----

----

| For the quarterly period ended   | March 31, 2010  |
|--------------------------------------------|----------------------|

| For the transition period from  |   | to |   |
|--------------------------------------|--------|----|--------|

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

| EMERGING MEDIA HOLDINGS, INC.                     |
|--------------------------------------------------------|
| (Exact Name of Registrant as Specified in Its Charter) |

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

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

| (806) 688-9697                                  |
|------------------------------------------------------|
| (Registrant's Telephone Number, Including Area Code) |

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

| Large accelerated filer  o                                                                    |   | Accelerated filer  o         |
|---------------------------------------------------------------------------------------------------------|--------|----------------------------------------|
|                                                                                                    |   |                                   |
| Non-accelerated filer    o  (Do not check if a smaller reporting company) |   | Smaller reporting company  x |

----

----

----

| Emerging Media Holdings, Inc. and Subsidiaries |
|------------------------------------------------|
|                                           |   |   |   |   |
| Index                                          |
|                                           |   |   |   | Page |
|                                           | PART I. | FINANCIAL INFORMATION |   |   |
|                                           |   |   |   |   |
|                                           | Item 1. | Financial Statements |   | 1 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Balance Sheets as of March 31, 2010 and December 31, 2009  (unaudited) |   | 2 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statements of Operations for the Three Months Ended March 31, 2010 and 2009 (Unaudited) |   | 3 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statements of Comprehensive Income for the Three Months ended March 31, 2010 and 2009 (unaudited) |   | 4 |
|                                           |   |   |   |   |
|                                           |   | Consolidated Statement of Stockholders' Equity for the Period Ended March 31, 2010 (Unaudited) |   | 5 |
|                                           |   |   |   |   |
|                                           |   | Statement of Cash Flows for the Nine Months Ended March 31, 2010 and 2009 (Unaudited) |   | 6-7 |
|                                           |   |   |   |   |
|                                           |   | Notes to Unaudited Financial Statements |   | 8-18 |
|                                           |   |   |   |   |
|                                           | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |   | 19 |
|                                           |   |   |   |   |
|                                           | Item 3. | Quantitative and Qualitative Disclosures About Market Risk |   | 24 |
|                                           |   |   |   |   |
|                                           | Item 4. | Controls and Procedures |   | 24 |
|                                           |   |   |   |   |
|                                           |   |   |   |   |
|                                           | PART II. | OTHER INFORMATION |   |   |
|                                           |   |   |   |   |
|                                           | Item 6. | Exhibits. |   | 26 |
|                                           |   |   |   |   |
|                                           | Signatures |   | 27 |

