UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB
(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934

For the quarterly period ended      March 31, 2007
                               -------------------------------------------------


[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from______________________  to _______________________

Commission File Number:  0-52408
                       ---------------------------------------------------------

                          EMERGING MEDIA HOLDINGS, INC.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

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

   1809 E. BROADWAY ST., SUITE 175, OVIEDA, FLORIDA                32765
--------------------------------------------------------------------------------
(Address of principal executive offices)                        (Zip Code)

                                 (407) 620-1063
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

--------------------------------------------------------------------------------
      (Former name, former address and former fiscal year, if changed since
                                  last report)

Check whether the issuer (1) has 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 [ ] No [X]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
                                                                  Yes [ ] No [X]

At March 1, 2007, there were 15,053,000 shares of Common Stock, $0.001 par
value, outstanding.

Traditional Small Business Disclosure Format (check one):   Yes [ ] No [X]



                                       1
<PAGE>

<TABLE>
<CAPTION>
<S>            <C>                                                                        <C>  <C>
PART I

          Item 1.   Financial Statements                                                     3

                    Consolidated Balance Sheet as of March 31, 2007 (unaudited)              4

                    Consolidated Statements of Operations for the Three Months
                    Ended March 31, 2007 and 2006 (Unaudited)                                5

                    Consolidated Statements of Cash Flows for the Three Months
                    Ended March 31, 2007 and 2006 (Unaudited)                              6 - 7

                    Notes to Unaudited Consolidated Financial Statements                   8 - 15

          Item 2.   Management's Discussion and Analysis or Plan of Operation             16 - 22

          Item 4.   Controls and Procedures                                                 22

PART II             OTHER INFORMATION                                                       22

          Item 6.   Exhibits                                                                23

          Signatures                                                                        24
</TABLE>


                                       2
<PAGE>

                          PART I--FINANCIAL INFORMATION

Item 1.  Financial Statements.

     Certain information and footnote disclosures required under accounting
principles generally accepted in the United States of America have been
condensed or omitted from the following consolidated financial statements
pursuant to the rules and regulations of the Securities and Exchange Commission.
It is suggested that the following consolidated financial statements be read in
conjunction with the year-end consolidated financial statements and notes
thereto included in the Company's Form 10-KSB for the year ending December 31,
2006.

     The results of operations for the three months ended March 31, 2007 and
2006 are not necessarily indicative of the results for the entire fiscal year or
for any other period.


                                       3
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET

                                     ASSETS

                                                                      March 31,
                                                                        2007
                                                                        ----
                                                                    (Unaudited)

CURRENT ASSETS:
  Cash                                                              $  269,956
  Marketable securities                                                250,000
  Accounts receivable - net of allowance                               286,142
  Inventories                                                           12,284
  Deferred income taxes                                                  5,239
  Employee receivables and other current assets                        178,876
                                                                    ----------

     Total Current Assets                                            1,002,497

Property, plant and equipment, net                                     244,640
                                                                    ----------

TOTAL ASSETS                                                        $1,247,137
                                                                    ==========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                                                  $  211,102
  Accrued expenses                                                      46,239
  Dividend payable                                                     462,187
                                                                    ----------

     Total Current Liabilities                                         719,528
                                                                    ----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Common stock, $.001 par value, 100,000,0000 shares
    authorized; 15,053,000 shares issued and outstanding at
    March 31, 2007                                                      15,053
  Additional paid-in-capital                                            28,253
  Retained earnings                                                    464,126
  Accumulated other comprehensive income (loss)                         20,177
                                                                    ----------

     Total Stockholders' Equity                                        527,609
                                                                    ----------

     TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                     $1,247,137
                                                                    ==========


            See notes to unaudited consolidated financial statements

                                       4
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                     For the Three Months Ended
                                                               March 31,
                                                          2007           2006
                                                          ----           ----

Sales                                               $    205,789   $     23,246
                                                    ------------   ------------

Costs and expenses:
  Cost of sales                                          107,720         64,377
  Selling and marketing expenses                          21,345          1,292
  General and administrative expenses                     40,957         25,311
  Other operating expenses                                26,064          5,112
                                                    ------------   ------------
                                                         196,086         96,092
                                                    ------------   ------------

  Income (loss) from operations                            9,703        (72,846)

