**SECURITIES
      AND EXCHANGE COMMISSION**


Washington,
      D.C. 20549





**FORM
      10-QSB**




x Quarterly Report pursuant to Section 13 or 15(d) of the Securities
      Exchange


Act
      of
      1934 For the quarterly period ended June 30, 2007




o Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act
      of


1934
      For
      the transition period ___________ to ___________





*COMMISSION
      FILE NUMBER 333-64804*





**ASIA
      GLOBAL HOLDINGS CORP.**


(Exact
      name of small Business Issuer as specified in its charter)






Nevada
            
            75-3026459(State
                or other jurisdiction of
              Incorporation
                or organization)
            
            (IRS
                Employer Identification No.)




**1601-1604
      CRE Centre**


**889
      Cheung Sha Wan Road**


**Kowloon,
      Hong Kong**


(Address
      of principal executive offices)





(213)
      243-1503


(Issuer's
      telephone number, including area code)




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




Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, or a non-accelerated filer. See definition of "accelerated
      filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check
      one):




Large
      accelerated filer o Accelerated filer o Non-accelerated filer x




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange) Yes o No x




The
      number of shares outstanding of each of the Registrant's classes of common
      stock, as of August 15, 2007 was 84,862,000 shares, all of one class of $0.001
      par value Common Stock.










**TABLE
      OF CONTENTS**




**PAGE****PART
                I.****FINANCIAL
                INFORMATION**Item
                1. Condensed Consolidated Financial StatementsCondensed
                Consolidated Balance Sheet as at June 30, 2007 (unaudited)
            
            
            4Condensed
                Consolidated Statements of Operations for the Three and Six
                MonthsEnded
                June 30, 2007 and June 30, 2006 (unaudited)
            
            
            5Condensed
                Consolidated Statements of Cash Flows for the Three and Six Months
                EndedJune
                30, 2007 and June 30, 2006 (unaudited)
            
            
            6Condensed
                Consolidated Statement of Statement of Stockholders’ Equity for the
              Six
                Months Ended June 30, 2007 (unaudited)
            
            
            7Notes
                to Condensed Consolidated Financial Statements (unaudited)
            
            
            8Item
                2. Management’s Discussion and Analysis of Financial Condition or Plan of
                Operation
            
            
            17Item
                3. Controls and Procedures
            
            
            33**PART
                II. OTHER INFORMATION**Item
                1. Legal Proceedings
            
            
            33Item
                2. Unregistered Sales of Equity Securities and Use of
                Proceeds
            
            
            33Item
                3. Defaults Upon Senior Securities
            
            
            34Item
                4. Submission of Matters to a Vote of Security Holders
            
            
            34Item
                5. Other Information
            
            
            34Item.
                6. Exhibits and Reports on Form 8-K
            
            
            34**SIGNATURES**
            
            
            **34**









**SPECIAL
      NOTE ON FORWARD LOOKING STATEMENTS**




This
      Quarterly Report on Form 10-QSB, including "Management's Discussion and Analysis
      of Financial Condition and Results of Operations" in Item 2 of Part I of this
      report include forward-looking statements. These statements involve known and
      unknown risks, uncertainties and other factors that may cause our actual
      results, levels of activity, performance or achievements to be materially
      different from any future results, levels of activity, performance, or
      achievements expressed or implied by forward-looking statements.




In
      some
      cases, you can identify forward-looking statements by terminology such as "may,"
      "should," "expects," "plans," "anticipates," "believes," "estimates,"
      "predicts," "potential," "proposed," "intended," or "continue" or the negative
      of these terms or other comparable terminology. You should read statements
      that
      contain these words carefully, because they discuss our expectations about
      our
      future operating results or our future financial condition or state other
      "forward-looking" information. There may be events in the future that we are
      not
      able to accurately predict or control. Before you invest in our securities,
      you
      should be aware that the occurrence of any of the events described in this
      Annual Report could substantially harm our business, results of operations
      and
      financial condition, and that upon the occurrence of any of these events, the
      trading price of our securities could decline and you could lose all or part
      of
      your investment. Although we believe that the expectations reflected in the
      forward-looking statements are reasonable, we cannot guarantee future results,
      growth rates, levels of activity, performance or achievements. We are under
      no
      duty to update any of the forward-looking statements after the date of this
      Quarterly Report to conform these statements to actual results.




3




**PART
      1: FINANCIAL INFORMATION**





**ASIA
      GLOBAL HOLDINGS CORP.**


**CONDENSED
      CONSOLIDATED BALANCE SHEETS**


**AS
      OF JUNE 30, 2007 AND DECEMBER 31, 2006**


**(Currency
      expressed in United States Dollars (“US$”), except for number of
      shares)**


June
                  30, 2007
              
              December
                  31, 2006(unaudited)
              
              (audited)**Current
                  assets:**Cash
                  and cash equivalents
              
              $
              35,532
              
              $
              22,514Restricted
                  cash
              
              
              422,077
              
              
              417,239Accounts
                  receivable, net
              
              
              2,257,621
              
              
              2,391,503Prepayments
                  and other current assets
              
              
              1,096,146
              
              
              512,939Amounts
                  due from related parties
              
              
              2,184,489
              
              
              1,055,240Total
                  current assets
              
              
              5,995,865
              
              
              4,399,435Property,
                  plant and equipment, net
              
              
              39,547
              
              
              52,168Intangible
                  assets, net
              
              
              258,464
              
              
              311,412**TOTAL
                  ASSETS**
              
              $
              6,293,876
              
              $
              4,763,015**LIABILITIES
                  AND STOCKHOLDERS’ EQUITY**Current
                  liabilities:Bank
                  overdraft, secured
              
              $
              25,297
              
              $
              25,578Secured
                  bank loan - current portion
              
              
              278,139
              
              
              419,303Letters
                  of credit
              
              
              137,500
              
              
              262,628Accounts
                  payable, trade
              
              
              1,655,524
              
              
              908,859Accrued
                  liabilities
              
              
              71,077
              
              
              125,015Promissory
                  note payable
              
              
              370,000
              
              
              -Income
                  tax payable
              
              
              477,462
              
              
              340,143Amount
                  due to a related party
              
              
              -
              
              
              17,173Total
                  current liabilities
              
              
              3,014,999
              
              
              2,098,699Long-term
                  liabilities:Secured
                  bank loan
              
              
              54,657
              
              
              94,307Deferred
                  tax liabilities
              
              
              59,704
              
              
              59,704Total
                  long-term liabilities
              
              
              114,361
              
              
              154,011Total
                  liabilities
              
              
              3,129,360
              
              
              2,252,710Minority
                  interest
              
              
              526,088
              
              
              -Stockholders’
                  equity:Series
                  A, convertible preferred stock, $0.001 par value; 500,000 shares
                  authorized; no issued and outstanding shares
              
              
              -
              
              
              -To
                  be issued: 500,000 shares
              
              
              1,000,000
              
              
              1,000,000Common
                  stock, $0.001 par value; 199,500,000 shares authorized; 81,362,000
                  and
                  54,862,000 shares issued and outstanding as of June 30, 2007 and
                  December
                  31, 2006
              
              
              81,362
              
              
              54,862To
                  be issued: 1,726,028 shares and 739,726 shares as of June 30, 2007
                  and
                  December 31, 2006
              
              
              357,287
              
              
              153,123Additional
                  paid-in capital
              
              
              10,159,170
              
              
              7,428,345Accumulated
                  other comprehensive income
              
              
              5,925
              
              
              3,517Accumulated
                  deficit
              
              
              (8,965,316
              )
              
              (6,129,542
              )Total
                  stockholders’ equity
              
              
              2,638,428
              
              
              2,510,305**TOTAL
                  LIABILITIES AND STOCKHOLDERS’ EQUITY**
              
              $
              6,293,876
              
              $
              4,763,015




See
      accompanying notes to condensed consolidated financial statements.




4




**ASIA
      GLOBAL HOLDINGS CORP.**


**CONDENSED
      CONSOLIDATED STATEMENTS OF OPERATIONS**


**AND
      COMPREHENSIVE LOSS**


**FOR
      THE THREE AND SIX MONTHS ENDED JUNE 30, 2007 AND 2006**


**(Currency
      expressed in United States Dollars (“US$”), except for number of
      shares)**


**(Unaudited)**




Three
                  Months Ended June 30,
              
              Six
                  Months Ended June 30,2007
              
              2006
              
              2007
              
              2006**Revenues,
                  net**
              
              $
              2,189,697
              
              $
              1,189,210
              
              $
              3,018,192
              
              $
              1,584,828**Cost
                  of revenue**
              
              
              1,040,631
              
              
              342,446
              
              
              1,422,639
              
              
              407,318**Gross
                  profit**
              
              
              1,149,066
              
              
              846,764
              
              
              1,595,553
              
              
              1,177,510**OPERATING
                  EXPENSES:**Sales
                  and marketing
              
              
              218,989
              
              
              -
              
              
              359,862
              
              
              -Television
                  program promotion
              
              
              -
              
              
              -
              
              
              182,983
              
              
              -Consulting
                  and professional fee
              
              
              123,494
              
              
              -
              
              
              3,005,900
              
              
              -Stock-based
                  compensation
              
              
              102,082
              
              
              -
              
              
              204,164
              
              
              -Depreciation
                  and amortization
              
              
              37,137
              
              
              81,789
              
              
              75,032
              
              
              163,579General
                  and administrative
              
              
              565,530
              
              
              326,627
              
              
              717,387
              
              
              701,896Total
                  operating expenses
              
              
              1,047,232
              
              
              408,416
              
              
              4,545,328
              
              
              865,475**INCOME
                  (LOSS) FROM OPERATIONS**
              
              
              101,834
              
              
              438,348
              
              
              (2,949,775
              )
              
              312,035**OTHER
                  INCOME (EXPENSE):**Other
                  income
              
              
              2,504
              
              
              6,914
              
              
              7,358
              
              
              63,044Interest
                  expense
              
              
              (13,231
              )
              
              (9,992
              )
              
              (28,641
              )
              
              (16,724
              )Total
                  other (expense) income
              
              
              (10,727
              )
              
              (3,078
              )
              
              (21,283
              )
              
              46,320**INCOME
                  (LOSS) BEFORE INCOME TAXES AND MINORITY INTEREST**
              
              
              91,107
              
              
              435,270
              
              
              (2,971,058
              )
              
              358,355Income
                  tax expenses
              
              
              (106,910
              )
              
              (99,692
              )
              
              (158,628
              )
              
              (130,462
              )Minority
                  interest
              
              
              127,192
              
              
              -
              
              
              293,912
              
              
              -**NET
                  INCOME (LOSS)**
              
              $
              111,389
              
              $
              335,578
              
              $
              (2,835,774
              )
              $
              227,893Other
                  comprehensive (loss) income:-
                  Foreign currency translation (loss) gain
              
              
              (48
              )
              
              (41
              )
              
              2,408
              
              
              (83
              )**COMPREHENSIVE
                  INCOME (LOSS)**
              
              $
              111,341
              
              $
              335,537
              
              $
              (2,833,366
              )
              $
              227,810Basic
                  loss per share
              
              $
              0.00
              
              $
              0.02
              
              $
              (0.04
              )
              $
              0.01Diluted
                  loss per share
              
              $
              0.00
              
              $
              0.02
              
              $
              (0.04
              )
              $
              0.01Basic
                  weighted average number of shares outstanding during the
                  period
              
              
              81,362,000
              
              
              21,583,271
              
              
              76,798,111
              
              
              21,787,556Diluted
                  weighted average number of shares outstanding during the
                  period
              
              
              81,362,000
              
              
              21,583,271
              
              
              76,798,111
              
              
              21,787,556




See
      accompanying notes to condensed consolidated financial statements.





