UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 WASHINGTON,
D.C. 20549
 _______________
  FORM
10-Q
 _______________
  x
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
  For
the quarterly period ended September 30, 2008
   o
              TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
 
 For the transition period from
______to______.
  LEAGUE
NOW HOLDINGS CORPORATION
 (Exact
name of registrant as specified in Charter
  FLORIDA
              
              000-52191
              
              20-35337265(State
      or other jurisdiction of
                incorporation
      or organization)
              
              (Commission
      File No.)
              
              (IRS
      Employee Identification No.)
 
 4075
Carambola Circle North, Coconut Creek, Florida 33066
 (Address
of Principal Executive Offices)
 _______________
  (954)
366-5079
 (Issuer
Telephone number)
 _______________
 
 
 (Former
Name or Former Address 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 preceding 12 months (or for such shorter
period that the issuer was required to file such reports), and (2)has been
subject to such filing requirements for the past 90 days. Yes x No o
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company filer.
 See definition of “accelerated filer” and “large accelerated filer” in
Rule 12b-2 of the Exchange Act (Check one):
  Large
Accelerated Filer o     Accelerated
Filer o     Non-Accelerated
Filer o     Smaller
Reporting Company x
 
 Indicate
by check mark whether the registrant is a shell company as defined in Rule 12b-2
of the Exchange Act. Yes o No x
 
 State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of as of November 3, 2008:  25,733,125 shares of common stock.
 
  
  
  League
Now Holdings Corporation
 
 FORM
10-Q
  September
30, 2008
  INDEX
  PART
I-- FINANCIAL INFORMATION
  Item
      1.
              Financial
      StatementsItem
      2.
              Management’s
      Discussion and Analysis of Financial ConditionItem
      3
              Quantitative
      and Qualitative Disclosures About Market RiskItem
      4T.
              Control
      and Procedures
  PART
II-- OTHER INFORMATION
  Item
      1
              Legal
      ProceedingsItem
      1A
              Risk
      FactorsItem
      2.
              Unregistered
      Sales of Equity Securities and Use of ProceedsItem
      3.
              Defaults
      Upon Senior SecuritiesItem
      4.
              Submission
      of Matters to a Vote of Security HoldersItem
      5.
              Other
      InformationItem
      6.
              Exhibits
      and Reports on Form 8-K
   SIGNATURE
   
   Item
1. Financial Information


LEAGUE NOW HOLDINGS CORPORATIONBALANCE
      SHEETSASSETSSeptember
      30,
            
            
            December
      31,2008
            
            
            2007CURRENT
      ASSETS
            
            (Unaudited)Cash
            
            $
            3,787
            
            
            $
            14,812TOTAL
      ASSETS
            
            $
            3,787
            
            
            $
            14,812LIABILITIES AND
      STOCKHOLDERS’ DEFICIENCYCURRENT
      LIABILITIESAccounts
      payable
            
            $
            46,065
            
            
            $
            16,855Accrued
      payroll
            
            
            19,750
            
            
            
            10,750Accrued
      payroll taxes
            
            
            2,754
            
            
            
            2,066TOTAL
      CURRENT LIABILITIES
            
            
            68,569
            
            
            
            29,671COMMITMENTS
      AND CONTINGENCIES
            
            
            -
            
            
            
            -STOCKHOLDERS’
      DEFICIENCYPreferred  stock,
      $0.001 par value, 10,000,000 shares authorized,  none issued and
      outstanding
            
            $
            -
            
            
            $
            -Common
      stock, $0.001 par value, 100,000,000 shares
      authorized,  25,733,125 and 25,733,125 shares issued and
      outstanding, respectively
            
            
            25,733
            
            
            
            25,733Additional
      paid in capital
            
            
            96,017
            
            
            
            96,017Accumulated
      deficit
            
            
            (186,532
            )
            
            
            (136,609
            )Total
      Stockholders’ Deficiency
            
            
            (64,782
            )
            
