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 June 30, 2009
  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)
  Indicate
by check mark whether the registrant (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 
  Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).
 Yes o        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     Accelerated
Filer      Non-Accelerated
Filer      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 
No x
 
 State the
number of shares outstanding of each of the issuer’s classes of common equity,
as of August 10, 2009:  4,288,879 shares
of Common Stock.
  
   LEAGUE
NOW HOLDINGS CORPORATION
 
 FORM
10-Q
 June
30, 2009
 INDEX
  PART
I-- FINANCIAL INFORMATION
  Item
      1.
                              Financial
      Statements
                              1Item
      2.
                              Management’s
      Discussion and Analysis of Financial Condition
                              7Item
      3
                              Quantitative
      and Qualitative Disclosures About Market Risk
                              9Item
      4T.
                              Control
      and Procedures
                              9
  PART
II-- OTHER INFORMATION
  Item
      1
                              Legal
      Proceedings
                              10Item
      1A
                              Risk
      Factors
                              10Item
      2.
                              Unregistered
      Sales of Equity Securities and Use of Proceeds
                              10Item
      3.
                              Defaults
      Upon Senior Securities
                              10Item
      4.
                              Submission
      of Matters to a Vote of Security Holders
                              10Item
      5.
                              Other
      Information
                              10Item
      6.
                              Exhibits
      and Reports on Form 8-K
  SIGNATURE
   
  Item
1. Financial Information
  LEAGUE
      NOW HOLDINGS CORPORATIONCONDENSED
      BALANCE SHEETSASSETSJune
      30,
                                
                                
                                December
      31,2009
                                
                                
                                2008CURRENT
      ASSETS
                                
                                (Unaudited)Cash
                                
                                $
                                6
                                
                                
                                $
                                3,789TOTAL ASSETS
                                
                                $
                                6
                                
                                
                                $
                                3,789LIABILITIES AND STOCKHOLDERS’
      DEFICIENCYCURRENT
      LIABILITIESAccounts
      payable
                                
                                $
                                104,493
                                
                                
                                $
                                65,947Accrued
      payroll
                                
                                
                                28,750
                                
                                
                                
                                22,750Accrued
      payroll taxes
                                
                                
                                3,672
                                
                                
                                
                                2,984TOTAL
      LIABILITIES
                                
                                
                                136,915
                                
                                
                                
                                91,681COMMITMENTS
      AND CONTINGENCIES
                                
                                
                                -
                                
                                
                                
                                -STOCKHOLDERS’
      EQUITY 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,  4,288,879 and 4,288,879 shares issued and 
      outstanding, respectively
                                
                                
                                429
                                
                                
                                
                                429Additional
      paid in capital
                                
                                
                                121,321
                                
                                
                                
                                121,321Accumulated
      deficit
                                
                                
                                (258,659
                                )
                                
                                
                                (209,642
                                )Total
      Stockholders’ Deficiency
                                
                                
                                (136,909
                                )
                                
                                
                                (87,892
                                )TOTAL LIABILITIES AND STOCKHOLDERS’
      DEFICIENCY
                                
                                $
                                6
                                
                                
                                $
                                3,789




See
accompanying notes to financial statements.
  -1-
  LEAGUE NOW HOLDINGS CORPORATIONCONDENSED STATEMENTS OF
      OPERATIONS(Unaudited)For
      the Three Months
                              Ended
      June 30,
                            
                            
                            For
      the Six Months Ended June 30,2009
                            
                            
                            2008
                            
                            
                            2009
                            
                            
                            2008REVENUEService
      revenue
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            --
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -OPERATING
      EXPENSESSalary
      - related party
                            
                            
                            3,000
                            
                            
                            
                            3,000
                            
                            
                            
                            6,000
                            
                            
                            
                            6,000Professional
      fees
                            
                            
                            3,312
                            
                            
                            
                            5,596
                            
                            
                            
                            11,030
                            
                            
                            
                            20,118Transfer
      agent fees
                            
                            
                            615
                            
                            
                            
                            -
                            
                            
                            
                            1,215
                            
                            
                            
                            -Consulting
      fees
                            
                            
                            15,000
                            
                            
                            
                            -
                            
                            
                            
                            30,000
                            
                            
                            
                            -Payroll
      tax expense
                            
                            
                            -
                            
                            
                            
                            229
                            
                            
                            
                            689
                            
                            
                            
                            459General
      and administrative
                            
                            
                            42
                            
                            
                            
                            -
                            
                            
                            