5




**ASIA
      GLOBAL HOLDINGS CORP.**


**CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS**


**FOR
      THE SIX MONTHS ENDED JUNE 30, 2007 AND 2006**


**(Currency
      expressed in United States Dollars (“US$”))**


**(Unaudited)**




Six
                    Months Ended June 30,2007
                
                2006**Cash
                    flows from operating activities:**Net
                    (loss) income
                
                $
                (2,835,774
                )
                $
                227,893Adjustments
                    to reconcile net (loss) income to net cash provided by (used
                    in) operating
                    activities:Minority
                    interest in earnings of consolidated subsidiary
                
                
                (293,912
                )
                
                -Depreciation
                    and amortization
                
                
                75,032
                
                
                163,579Stock-based
                    compensation
                
                
                204,164
                
                
                -Common
                    stock issued for services, non-cash
                
                
                2,757,325
                
                
                175,500Change
                    in operating assets and liabilities:Accounts
                    receivable, trade
                
                
                133,882
                
                
                (978,963
                )Prepayments
                    and other current assets
                
                
                (583,207
                )
                
                (241,148
                )Accounts
                    payables and accrued liabilities
                
                
                692,727
                
                
                218,068Amount
                    due to related parties
                
                
                (17,173
                )
                
                -Income
                    tax payable
                
                
                137,319
                
                
                (135,208
                )Net
                    cash provided by (used in) operating activities
                
                
                270,383
                
                
                (570,279
                )**Cash
                    flows from investing activities:**(Repayments)
                    advances (to) from related parties
                
                
                (309,249
                )
                
                338,681Decrease
                    in restricted cash
                
                
                (4,838
                )
                
                (4,773
                )Purchase
                    of property, plant and equipment
                
                
                (9,463
                )
                
                -Net
                    cash (used in) provided by investing activities
                
                
                (323,550
                )
                
                333,908**Cash
                    flows from financing activities:**(Decrease)
                    increase in bank overdraft
                
                
                (281
                )
                
                25,096(Repayments)
                    advances under letters of credit
                
                
                (125,128
                )
                
                1,378Issue
                    of promissory note
                
                
                370,000
                
                
                -Drawdown
                    of bank loan
                
                
                134,704
                
                
                253,018Repayments
                    of bank loan
                
                
                (315,518
                )
                
                (83,470
                )Net
                    cash provided by financing activities
                
                
                63,777
                
                
                196,022Foreign
                    currency translation adjustment
                
                
                2,408
                
                
                (83
                )**NET
                    CHANGE IN CASH AND CASH EQUIVALENTS**
                
                
                13,018
                
                
                (40,432
                )**CASH
                    AND CASH EQUIVALENTS, BEGINNING OF PERIOD**
                
                
                22,514
                
                
                49,134**CASH
                    AND CASH EQUIVALENTS, END OF PERIOD**
                
                $
                35,532
                
                $
                8,702**SUPPLEMENTAL
                    DISCLOSURE OF CASH FLOW INFORMATION:**Cash
                    paid for income taxes
                
                $
                24,194
                
                $
                -Cash
                    paid for interest expenses
                
                $
                28,641
                
                $
                -**SUPPLEMENTAL
                    DISCLOSURE OF NON-CASH TRANSACTIONS:**Issue
                    of common stock for services rendered
                
                $
                2,757,325
                
                $
                175,500Stock-based
                    compensation to an executive, non-cash
                
                $
                204,164
                
                $
                -Amounts
                    due from minority interest in relation to unsettled investment
                    cost of a
                    subsidiary
                
                $
                820,000
                
                $
                -




See
      accompanying notes to condensed consolidated financial statements.




6


**ASIA
      GLOBAL HOLDING CORP**


**CONDENSED
      CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY**


**FOR
      THE SIX MONTHS ENDED JUNE 30, 2007**


**(Currency
      expressed in United States Dollars (“US$”), except for number of
      shares)**


**(Unaudited)**




Series
                  “A” Preferred Stock
              
              Common
                  stock
              
              Common
                  stock to be issuedNo.
                  of share
              
              Amount
              
              No.
                  of share
              
              Amount
              
              No.
                  of share
              
              Amount
              
              Additional
                paid-in
                  capital
              
              Accumulated
                other
                comprehensive
                income
              
              Accumulated
                deficit
              
              Total
                EquityBalance
                  as of December 31, 2006
              
              
              500,000
              
              $
              1,000,000
              
              
              54,862,000
              
              $
              54,862
              
              
              739,726
              
              $
              153,123
              
              $
              7,428,345
              
              $
              3,517
              
              $
              (6,129,542
              )
              $
              2,510,305Issue
                  of common stock for services rendered, non-cash
              
              
              -
              
              
              -
              
              
              26,500,000
              
              
              26,500
              
              
              -
              
              
              -
              
              
              2,730,825
              
              
              -
              
              
              -
              
              
              2,757,325Bonus
                  shares to be issued to an executive, non-cash
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              1,726,028
              
              
              204,164
              
              
              -
              
              
              -
              
              
              -
              
              
              204,164Net
                  loss for the period
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              *-*
              
              
              -
              
              
              -
              
              
              (2,835,774
              )
              
              (2,835,774
              )Foreign
                  currency adjustment
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              -
              
              
              2,408
              
              
              -
              
              
              2,408Balance
                  as of June 30, 2007
              
              
              500,000
              
              $
              1,000,000
              
              
              81,362,000
              
              $
              81,362
              
              
              2,465,754
              
              $
              357,287
              
              $
              10,159,170
              
              $
              5,925
              
              $
              (8,965,316
              )
              $
              2,638,428





See
      accompanying notes to condensed consolidated financial statements.




7


**ASIA
      GLOBAL HOLDING CORP**


**NOTES
      TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**


**FOR
      THE SIX MONTHS ENDED JUNE 30, 2007**


**(Currency
      expressed in United States Dollars (“US$”), except for number of
      shares)**


**(Unaudited)**





**NOTE** **-** **1**  **BASIS
      OF PRESENTATION**





The
      accompanying unaudited condensed consolidated financial statements have been
      prepared in accordance with both generally accepted accounting principles for
      interim financial information, and the instructions to Form 10-QSB and Item
      310(b) of Regulation S-B. Accordingly, they do not include all of the
      information and footnotes required by generally accepted accounting principles
      for complete financial statements. The accompanying unaudited condensed
      consolidated financial statements reflect all adjustments (consisting of normal
      recurring accruals) that are, in the opinion of management, considered necessary
      for a fair presentation of the results for the interim periods presented.
      Interim results are not necessarily indicative of results for a full
      year.





The
      condensed consolidated financial statements and related disclosures have been
      prepared with the presumption that users of the interim financial information
      have read or have access to our annual audited condensed consolidated financial
      statements for the preceding fiscal year. Accordingly, these condensed
      consolidated financial statements should be read in conjunction with the
      consolidated financial statements and the related notes thereto contained in
      the
      Annual Report on Form 10-KSB for the year ended December 31, 2006.




**NOTE** **-** **2**  **ORGANIZATION
      AND BUSINESS BACKGROUND**





Asia
      Global Holdings Corp. (the “Company” or “AAGH”) was incorporated in the State of
      Nevada on February 1, 2002 as Longbow Mining Inc. On May 12, 2004, Longbow
      Mining Inc. changed its name to BonusAmerica Worldwide Corporation. On June
      6,
      2006, the Company changed its name to Asia Global Holdings Corp. AAGH is focused
      on building businesses in China and other emerging regions and markets in Asia
      and worldwide. The Company has subsidiaries participating in media and
      advertising, marketing services and internet commerce. During 2007, AAGH entered
      the television entertainment market, where we plan to sell advertising slots
      that air during the broadcast of *Who
      Wants To Be A Millionaire?* TV show
      in China. The head-quarter of AAGH is located in Hong Kong and also has offices
      in the US and mainland China.





The
      subsidiaries include Sino Trade - Intelligent Development Corp. LTD. (also
      referred to as “Sino Trade”), Idea Asia Limited (also referred to as “Idea
      Asia”), China Media Power Limited (also referred to as “CMP”), and Wah Mau
      Corporate Planning Development Company (also referred to as “Wah Mau”). Sino
      Trade is a wholly-owned subsidiary of the Company. Idea Asia and Wah Mau are
      wholly owned subsidiaries of Sino Trade. CMP is a 60%-owned subsidiary of Idea
      Asia. Sino Trade, Idea Asia and CMP are all Hong Kong corporations. Wah Mau
      was
      formed under the laws of the Peoples Republic of China ("PRC").




The
      subsidiaries offer a range of advertising and media services and products that
      meet the needs of marketers and advertisers including Internet marketing, search
      engine marketing, email marketing, print advertising and TV advertising. The
      Company works closely with advertisers to implement integrated online and
      offline advertising and media solutions in Hong Kong and the PRC.





8




**NOTE
      - 3**  **GOING
      CONCERN UNCERTAINTIES**





These
      condensed consolidated financial statements have been prepared assuming that
      Company will continue as a going concern, which contemplates the realization
      of
      assets and the discharge of liabilities in the normal course of business for
      the
      foreseeable future.





As
      of
      June 30, 2007, the Company had incurred a net loss of $2,835,774 and an
      accumulated deficit of $8,965,316. Additionally, the Company has incurred losses
      over the past several years. Management has taken certain action and continues
      to implement changes designed to improve the Company’s financial results and
      operating cash flows. The actions involve certain cost-saving initiatives and
      growing strategies, including (a) shift of operation from U.S. to China to
      reduce operating costs; and (b) rapid promotion and marketing the broadcast
      of *Who
      Wants To Be A Millionaire?* TV show
      in China. Management believes that these actions will enable the Company to
      improve future profitability and cash flow in its continuing operations through
      June 30, 2008. As a result, the financial statements do not include any
      adjustments to reflect the possible future effects on the recoverability and
      classification of assets or the amounts and classification of liabilities that
      may result from the outcome of the Company’s ability to continue as a going
      concern.




**NOTE** **-** **4**  **SUMMARY
        OF SIGNIFICANT ACCOUNTING POLICIES**
 
 l
              Basis
                  of presentation
 
 These
        accompanying condensed consolidated financial statements have been prepared
        in
        accordance with generally accepted accounting principles in the United States
        of
        America.
 
 l
              Use
                  of estimates
 
 In
        preparing these condensed consolidated financial statements, management makes
        estimates and assumptions that affect the reported amounts of assets and
        liabilities in the balance sheets and revenues and expenses during the period
        reported. Actual results may differ from these estimates.
 
 l
              Basis
                  of consolidation
 
 The
        condensed consolidated financial statements include the financial statements
        of
        AAGH and its subsidiaries.
 
 All
        significant inter-company balances and transactions among AAGH and its
        subsidiaries have been eliminated upon consolidation.
 
 l
              Cash
                  and cash equivalents
 
 Cash
        and
        cash equivalents are carried at cost and represent cash on hand, demand deposits
        placed with banks or other financial institutions and all highly liquid
        investments with an original maturity of three months or less as of the purchase
        date of such investments.
 
 l
              Accounts
                  receivable
 
 Accounts
        receivable are recorded at the invoiced amount and do not bear interest.
        The
        Company extends unsecured credit to its customers in the ordinary course
        of
        business but mitigates the associated risks by performing credit checks and
        actively pursuing past due accounts. An allowance for doubtful accounts is
        established and determined based on managements’ assessment of known
        requirements, aging of receivables, payment history, the customer’s current
        credit worthiness and the economic environment. As of June 30, 2007, the
        Company
        has determined that no allowance for doubtful accounts is
        necessary.
 
 9
  l
              Property,
                  plant and equipment, net
 
 Property,
        plant and equipment are stated at historical cost less accumulated depreciation
        and accumulated impairment losses, if any. Depreciation is calculated on
        the
        straight-line basis over the following expected useful lives from the date
        on
        which they become fully operational, generally ranging from 3 to 7 years.
        Expenditure for maintenance and repairs is expensed as incurred.
 
 Depreciation
        expense for the three months ended June 30, 2007 and 2006 were $11,421 and
        $11,965, respectively.
 
