to repay 20% of the Total Repayment Amount, or such portion
thereof that remains due. To the extent that the Company or WWSB pay less than
the allocable share, then one party is liable to the other under the
Contribution Agreement. To the extent that the Company or WWSB repay all or a
portion of the Total Repayment Amount to the investors, the Company and WWSB are
subrogated to the rights of the investors.


Further, on July 8, 2005 the Company entered into Amendment No. 1 to the Class A
Common Stock and Installment Payment Agreement (the "Installment Payment
Amendment") with the investors. Under the original Class A Common Stock and
Installment Payment Agreement (the "Original Installment Payment Agreement")
which the Company entered into with the investors on June 30, 2004, the Company
agreed to reserve for further issuance to the investors 1,000,000 shares of the
Company's Class A Common Stock, par value $.01 per share (the "Common Stock")
and thereafter issued said shares of Common Stock to the investors. In addition,
under the Original Installment Payment Agreement the Company agreed to pay to
the investors an amount equal to 12% of the investors' Total Repayment Amount
per annum, payable on a quarterly basis. Pursuant to the Installment Payment
Amendment, the Company agreed to pay to the investors, on a pro rata basis, the
installment payment amount of $120,000 in full at the closing of the
transactions contemplated under the Installment Payment Amendment, which payment
was made by the Company as follows:


o $60,000 was paid by us to each investor, on a pro rata basis, and
o the Company issued 750,000 shares of the Company's Common Stock to each
investor, on a pro rata basis.

Also, pursuant to the Installment Payment Amendment the Company agreed to pay to
the investors, on a pro rata basis, an amount equal to the product of 14.4% per
annum, covering the period from June 30, 2005 to December 31, 2005, multiplied
by the then outstanding Total Repayment Amount of the investors under the
Pledge, LLC Operating Agreement (the "Extension Period Amount"), which amount
shall accrue daily and be payable in cash in a lump sum on December 31, 2005 or
until the date the investors receive payments in cash equal to the Total
Repayment Amount, either in payments or distributions under the Pledge, LLC
Operating Agreement in accordance with its terms or as a result of:


     o payments by us to the investors under the Amendment,
     o payments by WWSB to the investors under a certain Guaranty, dated as of
     June 30, 2005, by WWSB in favor of the investors, and
     o payments or distributions from any other person, including third party
     financing sources and investors.


Following the date upon which the Total Repayment Amount is paid to the
investors, any amounts due under the Installment Payment Amendment, including
the Extension Period Amount, shall cease to accrue.

                                      -22-
<PAGE>
On or about April 28, 2005 an action was commenced in New York State Supreme
Court, of which the Company was served on or after May 16, 2005, by Designscape,
Inc., against Cedric Kushner Promotions, Inc., Cedric Kushner Promotions, Ltd.,
Big Content, Inc., Cedric Kushner, and James DiLorenzo, alleging breach of
contract and purported misrepresentations with respect to an alleged oral
agreement to provide certain goods and services in connection with the
production and staging of Big Content's Thunderbox television series and seeking
alleged compensatory damages of approximately $550 thousand dollars and
unspecified exemplary damages. On or about July 7, 2005 an answer and
counterclaim were timely interposed on behalf of each defendant denying the
material allegations of Designscape's claims and asserting a counterclaim
seeking for overpayments to Designscape by Big Content and for compensatory
damages believed to be in excess of $150,000. On or about July 26, 2005,
Designscape served a reply denying the material allegations in the counterclaim.
The matter remains pending. The Company denies the merit of the claims of
Designscape and does not believe the matter will ultimately have a materially
adverse effect upon the Company's performance.


On June 17, 2005, First Equity Capital Corporation ("First Equity"), a Louisiana
Corporation, filed an action against Cedric Kushner Promotions, Inc. (the
"Company") in the Circuit Court of the 15th Judicial Circuit in and for Palm
Beach County, Florida, alleging that the Company breached an October 6, 2004
Consulting and Acquisition Agreement pursuant to which the Company allegedly
hired First Equity to provide certain services to the Company. First Equity
alleges that the Company is obligated to pay First Equity $1,525,000 and to
grant First Equity "up to 4,000,000 registered shares" of the Company's common
stock. The Company denies any obligation to First Equity and intends to
vigorously defend this action.



                                      -23-

<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATION

INTRODUCTION AND CERTAIN CAUTIONARY STATMENTS

The following discussion of our financial condition and results of our
operations should be read in conjunction with the Financial Statements and Notes
thereto. Our fiscal year ends December 31. This document contains certain
forward-looking statements including, among others, planned capital expenditure
requirements, cash and working capital requirements, the Company's expectations
regarding the adequacy of current financing arrangements, fight demand and
demand for our other entertainment properties market growth, other statements
regarding future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. These
forward-looking statements are based largely on our current expectations and are
subject to a number of risks and uncertainties. Actual results could differ
materially from these forward-looking statements. Important factors to consider
in evaluating such forward-looking statements include (i) changes in external
factors or in our internal budgeting process which might impact trends in our
results of operations; (ii) unanticipated working capital or other cash
requirements; (iii) changes in our business strategy or an inability to execute
our strategy due to unanticipated changes in the industries in which we operate;
and (iv) various competitive market factors that may prevent us from competing
successfully in the marketplace.

CRITICAL ACCOUNTING POLICIES

The accompanying discussion and analysis of our financial condition and results
of operations are based upon our consolidated financial statements, which have
been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP"). The preparation of these consolidated
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. These estimates form the basis
for making judgments about the carrying values of assets and liabilities that
are not readily apparent from other sources. We base our estimates and judgments
on historical experience and all available information. However, future events
are subject to change, and the best estimates and judgments routinely require
adjustment. US GAAP requires us to make estimates and judgments in several
areas, including those related to recording various accruals (such as incentive
compensation and restructuring costs), income taxes, the useful lives of
long-lived assets, such as property and equipment and intangible assets, and
potential losses from contingencies and litigation. We believe the policies
discussed below are the most critical to our consolidated financial statements
because they are affected significantly by management's judgments, assumptions
and estimates. -21-

                                      -24-
<PAGE>
COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2005 AND MARCH 31, 2004

Revenues decreased by $1,478,227, or 95%, to $78,516 for the three months ended
March 31, 2005 from $1,556,743 for the same period in the prior year. The
decrease was primarily due to a title fight that earned approximately $1.25
million dollars in revenues, for the three months ended March 31, 2004, and a
decrease in media income of approximately $228,000. No such event was staged
during the three months ended March 31, 2005.

