----

----

----

| NEVADA                                                         |   | 13-1026995                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State of other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

| 121 SOUTH ORANGE AVE., SUITE 1500, ORLANDO, FLORIDA |   | 32801      |
|-----------------------------------------------------|--------|------------|
| (Address of principal executive offices)            |   | (Zip Code) |

----

----

| Large accelerated filer  o           | Accelerated filer  o         |
|------------------------------------------------|----------------------------------------|
|                                           |                                   |
| Non-accelerated filer    o | Smaller reporting company  x |

----

----

----

| Part 1 |    |   | Financial Information                                                             |   | Page   |
|--------|---------|--------|-----------------------------------------------------------------------------------|--------|--------|
|   |    |   |                                                                              |   |   |
|   | Item 1. |   | Financial Statements                                                              |   | 1      |
|   |    |   |                                                                              |   |   |
|   |    |   | Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010 (Unaudited) | 2      |
|   |    |   |                                                                              |   |   |
|   |    |   | Consolidated Statements of Operations for the Six and Three                       |   |   |
|   |    |   |    Months Ended June 30, 2011 and 2010 (Unaudited)                 |   | 3      |
|   |    |   |                                                                              |   |   |
|   |    |   | Consolidated Statement of Stockholders' Equity for the                            |   |   |
|   |    |   |    Six Months Ended June 30, 2011 (Unaudited)                      |   | 4      |
|   |    |   |                                                                              |   |   |
|   |    |   | Consolidated Statements of Cash Flows for the Six                                 |   |   |
|   |    |   |     Months Ended June 30, 2011 and 2010 (Unaudited)           |   | 5-6    |
|   |    |   |                                                                              |   |   |
|   |    |   | Notes to Unaudited Consolidated Financial Statements                              |   | 7-13   |