----

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                                 |   |
|-----------------------------------------------------------------------------------------------|--------|
| CONSOLIDATED BALANCE SHEETS                                                                   |   |
| (Unaudited)                                                                                   |   |
|                                                                                          |   |   |   |   |   |   |
| ASSETS                                                                                        |   |   |   |   |   |   |
|                                                                                          |   | March 31, |   |   | December 31, |   |
|                                                                                          |   | 2010 |   |   | 2009 |   |
|                                                                                          |   |   |   |   |   |   |
| CURRENT ASSETS:                                                                               |   |   |   |   |   |   |
| Cash and cash equivalents                                                                     |   | $ | 399,191 |   |   | $ | 647,861 |   |
| Marketable securities                                                                         |   |   | 250,000 |   |   |   | 328,801 |   |
| Accounts receivable - net of allowance for doubtful accounts of $238,000                      |   |   |   |   |   |
|       and $246,000                                              |   |   | 2,203,074 |   |   |   | 3,578,358 |   |
|     Inventories                                                           |   |   | 693,469 |   |   |   | 308,732 |   |
|     Employee receivables and other current assets                         |   |   | 243,361 |   |   |   | 169,544 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Total Current Assets                                                                          |   |   | 3,789,095 |   |   |   | 5,033,296 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net                                                            |   |   | 2,667,392 |   |   |   | 2,893,835 |   |
| Restricted cash                                                                               |   |   | 617,338 |   |   |   | 720,888 |   |
| Intangible assets - net                                                                       |   |   | 243,837 |   |   |   | 258,041 |   |
| Goodwill                                                                                      |   |   | 7,510,892 |   |   |   | 7,510,892 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                  |   | $ | 14,828,554 |   |   | $ | 16,416,952 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                        |   |   |   |   |   |   |   |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                          |   |   |   |   |   |   |   |   |
| Notes payable                                                                                 |   | $ | 1,652,993 |   |   | $ | 471,595 |   |
| Accounts payable                                                                              |   |   | 2,985,828 |   |   |   | 3,772,888 |   |
| Accrued expenses                                                                              |   |   | 234,948 |   |   |   | 374,094 |   |
| Capitalized lease obligations                                                                 |   |   | 46,759 |   |   |   | 81,788 |   |
| Customer deposits                                                                             |   |   | 378,074 |   |   |   | 552,851 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Total Current Liabilities                                                                     |   |   | 5,298,602 |   |   |   | 5,253,216 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES:                                                                        |   |   |   |   |   |   |   |   |
| Notes payable - less current portion above                                                    |   |   | - |   |   |   | 1,165,087 |   |
| Capitalized lease obligations - less current portion above                                    |   |   | 14,038 |   |   |   | 14,038 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Total Long-Term Liabilities                                                                   |   |   | 14,038 |   |   |   | 1,179,125 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| TOTAL LIABILITIES                                                                             |   |   | 5,312,640 |   |   |   | 6,432,341 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Commitments and Contingencies                                                                 |   |   | - |   |   |   | - |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| EQUITY:                                                                                       |   |   |   |   |   |   |   |   |
| Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity:                           |   |   |   |   |   |
| Common stock, $.001 par value, 100,000,000 shares                                             |   |   |   |   |   |   |   |   |
|        authorized; 18,553,000 and 17,303,000 shares issued |   |   |   |   |   |   |   |   |
|        at March 31, 2010 and December 31, 2009             |   |   | 18,553 |   |   |   | 17,303 |   |
| Additional paid-in-capital                                                                    |   |   | 9,372,152 |   |   |   | 9,026,003 |   |
| Retained earnings                                                                             |   |   | 274,489 |   |   |   | 721,510 |   |
| Accumulated other comprehensive income (loss)                                                 |   |   | (392,452 | ) |   |   | (406,856 | ) |
| Less: Cost of common stock in treasury, 9,800 shares                                          |   |   | (9,237 | ) |   |   | (9,237 | ) |
| Total Emerging Media Holdings Inc. and Subsidiaries Stockholders' Equity:                     |   |   | 9,263,505 |   |   |   | 9,348,723 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                       |   |   | 252,409 |   |   |   | 635,888 |   |
| Total Equity                                                                                  |   |   | 9,515,914 |   |   |   | 9,984,611 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
|       TOTAL LIABILITIES AND EQUITY                              |   | $ | 14,828,554 |   |   | $ | 16,416,952 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES      |   |
|----------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF OPERATIONS              |   |