Other income (expense):
  Net gain on sale of fixed assets                             -          1,336
  Other income                                            12,549         17,517
                                                    ------------   ------------
     Total other income (expense)                         12,549         18,853
                                                    ------------   ------------

Earnings (loss) before provision for income taxes         22,252        (53,993)

Income tax provision                                           -              -
                                                    ------------   ------------

Net earnings (loss)                                 $     22,252   $    (53,993)
                                                    ============   ============


Earnings (loss) per common share -
  basic and diluted                                 $          -   $          -
                                                    ============   ============

Weighted average number of common
  shares outstanding - basic and diluted              15,053,000     15,053,000
                                                    ============   ============


            See notes to unaudited consolidated financial statements

                                       5
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                For the Three Months Ended
                                                                         March 31,
                                                                    2007          2006
                                                                    ----          ----
<S>                                                              <C>          <C>
Cash flows from operating activities:
Net earnings (loss)                                              $  22,252    $ (53,993)
Adjustments to reconcile net earnings (loss) to net cash
  provided by operating activities:
     Depreciation                                                   19,002       25,136
     Gain on disposition of fixed assets                                 -       (1,336)
Changes in operating assets and liabilities:
     (Increase) decrease in trade receivables                       (3,613)      87,410
     (Increase) decrease in inventories                             (4,948)       5,140
     Increase (decrease) in employee receivables and other
      current assets                                               (26,690)      50,258
     Decrease in accounts payable,
       accrued liabilities and income taxes payable                 46,902      (60,513)
                                                                 ---------    ---------

    Net Cash Provided by Operating
       Activities                                                   52,905       52,102
                                                                 ---------    ---------

Cash flows from investing activities:
  Purchase of property, plant and equipment                         (1,636)      (2,000)
  Proceeds from sale of marketable securities                       78,757            -
                                                                 ---------    ---------

  Net Cash Provided by (Used In) Investing Activities               77,121       (2,000)
                                                                 ---------    ---------

Cash flows from financing activities:
  Dividends paid                                                   (65,446)    (232,048)
                                                                 ---------    ---------

Effect of exchange rate changes on cash                              3,613        4,073
                                                                 ---------    ---------

Net Increase (decrease) in cash                                     68,193     (177,873)

Cash - Beginning of period                                         201,763      493,553
                                                                 ---------    ---------

Cash - End of period                                             $ 269,956    $ 315,680
                                                                 =========    =========
</TABLE>


            See notes to unaudited consolidated financial statements

                                       6
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                      For the Three Months Ended
                                                              March 31,
                                                        2007             2006
                                                        ----             ----

Supplemental disclosure cash flow information:

Cash paid for interest                                $     -           $     -
                                                      =======           =======

Cash paid for income taxes                            $    20           $86,554
                                                      =======           =======



            See notes to unaudited consolidated financial statements

                                       7
<PAGE>

                  EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2007 AND 2006

1.   DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The consolidated balance sheet as of March 31, 2007 and the consolidated
statements of operations, stockholders' equity and cash flows for the periods
presented herein have been prepared by Emerging Media Holdings, Inc. (the
"Company" or "EMH") and are unaudited. In the opinion of management, all
adjustments (consisting solely of normal recurring adjustments) necessary to
present fairly the financial position, results of operations, changes in
stockholders' equity and cash flows for all periods presented has been made.


Organization
------------

EMH was incorporated in the State of Nevada on September 3, 2003. The Company
directs its operations through its subsidiaries, Media Alianta S.R.L. ("Media
Alianta"), formerly Cabavarum S.R.L., and Analytic Media Group, S.A. ("AMG").
Both subsidiaries' operations and assets are located in the Republic of Moldova.
Through its subsidiaries, the Company's primary activities are in radio and
television broadcasting. The Company earns its revenue primarily through
advertisement sales. The Company also derives revenues from the sale of concrete
mixes. This segment is currently in its initial stages. Revenue and net earnings
from this segment represent less than 1% of total revenues and net earnings for
the years ended December 31, 2006 and 2005. The segment is considered immaterial
to the consolidated statements and accordingly, no segment information is
provided.


Basis of Presentation
---------------------

In July 2006, EMH entered into a share exchange agreement with Cabavarum S.R.L.
("Cabavarum"), a Moldavia company, with primary activities in radio and
television broadcasting. In connection with the share exchange, the Company
acquired the assets and assumed the liabilities of Cabavarum. For accounting
purposes, the share exchange has been treated as a recapitalization of
Cabavarum.