----

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                                                            |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                                              |   |
| (Unaudited)                                                                                                              |   |
|                                                                                                                     |   |   |   |   |   |   |
| ASSETS                                                                                                                   |   |   |   |   |   |   |
|                                                                                                                     |   | June 30, |   |   | December 31, |   |
|                                                                                                                     |   | 2011 |   |   | 2010 |   |
| CURRENT ASSETS:                                                                                                          |   |   |   |   |   |   |
|     Cash and cash equivalents                                                                        |   | $ | 17,479 |   |   | $ | 37,458 |   |
|     Accounts receivable - net of allowance for doubtful accounts of $-0-                             |   |   |   |   |   |   |   |   |
|       and $5,000                                                                           |   |   | 153,937 |   |   |   | 294,288 |   |
|     Inventories                                                                                      |   |   | 3,626 |   |   |   | 876 |   |
|     Employee receivables and other current assets                                                    |   |   | 281,443 |   |   |   | 96,322 |   |
|     Net assets of subsidiaries sold                                                                  |   |   | - |   |   |   | 977,647 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Assets                                                           |   |   | 456,485 |   |   |   | 1,406,591 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net                                                                                       |   |   | 28,468 |   |   |   | 10,827 |   |
| Intangible assets - net                                                                                                  |   |   | 172,817 |   |   |   | 201,225 |   |
| Goodwill                                                                                                                 |   |   | - |   |   |   | 3,639,645 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                             |   | $ | 657,770 |   |   | $ | 5,258,288 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                                   |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                     |   |   |   |   |   |   |   |   |
|   Accounts payable                                                                                             |   | $ | 49,635 |   |   | $ | 17,348 |   |
|   Accrued expenses                                                                                             |   |   | 9,180 |   |   |   | 9,136 |   |
|   Customer deposits                                                                                            |   |   | 39,816 |   |   |   | - |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|        Total Current Liabilities                                                      |   |   | 98,631 |   |   |   | 26,484 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Commitments and Contingencies                                                                                            |   |   | - |   |   |   | - |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| EQUITY:                                                                                                                  |   |   |   |   |   |   |   |   |
|     Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity:                              |   |   |   |   |   |   |   |   |
|       Common stock, $.001 par value, 100,000,000 shares                                    |   |   |   |   |   |   |   |   |
|        authorized; 12,250,920 and 12,250,920 shares issued                            |   |   |   |   |   |   |   |   |
|        at June 30, 2011 and December 31, 2010                                         |   |   | 12,251 |   |   |   | 12,251 |   |
|      Additional paid-in-capital                                                                 |   |   | 5,773,855 |   |   |   | 5,670,566 |   |
|      Deficit                                                                                    |   |   | (3,424,423 | ) |   |   | (596,191 | ) |
|      Accumulated other comprehensive income (loss)                                              |   |   | 6,693 |   |   |   | 51,126 |   |
|      Less: Cost of common stock in treasury, 4,811,760 and 11,760 shares                        |   |   |   |   |   |   |   |   |
|        at June 30, 2011 and December 31, 2010                                         |   |   | (1,809,237 | ) |   |   | (9,237 | ) |
|         Total Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity |   |   | 559,139 |   |   |   | 5,128,515 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                                                  |   |   | - |   |   |   | 103,289 |   |
|         Total Equity                                                             |   |   | 559,139 |   |   |   | 5,231,804 |   |
|                                                                                                                     |   |   |   |   |   |   |   |   |
|       TOTAL LIABILITIES AND EQUITY                                                         |   | $ | 657,770 |   |   | $ | 5,258,288 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES      |   |
|----------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF OPERATIONS              |   |
| (Unaudited)                                        |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   | For The Six Months Ended |   |   | For The Three Months Ended |   |
|                                               |   | June 30, |   |   | June 30, |   |
|                                               |   | 2011 |   |   | 2010 |   |   | 2011 |   |   | 2010 |   |
| Revenues                                           |   | $ | 757,035 |   |   | $ | 1,439,094 |   |   | $ | 331,830 |   |   | $ | 839,655 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Costs and expenses:                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                      |   |   | 424,562 |   |   |   | 1,012,432 |   |   |   | 136,132 |   |   |   | 490,500 |   |
| Selling, general and administrative expenses       |   |   | 290,900 |   |   |   | 514,790 |   |   |   | 99,614 |   |   |   | 247,039 |   |