| (Unaudited)                                        |   |
|                                               |   |   |   |   |   |   |
|                                               |   | For The Three Months Ended |   |
|                                               |   | March 31, |   |
|                                               |   | 2010 |   |   | 2009 |   |
| Revenues                                           |   | $ | 599,439 |   |   | $ | 588,806 |   |
|                                               |   |   |   |   |   |   |   |   |
| Costs and expenses:                                |   |   |   |   |   |   |   |   |
| Cost of sales                                      |   |   | 521,932 |   |   |   | 288,496 |   |
| Selling and marketing expenses                     |   |   | 42,447 |   |   |   | 31,374 |   |
| General and administrative expenses                |   |   | 379,053 |   |   |   | 204,110 |   |
| Other operating expenses                           |   |   | 159,847 |   |   |   | 28,719 |   |
|                                               |   |   | 1,103,279 |   |   |   | 552,699 |   |
|                                               |   |   |   |   |   |   |   |   |
| Income (loss) from operations                      |   |   | (503,840 | ) |   |   | 36,107 |   |
|                                               |   |   |   |   |   |   |   |   |
| Other income (expense):                            |   |   |   |   |   |   |   |   |
| Interest expense                                   |   |   | (60,302 | ) |   |   | (694 | ) |
| Other income (principally interest income)         |   |   | 50,611 |   |   |   | 56,248 |   |
| Gain on sale of fixed assets                       |   |   | 975 |   |   |   | - |   |
|                                               |   |   | (8,716 | ) |   |   | 55,554 |   |
|                                               |   |   |   |   |   |   |   |   |
| Earnings (loss) before provision for income taxes  |   |   | (512,556 | ) |   |   | 91,661 |   |
|                                               |   |   |   |   |   |   |   |   |
| Provision for income taxes                         |   |   | - |   |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |
| Net earnings (loss)                                |   |   | (512,556 | ) |   |   | 91,661 |   |
|                                               |   |   |   |   |   |   |   |   |
| Less: Net earnings (loss) attributable to the      |   |   |   |   |   |   |   |   |
| noncontrolling interest                            |   |   | (65,535 | ) |   |   | - |   |
|                                               |   |   |   |   |   |   |   |   |
| Net earnings (loss) attributable to Emerging Media |   |   |   |   |   |   |   |   |
| Holdings, Inc. and Subsidiaries                    |   | $ | (447,021 | ) |   | $ | 91,661 |   |
|                                               |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share:                  |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |
| common shareholders - basic                        |   | $ | (0.03 | ) |   | $ | 0.01 |   |
|                                               |   |   |   |   |   |   |   |   |
| Earnings (loss) per common share attributable to   |   |   |   |   |   |   |   |   |
| Emerging Media Inc. and Subsidiaries               |   |   |   |   |   |   |   |   |
| common shareholders - diluted                      |   | $ | (0.03 | ) |   | $ | 0.01 |   |
|                                               |   |   |   |   |   |   |   |   |
| Weighted average common shares - basic             |   |   | 17,858,556 |   |   |   | 16,303,000 |   |
|                                               |   |   |   |   |   |   |   |   |
| Weighted average common shares - diluted           |   |   | 17,858,556 |   |   |   | 17,303,000 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES              |   |
|------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME            |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2010 AND 2009         |   |
| (Unaudited)                                                |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   |   |   |   |   |   |
|                                                       |   | For The Three Months Ended |   |
|                                                       |   | March 31, |   |
|                                                       |   | 2010 |   |   | 2009 |   |
|                                                       |   |   |   |   |   |   |
| Net earnings (loss)                                        |   | $ | (512,556 | ) |   | $ | 91,661 |   |
|                                                       |   |   |   |   |   |   |   |   |
| Other comprehensive income (loss) - net of tax:            |   |   |   |   |   |   |   |   |
| Currency translation adjustment                            |   |   | 43,859 |   |   |   | (50,113 | ) |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss)                                |   |   | (468,697 | ) |   |   | 41,548 |   |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to noncontrolling |   |   |   |   |   |   |   |   |
| interest                                                   |   |   | (55,114 | ) |   |   | - |   |
|                                                       |   |   |   |   |   |   |   |   |
| Comprehensive income (loss) attributable to Emerging       |   |   |   |   |   |   |   |   |
| Media Inc. and Subsidiaries                                |   | $ | (413,583 | ) |   | $ | 41,548 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES     |   |
|---------------------------------------------------|--------|
| CONSOLIDATED STATEMENT OF EQUITY                  |   |
| (Unaudited)                                       |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   | Preferred Stock |   |   | Common Stock |   |   |   |   |   |   |   |   | Accumulated |   |   |   |   |   |   |   |
|                                              |   |   |   |   | Comprehensive |   |   | Number of |   |   |   |   |   | Number of |   |   |   |   |   | Additional Paid |   |   | Retained |   |   | OtherComprehensive |   |   | Treasury |   |   | Noncontrolling |   |
|                                              |   | Total |   |   | Income |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | In Capital |   |   | Earnings |   |   | Income (Loss) |   |   | Stock |   |   | Interest |   |