As provided for in the share exchange agreement, the stockholders of Cabavarum
received 5,251,000 shares of newly issued EMH common stock in exchange for the
outstanding shares of Cabavarum they held, which was accounted for as a
recapitalization. The financial statements prior to July 2006, are those of
Cabavarum and reflect the assets and liabilities of Cabavarum and AMG at
historical carrying amounts. In addition, certain shareholders of EMH
transferred 6,726,400 shares to associates of Cabavarum. The associates provided
consulting services to the shareholders of Cabavarum in connection with the
merger with EMH, marketing activities, relations within the Russian media
market, computer programming and acquisitions.


                                       8
<PAGE>

Immediately following the share exchange, EMH had a total of 15,053,000 common
shares issued and outstanding, of which the shareholders and associates of
Cabavarum controlled 80% of the outstanding common stock.

The financial statements of EMH have been revised to retroactively reflect the
share exchange.

In addition, the resignation of the former officer and directors of EMH took
effect upon the close of the share acquisition exchange. The Cabavarum Board of
Directors became the Board of Directors of EMH and Chiril Luchinsky became
president and Chief Executive Officer.


Significant Accounting Policies
-------------------------------


Principles of Consolidation
---------------------------

The consolidated financial statements of the Company include the Company and its
wholly-owned subsidiaries. All material intercompany balances and transactions
have been eliminated.

Economic and Political Risks
----------------------------

The Company faces a number of risks and challenges since its operations are in
the Republic of Moldova and its primary market is in Moldova. The financial
statements have been prepared assuming the Company will continue as a going
concern. 100% of the consolidated assets are located in Moldova and 100% of the
consolidated revenue is earned in Moldova.

Cash Equivalents
----------------

Cash equivalents include short-term investments in commercial paper with an
original maturity of three months or less when purchased. At March 31, 2007, the
Company had no cash equivalents.

Marketable Securities
---------------------

The Company classifies its equity securities as "available for sale", and
accordingly, reflects gains and losses, net of deferred taxes, as other
comprehensive income.

The fair values of marketable securities are based on quoted market prices.
Realized gains or losses from the sale of marketable securities are based on the
specific identification method.

Inventories
-----------

Inventories are stated at the lower of cost or market on average cost basis, and
includes finished goods and raw materials. Finished goods include costs of raw
materials, packaging, labor used in production, and warehousing on facilities
and equipment.


                                       9
<PAGE>

Employee Receivables
--------------------

The Company advances loans to certain employees. The loans are repaid within
twelve months and are interest free. Receivables from employees at March 31,
2007 amounted to $ 80,856.

Depreciation
------------

Property, plant and equipment are carried at cost less accumulated depreciation.
The cost of repairs and maintenance is expensed as incurred; major replacements
and improvements are capitalized. When assets are retired or disposed of, the
cost and accumulated depreciation are removed from the accounts, and any
resulting gains or losses are included in income in the year of disposition.

Depreciation is provided using the straight-line method over the estimated
useful lives of the assets. The lives applied are as follows:

Office equipment                  3-5 Years
Vehicles                            7 Years
Manufacturing equipment          5-10 Years

Foreign Currency Translation
----------------------------

The functional currency for foreign operations is the Moldova lei ("MDL$").
Assets and liabilities of foreign operations are translated at exchange rates as
of the balance sheet date and income, expense and cash flow items are translated
at the average exchange rate for the applicable period. Translation adjustments
are recorded in Cumulative Other Comprehensive Income (Loss).

Conversion of currency from MDL$ into US$ has been made at the rate of exchange
on March 31, 2007 and March 31, 2006: at US$1.00: MDL 13,0147 and US$1.00:
MDL$12,5214.

Use of Estimates
----------------

The preparation of the financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

Revenue Recognition
-------------------

The Company recognizes revenue in accordance with the guidance contained in SEC
Staff Accounting Bulletin No. 104, "Revenue Recognition in Financial
Statements",

Revenue from advertisement sales is recognized on a contract basis and is earned
over the life of the contract as the services for advertising are performed.

Revenue from the concrete mixes segment is recognized when title passes to the
customer upon delivery of the product to a third party shipper.