|                                               |   |   | 715,462 |   |   |   | 1,527,222 |   |   |   | 235,746 |   |   |   | 737,539 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations           |   |   | 41,573 |   |   |   | (88,128 | ) |   |   | 96,084 |   |   |   | 102,116 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other income (expense):                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Loss on disposition of subsidiaries                |   |   | (2,870,845 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Other income (principally interest income)         |   |   | 1,040 |   |   |   | 8,597 |   |   |   | - |   |   |   | 3,234 |   |
|                                               |   |   | (2,869,805 | ) |   |   | 8,597 |   |   |   | - |   |   |   | 3,234 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) from continuing operations before    |   |   | (2,828,232 | ) |   |   | (79,531 | ) |   |   | 96,084 |   |   |   | 105,350 |   |
| provision for income taxes                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision for income taxes                         |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from continuing operations         |   |   | (2,828,232 | ) |   |   | (79,531 | ) |   |   | 96,084 |   |   |   | 105,350 |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations (Note 18):                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) from operations of SC Genesis      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International S.A.                                 |   |   | - |   |   |   | (1,477,882 | ) |   |   | - |   |   |   | (1,150,207 | ) |
|                                               |   |   | - |   |   |   | (1,477,882 | ) |   |   | - |   |   |   | (1,150,207 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                |   |   | (2,828,232 | ) |   |   | (1,557,413 | ) |   |   | 96,084 |   |   |   | (1,044,857 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Less: Net loss attributable to the                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| noncontrolling interest                            |   |   | - |   |   |   | (278,456 | ) |   |   | - |   |   |   | (212,921 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings (loss) attributable to Emerging Media |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Holdings, Inc. and Subsidiaries                    |   | $ | (2,828,232 | ) |   | $ | (1,278,957 | ) |   | $ | 96,084 |   |   | $ | (831,936 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share:                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common shareholders from continuing                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations - basic and diluted                     |   | $ | (0.34 | ) |   | '$ (0.00) |   |   | $ | 0.01 |   |   | '$ (0.00) |   |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| common shareholders from discontinued              |   |   |   |   |   |   |   |   |   |   |   |   |   |
| operations - basic and diluted                     |   | $ | 0.00 |   |   | $ | (0.06 | ) |   | $ | 0.00 |   |   | $ | (0.05 | ) |
|                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| - basic and diluted                                |   |   | 8,287,779 |   |   |   | 18,205,778 |   |   |   | 7,439,160 |   |   |   | 18,553,000 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES         |   |
|-------------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF EQUITY                      |   |
| (Unaudited)                                           |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   | Common Stock |   |   |   |   |   | Retained |   |   | Other |   |   |   |   |   |   |   |
|                                                  |   |   |   |   | Comprehensive |   |   | Number of |   |   |   |   |   | Additional Paid |   |   | Earnings |   |   | Comprehensive |   |   | Treasury |   |   | Noncontrolling |   |
|                                                  |   | Total |   |   | Income |   |   | Shares |   |   | Amount |   |   | In Capital |   |   | (Deficit) |   |   | Income (Loss) |   |   | Stock |   |   | Interest |   |
| Balance, January 1, 2010                              |   | $ | 9,984,611 |   |   |   |   |   |   | 17,303,000 |   |   | $ | 17,303 |   |   | $ | 9,026,003 |   |   | $ | 721,510 |   |   | $ | (406,856 | ) |   | $ | (9,237 | ) |   | $ | 635,888 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Issuance of common stock                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for acquisition                           |   |   |   |   |   |   |   |   |   | 1,250,000 |   |   |   | 1,250 |   |   |   | 346,149 |   |   |   |   |   |   |   | (29,455 | ) |   |   |   |   |   |   | (317,944 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Sale of SC Genesis                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   International S.A.                        |   |   | (3,377,560 | ) |   |   |   |   |   | (8,443,900 | ) |   |   | (8,444 | ) |   |   | (3,369,116 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-cash based compensation                           |   |   | 17,000 |   |   |   |   |   |   | 100,000 |   |   |   | 100 |   |   |   | 16,900 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 1:5 Forward split adjustment                          |   |   |   |   |   |   |   |   |   | 2,041,820 |   |   |   | 2,042 |   |   |   | (2,042 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to noncontrolling interest                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for sale of SC Genesis                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   International S.A.                        |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (347,328 | ) |   |   |   |   |   |   | 276,138 |   |   |   |   |   |   |   | 71,190 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss year ended                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    December 31, 2010                   |   |   | (1,603,546 | ) |   | $ | (1,603,546 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (1,317,701 | ) |   |   |   |   |   |   |   |   |   |   | (285,845 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                                  |   |   | 211,299 |   |   |   | 211,299 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 211,299 |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Comprehensive loss      |   |   |   |   |   | $ | (1,392,247 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2010                            |   |   | 5,231,804 |   |   |   |   |   |   |   | 12,250,920 |   |   |   | 12,251 |   |   |   | 5,670,566 |   |   |   | (596,191 | ) |   |   | 51,126 |   |   |   | (9,237 | ) |   |   | 103,289 |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Common stock received for                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   disposition of subsidiaries               |   |   | (1,800,000 | ) |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | (1,800,000 | ) |   |   | - |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment to noncontrolling interest                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   for sale of Alkasar Media Services S.R.L. |   |   | - |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 103,289 |   |   |   |   |   |   |   | - |   |   |   |   |   |   |   | (103,289 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss for the six months ended                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   June 30, 2011                             |   |   | (2,828,232 | ) |   | $ | (2,828,232 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (2,828,232 | ) |   |   |   |   |   |   |   |   |   |   | - |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                                  |   |   | (44,433 | ) |   |   | (44,433 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (44,433 | ) |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Comprehensive loss      |   |   |   |   |   | $ | (2,872,665 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, June 30, 2011                                |   | $ | 559,139 |   |   |   |   |   |   |   | 12,250,920 |   |   | $ | 12,251 |   |   | $ | 5,773,855 |   |   | $ | (3,424,423 | ) |   | $ | 6,693 |   |   | $ | (1,809,237 | ) |   | $ | - |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                          |   |
|----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  |   |
| (Unaudited)                                                                            |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   | For The Six Months Ended |   |
|                                                                                   |   | June 30, |   |
|                                                                                   |   | 2011 |   |   | 2010 |   |
| Cash flows from operating activities:                                                  |   |   |   |   |   |   |
| Net loss                                                                               |   | $ | (2,828,232 | ) |   | $ | (1,557,413 | ) |
| Adjustments to reconcile net loss to net cash                                          |   |   |   |   |   |   |   |   |
|   provided by operating activities:                                          |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                  |   |   | 30,001 |   |   |   | 343,253 |   |
|     Loss on disposition of subsidiaries                            |   |   | 2,870,645 |   |   |   | - |   |
|     (Gain) loss on disposition of fixed assets                     |   |   | - |   |   |   | (975 | ) |
| Changes in operating assets and liabilities:                                           |   |   |   |   |   |   |   |   |
|    Decrease in trade receivables                                        |   |   | 42,352 |   |   |   | 2,923,824 |   |
|     (Increase) in inventories                                      |   |   | (2,750 | ) |   |   | (75,732 | ) |
|     (Increase) decrease in employee receivables and other          |   |   |   |   |   |   |   |   |
|         current assets                         |   |   | (185,121 | ) |   |   | 32,903 |   |
|    Decrease in restricted cash                                          |   |   | - |   |   |   | 190,877 |   |
|    Increase (decrease) in accounts payable,                             |   |   |   |   |   |   |   |   |
|        accrued liabilities and income taxes payable |   |   | 32,331 |   |   |   | (1,670,874 | ) |
|    Increase (decrease) in customer deposits                             |   |   | 39,816 |   |   |   | (390,151 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Used In Operating Activities                                |   |   | (958 | ) |   |   | (204,288 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |   |   |   |   |   |   |   |
|     Purchase of property, plant and equipment                      |   |   | (19,234 | ) |   |   | (37,179 | ) |
|     Proceeds from sale of fixed assets                             |   |   |   |   |   |   | 5,217 |   |
|     Proceeds from sale of marketable securities                    |   |   | - |   |   |   | 78,101 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Investing Activities                  |   |   | (19,234 | ) |   |   | 46,139 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |   |   |   |   |   |   |   |
|    Proceeds from loans                                                  |   |   | - |   |   |   | 1,080,745 |   |
|    Repayment of debt                                                    |   |   | - |   |   |   | (1,206,078 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Used In Financing Activities                                |   |   | - |   |   |   | (125,333 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                |   |   | 213 |   |   |   | (7,810 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Net decrease in cash                                                                   |   |   | (19,979 | ) |   |   | (291,292 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - Beginning of period                                        |   |   | 37,458 |   |   |   | 647,861 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - End of period                                              |   | $ | 17,479 |   |   | $ | 356,569 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES     |   |
|---------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |   |
| (Unaudited)                                       |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   | For The Six Months Ended |   |
|                                              |   | June 30, |   |
|                                              |   | 2011 |   |   | 2010 |   |
|                                              |   |   |   |   |   |   |
| Supplemental disclosure cash flow information:    |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
| Cash paid for interest                            |   | $ | - |   |   | $ | 127,962 |   |
|                                              |   |   |   |   |   |   |   |   |
| Cash paid for income taxes                        |   | $ | - |   |   | $ | - |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
| Supplementary information:                        |   |   |   |   |   |   |   |   |
| Non-cash transactions during the period for:      |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
| Common stock received in connection               |   |   |   |   |   |   |   |   |
| with disposition of subsidiaries                  |   | $ | 1,800,000 |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |
| Adjustment of noncontrolling interest in          |   |   |   |   |   |   |   |   |
| connection with disposition of                    |   |   |   |   |   |   |   |   |
| subsidiaries                                      |   | $ | 103,289 |   |   |   |   |   |