            
            (14,859
            )TOTAL LIABILITIES AND
      STOCKHOLDERS’ DEFICIENCY
            
            $
            3,787
            
            
            $
            14,812




See accompanying notes to
financial statements






-1-






LEAGUE NOW HOLDINGS CORPORATIONSTATEMENTS OF
      OPERATIONS(Unaudited)For
      the Three Months Ended September 30,
              
              
              For
      the Nine Months Ended September 30,2008
              
              
              2007
              
              
              2008
              
              
              2007REVENUEService
      revenue
              
              $
              -
              
              
              $
              80
              
              
              $
              -
              
              
              $
              343-
              
              
              
              80
              
              
              
              -
              
              
              
              343OPERATING
      EXPENSESSalary
      - related party
              
              
              3,000
              
              
              
              9,000
              
              
              
              9,000
              
              
              
              21,000Professional
      fees
              
              
              4,177
              
              
              
              
              
              
              
              24,295
              
              
              
              26,805Consulting
      fees
              
              
              15,000
              
              
              
              
              
              
              
              15,000
              
              
              
              -Payroll
      tax expense
              
              
              229
              
              
              
              688
              
              
              
              688
              
              
              
              688Web-site
      development
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              21,000General
      and administrative
              
              
              -
              
              
              
              30
              
              
              
              940
              
              
              
              30Total
      Operating Expenses
              
              
              22,406
              
              
              
              9,718
              
              
              
              49,923
              
              
              
              69,523LOSS
      BEFORE PROVISION FOR INCOME TAXES
              
              
              (22,406
              )
              
              
              (9,638
              )
              
              
              (49,923
              )
              
              
              (69,180
              )Provision
      for Income Taxes
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -NET
      LOSS
              
              $
              (22,406
              )
              
              $
              (9,638
              )
              
              $
              (49,923
              )
              
              $
              (69,180
              )Net
      loss per share - basic and diluted
              
              $
              -
              
              
              $
              -
              
              
              $
              -
              
              
              $
              -Weighted
      average number of shares outstanding during the period - basic and
      diluted
              
              
              25,733,125
              
              
              
              25,733,125
              
              
              
              25,733,125
              
              
              
              25,529,718




See accompanying notes to
financial statements.






-2-






LEAGUE NOW HOLDINGS CORPORATIONSTATEMENTS OF CASH
      FLOWS(Unaudited)For
      the Nine Months Ended September 30,2008
              
              
              2007CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
              
              $
              (49,923
              )
              
              $
              (69,180
              )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Common
      stock issued for services
              
              
              -
              
              
              
              39,450Changes
      in operating assets and liabilities:Accounts
      receivable
              
              
              -
              
              
              
              340Accrued
      payroll
              
              
              9,000
              
              
              
              3,150Accrued
      payroll taxes
              
              
              688
              
              
              
              689Deferred
      revenue
              
              
              -
              
              
              
              (128
              )Accounts
      payable
              
              
              29,210
              
              
              
              14,355Net
      Cash Used In Operating Activities
              
              
              (11,025
              )
              
              
              (11,324
              )CASH
      FLOWS FROM FINANCING ACTIVITIES:Proceeds
      from exercise of stock options
              
              
              -
              
              
              
              2,000Net
      Cash Provided By Financing Activities
              
              
              -
              
              
              
              2,000NET
      DECREASE IN CASH
              
              
              (11,025
              )
              
              
              (9,324
              )CASH
      AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
              
              
              14,812
              
              
              
              25,305CASH
      AND CASH EQUIVALENTS AT END OF PERIOD
              
              $
              3,787
              
              
              $
              15,981Supplemental
      disclosure of non cash investing & financing
    activities:Cash
      paid for income taxes
              
              $
              -
              
              
              $
              -Cash
      paid for interest expense
              
              $
              -
              
              
              $
              -Sale
      of common stock for subscription receivable
              
              $
              -
              
              
              $
              50




See accompanying notes to
financial statements.