Revenue from three customers accounted for approximately 76% of revenues for the
three months ended March 31, 2005, compared to 89% from a single customer for
the same period in 2004.

Cost of revenues, consisting of $74,746 in boxing promotion costs and $24,843 in
media costs, decreased by $1,530,537, or 94%, to $99,589 for the three months
ended March 31, 2005, compared to $1,630,126 incurred for the three months ended
March 31, 2004. The decrease in cost of revenues is attributable to the greater
cost incurred in staging some of the events during the first quarter of 2004 and
the launch of the new Heavyweight Heroes series during the same period. Gross
loss decreased by $52,310 from a gross loss of $73,383 or (4.7%)for the three
months ended March 31, 2004 to a gross loss of $21,073 or (26.9%) for the three
months ended March 31, 2005. The primary reason is due to a title fight in 2004
which did not recur in 2005, offset by a decrease in related cost of revenues.

The Company currently has three reportable segments, boxing, media and
entertainment. The following represents a comparison of revenues, cost of
revenues, and gross (loss) profit by segment for the three months ended March
31, 2005 and March 31, 2004:
<TABLE>
<CAPTION>
                                                      THREE MONTHS ENDED MARCH 31,
                                                   2005        % of total        2004          % of total
                                                   ----        ----------        ----          ----------
<S>                                               <C>               <C>          <C>                   <C>
REVENUES
   Boxing promotions                                 $77,199        98.3%        $1,327,373            85.3%
   Media                                               1,317         1.7%           229,370            14.7%
                                              --------------- ------------  ---------------- ----------------
        TOTAL REVENUES                                78,516       100.0%         1,556,743           100.0%
                                              --------------- ------------  ---------------- ----------------
COST OF REVENUES
   Cost of revenues - boxing promotions               74,746        95.2%         1,454,353            93.4%
   Cost of revenues - media                           24,843        31.6%           175,773            11.3%
                                              --------------- ------------  ---------------- ----------------
      TORAL COST OF REVENUES                          99,589       126.8%         1,630,125           104.7%
                                              --------------- ------------  ---------------- ----------------
GROSS INCOME
   Boxing promotions                                   2,453         3.1%          (126,980)           -8.2%
   Media                                             (23,526)      -30.0%            53,597             3.4%
                                              --------------- ------------  ---------------- ----------------
        GROSS PROFIT (LOSS)                         $(21,073)      -26.9%          ($73,383)           -4.7%
                                              =============== ============  ================ ================
</TABLE>
                                      -25-
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATION, continued:

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2005 AND MARCH 31, 2004,
continued:

Selling, general and administrative expenses decreased by 1.6% or $12,974 to
$786,673 for the three months ended March 31, 2005, from $799,647 for the three
months ended March 31, 2004. The decrease was primarily due to the Company fees
for the three months ended March 31, 2005.

Depreciation and amortization expense for property and equipment decreased to
$2,061 for the three months ended March 31, 2005, from $2,446 for the same
period in the prior year. Amortization expense of prepaid signing bonuses
decreased by $83,151 to $59,937 for the three months ended March 31, 2005,
compared to $143,088 for the same period in the prior year. Amortization
expenses for intangible assets decreased by $8,873 to $59,460 for the three
months ended March 31, 2005, compared to $68,333 during the same period last
year.

The Company recorded $43,750 in financing costs paid in stocks and warrants for
the three months ended March 31, 2005, compared to $3,396,582 for the same cost
in the prior year. The decrease results primarily from the conversion of
indebtedness that was due to the Company's president into equity in 2004, and a
consulting agreement executed in January 2004.

Interest expense, inclusive of related parties and other amounts, decreased by
$51,067 from $222,925 in first quarter 2004 to $171,858 for the three months
ended March 31, 2005. This decrease is attributable to the conversion of the
Company's long-term debt into equity.

                                      -26-
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATION, continued:

LIQUIDITY AND CAPITAL RESOURCES:


The Company incurred net losses of $1,721,701 and $5,176,904 during the three
months ended March 31, 2005 and 2004, respectively. In addition, the Company had
a working capital deficiency of $10,716,619 at March 31, 2005. Furthermore, the
Company had a stockholders' deficiency at March 31, 2005 of $12,023,665. These
factors continue to raise substantial doubts about the Company's ability to
continue as a going concern.

There can be no assurance that sufficient funds required during the next year or
thereafter will be generated from operations or that funds will be available
from external sources such as debt or equity financings or other potential
sources. The lack of additional capital resulting from the inability to generate
cash flow from operations or to raise capital from external sources would force
the Company to substantially curtail or cease operations and would, therefore,
have a material adverse effect on its business. Further, there can be no
assurance that any such required funds, if available, will be available on
attractive terms or that they will not have a significant dilutive effect on the
Company's existing stockholders.

The accompanying condensed consolidated financial statements do not include any
adjustments related to the recoverability or classification of asset carrying
amounts or the amounts and classification of liabilities that may result should
the Company be unable to continue as a going concern.

The Company is in default of several notes and loans payable in the aggregate
amount of approximately $2,570,000. The Company hopes to remedy these defaults
through additional borrowings, conversion of existing debt to equity, ownership
contributions, and/or renegotiation of existing terms and conditions of notes
and loans payable in default. If the Company is unable to cure these defaults,
it may significantly impede the Company's ability to raise additional funds
and/or to conduct normal business operations, which may result in the Company
having to curtail or cease operations.

The Company expects to meet its long-term liquidity requirements through
long-term borrowings, both secured and unsecured, the issuance of debt or equity
securities and cash generated from operations. As of this report date, the
Company has been unable to secure any source of long-term liquidity. If the
Company is not successful in obtaining long-term liquidity, it risks being
unable to replace maturing obligations when due, which may result in the Company
having to curtail or cease operations.