                            83
                            
                            
                            
                            940Total
      Operating Expenses
                            
                            
                            21,969
                            
                            
                            
                            8,825
                            
                            
                            
                            49,017
                            
                            
                            
                            27,517LOSS
      BEFORE PROVISION FOR INCOME TAXES
                            
                            
                            (21,969
                            )
                            
                            
                            (8,825
                            )
                            
                            
                            (49,017
                            )
                            
                            
                            (27,517
                            )Provision
      for Income Taxes
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            -NET
      LOSS
                            
                            $
                            (21,969
                            )
                            
                            $
                            (8,825
                            )
                            
                            $
                            (49,017
                            )
                            
                            $
                            (27,517
                            )Net
      loss per share - basic and diluted
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            -Weighted
      average number of shares outstanding during the period - basic and
      diluted
                            
                            
                            4,288,879
                            
                            
                            
                            4,288,879
                            
                            
                            
                            4,288,879
                            
                            
                            
                            4,288,879
  See
accompanying notes to financial statements.
  -2-
  LEAGUE NOW HOLDINGS CORPORATIONCONDENSED STATEMENTS OF CASH
      FLOWS(Unaudited)For
      the Six Months Ended June 30,2009
                            
                            
                            2008CASH
      FLOWS FROM OPERATING ACTIVITIES:Net
      loss
                            
                            $
                            (49,017
                            )
                            
                            $
                            (27,517
                            )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Changes
      in operating assets and liabilities:Accrued
      payroll
                            
                            
                            6,000
                            
                            
                            
                            6,000Accrued
      payroll taxes
                            
                            
                            688
                            
                            
                            
                            459Accounts
      payable
                            
                            
                            38,546
                            
                            
                            
                            10,433Net
      Cash Used In Operating Activities
                            
                            
                            (3,783
                            )
                            
                            
                            (10,625
                            )NET
      INCREASE IN CASH
                            
                            
                            (3,783
                            )
                            
                            
                            (10,625
                            )CASH
      AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
                            
                            
                            3,789
                            
                            
                            
                            14,812CASH
      AND CASH EQUIVALENTS AT END OF PERIOD
                            
                            $
                            6
                            
                            
                            $
                            4,187Supplemental
      disclosure of non cash investing & financing
    activities:Cash
      paid for income taxes
                            
                            $
                            -
                            
                            
                            $
                            -Cash
      paid for interest expense
                            
                            $
                            -
                            
                            
                            $
                            -


-3-


LEAGUE
NOW HOLDINGS CORPORATION


NOTES
TO CONDENSED FINANCIAL STATEMENTS


AS
OF JUNE 30, 2009


(UNAUDITED)




NOTE
1        SUMMARY 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 six months ended June 30, 2009 are not necessarily indicative of
results that may be expected for the year ending December 31, 2009. 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)
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.




(F)
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 June 30, 2009 and 2008, there were no common
share equivalents outstanding.




(G)
Business Segments




The
Company operates in one segment and therefore segment information is not
presented.




-4-




(H)
Recent Accounting Pronouncements
  In June
2009, the FASB issued SFAS No. 166 “Accounting for Transfers of Financial
Assets—an amendment of FASB Statement No. 140” (“SFAS 166”). SFAS 166 improves
the relevance, representational faithfulness, and comparability of the
information that a reporting entity provides in its financial statements about a
transfer of financial assets; the effects of a transfer on its financial
position, financial performance, and cash flows; and a transferor’s continuing
involvement, if any, in transferred financial assets. SFAS 166 is effective as
of the beginning of each reporting entity’s first annual reporting period that
begins after November 15, 2009, for interim periods within that first annual
reporting period and for interim and annual reporting periods thereafter. The
Company is evaluating the impact the adoption of SFAS 166 will have on its
financial statements.
 
 In June
2009, the FASB issued SFAS No. 167 “Amendments to FASB Interpretation No. 46(R)”
(“SFAS 167”). SFAS 167 improves financial reporting by enterprises involved with
variable interest entities and to address (1) the effects on certain provisions
of FASB Interpretation No. 46 (revised December 2003), “Consolidation of
Variable Interest Entities”, as a result of the elimination of the qualifying
special-purpose entity concept in SFAS 166 and (2) constituent concerns about
the application of certain key provisions of Interpretation 46(R), including
those in which the accounting and disclosures under the Interpretation do not
always provide timely and useful information about an enterprise’s involvement
in a variable interest entity. SFAS 167 is effective as of the beginning of each
reporting entity’s first annual reporting period that begins after November 15,
2009, for interim periods within that first annual reporting period, and for
interim and annual reporting periods thereafter. The Company is evaluating the
impact the adoption of SFAS 167 will have on its financial
statements.
 