| Balance, January 1, 2009                          |   | $ | 9,890,609 |   |   |   |   |   |   | 1,000,000 |   |   | $ | 4,000,000 |   |   |   | 16,303,000 |   |   | $ | 16,303 |   |   | $ | 5,027,003 |   |   | $ | 693,547 |   |   | $ | 162,993 |   |   | $ | (9,237 | ) |   | $ | - |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Conversion of preferred stock                     |   |   | - |   |   |   |   |   |   | (1,000,000 | ) |   |   | (4,000,000 | ) |   |   | 1,000,000 |   |   |   | 1,000 |   |   |   | 3,999,000 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest                           |   |   | 587,230 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 587,230 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net earnings year ended                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    December 31, 2009               |   |   | 76,621 |   |   | $ | 76,621 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 27,963 |   |   |   |   |   |   |   |   |   |   |   | 48,658 |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                              |   |   | (569,849 | ) |   |   | (569,849 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (569,849 | ) |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Comprehensive loss |   |   |   |   |   | $ | (493,228 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, December 31, 2009                        |   |   | 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 | ) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net loss three month ended                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    March 31, 2010                  |   |   | (512,556 | ) |   | $ | (512,556 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | (447,021 | ) |   |   |   |   |   |   |   |   |   |   | (65,535 | ) |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Currency translation                              |   |   | 43,859 |   |   |   | 43,859 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 43,859 |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|       Comprehensive loss |   |   |   |   |   | $ | (468,697 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2010                           |   | $ | 9,515,914 |   |   |   |   |   |   |   | - |   |   | $ | - |   |   |   | 18,553,000 |   |   | $ | 18,553 |   |   | $ | 9,372,152 |   |   | $ | 274,489 |   |   | $ | (392,452 | ) |   | $ | (9,237 | ) |   | $ | 252,409 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES                                          |   |
|----------------------------------------------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS                                                  |   |
| (Unaudited)                                                                            |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   |   |   |   |   |   |
|                                                                                   |   | For The Three Months Ended |   |
|                                                                                   |   | March 31, |   |
|                                                                                   |   | 2010 |   |   | 2009 |   |
| Cash flows from operating activities:                                                  |   |   |   |   |   |   |
| Net earnings (loss)                                                                    |   | $ | (512,556 | ) |   | $ | 91,661 |   |
| Adjustments to reconcile net earnings (loss) to net cash                               |   |   |   |   |   |   |   |   |
|   provided by operating activities:                                          |   |   |   |   |   |   |   |   |
|     Depreciation and amortization                                  |   |   | 232,777 |   |   |   | 26,690 |   |
|     Loss (gain) on disposition of fixed assets                     |   |   | (975 | ) |   |   | - |   |
| Changes in operating assets and liabilities:                                           |   |   |   |   |   |   |   |   |
|     Decrease (increase) in accounts receivable                     |   |   | 1,403,162 |   |   |   | (71,046 | ) |
|     Increase in inventories                                        |   |   | (379,212 | ) |   |   | (1,326 | ) |
|     (Increase) decrease in employee receivables and other          |   |   |   |   |   |   |   |   |
|         current assets                         |   |   | (73,817 | ) |   |   | 4,573 |   |
|     Decrease in restricted cash                                    |   |   | 103,550 |   |   |   | - |   |
|    (Decrease) increase in accounts payable,                             |   |   |   |   |   |   |   |   |
|        accrued liabilities and income taxes payable |   |   | (902,720 | ) |   |   | 15,970 |   |
|    (Decrease) in customer deposits                                      |   |   | (174,777 | ) |   |   | - |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash (Used In) Provided by Operating                             |   |   |   |   |   |   |   |   |
|       Activities                                         |   |   | (304,568 | ) |   |   | 66,522 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                  |   |   |   |   |   |   |   |   |
|     Purchase of property, plant and equipment                      |   |   | (6,512 | ) |   |   | (78,509 | ) |
|     Proceeds from sale of fixed assets                             |   |   | 5,217 |   |   |   | - |   |
|     Proceeds from sale of marketable securities                    |   |   | 78,101 |   |   |   | - |   |
|     Repayment of loans by employees                                |   |   | - |   |   |   | 4,726 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash Provided by (Used In) Investing Activities                  |   |   | 76,806 |   |   |   | (73,783 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                  |   |   |   |   |   |   |   |   |
|    Proceeds from loans                                                  |   |   | 1,181,398 |   |   |   | - |   |
|    Repayment of debt                                                    |   |   | (1,200,116 | ) |   |   | (1,383 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
|    Net Cash (Used In) Financing Activities                              |   |   | (18,718 | ) |   |   | (1,383 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Effect of exchange rate changes on cash                                                |   |   | (2,190 | ) |   |   | (23,694 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Net (decrease) in cash                                                                 |   |   | (248,670 | ) |   |   | (32,338 | ) |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - Beginning of period                                        |   |   | 647,861 |   |   |   | 1,334,738 |   |
|                                                                                   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents - End of period                                              |   | $ | 399,191 |   |   | $ | 1,302,400 |   |