-3-






LEAGUE
NOW HOLDINGS CORPORATION
 NOTES
TO FINANCIAL STATEMENTS
 AS OF SEPTEMBER 30,
2008
 (UNAUDITED)
 
 NOTE
1SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
  (A)
Basis of Presentation
  The
accompanying unaudited financial statements are presented in accordance
with generally accepted accounting principles for interim financial information
and the instructions to Form 10-Q and rules and regulations of the Securities
and Exchange Commission. Accordingly, they do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments(consisting
only of normal occurring accruals) considered necessary in order to make the
financial statements not misleading, have been included. Operating results for
the three and nine months ended September 30, 2008 are not necessarily
indicative of results that may be expected for the year ending December 31,
2008. The financial statements are presented on the accrual basis.
  (B)
Organization
  League
Now Holdings Corporation was incorporated under the laws of the State of Florida
on September 21, 2005. The Company operates under the domain
name,  www.leaguenow.com  as an application service provider
offering web-based services for online video game users. The Company’s strategy
is directed toward the satisfaction of our registered members by offering
integrated internet technology for the online video game industry that quickly
and easily allows individuals to enter and play in  peer organized
leagues in the United States and worldwide, 24 hours a day, 7 days a
week.
  (C)
Use of Estimates
  In
preparing financial statements in conformity with generally accepted accounting
principles, management is required to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and
expenses during the reported period. Actual results could differ from those
estimates.
  (D)
Cash and Cash Equivalents
  For
purposes of the cash flow statements, the Company considers all highly liquid
investments with original maturities of three months or less at the time of
purchase to be cash equivalents.
  (E)
Website Costs
  The
Company has adopted the provisions of Emerging Issues Task Force 00-2,
“Accounting for Web Site Development Costs.” Costs incurred in the planning
stage of a website are expensed as research and development while costs incurred
in the development stage are capitalized and amortized over the life of the
asset, estimated to be three years.
 
 (F)
Revenue Recognition
  The
Company recognizes revenue from membership fees over the membership
period.  Fees billed in advance are recorded as deferred revenue and
recognized over the service period.  The company recognizes revenue on
banner  advertising at the time the advertising is displayed in
accordance with the criteria in Staff Accounting Bulletin 104,Revenue Recognition   (SAB 104).  The
criteria in SAB 104 requires that revenue is recognized when persuasive evidence
of an arrangement exists, delivery of the product or performance of the service
has occurred, no significant company obligations with regard to implementation
or integration exist, the fee is fixed or determinable and collectibility is
reasonably assured.
  (G)
Long-Lived Assets
  The
Company accounts for long-lived assets under the Statements of Financial
Accounting Standards Nos. 142 and 144 “Accounting for Goodwill and Other
Intangible Assets” and “Accounting for Impairment or Disposal of Long-Lived
Assets” (“SFAS No. 142 and 144”). In accordance with SFAS No. 142 and 144,
long-lived assets, goodwill and certain identifiable intangible assets held and
used by the Company are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. For purposes of evaluating the recoverability of long-lived assets,
goodwill and intangible assets, the recoverability test is performed using
undiscounted net cash flows related to the long-lived assets.
   -4-
 