 In June
2009, the FASB issued SFAS No. 168 “The FASB Accounting Standards Codification
and the Hierarchy of Generally Accepted Accounting Principles—a replacement of
FASB Statement No. 162”. The FASB Accounting Standards Codification
(“Codification”) will be the single source of authoritative nongovernmental U.S.
generally accepted accounting principles. Rules and interpretive releases of the
SEC under authority of federal securities laws are also sources of authoritative
GAAP for SEC registrants. SFAS 168 is effective for interim and annual periods
ending after September 15, 2009. All existing accounting standards are
superseded as described in SFAS 168. All other accounting literature not
included in the Codification is nonauthoritative. The Company is evaluating the
impact the adoption of SFAS 168 will have on its financial
statements.
  (I)
Financial Instruments
  The
carrying amounts reported in the balance sheet for the accounts payable and
accrued expenses approximate fair value based on the short term maturity of
these instruments.
  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 June 30, 2009 and December 31, 2008, the Company’s
President was owed accrued salary of $28,750 and $22,750,
respectively.
  NOTE
3         CONSULTING
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 six months
ended June 30, 2009, the Company recorded consulting fees of $30,000
..
  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.




-5-




(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
4          STOCKHOLDERS
EQUITY
 
 On May
29, 2009, the Company's stockholders approved a 1 for 6 reverse stock split for
its common stock. As a result, stockholders of record at the close of business
on July 1, 2009, received one share of common stock for every six shares held.
Common stock, additional paid-in capital, share and per share data for
prior periods have been restated to reflect the stock split as if it had
occurred at the beginning of the earliest period presented.
 
 NOTE
5         GOING CONCERN
  As
reflected in the accompanying condensed financial statements, the Company used
cash in operations of $3,783 and had a net loss of $49,017 for the six months
ended June 30, 2009 in addition, the Company had a working capital deficiency of
$136,909 and a stockholders deficiency of $136,909. 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.
  NOTE
6        SUBSEQUENT EVENT




On June
24, 2009, League Now Holdings Corporation (“we” or the “Company”) entered into a
binding letter of intent (the “Letter of Intent”) with Merit Times International
Limited, a British Virgin Islands corporation (“Merit
Times”).  Pursuant to the Letter of Intent, Merit Times and the
Company will commence the negotiation and preparation of a definitive share
purchase agreement (the “Definitive Agreement”) whereby the Company, Merit Times
and the shareholders of Merit Times will complete a share exchange transaction
(the “Transaction”) on or before December 31, 2009, subject to certain
conditions precedent to the closing of the Transaction.  Pursuant to
the Letter of Intent, Merit Times will become a wholly-owned subsidiary of the
Company.
  The
Company evaluated subsequent events through August 12, 2009, the date the
condensed financial statements were issued and concluded there were no
additional material subsequent events other then those disclosed.






-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.
  Our
business plan has been to have LeagueNow grow its market share amongst the
existing application service providers offering web-based services for the
online video gaming industry.  This plan has been and continues to be
subject to attaining additional financing. We have not been able to attain
adequate financing to pursue our plan of operations and 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.
In order to implement our business plan, we anticipate that our operational as
well as general and administrative expenses for the next 12 months will total
approximately $1,378,027.
 
 We can
not satisfy our cash requirements for the next twelve months with our current
cash. If we are unable to satisfy our cash requirements we may be unable to
proceed with our plan of operations. We also do not expect any significant
additions to the number of employees. The foregoing represents our best
estimate of our cash needs based on current planning and business conditions. In
the event we are not successful in reaching our revenue targets, additional
funds may be required, and we may not be able to proceed with our business plan
for the development and marketing of our core services. Should this occur, we
will suspend or cease operations.
  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.
  We have
not been able to raise additional funds through either debt or equity offerings.
Without this additional cash we have been unable to pursue our plan of
operations and commence generating revenue. We believe that we may not be able
to raise the necessary funds to continue to pursue our business operations. As a
result of the foregoing, we have begun to explore our options regarding the
development of a new business plan and have entered into preliminary discussions
with a potential merger candidate.  To date no agreement has been
entered into regarding such potential merger.
 