                                       10
<PAGE>

The Company provides allowances for expected doubtful accounts based upon
historical bad debt experience and periodic evaluations of specific customer
accounts.

Evaluation of Long-lived Assets
-------------------------------

The Company reviews property and equipment for impairment whenever events or
changes in circumstances indicate the carrying value may not be recoverable in
accordance with guidance in SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets". If the carrying value of the long-lived assets
exceeds the present value of the related estimated future cash flows, the asset
would be adjusted to its fair value and an impairment loss would be charged to
operations in the period identified.

Income Taxes
------------

Taxes are calculated in accordance with taxation principles currently effective
in the Republic of Moldova and the Untied States of America.

The Company accounts for income taxes using the asset and liability approach
under which deferred income taxes are recognized by applying enacted tax rates
applicable to future years to the differences between the financial statement
carrying amounts and the tax basis of reported assets and liabilities.

Concentration of Credit Risk
----------------------------

Financial instruments which potentially subject the Company to concentrations of
credit risk consist principally of cash, accounts receivable and accrued
expenses.

The Company's cash and cash equivalents are concentrated primarily in four banks
in Moldova. At times, such deposits could be in excess of insured limits.
Management believes that the financial institutions that hold the Company's
financial instruments are financially sound and, accordingly, minimal credit
risk is believed to exist with respect to these financial instruments.

Receivables are reviewed daily and credit is given after the review of the
Company's credit policies. Exposure to losses on receivables is principally
dependent on each customer's financial condition.


                                       11
<PAGE>

Earnings Per Share
------------------

Basic earnings per common share are computed by dividing net earnings by the
weighted average number of common shares outstanding during the period. Diluted
earnings per common share are computed by dividing net earnings by the weighted
average number of common shares and potential common shares outstanding during
the period. For the three months ended March 31, 2007 and 2006, there were no
potential common shares outstanding.

Reclassifications
-----------------

Certain reclassifications have been made to prior period amounts to conform to
the current year's presentation.


                                       12
<PAGE>

New Financial Accounting Standards
----------------------------------

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements",
which enhances existing guidance for measuring assets and liabilities using fair
value. This Standard provides a single definition of fair value, together with a
framework for measuring it, and requires additional disclosure about the use of
fair value to measure assets and liabilities. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The Company does not believe that
SFAS No. 157 will have a material impact on its financial statements.

In February 2007, the FASB issued SFAS No. 159 ("SFAS 159") "The Fair Value
Option for Financial Assets and Financial Liabilities", providing companies with
an option to report selected financial assets and liabilities at fair value. The
Standard's objective is to reduce both complexity in accounting for financial
instruments and the volatility in earnings caused by measuring related assets
and liabilities differently. It also requires entities to display the fair value
of those assets and liabilities for which the Company has chosen to use fair
value on the face of the balance sheet. SFAS 159 is effective for fiscal years
beginning after November 15, 2007. The Company is currently evaluating the
impact of the adoption of this Statement on its financial statements.


                                       13
<PAGE>

2. MARKETABLE SECURITIES

At March 31, 2007, marketable securities have a cost and estimated fair value of
$250,000. The securities mature during 2007. The market value of the marketable
securities did not change as the securities were fixed yield bonds with a fixed
price and fixed interest rate. There is no secondary market for the fixed yield
bonds in Moldova, thus the face value of the investments equals the market value
at all times.

3. INVENTORIES

 Inventories are summarized as follows:

                                                       March 31,
                                                         2007
                                                         ----

          Raw materials                                $ 5,459
          Small tools                                    4,229
          Purchased goods and other                      2,596
                                                       -------
                                                       $12,284
                                                       =======


4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following at March 31, 2007:

                                                       March 31,
                                                         2007
                                                         ----

          Land                                         $   7,012
          Machinery and equipment                        638,713
          Construction in progress and other              55,994
                                                       ---------
                                                         701,719
            Less accumulated depreciation               (457,079)
                                                       ---------
                                                       $ 244,640
                                                       =========


Depreciation expense for the three months ended March 31, 2007 and 2006 totalled
$19,002 and $ 34,133, respectively.


                                       14
<PAGE>

5.   STOCKHOLDERS' EQUITY

a) The Company is authorized to issue 100,000,000 shares of $.001 par value
common stock. As of March 31, 2007 there were 15,053,000 common shares
outstanding.

b) In March, 2006, the Board of Directors of the Company's AMG subsidiary
authorized a dividend of $971,528 for the 2005 fiscal year, of which $ 509,341
was paid and the balance due of $ 462,187 is included on the Company's balance
sheet at March 31, 2007.