----

| 1. | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|----|------------------------------------------------------------------------|

----

| 2. | ACQUISITIONS |
|----|--------------|

----

|                        |   |   |    |   | Assets at Fair Value as of June 30, 2011 and December 31, 2010 Using |   |
|-----------------------------|--------|--------|---------|--------|----------------------------------------------------------------------|--------|
|                        |   |   |    |   | Quoted Prices in                                                     |   |   | Significant |   |   |   |   |
|                        |   |   |    |   | Active Markets                                                       |   |   | Other |   |   | Significant |   |
|                        |   |   |    |   | for Identical                                                        |   |   | Observable |   |   | Observable |   |
|                        |   |   |    |   | Assets                                                               |   |   | Inputs |   |   | Inputs |   |
|                        |   | Total  |    |   | (Level 1)                                                            |   |   | (Level 2) |   |   | (Level 3) |   |
| June 30, 2011               |   |   |    |   |                                                                 |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 17,479  |   |                                                                 | $      | 17,479 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | -       |   |                                                                 |   | - |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 17,479  |   |                                                                 | $      | 17,479 |   |   | $ | - |   |   | $ | - |   |
| December 31, 2010           |   |   |    |   |                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 401,656 |   |                                                                 | $      | 401,656 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 250,000 |   |                                                                 |   | - |   |   |   | - |   |   |   | 250,000 |   |
| Total                       |   | $      | 651,656 |   |                                                                 | $      | 401,656 |   |   | $ | - |   |   | $ | 250,000 |   |

----

|                       |   | Total  |       |
|----------------------------|--------|--------|------------|
|                       |   |   |       |
| Balance, December 31, 2010 |   | $      | 3,639,645  |   |
|                       |   |   |       |   |
| Sale of subsidiaries       |   |   | (3,639,645 | ) |
|                       |   |   |       |   |
| Balance, June 30, 2011     |   | $      | -          |   |

|               |   | June 30, 2011        |    |   | December 31, 2010 |   |
|--------------------|--------|----------------------|---------|--------|-------------------|--------|
|               |   |  Gross Carrying |    |   | Accumulated       |   |   |  Gross Carrying |   |   | Accumulated |   |
|               |   | Amount               |    |   | Amortization      |   |   | Amount |   |   | Amortization |   |
|               |   |                 |    |   |              |   |   |   |   |   |   |   |
| License agreements |   | $                    | 348,000 |   |              | $      | 175,183 |   |   | $ | 348,000 |   |   | $ | 146,775 |   |

| Year Ending  |   | Amortization |   |
|--------------|--------|--------------|--------|
| December 31, |   | Expense      |   |
|         |   |         |   |
| 2011         |   | $            | 21,306 |   |
| 2012         |   |         | 49,714 |   |
| 2013         |   |         | 49,714 |   |
| 2014         |   |         | 52,083 |   |

|   | 5. | DISPOSITION OF SUBSIDIARIES |
|--------|----|-----------------------------|

----

|                                      |   | June 30, |   |   | December 31, |   |
|-------------------------------------------|--------|----------|--------|--------|--------------|--------|
|                                      |   | 2011     |   |   | 2010         |   |
| Machinery and equipment                   |   | $        | 36,883 |   |         | $      | 17,649 |   |
|                                      |   |     |   |   |         |   |   |   |
|   Less accumulated depreciation |   |     | 8,415  |   |         |   | 6,822 |   |
|                                      |   | $        | 28,468 |   |         | $      | 10,827 |   |

|                                                |   | June 30, |     |   | December 31, |   |
|-----------------------------------------------------|--------|----------|----------|--------|--------------|--------|
|                                                |   | 2011     |     |   | 2010         |   |
| Balance at beginning of period                      |   | $        | 103,289  |   |         | $      | 635,888 |   |
|                                                |   |     |     |   |         |   |   |   |
| Adjustment for sale of Alkasar Media Services       |   |     |     |   |         |   |   |   |
|   S.R.L. 11 2011                          |   |     | (103,289 | )      |         |   | - |   |
|                                                |   |     |     |   |         |   |   |   |
| Adjustment of noncontrolling interest in connection |   |     |     |   |         |   |   |   |
|   with the acquisition of 20% of Genesis  |   |     |     |   |         |   |   |   |
|   International S.A. in 2010              |   |     | -        |   |         |   | (317,944 | ) |
|                                                |   |     |     |   |         |   |   |   |
| Adjustment for sale of 80% of Genesis               |   |     | -        |   |         |   | 71,190 |   |
|                                                |   |     |     |   |         |   |   |   |
| Noncontrolling interest share of income (loss)      |   |     | -        |   |         |   | (285,845 | ) |
|                                                |   |     |     |   |         |   |   |   |
| Balance at end of period                            |   | $        | -        |   |         | $      | 103,289 |   |