                                      -27-
<PAGE>
During the three months ended March 31, 2005, the Company continued to explore
sources of additional financing to satisfy its current operating requirements.
In addition, the Company continues to focus on improving liquidity in several
ways, including:


     o    continue to reduce operating costs;
     o    creation of new subsidiaries that are intended to develop, produce,
          finance and distribute film and television properties as well as
          entertainment oriented goods for direct response, pay-per-view and
          retail and digital sale;
     o    increase revenue by growing existing properties and expand revenue
          base;
     o    continue to pursue the promotion of premium level boxing events;
     o    pursue production partnerships and joint ventures;
     o    pursue additional sources of debt and equity financing to satisfy its
          current operating requirements; and
     o    continue to negotiate with existing debt holders to convert their
          notes into equity.

In line with the above, on June 27, 2005 the Company thru its subsidiary,
Entertainment, entered into a joint venture with Identity Films, forming
Identity Films and Company, LLC, to develop and produce feature films. On June
28, 2005, the Company through its subsidiary, Entertainment, entered into an
agreement with two companies, and raised approximately $3,800,000, which will be
used to fund the production of two films.


                                      -28-

<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATION, continued:

RISK FACTORS

In evaluating our business, prospective investors and stockholders should
carefully consider the risks referenced in the Company's 2004 Form 10-KSB, filed
with the United States Securities and Exchange Commission on May 13, 2005, in
Item 6 "MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION" on pages 19 to 26 and which is incorporated herein by reference,
in addition to the other information in this Form 10-KSB or in the documents
referred to in this Form 10-KSB. Any of the risks could have a material adverse
impact on our business, operating results, financial condition, could result in
a complete loss of your investment, and should be carefully considered when
evaluating the Company and its stock.

Item 3.     CONTROLS AND PROCEDURES

As of the end of the period covered by this report, we conducted an evaluation,
under the supervision and with the participation of our chief executive officer
and chief financial officer of our disclosure controls and procedures (as
defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act). Based upon
this evaluation, our chief executive officer and chief financial officer
concluded that while our disclosure controls and procedures are effective to
ensure that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act is recorded, processed, summarized and
reported, we nevertheless have not been able to do so within the time periods
specified in the Commission's rules and forms.

As a result of the above, the Company reorganized its accounting personnel to
address these issues. Specifically, the Company has retained the services of a
new experiences accountant on an independent contractor basis to review and
implement procedures to enable the completion of our consolidated financial
statements on a timely basis. While management believes progress had been made
with respect to these issues, it nevertheless believes that there continues to
exist material weakness in this area. We believe additional progress in this are
will continue through the third quarter of 2005.

                                      -29-

<PAGE>
                          PART II -- OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Golden Gloves (PTY) Limited

On November 13, 2001, Golden Gloves (PTY) Limited, a boxing promoter based in
Johannesburg, South Africa ("Golden Gloves"), commenced a legal action in the
Supreme Court of the State of New York, County of New York against CKP and the
Company's President. Golden Gloves alleged that CKP breached an agreement to
share certain profits related to certain boxers. This matter had been settled in
accordance with a written agreement dated February 20, 2003 between the parties.
The details of the agreement are confidential, but they basically involved an
extended payout over two years. In the event of a default of this agreement, the
Company will be responsible for the full amount of any unpaid balance, interest
and legal fees. The Company has not made any payments pursuant to the settlement
agreement and, therefore, is in default of the agreement. As of March 31, 2005
the Company remains in default of the settlement agreement.

Zomba Recording Corporation

In July 2002, CKP and Mr. Kushner agreed to a stipulation for judgment against
the Company's President by Zomba Recording Corporation ("Zomba") related to
amounts owed Zomba under an Amended and Restated Promissory Note dated August 2,
2001 in the amount of $762,876. Further, in August, 2002, the Company's
President executed a Mortgage Security Agreement granting a security interest in
an apartment property owned by the Company's President to Zomba. As of March 31,
2005, the unpaid balance owed to Zomba by CKP was approximately $267,000 and is
reported as current notes payable.

J.P. Morgan Chase & Company

The Company had a $200,000 credit line through a bank. During 2001, the line of
credit expired and the bank converted the outstanding amount to a note payable.
The note was payable in 36 monthly principal payments of $5,549, plus 6%
interest per annum. The note was secured by assets of the Company and personally
guaranteed by certain stockholders of the Company. Furthermore, the President of
the Company was required to subordinate $578,735 of his loans to the Company in
connection with this note.

On January 13, 2004, a judgment in the amount of $95,145 was entered into in
favor of the bank against the Company and its President in connection with the
default of the note outstanding. On May 5, 2004, the Company and the bank
reached a forbearance agreement whereby the Company would pay out the
outstanding principal amount, plus interest, in 60 monthly payments of $1,752
each, in exchange for forbearance on any additional efforts to collect upon the
unsatisfied portion of the judgment balance with interest at 4% per annum. The
balance on this obligation at March 31, 2005 amounted to $75,985, which is
categorized as accrued litigation and judgments payable in the Company's
condensed consolidated financial statements. The Company is currently in default
of the terms set forth in the forbearance agreement.

                                      -30-
<PAGE>
Securities & Exchange Commission

On March 24, 2004, the United States Securities and Exchange Commission (the
"SEC") brought a civil action against Cedric Kushner Promotions, Inc., Cedric
Kushner, James DiLorenzo and Steven Angel in federal district court for the
Southern District of New York (No. 04 CV 2324). The action alleges several
violations of the Securities Exchange Act of 1934 and the Public Company
Accounting Reform and Investors Protection Act of 2002 including: Section 10(b)
of the Securities Exchange Act of 1934, Exchange Rule 10b-5, Section 302(a) of
the Public Company Accounting Reform and Investors Protection Act of 2002 and
Exchange Act Rule 13a-14 thereunder. The SEC further alleges that the officers
and directors aided and abetted the Company's violation of the Exchange Act
Sections 13(a), 13(b) (2) (A), 13 (b) (2) (B) and Exchange Act Rules 12b-20 and
13a-1 thereunder of the Rules and Regulations described above and alleges that
the Company's Form 10-KSB for the fiscal year ended December 31, 2002, as
originally filed, contained material misstatements and omissions. The remedies
sought by the SEC include, but are not limited to:

     o    Monetary fines levied upon the Company and its officers and directors;
     o    Permanently barring Messrs. Kushner, DiLorenzo and Angel from serving
          as officers or directors of the Company and any other publicly traded
          corporation; and
     o    Permanently restraining and enjoining the Company, its officers and
          directors from violating the federal securities laws, rules and
          regulations.