----

| EMERGING MEDIA HOLDINGS INC. AND SUBSIDIARIES     |   |
|---------------------------------------------------|--------|
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) |   |
| (Unaudited)                                       |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
|                                              |   | For The Three Months Ended |   |
|                                              |   | March 31, |   |
|                                              |   | 2010 |   |   | 2009 |   |
|                                              |   |   |   |   |   |   |
| Supplemental disclosure cash flow information:    |   |   |   |   |   |   |
|                                              |   |   |   |   |   |   |
| Cash paid for interest                            |   | $ | 60,302 |   |   | $ | 694 |   |
|                                              |   |   |   |   |   |   |   |   |
| Cash paid for income taxes                        |   | $ | - |   |   | $ | - |   |

----

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

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

----

| At October 1, 2009            |   |   |      |   |   |   |
|-------------------------------|--------|--------|-----------|--------|--------|--------|
| Purchase price                |   |   |      |   |   |   |
| Exchange of note receivable   |   | $      | 4,280,498 |   |   |   |   |
| Note payable                  |   |   | 471,595   |   |   |   |   |
| Total consideration           |   |   |      |   |   | $      | 4,752,093 |   |
| Allocation of purchase price: |   |   |      |   |   |   |   |   |
| Cash                          |   |   |      |   |   |   | 47,511 |   |
| Accounts receivable           |   |   |      |   |   |   | 6,162,295 |   |
| Inventories                   |   |   |      |   |   |   | 571,823 |   |
| Other current assets          |   |   |      |   |   |   | 158,007 |   |
|                          |   |   |      |   |   |   |   |   |
| Property, plant and equipment |   |   |      |   |   |   | 3,061,537 |   |
| Restricted cash               |   |   |      |   |   |   | 850,267 |   |
| Goodwill                      |   |   |      |   |   |   | 3,871,247 |   |
| Total Assets Acquired         |   |   |      |   |   |   | 14,722,687 |   |
|                          |   |   |      |   |   |   |   |   |
| Notes payable - current       |   |   |      |   |   |   | 539,011 |   |
| Accounts payable              |   |   |      |   |   |   | 5,185,742 |   |
| Customer advances             |   |   |      |   |   |   | 598,582 |   |
| Accrued expenses              |   |   |      |   |   |   | 343,857 |   |
| Capitalized lease obligations |   |   |      |   |   |   | 91,384 |   |
| Notes payable - long-term     |   |   |      |   |   |   | 2,624,788 |   |
| Non-controlling interests     |   |   |      |   |   |   | 587,230 |   |
| Total Liabilities Assumed     |   |   |      |   |   | $      | 9,970,594 |   |
|                          |   |   |      |   |   |   |   |   |
| Net Assets Acquired           |   |   |      |   |   | $      | 4,752,093 |   |