----

----

|                              |   | Six Months Ended |   |   | Three Months Ended |   |
|-----------------------------------|--------|------------------|--------|--------|--------------------|--------|
|                              |   | June 30,         |   |   | June 30,           |   |
|                              |   | 2011             |   |   | 2010               |   |   | 2011 |   |   | 2010 |   |
| Sales                             |   | $                | -      |   |               | $      | 283,333 |   |   | $ | - |   |   | $ | 283,333 |   |
|                              |   |             |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Loss before income tax benefit    |   |             | -      |   |               |   | (1,477,882 | ) |   |   | - |   |   |   | (1,150,207 | ) |
|                              |   |             |   |   |               |   |   |   |   |   |   |   |   |   |   |   |
| Loss from discontinued operations |   |             | -      |   |               |   | (1,477,882 | ) |   |   | - |   |   |   | (1,150,207 | ) |

|                             |   | Six Months Ended |    |   | Three Months Ended |   |
|----------------------------------|--------|------------------|---------|--------|--------------------|--------|
|                             |   | June 30,         |    |   | June 30,           |   |
|                             |   | 2011             |    |   | 2010               |   |   | 2011 |   |   | 2010 |   |
| Net Revenue by Geographic Areas: |   |             |    |   |               |   |   |   |   |   |   |   |
| United States                    |   | $                | -       |   |               | $      | - |   |   | $ | - |   |   | $ | - |   |
| Europe                           |   |             | 757,035 |   |               |   | 1,439,094 |   |   |   | 331,830 |   |   |   | 839,655 |   |
|                             |   | $                | 757,035 |   |               | $      | 1,439,094 |   |   | $ | 331,830 |   |   | $ | 839,655 |   |
|                             |   |             |    |   |               |   |   |   |   |   |   |   |   |   |   |   |
|                             |   | June 30,         |    |   | December 31,       |   |   |   |   |   |   |   |   |   |
| Total Assets:                    |   | 2011             |    |   | 2010               |   |   |   |   |   |   |   |   |   |
| United States                    |   | $                | 7,556   |   |               | $      | 249,297 |   |   |   |   |   |   |   |   |   |
| Europe                           |   |             | 650,214 |   |               |   | 5,252,179 |   |   |   |   |   |   |   |   |   |
|                             |   | $                | 657,770 |   |               | $      | 5,501,476 |   |   |   |   |   |   |   |   |   |

----

----

|   | · | The Company's media business revenues decreased during the first six months of 2011 due to the sale of three of the Company's media subsidiaries which included TV channel TV 7. The Company continues its operations through its subsidiary, ICS Media Top Prim SRL which owns the TNT channel in Chisnau, Moldova. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business operations were impacted during the first six months due to increased costs at its TNT channel as the media business increased focus on the production of high quality broadcasting, which required purchases of more expensive services. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The Company's media business experienced increased competition from new TV channels during the first six months of 2011 that may affect future operations throughout 2011. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| 31     | Certification of Chief Executive Officer and Principal Financial Officer |
|--------|--------------------------------------------------------------------------|
|   | pursuant to Rule 13a-14(a)                                               |
| 32     | Certification of Chief Executive Officer and Principal Financial Officer |
|   | pursuant to 18 U.S.C. Section 1350                                       |

|                  | EMERGING MEDIA HOLDINGS, INC.(Registrant) |
|-----------------------|-------------------------------------------|
|                  |                                      |
|                  |                                      |   |
| Date: August 10, 2011 | By:                        | /s/ Iurie Bordian |
|                  |                                      |   |
|                  |                                      |   |
|                  |                                      | Iurie Bordian, Chief Executive Officer and Chief Financial Officer |

----