  (H)
Loss Per Share
  Basic and
diluted net loss per common share is computed based upon the weighted average
common shares outstanding as defined by Financial Accounting Standards No. 128,
“Earnings Per Share.” As of September 30, 2008 and 2007, there were no
common share equivalents outstanding.
  (I)
Business Segments
  The
Company operates in one segment and therefore segment information is not
presented.
  (J)
Stock Based Compensation
  Shares, warrants and
options issued to non-employees for services are accounted for in accordance
with SFAS 123(R) and Emerging Issues Task Force Issue No. 96-18 (“EITF
96-18”), “Accounting for Equity Instruments that are Issued to Other Than
Employees for Acquiring or In Conjunction with Selling Goods or Services”
whereby the fair value of such option and warrant grants is determined using the
Black-Scholes Model at the earlier of the date at which the non-employee’s
performance is completed or a performance commitment is
reached.
  (K)
Recent Accounting Pronouncements
  In
December 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.
160, “Noncontrolling Interests in Consolidated Financial Statements – an
amendment of ARB No. 51”.  This statement improves the relevance,
comparability, and transparency of the financial information that a reporting
entity provides in its consolidated financial statements by establishing
accounting and reporting standards that require; the ownership interests in
subsidiaries held by parties other than the parent and the amount of
consolidated net income attributable to the parent and to the non-controlling
interest be clearly identified and presented on the face of the consolidated
statement of income, changes in a parent’s ownership interest while the parent
remains its controlling financial interest in its subsidiary be accounted for
consistently, when a subsidiary is deconsolidated, any retained non-controlling
equity investment in the former subsidiary be initially measured at fair value,
entities provide sufficient disclosures that clearly identify and distinguish
between the interests of the parent and the interests of the non-controlling
owners.  SFAS No. 160 affects those entities that have an outstanding
non –controlling interest in one or more subsidiaries or that deconsolidate a
subsidiary.  SFAS No. 160 is effective for fiscal years, and interim
periods within those fiscal years, beginning on or after December 15,
2008.  Early adoption is prohibited.  The adoption of this
statement is not expected to have a material effect on the Company’s financial
statements.
  In March 2008, the FASB
issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging
Activities, an amendment of FASB Statement No. 133”(SFAS161).
This statement is intended to improve transparency in financial reporting by
requiring enhanced disclosures of an entity’s derivative instruments and hedging
activities and their effects on the entity’s financial position, financial
performance, and cash flows.SFAS161
applies to all derivative instruments within the scope of SFAS 133, “Accounting
for Derivative Instruments and Hedging Activities” (SFAS 133) as well as related
hedged items, bifurcated derivatives, and nonderivative instruments that are
designated and qualify as hedging instruments. Entities with instruments subject
toSFAS161 must
provide more robust qualitative disclosures and expanded quantitative
disclosures.SFAS161 is
effective prospectively for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008, with early application
permitted. We are currently evaluating the disclosure implications of this
statement.
  In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles.” SFAS No. 162 identifies the sources of accounting
principles and provides entities with a framework for selecting the principles
used in preparation of financial statements that are presented in conformity
with GAAP. The current GAAP hierarchy has been criticized because it is directed
to the auditor rather than the entity, it is complex, and it ranks FASB
Statements of Financial Accounting Concepts, which are subject to the same level
of due process as FASB Statements of Financial Accounting Standards, below
industry practices that are widely recognized as generally accepted but that are
not subject to due process. The Board believes the GAAP hierarchy should be
directed to entities because it is the entity (not its auditors) that is
responsible for selecting accounting principles for financial statements that
are presented in conformity with GAAP. The adoption of FASB 162 is not expected
to have a material impact on the Company’s financial position.
  In May
2008, the FASB issued SFAS No. 163, “Accounting for Financial Guarantee
Insurance Contracts-an interpretation of FASB Statement No. 60.” Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under FASB Statement No. 60, Accounting and Reporting by
Insurance Enterprises. This results in inconsistencies in the recognition and
measurement of claim liabilities. This Statement requires that an insurance
enterprise recognize a claim liability prior to an event of default (insured
event) when there is evidence that credit deterioration has occurred in an
insured financial obligation. This Statement requires expanded disclosures about
financial guarantee insurance contracts. The accounting and disclosure
requirements of the Statement will improve the quality of information provided
to users of financial statements. The adoption of FASB 163 is not expected to
have a material impact on the Company’s financial position.
   -5-
   (L)
Income Taxes
  The
Company accounts for income taxes under the Statement of Financial Accounting
Standards No. 109, “Accounting for Income Taxes” (“Statement
109”).  Under Statement 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.  Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled.  Under Statement 109, the effect on deferred tax
assets and liabilities of a change in tax rates is recognized in income in the
period that includes the enactment date.
  NOTE
2     EMPLOYMENT AGREEMENT
  On
October 1, 2005 the Company entered into an employment agreement with its
President.  The President is to be paid $12,000 per annum for a
period of two years and receive 12,000,000 shares of common stock valued at
$24,000, ($.002 per share) on the date of issuance. The Agreement
automatically extends for additional terms of successive one-year periods unless
the company or the executive gives written notice to the other of the
termination at least 30 days prior to the expiration of the one-year
period.  At September 30, 2008 the Company’s President was owed
accrued salary of $19,750.
  NOTE
3CONSULTING
AGREEMENTS
  On July
1, 2008 the Company entered an agreement with a financial
consultant.  The Company agreed to pay the consultant $5,000 monthly
for 12 months. Payment is contingent upon the company obtaining financing of no
less than $500,000 USD or if there is a change in control. For the three and
nine months ended September 30, 2008 the Company recorded consulting fees of
$15,000.
  Additionally
the Company has agreed to the following:
  (i)  Placement
Agent Fees : A fee equal to ten percent (10%) of the total amount of
capital raised and cashless warrants equal to ten percent (10%) of the total
amount of capital raised, subject to the exercise price of  one
hundred and twenty-five percent (125%) private placement.
  (ii)For Debt Financings: A fee equal to five percent (5%). If debt financing
is in the form of a line of credit or other form of debt that is not funded in
full at the closing, then the entire available loan amount shall be considered
the total consideration against which our fees will be calculated.
  (iii)For any merger or acquisition: An amount equal to ten percent (10%) of
the total consideration or value paid, payable in the same form as received by
the Shareholders of the target or the Company.
  (iv)For a strategic alliance or customer: An amount equal to ten percent
(10%) of the annual value of the alliance or single
transaction.
  NOTE
4GOING
CONCERN
  As
reflected in the accompanying financial statements, the Company used cash in
operations of $11,025 and had a net loss of $49,923 for the nine months ended
September 30, 2008.  These factors raise substantial doubt about its
ability to continue as a going concern.  The ability of the Company to
continue as a going concern is dependent on the Company's ability to raise
additional capital and implement its business plan. The financial statements do
not include any adjustments that might be necessary if the Company is unable to
continue as a going concern. Management believes that actions presently being
taken to obtain additional funding and implement its strategic plans provide the
opportunity for the Company to continue as a going concern.
   -6-