6.   INCOME TAXES

The Company adopted the provisions of Financial Accounting Standards Board
Interpretation No. 48, Accounting for Uncertainties in Income Taxes ("FIN 48")
on January 1, 2007. As a result of the implementation of FIN 48, the Company
recognized no adjustment in the net liability for unrecognized income tax
benefits.

In March 2007, a change in Moldova law was enacted eliminating income taxes for
corporations in Moldova. Therefore, there is no income tax provision for the
three months ended March 31, 2007.


                                       15
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

General


Organization

Emerging Media Holdings, Inc was incorporated in the State of Nevada on
September 3, 2003. The Company directs its operations through its subsidiaries,
Media Alianta S.R.L. ("Media Alianta"), formerly Cabavarum S.R.L., and Analytic
Media Group, S.A. ("AMG"). Both subsidiaries' operations and assets are located
in the Republic of Moldova. Through its subsidiaries, the Company's primary
activities are in radio and television broadcasting. The Company earns its
revenue primarily through advertisement sales. The Company also derives revenues
from the sale of concrete mixes. This segment is currently in its initial
stages. Revenue and net earnings from this segment represent less then 1% of
total revenues and net earnings for the three months ended March 31, 2007 and
2006. The segment is immaterial to the consolidated statements and no segment
information is provided.


Basis of Presentation

In July 2006, EMH entered into a share exchange agreement with Cabavarum S.R.L.
("Cabavarum"), a Moldova company, with primary activities in radio and
television broadcasting. In connection with the share exchange, the Company
acquired the assets and assumed the liabilities of Cabavarum. For accounting
purposes, the share exchange has been treated as a recapitalization of
Cabavarum.

As provided for in the share exchange agreement, the stockholders of Cabavarum
received 5,251,000 shares of newly issued EMH common stock in exchange for the
outstanding shares of Cabavarum they held, which was accounted for as a
recapitalization. The financial statements prior to July 2006, are those of
Cabavarum and reflect the assets and liabilities of Cabavarum and AMG at
historical carrying amounts. In addition, certain shareholders of EMH
transferred 6,726,400 shares to associates of Cabavarum. The associates provided
consulting services to the shareholders of Cabavarum in connection with the
merger with EMH, marketing activities, relations within the Russian media
market, computer programming and acquisitions.

Immediately following the share exchange, EMH had a total of 15,053,000 common
shares issued and outstanding, of which the shareholders and associates of
Cabavarum controlled 80% of the outstanding common stock.

The financial statements of EMH have been revised to retroactively reflect the
share exchange.

In addition, the resignation of the former officer and directors of EMH took
effect upon the close of the share acquisition exchange. The Cabavarum Board of
Directors became the Board of Directors of EMH and its nominee was elected
President and Chief Executive Officer.

                                       16
<PAGE>

Critical Accounting Policies and Estimates


Our significant accounting policies are more fully described in Note 1 of Notes
to the Consolidated Financial Statements. However, certain accounting policies
and estimates are particularly important to the understanding of the our
financial position and results of operations and require the application of
significant judgment by our management or can be materially affected by changes
from period to period in economic factors or conditions that are outside the
control of management. As a result they are subject to an inherent degree of
uncertainty. In applying these policies, our management uses their judgment to
determine the appropriate assumptions to be used in the determination of certain
estimates. Those estimates are based on our historical operations, our future
business plans and projected financial results, the terms of existing contracts,
our observance of trends in the industry, information provided by our customers
and information available from other outside sources, as appropriate.

The Company believes the following critical accounting policies affect its more
significant judgments and estimates used in the preparation of its consolidated
financial statements.


Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for estimated losses from
the inability of its customers to make required payments. The Company determines
its reserves by both specific identification of customer accounts where
appropriate and the application of historical loss experience to non-specific
accounts. If the financial condition of the Company's customers were to
deteriorate, resulting in an impairment of their ability to make payments,
additional allowances could possibly be required.