 Depreciation
        expense for the six months ended June 30, 2007 and 2006 were $22,084 and
        $23,931, respectively.
  l
              Impairment
                  of long-lived assets
 
 In
        accordance with SFAS No. 144, *“Accounting
        for the Impairment or Disposal of Long-Lived Assets,”* the
        Company reviews its long-lived assets, including property, plant and equipment,
        for impairment whenever events or changes in circumstances indicate that
        the
        carrying amounts of the assets may not be fully recoverable. If the total
        of the
        expected undiscounted future net cash flows is less than the carrying amount
        of
        the asset, a loss is recognized for the difference between the fair value
        and
        carrying amount of the asset. There has been no impairment as of June 30,
        2007.
 
 l
              Revenue
                  recognition
 
 The
        Company recognizes revenue from product sales and business to business wholesale
        transactions at the time of shipment. Revenues from database rentals are
        recorded at the time the services are provided so long as the services are
        defined and communicated in writing, the price is fixed and determinable,
        no
        other obligations of the Company exist to the customer and the amounts are
        collectible. Revenues from media and advertising sales are recognized in
        the
        period the performance of media coverage and advertising events to be launched
        for the customer’s product promotion is provided.
 
 l
              Income
                  taxes
 
 The
        Company accounts for income taxes in interim periods as required by Accounting
        Principles Board Opinion No. 28, *“Interim
        Financial Reporting”* and as
        interpreted by FASB Interpretation No. 18, *“Accounting
        for Income Taxes in Interim Periods.”* The
        Company has determined an estimated annual effective tax rate. The rate will
        be
        revised, if necessary, as of the end of each successive interim period during
        the Company’s fiscal year to the Company’s best current estimate.
 
 The
        estimated annual effective tax rate is applied to the year-to-date ordinary
        income (or loss) at the end of the interim period.
 
 l
              Net
                  (loss) income per share
 
 The
        Company calculates net (loss) income per share in accordance with SFAS
        No. 128, *“Earnings
        per Share.”* Basic
        (loss) income per share is computed by dividing the net (loss) income by
        the
        weighted-average number of common shares outstanding during the period. Diluted
        (loss) income per share is computed similar to basic (loss) income per share
        except that the denominator is increased to include the number of additional
        common shares that would have been outstanding if the potential common stock
        equivalents had been issued and if the additional common shares were
        dilutive.
 
 l
              Comprehensive
                  (loss) income
 
 SFAS
        No.
        130, *“Reporting
        Comprehensive Income”* ,
        establishes standards for reporting and display of comprehensive income,
        its
        components and accumulated balances. Comprehensive income as defined includes
        all changes in equity during a period from non-owner sources. Accumulated
        comprehensive income consists of changes in unrealized gains and losses on
        foreign currency translation. This comprehensive income is not included in
        the
        computation of income tax expense or benefit.
 
 10
  l
              Foreign
                  currencies translation
 
 The
        reporting currency of the Company is the United States dollar (“U.S. dollars”)
        in the preparation of these condensed consolidated financial statements.
        Transactions denominated in currencies other than U.S. dollar are translated
        at
        the average rate for the period. Monetary assets and liabilities denominated
        in
        currencies other than U.S. dollar are translated into U.S. dollar at the
        rates
        of exchange ruling at the balance sheet date. The resulting exchange differences
        are recorded in the other expenses in the condensed consolidated statements
        of
        operations and comprehensive income.
 
 The
        functional currency of the Company's subsidiary operating in Hong Kong is
        Hong
        Kong Dollars (“HKD”) and its financial records are maintained and its statutory
        financial statements are prepared in HKD. The functional currency of the
        Company's subsidiary established in the PRC is the Renminbi Yuan (“RMB”) and its
        financial records are maintained and its financial statements are prepared
        in
        RMB.
 
 In
        general, for consolidation purposes, the Company translates the subsidiaries
        assets and liabilities into U.S. dollars using the applicable exchange rates
        prevailing at the balance sheet date, and the statements of operations is
        translated at average exchange rates during the reporting period. Adjustments
        resulting from the translation of the subsidiaries’ financial statements are
        recorded as accumulated other comprehensive income.
 
 l
              Stock-based
                  compensation
 
 The
        Company adopts SFAS No. 123R, *“Accounting
        for Stock-Based Compensation”* using
        the fair value method. Under
        SFAS No. 123R, stock-based compensation expense is measured at the
        grant date based on the value of the option or restricted stock and is
        recognized as expense, less expected forfeitures, over the requisite service
        period, which is generally the vesting period.
 
 l
              Related
                  parties
 
 Parties,
        which can be a corporation or individual, are considered to be related if
        the
        Company has the ability, directly or indirectly, to control the other party
        or
        exercise significant influence over the other party in making financial and
        operating decisions. Companies are also considered to be related if they
        are
        subject to common control or common significant influence.
 
 l
              Segment
                  reporting
 
 SFAS
        No.
        131 *“Disclosures
        about Segments of an Enterprise and Related Information”* establishes standards for reporting information about operating segments
        on a
        basis consistent with the Company’s internal organization structure as well as
        information about geographical areas, business segments and major customers
        in
        the financial statements. The Company operates in one reportable
        segment.
 
 l
              Fair
                  value of financial instruments
 
 The
        Company values its financial instruments as required by Statement of Financial
        Accounting Standard (SFAS) No. 107, “ *Disclosures
        about Fair Value of Financial Instruments* ”.
        The
        estimated fair value amounts have been determined by the Company, using
        available market information and appropriate valuation methodologies. The
        estimates presented herein are not necessarily indicative of amounts that
        the
        Company could realize in a current market exchange.
 
 The
        Company’s financial instruments primarily consist of cash and cash equivalents,
        restricted cash, accounts receivable, accounts payable and accrued liabilities,
        income tax payable and amounts due from / to related parties.
 
 11
  As
        of the
        balance sheet date, the estimated fair values of the financial instruments
        were
        not materially different from their carrying values as presented due to the
        short term maturities of these instruments and that the interest rates on
        the
        borrowings approximate those that would have been available for loans of
        similar
        remaining maturity and risk profile at respective year ends.
 
 l
              Recently
                  issued accounting standards
 
 The
        Company has reviewed all recently issued, but not yet effective, accounting
        pronouncements and do not believe the future adoption of any such pronouncements
        may be expected to cause a material impact on its financial condition or
        the
        results of its operations.
 
 In
        June
        2006, the FASB issued Interpretation No. 48, *Accounting
        for Uncertainty in Income Taxes* (“FIN
        48”). FIN 48 clarifies the accounting for uncertainty in income taxes recognized
        in the Company’s financial statements in accordance with SFAS No. 109. FIN
        48 prescribes a recognition threshold and measurement attributes for the
        financial statement recognition and measurement of a tax position taken or
        expected to be taken in a tax return. The Company adopted FIN48 on
        January 1, 2007. The adoption of FIN 48 did not have an effect on the
        results of operations or financial condition. The Company did not have any
        unrecognized tax benefits as of June 30, 2007.
 
 On
        February 15, 2007, the Financial Accounting Standards Board (“FASB”) issued
        Statement of Financial Accounting Standards No. 159, *“The
        Fair Value Option for Financial Assets and Financial Liabilities — Including an
        Amendment of FASB Statement No. 115”* (“SFAS
        159”). This standard permits an entity to measure financial instruments and
        certain other items at estimated fair value. Most of the provisions of SFAS
        No. 159 are elective; however, the amendment to FASB No. 115, *“Accounting
        for Certain Investments in Debt and Equity Securities,* ”
applies
        to all entities that own trading and available-for-sale securities. The fair
        value option created by SFAS 159 permits an entity to measure eligible items
        at
        fair value as of specified election dates. The fair value option (a) may
        generally be applied instrument by instrument, (b) is irrevocable unless a
        new election date occurs, and (c) must be applied to the entire instrument
        and not to only a portion of the instrument. SFAS 159 is effective as of
        the
        beginning of the first fiscal year that begins after November 15, 2007.
        Early adoption is permitted as of the beginning of the previous fiscal year
        provided that the entity (i) makes that choice in the first 120 days
        of that year, (ii) has not yet issued financial statements for any interim
        period of such year, and (iii) elects to apply the provisions of FASB 157.
        Management is currently evaluating the impact of SFAS 159, if any, on the
        Company’s financial statements.
  **NOTE** **-** **5**  **RESTRICTED
        CASH**
 
 The
        Company maintains a cash reserve in the amount of $20,000 with a bank, which
        is
        restricted as to use as a requirement of the Company's merchant (credit card)
        account.
  AAGH’s
        wholly-owned subsidiary, Sino-Trade, maintains pledged fixed deposits bearing
        interest ranging from 3.54% to 3.95% per annum as required per its bank
        financing agreements.




12




**NOTE** **-** **6**  **PREPAYMENTS
      AND OTHER CURRENT ASSETS**





Prepayments
      and other current assets consisted of the following:





June
                30,
              2007
            
            December
                31,
              2006(audited)Prepaid
                license fee for television program broadcast right
            
            $
            1,046,162
            
            $
            508,628Other
                prepayments and receivables
            
            
            49,984
            
            
            4,311$
            1,096,146
            
            $
            512,939




**NOTE** **-** **7**  **AMOUNT
      DUE FROM RELATED PARTIES**





As
      of
      June 30, 2007, the amounts are temporary advances made to related parties,
      which
      are unsecured, interest free and repayable on demand and include the following:
      (i) amounts due from entities under common control by the Company’s President,
      who is also the Chief Executive Officer and the Chief Financial Officer of
      the
      Company totaling $1,163,907; (ii) amounts due from officers $200,069 and (iii)
      amounts due from minority shareholders of $820,513.




**NOTE** **-** **8**  **INDEBTEDNESS**





(a)
            Letter
                of credit





The
      Company’s subsidiary operating in Hong Kong is committed under certain letters
      of credit and other trust receipt loans issued by DBS Bank (Hong Kong) Ltd
      and
      Public Bank (Hong Kong) Ltd totaling $137,500 expiring through September
      2007.





(b)
            Bank
                loans





The
      Company’s subsidiary operating in Hong Kong is committed under certain secured
      bank term loans bearing interest at the rates ranging from 6.75% to 11.24%
      as of
      June 30, 2007, payable in monthly installments until paid in full. As of June
      30, 2007, total amounts outstanding under bank loans were $332,796.





(c)
            Convertible
                promissory note





The
      Company issued a convertible promissory note (the “Note”) to a third party,
      Sabana Investments LLC, for the amount of $370,000 and bearing interest at
      20%
      per annum. The term of the Note was for 90 days and matured on May 15, 2007.
      The
      Note allows for an option to convert any unpaid principal and interest into
      AAGH’s $0.001 par value common stock at a conversion price equal to the market
      price for such shares as of the date of the conversion.





On
      May
      15, 2007, the Company has reached a mutual agreement with Sabana Investments,
      LLC to extend the maturity date of the convertible promissory note of 90 days
      to
      August 15, 2007.





13




**NOTE** **-** **9**  **INCOME
      TAXES**





For
      the
      six months ended June 30, 2007, provision for income taxes represents Hong
      Kong
      profits tax of $158,628 (2006: $130,462) for AAGH’s subsidiary operating in Hong
      Kong. Hong Kong profits tax rate is 17.5% on the subsidiary's estimated
      assessable profits arising in Hong Kong. A reconciliation of earnings before
      tax
      to the effective tax rate for the Hong Kong subsidiary as follows:




Six
                  Months Ended June 30,2007
              
              2006Income
                  before income taxes
              
              $
              906,530
              
              $
              733,779Tax
                  at Hong Kong profits tax rate
              
              
              158,643
              
              
              128,411Tax
                  effect of non-assessable income and non-deductible
                  expenses
              
              
              (15
              )
              
              2,051Tax
                  charge for the period at the Company’s effective tax rate
              
              $
              158,628
              
              $
              130,462




Its
      effective income tax rates for the three and six months ended June 30, 2007
      were
      17.5% and 17.5%, respectively.





Income
      taxes payable as of June 30, 2007 consists of Hong Kong profits tax of
      $477,462.





AAGH’s
      subsidiary operating in the PRC is subject to PRC Foreign Enterprise Income
      Tax
      at a rate of 15% on the subsidiary's assessable profits, based on existing
      PRC
      tax legislation, interpretations and practices in respect thereof. No provision
      for PRC Foreign Enterprise Income Tax has been made as the subsidiary did not
      have any assessable profits for the six months ended June 30, 2007 and
      2006.