 On July
1, 2008, we entered into an agreement with Grandview Capital, Inc., a financial
consultant.  We have agreed to pay Grandview $5,000 per month for 12
months with the payment contingent upon us obtaining financing of no less than
$500,000 or in the event we effectuate a change in control. For the three months
ended June 30, 2009, we recorded consulting fees of $15,000. Additionally
we have 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 us.
 (iv)For a strategic alliance or
customer: An amount equal to ten percent (10%) of the annual value of the
alliance or single transaction.
 
 Grandview
Capital, Inc. is owed by Peter Goldstein who is the beneficial owner of Goldco
Properties Limited Partnership which owns 1,000,000 shares of our common
stock.
 
 On June
24, 2009, League Now Holdings Corporation (“we” or the “Company”) entered into a
binding letter of intent (the “Letter of Intent”) with Merit Times International
Limited, a British Virgin Islands corporation (“Merit
Times”).  Pursuant to the Letter of Intent, Merit Times and the
Company will commence the negotiation and preparation of a definitive share
purchase agreement (the “Definitive Agreement”) whereby the Company, Merit Times
and the shareholders of Merit Times will complete a share exchange transaction
(the “Transaction”) on or before December 31, 2009, subject to certain
conditions precedent to the closing of the Transaction.  Pursuant to
the Letter of Intent, Merit Times will become a wholly-owned subsidiary of the
Company.
 
 Merit
Times is a company incorporated under the laws of British Virgin Islands. It
operates business mainly through its subsidiary, Shandong MeKeFuBang Good
Limited, a wholly foreign owned enterprise under the laws of China, and its
affiliate, Shandong Longkang Juice Co., Ltd., a limited liability company under
the laws of China (“Longkang Juice”).  Longkang Juice is a producer of
fruit juice in China. It specializes in processing, producing and distributing a
highly specialized pear juice, which is known for its exceptional taste,
nutritional and medical benefits, and application in cosmetics, animal feed,
baby food, and other products. Its products are distributed throughout many of
the provinces in China.




-7-




Results of
Operations
  For the
three months ended June 30, 2009, we had $0 in revenue. Expenses for the
three months ended June 30, 2009 totaled $21,969 resulting in a loss of
$21,969. Expenses of $21,969 for the three months ended June 30, 2009 consisted
of $42 for general and administrative expenses, $15,000 for consulting fees,
$3,000 for salary to a related party, $3,312 for professional fee
and  $615 for transfer agent fees.
 
 For the
three months ended June 30, 2008, we had $0 in revenue. Expenses for the
three months ended June 30, 2008 totaled $8,825 resulting in a loss of $8,825.
Expenses of $8,825 for the three months ended June 30, 2008 consisted of $3,000
for salary to a related party, $5,596 for professional fee and $229 payroll tax
expense.
 
 For the
six months ended June 30, 2009, we had $0 in revenue. Expenses for the six
months ended June 30, 2009 totaled $49,017 resulting in a loss of $49,017.
Expenses of $49,017 for the six months ended June 30, 2009 consisted of $83 for
general and administrative expenses, $30,000 for consulting fees, $6,000 for
salary to a related party, $11,030 for professional fee, $1,215 for transfer
agent fees and $689 payroll tax expense.
 
 For the
six months ended June 30, 2008, we had $0 in revenue. Expenses for the six
months ended June 30, 2008 totaled $27,517 resulting in a loss of $27,517.
Expenses of $27,517 for the six months ended June 30, 2008 consisted of $940 for
general and administrative expenses, $6,000 for salary to a related party,
$20,118 for professional fee and $459 payroll tax expense.
 
 Capital
Resources and Liquidity
  As of
June 30, 2009 we had $6 in cash.
  As
reflected in the accompanying financial statements, we used cash in operations
of $3,783 and had a net loss of $49,017 for the quarter ended June 30, 2009.
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.