Revenue Recognition

The Company recognizes revenue in accordance with the guidance in SEC Staff
Accounting Bulletin No. 104, "Revenue Recognition in Financial Statements".
Revenue from advertisement sales is recognized on a contract basis and is earned
over the life of the contract as the services for advertising are performed.
Revenue from the contract mixes segment is recognized when title passes to the
customer upon delivery of the product to a third party shipper.


Income Taxes

Income taxes are accounted for under Statement of Financial Accounting Standards
("SFAS") No. 109, "Accounting for Income Taxes". In accordance with SFAS No.
109, deferred tax assets and liabilities are recognized for the future tax
consequences attributable to differences between the financial statement
carrying amounts of existing assets and liabilities and their respective tax
bases, as measured by enacted tax rates that are expected to be in effect in the
periods when the deferred tax assets and liabilities are expected to be settled
or realized. Significant judgment is required in determining the worldwide
provisions for income taxes. In the ordinary course of a global business, the

                                       17
<PAGE>

ultimate tax outcome is uncertain for many transactions. It is the Company's
policy to establish provisions for taxes that may become payable in future years
as a result of an examination by tax authorities. The Company establishes the
provisions based upon management's assessment of exposure associated with
permanent tax differences and tax credits applied to temporary difference
adjustments. The tax provisions are analyzed periodically (at least quarterly)
and adjustments are made as events occur that warrant adjustments to those
provisions.

Concentration of Credit Risk

Foreign currency accounting
---------------------------

The financial position and results of operations of our foreign subsidiaries in
the Republic of Moldova are measured using the foreign subsidiaries' local
currency, the Moldovan lei, as the functional currency since that is the
currency of the primary environment in which those companies generate their
revenues and expenses. Revenues and expenses of such subsidiaries are translated
into U.S. dollars at average exchange rates prevailing during the period. Assets
and liabilities are translated at the rates of exchange on the balance sheet
date. The resulting translation gain and loss adjustments are recorded directly
as a separate component of shareholders' equity. The amount of future
translation gains or losses will be affected by any changes in the exchange rate
between the lei and the U.S. dollar.

Although our Moldovan subsidiaries incur most of their expenses in the lei, many
of their sales are to customers outside of Moldova and are therefore denominated
in currencies other than the lei (principally the U.S. dollar). Additionally,
our Moldova subsidiaries have certain bank loans that are denominated in U.S.
dollars, and make certain purchases that are denominated in U.S. dollars. As
required by SFAS No. 52, "Foreign Currency Translation", at the time of such a
U.S dollar denominated transaction the subsidiary records the revenue and
related receivable, or the bank debt or other liability, in lei on the basis of
the exchange rate in effect on the date of the transaction. However, if the
exchange rate between the lei and the currency in which the transaction is
denominated changes between the date of the original transaction and the date
the resulting receivable is collected or liability is paid, the amount received
or paid, when converted to lei, will be different than the receivable or
liability originally recorded, resulting in a foreign currency transaction gain
or loss which is recorded in the results of operations. Additionally, at the end
of each reporting period the lei amounts for the receivables, bank debts and
accounts payable of our Moldova subsidiaries that are denominated in U.S.
dollars are adjusted to reflect the amount in lei expected to be received or
paid when the receivable is collected or the liability settled on the basis of
the exchange rate at the end of the period. These adjustments also produce
foreign currency transaction gains or losses which are recorded in the results
of operations.

As a result, in periods in which the value of the lei increases against the
value of the U.S. dollar, we will recognize a net foreign currency transaction
gain if our Moldova subsidiaries have U.S. dollar denominated liabilities that
exceed their U.S. dollar denominated receivables, or we will incur a net foreign
currency transaction loss if our Moldova subsidiaries have U.S. dollar
denominated receivables that exceed their U.S. dollar denominated liabilities.
Conversely, in periods in which the value of the lei declines against the value
of the U.S. dollar, we will incur a net foreign currency transaction loss if our
Moldova subsidiaries have U.S. dollar denominated liabilities that exceed their
U.S. dollar denominated receivables, or we will recognize a net foreign currency
transaction gain if our Moldova subsidiaries have U.S. dollar denominated
receivables that exceed their U.S. dollar denominated liabilities.

                                       18
<PAGE>

The amount of these gains or losses will depend on the amount, if any, by which
the U.S. dollar denominated receivables of our Moldova subsidiaries exceed their
U.S. dollar denominated liabilities, or vice versa, and the amount, if any, by
which the value of the lei changes against the value of the U.S. dollar. We
cannot predict the amount, if any, by which the lei will increase or decrease in
value against the U.S. dollar. Additionally, the amount of the U.S. dollar
denominated receivables and liabilities of our Moldova subsidiaries will vary
from period to period.