ITEM
2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
  The
information contained in Item 2 contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Actual results may
materially differ from those projected in the forward-looking statements as a
result of certain risks and uncertainties set forth in this report. Although
management believes that the assumptions made and expectations reflected in the
forward-looking statements are reasonable, there is no assurance that the
underlying assumptions will, in fact, prove to be correct or that actual results
will not be different from expectations expressed in this report.
  Plan
of Operation
  Our plan
of operations for the next 12 months is designed to have LeagueNow grow its
market share amongst the existing application service providers offering
web-based services for the online video gaming industry.
  Currently,  ‘www.LeagueNow.com’
offers four (4) games, football, baseball, basketball, and hockey each
identified by the market names Madden 2006, MLB 2006, NBA Live 2006, and NHL
2006 respectively. While the four (4) leagues are fully operational they need to
be updated to reflect the current roster changes of the corresponding sports
teams. In addition, the current plan of operations calls for the
following:
  Our plan
of operations is subject to attaining additional financing. We cannot assure
investors that adequate financing will be available. In the absence of our
additional financing, we may be unable to proceed with our plan of operations.
Even with additional financing within the next twelve months, we will
require financing to potentially achieve our goal of profit, revenue and growth.
We anticipate that our operational as well as general and administrative
expenses for the next 12 months will total approximately $1,378,027.  The
breakdown is as follows:
  Staffing
      of Website Development
              
              $
              918,500Legal/Accounting
              
              $
              17,000Advertising
      & Marketing Expense
              
              $
              25,000Infrastructure
      and Information Technology
      Services
              