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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 June
2009, the FASB issued SFAS No. 166 “Accounting for Transfers of Financial
Assets—an amendment of FASB Statement No. 140” (“SFAS 166”). SFAS 166 improves
the relevance, representational faithfulness, and comparability of the
information that a reporting entity provides in its financial statements about a
transfer of financial assets; the effects of a transfer on its financial
position, financial performance, and cash flows; and a transferor’s continuing
involvement, if any, in transferred financial assets. SFAS 166 is effective as
of the beginning of each reporting entity’s first annual reporting period that
begins after November 15, 2009, for interim periods within that first annual
reporting period and for interim and annual reporting periods thereafter. The
Company is evaluating the impact the adoption of SFAS 166 will have on its
financial statements.
  In June
2009, the FASB issued SFAS No. 167 “Amendments to FASB Interpretation No. 46(R)”
(“SFAS 167”). SFAS 167 improves financial reporting by enterprises involved with
variable interest entities and to address (1) the effects on certain provisions
of FASB Interpretation No. 46 (revised December 2003), “Consolidation of
Variable Interest Entities”, as a result of the elimination of the qualifying
special-purpose entity concept in SFAS 166 and (2) constituent concerns about
the application of certain key provisions of Interpretation 46(R), including
those in which the accounting and disclosures under the Interpretation do not
always provide timely and useful information about an enterprise’s involvement
in a variable interest entity. SFAS 167 is effective as of the beginning of each
reporting entity’s first annual reporting period that begins after November 15,
2009, for interim periods within that first annual reporting period, and for
interim and annual reporting periods thereafter. The Company is evaluating the
impact the adoption of SFAS 167 will have on its financial
statements.
  In June
2009, the FASB issued SFAS No. 168 “The FASB Accounting Standards Codification
and the Hierarchy of Generally Accepted Accounting Principles—a replacement of
FASB Statement No. 162”. The FASB Accounting Standards Codification
(“Codification”) will be the single source of authoritative nongovernmental U.S.
generally accepted accounting principles. Rules and interpretive releases of the
SEC under authority of federal securities laws are also sources of authoritative
GAAP for SEC registrants. SFAS 168 is effective for interim and annual periods
ending after September 15, 2009. All existing accounting standards are
superseded as described in SFAS 168. All other accounting literature not
included in the Codification is nonauthoritative. The Company is evaluating the
impact the adoption of SFAS 168 will have on its financial
statements.
 
 Off-Balance Sheet
Arrangements
 
 We do not
have any off-balance sheet arrangements, financings, or other relationships with
unconsolidated entities or other persons, also known as “special purpose
entities” (SPEs).
  Item
3. Quantitative and Qualitative Disclosures About Market Risk
 
 Not
required for Smaller Reporting Companies.
  Item
4T.  Controls and Procedures
 
 a)
  Evaluation of
Disclosure Controls. 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 Financial Officer (“CFO”) (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 CFO 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 CFO, as appropriate, to
allow timely decisions regarding required disclosure.
 
 (b)
  Changes in
internal control over financial reporting. There have been no changes in
our internal control over financial reporting that occurred during the last
fiscal quarter that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.


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PART
II - OTHER INFORMATION
  Item
1. Legal Proceedings.
  We are
currently not involved in any litigation that we believe could have a material
adverse effect on our financial condition or results of operations. There is no
action, suit, proceeding, inquiry or investigation before or by any court,
public board, government agency, self-regulatory organization or body pending
or, to the knowledge of the executive officers of our company or any of our
subsidiaries, threatened against or affecting our company, our common stock, any
of our subsidiaries or of our companies or our subsidiaries’ officers or
directors in their capacities as such, in which an adverse decision could have a
material adverse effect.
  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.
  On May
29, 2009, the Company's stockholders approved a 1 for 6 reverse stock split for
its common stock. As a result, stockholders of record at the close of business
on July 1, 2009, received one share of common stock for every six shares held.
Common stock, additional paid-in capital, share and per share data for
prior periods have been restated to reflect the stock split as if it had
occurred at the beginning of the earliest period presented.
 Item
5. Other Information.
  None
  ITEM
6. EXHIBITS and Reports on Form 8-K.
  Exhibits.No.
              
              Description31.1
              
              Certification
      of Chief Executive Officer and Chief Financial Officer pursuant to
      Section 302 of the Sarbanes-Oxley Act of 2002, filed
      herewith.32.1
              
              Certification
      of Chief Executive Officer and Chief Financial Officer pursuant to 18
      U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002, filed herewith.
  (b)         Reports
of Form 8-K
  A Form
8-K was filed with the SEC on June 29, 2009 for Entry into a Definitive
Agreement.  On June 24, 2009, League Now Holdings Corporation (“we” or
the “Company”) entered into a binding letter of intent (the “Letter of Intent”)
with Merit Times International Limited, a British Virgin Islands corporation
(“Merit Times”).
 
 -10-




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:
      August 14, 2009
              By:
              /s/ James
      PregiatoJames
      Pregiato
                Chairman
      of the Board of Directors, Chief Executive Officer, Chief Financial
      Officer, Controller, Principal Accounting
  Officer