Results of Operations

The year 2006 is the initial period of formation of channel TV7. During this
period the TV channel focused on increasing its audience. As a result of our
successful effort, according to AGB data Analysis, TV7 channel moved to to
second place in the Capital of Moldova, Chisinau. This year, based on the TV
viewers' data and assessment of professional TV market observers, channel TV7 is
expected to have at least 20% of the commercial quota in Moldova.

Three months ended March 31, 2007 compared to the three months ended March 31,
2006.

     REVENUES. In March 2006, AMG started a new TV project based on the contract
executed with NTV (Russian Television Company) and NTV World. As a result of the
launch of a new TV project, and elimination of the previous business, the
revenues for the period ended March 31, 2007, increased by $ 180,443 to $205,789
as compared to $23,246 during the same period of 2006. The increase in revenues
was a result of additional advertising revenues.

     COST OF SALES. Cost of sales increased by $43,343 or 67.3% to $107,720 for
the period ending March 31, 2007, from $64,377 for the period ended March 31,
2006. This increase was primarily due to increased sales as a result of the new
business of the Company.

     SELLING AND ADMINISTRATIVE EXPENSES. Selling and administrative expenses
increased by $35,699 or 134.19% to $62,392 for the period ending March 31, 2007
from $26,603 for the period ended March 31, 2006. This increase was primarily
due to partial elimination of selling expenses in 2006 as the Company coped with
lower sales due to new business.

     INCOME FROM OPERATIONS. As a result of elimination of the previous business
and the launch of the new project, income after certain expenses and before
other items, interest expense and taxes increased to $9,703 for the period ended
March 31, 2007 from loss of $72,846 for the period ended March 31, 2006.

     OTHER ITEMS. Net gain from sale of fixed assets were $1,336 for the period
ended March 31, 2006 as compared to $0 for the period ended March 31, 2007.
Other income decreased by $4,968 or 28.36% comparing to $12,549 for the period
ended March 31, 2007 to $17,517 for the period ended March 31, 2006.

     INCOME TAXES. No income taxes were provided in 2007 as the Moldovan
government eliminated corporation income taxes as of January 1, 2007.

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<PAGE>

     NET INCOME. Net income increased by to $22,252 for the period ended March
31, 2007 from a loss of $53,993 for the period ended March 31, 2006. This
increase was due to a growth in sales.

LIQUIDITY AND CAPITAL RESOURCES

During the past twelve months, the Company embarked on the setting up of a TV
channel which caused a decrease in revenues during 2006 as a result of
considerable losses in advertising revenue, which triggered a decrease in the
Company's cash on hand. During the fourth quarter of 2006 and continuing into
the first quarter of 2007, the Company's revenues have begun to increase to
approach levels that are comparable to 2005 levels. The Company expects to
invest in new equipment and modernize old equipment and acquire additional
licenses and patents for television products. The Company expects that cash flow
from increased operations will be sufficient to fund the operations of the
Company for the next twelve months as well as fund the Company's investment in
new equipment.

A portion of the existing long-term and short-term investments will be used to
fund operations over the next twelve months. The balance of any excess cash
balances will be reinvested on a short-term basis. The market value of long-term
investments did not change as the investments were fixed yield bonds with a
fixed price and fixed interest rate. There is no secondary market for the fixed
yield bonds in the Republic of Moldova, thus the face value of the investments
must match the market value at all times.

The Company will need to purchase services for broadcasting content and leasing
broadcasting coverage through uplink in order to produce "high qualified
broadcasting". In order to assure that the programming is distributed to as many
households as possible, the Company will need to employ uplink services. The use
of the uplink services would allow the Company to transfer its digital signal
through satellite, which in return will allow the Company to transfer its
broadcasting content to all of the cable networks in the country and thus
increase its market share. These services are traditionally provided by
technological telecommunication companies, whose services the Company intends to
use. The leasing rate for the transfer of the digital signal through the
satellite is estimated at $14,000 - 15,000 USD per month. The uplink services
will allow the Company:

a. To make the broadcasting more attractive as it becomes digital.

b. To increase the number of viewers as satellite broadcasting will cover much
larger part of the country.