              $
              164,851Computer
      Hardware and Software
              
              $
              132,676General/Administrative
              
              $
              120,000Total
              
              $
              1,378,027
  We expect
to increase the number of employees as identified above and by hiring two full
time administrative employees once we have successfully completed our financing.
We have not identified such employees nor had any discussions with potential
candidates. Depending on business we may sub-contract with outsourced service
entities to undertake certain activities on our behalf. At this time we have not
entered into any agreements or negotiations with any service or staffing
entities to undertake any activities on our behalf.
  The
foregoing represents our best estimate of our cash needs based on current
planning and business conditions. The exact allocation, purposes and timing of
any monies raised in subsequent financings may vary significantly depending upon
the exact amount of funds raised and status of our business plan.  In
the event we are not successful in obtaining additional financing to support the
continued operation of our business we would then not be able to proceed with
our business plan for the development and marketing of our core products and
services.
  Should
this occur, depending on market conditions and our plan of operations, we could
incur operating losses in the foreseeable future. We base this expectation, in
part, on the fact that we may not be able to generate enough gross profit from
our advertising to cover our operating expenses.
  Results
of Operations
  For the period from inception through
September 30, 2008, we had $0 in revenue. Expenses for the three months ended
September 30, 2008 totaled
$22,406 resulting in a loss of $22,406. Expenses of $22,406 for the quarter
ended consisted of $0 for general and administrative expenses, $15,000 for
consulting fees, $3,000 for salary to a related party, $4,177 for professional
feeand$229 payroll tax
expense.
  Expenses for the nine months ended
September 30, 2008 totaled $49,923 resulting in a loss of $49,923. Expenses of
$49,923 for the quarter ended consisted of $940 for general and administrative
expenses, $15,000 for consulting fees, $9,000 for salary to a related party,
$24,295 for professional feeand$688 payroll tax
expense.
   -7-
 Capital
Resources and Liquidity
  As of
September 30, 2008 we had $3,787 in cash.
  As
reflected in the accompanying financial statements, we used cash in operations
of $11,025 and had a net loss of $49,923 for the nine months ended September 30,
2008.  These factors raise substantial doubt about its ability to
continue as a going concern.  Our ability to continue as a going concern is
dependent on our ability to raise additional capital and implement its business
plan. The financial statements do not include any adjustments that might be
necessary if we are unable to continue as a going concern. Current actions are
presently being taken to obtain additional funding and implement its
strategic plans provide the opportunity for us to continue as a going
concern.
  To date
we have not been successful in reaching our initial revenue targets, additional
funds are required to proceed with our business plan for the development and
marketing of our core services. We are seeking additional financing to support
the continued operation of our business. We anticipate that depending on market
conditions and our plan of operations, we may incur operating losses in the
foreseeable future. Therefore, our auditors have raised substantial doubt
about our ability to continue as a going concern.
  During
the next few quarters we will  pursue financing, strategic alliances
and other potential transactions available to us as we can not currently satisfy
our cash requirements for the next twelve months with our current cash and
expected revenues without additional financing. Thereby, completion of our plan
of operation is subject to attaining financing or a strategic alliance or
adequate revenue and we cannot assure investors that we may be unable to
proceed with our plan of operations.
  We
anticipate that our operational, and general & administrative expenses for
the next 12 months will total approximately $1,378,027. We do not anticipate the
purchase or sale of any significant equipment. We also do not expect any
significant additions to the number of employees until such time as we have
successfully completed our financing. The foregoing represents our best estimate
of our cash needs based on current planning and business conditions. The exact
allocation, purposes and timing of any monies raised in subsequent private
financings may vary significantly depending upon the exact amount of funds
raised and our progress with the execution of our business plan.
 Critical
Accounting Policies
  Our
financial statements and related public financial information are based on the
application of accounting principles generally accepted in the United States
(“GAAP”). GAAP requires the use of estimates; assumptions, judgments and
subjective interpretations of accounting principles that have an impact on the
assets, liabilities, revenue and expense amounts reported. These estimates can
also affect supplemental information contained in our external disclosures
including information regarding contingencies, risk and financial condition. We
believe our use if estimates and underlying accounting assumptions adhere to
GAAP and are consistently and conservatively applied. We base our estimates on
historical experience and on various other assumptions that we believe to be
reasonable under the circumstances. Actual results may differ materially from
these estimates under different assumptions or conditions. We continue to
monitor significant estimates made during the preparation of our financial
statements.
   -8-
 