In a press release dated March 26, 2004, the Company, its officers, and its
directors publicly announced they intend to vigorously defend themselves against
the claims made by the SEC. If, however, the SEC were to prevail in its
litigation, the Company's business, operations and financial condition may be
materially and adversely affected. As of the date of this filing there has been
no material change to this matter.

National Sports Partners

On May 29, 2003, National Sports Partners, a New York general partnership
("NSP") and owner of Fox Sports Net Broadcast Service ("FOX"), commenced legal
action in the Supreme Court of the State of California, County of Los Angeles,
against the Company. NSP alleged that Company breached an agreement to pay for
advertising time pursuant to an agreement, failed to pay for certain production
fees and costs for producing and airing boxing events on Fox, and is suing the
Company for approximately $239,200, plus interest, costs and attorney fees. As
of March 31, 2005, the Company had accrued approximately $239,000 as a potential
liability to NSP.

On or about August 31, 2004, the Company reached a letter agreement with
National Sports Partners, wherein National Sports Partners has agreed to forbear
from further action against the Company in exchange for full payment over time
as stipulated in the agreement of the judgment amount outstanding equal to
$239,486, plus any deferred interest. As of March 31, 2005 the Company has paid
$65,000 against the judgment amount. However, the Company is currently in
default of the letter agreement.

                                      -31-
<PAGE>
Shane Mosley

On August 23, 2002, the Company and a boxer agreed to settle a disputed matter
related to the sharing of certain profits between the boxer and the Company. The
Company had agreed to pay the boxer approximately $610,000, excluding amounts
previously paid, plus interest by April 30, 2003. On June 2, 2003, the Company
defaulted on the agreed upon settlement terms, and a judgment was entered in
favor of the boxer in the approximate amount of $610,000, less any principal
paid by the Company. On July 16, 2003, a restraining order was placed in favor
of the boxer against the Company that prohibited the sale, transfer, assignment,
or interference of the Company's property at a certain financial institution
until the judgment is satisfied or vacated.

On May 6, 2004 the Company and the boxer agreed to settlement of the outstanding
dispute. Pursuant to the agreement, the Company agreed to pay the boxer $50,000
in exchange for forbearance on any additional efforts to collect upon the
unsatisfied portion of the judgment until August 1, 2004. The Company agreed to
use its best efforts to cause its stockholders to increase the number of
authorized common stock outstanding on or before August 1, 2004. The boxer and
the Company would then enter into a settlement agreement whereby the Company
shall issue to the boxer common stock of the Company equal to the outstanding
amount of $510,704 divided by the lesser of a 10% discount of the average
closing bid price for the 60 day trading period prior to the date of such
issuance, or a 10% discount of the price on the day of such issuance.

The parties then agreed to a fairness hearing whereby the final settlement
agreement will be brought before a court to determine whether the settlement is
fair and reasonable and, finally, issuing an exemption from registration of the
settlement shares. If the Company was unable to issue the stock to the boxer,
exempt from registration, Mosley may seek to enforce the unsatisfied amount of
the judgment against the Company and resume the prosecution of this action
against the Company. However, if the Company were unable to issue the shares
pursuant to the settlement agreement then there could be a material, adverse
effect on our revenues, profits, results of operations, financial condition and
future prospects of the Company. Currently the Company is in default of the May
6, 2004 forbearance agreement. As of March 31, 2005, the Company had recorded as
current notes payable $435,359 as the remaining principal liability to the boxer
plus accrued interest of approximately $96,000.

                                      -32-
<PAGE>
Dewayne Layfield

On March 10, 2003, CKP entered into an agreement with America Presents Boxing
LLC ("APB") whereby APB sold, transferred and assigned to CKP all right, title
and interest in and to APB's library (the "Library") of professional boxing
contests and promotional rights (the "Promotional Rights," and together with the
Library, the "APB Assets") in certain boxers. The purchase price for the APB
Assets was $250,000 (the Fixed Amount") (subject to a price reduction if APB was
not able to provide supporting documentation for a minimum number of programming
hours of the Library) to be paid in equal monthly installments of $4,167 as well
as an additional payment of $250,000, contingent upon the aggregate gross purse
amounts of David Tua. CKP also agreed to pay a certain percentage of the net
proceeds derived from the Promotional Rights to reduce the balance of the Fixed
Amount. On September 1, 2003, the Company issued a promissory note for the Fixed
Amount with a third party (the "Noteholder") whom had been transferred the
rights through a separate agreement with APB. As of December 31, 2003, the note
was in default. The balance on this note at December 31, 2003 amounted to
$250,000. On or about January 8, 2004, APB commenced arbitration against the
Company in which it was alleged that the Company defaulted upon the terms of the
$250,000 note dated September 1, 2003. On or about March 30, 2004, this matter
was settled pursuant to which Noteholder and the Company entered into a
Forbearance Agreement pursuant to which the outstanding balance due under the
note was restructured pursuant to a payout schedule. The Noteholder was given
additional security interest in the Library, as collateral in the event of a
material default, for the debt and the arbitration was dismissed without
prejudice. During March 2005, the Company became in default of the forbearance
agreement. On or about April 13, 2005, the Company received a Demand for
Arbitration and attached Statement of Claim served by Layfield. Layfield seeks
damages for breach of the Forbearance Agreement in the amount of $166,000, plus
any lawful accruing interest fees and expenses.

                                      -33-
<PAGE>
Designscape

On or about April 28,  2005 an action was  commenced  in New York State  Supreme
Court of which the Company  was served on or after May 16, 2005 by  Designscape,
Inc., against Cedric Kushner Promotions,  Inc., Cedric Kushner Promotions, Ltd.,
Big Content,  Inc.,  Cedric  Kushner,  and James  DiLorenzo,  alleging breach of
contract  and  purported  misrepresentations  with  respect to an  alleged  oral
agreement  to  provide  certain  goods  and  services  in  connection  with  the
production and staging of Big Content's Thunderbox television series and seeking
alleged   compensatory  damages  of  approximately  $550  thousand  dollars  and
unspecified  exemplary  damages.  On  or  about  July  7,  2005  an  answer  and
counterclaim  were timely  interposed  on behalf of each  defendant  denying the
material  allegations  of  Designscape's  claims and  asserting  a  counterclaim
seeking for  overpayments  to  Designscape  by Big Content and for  compensatory
damages  believed to be in excess of $150,000.  On or about July 26, 2005,
Designscape served a reply denying the material allegations in the counterclaim.
The  matter  remains  pending.  The  Company  denies  the merit of the claims of
Designscape  and does not believe the matter will  ultimately  have a materially
adverse effect upon the Company's performance.