**NOTE** **-** **10**  **STOCK-BASED
      COMPENSATION**





During
      the six months ended June 30, 2007, the Company had made stock-based
      compensations for services received relating to management services, business
      advisory, and legal and professional services and as compensation to the
      Company’s President pursuant to the Employment Agreement. Details of the
      stock-based compensations made during the three and six months ended June 30,
      2007 are as follows:





*Common
      stock issued and to be issued*





During
      the six months ended June 30, 2007, the Company had entered into various
      stock-based compensation agreements for services received relating to management
      services, business advisory, and legal and professional services and as
      compensation to the Company’s President pursuant to the Employment Agreement.
      The shares of common stock issued or to be issued are as follows:





(i)
            26,500,000
                unrestricted shares of common stock were issued for services received
                relating to management services, business advisory, and legal and
                professional services valued at the fair market value on the dates
                of
                grant. The aggregate fair value of the 26,500,000 unrestricted shares
                of
                common stock granted was $2,757,325. The shares were issued under
                AAGH’s
                Registration Statement on Form S-8 relating to the registration of
                the
                AAGH’s 2007 Non-Qualified Incentive Stock Compensation Plan as filed with
                the SEC on January 31, 2007 ; and





(ii)
            Pursuant
                to an Employment Agreement dated August 18, 2006, 2,000,000 shares
                of
                restricted common stock were payable to the Company’s President as a
                signing bonus to be earned over one year as part of a compensation
                package
                upon the execution of the employment agreement. The fair value of
                the
                common stock signing bonus totaled $414,000 and will be recognized
                ratably
                over the one-year service period per the employment agreement. The
                fair
                value was based on the quoted market value of the Company’s common stock
                as at the date of the employment agreement. As of June 30, 2007,
                the
                shares earned had not been issued and accordingly, the common shares
                to be
                issued are presented in the stockholders’ equity section of the condensed
                consolidated balance sheet under the caption “Common stock to be issued”.
                Upon the issue of the 1,726,028 shares of restricted common stock,
                the par
                value of the 1,726,028 shares of restricted common stock totaling
                $1,726
                will be transferred to common stock issued and outstanding. The excess
                of
                $355,561 will be recognized as an addition to the additional paid-in
                capital.





14





**NOTE** **-** **11**  **NET
      LOSS PER SHARE**





Basic
      EPS
      is computed as net earnings (loss) divided by the weighted average number of
      common shares outstanding for the period. Diluted EPS reflects the potential
      dilution that could occur from common shares issuable through stock options,
      warrants, and other convertible securities, such as convertible preferred stock.
      No potential common stock is considered in the diluted EPS calculation when
      the
      Company incurs loss from continuing operations since the effect would be
      anti-dilutive. The computation of diluted loss per share for the six months
      ended June 30, 2007, did not assume the exercise of the potential dilution
      of
      500,000 shares of Series A Convertible Preferred Stock to be issued as the
      exercise of such preferred stock is anti-dilutive.





**NOTE** **-** **12**  **SEGMENT
      INFORMATION**




(a)
            Segment
                information





For
      the
      six months ended June 30, 2007, the Company only operated in one segment, Media
      and Advertising, as defined by SFAS 131, Disclosures about Segments of an
      Enterprise and Related Information (“SFAS 131”).





(b)
            Geographic
                information





The
      Company operates primarily in Hong Kong. The Company's geographic sales as
      a
      percent of total revenue are as follows:




Six
                Months Ended June 30,2007
            
            2006United
                States
            
            $
            64
            
            $
            22,000Hong
                Kong
            
            
            3,018,128
            
            
            1,562,828$
            3,018,192
            
            $
            1,584,828




As
      of
      June 30, 2007 and 2006, 45% and 26% of the Company’s long-lived assets were
      located in the PRC and 43% and 50% in Hong Kong.




**NOTE** **-** **13**  **CONCENTRATIONS
      OF RISK**





The
      Company is exposed to the followings concentrations of risk:





(a)
            Major
                customers





As
      of
      June 30, 2007, the Company had four customers that each accounted for more
      than
      10% of trade receivables and the Company had three customers each accounted
      for
      more than 10% of revenues for the period ended June 30, 2007. If the Company
      was
      unable to obtain other customers, the Company's business, operating results
      and
      financial condition would be materially adversely affected.




15




(b)
            Major
                vendors





As
      of
      June 30, 2007, the Company had three vendors that each accounted for more than
      10% of trade payables. If these vendors were unavailable to provide services
      in
      a timely manner and the Company was unable to find alternative vendors, the
      Company's business, operating results and financial condition could be
      materially adversely affected.





(c)
            Credit
                risk





Financial
      instruments that potentially subject the Company to significant concentrations
      of credit risk consist principally of cash and trade accounts receivable. The
      Company performs ongoing credit evaluations of its customers’ financial
      condition, but does not require collateral to support such
      receivables.





(d)
            Interest
                rate risk





As
      the
      Company has no significant interest-bearing assets, the Company’s income and
      operating cash flows are substantially independent of changes in market interest
      rates.





The
      Company’s interest-rate risk arises from long-term borrowings. Borrowings issued
      at variable rates expose the Company to cash flow interest-rate risk. Borrowings
      issued at fixed rates expose the Company to fair value interest-rate risk.
      Company policy is to maintain approximately all of its borrowings in fixed
      rate
      instruments. As of June 30, 2007, all of borrowings were at fixed
      rates.




**NOTE** **-** **14**  **COMMITMENT
      AND CONTINGENCIES**





(a)
            Litigation




The
      Company is subject to a limited number of claims and actions that arise in
      the
      ordinary course of business. The litigation process is inherently uncertain,
      and
      it is possible that the resolution of the Company exists and future litigation
      may adversely affect the Company. Management is unaware of any matters that
      may
      have a material impact on the Company's financial position, results of
      operations, or cash flows.




(b)
            Operating
                leases





The
      subsidiaries operating in Hong Kong and the PRC were committed under various
      non-cancelable operating leases with terms ranging from one to two years with
      fixed monthly rentals that expired in 2006. None of the leases included
      contingent rentals. No lease expense was charged to operations for 2007. Total
      lease expenses for the six months ended June 30, 2006 was $12,500. There is
      no
      future minimum lease payment under non-cancelable operating leases as of June
      30, 2007.





(c)
            Contractual
                obligations





The
      Company has incurred various contractual obligations and financial commitments
      in the normal course of the operating and financing activities. The following
      table illustrates the expected future contractual cash obligations as of June
      30, 2007.




Payments
                due before June 30,2008
            
            2009
            
            TotalInterest
                charges
            
            $
            19,088
            
            $
            5,829
            
            $
            24,917Indebtedness
            
            
            278,139
            
            
            54,657
            
            
            332,796Total:
            
            $
            297,227
            
            $
            60,486
            
            $
            357,713




16




**NOTE** **-** **15**  **SUBSEQUENT
      EVENTS**





On
      August
      13, 2007, the Company issued the remaining balance of Three Million Five Hundred
      Thousand Shares from the S-8 Plan filed on Form S-8 with the Commission on
      January 31, 2007. With this issuance, the total outstanding shares, as of August
      15, 2007, is 84,862,000.








**ITEM
      2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
      OPERATIONS OR PLAN OF OPERATION**




The
      following discussion should be read in conjunction with AAGH's unaudited
      condensed consolidated financial statements and notes included herein. The
      results described below are not necessarily indicative of the results to be
      expected in any future period. Certain statements in this discussion and
      analysis, including statements regarding our strategy, financial performance
      and
      revenue sources, are forward-looking statements based on current expectations
      and entail various risks and uncertainties that could cause actual results
      to
      differ materially from those expressed in the forward-looking statements.
      Readers are referred to AAGH's Annual Report on Form 10-KSB for the year ended
      December 31, 2006, as filed with the Securities and Exchange Commission on
      April
      17, 2007.




**Forward
      Looking Statements**




The
      information in this discussion contains forward-looking statements within the
      meaning of Section 27A of the Securities Act of 1933, as amended, and Section
      21E of the Securities Exchange Act of 1934, as amended. These forward-looking
      statements involve risks and uncertainties, including statements regarding
      our
      capital needs, business strategy and expectations. Any statements contained
      herein that are not statements of historical facts may be deemed to be
      forward-looking statements. In some cases, you can identify forward-looking
      statements by terminology such as "may", "will", "should", "expect", "plan",
      "intend", "anticipate", "believe", "estimate", "predict", "potential" or
      "continue", the negative of such terms or other comparable terminology. Actual
      events or results may differ materially. We disclaim any obligation to publicly
      update these statements, or disclose any difference between its actual results
      and those reflected in these statements. The information constitutes
      forward-looking statements within the meaning of the Private Securities
      Litigation Reform Act of 1995.





**Overview**





Asia
      Global Holdings Corp. (formerly known as BonusAmerica Worldwide Corporation)
      ("AAGH" "we" and the "Company") is focused on building businesses in China
      and
      other emerging regions and markets in Asia and worldwide. The Company has
      subsidiaries participating in media and advertising, marketing services and
      internet commerce. During 2007. we entered the television entertainment market,
      where we plan to sell advertising slots that air during the broadcast of *Who
      Wants To Be A Millionaire?* TV show
      in China. We are headquartered in Hong Kong, and have offices in the US and
      mainland China.





Our
      direct and indirect subsidiaries include Sino Trade - Intelligent Development
      Corp. LTD. (also referred to as “Sino Trade”), Idea Asia Limited (also referred
      to as “Idea Asia”), China Media Power Limited (also referred to as “CMP”), and
      Wah Mau Corporate Planning Development Company (also referred to as “Wah Mau”).
      Sino Trade is a wholly-owned subsidiary of the Company. Idea Asia and Wah Mau
      are wholly owned subsidiaries of Sino Trade. CMP is a 60%-owned subsidiary
      of
      Idea Asia. Sino Trade, Idea Asia and CMP are all Hong Kong corporations. Wah
      Mau
      was formed under the laws of the Peoples Republic of China ("PRC").




Our
      subsidiaries offer a range of advertising and media services and products that
      meet the needs of marketers and advertisers including Internet marketing, search
      engine marketing, email marketing, print advertising and TV advertising. We
      work
      closely with advertisers to implement integrated online and offline advertising
      and media solutions.




17




We
      are
      one of the few established providers of Internet marketing services and online
      advertising technology within the PRC. We sell our products and services
      worldwide from 4 sales locations in 3 countries to a customer base in Asia,
      North America, Europe, and Canada.




**History**




We
      were
      incorporated in the state of Nevada on February 1, 2002 under the name Longbow
      Mining, Inc. Prior to March 1, 2004, we were engaged in acquisition and
      exploration of mineral properties and evacuation of minerals located in British
      Columbia, Canada.




On
      March
      1, 2004, we purchased BonusAmerica Corporation, a California corporation, or
      BAC, a wholly-owned subsidiary of Stanford International Holding Corporation,
      a
      California corporation, or Stanford. In connection with the transaction, we
      issued 5 million shares of restricted common stock and Archer Pacific
      Management, Inc., an affiliate of Ernest Cheung (one of our founders) and Fred
      Tse (or one of his affiliates) transferred 6.5 million shares of our restricted
      common stock held by them to Stanford for all of the issued and outstanding
      shares of BAC. As a result of this transaction, Stanford became the beneficial
      owner of 57.9% of our then issued and outstanding shares of common stock and
      BAC
      became our wholly-owned subsidiary. At the time of the transaction, Stanford
      was
      owned by Michael Mak, our current president (“President”), chief executive
      officer (“Chief Executive Officer”), interim chief financial officer (“interim
      Chief Financial Officer”) and director, Carson Kwong, a former director, and
      Steven Wong. A Form 13D was filed on June 28, 2004 denoting the beneficial
      ownership of Stanford. Furthermore, on April 16, 2005, Mr. Mak purchased 100%
      of
      the ownership of Stanford from Carson Kwong and Steven Wong. Michael Mak is
      also
      the Chief Executive Officer of Stanford and has the power to direct Stanford's
      votes. Our common stock is currently trading on the Over-the-Counter Bulletin
      Board under the symbol "AAGH."