----

|                |   | Three Months   |     |
|---------------------|--------|----------------|----------|
|                |   | Ended          |     |
|                |   | March 31, 2009 |     |
| Net sales           |   | $              | 778,725  |   |
| Net loss            |   |           | (550,625 | ) |
| Loss per share -    |   |           |     |   |
|   diluted |   | $              | (0.03    | ) |

| 3.   | EARNINGS PER SHARE |
|----------------|--------------------|

|             |   | March 31, |       |
|------------------|--------|-----------|------------|
|             |   | 2010      |       |   | 2009 |   |
| Basic            |   |      | 17,858,556 |   |   |   | 16,303,000 |   |
|             |   |      |       |   |   |   |   |   |
| Potential shares |   |      | -          |   |   |   | 1,000,000 |   |
|             |   |      |       |   |   |   |   |   |
| Fully diluted    |   |      | 17,858,556 |   |   |   | 17,303,000 |   |

| 4. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

----

|                        |   |   |      |   | Assets at Fair Value as of March 31, 2010 and 2009 Using |   |
|-----------------------------|--------|--------|-----------|--------|----------------------------------------------------------|--------|
|                        |   |   |      |   | Quoted Prices in                                         |   |   | Significant |   |   |   |   |
|                        |   |   |      |   | Active Markets                                           |   |   | Other |   |   | Significant |   |
|                        |   |   |      |   | for Identical                                            |   |   | Observable |   |   | Observable |   |
|                        |   |   |      |   | Assets                                                   |   |   | Inputs |   |   | Inputs |   |
|                        |   | Total  |      |   | (Level 1)                                                |   |   | (Level 2) |   |   | (Level 2) |   |
| March 31, 2010              |   |   |      |   |                                                     |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 399,191   |   |                                                     | $      | 399,191 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 250,000   |   |                                                     |   | - |   |   |   | - |   |   |   | 250,000 |   |
| Restricted cash             |   |   | 617,338   |   |                                                     |   | 617,338 |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 1,266,529 |   |                                                     | $      | 1,016,529 |   |   | $ | - |   |   | $ | 250,000 |   |
| December 31, 2009           |   |   |      |   |                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Cash and cash equivalents   |   | $      | 647,861   |   |                                                     | $      | 647,861 |   |   | $ | - |   |   | $ | - |   |
| Held-to-maturity securities |   |   | 328,801   |   |                                                     |   | - |   |   |   | - |   |   |   | 328,801 |   |
| Restricted cash             |   |   | 720,888   |   |                                                     |   | 720,888 |   |   |   | - |   |   |   | - |   |
| Total                       |   | $      | 1,697,550 |   |                                                     | $      | 1,368,749 |   |   | $ | - |   |   | $ | 328,801 |   |

----

|                       |   | Total  |      |
|----------------------------|--------|--------|-----------|
|                       |   |   |      |
| Balance, December 31, 2009 |   | $      | 7,510,892 |   |
|                       |   |   |      |   |
| Adjustments                |   |   | -         |   |
|                       |   |   |      |   |
| Balance, March 31, 2010    |   | $      | 7,510,892 |   |

|               |   | March 31, 2010 |    |   | December 31, 2009 |   |
|--------------------|--------|----------------|---------|--------|-------------------|--------|
|               |   | Gross Carrying |    |   | Accumulated       |   |   | Gross Carrying |   |   | Accumulated |   |
|               |   | Amount         |    |   | Amortization      |   |   | Amount |   |   | Amortization |   |
|               |   |           |    |   |              |   |   |   |   |   |   |   |
| License agreements |   | $              | 348,000 |   |              | $      | 104,163 |   |   | $ | 348,000 |   |   | $ | 89,959 |   |

----

| Year Ending  |   | Amortization |   |
|--------------|--------|--------------|--------|
| December 31, |   | Expense      |   |
|         |   |         |   |
| 2010         |   |         | 35,510 |   |
| 2011         |   |         | 49,714 |   |
| 2012         |   |         | 49,714 |   |
| 2013         |   |         | 49,714 |   |
| 2014         |   |         | 49,714 |   |

|                            |   | March 31, |    |   | December 31, |   |
|---------------------------------|--------|-----------|---------|--------|--------------|--------|
|                            |   | 2010      |    |   | 2009         |   |
| Raw materials                   |   | $         | 99,691  |   |         | $      | 94,315 |   |
| Capitalized costs               |   |      | 498,980 |   |         |   | 186,249 |   |
| Advance payments to contractors |   |      | 94,798  |   |         |   | 28,168 |   |
|                            |   | $         | 693,469 |   |         | $      | 308,732 |   |