 Our
significant accounting policies are summarized in Note 1 of our financial
statements. While all these significant accounting policies impact our financial
condition and results of operations, we view certain of these policies as
critical. Policies determined to be critical are those policies that have the
most significant impact on our financial statements and require management to
use a greater degree of judgment and estimates. Actual results may differ
from those estimates. Our management believes that given current facts and
circumstances, it is unlikely that applying any other reasonable judgments or
estimate methodologies would cause effect on our consolidated results of
operations, financial position or liquidity for the periods presented in this
report.
  Recent
Accounting Pronouncements
  In
December 2007, the Financial Accounting Standards Board (FASB) issued SFAS No.
160, “Noncontrolling Interests in Consolidated Financial Statements – an
amendment of ARB No. 51”. This statement improves the relevance, comparability,
and transparency of the financial information that a reporting entity provides
in its consolidated financial statements by establishing accounting and
reporting standards that require; the ownership interests in subsidiaries held
by parties other than the parent and the amount of consolidated net income
attributable to the parent and to the non-controlling interest be clearly
identified and presented on the face of the consolidated statement of income,
changes in a parent’s ownership interest while the parent remains its
controlling financial interest in its subsidiary be accounted for consistently,
when a subsidiary is deconsolidated, any retained non-controlling equity
investment in the former subsidiary be initially measured at fair value,
entities provide sufficient disclosures that clearly identify and distinguish
between the interests of the parent and the interests of the non-controlling
owners. SFAS No. 160 affects those entities that have an outstanding non
–controlling interest in one or more subsidiaries or that deconsolidate a
subsidiary. SFAS No. 160 is effective for fiscal years, and interim periods
within those fiscal years, beginning on or after December 15, 2008. Early
adoption is prohibited. The adoption of this statement is not expected to have a
material effect on the Company’s financial statements.
  In March
2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments
and Hedging Activities, an amendment of FASB Statement No. 133” (SFAS 161). This
statement is intended to improve transparency in financial reporting by
requiring enhanced disclosures of an entity’s derivative instruments and hedging
activities and their effects on the entity’s financial position, financial
performance, and cash flows. SFAS 161 applies to all derivative instruments
within the scope of SFAS 133, “Accounting for Derivative Instruments and Hedging
Activities” (SFAS 133) as well as related hedged items, bifurcated derivatives,
and nonderivative instruments that are designated and qualify as hedging
instruments. Entities with instruments subject to SFAS 161 must provide more
robust qualitative disclosures and expanded quantitative disclosures. SFAS 161
is effective prospectively for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008, with early application
permitted. We are currently evaluating the disclosure implications of this
statement.
  In May
2008, the FASB issued SFAS No. 162, “The Hierarchy of Generally Accepted
Accounting Principles.” SFAS No. 162 identifies the sources of accounting
principles and provides entities with a framework for selecting the principles
used in preparation of financial statements that are presented in conformity
with GAAP. The current GAAP hierarchy has been criticized because it is directed
to the auditor rather than the entity, it is complex, and it ranks FASB
Statements of Financial Accounting Concepts, which are subject to the same level
of due process as FASB Statements of Financial Accounting Standards, below
industry practices that are widely recognized as generally accepted but that are
not subject to due process. The Board believes the GAAP hierarchy should be
directed to entities because it is the entity (not its auditors) that is
responsible for selecting accounting principles for financial statements that
are presented in conformity with GAAP. The adoption of FASB 162 is not expected
to have a material impact on the Company’s financial position.
  In May
2008, the FASB issued SFAS No. 163, “Accounting for Financial Guarantee
Insurance Contracts-an interpretation of FASB Statement No. 60.” Diversity
exists in practice in accounting for financial guarantee insurance contracts by
insurance enterprises under FASB Statement No. 60, Accounting and Reporting by
Insurance Enterprises. This results in inconsistencies in the recognition and
measurement of claim liabilities. This Statement requires that an insurance
enterprise recognize a claim liability prior to an event of default (insured
event) when there is evidence that credit deterioration has occurred in an
insured financial obligation. This Statement requires expanded disclosures about
financial guarantee insurance contracts. The accounting and disclosure
requirements of the Statement will improve the quality of information provided
to users of financial statements. The adoption of FASB 163 is not expected to
have a material impact on the Company’s financial position.
  Item
3. Quantitative and Qualitative Disclosures About Market Risk
  The
Company is subject to certain market risks, including changes in interest rates
and currency exchange rates.  The Company does not undertake any specific
actions to limit those exposures.
   -9-
 