Effective
      May 12, 2004, (i) Fred Tse resigned as our President and Chief Executive Officer
      and the Board of Directors appointed Michael Mak to serve as our President,
      Chief Executive Officer and director; and (ii) Carson Kwong was appointed to
      serve on our Board of Directors in connection with the acquisition. Effective
      October 13, 2004, Stephen Kenwood and Fred Tse resigned from their positions
      as
      our directors.




Effective
      October 26, 2004, John A. Leper was appointed to serve on our Board of Directors
      and to serve as Secretary as replacement for Ernest Cheung. Effective December
      29, 2004, Carson Kwong resigned from his position as a director and Kam Chuen
      Lau was appointed to fill the vacancy created by Mr. Kwong's departure. Mr.
      Kam
      C. Lau resigned his position as a director of the Company on November 15, 2005.
      Currently, our board of directors consists of Michael Mak, who is also our
      President and Chief Executive Officer and John A. Leper, who is also our
      Vice-President and Secretary. We are in the process of searching for qualified
      personnel to serve as our Chief Financial Officer. Until such time, Michael
      Mak
      is serving as our interim Chief Financial Officer.




Effective
      May 12, 2004, we changed our name from Longbow to BonusAmerica Worldwide
      Corporation and on June 9, 2006, we changed our name to Asia Global Holdings
      Corp. On July 6, 2006 the Company filed a request with the National Association
      of Securities Dealers (NASD) to change its name and symbol. The change of name
      and new symbol became effective on July 17, 2006. The Company's new trading
      symbol is AAGH. As a result, the Company requested a new CUSIP from the CUSIP
      Service Bureau. The new CUSIP is 04518D 10 8, which became effective on July
      12,
      2006.





Effective
      July 17, 2006, the Company relocated its headquarters from 834 S. Broadway,
      5th
      Floor, Los Angeles, California to 1601-1604 CRE Centre 889 Cheung Sha Wan Road,
      Kowloon, Hong Kong.




During
      March 2004, we formed, a wholly-owned subsidiary, Sino Trade, under the laws
      of
      Hong Kong. The original purpose of Sino Trade was to provide additional support
      to our business-to-business trade operations in China and the United States.
      Today all of our media and advertising business is conducted through Sino Trade
      and its subsidiaries.




18




November
      10, 2006, we formed Idea Asia, which is a wholly-owned subsidiary of Sino Trade,
      under the laws of Hong Kong. The purpose of Idea Asia is to acquire and or
      operate entertainment related businesses..




On
      November 27, 2006 we formed CMP, which is a sixty percent (60%) owned subsidiary
      of Idea Asia, under the laws of Hong Kong. The purpose of CMP is to acquire
      the
      rights to a specific entertainment property, namely the globally successful *Who
      Wants To Be A Millionaire?* TV show,
      and produce and broadcast the show in the PRC. .




**Currently**




Up
      until
      2006 the primary lines of business of the Company were direct marketing,
      Internet commerce and media. We engaged in business-to-consumer retail sales,
      business-to-business media and advertising services sales, and international
      business-to-business media and services sales.




In
      2006
      we shifted our focus away from the Internet consumer retail business to
      concentrate our resources on the growth of our media and advertising business
      in
      Asia - specifically China and Hong Kong. We moved our main operations and
      headquarters from our Los Angeles, California office to our Hong Kong office
      to
      facilitate the identification, evaluation and acquisition of opportunities
      in
      Asia ahead of the competition.




As
      we
      anticipated, the relocating of our headquarters to Hong Kong broadened our
      access to the marketplace resulting in the materialization of what we believe
      to
      be an exceptional opportunity to capitalize on the strongly emerging TV
      advertising media business in mainland China -- specifically -- the acquisition
      of the rights to produce and broadcast the global phenomenon *Who
      Wants To Be A Millionaire?* TV show
      in China and generate revenue from the sale of the advertising that airs during
      the show broadcasts.




Our
      Los
      Angeles office continues to be used primarily for the purpose of seeking out,
      evaluating and acquiring investment opportunities in the United States and
      Europe, which is compatible with our current goals.




Our
      yearly revenue in 2006 was $5,179,174, up 137% from 2005. Our total 2006 revenue
      was entirely derived from our media & advertising segment as a result of our
      planned re-focusing of resources on this segment. The successful redirection
      of
      our resources required significant planning and business changes compared to
      our
      operations in 2005 and earlier. We are very pleased to announce that we have
      now
      successfully implemented the plan set forth over one year ago. The plan was
      stated in our 2005 10KSB filing as follows:




“Most
      significant of the aforementioned planning changes are as follows: 1) move
      the
      majority of our operations to China to benefit from lower operating costs,
      2)
      cut back our Online Retailing business and reduce the associated overhead and
      inventory purchasing accordingly, 3) spread out the rollout of the TradeDragon
      international business-to-business trade portal and reduce support staff
      accordingly, 4) suspend indefinitely the operations of our More2Save,
      RateandSave and CouponsRewardsSavings websites and reduce operating costs
      accordingly, and 5) suspend indefinitely any activity related to virtual
      stores.”




As
      of the
      date of this filing, the above plan has been nearly fully executed.




Our
      revenues for the 1st half-year of 2007 were $3,018,192 a 90%, $1,433,364
      increase compared to revenues of $ US$1,584,828 for the same period in 2006.




19




While
      revenues have increased over the 12 month period, we have not yet been able
      to
      raise the additional capital required to execute many components of our overall
      business plan. As such, some of our plans will remain inactive while we focus
      the resources we have available on only the opportunities with the greatest
      potential for long-term success and benefit for shareholders.




**Our
      Products and Services.**




Originally
      we engaged in the development and sale of products and services in two business
      segments.1) Online Retailing and 2) Media and Advertising. While we still
      maintain the core operations of our Online Retailing segment, we have scaled
      this segment down to a very minimum so that we can focus our resources on
      continuing to grow our Media and Advertising segment.




**Media
      and Advertising:** Our
      media and advertising business includes two categories 1) *business-to-business* advertising services and products, and 2) *business-to-consumer* advertising services




***Business-to-Business:*** In this
      category, we derive income from the sale of advertising products and services
      to
      companies who desire to promote their products or services to other businesses.
      Our offerings in this category include a) business directories and trade
      publications that we publish and distribute - we charge companies to place
      their
      advertisements in these publications; b) Internet direct marketing services
      wherein we help businesses promote their business via email and other forms
      of
      online advertising; and c) international trade portal and search engine
      marketing and advertising services which allow companies to locate buyers and/or
      suppliers - specifically we offer these services through an online portal we
      developed called TradeDragon. We charge companies who use TradeDragon to promote
      their business.




**TradeDragonTM** ,
      launched in 2004, is an online international Business-to-Business trade portal
      that connects businesses that desire to trade internationally particularly
      between China and the United States. Supplier members are charged a membership
      fee to participate in TradeDragon. TradeDragon members connect with each other
      through the TradeDragon.com website, which allows them to search for buyers
      and
      suppliers that match their specific requirements. Suppliers can exhibit their
      products and services online for buyers worldwide to view. Buyers can find
      suppliers by posting their needs for suppliers worldwide to view and respond
      to
      and by browsing/searching the database of supplier information online.
      TradeDragon members benefit from a proprietary technology called DragonDynamicsTM
which drives custom-tailored online business traffic to each individual member
      based on that member's specific requirements. DragonDynamicsTM was developed
      internally based on a combination of proprietary industry knowledge, and
      expertise in global direct marketing, ecommerce and China sourcing.




**Industry
      Publications.** Manufactures and suppliers can reach buyers through publications produced and
      distributed by Sino Trade such as (i) *China
      Enterprises,* which is
      a periodic trade magazine created for and distributed to companies seeking
      manufacturers and suppliers in China; (ii) *China
      Exhibition Guide,* which
      includes detailed information and dates of trade shows in China and worldwide;
      and (iii) *China
      Supplier Guide,* a
      1000-plus page comprehensive yearly directory listing thousands of China
      manufacturers and suppliers across 20 different categories.




**Marketing
      Services.** Sino
      Trade provides manufacturers and suppliers located primarily in China and Hong
      Kong with marketing services designed to reach international buyers. Email
      marketing and traditional direct marketing services help introduce the products
      and services of manufacturers located in “the world’s factory” - China.




***Business-to-Consumer:*** In this
      category we seek to derive income from companies desiring to promote their
      products or services to consumers. We have two primary sub-segments within
      this
      category -TV media and Internet portals. Our TV media segment is new and will
      launch in 2007. We plan to derive income from the sale of advertising slots
      which will air during the broadcast of the *Who
      Wants To Be A Millionaire?* TV show
      in China. Our consumer Internet portals at this time are currently inactive
      until management determines the Company is in a position to successfully execute
      the operation of each. If and when we scale-up our consumer Internet portals,
      we
      plan to derive income from advertisers utilizing our portals to promote their
      business to the consumers who visit the Internet portals/websites. We have
      developed but suspended the operations of three portals --www.More2Save.com,
      www.RateandSave.com and www.CouponsRewardsSavings.com. We intend to launch
      www.BonusChina.com, an online entertainment, information and services portal,
      in
      China when funding is available to do so.




20




**TV
      Advertising in China** :
      Companies who want to reach the vast and emerging consumer market in China
      can
      air TV ads during the broadcast of the phenomenally successful *Who
      Wants To Be A Millionaire?* Beginning in 2007 Asia Global Holdings subsidiary CMP will produce and broadcast
      a minimum of 104 episodes of the globally successful TV show in major markets
      in
      China. China has a middle class of approximately 300 million and growing
      rapidly. Advertising during popular TV shows is the best way for major
      international brands to reach this audience which is quickly becoming the most
      important consumer market in the world.




**CouponsRewardSavings.com** (Inactive). Our CouponsRewardsSavings.com website was established in 2003 and
      was the original business in our media and advertising distribution network.
      This website attracted visitors with discounts, free gifts and other promotions.
      Revenues were generated by charging advertisers each time a visitor opted to
      receive information (usually an online coupon or special offer) from that
      advertiser. This method of online advertising is referred to as
      "co-registration." Past advertisers include the Professional Career Development
      Institute, GoToMyPC, Financial Cents News, USA Platinum, ClearCredit, JDate.com,
      Home Business Matchmaker and Reunion.com. This portal is indefinitely inactive
      and will remain so unless or until management determines that adequate resources
      are available to operate the portal profitably.




**More2Save.com** (Inactive). More2Save.com is an online coupon portal that offers shoppers
      coupons, rewards and savings. Revenues were generated by charging advertisers
      to
      post coupons on the website. To receive the coupons, shoppers sign up (free
      of
      charge) and complete a one-time demographic survey. Over 200 coupons were
      available to consumers at the initial launch of this website in October 2004.
      This portal is indefinitely inactive and will remain so unless or until
      management determines that adequate resources are available to operate the
      portal profitably.




**RateandSave.com** (Inactive). RateAndSave.com is a consumer-shopping portal that helps consumers
      find the best prices on products they are seeking. Revenues were generated
      from
      advertisers via a cost-per-click bidding model. Through this pay-for-placement
      bidding system, merchants entered bids for select advertising positions based
      on
      product category. When a consumer searched for an item, the merchant with the
      highest bid for that product category got top placement in the search result.
      RateandSave.com was launched in October 2004. This portal is indefinitely
      inactive and will remain so unless or until management determines that adequate
      resources are available to operate the portal profitably.




**BonusChina.com
      (Planned).** BonusChina will be an online portal and will provide entertainment, information
      and services to the consumer market in China. We intend to generate revenue
      by
      selling advertising space and services to consumers and advertisers. We believe
      that our experience in direct marketing, our relationships with companies in
      China and the U.S., our understanding of the Chinese culture and our local
      presence in China will enable us to succeed in the China Internet market. This
      portal will remain in the planning stage until management determines that
      adequate resources are available to implement and operate the portal
      profitably.