First Equity

On June 17, 2005, First Equity Capital Corporation ("First Equity"), a Louisiana
Corporation, filed an action against Cedric Kushner Promotions, Inc. (the
"Company") in the Circuit Court of the 15th Judicial Circuit in and for Palm
Beach County, Florida, alleging that the Company breached an October 6, 2004
Consulting and Acquisition Agreement pursuant to which the Company allegedly
hired First Equity to provide certain services to the Company. First Equity
alleges that the Company is obligated to pay First Equity $1,525,000 and to
grant First Equity "up to 4,000,000 registered shares" of the Company's common
stock. The Company denies any obligation to First Equity and intends to
vigorously defend this action.

                                      -34-
<PAGE>
Others

On or about August 3, 2004 the Company was served a Petition to Recover Damages
for Breach of Contract, Temporary Restraining Order Preliminary Injunction, and
Permanent Injunction by a third party. This petition calls for damages regarding
loss of profits among other things, as well as reimbursement for other expenses
in connection with a legal dispute between a fighter currently under an
Exclusive Promotional Agreement with the Company and his former manager. The
Company believes its involvement in this lawsuit is without merit. On June 7,
2005 the Company and the Plaintiff mutually agreed to settle and dismiss the
suit.

In the normal course of business, the Company is involved in legal disputes,
concerning contractual rights and breaches of contract related to its boxers and
the promotion of boxing events, claims by certain service providers, and other
issues. At March 31, 2005, the Company had accrued $1,114,719, inclusive of the
amounts previously discussed, in addition to $702,234 classified as notes
payable.

There can be no assurance that any future legal proceedings will not have a
material adverse affect on the Company.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On January 10, 2005, the Company entered into a three year consulting agreement
with a consultant to provide general consulting services to the Company.
Pursuant to the agreement, the Company has issued to the consultant 3,000,000
restricted shares of the Company's common stock valued at $1,530,000 (to be
amortized over the life of the agreement) for various services to be provided.
Such shares shall be and were registered with the Securities and Exchange
Commission on Form S-8 Registration Statement filed with the Commission on
January 18, 2005. Additionally the Company has agreed to issue to the Consultant
warrants to purchase an aggregate of twelve million (12,000,000) shares of
Common Stock ("Warrants"), valued at approximately $5,880,000 (to be amortized
over the life of the agreement and vesting terms), at an initial exercise price
of $0.10 cents per share. The Warrants shall provide for cashless exercise.
Notwithstanding any failure of the Consultant to perform any Services under this
Agreement or the termination of this Agreement by the Company or the Consultant,
with our without cause, the Warrants shall automatically vest and be immediately
exercisable by the Consultant in three equal installments as follows: (i)
Warrants to purchase four million (4,000,000) shares of Common Stock upon the
execution of this Agreement, (ii) Warrants to purchase to purchase four million
(4,000,000) shares of Common Stock on the first anniversary of the date of this
Agreement, and (iii) Warrants to purchase to purchase four million (4,000,000)
shares of Common Stock on the second anniversary of the date of this Agreement.
Amortization expense recorded as compensation element of stock and warrant
issuance amounted to $548,889 during the quarter ended March 31, 2005.

On January 23, 2005, the Company entered into a debt settlement agreement with
Yeend & Castaneda, LLP ("Y&C"); whereby Y&C are owed approximately $120,000 for
past services provided the Company. Y&C and the Company agreed to the following
terms: the Company shall pay to Y&C $37,500 payable as per an agreed upon
schedule, the Company issued Y&C a warrant to purchase 245,000 share of common
stock of the Company at an exercise price of $.10. Such warrant is valued at
approximately $118,000 and shall contain a cashless exercise provision along
with piggyback registration rights. Additionally, for full and final
satisfaction of the indebtedness, the Company shall issue to Y&C 145,000 shares
of unregistered and restricted common stock of the Company. Such shares have
been valued at approximately $74,000 and shall also have the benefit of
piggyback registration rights.

On February 9, 2005, the Company began to offer up to $3,000,000 in Common Stock
of the Company for sale to accredited investors at a price of $.36 per Share
(the "Offering") on a "best efforts" basis. The offering was open until May 5,
2005. The shares offered will have the benefit of "piggy-back" registration
rights. On March 23, 2005, the Company revised the per share purchase price of
the Shares from $0.36 per share to $0.25 per share. During the quarter ended
March 31, 2005, the Company received subscriptions of $250,400.

                                      -35-

<PAGE>
On February 15, 2005, the Company entered into a conversion agreement with a
debt holder, whereby the holder is currently owed in the aggregate $275,000 by
the Company on various short term loans of which the Company is currently in
default. The holder agreed to convert $75,000 of his loan into 208,333 shares of
Common Stock of the Company at a price of $.36 per share. In connection with
this conversion, the Company recorded $43,750 as financing costs. The holder
further agreed to enter into a new 6-month note with the Company for the
remainder of the $200,000 principal amount outstanding. In exchange the Company
agreed to issue to the holder 250,000 shares of the Company's Common Stock as a
penalty payment for being in default of the $275,000 loans. The value of the
250,000 penalty shares amounted to $142,500 and was charged to operations as
finance costs in the year ended December 31, 2004.


As of March 31, 2005, the Company sold an aggregate of 6,559 shares of Series E
Preferred Stock, at a price of $360 per share, for gross proceeds of $2,361,396
with a liquidation preference of $2,361,240. In connection with this offering,
the Company's Board of Directors authorized the issuance of up to 14,000 shares
of a Series E Convertible Redeemable Preferred stock. Each share of Series E
Convertible Redeemable Preferred Stock is convertible into 1,000 shares of the
Company's common stock, par value $.01 per share, subject to adjustment upon
specified events. The Series E Convertible Redeemable Preferred Stock carries an
aggregate liquidation preference value of $5,040,000.