 Item
4T.  Controls and Procedures
  Pursuant
to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”),
the Company carried out an evaluation, with the participation of the Company’s
management, including the Company’s Chief Executive Officer (“CEO”) and Chief
Accounting Officer (“CAO”) (the Company’s principal financial and accounting
officer), of the effectiveness of the Company’s disclosure controls and
procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the
end of the period covered by this report. Based upon that evaluation, the
Company’s CEO and CAO concluded that the Company’s disclosure controls and
procedures are effective to ensure that information required to be
disclosed by the Company in the reports that the Company files or submits under
the Exchange Act, is recorded, processed, summarized and reported, within the
time periods specified in the SEC’s rules and forms, and that such information
is accumulated and communicated to the Company’s management, including the
Company’s CEO and CAO, as appropriate, to allow timely decisions regarding
required disclosure.
  Management’s
Report on Internal Controls over Financial Reporting
  Internal
control over financial reporting is a process to provide reasonable assurance
regarding the reliability of consolidated financial reporting and the
preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles.  There has been no change in
the Company’s internal control over financial reporting during the quarter ended
September 30, 2008 that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial
reporting.
 
 The
Company’s management, including the Company’s CEO and CAO, does not expect that
the Company’s disclosure controls and procedures or the Company’s internal
controls will prevent all errors and all fraud. A control system, no matter how
well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Further, the design
of a control system must reflect the fact that there are resource constraints,
and the benefits of controls must be considered relative to their costs. Because
of the inherent limitations in all control systems, no evaluation of the
controls can provide absolute assurance that all control issues and instances of
fraud, if any, within the Company have been detected.
  This
quarterly report does not include an attestation report of the Company's
registered public accounting firm regarding internal control over financial
reporting. Management's report was not subject to attestation by the Company's
registered public accounting firm pursuant to temporary rules of the Securities
and Exchange Commission that permit the Company to provide only management's
report in this quarterly report.
    -10-
   PART
II - OTHER INFORMATION
  Item
1. Legal Proceedings.
  Currently
we are not aware of any litigation pending or threatened by or against the
Company.
  Item
1A. Risk Factors.
  None
  Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
  None.
 
 Item
3. Defaults Upon Senior Securities.
  None.
  Item
4. Submission of Matters to a Vote of Security Holders.
  None.
  Item
5. Other Information.
  None
  Item
6. Exhibits and Reports of Form 8-K.
  (a)           Exhibits
  31.1
Certifications pursuant to Section 302 of Sarbanes Oxley Act of
2002
  32.1
Certifications pursuant to Section 906 of Sarbanes Oxley Act of
2002
  (b)          Reports
of Form 8-K
  None.
   -11-
     SIGNATURES
  Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
  League
      Now Holdings CorporationDate: 
      November 3, 2008
              By:
              /s/
      James PregiatoJames
      PregiatoPresident,
      Chief Executive Officer, Secretary, Treasurer and Director
     -12-