----

|                                      |   | March 31, |      |   | December 31, |   |
|-------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                      |   | 2010      |      |   | 2009         |   |
| Machinery and equipment                   |   | $         | 3,076,540 |   |         | $      | 3,094,484 |   |
| Transportation equipment                  |   |      | 545,312   |   |         |   | 602,929 |   |
| Building and building improvements        |   |      | 20,897    |   |         |   | 21,187 |   |
|                                      |   |      | 3,642,749 |   |         |   | 3,718,600 |   |
|   Less accumulated depreciation |   |      | 975,357   |   |         |   | 824,765 |   |
|                                      |   | $         | 2,667,392 |   |         | $      | 2,893,835 |   |

| 12.   | NOTES PAYABLE |
|-----------------|---------------|

|                                                |   | March 31, |      |   | December 31, |   |
|-----------------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                                |   | 2010      |      |   | 2009         |   |
| Note payable to Romanian International Bank,        |   | $         | 1,181,398 |   |         | $      | 1,165,087 |   |
|   interest @ 20.5%, due February 2011 (1) |   |      |      |   |         |   |   |   |
|                                                |   |      |      |   |         |   |   |   |
| Note payable to IPA, interest @ 5%, due             |   |      | 471,595   |   |         |   | 471,595 |   |
|   upon demand (2)                         |   |      |      |   |         |   |   |   |
|                                                |   |      | 1,652,993 |   |         |   | 1,636,682 |   |
| Less: Current portion                               |   |      | 1,652,993 |   |         |   | 471,595 |   |
|                                                |   | $         | -         |   |         | $      | 1,165,087 |   |

| (1)   | The note payable is collateralized by equipment owned by the Company with a book value of approximately $1.5 million and cash flow of one of the Company's current projects. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Note payable in connection with the acquisition of 60% of Genesis. |
|-----------------|--------------------------------------------------------------------|

| Year ending December 31, |   |   |      |
|--------------------------|--------|--------|-----------|
| 2010                     |   | $      | 471,595   |   |
| 2011                     |   |   | 1,181,398 |   |
|                     |   | $      | 1,652,993 |   |

----

|                           |   | March 31, |    |   | December 31, |   |
|--------------------------------|--------|-----------|---------|--------|--------------|--------|
|                           |   | 2010      |    |   | 2009         |   |
| Equipment                      |   | $         | 237,818 |   |         | $      | 237,818 |   |
| Less: Accumulated depreciation |   |      | 33,109  |   |         |   | 23,526 |   |
|                           |   | $         | 204,709 |   |         | $      | 214,292 |   |

| Fiscal year ending:                |   |   |   |
|------------------------------------|--------|--------|--------|
| 2010                               |   |   | $      | 60,175 |   |
| 2011                               |   |   |   | 17,900 |   |
| 2012                               |   |   |   | 2,379 |   |
| 2013                               |   |   |   | - |   |
| 2014                               |   |   |   | - |   |
| Thereafter                         |   |   | -      |   |
| Total minimum lease payments       |   |   | 80,454 |   |
| Less current representing interest |   |   | 19,657 |   |
| Present value of net minimum       |   |   |   |   |
| lease payment                      |   |   | 60,797 |   |
| Less current obligations           |   |   | 46,759 |   |
| Long-term obligations              |   | $      | 14,038 |   |