On June 15, 2005, we entered into a Conversion Agreement (the "Conversion
Agreement") with a certain holder of our 10% $525,000 principal amount
promissory notes dated May 19, 2003 to September 25, 2003 (the "Notes"), which
we were previously in default upon the payment of principal and interest
thereunder. Pursuant to the Conversion Agreement, the holder agreed to convert
the entire principal amount and interest payable under the Notes as of June 15,
2005 into shares of our common stock, par value $.01 per share (the "Common
Stock"), at a conversion price equal to $.30 per share. Accordingly, the holder
delivered a notice of conversion to us upon execution of the Conversion
Agreement in which the holder converted the entire balance payable under the
Notes in the aggregate amount of $625,418.88 into an aggregate of 2,084,730
shares of Common Stock. The aforementioned shares of Common Stock were issued in
reliance upon the exemption afforded by the provisions of Section 3(a)(9) of the
Securities Act of 1933, as amended.

On June 28, 2005, TV The Movie Holdings, LLC and Beer League Holdings, LLC
(collectively, the "Holding Companies"), each of which Ckrush Entertainment,
Inc. ("Entertainment"), a wholly owned subsidiary of Cedric Kushner Promotions,
Inc., is the sole managing member thereof and owns a controlling ownership
interest therein, closed a private placement offering (the "Offering") pursuant
to which the Holding Companies sold and issued an aggregate of approximately 69
units of revenue participation rights ("RPRs") to certain accredited investors
for an aggregate purchase price of approximately $3,800,000. The aforementioned
securities were sold in reliance upon the exemption afforded by the provisions
of Regulation D, as promulgated by the Securities and Exchange Commission under
the Securities Act of 1933, as amended.

To the extent of available cash flow from the Holding Companies, the RPRs shall
entitle the investors a return of 100% of their respective purchase price, plus
a 20% preferred return, after deduction of (i) guild or union liens or
obligations, (ii) unpaid direct expenses of the motion pictures, (iii)
unaffiliated third party sales agency fees or commissions, and (iv) any gross
royalties payable to unaffiliated third parties which are not subordinate to the
Offering. If the $2,750,000 per picture funding amount (the "Per Picture Funding
Amount") is fully funded in the aggregate amount of $5,500,000, the investors
shall receive an aggregate 15% interest in the residual cash flow of the Holding
Companies. In the event that less than the Per Picture Funding Amount is raised
for each motion picture, the aggregate share of the residual cash flow to the
investors shall be reduced on a proportionate basis.


                                      -36-
<PAGE>
On June 27, 2005, Cedric Kushner Promotions, Inc., through its wholly owned
subsidiary Ckrush Entertainment, Inc., entered into an Operating Agreement of
Identity Films & Company, LLC (the "Operating Agreement"), a recently formed
Delaware limited liability company ("IF&C"), with its joint venture partner
Identity Films, LLC ("Identity"), under which Entertainment and Identity set
forth their respective rights and obligations with respect to the IF&C and the
joint venture. IF&C and joint venture was formed for the purpose of arranging,
developing and producing, or arranging for the production of all film,
television, music, publishing and related properties of Identity and
Entertainment. Lisa Fielding and Anthony Mastromauro, each members of Identity,
will be responsible for the day-to-day management of IF&C and the joint venture.
Upon the execution of the Operating Agreement, the Company issued incentive
warrants of the Company to Lisa Fielding and Anthony Mastromauro to purchase:
(i) 100,000 shares of common stock of the Company, par value $.01 per share (the
"Common Stock"); and (ii) 100,000 shares of Common Stock which will vest upon
Entertainment being allocated its Maximum Preferred Return. In both cases, the
exercise price of the warrants will be $.30 per share. -27-


Further, on July 8, 2005 the Company entered into Amendment No. 1 to the Class A
Common Stock and Installment Payment Agreement (the "Installment Payment
Amendment") with the investors. Under the original Class A Common Stock and
Installment Payment Agreement (the "Original Installment Payment Agreement")
which the Company entered into with the investors on June 30, 2004, the Company
agreed to reserve for further issuance to the investors 1,000,000 shares of the
Company's Class A Common Stock, par value $.01 per share (the "Common Stock")
and thereafter issued said shares of Common Stock to the investors. In addition,
under the Original Installment Payment Agreement the Company agreed to pay to
the investors an amount equal to 12% of the investors' Total Repayment Amount
per annum, payable on a quarterly basis. Pursuant to the Installment Payment
Amendment, the Company agreed to pay to the investors, on a pro rata basis, the
installment payment amount of $120,000 in full at the closing of the
transactions contemplated under the Installment Payment Amendment, which payment
was made by the Company as follows:


o $60,000 was paid by us to each investor, on a pro rata basis, and
o the Company issued 750,000 shares of the Company's Common Stock to each
investor, on a pro rata basis.


Unless otherwise specified above, the issuance of the aforementioned securities
was exempt from registration requirements of the Securities Act of 1933 pursuant
to Section 4(2) of such Securities Act and/or Regulation D promulgated
thereunder based upon the representations of each of the purchasers that it was
an "accredited investor" (as defined under Rule 501 of Regulation D) and that it
was purchasing such securities without a present view toward a distribution of
the securities. In addition, there was no general advertisement conducted in
connection with the sale of the securities.

                                      -37-

<PAGE>
Item 3. DEFAULTS UPON SENIOR SECURITIES

The Company is in default of several notes and loans payable in the aggregate
amount of approximately $2,570,000. The Company hopes to remedy these defaults
through additional borrowings, conversion of existing debt to equity, ownership
contributions, and/or renegotiation of existing terms and conditions of notes
and loans payable in default. If the Company is unable to cure these defaults,
it may significantly impede the Company's ability to raise additional funds
and/or to conduct normal business operations


Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.


Item 5. OTHER INFORMATION

The Company has no other information to report, which might otherwise be
reported under Form 8-K.