**Infrastructure**




Our
      wholly-owned subsidiary, Sino Trade provides the infrastructure to operate
      our
      media and advertising business in Hong Kong and China. Through Sino Trade,
      we
      coordinate two offices in mainland China and one office in Hong Kong. Our
      offices in mainland China are located throughout the Guangdong Province, the
      manufacturing center responsible for conservatively 30% of China's total
      exports. Our office in Hong Kong serves as our China communications hub. Wah
      Mau, a wholly owned subsidiary of Sino Trade, provides support for our
      operations specifically in mainland China and helps generate sales of our media
      and advertising products and services. Through Sino Trade and Wah Mau we have
      established a network of advertising agency partners in China who sell our
      business-to-business media and advertising products and services.




21




To
      address the TV media opportunity in China, our Sino Trade subsidiary created
      the
      wholly-owned subsidiary Idea Asia to hold entertainment related businesses.
      Idea
      Asia created CMP of which Idea Asia owns 60%. On December 18, 2006, CMP entered
      into an agreement to acquire the rights from UK based Celador International
      Limited (now part of 2waytraffic) to broadcast in China the global quiz show
      phenomenon “ *Who
      Wants To Be A Millionaire?”.* The
      remaining 40% of CMP is owned by Kolmanski International Limited and Region
      Giants Limited who will provide TV production, corporate development, and sales
      and marketing services to CMP. The initial payment was made by the Company
      in Q1
      of 2007, and plans to broadcast during Q3 of 2007.





CMP
      entered into an agreement with China advertising media sales agency Zixunmedia
      on November 11, 2006. Pursuant to PRC regulations, only a licensed advertising
      agency can sell advertising and collect payments for advertising sales in China.
      Zixunmedia is licensed pursuant to PRC laws and will receive thirty percent
      (30%) of the revenues generated from advertising during the *Who
      Wants To Be A Millionaire?* TV
      program. CMP will retain seventy percent (70%) of the revenues generated from
      the advertising.




**Sales
      and Marketing Plan**




Our
      business-to-business media & advertising products and services are sold
      through a combination of our minimal in-house sales personnel and a network
      of
      outside advertising agencies located throughout China and Hong Kong. We plan
      to
      continue to expand our network of outside agencies as it has proved to be very
      successful. The benefits are two-fold in that we are able to expand our reach
      and acquire more clients without the overhead risk associated with building
      a
      large in-house sales team. We are able to sell all of our business-to-business
      products and services through our agency network.




We
      supplement the efforts of our sales team and agency network with trade show
      exhibits. In 2006 we attended 31 trade shows. We plan to continue utilizing
      trade shows to generate new clients and improve our visibility in key markets.




Building
      upon the proven successful agency network strategy, we are leveraging our China
      based expertise to partner with an established advertising and media sales
      agency in mainland China to sell the TV adverting slots that will air during
      our
      CMP subsidiary’s broadcasts of *Who
      Wants To Be A Millionaire?* .
      Much
      support will be provided to the sales team by TV advertising for *Who
      Wants To Be A Millionaire?* that
      will
      be aired on the TV stations that will be broadcasting the show. Other
      promotional events will supplement the TV ads.




At
      this
      time we have no marketing plans for our inactive consumer portals
      CouponsRewardsSavings.com, More2Save.com and RateAndSave.com as these businesses
      are inactive at this time.




**Overview
      and Future Plan of Operations**





In
      2006,
      our revenues grew by 137% from $2,188,642 in 2005 to $5,179,174 in 2006
      primarily resulting from increased advertising sales delivered by new agency
      partnerships in China. Over the course of 2006 our Sino Trade subsidiary, which
      is responsible for media sales in China, established new relationships with
      eight well-established media sales agencies throughout China. By doing so,
      Sino
      Trade was able to increase revenue without the risk of added overhead associated
      with an in-house sales force expansion.




22




In
      the
      second quarter of 2007 our revenues were $ $2,189,697 an increase of 84%
      compared to revenues of $1,189,210 for the same period in 2006.





In
      2006
      The Company experienced a loss of $6,111,111 primarily due to engaging various
      consultants pursuant to management agreements to perform services rendered
      relating to expansion into the TV media market in China. We expect that the
      services rendered will generate an excellent return on our investment since
      a
      major part of this expansion included acquiring, through our subsidiaries,
      the
      China broadcast rights for the globally successful *“Who
      Wants To Be A Millionaire?”* TV
      program.





In
      the
      second quarter of 2007 we experienced a profit of $111,137 compared to a profit
      of $335,578 for same period in 2006. The decrease in profit is primarily
      attributed to $317,984 in costs and $102,082 non-cash (stock based) compensation
      to an executive for his professional services related to the development of
      our
      TV broadcast businesses which is not yet generating revenue.





The
      groundwork for expansion into the TV media segment in China was laid during
      2006
      during which time the Company invested in professional services in the areas
      of
      consulting related to TV entertainment, TV media, and non-TV related advertising
      in China. The strongly emerging opportunity in TV media in China must be
      carefully pursued only after significant on-the-ground local exploration at
      the
      provincial and city levels. Unlike the US, accurate market data and industry
      intelligence related to TV media is not readily available in China. Management
      believes the value gained through these efforts will ultimately generate an
      excellent return on the investment. The expense related to the above mentioned
      groundwork was paid for with common stock issued in 2006 and valued at
      $6,244,250. Coupled with our other legal and professional expenses and a
      non-cash charge for our stock-based compensation to an executive in the sum
      of
      $1,153,123, to be settled by preferred and common stock, our professional fees
      contributed to a significant portion of our year-end losses, approximating
      $7,400,000 of the total expenses. Likewise, in the first and second quarters
      of
      2007 expenses related to TV media expansion in China were paid with common
      stock
      valued at $2,859,407 and $102,082 respectively.





Today
      Asia Global Holdings Corp is focused on building businesses in China and other
      emerging regions and markets in Asia and worldwide. The Company now has
      subsidiaries participating in media and advertising, marketing services,
      Internet commerce and TV entertainment. The Company is headquartered in Hong
      Kong and has offices in the US and mainland China.





We
      consider the two most significant recent achievements to be the improved
      financial performance over the previous year and the expansion into TV media
      in
      the China market.





*Expansion
      into TV media in China*





Management
      sees the Company’s entry into TV media as an extension of our China advertising
      sales business and a way to leverage our expertise in this area. Our advertising
      sales subsidiary, Sino Trade, generated nearly all of our revenue in 2006.
      Revenue from the “ *Who
      Wants To Be A Millionaire?”* TV show
      will be derived from the sale of advertising which will air during the broadcast
      of the show.





The
      growing market for TV advertising in China is very attractive. Research studies
      indicate TV ad sales represent 75% of the overall ad spending in China’s
      estimated $37 billion advertising market. Reports state television advertising
      sales in the first 6 months of 2006 totaled $14 billion representing a 22%
      increase over the same period last year making TV the greatest gainer in ad
      sales of all China media with newspapers, magazines, radio and outdoor growing
      5%, 9%, 15% and 9% respectively. [Source: as reported by Xinhua News
      Agency]





To
      address this market opportunity Asia Global subsidiary Sino Trade created the
      wholly-owned subsidiary Idea Asia (a Hong Kong corporation) to hold
      entertainment related businesses. Idea Asia created CMP (a Hong Kong
      corporation) herein referred to as CMP of which Idea Asia owns 60%. On December
      18, 2006 CMP acquired the rights from UK based Celador International Limited
      (now part of 2waytraffic) to broadcast in China the global quiz show phenomenon *“Who
      Wants To Be A Millionaire?”.* The
      remaining 40% of CMP is owned by Kolmanski International Limited and Region
      Giants Limited who will provide TV production, corporate development, and sales
      and marketing services to CMP.





23




CMP
      entered into an agreement with China advertising media sales agency Zixunmedia
      on November 11, 2006. Pursuant to PRC regulations, only a licensed advertising
      agency can sell advertising and collect payments for advertising sales in the
      China television market. Zixunmedia is licensed pursuant to PRC laws and will
      receive thirty percent (30%) of the revenues generated from advertising during
      the *“Who
      Wants To Be A Millionaire?”* TV
      program. CMP will retain seventy percent (70%) of the revenues generated from
      the advertising.





CMP,
      under the terms of its agreement with Celador International/2waytraffic, will
      produce and broadcast a minimum of 104 episodes of “Who Wants To Be A
      Millionaire?” over a period of 12 months beginning third quarter 2007. The
      agreement includes a mutual option for production and broadcasting to continue
      for a second year thereafter. CMP expects to begin closing advertising contracts
      once it has concluded agreements with all key broadcast distribution
      channels.





We
      believe we have the appropriate corporate leadership established to ensure
      future success in the TV industry because we have placed the following
      individuals in place:





*
            Michael
                Mak, the Chief Executive Officer, interim Chief Financial Officer
                and
                Director of Asia Global Holdings Corp. will serve as the a sole director
                and officer of Idea Asia and will also serve as Chairman of CMP.





*
            John
                Leper, the Secretary and Director of Asia Global Holdings Corp. will
                serve
                as a Director of CMP.





*
            Hing
                Ng, the Director of Sino Trade, Asia Global Holdings Corp’s wholly-owned
                subsidiary, will serve as a Director of CMP.





*
            Mr.
                Peter Lai, aged 43, an advertising veteran and a co-founder of
                CMP, is overseeing the corporate development and the sales &
                marketing function of the
                Company.





*
            Mr.
                Claude Yuen, aged 52, a TV production specialist and a founding
                partner of CMP, is in charge of the Program's
                production as the Executive
                Producer.





Asia
      Global Holdings will continue to seek out high quality proven successful TV
      entertainment and media opportunities to adapt to the market in China.





*Going
      forward*





CMP
      is in
      final stages of negotiating a broadcast distribution agreement with one of
      the
      top 10 TV broadcasters in China. This broadcaster can deliver the broadcast
      of *Who
      Wants To Be A Millionaire?* to 517
      million home TV viewers in China.





In
      June
      of 2007 CMP successfully produced the first pilot show of Who *Wants
      To Be A Millionaire?.*





In
      2007
      the Company plans to continue expanding upon our proven-successful agency
      partnership programs with established advertising agencies in China to grow
      this
      segment of the business. Also, as mentioned above, we plan to generate a new
      stream of revenue from the sales of advertising spots airing during the *Who
      Wants To Be A Millionaire?* TV
      shows. We also plan to continue to seek new opportunities in China TV media.
      We
      expect these objectives will dominate our operations in 2007.





24




**Results
      of Operations for the Three Months Ended June 30, 2007 and June 30,
      2006**





During
      the three months ended June 30, 2007, we experienced a profit of $111,137.
      During the six month period ended June 30, 2007 we experienced a loss of
      $2,835,774. We expect to improve our income position over the next 12 months
      as
      we plan to continue operating our advertising sales business in China and we
      expect to begin generating income from our CMP subsidiary in the second half
      of
      2007. We also anticipate an increase in expenses from the operations of
      CMP.





During
      the three and six months ended June 30, 2007, we generated nearly all our
      revenues from our Media and Advertising division. Over the next twelve months,
      we plan to devote the majority of our resources to expanding and further
      developing our Media and Advertising division which now includes our Idea Asia
      and CMP subsidiaries.