|                                                  |   | March 31, |     |   | December 31, |   |
|-------------------------------------------------------|--------|-----------|----------|--------|--------------|--------|
|                                                  |   | 2010      |     |   | 2009         |   |
| Balance at beginning of period                        |   | $         | 635,888  |   |         | $      | - |   |
|                                                  |   |      |     |   |         |   |   |   |
| Noncontrolling interest from the acquisition of       |   |      |     |   |         |   |   |   |
|   60% of Genesis International S.A. in 2009 |   |      | -        |   |         |   | 587,230 |   |
|                                                  |   |      |     |   |         |   |   |   |
| Adjustment of noncontrolling interest in connection   |   |      |     |   |         |   |   |   |
|   with the acquisition of 20% of Genesis    |   |      |     |   |         |   |   |   |
|   International S.A. in 2010                |   |      | (317,944 | )      |         |   | - |   |
|                                                  |   |      |     |   |         |   |   |   |
| Noncontrolling interest share of income (loss)        |   |      | (65,535  | )      |         |   | 48,658 |   |
|                                                  |   |      |     |   |         |   |   |   |
| Balance at end of period                              |   | $         | 252,409  |   |         | $      | 635,888 |   |

----

----

|                             |   | Three Months Ended |       |
|----------------------------------|--------|--------------------|------------|
|                             |   | March 31,          |       |
|                             |   | 2010               |       |   | 2009 |   |
| Net Revenue by Geographic Areas: |   |               |       |   |   |   |
| United States                    |   | $                  | -          |   |   | $ | - |   |
| Europe                           |   |               | 599,439    |   |   |   | 588,806 |   |
|                             |   | $                  | 599,439    |   |   | $ | 588,806 |   |
|                             |   |               |       |   |   |   |   |   |
| Net Revenue by Industry Segment: |   |               |       |   |   |   |   |   |
| Media                            |   | $                  | 599,439    |   |   | $ | 588,806 |   |
| Road construction                |   |               | -          |   |   |   | - |   |
|                             |   | $                  | 599,439    |   |   | $ | 588,806 |   |
|                             |   |               |       |   |   |   |   |   |
| Income (loss) From Operations:   |   |               |       |   |   |   |   |   |
| Media                            |   | $                  | (189,918   | ) |   | $ | 36,107 |   |
| Road construction                |   |               | (313,922   | ) |   |   | - |   |
|                             |   | $                  | (503,840   | ) |   | $ | 36,107 |   |
|                             |   |               |       |   |   |   |   |   |
| Total Assets:                    |   | March 31, 2010     |       |   | December 31, 2009 |   |
| United States                    |   | $                  | 631,808    |   |   | $ | 1,082,322 |   |
| Europe                           |   |               | 14,196,746 |   |   |   | 15,334,630 |   |
|                             |   | $                  | 14,828,554 |   |   | $ | 16,416,952 |   |

----

| a)   | Contracts |
|----------------|-----------|

----

----

----

----

| ·   | The Company's Genesis subsidiary has seasonal operations with no operations during the first quarter of the year due to weather restrictions in accordance with the road construction standards.  The Company expects road construction operations to commence during the second quarter in connection with new contracts entered into during the latter of 2009 and early 2010. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company's media business revenues were stagnant during the first quarter of 2010 due to late planning of advertising budgets by our larger clients.  The major clients began to place advertising with our TV channels TNT and TV7 during the latter part of the first quarter and the Company expects growth throughout the year. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company's media business operations were impacted during the first quarter due to increased costs 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 quarter of 2010 that may affect future operations throughout 2010. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

| Date         | Title and Amount(1)                                                                                                                                                                                              | Purchaser         | Principal  Underwriter  | Total Offering Price/Underwriting Discounts |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|-----------------------------------|---------------------------------------------|
| May 14, 2010 | 1,000,000 shares of common stock issued in connection with acquisition of Media Top Prim S.R.L. effective May 8, 2008, in conversion of contracted Preferred Stock, as per Additional Agreement, dated March 5, 2010. | Private investor. | NA                                | $4.00 per share/NA                          |

----

| 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  May 17, 2010 | By:                                                                 | /s/  Iurie Bordian                                            |   |
|                    |                                                                | Iurie Bordian, Chief Executive Officer and Chief Financial Officer |   |
|                    |                                                                |                                                               |   |
|                    |                                                                |                                                               |   |

----