                                      -38-
<PAGE>
Item 6. EXHIBITS
Exhibit
Number     Description

2.1*      Agreement and Plan of Merger, dated as of August 2, 2001, by and among
          the Company, Zenascent Newco, Inc., Cedric Kushner Boxing, Inc.,
          Cedric Kushner and James DiLorenzo.(2)
2.2*      Amended and Restated Agreement and Plan of Merger, dated as of
          September 17, 2001, by and among the Company, Zenascent Newco, Inc.,
          Cedric Kushner Boxing, Inc., Cedric Kushner Promotions, Ltd., Cedric
          Kushner and James DiLorenzo.(2)
2.3*      Amended and Restated Agreement and Plan of Merger, dated as of
          February 21, 2002, by and among the Company, Zenascent Newco, Inc.,
          Cedric Kushner Boxing, Inc., Cedric Kushner Promotions, Ltd., Cedric
          Kushner and James DiLorenzo. (2)
3.1*      Articles of Incorporation of the Registrant (1)
3.2*      Certificate of Amendment of Certificate of Designation, Preferences
          and Rights of Series B Convertible Stock of Cedric Kushner Promotions,
          Inc., dated February 19, 2004. (4)
3.3*      By-laws of Registrant (1)
3.4*      Certificate of Designation, Preferences and Rights of Series E
          Convertible Preferred Stock of Cedric Kushner Promotions, Inc., dated
          October 25, 2004.(6)
3.5*      Amendment to the By-Laws of Cedric Kushner Promotions, Inc. (9)
3.6*      Amendments to the Certificate of Incorporation of Cedric Kushner
          Promotions, Inc. (9)
4.1*      Specimen common stock Certificate (1)
10.1*     1996 Incentive and Non-qualified Stock Option Plan (1)
10.2*     Form of Incentive Stock Option Agreement under 1996 Incentive and
          Non-qualified Stock Option Plan (1)
10.3*     Form of Non-qualified Stock Option Agreement under 1996 Incentive and
          Non-qualified Stock Option Plan (1)
10.4*     1998 Incentive and Non-qualified Stock Option Plan (1)
10.5*     Form of Incentive Stock Option Agreement under 1998 Incentive and
          Non-qualified Stock Option Plan (1)
10.6*     Form of Non-qualified Stock Option Agreement under 1998 Incentive and
          Non-qualified Stock Option Plan (1)
10.7*     Form of Non-qualified Stock Option Agreement for Outside Directors
          under 1998 Incentive and Non-qualified Stock Option Plan (1)
10.8*     Consulting Agreement, effective August 1, 2001, between the Company
          and Investor Relations Services, Inc. (2)
10.9*     Payment Agreement, effective August 1, 2001, between the Company and
          Summit Trading Limited. (2)
10.10*    Form of Note and Warrant Purchase Agreement, executed between December
          2001 and April 2002, between the Company and various purchasers in a
          private placement. (2)
10.11*    Form of Promissory Note, executed between December 2001 and April
          2002, between the Company and various purchasers in a private
          placement. (2)
10.12*    Form of Warrant to Purchase Common Stock, executed between December
          2001 and April 2002, between the Company and various purchasers in a
          private placement. (2)

                                      -39-
<PAGE>
10.13*    Termination Agreement regarding the Consulting Agreement and Payment
          Agreement, dated January 30, 2002,between the Company, Investor
          Relations Services, Inc., and Summit Trading Limited. (2)
10.14*    Form of Note and Warrant Purchase Agreement, executed between March
          2002 and April 2002, between the Company and various purchasers in a
          private placement. (2)
10.15*    Form of Convertible Promissory Note, executed between March 2002 and
          April 2002, between the Company and various purchasers in a private
          placement. (2)
10.16*    Form of Warrant to Purchase Common Stock, executed between March 2002
          and April 2002, between the Company and various purchasers in a
          private placement. (2)
10.17*    Form of Convertible Promissory Note, executed between January 2003 and
          March 2003, between the Company and various purchasers in a private
          placement. (3)
10.18*    Form of Warrant to Purchase Common Stock, executed between January
          2003 and March 2003, between the Company and various purchasers in a
          private placement. (3)
10.19*    Form of Note and Warrant Purchase Agreement, executed between January
          2003 and March 2003, between the Company and various purchasers in a
          private placement. (3)
10.20*    Form of Warrant to Purchase Common Stock, executed May, 28 2003
          between the Company and a purchaser in a private placement (3)
10.21*    Form of Note and Warrant Purchase Agreement, executed May, 28 2003
          between the Company and a purchaser in a private placement. (3) 10.22*
          Form of Convertible Promissory Note, executed May, 28 2003 between the
          Company and a purchaser in a private placement. (3)
10.23*    Form of Promissory Note, executed January 30, 2003, between the
          Company and a lender. (3)
10.24*    Form of Promissory Note, executed March 24, 2003, between the Company
          and a lender. (3)
10.25*    Form of Promissory Note, executed March 27, 2003, between the Company
          and a lender. (3)
10.26*    Form of Warrant to Purchase Common Stock, executed August 12, 2003
          between the Company and a purchaser in a private placement (3)
10.27*    Form of Convertible Promissory Note, executed August 12, 2003 between
          the Company and a purchaser in a private placement (3)
10.28*    Form of Note and Warrant Purchase Agreement, executed August 12, 2003
          between the Company and a purchaser in a private placement. (3)
10.29*    Form of Warrant to Purchase Common Stock between the Company and Yeend
          & Castaneda, dated September 5, 2003 (3)
10.30*    Consulting Agreement, effective January 6, 2004, between the Company
          and SOS Resource Services, Inc. (3)
10.31*    Amendment to the Consulting Agreement between the Company and SOS
          Resource Services, Inc., dated January 30, 2004. (3) 10.32* Form of
          Note and Warrant Purchase Agreement, executed December 2003, between
          the Company and various purchasers in a private placement. (3)
10.33*    Form of Warrant to Purchase Common Stock, executed December 2003,
          between the Company and various purchasers in a private placement. (3)
10.34*    Form of Convertible Promissory Note, executed December 2003, between
          the Company and various purchasers in a private placement. (3)
10.35*    Supplement to the Note and Warrant Purchase Agreement, executed
          December 2003, between the Company and various purchasers in a private
          placement. (3)
10.36*    Consulting Agreement, effective January 1, 2004, between the Company
          and Bulldog Management, LLC. (3)
10.37*    Form of Warrant to Purchase Common Stock, executed between January
          2004 and April 2004, between the Company and various purchasers in a
          private placement. (3)
10.38*    Form of Note and Warrant Purchase Agreement, executed between January
          2004 and April 2004, between the Company and various purchasers in a
          private placement. (3)