The Company plans to acquire equipment to produce the broadcast programs (for
studios, for breaking news mobile systems, etc); as such, this acquisition and
the uplink services might present significant impact on our liquidity and
capital resources of the company. The Company believes the cash flows from
operations will be sufficient to fund the purchases of this equipment.


     During first three months of 2007, we have funded capital requirements
through operations. As of March 31, 2007, we had a cash balance of $269,956.
This compares with a cash balance of $201,763 as at December 31, 2006. We expect
cash flow from operations to fund the Company's operating activities for the
next nine months of 2007. In order for the Company to expand its present
activities, it will need additional capital.

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<PAGE>

Off Balance Sheet Arrangements

We do not currently have any off balance sheet arrangements falling within the
definition of Item 303(c) of Regulation S-B.


Inflation

To date inflation has not had a material impact on our operations.



New Financial Accounting Standards

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements",
which enhances existing guidance for measuring assets and liabilities using fair
value. This Standard provides a single definition of fair value, together with a
framework for measuring it, and requires additional disclosure about the use of
fair value to measure assets and liabilities. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The Company does not believe that
SFAS No. 157 will have a material impact on its financial statements.


                                       21
<PAGE>

In February 2007, the FASB issued SFAS No. 159 ("SFAS 159") "The Fair Value
Option for Financial Assets and Financial Liabilities", providing companies with
an option to report selected financial assets and liabilities at fair value. The
Standard's objective is to reduce both complexity in accounting for financial
instruments and the volatility in earnings caused by measuring related assets
and liabilities differently. It also requires entities to display the fair value
of those assets and liabilities for which the Company has chosen to use fair
value on the face of the balance sheet. SFAS 159 is effective for fiscal years
beginning after November 15, 2007. The Company is currently evaluating the
impact of the adoption of this Statement on its financial statements.


ITEM 4. CONTROLS AND PROCEDURES

As of March 31, 2007, the end of the period covered by this quarterly report,
the Chief Executive and Chief Financial Officer of the Company (the "Certifying
Officer") conducted evaluations of the Company's disclosure controls and
procedures. As defined under Sections 13a-15(e) and 15d-15(e) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), the term "disclosure
controls and procedures" means controls and other procedures of an issuer that
are designed to ensure that information required to be disclosed by the issuer
in the reports that it files or submits under the Exchange Act is recorded,
processed, summarized and reported, within the time periods specified in the
Commission's rules and forms. Disclosure controls and procedures include,
without limitation, controls and procedures designed to ensure that information
required to be disclosed by an issuer in the reports that it files or submits
under the Exchange Act is accumulated and communicated to the issuer's
management, including the Certifying Officer, to allow timely decisions
regarding required disclosure. Based on this evaluation, the Certifying Officer
has concluded that the Company's disclosure controls and procedures were
effective to ensure that material information is recorded, processed, summarized
and reported by management of the Company on a timely basis in order to comply
with the Company's disclosure obligations under the Exchange Act, and the rules
and regulations promulgated there under.

Further, there were no changes in the Company's internal control over financial
reporting during the first fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the Company's internal control over
financial reporting.




Part II Other Information


                                       22
<PAGE>


 ITEM 6.   EXHIBITS

  Exhibits



          Exhibit   Description of Exhibit
          -------   ----------------------
          3.1       Articles of Incorporation of the Company (*)
          3.2       By-Laws of the Company (*)
          3.3       Form of Common Stock Certificate of the Company (*)
          31.1      Certification of Chief Executive Officer and Chief Financial
                    Officer pursuant to Rule 13a-14(a)
          32.1      Certification of Chief Executive Officer pursuant to 18
                    U.S.C. Section 1350

               (*)  Previously filed on Form 10-SB, as amended, on January 23,
                    2007; file No. 000-52408 and incorporated herein by
                    reference.




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<PAGE>

All Other Services. Other services are services provided by the independent
auditor that do not fall within the established audit, audit-related and tax
services categories.



                                       EMERGING MEDIA HOLDINGS, INC

Date: May 15, 2007                     By:   /s/ Iuri Bordian
                                             -----------------------------------
                                             Iuri Bordian, Chairman, Chief
                                             Executive Officer and President
                                             (Principal Executive and Chief
                                             Financial Officer)




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