The
      following tables set forth our total revenues by each operational division
      for
      the three and six month periods ended June 30, 2007 and 2006:





**Total
      Revenue Three Months Ended June 30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            2,189,697
            
            $
            1,189,210
            
            $
            1,000,487
            
            
            +84
            %US
            
            $
            
            
            $
            
            
            $
            
            
            
            
            %China
                & HK
            
            $
            2,189,697
            
            $
            1,189,210
            
            $
            1,000,487
            
            
            +84
            %




**Total
      Revenue Six Months Ended June 30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            
            
            $
            
            
            $
            
            
            
            
            %Media
                & Advertising
            
            $
            3,018,192
            
            $
            1,584,828
            
            $
            1,433,364
            
            
            +90
            %US
            
            $
            64
            
            $
            22,000
            
            $
            (21,936
            )
            
            -100
            %China
                & HK
            
            $
            3,018,128
            
            $
            1,562,828
            
            $
            1,455,300
            
            
            93
            %




**Online
      Retailing Segment Revenue**





During
      the three and six month periods ended June 30, 2007, we derived $0 and nearly
      $0
      respectively, or 0% of our total revenue, from our Online Retailing operations,
      representing nearly no change in revenue from the comparable three and six
      month
      periods ending June 30, 2006 in which revenue from Online Retailing also totaled
      nearly $0 representing less than 1% of the total revenue for that period. While
      this segment has been reduced to bare-bones operation it is still active as
      the
      company may, if in the future market conditions are favorable and management
      believes opportunity exists in the segment and resources are available, increase
      the activity in this segment as it has considerable expertise.





25





**Media
      and Advertising Segment Revenue**





During
      the three and six month periods ended June 30, 2007 we experienced 84% and90%
      increases respectively from the comparable three and month periods ending June
      30, 2006. The increases are attributable to expanding our sales force selling
      our basic non-broadcast media and advertising services through creating
      partnerships with established advertising agencies in China.





For
      the
      three month period ended June 30, 2007 100% of our $2,189,697revenue for the
      Media and Advertising segment was from the Hong Kong & China region. We
      derived $2,189,697 or 100% of our total revenue from our media and advertising
      division. This represents a 84% increase in the segment as well as a 84%
      increase in the China and Hong Kong Media and Advertising segment.





For
      the
      six month period ended June 30, 2007 nearly all of our $3,018,192 in Media
      and
      Advertising segment sales came from the Hong Kong & China region,
      representing a 90% increase compared to the same six month period ended June
      30,
      2006.





**Cost
      of Sales**





**Cost
      of Sales by Segment Three Months Ended June 30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            1,040,630
            
            $
            342,446
            
            $
            698,184
            
            
            +204
            %US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            1,040,630
            
            $
            342,446
            
            $
            698,184
            
            
            +204
            %




**Cost
      of Sales by Segment Six Months Ended June 30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            1,422,638
            
            $
            407,318
            
            $
            1,015,320
            
            
            249
            %US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            1,422,638
            
            $
            407,318
            
            $
            1,015,320
            
            
            249
            %





Three
      month cost of sales were $1,040,630 representing 47% of our total revenue of
      $2,189,697 for the period ended June 30, 2007 as compared to $342,446, 29%
      of
      total revenue of $1,189,210 for the three month period ended June 30, 2006.
      The
      increase in cost of sales as a percentage of sales for the three month period
      ended June 30, 2007 is primarily attributable to increased printing and
      promotion and printing costs related to non-broadcast media and advertising
      business and costs related to program production for the *Who
      Wants To Be A Millionaire?* TV show
      which are detailed below in the Media and Advertising Segment.





Six
      month
      cost of sales were $1,422,638 representing 47% of our total revenue of
      $3,018,192 for the period ended June 30, 2007 as compared to $407,318, 26%
      of
      total revenue of $1,584,828 for the six month period ended June 30, 2006. The
      increase in cost of sales as a percentage of sales for the six month period
      ended June 30, 2007 is primarily attributable to increased printing and
      promotion and printing costs related to non-broadcast media and advertising
      business and costs related to program production for the *Who
      Wants To Be A Millionaire?* TV show
      which are detailed below in the Media and Advertising Segment.





26




**Cost
      of Sales - Online Retailing Segment**





Three
      and
      six month cost of sales for our Online Retailing Segment were $0 representing
      0%
      of our total segment revenue of $0 for the periods ended June 30, 2007 as
      compared to $0 representing 0% of total segment revenue of $0 for the three
      and
      six month periods ended June 30, 2006. There is no cost of sales for the three
      and six month periods ended June 30, 2007 as there were no sales in this segment
      for these periods.





**Cost
      of Sales - Media and Advertising Segment**





The
      three
      month cost of sales for our Media and Adverting Segment totaled
      $1,040,630representing 47% of our total segment revenue of $2,189,697 for the
      three month period ended June 30, 2007 as compared to $342,446, representing
      29%
      of total segment revenue of $1,189,210for the three month period ended June
      30,
      2006. The increase in cost of sales as a percentage of sales for the three
      month
      period ended June 30, 2007 is primarily attributable to production costs related
      to *Who
      Wants To Be A Millionaire* ?
      and
      partially attributable to increased production costs for printing of client
      advertising and costs related to creating and distributing direct marketing
      advertising for customers. Specifically, we spent $232,874 for the production
      of
      the *Who
      Wants To Be A Millionaire?* TV show.
      We spent $807,756 or 37% of the segment revenue, for printing and direct
      marketing costs related to our non-TV related products and services. Hence,
      our
      total segment gross margin on sales was 53%, and our gross margin on sales
      for
      our non-TV related products and services was 63%.





The
      six
      month cost of sales for our Media and Adverting Segment totaled $1,422,638
      representing 47% of our total segment revenue of $3,018,192 for the six month
      period ended June 30, 2007 as compared to $407,318, representing 26% of total
      segment revenue of $1,584,828 for the six month period ended June 30, 2006.
      The
      increase in cost of sales as a percentage of sales for the three month period
      ended June 30, 2007 is primarily attributable to production costs related to *Who
      Wants To Be A Millionaire* ?
      and
      partially attributable to increased production costs for printing of client
      advertising and costs related to creating and distributing direct marketing
      advertising for customers. Specifically, we spent $398,728 for promotion and
      production of the *Who
      Wants To Be A Millionaire?* TV show.
      We spent $1,023,910, or 34% of the segment revenue, for printing and direct
      marketing costs related to our non-TV related products and services. Hence
      our
      total segment gross margin on sales was 53% and our gross margin on sales for
      our non-TV related products and services was 66%.





**Selling,
      General and Administrative Expenses**





**Selling,
      General and Administrative Expenses by Segment Three Months Ended June
      30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            1,119,421
            
            $
            326,627
            
            $
            792,794
            
            
            +243
            %US
            
            $
            46,143
            
            $
            74,690
            
            $
            (28,547
            )
            
            -38
            %China
                & HK
            
            $
            1,073,278
            
            $
            251,937
            
            $
            821,341
            
            
            +326
            %




27


**Selling,
      General and Administrative Expenses by Segment Six Months Ended June
      30**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            4,582,496
            
            $
            701,896
            
            $
            3,880,600
            
            
            553
            %US
            
            $
            103,650
            
            $
            347,320
            
            $
            (243,670
            )
            
            -70
            %China
                & HK
            
            $
            4,478,846
            
            $
            354,577
            
            $
            4,124,269
            
            
            1163
            %





**Selling,
      General and Administrative Expenses - Online Retailing**





Administrative
      expenses for our Online Retailing Segment were $0 representing 0% of our total
      segment revenue of $0 for the three and six month periods ended June 30, 2007
      as
      compared to $0, 0% of total segment revenue of $0 for the three and six month
      periods ended June 30, 2006. The were no administrative expenses for the three
      and six month periods ended June 30, 2007 as this segment has been reduced
      to a
      bare bones state based on management’s decision to shift maximum resources to
      the media and advertising segment.





**Selling,
      General and Administrative Expenses - Media and
      Advertising**





The
      three
      month selling, general and administrative expenses increased $792,794 to
      $1,119,421 for the period ended June 30, 2007 as compared to $326,627 for the
      three month period ended June 30, 2006. The increase in expenses during the
      three month period ended June 30, 2007 was partially attributable to costs
      related to employment, travel and legal & professional services related our
      expansion into TV media in China. Management believes the TV media expansion
      in
      China will generate an excellent return on investment. We also experienced
      increases in promotion and trade show spending related to our non-broadcast
      media sales.





The
      six
      month selling, general and administrative expenses increased $3,880,600 to
      $4,582,496 for the period ended June 30, 2007 as compared to $701,896 for the
      six month period ended June 30, 2006. The increase in expenses during the six
      month period ended June 30, 2007 was primarily attributable to the issuance
      of
      common stock valued at $2,961,489 for professional services, employment costs
      and rental expenses related our expansion into TV media in China, and increase
      in promotional spending for our non-broadcast media and advertising sales
      business.




**Depreciation
      and Amortization of Intangible Assets**





2007
            
            2006Depreciation
            
            $
            22,084
            
            $
            23,931Amortization
                of intangible assets
            
            $
            52,948
            
            $
            139,648





We
      experienced non-cash expenditures of $22,084 and $52,948 from depreciation
      of
      fixed assets and amortization of intangible assets, respectively. The
      depreciation policy adopted in 2007 was consistent with that adopted in 2006;
      the 8% decrease in depreciation in 2007 as compared with the depreciation of
      $23,931 in 2006 is attributable to some fixed assets reaching the end of their
      prescribed useful life in 2006. The policy of amortization of intangible assets
      adopted in 2007 was consistent with that adopted in 2006; the 62% decrease
      in
      amortization in 2007 as compared with the amortization of $139,648 in 2006
      is
      attributable to some intangible assets being fully amortized during the year
      of
      2006.





28




**Other
      Income (Expense)**





Total
      other income for both periods presented was immaterial and consisted of the
      following:




2007
            
            2006Other
                incomeFixed
                asset rental income
            
            $
            -
            
            $
            8,700Interest
                income
            
            
            7,358
            
            
            4,781Miscellaneous
                other income
            
            
            -
            
            
            137,358
            
            
            13,494Interest
                expense
            
            
            28,641
            
            
            16,724Total
                other expense
            
            $
            5,873
            
            $
            3,230





There
      was
      no fixed asset rental income in 2007 as the rental income was ceased from
      October 2006. The fixed assets rental income in 2006 represents assets leased
      to
      Stanford International Holding Corporation, a related party, based on a
      reasonable and agreed upon charge that approximated 36% of the depreciation
      expense in 2006. For the six month period ended June 30, 2007, other income
      only
      includes interest income obtained in that period.




**Net
      Income (Loss) by Segment Three Months Ended June 30, 2007**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            111,137
            
            $
            335,578
            
            $
            (224,441
            )
            
            -67
            %US
            
            $
            (49,274
            )
            $
            (117,996
            )
            $
            68,722
            
            
            -58
            %China
                & HK
            
            $
            160,411
            
            $
            453,574
            
            $
            (293,163
            )
            
            -65
            %




29





**Net
      Income (Loss) by Segment Six Months Ended June 30, 2007**





2007
            
            2006
            
            VarianceOnline
                Retailing
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -US
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -China
                & HK
            
            $
            -
            
            $
            -
            
            $
            -
            
            
            -Media
                & Advertising
            
            $
            (2,835,774
            )
            $
            227,893
            
            $
            (3,063,667
            )
            
            -1344
            %US
            
            $
            (110,045
            )
            $
            (411,933
            )
            $
            301,888
            
            
            -73
            %China
                & HK
            
            $
            (2,725,729
            )
            $
            639,826
            
            $
            (3,365,555
            )
            
            -526
            %




**Net
      Income/Loss**





Three
      month net income for the period ended June 30, 2007 was $111,137 compared to
      net
      income of $335,578 for three month period ended June, 2006. The decrease in
      net
      income for this period is primarily attributable to $317,984 in costs related
      the development of our TV broadcast businesses which is not yet generating
      revenue.





Six
      month
      net loss for the period ended June 30, 2007 was $2,835,774 compared to net
      income of $227,893 for six month period ended June, 2006. Loss is primarily
      attributed to non-cash charges such as the issuance of common stock valued
      at
      $2,961,489 for professional services and expenses, including production,
      promotion, employment costs and other operating expenses, totaling $734,782
      related our expansion into TV media in China





We
      have
      no net income/loss attributed to our Online Retailing as this segment has been
      reduced to bare-bones operation. It is still active as the company may, if
      in
      the future market conditions are favorable and management believes opportunity
      exists in the segment and resources are available, increase the activity in
      this
      segment as it has considerable expertise.