                                      -40-
<PAGE>
10.39*    Form of Convertible Promissory Note, executed between January 2004 and
          April 2004, between the Company and various purchasers in a private
          placement. (3)
10.40*    Supplement, dated March 19, 2004, to the Note and Warrant Purchase
          Agreement, executed between January 2004 and April 2004, between the
          Company and various purchasers in a private placement. (3)
10.41*    Supplement, dated March 29, 2004, to the Note and Warrant Purchase
          Agreement, executed between January 2004 and April 2004, between the
          Company and various purchasers in a private placement. (3)
10.42*    Exchange Agreement, dated February 19, 2004, between the Company and
          Cedric Kushner. (3)
10.43*    Amended Exchange Agreement, dated May 7, 2004, between the Company and
          Cedric Kushner. (3)
10.44*    Consulting Agreement, effective March 24, 2004, between the Company
          and Buster Mathis, Jr. (3)(7)
10.45*    Promissory Note, dated September 1, 2003, between the Company and
          Dewayne Layfield. (3)
10.46*    Consulting Agreement, effective June 1, 2004, between the Company and
          Roy Roberts. (4)(7)
10.47*    Form of Note and Warrant Purchase Agreement, executed between July
          2004 and August 2004, between the Company and various purchasers in a
          private placement. (4)
10.48*    Form of Convertible Promissory Note, executed between July 2004 and
          August 2004, between the Company and various purchasers in a private
          placement. (4)
10.49*    Form of Warrant to Purchase Common Stock, executed between July 2004
          and August 2004, between the Company and various purchasers in a
          private placement. (4)
10.50*    2002 Incentive and Non-qualified Stock Option Plan (5)
10.51*    Consulting Agreement, effective January 10, 2005, between the Company
          and Philabelle Consulting, LLC. (7)
10.52*    Amendment to Consulting Agreement, dated October 31, 2004, between the
          Company and Roy Roberts. (7)
10.53*    Amendment to Consulting Agreement, dated October 31, 2004, between the
          Company and Roy Roberts. (7)
10.54*    Term Sheet for Modification of Loan and Consulting Arrangements dated
          as of February 10, 2005, by and among Livingston Investments, LLC,
          Mackin Charitable Remainder Trust, Cedric Kushner Promotions, Inc.,
          Cedric Kushner Promotions, Ltd. and Cedric Kushner Boxing, Inc, (8)
10.55*    Conversion Agreement, dated February 15, 2005, between the Company and
          a NoteHolder
10.56*    Debt Settlement Agreement, dated January 23, 2005, between the Company
          and Yeend & Castaneda, LLP. (9)
10.57*    Conversion Agreement dated as of June 15, 2005 between the Company and
          a Noteholder. (10)
10.58*    Subscription Agreement dated as of June 28, 2005 by and between Ckrush
          Entertainment, Inc. and the investors named on the signature pages
          thereto. (11)

                                      -41-
<PAGE>
10.59*    Guaranty Agreement dated as of June 28, 2005 by and between Ckrush
          Entertainment, Inc., the Company and Cornell Capital Partners, L.P.
          (11)
10.60*    Security Agreement dated as of June 28, 2005 by and between Ckrush
          Entertainment, Inc., and Cornell Capital Partners, L.P. (11)
10.61*    Pledge and Escrow Agreement dated as of June 28, 2005 by and between
          the Company, Cornell Capital Partners, L.P. and David Gonzalez, Esq.
          (11)
10.62*    Operating Agreement of Identity Films & Company, LLC dated as of
          June 27, 2005 by and between Ckrush Entertainment, Inc. and Identity
          Films, LLC. (12)
10.63*    Amendment No. 1 to the Guaranty and Pledge Agreement dated as of June
          30, 2005 by and between the Company and the investors named on the
          signature page thereto. (13)
010.64*    Contribution and Indemnification Agreement dated as of June 30, 2005
          by and between the Company and World Wide South Beach, LLC. (13)
10.65*    Amendment No. 1 to the Class A Common Stock and Installment Payment
          Agreement dated as of June 30, 2005 by and between the Company and the
          investors named on the signature page thereto. (13)
31.1      Certification by Chief Executive Officer pursuant to Sarbanes-Oxley
          Section 302. (filed herewith)
31.2      Certification by Chief Financial Officer pursuant to Sarbanes-Oxley
          Section 302. (filed herewith)
32.1      Certification by Chief Executive Officer pursuant to 18 U.S.C.
          Section 1350. (filed herewith)
32.2      Certification by Chief Financial Officer pursuant to 18 U.S.C.
          Section 1350. (filed herewith)

* Previously filed.

(1) Incorporated by reference to our Current Report on Form SB-2 filed with the
Securities and Exchange Commission on Form July 7, 1998.
(2) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form May 15, 2002.
(3) Incorporated by reference to our Current Report on Form 10-KSB filed with
the Securities and Exchange Commission on Form June 25, 2004.
(4) Incorporated by reference to our Current Report on Form 10-QSB filed with
the Securities and Exchange Commission on Form August 13, 2004.
(5) Incorporated by reference to our Information Statement on Schedule 14A-6
filed with the Securities and Exchange Commission on Form November 12, 2004.
(6) Incorporated by reference to our Current Report on Form 10-QSB/A filed with
the Securities and Exchange Commission on Form November 18, 2004.
(7) Incorporated by reference to our Registration Statement on Form S-8 filed
with the Securities and Exchange Commission on Form January 18, 2005.
(8) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form February 15, 2005.
(9) Incorporated by reference to our Current Report on Form 10-KSB filed with
the Securities and Exchange Commission on Form May 13, 2005.
(10) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form June 21, 2005.
(11) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form July 5, 2005.
(12) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form July 8, 2005.
(13) Incorporated by reference to our Current Report on Form 8-K filed with the
Securities and Exchange Commission on Form July 14, 2005.

                                      -42-
<PAGE>
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.


CEDRIC KUSHNER PROMOTIONS, INC. & SUBSIDIARIES







Date: August 16, 2005              /s/ Cedric Kushner
                                    ------------------
                                    Cedric Kushner
                                    Chairman of the Board and
                                    President and Chief Executive Officer
                                    (Principal Executive Officer)



Date: August 16, 2005               /s/ James DiLorenzo
                                    -------------------
                                    James DiLorenzo
                                    Executive Vice President and Treasurer
                                    (Principal Financial and Accounting Officer)



                                      -43-