**Trends,
      Events, and Uncertainties**





Demand
      for our services and products will be dependent on, among other things, market
      acceptance of our concept and general economic conditions, which are cyclical
      in
      nature. Our business operations may be adversely affected by our competitors
      and
      prolonged recessionary periods. We are in the process of seeking additional
      financing to forward our business plan. There is no assurance additional
      financing will be available, or if available, that it will be available on
      reasonable terms. Even if we do obtain such financing, there is no assurance
      that we will be able to generate profitable operations.





**Liquidity
      and Capital Resources**





*Cash
      flows from operating activities*





We
      experienced positive cash flows provided by operations in the amount of $270,384
      for the 6 month period ended June 30, 2007 respectively.





We
      experienced negative cash flows from operating activities in the amounts of
      $570,279 for the six month period ended June 30, 2006, primarily resulting
      from a
      net
      loss offset by non-cash charges such as common stock issued for services,
      depreciation and amortization, and reversal of accrued expenses, and changes
      in
      operating activities accounts such as an increase in accounts receivable due
      to
      increased sales, and increase in income tax payable.





30




*Cash
      flows from investing activities*





Net
      cash
      flows used in investing activities for the six month periods ended June 30,
      2007
      were $323,550, primarily representing net advances to related parties of
      $309,249, purchase of plant and equipment of $9,463, and increase of restricted
      cash required as part of our subsidiary's banking facility agreements of $4,838.




*Cash
      flows from financing activities*





Net
      cash
      flows provided by financing activities primarily represented net funds advanced
      under banking agreements. In addition, the net cash flows provided by financing
      activities for the six months ended June 30, 2007 was contributed by the
      issuance of promissory note of $370,000 and drawdown of bank loan for $134,704,
      after deducting from both repayments of bank loan for $315,518 and letters
      of
      credit for $125,128.





*Liquidity*





Our
      growth plans require additional funding from outside sources. We intend to
      pursue discussions with existing shareholders, third party financing sources
      and
      potential lenders to ensure access to funds as required. Our future liquidity
      will depend on our revenue growth and our ability to sell our products and
      services at positive gross margins and control our operating expenses. Over
      the
      coming twelve months, we expect to spend approximately $1,600,000 for operating
      expenses assuming revenue growth and no significant change in marketing or
      product development strategies. We expect to meet these capital needs from
      sales
      revenues and, to the extent we do not have sufficient revenues, from our
      existing cash reserves or other external sources of financing.





The
      accompanying condensed consolidated financial statements contemplate
      continuation of the Company as a going concern .
      Due to
      the Company’s current period net loss of approximately $2,835,774, of which a
      sizable portion of that net loss is attributable to non-cash items such as
      stock
      issued for services rendered totaling approximately $2,961,489 and depreciation
      and amortization totaling approximately $75,032. However,
      substantial doubt to continue as a going concern is raised and realization
      of a
      major portion of the assets in the accompanying condensed consolidated balance
      sheet is dependent upon the continued operations of the Company, which in turn
      is dependent upon the Company's ability to meet its financing requirements
      and
      the success of its future operations.





Management
      believes the Company's ability to continue as a going concern is alleviated
      because current sources of liquidity as of June 30, 2007, included approximately $35,532
      in cash and cash equivalents, and a $256,410 line of credit available for use
      under its current line of credit
      facility, are sufficient to satisfy its cash requirements over the next twelve
      months. Although there is no assurance that such financing will be available,
      or
      if available, that such financing will be available on reasonable terms,
      management believes it has the ability to borrow additional funds from third
      parties such as financial institutions or will be successful in a debt or equity
      financing that will be sufficient to fund its operations for the next twelve
      months.





Management
      has taken steps to reduce operating costs and moved a significant portion of
      its
      U.S. operations to China during 2006 to benefit from lower overhead costs and
      further capitalize on the growth potential and success. Management plans to
      continue reviewing all aspects of its business and making adjustments as needed
      to those considered unprofitable. Therefore, for at least the next twelve
      months, the Company can continue to operate as a going concern. The condensed
      consolidated financial statements do not include any adjustments relating to
      the
      recoverability and classification of recorded asset amounts or the amount and
      classification of liabilities or any other adjustment that might be necessary
      should the Company be unable to continue as a going concern.





31




On
      a
      long-term basis, our liquidity will be dependent on establishing profitable
      operations, receipt of revenues, additional infusions of capital and additional
      financing. If necessary, we may raise capital through an equity or debt
      offering. The funds raised from this offering will be used to develop and
      execute our business plan. However, there can be no assurance that we will
      be
      able to obtain additional equity or debt financing in the future, if at all.
      If
      we are unable to raise additional capital, our growth potential will be
      adversely affected. Additionally, we will have to significantly modify our
      plans.





**Critical
      Accounting Policies**





The
      financial statements are prepared in accordance with accounting principles
      generally accepted in the U.S., which requires us to make estimates and
      assumptions in certain circumstances that affect amounts reported in the
      accompanying financial statements and related footnotes. In preparing these
      financial statements, management has made its best estimates and judgments
      of
      certain amounts included in the financial statements, giving due consideration
      to materiality. We do not believe there is a great likelihood that materially
      different amounts would be reported related to the accounting policies described
      below. However, application of these accounting policies involves the exercise
      of judgment and use of assumptions as to future uncertainties and, as a result,
      actual results could differ from these estimates.




*Accounts
      receivable and provision for bad debts*





Accounts
      receivable, net of provision for bad debts, are presented at net realizable
      value. The Company periodically records a provision for bad debts based on
      management’s judgment resulting from an evaluation of the collectibility of
      accounts receivable by assessing, among other factors, our customer’s
      willingness or ability to pay, repayment history, general economic conditions,
      and the ongoing relationship with our customers. The total amount of this
      provision is determined by first identifying the receivables of customers that
      are considered to be a higher credit risk based on their current overdue
      accounts, difficulties in collecting from these customers in the past, and
      their
      overall financial condition. For each of these customers, the Company estimates
      the extent to which the customer will be able to meet its financial obligations
      and records a provision that reduces our trade receivable for that customer
      to
      the amount that is reasonably believed will be collected. Additional provisions
      may be required in the future if the financial condition of our customers or
      general economic conditions deteriorate, thereby reducing net
      earnings.




*Impairment
      of long-lived assets*





We
      review
      property, plant and equipment and purchased intangible assets for impairment
      whenever events or changes in circumstances indicate the carrying value of
      an
      asset may not be recoverable. Our asset impairment review assesses the fair
      value of the assets based on the future cash flows the assets are expected
      to
      generate. An impairment loss is recognized when estimated undiscounted future
      cash flows expected to result from the use of the asset plus net proceeds
      expected from disposition of the asset (if any) are less than the carrying
      value
      of the asset. When an impairment is identified, the carrying amount of the
      asset
      is reduced to its estimated fair value. Deterioration of our business in a
      geographic region or within a business segment in the future could also lead
      to
      impairment adjustments as such issues are identified. The accounting effect
      of
      an impairment loss would be a charge to earnings, thereby reducing our net
      earnings.





*Accounting
      for stock-based compensation*





The
      Company adopted SFAS No. 123 (revised 2004), "Share-Based Payment" ("SFAS
      123(R)"), on January 1, 2006, which requires the measurement and recognition
      of
      compensation expense for all share-based awards made to employees and directors,
      including employee stock options and shares issued through its employee stock
      purchase plan, based on estimated fair values. Prior to the adoption of SFAS
      123(R), the Company accounted for stock-based compensation using the intrinsic
      value method prescribed in Accounting Principles Board ("APB") Opinion No.25,
      "Accounting for Stock Issued to Employees." Under the intrinsic value method
      that was used to account for stock-based awards prior to January 1, 2006, which
      had been allowed under the original provisions of SFAS 123, compensation expense
      was recorded on the date of grant if the current market price of the underlying
      stock exceeded the exercise price. Any compensation expense was recorded on
      a
      straight-line basis over the vesting period of the grant. The adoption of this
      standard had a significant impact to the Company's accompanying consolidated
      financial statements since the Company entered into an employment agreement
      included stock-based compensation awards with its President, Michael Mak, who
      is
      also the Company’s Chief Executive Officer and interim Chief Financial Officer,
      on August 18, 2006. Except for the above, the adoption of this standard had
      no
      impact to the Company’s financial position, results of operations or cash flows
      as the Company's previous stock-based compensation awards expired prior to
      January 1, 2006, and there have been no grants during the current period. The
      accounting effect of recording compensation expense is a charge to earnings,
      thereby reducing our net earnings.





32




*Taxes
      on earnings*





We
      record
      a valuation allowance to reduce our deferred tax assets to the amount that
      is
      more likely than not to be realized. We have considered future market growth,
      forecasted earnings, future taxable income and the mix of earnings in the
      jurisdictions in which we operate in determining the need for a valuation
      allowance. In the event we determine that we would not be able to realize all
      or
      part of our net deferred tax assets in the future, an adjustment to the deferred
      tax assets would be charged to earnings in the period such determination is
      made. Likewise, if we later determine that it is more likely than not that
      the
      net deferred tax assets would be realized, the previously provided valuation
      allowance would be reversed.




**ITEM
      3. CONTROLS AND PROCEDURES.**




Evaluation
      of Disclosure Controls and Procedures





Based
      on
      an evaluation under the supervision and with the participation of management,
      our Chief Executive Officer and Chief Financial Officer have concluded that
      our
      disclosure controls and procedures as defined in Section 13a-15(e) and 15d-15(e)
      under the Securities Exchange Act of 1934, as amended ("Exchange Act") were
      effective as of June 30, 2007 to ensure that information required to be
      disclosed by us in reports that we file or submit under the Exchange Act is
      (i)
      recorded, processed, summarized and reported within the time periods specified
      in the Securities and Exchange Commission rules and forms and (ii) accumulated
      and communicated to our management, including our Chief Executive Officer and
      Chief Financial Officer, as appropriate to allow timely decisions regarding
      required disclosure.





Changes
      in Internal Control over Financial Reporting





There
      were no changes in our internal control over financial reporting during the
      quarter ended June 30, 2007, which were identified in connection with
      management's evaluation required by paragraph (d) of rules 13a-15 and 15d-15
      under the Exchange Act, that have materially affected, or are reasonably likely
      to materially affect, our internal control over financial
      reporting.





**PART
      II - OTHER INFORMATION**





**ITEM
      1. LEGAL PROCEEDINGS**




We
      are
      not involved in any material pending legal proceedings at this time, and
      management is not aware of any contemplated proceeding by any governmental
      authority.




**ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
      PROCEEDS**




None.





33




**ITEM
      3. DEFAULTS UPON SENIOR SECURITIES**




None
      .





**ITEM
      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**




None.





**ITEM
      5. OTHER INFORMATION**




On
      May
      16, 2007, the Company filed with the Commission a Form 8-K/A stating that the
      Form 8-K filed with the Commission on March 12, 2007, discussing the entrance
      into a Convertible Promissory Note (“Note”) with Sabana
      Investments, LLC and the amount of such Note was incorrectly stated. The correct
      amount of the Note was Three Hundred Seventy Thousand Dollars ($370,000) with
      total interest of Seventy-Four Thousand Dollars ($74,000).





**ITEM
      6. EXHIBITS AND REPORTS ON FORM 8-K**




(a)
            Exhibits





**INDEX
      TO EXHIBITS**


**OF**


**ASIA
      GLOBAL HOLDINGS CORP.**





31.1
            Rule
                13a-14(a)/15d-14(a) Certification of Chief Executive
                Officer





31.2
            Rule
                13a-14(a)/15d-14(a) Certification of Chief Financial
                Officer





32
            Section
                1350 Certification




(b)
            None.








**SIGNATURES**




Pursuant
      to the requirements of Section 13 of 15(d) of the Securities and Exchange Act
      of
      1934, the Registrant has duly caused this report to be signed on its behalf
      by
      the undersigned, thereunto duly authorized.




**ASIA
                GLOBAL HOLDINGS CORP.**(Registrant)Date: August
              16, 2007
            By:
            /s/ Michael
              MakMichael
              Mak, President




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